New Risk • May 04
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 7.2% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 25% per year over the past 5 years. Market cap is less than US$10m (฿254.6m market cap, or US$7.84m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Feb 27
CPanel Public Company Limited, Annual General Meeting, Apr 28, 2026 CPanel Public Company Limited, Annual General Meeting, Apr 28, 2026, at 13:00 SE Asia Standard Time. Reported Earnings • Feb 25
Full year 2025 earnings released Full year 2025 results: Revenue: ฿255.4m (up 2.1% from FY 2024). Net loss: ฿23.2m (loss widened ฿19.9m from FY 2024). New Risk • Jan 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿314.9m (US$9.98m) 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 (currently running at an operating cash loss). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (฿314.9m market cap, or US$9.98m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.024 (vs ฿0.065 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.024 (up from ฿0.065 loss in 3Q 2024). Revenue: ฿85.4m (up 116% from 3Q 2024). Net income: ฿3.86m (up ฿14.5m from 3Q 2024). Profit margin: 4.5% (up from net loss in 3Q 2024). 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 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.053 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.013 (down from ฿0.053 in 2Q 2024). Revenue: ฿90.8m (down 1.8% from 2Q 2024). Net income: ฿2.19m (down 75% from 2Q 2024). Profit margin: 2.4% (down from 9.4% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. New Risk • Jul 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿326.4m (US$9.98m) 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 (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Paying a dividend despite having no free cash flows. Earnings have declined by 4.2% per year over the past 5 years. Market cap is less than US$10m (฿326.4m market cap, or US$9.98m). Reported Earnings • May 10
First quarter 2025 earnings released: ฿0.094 loss per share (vs ฿0.062 profit in 1Q 2024) First quarter 2025 results: ฿0.094 loss per share (down from ฿0.062 profit in 1Q 2024). Revenue: ฿38.2m (down 59% from 1Q 2024). Net loss: ฿15.3m (down 250% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Apr 29
Cpanel Public Company Limited Approves Exemption of Dividend for 2024 CPanel Public Company Limited in its Annual General Meeting of Shareholders held on April 28, 2025 approved the Exempt of dividend payment for the year 2024. Buy Or Sell Opportunity • Apr 17
Now 23% overvalued Over the last 90 days, the stock has fallen 15% to ฿2.90. The fair value is estimated to be ฿2.35, 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. Meanwhile, the company became loss making. Announcement • Feb 25
CPanel Public Company Limited Proposes Omission of Dividend for the Period from January 1, 2024 to December 31, 2024 CPanel Public Company Limited proposed that it has omitted dividend payment from 01-Jan-2024 to 31-Dec-2024, at the AGM to be held on April 28, 2025. Announcement • Feb 24
CPanel Public Company Limited, Annual General Meeting, Apr 28, 2025 CPanel Public Company Limited, Annual General Meeting, Apr 28, 2025, at 13:00 SE Asia Standard Time. Reported Earnings • Feb 23
Full year 2024 earnings released: ฿0.02 loss per share (vs ฿0.39 profit in FY 2023) Full year 2024 results: ฿0.02 loss per share (down from ฿0.39 profit in FY 2023). Revenue: ฿250.3m (down 42% from FY 2023). Net loss: ฿3.29m (down 105% from profit 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 24% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.50, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 10x in the Basic Materials industry in Thailand. Total loss to shareholders of 54% over the past three years. New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 114% Paying a dividend despite having no free cash flows. High level of non-cash earnings (57% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (6.9% net profit margin). Market cap is less than US$100m (฿646.2m market cap, or US$18.7m). Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.44, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 9x in the Basic Materials industry in Thailand. Total loss to shareholders of 43% over the past year. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.053 (vs ฿0.096 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.053 (down from ฿0.096 in 2Q 2023). Revenue: ฿92.4m (down 9.2% from 2Q 2023). Net income: ฿8.65m (down 44% from 2Q 2023). Profit margin: 9.4% (down from 15% in 2Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿3.74, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 9x in the Basic Materials industry in Thailand. Total loss to shareholders of 53% over the past year. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.062 (vs ฿0.12 in 1Q 2023) First quarter 2024 results: EPS: ฿0.062 (down from ฿0.12 in 1Q 2023). Revenue: ฿92.5m (down 20% from 1Q 2023). Net income: ฿10.1m (down 47% from 1Q 2023). Profit margin: 11% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 17
Full year 2023 earnings released: EPS: ฿0.39 (vs ฿0.42 in FY 2022) Full year 2023 results: EPS: ฿0.39 (down from ฿0.42 in FY 2022). Revenue: ฿428.8m (down 1.2% from FY 2022). Net income: ฿62.7m (down 7.7% from FY 2022). Profit margin: 15% (down from 16% in FY 2022). New Risk • Feb 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% 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 (43% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.16b market cap, or US$32.2m). Declared Dividend • Feb 17
Dividend reduced to ฿0.16 Dividend of ฿0.16 is 5.9% lower than last year. Ex-date: 7th May 2024 Payment date: 25th May 2024 Dividend yield will be 2.3%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (41% 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 increased by an average of 214% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 7.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jan 17
CPanel Public Company Limited Announces Termination of Wivit Jeerawatthanachoke as Controller CPanel Public Company Limited announced termination of Mr. Wivit Jeerawatthanachoke as Controller, effective September 30, 2023. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.081 (vs ฿0.15 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.081 (down from ฿0.15 in 3Q 2022). Revenue: ฿102.3m (down 16% from 3Q 2022). Net income: ฿13.3m (down 46% from 3Q 2022). Profit margin: 13% (down from 20% in 3Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.096 (vs ฿0.084 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.096 (up from ฿0.084 in 2Q 2022). Revenue: ฿101.8m (down 2.3% from 2Q 2022). Net income: ฿15.5m (up 19% from 2Q 2022). Profit margin: 15% (up from 13% in 2Q 2022). The increase in margin was driven by lower expenses. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.17 per share at 1.7% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (3.5%). Buying Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿11.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿8.85, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 19x in the Basic Materials industry in Thailand. Total returns to shareholders of 13% over the past year. Buying Opportunity • Dec 09
Now 20% undervalued Over the last 90 days, the stock is up 30%. The fair value is estimated to be ฿12.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 11%. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 17% share price gain to ฿10.90, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 15x in the Basic Materials industry in Thailand. Total returns to shareholders of 58% over the past year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.15 (vs ฿0.028 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.15 (up from ฿0.028 in 3Q 2021). Revenue: ฿122.2m (up 93% from 3Q 2021). Net income: ฿24.4m (up ฿20.9m from 3Q 2021). Profit margin: 20% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.15 (vs ฿0.029 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.15 (up from ฿0.029 in 3Q 2021). Revenue: ฿122.2m (up 93% from 3Q 2021). Net income: ฿24.4m (up ฿20.9m from 3Q 2021). Profit margin: 20% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.084 (vs ฿0.046 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.084 (up from ฿0.046 in 2Q 2021). Revenue: ฿104.3m (up 47% from 2Q 2021). Net income: ฿13.0m (up 142% from 2Q 2021). Profit margin: 13% (up from 7.6% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 19% share price gain to ฿7.20, the stock trades at a trailing P/E ratio of 36x. Average trailing P/E is 18x in the Basic Materials industry in Thailand. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 19% share price gain to ฿10.50, the stock trades at a trailing P/E ratio of 49.5x. Average trailing P/E is 19x in the Basic Materials industry in Thailand. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.26 (up from ฿0.12 in FY 2020). Revenue: ฿312.4m (up 41% from FY 2020). Net income: ฿31.8m (up 142% from FY 2020). Profit margin: 10% (up from 5.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿8.45, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 18x in the Basic Materials industry in Thailand. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 15% share price gain to ฿7.85, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 17x in the Basic Materials industry in Thailand.