New Risk • Jun 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.24b (US$99.8m) This is considered a minor 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 306% Paying a dividend despite having no free cash flows. Earnings have declined by 38% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (฿3.24b market cap, or US$99.8m). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.13 (vs ฿0.15 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.13 (up from ฿0.15 loss in 1Q 2025). Revenue: ฿3.60b (flat on 1Q 2025). Net income: ฿98.6m (up ฿218.2m from 1Q 2025). Profit margin: 2.7% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Feb 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 306% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 306% Paying a dividend despite having no free cash flows. Earnings have declined by 33% per year over the past 5 years. New Risk • Feb 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.12b (US$99.6m) This is considered a minor 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 (12% average weekly change). Earnings have declined by 33% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (306% payout ratio). Market cap is less than US$100m (฿3.12b market cap, or US$99.6m). New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings have declined by 33% 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 33% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (306% payout ratio). Reported Earnings • Feb 16
Full year 2025 earnings released: ฿0.008 loss per share (vs ฿0.045 profit in FY 2024) Full year 2025 results: ฿0.008 loss per share (down from ฿0.045 profit in FY 2024). Revenue: ฿13.3b (down 7.4% from FY 2024). Net loss: ฿62.0m (down 118% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 14
POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 24, 2026 POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. New Risk • Jan 07
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Dividend is not well covered by earnings (306% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Tillkännagivande • Dec 20
Posco-Thainox Public Company Limited Announces Changes to Its Board POSCO-Thainox Public Company Limited announced that Mr. Hak Il Kim resigned from his position as Director and ESG Committee member, effective January 12, 2024, due to retirement at the end of his term. The expiry date is December 19, 2025. Mr. Seong Hwan Kwon was appointed as the new Director and ESG Committee member, effective from December 19, 2025. New Risk • Nov 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.4% Last year net profit margin: 1.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (308% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (฿2.88b market cap, or US$89.0m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.005 (vs ฿0.008 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.005 (down from ฿0.008 in 3Q 2024). Revenue: ฿3.29b (down 7.9% from 3Q 2024). Net income: ฿38.9m (down 36% from 3Q 2024). Profit margin: 1.2% (down from 1.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.02 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.006 (down from ฿0.02 in 2Q 2024). Revenue: ฿3.39b (down 10% from 2Q 2024). Net income: ฿45.3m (down 71% from 2Q 2024). Profit margin: 1.3% (down from 4.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 18
Now 23% overvalued Over the last 90 days, the stock has fallen 2.3% to ฿0.43. The fair value is estimated to be ฿0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 23% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 10
First quarter 2025 earnings released: ฿0.015 loss per share (vs ฿0.005 profit in 1Q 2024) First quarter 2025 results: ฿0.015 loss per share (down from ฿0.005 profit in 1Q 2024). Revenue: ฿3.64b (up 9.4% from 1Q 2024). Net loss: ฿119.6m (down 415% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to ฿0.41. The fair value is estimated to be ฿0.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Meanwhile, the company has become profitable. Tillkännagivande • Apr 02
POSCO-Thainox Public Company Limited Announces Resignation of Mr. Shinya Ozono as Director, Effective 1 April, 2025 POSCO-Thainox Public Company Limited announced resignation of Mr. Shinya Ozono as director. Expire Date is 1 April, 2025. Upcoming Dividend • Feb 20
Upcoming dividend of ฿0.023 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (6.1%). Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: ฿0.045 (vs ฿0.009 loss in FY 2023) Full year 2024 results: EPS: ฿0.045 (up from ฿0.009 loss in FY 2023). Revenue: ฿14.5b (up 2.7% from FY 2023). Net income: ฿350.8m (up ฿423.9m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Tillkännagivande • Feb 14
POSCO-Thainox Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2024 to December 31, 2024, Payable on May 20, 2025 POSCO-Thainox Public Company Limited proposed Cash dividend payment for the fiscal year 2024 for the Operating period from January 1, 2024 to December 31, 2024 at THB 0.023 per share, equal to THB 179,301,309.30. The record date is February 28, 2025. The dividend payment will be made on May 20, 2025. Ex-dividend date is February 27, 2025. Tillkännagivande • Feb 13
POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 23, 2025 POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. New Risk • Jan 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.43b (US$99.1m) This is considered a minor 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 Risk Earnings have declined by 4.0% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (฿3.43b market cap, or US$99.1m). Tillkännagivande • Jan 08
POSCO-Thainox Public Company Limited Announces Executives Appointments The board of director's meeting of POSCO-Thainox Public Company Limited, held on January 8, 2025, resolved the appointment Mr. Tae Hyung Kang as a new director/president and appointment of Mr. Young Eun Kim as a new director, effectively from January 8, 2025 onwards. Tillkännagivande • Jan 07
POSCO-Thainox Public Company Limited Announces Director Resignations POSCO-Thainox Public Company Limited announced that Mr. Hyeong Gu Shin and Mr. Hoyoung Kim have submitted resignation letter to the Company on January 2, 2025. The Board of directors shall conduct the recruitment process of the new eligible director to replace vacant position and inform the Stock Exchange of Thailand thereafter. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.008 (vs ฿0.009 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.008 (up from ฿0.009 loss in 3Q 2023). Revenue: ฿3.60b (up 12% from 3Q 2023). Net income: ฿60.8m (up ฿131.5m from 3Q 2023). Profit margin: 1.7% (up from net loss in 3Q 2023). The move to profitability 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 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.001 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (up from ฿0.001 in 2Q 2023). Revenue: ฿3.79b (up 15% from 2Q 2023). Net income: ฿157.9m (up ฿149.6m from 2Q 2023). Profit margin: 4.2% (up from 0.3% in 2Q 2023). 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 51 percentage points per year, which is a significant difference in performance. New Risk • Jun 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.59b (US$97.5m) This is considered a minor 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 Risk Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿3.59b market cap, or US$97.5m). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.005 (vs ฿0.004 in 1Q 2023) First quarter 2024 results: EPS: ฿0.005 (up from ฿0.004 in 1Q 2023). Revenue: ฿3.34b (down 30% from 1Q 2023). Net income: ฿38.0m (up 10% from 1Q 2023). Profit margin: 1.1% (up from 0.7% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. New Risk • Apr 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.66b (US$99.9m) This is considered a minor 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 Risk Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (฿3.66b market cap, or US$99.9m). New Risk • Mar 15
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 7.3% 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 Risk Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.3% average weekly change). Tillkännagivande • Feb 14
POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 25, 2024 POSCO-Thainox Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and adopt the minutes of the Annual General Meeting of shareholders 2023 held on April 21, 2023; to consider and acknowledge the performance of the company for the year 2023 and One Report 2023; to consider and approve the audited financial statements such as the income statements and balance sheet for the fiscal year 2023; to consider and approve the appropriation of profit to legal reserve and dividend payment for the year 2023; to consider and approve bonus of the year 2023 and remuneration for the year 2024 to be paid to Board of Directors; and to consider other matters. Reported Earnings • Feb 14
Full year 2023 earnings released: ฿0.009 loss per share (vs ฿0.026 profit in FY 2022) Full year 2023 results: ฿0.009 loss per share (down from ฿0.026 profit in FY 2022). Revenue: ฿14.1b (down 40% from FY 2022). Net loss: ฿73.1m (down 136% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 2.6% 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 Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.009 loss per share (vs ฿0.032 loss in 3Q 2022) Third quarter 2023 results: ฿0.009 loss per share (improved from ฿0.032 loss in 3Q 2022). Revenue: ฿3.22b (down 40% from 3Q 2022). Net loss: ฿70.7m (loss narrowed 71% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.001 (vs ฿0.059 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.001 (down from ฿0.059 in 2Q 2022). Revenue: ฿3.31b (down 54% from 2Q 2022). Net income: ฿8.27m (down 98% from 2Q 2022). Profit margin: 0.2% (down from 6.5% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0.046 in 1Q 2022) First quarter 2023 results: EPS: ฿0.004 (down from ฿0.046 in 1Q 2022). Revenue: ฿4.76b (down 23% from 1Q 2022). Net income: ฿34.4m (down 90% from 1Q 2022). Profit margin: 0.7% (down from 5.8% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 16
Upcoming dividend of ฿0.024 per share at 2.5% yield Eligible shareholders must have bought the stock before 23 February 2023. Payment date: 19 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (7.5%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Songsak Limbanyen was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.059 (vs ฿0.027 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.059 (up from ฿0.027 in 2Q 2021). Revenue: ฿7.13b (up 62% from 2Q 2021). Net income: ฿460.7m (up 121% from 2Q 2021). Profit margin: 6.5% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.046 (vs ฿0.021 in 1Q 2021) First quarter 2022 results: EPS: ฿0.046 (up from ฿0.021 in 1Q 2021). Revenue: ฿6.16b (up 58% from 1Q 2021). Net income: ฿358.1m (up 121% from 1Q 2021). Profit margin: 5.8% (up from 4.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Songsak Limbanyen was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 11
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 20 May 2022. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (5.2%). In line with average of industry peers (7.0%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 23% share price gain to ฿1.61, the stock trades at a trailing P/E ratio of 14.2x. Average forward P/E is 10x in the Metals and Mining industry in Thailand. Total returns to shareholders of 81% over the past three years. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.11 (up from ฿0.002 loss in FY 2020). Revenue: ฿19.2b (up 45% from FY 2020). Net income: ฿885.6m (up ฿903.0m from FY 2020). Profit margin: 4.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Feb 07
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Songsak Limbanyen was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.034 (vs ฿0.008 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿5.23b (up 50% from 3Q 2020). Net income: ฿267.3m (up 317% from 3Q 2020). Profit margin: 5.1% (up from 1.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.34, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 18% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.027 (vs ฿0.008 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿4.41b (up 63% from 2Q 2020). Net income: ฿208.3m (up ฿273.4m from 2Q 2020). Profit margin: 4.7% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 20% share price gain to ฿1.27, the stock trades at a trailing P/E ratio of 49.8x. Average trailing P/E is 9x in the Metals and Mining industry in Thailand. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿1.20, the stock trades at a trailing P/E ratio of 47x. Average trailing P/E is 13x in the Metals and Mining industry in Thailand. Total returns to shareholders of 7.9% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.021 (vs ฿0.007 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.90b (up 25% from 1Q 2020). Net income: ฿162.4m (up ฿216.7m from 1Q 2020). Profit margin: 4.2% (up from net loss in 1Q 2020). The move to profitability 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 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 20
Full year 2020 earnings released: ฿0.002 loss per share (vs ฿0.005 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ฿13.2b (down 8.4% from FY 2019). Net loss: ฿17.4m (loss narrowed 52% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 94% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 04
New 90-day high: ฿0.57 The company is up 39% from its price of ฿0.41 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 36% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ฿0.53 The company is up 26% from its price of ฿0.42 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.007 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿3.49b (down 6.5% from 3Q 2019). Net income: ฿64.2m (up 27% from 3Q 2019). Profit margin: 1.8% (up from 1.4% 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 82% 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. Is New 90 Day High Low • Oct 19
New 90-day low: ฿0.40 The company is down 11% from its price of ฿0.45 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 5.0% over the same period.