Upcoming Dividend • May 05
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 27 May 2026. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.4%). New Risk • Mar 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.6% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.48b market cap, or US$46.4m). Declared Dividend • Mar 01
Dividend increased to ฿0.25 Dividend of ฿0.25 is 25% higher than last year. Ex-date: 11th May 2026 Payment date: 27th May 2026 Dividend yield will be 5.7%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 2 years ago. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
Aesthetic Connect Public Company Limited announces Annual dividend, payable on May 27, 2026 Aesthetic Connect Public Company Limited announced Annual dividend of THB 0.2500 per share payable on May 27, 2026, ex-date on May 11, 2026 and record date on May 12, 2026. New Risk • Nov 15
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 9.1% 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 Share price has been highly volatile over the past 3 months (9.1% average weekly change). High level of non-cash earnings (47% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.46b market cap, or US$45.0m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.11 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (down from ฿0.11 in 3Q 2024). Revenue: ฿124.0m (down 8.8% from 3Q 2024). Net income: ฿18.6m (down 51% from 3Q 2024). Profit margin: 15% (down from 28% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿5.10, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Healthcare industry in Thailand. Total loss to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿3.13 per share. New Risk • Sep 16
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 4.3% 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 High level of non-cash earnings (64% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.3% average weekly change). Market cap is less than US$100m (฿1.68b market cap, or US$53.0m). Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿6.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Healthcare industry in Thailand. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿3.79 per share. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.073 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (up from ฿0.073 in 2Q 2024). Revenue: ฿213.6m (up 68% from 2Q 2024). Net income: ฿38.4m (up 50% from 2Q 2024). Profit margin: 18% (down from 20% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Healthcare industry in Thailand. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.12 in 1Q 2024) First quarter 2025 results: EPS: ฿0.06 (down from ฿0.12 in 1Q 2024). Revenue: ฿109.6m (down 29% from 1Q 2024). Net income: ฿21.4m (down 50% from 1Q 2024). Profit margin: 20% (down from 28% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Healthcare industry in Thailand. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (3.2%). Announcement • Apr 29
Aesthetic Connect Public Company Limited Approves Cash Dividend Payment for the Year Ended December 31, 2024, Payable on May 26, 2025 The Annual General Meeting of Shareholders for the year 2025 of Aesthetic Connect Public Company Limited held on April 28, 2025, approved the cash dividend payment for the year 2024 at the rate of THB 0.20 per share, equivalent to a total value of THB 70,000,000, which represents 50.23% of the net profit according to the Company's audited financial statements. aligned with the Company's policy to pay dividends not less than 50% of the net profits after the deduction of the corporate income tax and legal reserve funds each year (if any), to shareholders according to the names appearing on the date of determining the list of shareholders with the right to receive dividends (Record Date) on May 8, 2025, and dividend payment scheduled to shareholders on May 26, 2025. Major Estimate Revision • Feb 28
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿736.0m to ฿576.0m. EPS estimate fell from ฿0.57 to ฿0.39 per share. Net income forecast to shrink 2.4% next year vs 11% growth forecast for Healthcare industry in Thailand . Consensus price target down from ฿11.10 to ฿8.33. Share price fell 3.6% to ฿6.70 over the past week. Declared Dividend • Feb 26
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 7th May 2025 Payment date: 26th May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. 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 grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 24
Now 17% overvalued Over the last 90 days, the stock has fallen 23% to ฿6.95. The fair value is estimated to be ฿5.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 54% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Reported Earnings • Feb 24
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.40 (down from ฿0.69 in FY 2023). Revenue: ฿554.7m (down 22% from FY 2023). Net income: ฿139.4m (down 28% from FY 2023). Profit margin: 25% (down from 27% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 4.8%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Healthcare industry in Thailand. Announcement • Feb 22
Aesthetic Connect Public Company Limited Announces the Appointment of Sunisa Thaichinda as Director and Suvimol Jirayungyurn as Executive Director Aesthetic Connect Public Company Limited announced the appointment of Mrs. Sunisa Thaichinda as Director and Miss Suvimol Jirayungyurn as Executive Director to replace the resigned director, effective 21 Feb. 2025. Date of board resolution for change of director /executive is 21 Feb. 2025. Announcement • Jan 02
Aesthetic Connect Public Company Limited Announces Resignation of Palapong Chayangsu as Director, Executive Director, and Deputy Chief Executive Officer Aesthetic Connect Public Company Limited announced that Mr. Palapong Chayangsu, has submitted his resignation from the position of Director, Executive Director, and Deputy Chief
Executive Officer, effective from December 30, 2024, onward, due to personal reasons, which prevent him from fully performing his duties for the Company. In light of this, the Company shall proceed to appoint a qualified and experienced director to replace such vacancy and will make further notification to the Stock Exchange of Thailand in due course. Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ฿135.9m (down 21% from 3Q 2023). Net income: ฿38.0m (down 10% from 3Q 2023). Profit margin: 28% (up from 25% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Healthcare industry in Thailand. New Risk • Sep 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 33% 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 Risk High level of non-cash earnings (33% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 31x cash flows per share). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿3.22b market cap, or US$96.0m). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.13 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.07 (down from ฿0.13 in 2Q 2023). Revenue: ฿127.3m (down 20% from 2Q 2023). Net income: ฿25.5m (down 37% from 2Q 2023). Profit margin: 20% (down from 26% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Healthcare industry in Thailand. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿9.25, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the Healthcare industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿5.22 per share. New Risk • Jul 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.45b (US$95.8m) This is considered a minor 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: Minor Risks Dividend is not well covered by cash flows (190% cash payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (฿3.45b market cap, or US$95.8m). New Risk • Jun 29
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 6.4% 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: Minor Risks Dividend is not well covered by cash flows (190% cash payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Buy Or Sell Opportunity • May 16
Now 23% overvalued Over the last 90 days, the stock has fallen 28% to ฿11.00. The fair value is estimated to be ฿8.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last year. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.12 (vs ฿0.25 in 1Q 2023) First quarter 2024 results: EPS: ฿0.12 (down from ฿0.25 in 1Q 2023). Revenue: ฿154.0m (down 26% from 1Q 2023). Net income: ฿43.2m (down 33% from 1Q 2023). Profit margin: 28% (down from 31% in 1Q 2023). The decrease in margin was driven by lower revenue. Announcement • Apr 27
Aesthetic Connect Public Company Limited Approves to Pay Dividend, Payment Scheduled to Shareholders on May 23 2024 Aesthetic Connect Public Company Limited at the AGM held on April 25, 2024, approved the allocation of net profit as a legal reserve of THB 4,500,000 and the cash dividend payment for the year 2023 at the rate of THB 0.30 per share, equivalent to a total value of THB 105,000,000, aligned with the Company's policy to pay dividends not less than 40% of the net profits after the deduction of the corporate income tax and legal reserve funds each year (if any), to shareholders according to the names appearing on the date of determining the list of shareholders with the right to receive dividends (Record Date) on May 7, 2024, and dividend payment scheduled to shareholders on May 23 2024. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (2.2%). Announcement • Feb 23
Aesthetic Connect Public Company Limited Proposes A Dividend for the Year 2023, Payable on May 23, 2024 Aesthetic Connect Public Company Limited approved to propose to the Shareholders' meeting for the approval of dividend payment from 2023's operating result, by cash dividend at the rate of THB 0.40 per share, in the amount of THB 140.00 million, representing 74.44% of the Company's 2023 net profit after the allocation of legal reserve. The Company has paid an interim cash dividend at the rate of THB 0.10 per share, in the amount of THB 35.00 million on December 8, 2023. Thus, the remaining cash dividend payment is THB 0.30 per share, totaling THB 105.00 million. The Company set the date to determine the list of shareholders who are entitled to receive cash dividend on May 7, 2024 (Record Date). The dividend payment shall be made on May 23, 2024. The rights to receive above dividend is depend upon the approval of the Annual General Meeting of Shareholders' via electronic meeting(E-AGM) No.1/2024. Reported Earnings • Nov 13
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ฿0.16. Net income: ฿42.5m (up ฿42.5m from 3Q 2022). 
