Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.29 (vs ฿0.11 in 1Q 2025) First quarter 2026 results: EPS: ฿0.29 (up from ฿0.11 in 1Q 2025). Revenue: ฿350.9m (up 1.7% from 1Q 2025). Net income: ฿14.7m (up 187% from 1Q 2025). Profit margin: 4.2% (up from 1.5% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 13 March 2026. Payment date: 22 May 2026. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 22%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (5.7%). Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿1.47 (vs ฿4.08 in FY 2024) Full year 2025 results: EPS: ฿1.47 (down from ฿4.08 in FY 2024). Revenue: ฿1.42b (up 35% from FY 2024). Net income: ฿71.0m (down 58% from FY 2024). Profit margin: 5.0% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Bangkok Union Insurance Public Company Limited announces Annual dividend, payable on May 22, 2026 Bangkok Union Insurance Public Company Limited announced Annual dividend of THB 1.2000 per share payable on May 22, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. New Risk • Nov 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (฿592.9m market cap, or US$18.3m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: ฿0.39 (vs ฿1.41 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.39. Revenue: ฿362.3b (up ฿362.1b from 3Q 2024). Net income: ฿20.2b (up ฿20.2b from 3Q 2024). Profit margin: 5.6% (down from 22% in 3Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿11.30, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 10x in the Insurance industry in Thailand. Total returns to shareholders of 11% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.88 (vs ฿1.69 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.88 (down from ฿1.69 in 2Q 2024). Revenue: ฿355.0m (up 3.7% from 2Q 2024). Net income: ฿41.4m (down 44% from 2Q 2024). Profit margin: 12% (down from 21% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. 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 ฿10.80, the stock trades at a trailing P/E ratio of 3.3x. Average trailing P/E is 11x in the Insurance industry in Thailand. Total loss to shareholders of 20% over the past three years. New Risk • Jun 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (฿665.1m market cap, or US$20.5m). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.34 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (down from ฿0.34 in 1Q 2024). Revenue: ฿345.8m (up 28% from 1Q 2024). Net income: ฿5.13m (down 63% from 1Q 2024). Profit margin: 1.5% (down from 5.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Bangkok Union Insurance Public Company Limited Approves Annual Dividend for 2024, Payable on May 9, 2025 Bangkok Union Insurance Public Company Limited in its annual general meeting of shareholders held on 10 April 2025, resolved to approve the payment of annual dividends for 2024 from the net profit for 2024 to shareholders at the rate of THB 2.80 per share, totaling THB 115,495,360, and to allocate legal reserves in the amount of THB 8,043,205. The Company has set the list of shareholders entitled to receive the annual dividend for 2025 (Record Date) on 21 April 2025 and set the dividend payment date on 9 May 2025. New Risk • Apr 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 4.0% 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 Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.0% average weekly change). Market cap is less than US$100m (฿882.7m market cap, or US$26.5m). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ฿15.90, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 9x in the Insurance industry in Thailand. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Apr 11
Upcoming dividend of ฿2.80 per share Eligible shareholders must have bought the stock before 18 April 2025. Payment date: 09 May 2025. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 14%. Within top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (5.4%). New Risk • Mar 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 16% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿709.5m market cap, or US$21.0m). Declared Dividend • Mar 01
Dividend of ฿2.80 announced Shareholders will receive a dividend of ฿2.80. Ex-date: 18th April 2025 Payment date: 9th May 2025 Dividend yield will be 16%, which is higher than the industry average of 3.8%. Announcement • Feb 28
Bangkok Union Insurance Public Company Limited announces Annual dividend, payable on May 09, 2025 Bangkok Union Insurance Public Company Limited announced Annual dividend of THB 2.8000 per share payable on May 09, 2025, ex-date on April 18, 2025 and record date on April 21, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿4.08 (vs ฿3.36 in FY 2023) Full year 2024 results: EPS: ฿4.08 (up from ฿3.36 in FY 2023). Revenue: ฿1.05b (down 2.3% from FY 2023). Net income: ฿168.3m (up 21% from FY 2023). Profit margin: 16% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 10, 2025 Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 10, 2025, at 10:00 SE Asia Standard Time. Location: meeting room, 8th floor, bui building, 2 (bangkok union insurance bldg.2), 177/1 surawong road, bang rak district, bangkok Thailand Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿1.41 (vs ฿0.88 in 3Q 2023) Third quarter 2024 results: EPS: ฿1.41 (up from ฿0.88 in 3Q 2023). Revenue: ฿263.5m (down 3.9% from 3Q 2023). Net income: ฿58.2m (up 61% from 3Q 2023). Profit margin: 22% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿1.89 (vs ฿1.02 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.89 (up from ฿1.02 in 2Q 2023). Revenue: ฿261.0m (down 3.6% from 2Q 2023). Net income: ฿78.0m (up 85% from 2Q 2023). Profit margin: 30% (up from 16% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 13
Bangkok Union Insurance Public Company Limited Announces Committee Changes Bangkok Union Insurance Public Company Limited announced that the Board of Directors' Meeting No. 3/2024, held on 15 May 2024, resolved to appoint important sub-committee members as follows: Risk Management Committee: To act as strategic planner and establish appropriate risk management frameworks and policies and ensure that the company's operations are efficient conforms to the law on securities and stock exchange. There are elements of Risk Management Committee as follows: Mr. Soonthorn Konuntakiet as Chairman; Mr. Pichit Sinpatanasakul as Director; Miss. Tanyaratt Iamsopana as Director; Mrs. Wanphen Kongchartree as Director; Mr. Songserm Sutthipanya as Director; Mr. Issra Choovisit as Director /Secretary. Nomination Committee and consider compensation: To consider and nominate qualified persons have the knowledge and expertise to serve as a director of the company. Sub-committees and senior executives that do not conflict with or conflict with laws related to business operations. The composition of the Risk Management Committee is as follows: Mr. Pichit Sinpatanasakul as Chairman; Mr. Soonthorn Konuntakiet as Director; Miss. Sujintana Champeesri as Director /Secretary. This will be effective from 15 May 2024 onwards. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.42 (vs ฿1.28 in 1Q 2023) First quarter 2024 results: EPS: ฿0.42 (down from ฿1.28 in 1Q 2023). Revenue: ฿269.0m (up 1.2% from 1Q 2023). Net income: ฿13.9m (down 74% from 1Q 2023). Profit margin: 5.2% (down from 20% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Announcement • Apr 20
Bangkok Union Insurance Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 17, 2024 Bangkok Union Insurance Public Company Limited at the AGM held on April 19, 2024, approved the dividends from the net profit for the year ended December 31, 2023 at the rate of THB 2.80 per share, totaling THB 92,396,993, allocated as stock dividends at the rate of 4 existing shares per 1 stock dividend, equivalent to a dividend payment of THB 2.50 per share, in the amount of THB 82,497,310. In the event that there is a fraction of a share, a cash dividend will be paid to shareholders at the rate of THB 2.50 per share and paid in cash at the rate of THB 0.30 per share, representing THB 9,899,683, dividend payment scheduled on May 17, 2024. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 7.1% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (4.1%). Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: ฿4.20 (vs ฿1.82 in FY 2022) Full year 2023 results: EPS: ฿4.20 (up from ฿1.82 in FY 2022). Revenue: ฿1.07b (down 12% from FY 2022). Net income: ฿138.7m (up 131% from FY 2022). Profit margin: 13% (up from 5.0% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 33% per year. Declared Dividend • Feb 22
Dividend of ฿0.30 announced Shareholders will receive a dividend of ฿0.30. Ex-date: 5th March 2024 Payment date: 26th April 2024 Dividend yield will be 1.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (9% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 107% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿1.10 (vs ฿0.055 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.10 (up from ฿0.055 in 3Q 2022). Revenue: ฿274.1m (down 15% from 3Q 2022). Net income: ฿36.2m (up ฿34.4m from 3Q 2022). Profit margin: 13% (up from 0.6% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year. New Risk • Aug 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿574.2m market cap, or US$16.4m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿1.28 (vs ฿0.43 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿1.28 (up from ฿0.43 loss in 2Q 2022). Revenue: ฿270.8m (down 12% from 2Q 2022). Net income: ฿42.2m (up ฿56.3m from 2Q 2022). Profit margin: 16% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿16.90, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 15x in the Insurance industry in Thailand. Total returns to shareholders of 183% over the past three years. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.50 per share at 2.6% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (4.1%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿2.00 (vs ฿3.08 in FY 2021) Full year 2022 results: EPS: ฿2.00 (down from ฿3.08 in FY 2021). Revenue: ฿1.21b (up 22% from FY 2021). Net income: ฿60.1m (down 35% from FY 2021). Profit margin: 5.0% (down from 9.3% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
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 not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. 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 • Nov 10
Third quarter 2022 earnings released: EPS: ฿0.06 (vs ฿1.43 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.06 (down from ฿1.43 in 3Q 2021). Revenue: ฿321.9m (up 29% from 3Q 2021). Net income: ฿1.81m (down 96% from 3Q 2021). Profit margin: 0.6% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 28% share price gain to ฿24.90, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 18x in the Insurance industry in Thailand. Total returns to shareholders of 128% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: ฿0.47 loss per share (vs ฿1.06 profit in 2Q 2021) Second quarter 2022 results: ฿0.47 loss per share (down from ฿1.06 profit in 2Q 2021). Revenue: ฿307.3m (up 20% from 2Q 2021). Net loss: ฿14.1m (down 144% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Aug 11
Bangkok Union Insurance Public Company Limited Announces Executive Changes The Board of Directors' Meeting of Bangkok Union Insurance Public Company Limited held on the August 9th, 2022 has the resolutions are as follows: Appointed Miss Walaipatch Wongsoontom as the Company Secretary instead of Mr. Bunlung Kaewpankan with effective date from 9 August 2022 onwards. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improved over the past week After last week's 40% share price gain to ฿30.00, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 21x in the Insurance industry in Thailand. Total returns to shareholders of 100% over the past year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿1.22 (vs ฿1.54 in 1Q 2021) First quarter 2022 results: EPS: ฿1.22 (down from ฿1.54 in 1Q 2021). Revenue: ฿279.9m (up 13% from 1Q 2021). Net income: ฿36.7m (down 21% from 1Q 2021). Profit margin: 13% (down from 19% in 1Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 31
Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 21, 2022 Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 21, 2022, at 03:00 Coordinated Universal Time. Location: the meeting room, 5th floor, BUI 1 building (Bangkok United Insurance Building 1)no.175-177 Surawong Road,Suriyawong, Bangrak Bangkok Thailand Upcoming Dividend • Mar 03
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 8.1% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿3.08 (up from ฿0.43 in FY 2020). Revenue: ฿998.3m (up 8.8% from FY 2020). Net income: ฿92.4m (up ฿79.4m from FY 2020). Profit margin: 9.3% (up from 1.4% in FY 2020). Revenue was in line with analyst estimates. Announcement • Feb 26
Bangkok Union Insurance Public Company Limited Proposes Dividend for the Year 2021, Payable on May 20, 2022 Bangkok Union Insurance Public Company Limited agreed to propose at the shareholders meeting the dividend payments from profit of the year 2021 to pay at the rate of THB 1 per share and the date of dividend payment on May 20, 2022. To fixed the Record Date on which shareholders have the right to attend the 93/2022 Annual General Meeting of Shareholders on March 11, 2022. The dividend payment of the company is uncertain as it needs to be approved by the AGM 93/2022 to be held on April 21, 2022. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 02
Bangkok Union Insurance Public Company Limited Approves Dividend for the Year 2020, Payable on May 21, 2021 Bangkok Union Insurance Public Company Limited at its annual general meeting held on April 21, 2021, approved legal reserve allocation from net profit of the year 2020 in the amount of THB 877,161 and approval the payment dividends from net profit of the year 2020, at the rate of THB 0.25 per share on May 21, 2021. Announcement • Feb 26
Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 21, 2021 Bangkok Union Insurance Public Company Limited, Annual General Meeting, Apr 21, 2021, at 10:00 SE Asia Standard Time. Location: Conference Room BUI PLC on the 5th floor BUI Building 1, No.175-177 Surawongse Road, Bangrak Bangkok Thailand Agenda: To acknowledge the Report of the overall operation for the year 2020; to acknowledge the Report of the Audit Committee for the year 2020; to approve the company's Statement of financial and Statement of comprehensive income for the year 2020; to allocate the profit of the year 2020; to approve the appointment of the directors to succeed those who completed their terms; to approve the remuneration of the Company's Directors; to approve the auditor and approval of the auditing fee for the year 2021; and to consider other business, if any. 
