New Risk • Mar 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿35m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-฿35m free cash flow). Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (฿420.0m market cap, or US$13.3m). Reported Earnings • Feb 27
Full year 2025 earnings released: ฿0.06 loss per share (vs ฿0.085 loss in FY 2024) Full year 2025 results: ฿0.06 loss per share (improved from ฿0.085 loss in FY 2024). Revenue: ฿535.2m (up 21% from FY 2024). Net loss: ฿64.4m (loss narrowed 25% from FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Feb 26
FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 28, 2026 FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Location: electronics meeting at 991 fn building, rama 9 road, suan luang, bangkok Thailand New Risk • Jan 07
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 6.4% 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 Less than 1 year of cash runway based on free cash flow trend (-฿24m free cash flow). Earnings have declined by 26% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (฿430.0m market cap, or US$13.7m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.015 loss per share (vs ฿0.012 loss in 3Q 2024) Third quarter 2025 results: ฿0.015 loss per share (further deteriorated from ฿0.012 loss in 3Q 2024). Revenue: ฿184.1m (up 83% from 3Q 2024). Net loss: ฿14.8m (loss widened 23% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.021 loss per share (vs ฿0.02 loss in 2Q 2024) Second quarter 2025 results: ฿0.021 loss per share (further deteriorated from ฿0.02 loss in 2Q 2024). Revenue: ฿100.2m (up 2.6% from 2Q 2024). Net loss: ฿21.2m (loss widened 5.1% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 11
First quarter 2025 earnings released: ฿0.014 loss per share (vs ฿0.003 loss in 1Q 2024) First quarter 2025 results: ฿0.014 loss per share (further deteriorated from ฿0.003 loss in 1Q 2024). Revenue: ฿90.3m (down 25% from 1Q 2024). Net loss: ฿14.2m (loss widened 317% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Announcement • Apr 25
FN Factory Outlet Public Company Limited Appoints Natee Theppot as Independent Director FN Factory Outlet Public Company Limited at its Annual General Meeting of Shareholders held on April 24, 2025, approved Dr. Natee Theppot to be an Independent Director in place of the independent director who retired by rotation. Reported Earnings • Feb 23
Full year 2024 earnings released: ฿0.09 loss per share (vs ฿0.24 loss in FY 2023) Full year 2024 results: ฿0.09 loss per share (improved from ฿0.24 loss in FY 2023). Revenue: ฿441.1m (down 8.7% from FY 2023). Net loss: ฿85.3m (loss narrowed 65% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 41% per year. Announcement • Feb 22
FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 24, 2025 FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: fn. factory outlet public limited, 991 fn building, rama 9 road, suan long, bangkok Thailand Reported Earnings • Nov 18
Third quarter 2024 earnings released: ฿0.012 loss per share (vs ฿0.029 loss in 3Q 2023) Third quarter 2024 results: ฿0.012 loss per share (improved from ฿0.029 loss in 3Q 2023). Revenue: ฿100.5m (down 5.9% from 3Q 2023). Net loss: ฿12.0m (loss narrowed 58% from 3Q 2023). 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 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.02 loss per share (vs ฿0.023 loss in 2Q 2023) Second quarter 2024 results: ฿0.02 loss per share (improved from ฿0.023 loss in 2Q 2023). Revenue: ฿97.7m (down 20% from 2Q 2023). Net loss: ฿20.1m (loss narrowed 13% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2024 earnings released: ฿0.003 loss per share (vs ฿0.022 loss in 1Q 2023) First quarter 2024 results: ฿0.003 loss per share (improved from ฿0.022 loss in 1Q 2023). Revenue: ฿120.1m (flat on 1Q 2023). Net loss: ฿3.42m (loss narrowed 85% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 21
Full year 2023 earnings released: ฿0.24 loss per share (vs ฿0.086 loss in FY 2022) Full year 2023 results: ฿0.24 loss per share (further deteriorated from ฿0.086 loss in FY 2022). Revenue: ฿483.0m (down 3.9% from FY 2022). Net loss: ฿240.9m (loss widened 180% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Nov 12
FN Factory Outlet Public Company Limited Announces Board Changes FN Factory Outlet Public Company Limited informed that the Board of Directors' Meeting held on 10th November 2023 has resolved as Approved the appointment of Mr.Premon Pinskul as an Independent Director and a Member of the Audit Committee to replace the member who had resigned. His term of office will be 1 year and 7 months, equal to the remaining length of term of office of the Audit Committee Member who resigned. The Audit Committee therefore consists of three members, namely Mrs.Saowanee Kamolbutr Chairman of the Audit Committee, Mr.Pongsuk Hiranprueck; Member of the Audit Committee, Mr.Premon Pinskul; Member of the Audit Committee, effective from 10th November 2023. Approved the appointment of Mr.Montri Mahaplerkpong, as Chairman of the Board of Director, effective from 1st January 2024. Approved the appointment of Mr.Pricha Songwatana, as Chairman of the Executive Committee, effective from 1st January 2024. Approved the appointment of Mr.Benyiam Songwatana as Chief Executive Officer, effective from 1st January 2024. Announcement • Oct 07
FN Factory Outlet Public Company Limited Announces the Resignation of Ms. Somsri Ruchdaponkul as Independent Director and Member of Audit Committee FN Factory Outlet Public Company Limited informed that Ms. Somsri Ruchdaponkul, Independent Director and Member of Audit Committee, has resigned as Independent Director and every positions due to other responsibility, it will be effective on October 6, 2023. New Risk • Oct 05
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 7.0% 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 Earnings have declined by 68% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (฿1.88b market cap, or US$50.9m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.023 loss per share (vs ฿0.015 loss in 2Q 2022) Second quarter 2023 results: ฿0.023 loss per share (further deteriorated from ฿0.015 loss in 2Q 2022). Revenue: ฿121.9m (flat on 2Q 2022). Net loss: ฿23.1m (loss widened 51% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jul 11
FN Factory Outlet Public Company Limited Announces Resignation of Pratana Mongkolkul as Independent Director, Member of Audit Committee, Chairman of the Risk Management Committee and Member of Nomination Remuneration and Good Corporate Governance Committee FN Factory Outlet Public Company Limited ("the Company") announced that Mrs. Pratana Mongkolkul, Independent Director, Member of Audit Committee, Chairman of the Risk Management Committee and Member of Nomination Remuneration and Good Corporate Governance Committee, has resigned as Independent Director and every positions due to other responsibility, it will be effective on July 10, 2023. In this regard, The Company will then proceed with the procedures for the nomination and appointment of Member of Audit Committee in accordance with the rules of the Stock Exchange of Thailand and the Office of the Securities and Exchange Commission and will inform the Stock Exchange of Thailand of such appointment. Announcement • Jul 06
FN Factory Outlet Public Company Limited Announces Chief Financial Officer Changes FN Factory Outlet Public Company Limited announced resignation of Mr. Thammasak Jittimaporn (Acting) as Chief Financial Officer, effective from June 30, 2023. The company also announced appointment of Miss WarapornRattanarungsun as Acting Chief Financial Officer, effective from July 1, 2023. Board Change • Jun 13
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Pongsuk Hiranprueck was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2023 earnings released: ฿0.022 loss per share (vs ฿0.015 loss in 1Q 2022) First quarter 2023 results: ฿0.022 loss per share. Revenue: ฿120.9k (down 100% from 1Q 2022). Net loss: ฿22.0k (loss narrowed 100% from 1Q 2022). Reported Earnings • Feb 26
Full year 2022 earnings released: ฿0.09 loss per share (vs ฿0.063 loss in FY 2021) Full year 2022 results: ฿0.09 loss per share (further deteriorated from ฿0.063 loss in FY 2021). Revenue: ฿502.4m (down 7.4% from FY 2021). Net loss: ฿86.1m (loss widened 37% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2022 earnings released: ฿0.021 loss per share (vs ฿0.016 loss in 3Q 2021) Third quarter 2022 results: ฿0.021 loss per share (further deteriorated from ฿0.016 loss in 3Q 2021). Revenue: ฿119.5m (up 3.3% from 3Q 2021). Net loss: ฿20.9m (loss widened 31% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Announcement • Nov 02
FN Factory Outlet Public Company Limited Announces Executive Changes The Board of Directors' Meeting of FN Factory Outlet Public Company Limited held on October 1, 2022 has passed the resolution to appoint Mr. Thammasak Jittimaporn as Executive Chairman to replace Mr. Benyiam Songwatana, who had resigned, it is effective on November 1, 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings released: ฿0.008 loss per share (vs ฿0.017 loss in 2Q 2021) Second quarter 2022 results: ฿0.008 loss per share (up from ฿0.017 loss in 2Q 2021). Revenue: ฿123.2m (down 7.6% from 2Q 2021). Net loss: ฿15.3m (loss narrowed 12% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Announcement • Aug 02
FN Factory Outlet Public Company Limited Announces Executive Changes FN Factory Outlet Public Company Limited announced termination of Apinya Kuljongcharoenlert as Chief Financial Officer and appointment of Thammasak Jittimaporn (Acting) as Chief Financial Officer. Effective Date of Termination and appointment is 29 July 2022. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.01 loss per share (vs ฿0.01 loss in 1Q 2021). Revenue: ฿122.9m (down 14% from 1Q 2021). Net loss: ฿14.9m (loss widened 47% from 1Q 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Montree Mahapruekpong was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 04
FN Factory Outlet Public Company Limited Appoints Pratana Mongkolkul as Member of the Audit Committee FN Factory Outlet Public Company Limited appointed Pratana Mongkolkul as Member of the audit committee, effective as of March 1, 2022. Announcement • Mar 01
FN Factory Outlet Public Company Limited Announces Executive Changes FN Factory Outlet Public Company Limited announced the Mr.Poolsak Tansitthipun, Independent Director, The 2nd Vice Chairman of the Board of Directors, Chairman of the Audit Committee and Chairman of the Nomination and Remuneration Committee, and Mr. Voravat Tantranont, Independent Director, Audit Committee Member and Nomination and Remuneration Committee. The resignation will be effective on February 28, 2022 onward. The board also announced the appointment of Mrs.Prafana Mongkolkul to be Audit Committee Member, which will be effective on March 1, 2022. The term will be 1 year and 2 months which is the same term of the Audit Committee Member who resigns. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: ฿0.06 loss per share (down from ฿0.028 loss in FY 2020). Revenue: ฿542.7m (down 28% from FY 2020). Net loss: ฿62.7m (loss widened 126% from FY 2020). Revenue missed analyst estimates by 10%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.016 loss per share (vs ฿0.004 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: ฿115.7m (down 46% from 3Q 2020). Net loss: ฿15.9m (down 479% from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 130 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: ฿17.00 loss per share (vs ฿0.008 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: ฿133.3m (down 7.6% from 2Q 2020). Net loss: ฿17.4m (loss widened 123% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: ฿0.01 loss per share (vs ฿0.007 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿143.3m (down 31% from 1Q 2020). Net loss: ฿10.1m (down 237% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Apr 29
FN Factory Outlet Public Company Limited Approves Dividend Payment from Performance of the Year 2020, Payable on May 21, 2021 FN Factory Outlet Public Company Limited approved not to appropriate of 2020 net profit for the legal reserve and approve dividend payment from performance of the year 2020 at rate of THB 0.0037 per share, totaling of THB 3,700,000 by an ominously vote of shareholders attending the meeting and casting their votes. The dividend payment will be paid from retained earnings to shareholders whose name were on March 15, 2021 (Record Date). The dividend will be paid on May 21, 2021 after the resolution of 2021 AGM. Reported Earnings • Feb 26
Full year 2020 earnings released: ฿0.03 loss per share (vs ฿0.009 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿757.7m (down 27% from FY 2019). Net loss: ฿27.7m (down 419% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 99% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Announcement • Feb 25
FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 27, 2021 FN Factory Outlet Public Company Limited, Annual General Meeting, Apr 27, 2021, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the 2020 Annual General Meeting of Shareholders held on August 31, 2020; To acknowledge the Company's operating results for year 2020; To consider and approve the Financial Statements of the Company for the Year ended December 31, 2020; To consider and approve not to appropriate the net profit of 2020 performance and to approve the 2020 dividend payment; To consider the election of directors to replace retiring directors by rotation; To consider and approve the directors' remuneration; To consider the appointment of the auditors and determine the audit fee for the 2021 accounting period; and To consider other matter (if any). Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.004 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿214.6m (down 8.0% from 3Q 2019). Net income: ฿4.20m (up 69% from 3Q 2019). Profit margin: 2.0% (up from 1.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 89% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 07
New 90-day high: ฿1.42 The company is up 8.0% from its price of ฿1.31 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Multiline Retail industry, which is down 7.0% over the same period. 
