Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.025 (vs ฿0.021 in 1Q 2025) First quarter 2026 results: EPS: ฿0.025 (up from ฿0.021 in 1Q 2025). Revenue: ฿182.8m (up 6.6% from 1Q 2025). Net income: ฿7.80m (up 21% from 1Q 2025). Profit margin: 4.3% (up from 3.8% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Apr 17
Techno Medical Public Company Limited Announces Board Appointments Techno Medical Public Company Limited at its Annual General Meeting of Shareholders for the year 2026 held on April 16, 2026, approved to appoint Mr. Teeranut Thangsatapornpong and Mr. Anusorn Buranakanonda as Independent Directors. Board Change • Mar 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Aniwat Siridejvaravong was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.089 (vs ฿0.07 loss in FY 2024) Full year 2025 results: EPS: ฿0.089 (up from ฿0.07 loss in FY 2024). Revenue: ฿706.1m (down 2.7% from FY 2024). Net income: ฿27.5m (up ฿49.2m from FY 2024). Profit margin: 3.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Feb 27
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 6.0% 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 Risks Interest payments are not well covered by earnings (2.7x net interest cover). Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (฿292.6m market cap, or US$9.41m). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.0% average weekly change). Announcement • Feb 27
Techno Medical Public Company Limited, Annual General Meeting, Apr 16, 2026 Techno Medical Public Company Limited, Annual General Meeting, Apr 16, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.027 (vs ฿0.022 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.027 (up from ฿0.022 loss in 3Q 2024). Revenue: ฿181.7m (down 5.9% from 3Q 2024). Net income: ฿8.30m (up ฿15.1m from 3Q 2024). Profit margin: 4.6% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ฿170.6m (flat on 2Q 2024). Net income: ฿6.78m (up ฿13.9m from 2Q 2024). Profit margin: 4.0% (up from net loss in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. New Risk • Jul 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿335.7m market cap, or US$10.4m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.021 (vs ฿0.019 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.021 (up from ฿0.019 loss in 1Q 2024). Revenue: ฿171.5m (down 5.0% from 1Q 2024). Net income: ฿6.46m (up ฿12.2m from 1Q 2024). Profit margin: 3.8% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Apr 18
Techno Medical Public Company Limited Approves Omission of Dividend Payment for the Year 2024 Techno Medical Public Company Limited at its AGM held on April 18, 2025 approved omission of dividend payment from the year 2024 performance. Buy Or Sell Opportunity • Apr 11
Now 32% overvalued Over the last 90 days, the stock has fallen 37% to ฿0.61. The fair value is estimated to be ฿0.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 18
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 6.6% 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 Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 58% per year over the past 5 years. Market cap is less than US$10m (฿203.3m market cap, or US$6.04m). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Feb 15
Full year 2024 earnings released: ฿0.07 loss per share (vs ฿0.015 loss in FY 2023) Full year 2024 results: ฿0.07 loss per share (further deteriorated from ฿0.015 loss in FY 2023). Revenue: ฿726.0m (up 4.2% from FY 2023). Net loss: ฿21.6m (loss widened 383% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Dec 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿332.6m (US$9.72m) 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 Debt is not well covered by operating cash flow (1.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (฿332.6m market cap, or US$9.72m). New Risk • Aug 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿406.6m market cap, or US$12.0m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.023 loss per share (vs ฿0.002 profit in 2Q 2023) Second quarter 2024 results: ฿0.023 loss per share (down from ฿0.002 profit in 2Q 2023). Revenue: ฿170.1m (flat on 2Q 2023). Net loss: ฿7.13m (down ฿7.78m from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2024 earnings released: ฿0.019 loss per share (vs ฿0.016 profit in 1Q 2023) First quarter 2024 results: ฿0.019 loss per share (down from ฿0.016 profit in 1Q 2023). Revenue: ฿180.6m (up 8.2% from 1Q 2023). Net loss: ฿5.75m (down 219% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Announcement • Apr 20
Techno Medical Public Company Limited Approves Cash Dividend for the Year Ended December 31, 2023, Payable on May 15, 2024 Techno Medical Public Company Limited announced that at the Annual General Meeting of Shareholders held on April 19, 2024 approved the cash dividend payment for the year ended December 31, 2023 performance at the rate of THB 0.033 per share for 307,999,987 ordinary shares. The totaling dividend paid before deducting withholding tax is amount of THB 10,163,999.57 equivalent to 44.63% of net profit after deducting the legal reserve from separate financial statement. The record date which the shareholders have the right to receive the dividend payment will be on April 26, 2024. The dividend payment date will be on May 15, 2024. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.033 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 15 May 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (2.3%). Declared Dividend • Feb 21
Dividend reduced to ฿0.033 Dividend of ฿0.033 is 34% lower than last year. Ex-date: 25th April 2024 Payment date: 15th May 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 31% per year over the past 7 years. However, payments have been volatile during that time. Announcement • Feb 20
Techno Medical Public Company Limited Announces Cash Dividend for 2023, Payable on May 15, 2024 Techno Medical Public Company Limited announced at its board meeting held on February 17, 2024, cash dividend of THB 0.033 for the year 2023. Record date for the right to receive dividends April 26, 2024, Ex-dividend date April 25, 2024, Payment date May 15, 2024. Reported Earnings • Feb 20
Full year 2023 earnings released: ฿0.015 loss per share (vs ฿0.042 profit in FY 2022) Full year 2023 results: ฿0.015 loss per share (down from ฿0.042 profit in FY 2022). Revenue: ฿697.0m (up 8.1% from FY 2022). Net loss: ฿4.49m (down 135% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Feb 19
Techno Medical Public Company Limited, Annual General Meeting, Apr 19, 2024 Techno Medical Public Company Limited, Annual General Meeting, Apr 19, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and adopt the minutes of the Annual General Meeting of Shareholders for the Year 2023; to acknowledge the Board of Directors' report on the company's operating result for the year 2023; to consider and approve the financial statements for the year ended December 31, 2023; to consider and approve the appointment of directors to replace the directors who will retire by rotation for the year 2024; and to consider other matters. Reported Earnings • Nov 11
Third quarter 2023 earnings released: ฿0.025 loss per share (vs ฿0.005 loss in 3Q 2022) Third quarter 2023 results: ฿0.025 loss per share (further deteriorated from ฿0.005 loss in 3Q 2022). Revenue: ฿177.6m (up 6.8% from 3Q 2022). Net loss: ฿7.59m (loss widened 409% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.013 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.002 (down from ฿0.013 in 2Q 2022). Revenue: ฿170.2m (up 12% from 2Q 2022). Net income: ฿651.0k (down 83% from 2Q 2022). Profit margin: 0.4% (down from 2.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.016 (vs ฿0.019 in 1Q 2022) First quarter 2023 results: EPS: ฿0.016 (down from ฿0.019 in 1Q 2022). Revenue: ฿166.9m (up 7.4% from 1Q 2022). Net income: ฿4.84m (down 18% from 1Q 2022). Profit margin: 2.9% (down from 3.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.05 per share at 2.0% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 16 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (2.2%). Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: ฿0.042 (vs ฿0.097 in FY 2021) Full year 2022 results: EPS: ฿0.042 (down from ฿0.097 in FY 2021). Revenue: ฿645.0m (down 4.5% from FY 2021). Net income: ฿13.0m (down 57% from FY 2021). Profit margin: 2.0% (down from 4.5% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.005 loss per share (vs ฿0.078 profit in 3Q 2021) Third quarter 2022 results: ฿0.005 loss per share (down from ฿0.078 profit in 3Q 2021). Revenue: ฿166.3m (down 27% from 3Q 2021). Net loss: ฿1.49m (down 106% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 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. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ฿0.013 (vs ฿0.003 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.013 (up from ฿0.003 loss in 2Q 2021). Revenue: ฿152.6m (up 4.3% from 2Q 2021). Net income: ฿3.90m (up ฿4.69m from 2Q 2021). Profit margin: 2.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ฿0.019 (vs ฿0.002 in 1Q 2021) First quarter 2022 results: EPS: ฿0.019 (up from ฿0.002 in 1Q 2021). Revenue: ฿155.5m (up 5.1% from 1Q 2021). Net income: ฿5.87m (up ฿5.39m from 1Q 2021). Profit margin: 3.8% (up from 0.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. 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. 8 experienced directors. No highly experienced directors. 2 independent directors (6 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 • Apr 18
Upcoming dividend of ฿0.085 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 17 May 2022. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (2.4%). Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.097 (down from ฿0.13 in FY 2020). Revenue: ฿675.4m (up 6.9% from FY 2020). Net income: ฿30.5m (down 26% from FY 2020). Profit margin: 4.5% (down from 6.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.078 (vs ฿0.039 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿227.2m (up 35% from 3Q 2020). Net income: ฿24.1m (up 100% from 3Q 2020). Profit margin: 11% (up from 7.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improved over the past week After last week's 15% share price gain to ฿3.78, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 31x in the Healthcare industry in Thailand. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿3.10, the stock trades at a trailing P/E ratio of 39.6x. Average trailing P/E is 36x in the Healthcare industry in Thailand. Total returns to shareholders of 74% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: ฿0.003 loss per share (vs ฿0.019 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ฿146.3m (up 1.3% from 2Q 2020). Net loss: ฿785.0k (down 114% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 19% share price gain to ฿4.34, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 38x in the Healthcare industry in Thailand. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorated over the past week After last week's 29% share price decline to ฿3.36, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 37x in the Healthcare industry in Thailand. Total returns to shareholders of 78% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.001 (vs ฿0.041 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿148.0m (down 10% from 1Q 2020). Net income: ฿481.0k (down 96% from 1Q 2020). Profit margin: 0.3% (down from 7.6% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 14 May 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 16% share price gain to ฿3.98, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 38x in the Healthcare industry in Thailand. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 17% share price gain to ฿3.16, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 37x in the Healthcare industry in Thailand. Total returns to shareholders of 54% over the past three years. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.13 (vs ฿0.20 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿631.6m (down 8.4% from FY 2019). Net income: ฿41.1m (down 33% from FY 2019). Profit margin: 6.5% (down from 8.8% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 30
New 90-day high: ฿2.46 The company is up 4.0% from its price of ฿2.36 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ฿2.42 The company is up 4.0% from its price of ฿2.32 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ฿2.24 The company is down 9.0% from its price of ฿2.46 on 24 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is down 13% over the same period. 
