Buy Or Sell Opportunity • Jun 16
Now 20% undervalued Over the last 90 days, the stock has risen 3.1% to ฿3.96. The fair value is estimated to be ฿4.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 2.6%. Upcoming Dividend • May 15
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 22 May 2026. Payment date: 10 June 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.9%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ฿0.05 (vs ฿0.091 in 1Q 2025) First quarter 2026 results: EPS: ฿0.05 (down from ฿0.091 in 1Q 2025). Revenue: ฿419.6m (down 5.4% from 1Q 2025). Net income: ฿28.8m (down 48% from 1Q 2025). Profit margin: 6.9% (down from 12% in 1Q 2025). Buy Or Sell Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to ฿3.94. The fair value is estimated to be ฿4.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.3%. Upcoming Dividend • Apr 02
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 30 April 2026. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.8%). Buy Or Sell Opportunity • Mar 02
Now 22% undervalued Over the last 90 days, the stock has risen 2.6% to ฿3.88. The fair value is estimated to be ฿4.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 4.3%. Declared Dividend • Feb 25
Dividend reduced to ฿0.05 Dividend of ฿0.05 is 44% lower than last year. Ex-date: 9th April 2026 Payment date: 30th April 2026 Dividend yield will be 6.3%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and 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 69% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 2.6% to bring the payout ratio under control, which is less than the 45% EPS growth achieved over the last 5 years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.07 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.07 (in line with 3Q 2024). Revenue: ฿405.5m (flat on 3Q 2024). Net income: ฿39.9m (down 5.0% from 3Q 2024). Profit margin: 9.8% (in line with 3Q 2024). Declared Dividend • Aug 15
First half dividend increased to ฿0.10 Dividend of ฿0.10 is 67% higher than last year. Ex-date: 26th August 2025 Payment date: 12th September 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (48% 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 58% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 48% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.06 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.07 (up from ฿0.06 in 2Q 2024). Revenue: ฿416.7m (up 11% from 2Q 2024). Net income: ฿40.2m (up 11% from 2Q 2024). Profit margin: 9.6% (in line with 2Q 2024). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿4.32, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 24x in the Pharmaceuticals industry in Asia. Total loss to shareholders of 16% over the past year. New Risk • May 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.05b market cap, or US$61.6m). Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.7%). Higher than average of industry peers (1.9%). Announcement • Apr 02
Bangkok Lab and Cosmetic Public Company Limited Approves Final Dividend for the Year Ended December 31, 2024, Payable on April 11, 2025 Bangkok lab and Cosmetic Public Company Limited at its AGM held on April 1, 2025, approved the allocation of net profit from the operation results of the year 2024 as legal reserve in the amount of THB 8,200,000 (B) Approved the dividend payment according to the operation results for the year 2024 at the rate of THB 0.15 per share, amounting to THB 90,000,000 and such dividend accounts
for 56.92% of net profit of which the company already paid interim dividends at the rate of THB 0.06 per share, amounting to THB 36,000,000. The remaining dividend to be paid under the resolution of this shareholders' meeting was at the rate of THB 0.09 per share amounting to THB 54,000,000. The payment is made from the company's operating performance for the year ending December 31, 2024, which is subject to corporate income tax of 20%. The record date to determine the list of shareholders entitled to receive the dividend is scheduled on April 11, 2025, and the final dividend will be paid on April 30, 2025, and (C) Acknowledged the interim dividend payment. Buy Or Sell Opportunity • Apr 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ฿4.00. The fair value is estimated to be ฿5.02, 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 12%. Announcement • Feb 25
Bangkok Lab And Cosmetic Public Company Limited Proposes Dividend Payment for the Year 2024, Payable on April 30, 2025 The Board of Directors of Bangkok lab and Cosmetic Public Company Limited passed a resolution at the Board of Directors' Meeting No. 2/2025 held on February 24, 2025, to schedule the Annual General Meeting of Shareholders for the year 2025 on April 1, 2025. Approve the dividend payment according to the operation results for the year 2024 at the rate of THB 0.15 per share, amounting to THB 90,000,000 and such dividend accounts for 56.92% of net profit of which the company already paid interim dividends at the rate of THB 0.06 per share, amounting to THB 36,000,000 on September 13, 2024, the remaining dividend to be paid under the resolution of this shareholders' meeting was at the rate of THB 0.09 per share amounting to THB 54,000,000. The payment is made from the company's operating performance for the year ending December 31, 2024, which is subject to corporate income tax of 20% and the individual shareholders are subjected to withholding tax of 10%. Such a dividend payment rate is consistent with the dividend payment policy set by the Company and the Board of Directors has considered it to be appropriate. The record date to determine the list of shareholders entitled to receive the dividend is scheduled for April 11, 2025, and the final dividend will be paid on April 30, 2025 . (In this regard, the right to receive a dividend is uncertain because it has not been approved by the Shareholders' Meeting) . Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: ฿0.29 (vs ฿0.27 in FY 2023) Full year 2024 results: EPS: ฿0.29 (up from ฿0.27 in FY 2023). Revenue: ฿1.58b (up 11% from FY 2023). Net income: ฿171.4m (up 18% from FY 2023). Profit margin: 11% (in line with FY 2023). Announcement • Feb 25
Bangkok Lab And Cosmetic Public Company Limited, Annual General Meeting, Apr 01, 2025 Bangkok Lab And Cosmetic Public Company Limited, Annual General Meeting, Apr 01, 2025, at 14:00 SE Asia Standard Time. Location: accordance with the criteria specified, in the laws and regulations related to, Thailand Buy Or Sell Opportunity • Nov 18
Now 20% undervalued Over the last 90 days, the stock has risen 3.9% to ฿5.30. The fair value is estimated to be ฿6.65, 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 14%. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.059 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.07 (up from ฿0.059 in 3Q 2023). Revenue: ฿402.9m (up 15% from 3Q 2023). Net income: ฿42.0m (up 19% from 3Q 2023). Profit margin: 10% (in line with 3Q 2023). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.85, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 25x in the Pharmaceuticals industry in Asia. Total returns to shareholders of 4.4% over the past year. Announcement • Aug 17
Bangkok Lab and Cosmetic Public Company Limited Announces Interim Dividend Payment for the Operating Period from January 1, 2024 to June 30, 2024, Payable September 13 ,2024 Bangkok Lab And Cosmetic Public Company Limited announced Interim Dividend Payment of THB 0.06 for the Operating period from January 1,2024 to June 30, 2024. Record date for the right to receive dividend: August 28, 2024, Ex-dividend date: August 27, 2024 and Payment date: September 13, 2024. Declared Dividend • Aug 16
First half dividend of ฿0.06 announced Shareholders will receive a dividend of ฿0.06. Ex-date: 27th August 2024 Payment date: 13th September 2024 Dividend yield will be 2.8%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (125% cash payout ratio). 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. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.065 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.06. Revenue: ฿376.4m (up 15% from 2Q 2023). Net income: ฿36.1m (up 12% from 2Q 2023). Profit margin: 9.6% (in line with 2Q 2023). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.06 in 1Q 2023) First quarter 2024 results: EPS: ฿0.07 (up from ฿0.06 in 1Q 2023). Revenue: ฿370.8m (up 9.8% from 1Q 2023). Net income: ฿39.8m (up 38% from 1Q 2023). Profit margin: 11% (up from 8.6% in 1Q 2023). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (1.9%). Announcement • Mar 02
Bangkok Lab And Cosmetic Public Company Limited, Annual General Meeting, Apr 01, 2024 Bangkok Lab And Cosmetic Public Company Limited, Annual General Meeting, Apr 01, 2024, at 14:00 SE Asia Standard Time. Announcement • Feb 29
Bangkok Lab and Cosmetic Public Company Limited Proposes the Dividend Payment for the Year 2023, Payable on April 30, 2024 Bangkok Lab And Cosmetic Public Company Limited proposed the dividend payment according to the operation results for the year 2023 at the rate of THB 0.10 per share, amounting to THB 60,000,000 and such dividend accounts for 5 6 . 89% of net profit of which the company already paid interim dividends at the rate of THB 0.03 per share, amounting to THB 18,000,000 on September 14, 2023. The record date to determine the list of shareholders entitled to receive the dividend is scheduled for April 11, 2024, and the final dividend will be paid on April 30, 2024. (However, the right to receive a dividend is uncertain because it has not been approved by the Shareholders' Meeting). Announcement • Feb 02
Bangkok Lab and Cosmetic Public Company Limited Announces Changing of Chief Accountant Bangkok Lab And Cosmetic Public Company Limited appointed Miss Phiraya Chanpatya as Chief Accountant in place of Miss Supaporn Kumyoo. Effective Date of Appointment 01 Feb. 2024. Reported Earnings • Aug 19
First quarter 2023 earnings released First quarter 2023 results: EPS: ฿0.06. Net income: ฿28.9m (up ฿28.9m from 1Q 2022). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿4.96, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 23x in the Pharmaceuticals industry in Asia. Reported Earnings • Jun 24
First quarter 2023 earnings released First quarter 2023 results: EPS: ฿0.063. Net income: ฿30.3m (up ฿30.3m from 1Q 2022). Announcement • Jun 21
Bangkok Lab And Cosmetic Public Company Limited has completed an IPO in the amount of THB 1.575 billion. Bangkok Lab And Cosmetic Public Company Limited has completed an IPO in the amount of THB 1.575 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 97,500,000
Price\Range: THB 10.5
Security Name: Shares
Security Type: Common Stock
Securities Offered: 52,500,000
Price\Range: THB 10.5
Transaction Features: Reserved Share Offering 
