Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.023 (vs ฿0.023 in 1Q 2025) First quarter 2026 results: EPS: ฿0.023 (in line with 1Q 2025). Revenue: ฿239.0m (up 30% from 1Q 2025). Net income: ฿5.33m (down 1.1% from 1Q 2025). Profit margin: 2.2% (down from 2.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Announcement • Apr 23
Market Connections Asia Public Company Limited Appoints Wachira Pruekpaibool as Independent Director and Member of the Audit Committee, Effective from April 22, 2026 Market Connections Asia Public Company Limited announced that at the Annual General Meeting of Shareholders for the Year 2026 held on April 22nd, 2026 resolved to approve the increase in the number of directors of the Company from nine (9) to ten (10) by appointing Mr. Wachira Pruekpaibool as a new director to serve as an Independent Director and a member of the Audit Committee, effective from April 22nd, 2026 onwards. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.044 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 19 May 2026. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (3.6%). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.091 (vs ฿0.087 in FY 2024) Full year 2025 results: EPS: ฿0.091 (up from ฿0.087 in FY 2024). Revenue: ฿818.2m (up 24% from FY 2024). Net income: ฿21.0m (up 5.2% from FY 2024). Profit margin: 2.6% (down from 3.0% in FY 2024). The decrease in margin was driven by higher expenses. Declared Dividend • Feb 28
Dividend of ฿0.044 announced Shareholders will receive a dividend of ฿0.044. Ex-date: 28th April 2026 Payment date: 19th May 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (58% 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 not increased over the past 2 years but payments have been stable during that time. Earnings per share has grown by 3.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.021 (vs ฿0.016 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.021 (up from ฿0.016 in 3Q 2024). Revenue: ฿225.0m (up 41% from 3Q 2024). Net income: ฿4.92m (up 35% from 3Q 2024). Profit margin: 2.2% (down from 2.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ฿189.7m (up 22% from 2Q 2024). Net income: ฿3.72m (down 36% from 2Q 2024). Profit margin: 2.0% (down from 3.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 21x in the Media industry in Thailand. Total loss to shareholders of 37% over the past year. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.023 (vs ฿0.029 in 1Q 2024) First quarter 2025 results: EPS: ฿0.023 (down from ฿0.029 in 1Q 2024). Revenue: ฿183.5m (up 18% from 1Q 2024). Net income: ฿5.40m (down 20% from 1Q 2024). Profit margin: 2.9% (down from 4.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Announcement • Apr 30
Market Connections Asia Public Company Limited Approves Appointment of Porntep Kamonpetch as Director, Effective 25 April 2025 Market Connections Asia Public Company Limited announced that the 2025 Annual General Meeting of Shareholders held on 25 April 2025 resolved to approve the increase in the number of directors of the Company from eight (8) to nine (9) by appointing Mr. Porntep Kamonpetch as a new director to serve as an Independent Director and a member of the Audit Committee, effective from 25 April 2025 onwards. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.11, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 21x in the Media industry in Thailand. Total loss to shareholders of 47% over the past year. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.28, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 23x in the Media industry in Thailand. Total loss to shareholders of 55% over the past year. Announcement • Mar 01
Market Connections Asia Public Company Limited to Propose Dividend for the Operating Period from January 1, 2024 to December 31, 2024, Payable on May 22, 2025 The Board of Market Connections Asia Public Company Limited approved the dividend payment for the Operating period from 01 Jan. 2024 to 31 Dec. 2024 operating results in cash at a rate of THB 0.045 per share, totaling THB 10,350,000, at the AGM to be held on April 25, 2025. The record date for shareholders entitled to receive the dividend is set for May 6, 2025, and the dividend payment date is scheduled for May 22, 2025. Ex-dividend date is 02-May 2025. Declared Dividend • Feb 28
Dividend of ฿0.045 announced Shareholders will receive a dividend of ฿0.045. Ex-date: 2nd May 2025 Payment date: 22nd May 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (45% 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. The company's earnings per share (EPS) would need to decline by 50% to shift the payout ratio to a potentially unsustainable range, which is less than the 63% EPS decline seen over the last 5 years. New Risk • Dec 14
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). Earnings have declined by 3.7% per year over the past 5 years. High level of non-cash earnings (46% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (฿349.6m market cap, or US$10.2m). 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: 3.7% Last year net profit margin: 5.8% 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 Earnings have declined by 3.7% per year over the past 5 years. High level of non-cash earnings (46% accrual ratio). Market cap is less than US$10m (฿345.0m market cap, or US$9.98m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.3% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). New Risk • Nov 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿338.1m (US$9.70m) 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 Earnings have declined by 4.7% per year over the past 5 years. High level of non-cash earnings (36% accrual ratio). Market cap is less than US$10m (฿338.1m market cap, or US$9.70m). 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). Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.52, the stock trades at a trailing P/E ratio of 13.8x. Average forward P/E is 15x in the Media industry in Thailand. Total loss to shareholders of 2.7% over the past year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿2.18, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 15x in the Media industry in Thailand. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿1.70, the stock trades at a trailing P/E ratio of 15.4x. Average forward P/E is 15x in the Media industry in Thailand. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.025 (vs ฿0.042 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.025 (down from ฿0.042 in 2Q 2023). Revenue: ฿155.4m (up 46% from 2Q 2023). Net income: ฿5.79m (down 18% from 2Q 2023). Profit margin: 3.7% (down from 6.7% in 2Q 2023). The decrease in margin was driven by higher expenses. New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿324.3m (US$9.20m) 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 Earnings have declined by 7.5% per year over the past 5 years. High level of non-cash earnings (39% accrual ratio). Market cap is less than US$10m (฿324.3m market cap, or US$9.20m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.6% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿1.41, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 14x in the Media industry in Thailand. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿1.92, the stock trades at a trailing P/E ratio of 16.6x. Average forward P/E is 15x in the Media industry in Thailand. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.029 (vs ฿0.036 in 1Q 2023) First quarter 2024 results: EPS: ฿0.029. Revenue: ฿155.5m (up 48% from 1Q 2023). Net income: ฿6.72m (up 9.6% from 1Q 2023). Profit margin: 4.3% (down from 5.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 27
Market Connections Asia Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 20, 2024 Market Connections Asia Public Company Limited at its AGM, held on April 24, 2024, approved the allocation of net profit for the year ended December 31, 2023 as a legal reserve in the amount of THB 1,300,000 which is not less than 5% of the annual net profit after deducting accumulated losses or equivalent to 1.13% of the registered capital and approved the payment of dividends for the performance of the year 2023, in cash at the rate of THB 0.045 per share with a total of THB 10,350,000, which is equivalent to 85.67% of the net profits after the deduction of tax and all other forms of reserves as stipulated by the law and the dividend payment is accordance to company's dividend payment policy. The record date will be on May 3, 2024, and the dividend payment will be paid on May 20, 2024. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿2.64, the stock trades at a trailing P/E ratio of 24.2x. Average forward P/E is 15x in the Media industry in Thailand. Buy Or Sell Opportunity • Apr 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to ฿2.44. The fair value is estimated to be ฿3.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 34%. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.56, the stock trades at a trailing P/E ratio of 23.4x. Average forward P/E is 15x in the Media industry in Thailand. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.16, the stock trades at a trailing P/E ratio of 28.9x. Average forward P/E is 15x in the Media industry in Thailand. Announcement • Feb 29
Market Connections Asia Public Company Limited, Annual General Meeting, Apr 24, 2024 Market Connections Asia Public Company Limited, Annual General Meeting, Apr 24, 2024, at 13:00 SE Asia Standard Time. Agenda: To acknowledge the Report of the Board of Directors regarding the Financial Status and Operating Results for the Year 2023, ending 31 December 2023; to consider and Approve the Company's Financial Statements for the Year 2023 ending 31 December 2023; to consider and Approve the Allocation of Profit as Legal Reserve and Dividend Payment for the Company's Performance for the Year 2023; to consider and Approve the Appointment of Directors who Retire by Rotation for the Year 2024; to consider and approve the Remuneration of Directors and Sub-Committees for the Year 2024; to consider and approve the Appointment of the Auditor and the Determination of the Auditor's Fee of the Company for the Year 2024; to consider and approve the Amendment of the Company's Articles of Association; and to consider other matters. Announcement • Feb 28
Market Connections Asia Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2023, Payable on May 20, 2024 Market Connections Asia Public Company Limited proposed cash dividend payment of THB 0.045 per share for the year ended December 31, 2023. Record date: May 3, 2024, Ex-dividend date May 2, 2024, Payment date May 20, 2024. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.14 (vs ฿0.12 in FY 2022) Full year 2023 results: EPS: ฿0.14 (up from ฿0.12 in FY 2022). Revenue: ฿471.3m (up 27% from FY 2022). Net income: ฿25.1m (up 52% from FY 2022). Profit margin: 5.3% (up from 4.4% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Feb 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% 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 Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risk Market cap is less than US$100m (฿772.8m market cap, or US$21.5m). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ฿3.20, the stock trades at a trailing P/E ratio of 29.7x. Average forward P/E is 15x in the Media industry in Thailand. Buy Or Sell Opportunity • Jan 23
Now 28% undervalued The stock has been flat over the last 90 days, currently trading at ฿2.38. The fair value is estimated to be ฿3.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 39%. Buying Opportunity • Dec 25
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿3.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 39%. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 60% After last week's 60% share price gain to ฿2.18, the stock trades at a trailing P/E ratio of 20.3x. Average forward P/E is 15x in the Media industry in Thailand. Announcement • Dec 02
Market Connections Asia Public Company Limited Announces CFO Changes Market Connections Asia Public Company Limited appointed Miss Supaporn Maitree as CFO, effective from 01-Dec-2023 and termination of Mr. Piyaphol Siriwattanaaksorn as CFO Effective Date of Termination 30-Nov-2023. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ฿1.61, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 28x in the Media industry in Thailand. Reported Earnings • Oct 28
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ฿0.042. Net income: ฿7.09m (up ฿7.09m from 2Q 2022). 
