New Risk • May 08
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 8.1% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (฿878.5m market cap, or US$27.3m). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.45, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 9x in the Transportation industry in Thailand. Total loss to shareholders of 40% over the past three years. Announcement • Mar 05
Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 28, 2026 Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: ฿0.071 (vs ฿0.039 loss in FY 2024) Full year 2025 results: EPS: ฿0.071 (up from ฿0.039 loss in FY 2024). Revenue: ฿8.63b (flat on FY 2024). Net income: ฿51.4m (up ฿79.9m from FY 2024). Profit margin: 0.6% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.10 (vs ฿0.048 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.10 (up from ฿0.048 loss in 3Q 2024). Revenue: ฿2.54b (up 176% from 3Q 2024). Net income: ฿72.9m (up ฿107.9m from 3Q 2024). Profit margin: 2.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.011 (vs ฿0.039 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.011 (down from ฿0.039 in 2Q 2024). Revenue: ฿2.11b (up 33% from 2Q 2024). Net income: ฿7.96m (down 72% from 2Q 2024). Profit margin: 0.4% (down from 1.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.016 (vs ฿0.032 in 1Q 2024) First quarter 2025 results: EPS: ฿0.016 (down from ฿0.032 in 1Q 2024). Revenue: ฿1.57b (down 62% from 1Q 2024). Net income: ฿11.7m (down 49% from 1Q 2024). Profit margin: 0.7% (up from 0.6% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 23% per year. Reported Earnings • Mar 01
Full year 2024 earnings released: ฿0.039 loss per share (vs ฿0.39 loss in FY 2023) Full year 2024 results: ฿0.039 loss per share (improved from ฿0.39 loss in FY 2023). Revenue: ฿8.56b (up 158% from FY 2023). Net loss: ฿28.4m (loss narrowed 90% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 13% per year. Announcement • Feb 28
Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 28, 2025 Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. New Risk • Feb 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 6.5% 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 (-฿981m free cash flow). Earnings have declined by 8.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿1.10b market cap, or US$32.6m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: ฿0.048 loss per share (vs ฿0.12 loss in 3Q 2023) Third quarter 2024 results: ฿0.048 loss per share (improved from ฿0.12 loss in 3Q 2023). Revenue: ฿921.1m (up 6.1% from 3Q 2023). Net loss: ฿35.0m (loss narrowed 60% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ฿0.039 (vs ฿0.019 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.039 (up from ฿0.019 in 2Q 2023). Revenue: ฿1.58b (up 80% from 2Q 2023). Net income: ฿28.4m (up 106% from 2Q 2023). Profit margin: 1.8% (up from 1.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Announcement • Aug 16
Synergetic Auto Performance Public Company Limited Appoints Umaporn Jaiwong as Chief Accountant Synergetic Auto Performance Public Company Limited appointed Umaporn Jaiwong as Accounting Manager /Chief Accountant, effective Date of appointment is 14-August-2024. New Risk • Jun 20
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 6.2% 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 (-฿200m free cash flow). Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿1.61b market cap, or US$43.9m). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. Independent Director Sajjaphorn Kanittabut was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.032 (vs ฿0.036 in 1Q 2023) First quarter 2024 results: EPS: ฿0.032 (down from ฿0.036 in 1Q 2023). Revenue: ฿4.11b (up 404% from 1Q 2023). Net income: ฿23.1m (down 12% from 1Q 2023). Profit margin: 0.6% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 29
Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 29, 2024 Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To approve the Minutes of the Annual General Meeting of Shareholders for year 2023; to acknowledge of the Report of the Board of Directors on the Operating Results of Year 2023; to approve the Balance Sheets and Statements of Earnings for the Year Ended December 31, 2023; to consider omitting the allocation of the net profit as legal reserve and approve omitting the dividend payment from the operating result of the year 2023; to consider Approval of Election of Directors in replacement of those retiring by rotation; to consider Approval of Directors' Remuneration and Sub-committee' s Remuneration for Year 2024; to consider Approval of Appointment of Auditors and Determination of Audit fees; and to consider Other matters. Reported Earnings • Feb 29
Full year 2023 earnings released: ฿0.39 loss per share (vs ฿0.12 profit in FY 2022) Full year 2023 results: ฿0.39 loss per share (down from ฿0.12 profit in FY 2022). Revenue: ฿3.32b (down 10% from FY 2022). Net loss: ฿281.5m (down 423% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Nov 30
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 6.3% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 10% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (฿1.61b market cap, or US$45.7m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.12 loss per share (vs ฿0.092 profit in 3Q 2022) Third quarter 2023 results: ฿0.12 loss per share (down from ฿0.092 profit in 3Q 2022). Revenue: ฿868.4m (up 9.9% from 3Q 2022). Net loss: ฿88.3m (down 232% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.012 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.019 (up from ฿0.012 in 2Q 2022). Revenue: ฿878.8m (down 9.8% from 2Q 2022). Net income: ฿13.8m (up 62% from 2Q 2022). Profit margin: 1.6% (up from 0.9% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
Synergetic Auto Performance Public Company Limited Announces Appointment of Eakaphan Kosiyalakwong as Chief Accountant Synergetic Auto Performance Public Company Limited announced appointment of Mr. Eakaphan Kosiyalakwong as Chief Accountant. Effective Date: 11 August 2023. Position of Chief Accountant: Accounting Manager /Chief Accountant. New Risk • Jun 23
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.84b market cap, or US$52.4m). Announcement • Jun 02
Synergetic Auto Performance Public Company Limited Announces Resignation of Saranphat Trairat as Accounting Manager/Chief Accountant Synergetic Auto Performance Public Company Limited announced resignation of Mr. Saranphat Trairat as Accounting Manager/Chief Accountant, Effective June 1, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.036 (vs ฿0.007 in 1Q 2022) First quarter 2023 results: EPS: ฿0.036 (up from ฿0.007 in 1Q 2022). Revenue: ฿812.7m (down 27% from 1Q 2022). Net income: ฿26.3m (up 415% from 1Q 2022). Profit margin: 3.2% (up from 0.5% in 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Transportation industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to ฿2.90 Up from ฿2.70, the current price target is provided by 1 analyst. New target price is 14% below last closing price of ฿3.38. Stock is up 36% over the past year. The company is forecast to post earnings per share of ฿0.15 next year compared to a net loss per share of ฿0.38 last year. Announcement • Nov 12
Synergetic Auto Performance Public Company Limited Appoints Saranphat Trairat as Chief Accountant Synergetic Auto Performance Public Company Limited appointed Mr. Saranphat Trairat as Chief Accountant, Effective 11 Nov. 2022. Announcement • Jul 16
Ynergetic Auto Performance Public Company Limited Announces Resignation of Passakorn Saejueng as Chief Accountant Synergetic Auto Performance Public Company Limited announced resignation of Passakorn Saejueng as Chief Accountant. Effective Date of Termination is 15 July 2022. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.007 (up from ฿0.044 loss in 1Q 2021). Revenue: ฿1.11b (up 28% from 1Q 2021). Net income: ฿5.11m (up ฿37.4m from 1Q 2021). Profit margin: 0.5% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 9.1% compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target increased to ฿2.70 Up from ฿1.30, the current price target is provided by 1 analyst. New target price is 5.5% above last closing price of ฿2.56. Stock is down 0.8% over the past year. The company is forecast to post earnings per share of ฿0.09 next year compared to a net loss per share of ฿0.38 last year. Reported Earnings • Feb 25
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: ฿0.38 loss per share (down from ฿0.13 loss in FY 2020). Revenue: ฿4.20b (up 21% from FY 2020). Net loss: ฿276.7m (loss widened 206% from FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the next year, revenue is expected to shrink by 11% compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 26, 2022 Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 26, 2022, at 14:00 SE Asia Standard Time. Agenda: To consider approval of the Minutes of the Annual General Meeting of Shareholders for year 2021; to consider acknowledgement of the Report of the Board of Directors on the Operating Results of Year 2021; to consider approval of the Balance Sheets and Statements of Earnings for the Year Ended December 31, 2021; to consider omitting the allocation of the net profit as legal reserve and approve omitting the dividend payment from the operating result of the year 2021; to consider approval of election of directors in replacement of those retiring by rotation; to consider approval of directors' remuneration and sub-committee's remuneration for year 2022; to consider approval of appointment of auditors and determination of audit fees; to consider Approval of Amendment of the Company's Business Objectives from 46 to 69 objectives and Amendment to Clause 3 of the Company's Memorandum of Association - Business Objectives; and to consider other matters (if any). Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.13 loss per share (vs ฿0.032 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿1.14b (up 28% from 3Q 2020). Net loss: ฿92.7m (loss widened 300% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Executive Departure • May 22
Independent Director has left the company On the 14th of May, Surapong Uthaichalanond's tenure as Independent Director ended after 5.9 years in the role. We don't have any record of a personal shareholding under Surapong's name. A total of 4 executives have left over the last 12 months. Executive Departure • May 22
Independent Director has left the company On the 14th of May, Pratarn Aranyakananda's tenure as Independent Director ended after 7.0 years in the role. We don't have any record of a personal shareholding under Pratarn's name. A total of 4 executives have left over the last 12 months. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.044 loss per share (vs ฿0.011 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿869.3m (up 3.0% from 1Q 2020). Net loss: ฿32.3m (loss widened 313% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Executive Departure • Mar 16
Deputy MD of Account & Finance and CFO has left the company On the 12th of March, Varangkna Wasuwanich's tenure as Deputy MD of Account & Finance and CFO ended after 2.3 years in the role. We don't have any record of a personal shareholding under Varangkna's name. A total of 2 executives have left over the last 12 months. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue beats expectations Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 13% compared to a 15% growth forecast for the Transportation industry in Thailand. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿0.13 loss per share (vs ฿0.12 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses were not reduced. Full year 2020 results: Revenue: ฿3.49b (up 11% from FY 2019). Net loss: ฿90.6m (flat on FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Mar 02
Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 29, 2021 Synergetic Auto Performance Public Company Limited, Annual General Meeting, Apr 29, 2021, at 14:00 SE Asia Standard Time. Location: No. 149 Moo 3 Theparak Sub-Distric Muang Samut Prakarn District Samut Prakarn Thailand Agenda: To approve the minutes of EGM; to acknowledge the report of the board of directors on the operating results of year 2020; to approve the balance sheets and statements of earnings for the year ended December 31, 2020; to consider omitting the allocation of the net profit as legal reserve and approve omitting the dividend payment from the operating result of the year 2020; to consider election of directors in replacement of those retiring by rotation; to consider approval of directors' remuneration and sub-committee's remuneration for year 2021; to consider approval of appointment of external auditors and determination of audit fees; to consider amendment of the company's business objectives from 45 to 46 objectives and amendment to clause 3 of the company's memorandum of association business objectives; and to consider other matters. Is New 90 Day High Low • Feb 17
New 90-day high: ฿2.26 The company is up 15% from its price of ฿1.97 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is down 9.0% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: ฿1.88 The company is down 18% from its price of ฿2.30 on 29 September 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is down 1.0% over the same period. Announcement • Dec 15
Synergetic Auto Performance Public Company Limited Announces Resignation of Chairat Kamonoratep as Director and Managing Director Synergetic Auto Performance Public Company Limited announced that Mr. Chairat Kamonoratep has requested to resign from the position of Director effective from December 9, 2020 and the Managing Director effective January 9, 2021. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ฿0.032 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ฿893.0m (up 12% from 3Q 2019). Net loss: ฿23.2m (loss widened 313% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 107% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. 
