New Risk • Jun 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.21b (US$98.8m) This is considered a minor 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 Less than 1 year of cash runway based on free cash flow trend (-฿215m free cash flow). Shares are highly illiquid. Earnings have declined by 49% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿3.21b market cap, or US$98.8m). Reported Earnings • May 19
First quarter 2026 earnings released: ฿0.30 loss per share (vs ฿0.21 loss in 1Q 2025) First quarter 2026 results: ฿0.30 loss per share (further deteriorated from ฿0.21 loss in 1Q 2025). Revenue: ฿124.9m (down 57% from 1Q 2025). Net loss: ฿290.5m (loss widened 43% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Board Change • May 07
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 an independent director. The company's board is composed of: 1 new director. No experienced directors. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Bongkot Rungkornpaisarn was the last independent director to join the board, commencing their role in 2024. 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 • Dec 19
Third quarter 2025 earnings released: ฿0.35 loss per share (vs ฿0.13 loss in 3Q 2024) Third quarter 2025 results: ฿0.35 loss per share (further deteriorated from ฿0.13 loss in 3Q 2024). Revenue: ฿83.6m (down 70% from 3Q 2024). Net loss: ฿348.4m (loss widened 180% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Board Change • Dec 19
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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Bongkot Rungkornpaisarn was the last independent director to join the board, commencing their role in 2024. 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 • Aug 16
Second quarter 2025 earnings released: ฿0.21 loss per share (vs ฿0.027 loss in 2Q 2024) Second quarter 2025 results: ฿0.21 loss per share (further deteriorated from ฿0.027 loss in 2Q 2024). Revenue: ฿217.4m (down 56% from 2Q 2024). Net loss: ฿201.8m (loss widened ฿175.7m from 2Q 2024). 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. Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.21 loss per share (vs ฿0.076 loss in 1Q 2024) First quarter 2025 results: ฿0.21 loss per share (further deteriorated from ฿0.076 loss in 1Q 2024). Revenue: ฿289.3m (down 22% from 1Q 2024). Net loss: ฿199.8m (loss widened 169% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 04
Full year 2024 earnings released: ฿0.45 loss per share (vs ฿0.40 loss in FY 2023) Full year 2024 results: ฿0.45 loss per share (further deteriorated from ฿0.40 loss in FY 2023). Revenue: ฿1.35b (down 49% from FY 2023). Net loss: ฿426.4m (loss widened 10% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 28
Areeya Property Public Company Limited, Annual General Meeting, Apr 28, 2025 Areeya Property Public Company Limited, Annual General Meeting, Apr 28, 2025, at 10:00 SE Asia Standard Time. Location: e-metting, Thailand Announcement • Jan 07
Areeya Property Public Company Limited Announces Resignation of Sunee Sornchaitanasuk as Director Areeya Property Public Company Limited announced that Mrs. Sunee Sornchaitanasuk has submitted her resignation from the position of Director as she has other obligation and responsibilities. This will be effective from 31 December 2024. Announcement • Dec 19
Areeya Property Public Company Limited Announces Board and Committee Changes Areeya property Public Company Limited by the Board of Directors' meeting on 17 December 2024 has a resolution to appoint Mrs. Bongkot Rungkornpaisarn as an Independent Director and Audit Committee member for the remaining term, replacing Mr. Preecha Boonyakida who resigned from the position of Independent Director and Audit Committee member. This appointment is effective from 17 December 2024 onwards. Reported Earnings • Nov 16
Third quarter 2024 earnings released: ฿0.13 loss per share (vs ฿0.032 loss in 3Q 2023) Third quarter 2024 results: ฿0.13 loss per share (further deteriorated from ฿0.032 loss in 3Q 2023). Revenue: ฿273.8m (down 70% from 3Q 2023). Net loss: ฿121.3m (loss widened 285% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Announcement • Sep 27
Areeya Property Public Company Limited Announces Resignation of Preecha Boonyakida as Independent Director and Audit Committee Areeya Property Public Company Limited announced that Mr. Preecha Boonyakida has submitted his resignation from the position of Independent Director and Audit Committee at the Company as he has other obligation and responsibilities. This will be effective from 27 September 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.027 loss per share (vs ฿0.13 loss in 2Q 2023) Second quarter 2024 results: ฿0.027 loss per share (improved from ฿0.13 loss in 2Q 2023). Revenue: ฿491.5m (down 15% from 2Q 2023). Net loss: ฿22.8m (loss narrowed 81% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 15
First quarter 2024 earnings released: ฿0.076 loss per share (vs ฿0.11 loss in 1Q 2023) First quarter 2024 results: ฿0.076 loss per share (improved from ฿0.11 loss in 1Q 2023). Revenue: ฿369.6m (down 43% from 1Q 2023). Net loss: ฿70.9m (loss narrowed 35% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.40 loss per share (vs ฿0.12 profit in FY 2022) Full year 2023 results: ฿0.40 loss per share (down from ฿0.12 profit in FY 2022). Revenue: ฿2.64b (down 20% from FY 2022). Net loss: ฿374.3m (down 409% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 23
Areeya Property Public Company Limited, Annual General Meeting, Apr 18, 2024 Areeya Property Public Company Limited, Annual General Meeting, Apr 18, 2024, at 10:00 SE Asia Standard Time. Location: 999 Praditamanutham Rd.,Saphansong Wangthonglang Bangkok Thailand Agenda: To consider and certify the minutes of the Annual General Meeting 2023; to consider and acknowledge the Company's operation results for the year 2023; to consider and approve the financial statements for the year ended December 31, 2023; to consider and approve the omission of allocation of net profit as legal reserve from the operating result for the year 2023; to consider the omission of the dividend payment from the operating result for the year 2023; to consider and approve the remuneration of the Directors for the year 2024; and to consider other matters. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ฿0.032 loss per share (vs ฿0.041 loss in 3Q 2022) Third quarter 2023 results: ฿0.032 loss per share (improved from ฿0.041 loss in 3Q 2022). Revenue: ฿897.7m (up 30% from 3Q 2022). Net loss: ฿31.5m (loss narrowed 22% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.13 loss per share (vs ฿0.077 profit in 2Q 2022) Second quarter 2023 results: ฿0.13 loss per share (down from ฿0.077 profit in 2Q 2022). Revenue: ฿579.0m (down 37% from 2Q 2022). Net loss: ฿118.8m (down 257% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sompol Thiensuvan was the last independent director to join the board, commencing their role in 2011. 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 • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.077 (vs ฿0.058 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.077 (up from ฿0.058 loss in 2Q 2021). Revenue: ฿917.6m (up 19% from 2Q 2021). Net income: ฿79.2m (up ฿136.5m from 2Q 2021). Profit margin: 8.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% 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 • May 19
First quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.036 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.03 (up from ฿0.036 loss in 1Q 2021). Revenue: ฿965.5m (up 3.8% from 1Q 2021). Net income: ฿32.7m (up ฿68.2m from 1Q 2021). Profit margin: 3.4% (up from net loss in 1Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% 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. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sompol Thiensuvan was the last independent director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 23
Areeya Property Public Company Limited, Annual General Meeting, Apr 25, 2022 Areeya Property Public Company Limited, Annual General Meeting, Apr 25, 2022, at 10:00 SE Asia Standard Time. Agenda: To consider and certify the minutes of the Extraordinary General Meeting of Shareholders No. 1/2021; to consider and acknowledge the company’s operation results for the year 2021; to consider and approve the statement of financial position and statement of comprehensive income for the year ended December 31, 2021; to consider the omission of profit allocation and dividend payment for the year 2021 operating results; to consider the election of the directors in replacement of those who are to retire by rotation; and to consider other matters. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.37 loss per share (down from ฿0.20 profit in FY 2020). Revenue: ฿3.28b (down 43% from FY 2020). Net loss: ฿345.6m (down 277% from profit in FY 2020). Revenue was in line with analyst estimates. 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 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.42 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿707.0m (down 77% from 3Q 2020). Net loss: ฿102.2m (down 125% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.049 loss per share (vs ฿0.016 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿768.7m (down 28% from 2Q 2020). Net loss: ฿48.3m (down 414% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2021 earnings released: ฿0.036 loss per share (vs ฿0.001 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings and control over costs, although revenues were flat. First quarter 2021 results: Revenue: ฿929.8m (flat on 1Q 2020). Net loss: ฿35.4m (down ฿36.4m from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Mar 15
Upcoming Dividend of ฿0.03 Per Share Will be paid on the 24th of May to those who are registered shareholders by the 22nd of March. The trailing yield of 0.6% is below the top quartile of Thai dividend payers (5.4%), and is lower than industry peers (3.7%). Announcement • Mar 09
Areeya Property Public Company Limited, Annual General Meeting, Apr 23, 2021 Areeya Property Public Company Limited, Annual General Meeting, Apr 23, 2021, at 10:00 SE Asia Standard Time. Location: Soontareeya room,3rd floor ,Areeya Property Public Company Limited, 999 Praditmanutham road Saphansong, Wangthonglang Bangkok Thailand Agenda: To consider and certify the minutes of the Annual General Meeting of Shareholders 2020; to consider and acknowledge the Company's operation results for the year 2020; to consider and approve the financial statements 2020 comprising statement of financial position, profit /loss statement, statement of changes in equity and cash flow statement as of December 31, 2020; to consider and approve allocation of profit and dividend payment from 2020 operation results; to consider the election of the directors in replacement of those who are to retire by rotation In 2021; to consider and approve the remuneration of the Directors for the year 2021; to appoint an auditor of the Company for the year 2021and the remuneration for auditors; to consider and approve the issuance and offering total amount not exceeding THB 5 billion of debentures; and to consider any other matters (if any). Reported Earnings • Mar 06
Full year 2020 earnings released: EPS ฿0.20 (vs ฿0.29 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.72b (up 95% from FY 2019). Net income: ฿194.9m (up ฿475.5m from FY 2019). Profit margin: 3.4% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.42 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿3.01b (up 308% from 3Q 2019). Net income: ฿414.8m (up ฿501.1m from 3Q 2019). Profit margin: 14% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% 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. Announcement • Aug 22
At Home Development Company Limited agreed to acquire an Office Building in Bangkok from Areeya Property Public Company Limited (SET:A) for approximately THB 260 million. At Home Development Company Limited agreed to acquire an Office Building in Bangkok from Areeya Property Public Company Limited (SET:A) for approximately THB 260 million on August 19, 2020. The deal was approved by the Board of Directors of Areeya but is still subject the approval of Areeya’s shareholders. The proceeds from the transaction will be used to payback the debenture which is due on October 1, 2020 with the amount of THB 1 billion, reserve as payback promissory note with financial institute and reserve as payment of Debenture interest which is due on 4th Quarter of 2020. The transaction will benefit the financial status of the company and increase its financial liquidity and cash flow. 
