Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 13 March 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (7.6%). Lower than average of industry peers (5.1%). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.10 (vs ฿0.07 in FY 2024) Full year 2025 results: EPS: ฿0.10 (up from ฿0.07 in FY 2024). Revenue: ฿621.2m (down 6.2% from FY 2024). Net income: ฿47.9m (up 51% from FY 2024). Profit margin: 7.7% (up from 4.8% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Feb 09
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 6.3% 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 Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (฿819.8m market cap, or US$26.3m). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿1.82, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 14x in the Personal Products industry in Thailand. Total loss to shareholders of 67% over the past three years. New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.5% Last year net profit margin: 8.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (฿738.7m market cap, or US$22.8m). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ฿0.022 (vs ฿0.04 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.022 (down from ฿0.04 in 3Q 2024). Revenue: ฿150.0m (down 16% from 3Q 2024). Net income: ฿10.1m (down 44% from 3Q 2024). Profit margin: 6.7% (down from 10.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.00, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 17x in the Personal Products industry in Thailand. Total loss to shareholders of 63% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.021 (vs ฿0.024 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.021 (down from ฿0.024 in 2Q 2024). Revenue: ฿153.1m (flat on 2Q 2024). Net income: ฿9.68m (down 9.2% from 2Q 2024). Profit margin: 6.3% (down from 6.9% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿2.08, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 20x in the Personal Products industry in Thailand. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿1.99, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 21x in the Personal Products industry in Thailand. Total loss to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.68, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 20x in the Personal Products industry in Thailand. Total loss to shareholders of 75% over the past three years. New Risk • May 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.8% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Market cap is less than US$100m (฿963.9m market cap, or US$28.9m). Buy Or Sell Opportunity • May 15
Now 24% undervalued Over the last 90 days, the stock has risen 52% to ฿2.02. The fair value is estimated to be ฿2.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.034 (vs ฿0.008 in 1Q 2024) First quarter 2025 results: EPS: ฿0.034 (up from ฿0.008 in 1Q 2024). Revenue: ฿173.2m (flat on 1Q 2024). Net income: ฿15.3m (up 340% from 1Q 2024). Profit margin: 8.9% (up from 2.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • May 09
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 4.2% 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 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Market cap is less than US$100m (฿531.5m market cap, or US$16.1m). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿1.54, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 17x in the Personal Products industry in Thailand. Total loss to shareholders of 73% over the past three years. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.07 (vs ฿0.13 in FY 2023) Full year 2024 results: EPS: ฿0.07 (down from ฿0.13 in FY 2023). Revenue: ฿662.0m (down 4.4% from FY 2023). Net income: ฿31.7m (down 46% from FY 2023). Profit margin: 4.8% (down from 8.4% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. Announcement • Feb 20
DOD Biotech Public Company Limited, Annual General Meeting, Apr 28, 2025 DOD Biotech Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Location: arrange a meeting in the format of an, Thailand New Risk • Nov 27
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 10.0% 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 (10.0% average weekly change). Earnings have declined by 41% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿999.9m market cap, or US$28.8m). Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.039 (vs ฿0.033 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.039 (up from ฿0.033 in 3Q 2023). Revenue: ฿179.5m (down 14% from 3Q 2023). Net income: ฿18.0m (up 22% from 3Q 2023). Profit margin: 10.0% (up from 7.1% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Announcement • Aug 19
DOD Biotech Public Company Limited Appoints Porntep Siriwanarangsun as an Independent Director, Effective September 1, 2024 DOD Biotech Public Company Limited announced the resolution of the Board of Directors Meeting No. 9/2567, held on August 16, 2024. The meeting resolved to appoint Dr. Porntep Siriwanarangsun as an Independent Director, replacing the resigning director, effective from September 1, 2024, onwards. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.37 loss per share (vs ฿0.018 profit in 2Q 2023) Second quarter 2024 results: ฿0.37 loss per share (down from ฿0.018 profit in 2Q 2023). Revenue: ฿156.8m (down 18% from 2Q 2023). Net loss: ฿166.6m (down ฿174.6m 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 35 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.88, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 21x in the Personal Products industry in Thailand. Total loss to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.88, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 20x in the Personal Products industry in Thailand. Total loss to shareholders of 87% over the past three years. New Risk • Jun 17
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 6.3% 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 Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (฿873.8m market cap, or US$23.8m). New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 65% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 43% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (฿1.14b market cap, or US$30.9m). Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.013 (vs ฿0.034 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.013 (up from ฿0.034 loss in 1Q 2023). Revenue: ฿172.1m (up 41% from 1Q 2023). Net income: ฿3.49m (up ฿17.3m from 1Q 2023). Profit margin: 2.0% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.056 (vs ฿0.84 loss in FY 2022) Full year 2023 results: EPS: ฿0.056 (up from ฿0.84 loss in FY 2022). Revenue: ฿710.1m (up 30% from FY 2022). Net income: ฿20.2m (up ฿363.2m from FY 2022). Profit margin: 2.8% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Feb 23
DOD Biotech Public Company Limited, Annual General Meeting, Apr 25, 2024 DOD Biotech Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 Indian Standard Time. Location: Meeting Room no.1, DOD Biotech Public Company Limited, no. 111 Moo 2, Tha Chin Subdistrict, Mueang Samut Sakhon 74000 Samut Sakhon Thailand Agenda: To consider and acknowledge the Company's performance for the year 2023; to consider and approve the Company's audited the financial statements for the year ended December 31, 2023; to consider and acknowledge the omission of dividend payments for the year 2023; to consideration and approval of Transferring share premium to Offset accumulated Company Losses; and to discuss other matters. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ฿207.8m (up 23% from 3Q 2022). Net income: ฿14.8m (up 243% from 3Q 2022). Profit margin: 7.1% (up from 2.6% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.018 (vs ฿0.011 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.018 (up from ฿0.011 in 2Q 2022). Revenue: ฿191.2m (up 40% from 2Q 2022). Net income: ฿7.93m (up 77% from 2Q 2022). Profit margin: 4.1% (up from 3.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Jun 14
DOD Biotech Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 202.208528 million. DOD Biotech Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 202.208528 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 25,552,382
Price\Range: THB 4
Security Name: Shares
Security Type: Common Stock
Securities Offered: 24,390,000
Price\Range: THB 4.1
Transaction Features: Rights Offering; Subsequent Direct Listing Reported Earnings • Feb 25
Full year 2022 earnings released: ฿0.83 loss per share (vs ฿0.58 profit in FY 2021) Full year 2022 results: ฿0.83 loss per share (down from ฿0.58 profit in FY 2021). Revenue: ฿548.3m (down 46% from FY 2021). Net loss: ฿343.0m (down 245% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿5.75, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 42x in the Personal Products industry in Thailand. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿6.35, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 39x in the Personal Products industry in Thailand. Total loss to shareholders of 40% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.014 (vs ฿0.40 in 1Q 2021) First quarter 2022 results: EPS: ฿0.014 (down from ฿0.40 in 1Q 2021). Revenue: ฿161.4m (down 55% from 1Q 2021). Net income: ฿4.99m (down 97% from 1Q 2021). Profit margin: 3.1% (down from 46% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.57 (up from ฿0.34 in FY 2020). Revenue: ฿1.02b (down 37% from FY 2020). Net income: ฿237.2m (up 68% from FY 2020). Profit margin: 23% (up from 8.7% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 42%. Over the next year, revenue is forecast to grow 81%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿9.45, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 20x in the Personal Products industry in Asia. Total loss to shareholders of 14% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.065 (vs ฿0.17 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿185.4m (down 53% from 3Q 2020). Net income: ฿28.5m (down 59% from 3Q 2020). Profit margin: 15% (down from 18% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.037 (vs ฿0.18 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿248.1m (down 43% from 2Q 2020). Net income: ฿15.3m (down 80% from 2Q 2020). Profit margin: 6.2% (down from 18% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.068 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿412.9m (up 20% from 1Q 2020). Net income: ฿55.1m (up 97% from 1Q 2020). Profit margin: 13% (up from 8.1% in 1Q 2020). Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.34 (vs ฿0.21 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿1.62b (up 104% from FY 2019). Net income: ฿141.3m (up 63% from FY 2019). Profit margin: 8.7% (down from 11% in FY 2019). Is New 90 Day High Low • Feb 19
New 90-day high: ฿13.60 The company is up 58% from its price of ฿8.60 on 20 November 2020. The Thai market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 27% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 19% share price gain to ฿11.00, the stock is trading at a trailing P/E ratio of 24.9x, up from the previous P/E ratio of 21x. This compares to an average P/E of 23x in the Personal Products industry in Thailand. Total returns to shareholders over the past year are 52%. Is New 90 Day High Low • Jan 28
New 90-day high: ฿11.00 The company is up 26% from its price of ฿8.75 on 30 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ฿10.00 The company is up 6.0% from its price of ฿9.40 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.17 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿393.7m (up 79% from 3Q 2019). Net income: ฿69.5m (up 247% from 3Q 2019). Profit margin: 18% (up from 9.1% in 3Q 2019). The increase in margin was driven by higher revenue. 
