Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.32, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 15x in the Healthcare industry in Thailand. Total loss to shareholders of 73% over the past three years. New Risk • May 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿313.6m (US$9.60m) 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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Paying a dividend despite having no free cash flows. Earnings have declined by 39% per year over the past 5 years. Market cap is less than US$10m (฿313.6m market cap, or US$9.60m). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Upcoming Dividend • May 01
Upcoming dividend of ฿0.062 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 26 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.4%). Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿0.05 (vs ฿0.20 in FY 2024) Full year 2025 results: EPS: ฿0.05 (down from ฿0.20 in FY 2024). Revenue: ฿910.2m (up 15% from FY 2024). Net income: ฿10.6m (down 75% from FY 2024). Profit margin: 1.2% (down from 5.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.14 (vs ฿0.14 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.14 (up from ฿0.14 in 3Q 2024). Revenue: ฿344.4m (up 37% from 3Q 2024). Net income: ฿29.2m (flat on 3Q 2024). Profit margin: 8.5% (down from 12% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.07 loss per share (vs ฿0.025 profit in 2Q 2024) Second quarter 2025 results: ฿0.07 loss per share (down from ฿0.025 profit in 2Q 2024). Revenue: ฿160.9m (down 10% from 2Q 2024). Net loss: ฿13.8m (down 360% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.13 loss per share (vs ฿0.05 loss in 1Q 2024) First quarter 2025 results: ฿0.13 loss per share (further deteriorated from ฿0.05 loss in 1Q 2024). Revenue: ฿152.1m (up 9.2% from 1Q 2024). Net loss: ฿26.5m (loss widened 153% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Declared Dividend • Mar 03
Final dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 13th March 2025 Payment date: 21st April 2025 Dividend yield will be 16%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is not covered by earnings (254% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 182% to bring the payout ratio under control. However, EPS has declined by 11% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.20 (vs ฿0.35 in FY 2023) Full year 2024 results: EPS: ฿0.20 (down from ฿0.35 in FY 2023). Revenue: ฿793.2m (down 4.1% from FY 2023). Net income: ฿41.7m (down 47% from FY 2023). Profit margin: 5.3% (down from 9.6% in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿4.66, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 22x in the Healthcare industry in Thailand. Total loss to shareholders of 56% over the past three years. New Risk • Nov 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (5.0% net profit margin). Market cap is less than US$100m (฿1.20b market cap, or US$34.8m). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.68, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 22x in the Healthcare industry in Thailand. Total loss to shareholders of 54% over the past three years. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.025 (vs ฿0.13 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.025 (down from ฿0.13 in 2Q 2023). Revenue: ฿179.7m (down 22% from 2Q 2023). Net income: ฿5.30m (down 82% from 2Q 2023). Profit margin: 2.9% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to ฿4.30. The fair value is estimated to be ฿5.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.3% over the last 3 years. Earnings per share has declined by 33%. Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.05 loss per share (vs ฿0.036 profit in 1Q 2023) First quarter 2024 results: ฿0.05 loss per share (down from ฿0.036 profit in 1Q 2023). Revenue: ฿139.3m (down 18% from 1Q 2023). Net loss: ฿10.5m (down 231% from profit in 1Q 2023). Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 08 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 9.5%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.35 (vs ฿1.32 in FY 2022) Full year 2023 results: EPS: ฿0.35 (down from ฿1.32 in FY 2022). Revenue: ฿827.3m (down 59% from FY 2022). Net income: ฿79.2m (down 73% from FY 2022). Profit margin: 9.6% (down from 15% in FY 2022). The decrease in margin was driven by lower revenue. Announcement • Mar 02
SaintMed Public Company Limited, Annual General Meeting, Apr 26, 2024 SaintMed Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider the chairman informed the meeting; to consider and certify the minutes of AGM 2023; to consider the company's performance report for the year ended 2023; to consider and approve the audited financial statements for the year ended on 31 december 2023; to consider and approve the allocation of net profit and the dividend payment for the year ending 2023; and to consider other business matters. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿6.60, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 27x in the Healthcare industry in Thailand. Total loss to shareholders of 14% over the past year. Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.15 per share at 20% yield Eligible shareholders must have bought the stock before 28 November 2023. Payment date: 13 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 20%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.3%). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.054 (vs ฿0.30 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.054 (down from ฿0.30 in 3Q 2022). Revenue: ฿182.9m (down 59% from 3Q 2022). Net income: ฿12.2m (down 82% from 3Q 2022). Profit margin: 6.7% (down from 16% in 3Q 2022). The decrease in margin was driven by lower revenue. Announcement • Nov 15
Saintmed Public Company Limited Announces Dividend for the Operating Period from 01 January 2023 to 30 September 2023, Payable on 13 December 2023 Saintmed Public Company Limited announced dividend of THB 0.15 per share for the Operating period from 01 January 2023 to 30 September 2023. Record date for the right to receive dividends is 29 November 2023. Ex-dividend date is 28 November 2023. Payment date is 13 December 2023. Announcement • Sep 26
Saintmed Public Company Limited (SET:SMD) announces an Equity Buyback for 22,000,000 shares, representing 9.79% for THB 120 million. Saintmed Public Company Limited (SET:SMD) announces a share repurchase program. Under the program, the company will repurchase up to 22,000,000 shares, representing 9.79% of its issued share capital, for THB 120 million. The share repurchase price will not exceed 115% of the average share closing price for 5 working days prior to the share repurchase date. The purpose of the program is to ensure the company's excess liquidity management is conducted for the utmost benefit, to increase the Return on Equity (ROE) ratio and Earning per Share (EPS) ratio, to assure the investors or shareholders of the company of its capability to generate future income and profit of the company, as well as prove the company's strong financial position. The program will be valid till March 30, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.39 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.13 (down from ฿0.39 in 2Q 2022). Revenue: ฿229.5m (down 67% from 2Q 2022). Net income: ฿28.6m (down 67% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.036 (vs ฿0.61 in 1Q 2022) First quarter 2023 results: EPS: ฿0.036 (down from ฿0.61 in 1Q 2022). Revenue: ฿168.8m (down 76% from 1Q 2022). Net income: ฿8.00m (down 94% from 1Q 2022). Profit margin: 4.7% (down from 19% in 1Q 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.50 per share at 14% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 14%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (2.2%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.30 (vs ฿0.85 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.30 (down from ฿0.85 in 3Q 2021). Revenue: ฿442.5m (down 37% from 3Q 2021). Net income: ฿68.5m (down 64% from 3Q 2021). Profit margin: 16% (down from 27% in 3Q 2021). The decrease in margin was driven by lower revenue. Announcement • Nov 16
Saintmed Public Company Limited Appoints Prapassorn Patamapinum as Chief Financial Officer Saintmed Public Company Limited announced Miss Prapassorn Patamapinun (Acting) Chief Financial Officer, Effective date of termination is 14-November, 2022 and Miss Prapassorn Patamapinun as Chief Financial Officer; Effective date of appointment is 14-November, 2022. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 14 September 2022. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (2.4%). Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.39 (vs ฿0.38 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.39 (up from ฿0.38 in 2Q 2021). Revenue: ฿690.0m (up 109% from 2Q 2021). Net income: ฿86.7m (up 31% from 2Q 2021). Profit margin: 13% (down from 20% in 2Q 2021). The decrease in margin was driven by higher expenses. Announcement • Aug 16
Saintmed Public Company Limited Announces Dividend for the Operating Period from 01 January 2022 to 30 June 2022, Payable on 14 September 2022 Saintmed Public Company Limited announced dividend of THB 0.25 per share for the Operating period from 01 January 2022 to 30 June 2022. Record date for the right to receive dividends is 30 August 2022. Ex-dividend date is 29 August 2022. Payment date is 14 September 2022. Announcement • May 19
Saintmed Public Company Limited Appoints Pipop Udorn as Members of Audit Committee The board of Directors meeting of Saintmed Public Company Limited held on Mya 14, 2022 appointed Pipop Udorn as members of audit committee effect as of May 13, 2022. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.64 (vs ฿0.048 in 1Q 2021) First quarter 2022 results: EPS: ฿0.64 (up from ฿0.048 in 1Q 2021). Revenue: ฿708.7m (up 356% from 1Q 2021). Net income: ฿136.7m (up ฿128.7m from 1Q 2021). Profit margin: 19% (up from 5.2% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 09
Saintmed Public Company Limited Announces Chief Finance Officer Changes Saintmed Public Company Limited announced changing of Chief Finance Officer. Position of CFO: Chief Finance Officer. Name: Mr. Viroje Vasusuttikulkant. Effective date of termination is 08-Apr-2022. Position of CFO: Chief Financial Officer. Name: Mr. Prapassorn Patamapinun (Acting). Effective date of appointment is 08-Apr-2022. Reported Earnings • Mar 02
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ฿1.69 (up from ฿0.49 in FY 2020). Revenue: ฿1.62b (up 146% from FY 2020). Net income: ฿319.8m (up 311% from FY 2020). Profit margin: 20% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is expected to shrink by 11% compared to a 4.0% growth forecast for the industry in Thailand. Announcement • Mar 01
Saintmed Public Company Limited, Annual General Meeting, Apr 26, 2022 Saintmed Public Company Limited, Annual General Meeting, Apr 26, 2022. Agenda: To consider chairman report; to consider minutes of 2021 AGM; to consider to increase of the company's registered for the stock dividend payment; and to consider other matters. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.89 (vs ฿0.069 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿699.6m (up 391% from 3Q 2020). Net income: ฿190.8m (up ฿179.8m from 3Q 2020). Profit margin: 27% (up from 7.7% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.39 (vs ฿0.069 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿329.6m (up 131% from 2Q 2020). Net income: ฿66.0m (up ฿55.0m from 2Q 2020). Profit margin: 20% (up from 7.7% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 16% share price gain to ฿15.00, the stock trades at a trailing P/E ratio of 27.3x. Average forward P/E is 34x in the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 19% share price gain to ฿11.50, the stock trades at a trailing P/E ratio of 20.9x. Average forward P/E is 30x in the Healthcare industry in Thailand. Reported Earnings • Jun 21
First quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.98 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿155.4m (up 13% from 1Q 2020). Net income: ฿8.02m (up 2.2% from 1Q 2020). Profit margin: 5.2% (down from 5.7% in 1Q 2020). The decrease in margin was driven by higher expenses. 
