New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Market cap is less than US$10m (฿258.4m market cap, or US$7.91m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.0% net profit margin). Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.65, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 15x in the Healthcare industry in Thailand. Total loss to shareholders of 46% over the past year. New Risk • May 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿292.4m (US$8.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.27 (down from ฿0.40 in FY 2024). Revenue: ฿449.7m (up 1.3% from FY 2024). Net income: ฿46.5m (down 13% from FY 2024). Profit margin: 10% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 23%. Declared Dividend • Mar 01
Dividend reduced to ฿0.11 Dividend of ฿0.11 is 8.3% lower than last year. Ex-date: 12th March 2026 Payment date: 8th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (57% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.62, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 18x in the Healthcare industry in Thailand. Total loss to shareholders of 23% over the past year. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.046 (vs ฿0.13 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.046 (down from ฿0.13 in 2Q 2024). Revenue: ฿102.3m (down 17% from 2Q 2024). Net income: ฿7.90m (down 49% from 2Q 2024). Profit margin: 7.7% (down from 13% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Healthcare industry in Thailand. Buy Or Sell Opportunity • May 28
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to ฿3.12. The fair value is estimated to be ฿2.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last year. Earnings per share has grown by 210%. Revenue is forecast to grow by 0.3% in a year. Earnings are forecast to decline by 12% in the next year. Reported Earnings • May 17
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.13 (up from ฿0.036 in 1Q 2024). Revenue: ฿147.1m (up 95% from 1Q 2024). Net income: ฿22.2m (up 407% from 1Q 2024). Profit margin: 15% (up from 5.8% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Healthcare industry in Thailand. Buy Or Sell Opportunity • Apr 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to ฿2.76. The fair value is estimated to be ฿3.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 63%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. New Risk • Mar 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 256x earnings per share. Cash payout ratio: 0% Dividend yield: 3.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 256x earnings per share. Cash payout ratio: 0% Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (฿520.2m market cap, or US$15.5m). Announcement • Mar 01
SEI Medical Public Company Limited, Annual General Meeting, Apr 18, 2025 SEI Medical Public Company Limited, Annual General Meeting, Apr 18, 2025, at 15:00 SE Asia Standard Time. Location: 546 ratchada one building, floor 7 th, ratchadaphisek road, chan kasem, chatuchak bangkok 10900, Thailand Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.02, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿4.04, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿4.88, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.45, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Healthcare industry in Thailand. Buy Or Sell Opportunity • Oct 08
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ฿4.92. The fair value is estimated to be ฿6.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last year. Earnings per share has declined by 67%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 129% in the next 2 years. Board Change • Sep 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Committee Prompong Ngamdamronk was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
