Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ฿1.26, the stock trades at a trailing P/E ratio of 67.2x. Average trailing P/E is 13x in the Trade Distributors industry in Thailand. Total returns to shareholders of 9.6% over the past three years. Tillkännagivande • Feb 20
Unique Mining Services Public Company Limited, Annual General Meeting, Apr 23, 2026 Unique Mining Services Public Company Limited, Annual General Meeting, Apr 23, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • May 09
First quarter 2025 earnings released: ฿0.012 loss per share (vs ฿0.002 loss in 1Q 2024) First quarter 2025 results: ฿0.012 loss per share (further deteriorated from ฿0.002 loss in 1Q 2024). Revenue: ฿87.3m (down 40% from 1Q 2024). Net loss: ฿14.9m (loss widened ฿12.4m from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. New Risk • Apr 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 85% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (85% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿788.2m market cap, or US$23.6m). New Risk • Apr 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿335.0m (US$9.69m) This is considered a major 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 3.3% per year over the past 5 years. Market cap is less than US$10m (฿335.0m market cap, or US$9.69m). Tillkännagivande • Mar 06
Unique Mining Services Public Company Limited, Annual General Meeting, Apr 21, 2025 Unique Mining Services Public Company Limited, Annual General Meeting, Apr 21, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Feb 27
Full year 2024 earnings released: ฿0.05 loss per share (vs ฿0.031 loss in FY 2023) Full year 2024 results: ฿0.05 loss per share (further deteriorated from ฿0.031 loss in FY 2023). Revenue: ฿300.5m (down 20% from FY 2023). Net loss: ฿59.3m (loss widened 65% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Oct 01
Unique Mining Services Public Company Limited Announces Change of Chief Accountant Unique Mining Services Public Company Limited replaced Phakamat Prabyai to sriaksorn thongsiri from the position of Chief Accountant. Effective Date of Termination 30 September 2024. Effective Date of Appointment 01 October 2024. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.015 loss per share (vs ฿0.002 profit in 2Q 2023) Second quarter 2024 results: ฿0.015 loss per share (down from ฿0.002 profit in 2Q 2023). Revenue: ฿51.2m (down 62% from 2Q 2023). Net loss: ฿19.8m (down ฿21.7m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.002 loss per share (vs ฿0.006 loss in 1Q 2023) First quarter 2024 results: ฿0.002 loss per share (improved from ฿0.006 loss in 1Q 2023). Revenue: ฿144.8m (up 34% from 1Q 2023). Net loss: ฿2.48m (loss narrowed 72% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.03 loss per share (vs ฿0.063 loss in FY 2022) Full year 2023 results: ฿0.03 loss per share (improved from ฿0.063 loss in FY 2022). Revenue: ฿374.8m (up 2.7% from FY 2022). Net loss: ฿35.9m (loss narrowed 50% from FY 2022). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Tillkännagivande • Feb 29
Unique Mining Services Public Company Limited, Annual General Meeting, Apr 23, 2024 Unique Mining Services Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Agenda: To certify minute of the Extraordinary General Meeting of Shareholders No.1/2023 held on November 30 , 2023; to acknowledge results of operations of the Company for the year 2023; to acknowledge results of operations of the Company for the year 2023; to consider and approve no dividend payment for year ended December 31, 2023 and no allocation legal reserve funds; to consider and approve the remuneration of Directors for the year 2024; to consider and approve the appointment of auditors for the financial year ended December 31 2024 and the determination of audit fees; and to consider other matters. New Risk • Dec 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Market cap is less than US$100m (฿850.3m market cap, or US$24.6m). New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 2.9% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 2.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿652.8m market cap, or US$18.3m). Reported Earnings • Nov 09
Third quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.011 loss in 3Q 2022) Third quarter 2023 results: ฿0.01 loss per share (improved from ฿0.011 loss in 3Q 2022). Revenue: ฿80.0m (down 19% from 3Q 2022). Net loss: ฿11.8m (loss narrowed 4.3% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.009 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.002 (down from ฿0.009 in 2Q 2022). Revenue: ฿135.3m (up 86% from 2Q 2022). Net income: ฿1.85m (down 84% from 2Q 2022). Profit margin: 1.4% (down from 16% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
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. 3 experienced directors. 2 highly experienced directors. Independent Director Nitipat Amnatthaloengsak was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: ฿0.011 loss per share (vs ฿0.011 loss in 3Q 2021) Third quarter 2022 results: ฿0.011 loss per share (in line with 3Q 2021). Revenue: ฿99.0m (up 109% from 3Q 2021). Net loss: ฿12.3m (flat on 3Q 2021). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.01 (vs ฿0.012 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.01 (up from ฿0.012 loss in 2Q 2021). Revenue: ฿72.8m (up 33% from 2Q 2021). Net income: ฿11.3m (up ฿25.5m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 3 experienced directors. 2 highly experienced directors. Independent Director Nitipat Amnatthaloengsak was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: ฿0.05 loss per share (up from ฿0.08 loss in FY 2020). Revenue: ฿197.3m (up 63% from FY 2020). Net loss: ฿51.6m (loss narrowed 9.0% from FY 2020). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: ฿0.01 loss per share (vs ฿0.02 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿47.4m (up 38% from 3Q 2020). Net loss: ฿12.2m (loss narrowed 15% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Aug 10
Second quarter 2021 earnings released: ฿0.008 loss per share (vs ฿0.02 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses were not reduced. Second quarter 2021 results: Revenue: ฿55.2m (up 67% from 2Q 2020). Net loss: ฿14.2m (flat on 2Q 2020). 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.01 loss per share (vs ฿0.019 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: ฿27.7m (up 2.2% from 1Q 2020). Net loss: ฿14.3m (loss widened 6.0% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Executive Departure • May 04
Independent Director has left the company On the 28th of April, Suvicha Panichpol's tenure as Independent Director ended after 3.2 years in the role. We don't have any record of a personal shareholding under Suvicha's name. Suvicha is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 28
Full year 2020 earnings released: ฿0.08 loss per share (vs ฿0.059 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿121.0m (down 3.6% from FY 2019). Net loss: ฿56.7m (loss widened 36% from FY 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 07
New 90-day high: ฿0.37 The company is up 23% from its price of ฿0.30 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ฿0.34 The company is up 13% from its price of ฿0.30 on 15 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is up 3.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ฿0.02 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: ฿34.2m (up 31% from 3Q 2019). Net loss: ฿14.4m (loss widened 24% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 49% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day high: ฿0.33 The company is up 14% from its price of ฿0.29 on 31 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 21
New 90-day low: ฿0.28 The company is down 22% from its price of ฿0.36 on 23 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 5.0% over the same period. 
