Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 16 March 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (3.9%). Reported Earnings • Feb 25
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.017 (up from ฿0.016 in FY 2024). Revenue: ฿864.6m (up 12% from FY 2024). Net income: ฿180.6m (up 12% from FY 2024). Profit margin: 21% (in line with FY 2024). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 21
XSpring Capital Public Company Limited announces Annual dividend, payable on May 18, 2026 XSpring Capital Public Company Limited announced Annual dividend of THB 0.0100 per share payable on May 18, 2026, ex-date on March 16, 2026 and record date on March 17, 2026. Tillkännagivande • Feb 20
XSpring Capital Public Company Limited, Annual General Meeting, Apr 28, 2026 XSpring Capital Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.006 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.006 (in line with 3Q 2024). Revenue: ฿223.3m (flat on 3Q 2024). Net income: ฿67.1m (up 5.3% from 3Q 2024). Profit margin: 30% (up from 28% in 3Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Capital Markets industry in Asia. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ฿0.002 (up from ฿0 in 2Q 2024). Revenue: ฿183.4m (up 17% from 2Q 2024). Net income: ฿26.6m (up ฿26.3m from 2Q 2024). Profit margin: 14% (up from 0.2% in 2Q 2024). Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Capital Markets industry in Asia. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 33% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.03 to ฿0.02. Revenue forecast unchanged from ฿1.04b at last update. Net income forecast to grow 37% next year vs 12% growth forecast for Capital Markets industry in Thailand. Consensus price target of ฿1.01 unchanged from last update. Share price fell 34% to ฿0.47 over the past week. New Risk • Jun 25
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 8.0% 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 High level of non-cash earnings (20% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.005 in 1Q 2024) First quarter 2025 results: EPS: ฿0.006 (up from ฿0.005 in 1Q 2024). Revenue: ฿236.9m (up 18% from 1Q 2024). Net income: ฿63.0m (up 24% from 1Q 2024). Profit margin: 27% (up from 25% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 22
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.016 (up from ฿0.011 in FY 2023). Revenue: ฿774.0m (up 47% from FY 2023). Net income: ฿160.8m (up 52% from FY 2023). Profit margin: 21% (in line with FY 2023). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 23%. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 21
XSpring Capital Public Company Limited, Annual General Meeting, Apr 28, 2025 XSpring Capital Public Company Limited, Annual General Meeting, Apr 28, 2025, at 10:00 SE Asia Standard Time. Location: the meeting will be conducted in the, and broadcasted from the company, Thailand Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.05, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 20x in the Capital Markets industry in Asia. Total loss to shareholders of 50% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.006 (vs ฿0.004 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.006 (up from ฿0.004 in 3Q 2023). Revenue: ฿224.0m (up 49% from 3Q 2023). Net income: ฿63.8m (up 68% from 3Q 2023). Profit margin: 28% (up from 25% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Capital Markets industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0 (vs ฿0.004 in 2Q 2023) Second quarter 2024 results: EPS: ฿0 (down from ฿0.004 in 2Q 2023). Revenue: ฿157.5m (up 13% from 2Q 2023). Net income: ฿242.2k (down 99% from 2Q 2023). Profit margin: 0.2% (down from 30% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 32% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Capital Markets industry in Asia. 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 39% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.005 (vs ฿0.001 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.005 (up from ฿0.001 loss in 1Q 2023). Revenue: ฿207.1m (up 234% from 1Q 2023). Net income: ฿50.7m (up ฿58.3m from 1Q 2023). Profit margin: 25% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Capital Markets industry in Asia. Over the last 3 years on average, earnings per share has fallen by 41% per year whereas the company’s share price has fallen by 44% per year. New Risk • Apr 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.2% 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 Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risk Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.011 (vs ฿0.018 loss in FY 2022) Full year 2023 results: EPS: ฿0.011 (up from ฿0.018 loss in FY 2022). Revenue: ฿618.2m (up ฿543.9m from FY 2022). Net income: ฿106.1m (up ฿277.2m from FY 2022). Profit margin: 17% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% 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. Tillkännagivande • Feb 24
XSpring Capital Public Company Limited, Annual General Meeting, Apr 26, 2024 XSpring Capital Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider Message from Chairman; To consider and certify the minutes of the Annual General Meeting of Shareholders for the Year 2023; To acknowledge the Board of Directors' report on the Company operating results in 2023; To consider and approve the statements of financial status and the statements of comprehensive income for the year ended 31st December 2023. Tillkännagivande • Feb 09
XSpring Capital Public Company Limited Appoints Rathian Srimongkol as Chief Executive Officer XSpring Capital Public Company Limited announced the Board of Directors Meeting held on 9 February 2024. The meeting has approved the appointment of Mr. Rathian Srimongkol, currently holding the positions of Authorized Director, Chairman of the Board of Directors, Chairman of the Investment Committee, Chairman of the Nominating and Compensation Committee as the Chief Executive Officer. This appointment is effective from 9 February 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.004 (up from ฿0 in 3Q 2022). Revenue: ฿150.3m (up 180% from 3Q 2022). Net income: ฿38.1m (up ฿36.6m from 3Q 2022). Profit margin: 25% (up from 2.7% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Tillkännagivande • Oct 05
XSpring Capital Public Company Limited Appoints Thanarak Phongphatar as Member of the Audit Committee XSpring Capital Public Company Limited reported on the resolution of the Board of Directors Meeting No. 9/2023 held on 3rd October 2023. The meeting approved the appointment of Mr. Thanarak Phongphatar (Independent Director) as a member of the Audit Committee with effect from 3rd October 2023. Tillkännagivande • Sep 15
Xspring Capital Public Company Limited Announces Resignation of Mr. Arthit Suriyabhivadh from His Esteemed Positions as Director, Independent Director, Audit Committee Member, and Corporate Governance Committee Member XSpring Capital Public Company Limited announced that the Board of Directors Meeting on 15th September 2023, The Board of Directors has formally acknowledged the resignation of Mr. Arthit Suriyabhivadh from his esteemed positions as Director, Independent Director, Audit Committee Member, and Corporate Governance Committee Member of XSpring Capital Public Company Limited. Mr. Suriyabhivadh's resignation is attributed to his assumption of another significant professional responsibility. Mr. Suriyabhivadh's resignation became effective on 14th September 2023, with the Company officially receiving his resignation letter on 15th September 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0.01 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.004 (up from ฿0.01 loss in 2Q 2022). Net income: ฿41.5m (up ฿135.5m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 18
Xspring Capital Public Company Limited Announces Management Changes XSpring Capital Public Company Limited announced resignation of Miss Kanittha Thiensitpisarl as Assistant Vice President, Effective Date of Termination is May 16, 2023. The company also announced appointment of Miss Papimpan Pumanee as Assistant Vice President, Effective Date of Appointment is May 17, 2023. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0 (vs ฿0.005 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0 (improved from ฿0.005 loss in 3Q 2021). Net income: ฿1.43m (up ฿14.6m from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Vice-Chairman of the Board Thanarak Phongphatar is the most experienced director on the board, commencing their role in 2019. Independent Director Pairoj Boonkongchuen was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 15
Second quarter 2022 earnings released: ฿0.01 loss per share (vs ฿0.009 profit in 2Q 2021) Second quarter 2022 results: ฿0.01 loss per share (down from ฿0.009 profit in 2Q 2021). Net loss: ฿94.0m (down ฿108.2m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.004 loss per share (vs ฿0.03 profit in 1Q 2021) First quarter 2022 results: ฿0.004 loss per share (down from ฿0.03 profit in 1Q 2021). Net loss: ฿38.1m (down 176% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Vice-Chairman of the Board Thanarak Phongphatar is the most experienced director on the board, commencing their role in 2019. Independent Director Pairoj Boonkongchuen was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.02 (up from ฿0.01 loss in FY 2020). Revenue: ฿159.3m (up 27% from FY 2020). Net income: ฿88.1m (up ฿104.7m from FY 2020). Profit margin: 55% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2021 earnings released: ฿0.005 loss per share (vs ฿0.001 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: ฿9.59m (down 80% from 3Q 2020). Net loss: ฿13.2m (down ฿14.2m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.005 loss in 1Q 2020) First quarter 2021 results: Revenue: ฿27.8m (down 30% from 1Q 2020). Net income: ฿50.4m (up ฿57.9m from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿0.01 loss per share (vs ฿0.051 profit in FY 2019) Full year 2020 results: Net loss: ฿16.6m (down 120% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 01
New 90-day high: ฿2.44 The company is up 249% from its price of ฿0.70 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 8.0% over the same period. Executive Departure • Feb 12
Chairman of the Board Suthep Wongvorazathe has left the company On the 9th of February, Suthep Wongvorazathe's tenure as Chairman of the Board ended after 7.4 years in the role. As of September 2020, Suthep personally held 100.00m shares (฿60m worth at the time). A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Feb 08
New 90-day high: ฿1.28 The company is up 113% from its price of ฿0.60 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿1.19, the stock is trading at a trailing P/E ratio of 25.1x, up from the previous P/E ratio of 21.5x. This compares to an average P/E of 14x in the Capital Markets industry in Thailand. Total returns to shareholders over the past three years were flat. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿1.02, the stock is trading at a trailing P/E ratio of 21.5x, down from the previous P/E ratio of 26.5x. This compares to an average P/E of 14x in the Capital Markets industry in Thailand. Total return to shareholders over the past three years is a loss of 17%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 19% share price gain to ฿1.27, the stock is trading at a trailing P/E ratio of 26.7x, up from the previous P/E ratio of 22.5x. This compares to an average P/E of 14x in the Capital Markets industry in Thailand. Total returns to shareholders over the past three years are 8.5%. Is New 90 Day High Low • Jan 07
New 90-day high: ฿1.10 The company is up 86% from its price of ฿0.59 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 Capital Markets industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 43% share price gain to ฿1.03, the stock is trading at a trailing P/E ratio of 21.7x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 14x in the Capital Markets industry in Thailand. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Dec 16
New 90-day high: ฿0.73 The company is up 20% from its price of ฿0.61 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿0.69 The company is up 5.0% from its price of ฿0.66 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Capital Markets industry, which is down 7.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.001 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿48.4m (up 84% from 3Q 2019). Net income: ฿1.01m (down 92% from 3Q 2019). Profit margin: 2.1% (down from 49% in 3Q 2019). The decrease in margin was driven by higher expenses. 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 21% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿0.58 The company is down 17% from its price of ฿0.70 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 14% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: ฿0.59 The company is down 17% from its price of ฿0.71 on 24 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 14% over the same period. 
