Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 7.2%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.4%). Buy Or Sell Opportunity • Apr 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ฿1.60. The fair value is estimated to be ฿1.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 6.2%. Buy Or Sell Opportunity • Mar 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿1.58. The fair value is estimated to be ฿1.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 6.2%. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.22 (vs ฿0.20 in FY 2024) Full year 2025 results: EPS: ฿0.22 (up from ฿0.20 in FY 2024). Revenue: ฿1.57b (up 80% from FY 2024). Net income: ฿161.0m (up 17% from FY 2024). Profit margin: 10% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Declared Dividend • Feb 23
Dividend increased to ฿0.12 Dividend of ฿0.12 is 9.1% higher than last year. Ex-date: 28th April 2026 Payment date: 20th May 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (dividend approximately 9x free cash flows). 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 declined by 25% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Announcement • Feb 21
Supreme Distribution Public Company Limited announces Annual dividend, payable on May 20, 2026 Supreme Distribution Public Company Limited announced Annual dividend of THB 0.1200 per share payable on May 20, 2026, ex-date on April 28, 2026 and record date on April 29, 2026. Announcement • Feb 20
Supreme Distribution Public Company Limited, Annual General Meeting, Apr 22, 2026 Supreme Distribution Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Location: the hole in one meeting room, phothalai bangkok, 28 soi yothinphatthana 3, praditmanutham rd, khlongchan, bangkapi, 10240, bangkok Thailand New Risk • Nov 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Dividend per share is over 9x cash flows per share. Dividend yield: 7.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Dividend per share is over 9x cash flows per share. Minor Risk Market cap is less than US$100m (฿1.02b market cap, or US$31.5m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.093 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (down from ฿0.093 in 3Q 2024). Revenue: ฿177.2m (down 58% from 3Q 2024). Net income: ฿18.8m (down 73% from 3Q 2024). Profit margin: 11% (down from 17% in 3Q 2024). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Nov 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.4% to ฿1.42. The fair value is estimated to be ฿1.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 7.4%. Buy Or Sell Opportunity • Sep 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ฿1.42. The fair value is estimated to be ฿1.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 7.4%. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.042 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.04. Revenue: ฿256.3m (up 58% from 2Q 2024). Net income: ฿30.5m (up 5.6% from 2Q 2024). Profit margin: 12% (down from 18% in 2Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.037 in 1Q 2024) First quarter 2025 results: EPS: ฿0.03. Revenue: ฿177.8m (up 28% from 1Q 2024). Net income: ฿21.8m (up 6.4% from 1Q 2024). Profit margin: 12% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Announcement • Apr 25
Supreme Distribution Public Company Limited Approves Dividend for the Period from January 1, 2024 to December 31,2024 Supreme Distribution Public Company Limited approved the payment of cash dividends from the Company's operating results for the 12- month period from January 1, 2024, to December 31, 2024, to shareholders. This payment will amount to not exceeding THB 81,400,000 at a rate of THB 0.11 per share, representing 59.36% of the net profit for 2024, in accordance with the Company's dividend payment policy. New Risk • Feb 24
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 32% over the past year. High level of non-cash earnings (76% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.07b market cap, or US$32.1m). Reported Earnings • Feb 22
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: ฿869.8m (down 32% from FY 2023). Net income: ฿137.1m (down 12% from FY 2023). Profit margin: 16% (up from 12% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 40%. Announcement • Feb 21
Supreme Distribution Public Company Limited Proposes Dividend Payment for 12-month period from 1 January 2024 to 31 December 2024, Payable on 23 May 2025 Supreme Distribution Public Company Limited at its board meeting held on February 20, 2025, agreed to propose dividend payment for the year 2024 to the 2025 Annual General Meeting of Shareholders for approval as follows: The dividend payment for 12-month period from 1 January 2024 to 31 December 2024 to shareholders is determined to be not exceed THB 81,400,000, at the rate of THB 0.11 per share. Such dividend payment equals to 59.36% of net profit for the year 2024 which in accordance with the Company's dividend payment policy. Dividend payment details are as follows. Determination of shareholders who own the shares to receive the dividend (Record Date): 7 May 2025. Determination of dividend payment to shareholders: 23 May 2025. However, the right to receive such dividends is subject to the approval of the 2025 Annual General Meeting of Shareholders to be held on 24 April 2025. New Risk • Dec 13
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 9.2% 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 (9.2% average weekly change). High level of non-cash earnings (67% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.32b market cap, or US$38.9m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the IT industry in Thailand. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.14 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.04 (down from ฿0.14 in 2Q 2023). Revenue: ฿162.0m (down 71% from 2Q 2023). Net income: ฿28.9m (down 64% from 2Q 2023). Profit margin: 18% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 12% growth forecast for the IT industry in Thailand. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.00, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 11x in the IT industry in Thailand. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.57, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the IT industry in Thailand. Buy Or Sell Opportunity • Jun 12
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ฿1.45. The fair value is estimated to be ฿1.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% over the last year. Earnings per share has declined by 12%. Announcement • May 15
Supreme Distribution Public Company Limited Announces Executive Changes Supreme Distribution Public Company Limited informed that Mr. Panupong Khantamoleekul leave from Acting as Chief Marketing Officer, effective from 14 May 2024, onwards. The Company has appointed Mr. Supphavit Khantamoleekul as the Chief Marketing Officer and Member of the Executive Committee, effective from 14 May 2024, onwards. New Risk • May 11
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended March 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported March 2023 fiscal period end). Shares are highly illiquid. Minor Risk Market cap is less than US$100m (฿1.47b market cap, or US$39.9m). Announcement • May 02
Supreme Distribution Public Company Limited has completed an IPO in the amount of THB 520 million. Supreme Distribution Public Company Limited has completed an IPO in the amount of THB 520 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: THB 2.6
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 160,000,000
Price\Range: THB 2.6
Transaction Features: Reserved Share Offering 
