New Risk • Apr 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 9.9% 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 (9.9% average weekly change). Minor Risk Large one-off items impacting financial results. Tillkännagivande • Mar 14
STP&I Public Company Limited, Annual General Meeting, Apr 29, 2026 STP&I Public Company Limited, Annual General Meeting, Apr 29, 2026, at 15:00 SE Asia Standard Time. Location: at the meeting room, no. 32/32, 11th floor, stecon tower (sino-thai tower), sukhumvit 21 road (asok), klong toei nuae sub-district, vadhana district, bangkok metropolis., bangkok Thailand New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 78% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: ฿0.11 (vs ฿0.054 in FY 2024) Full year 2025 results: EPS: ฿0.11 (up from ฿0.054 in FY 2024). Revenue: ฿3.58b (up 43% from FY 2024). Net income: ฿195.1m (up 115% from FY 2024). Profit margin: 5.5% (up from 3.6% in FY 2024). The increase in margin was driven by higher revenue. 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 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 02
Now 32% undervalued Over the last 90 days, the stock has risen 28% to ฿5.00. The fair value is estimated to be ฿7.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has grown by 48%. New Risk • Feb 26
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 5.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿5.85, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 13x in the Metals and Mining industry in Thailand. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿4.42, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 14x in the Metals and Mining industry in Thailand. Total returns to shareholders of 4.7% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.042 (vs ฿0.14 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.042 (up from ฿0.14 loss in 3Q 2024). Revenue: ฿918.8m (up 189% from 3Q 2024). Net income: ฿76.3m (up ฿313.4m from 3Q 2024). Profit margin: 8.3% (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 increased by 48% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Oct 22
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 6.4% 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: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.046 (vs ฿0.019 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.046 (up from ฿0.019 in 2Q 2024). Revenue: ฿989.3m (up 135% from 2Q 2024). Net income: ฿83.1m (up 172% from 2Q 2024). Profit margin: 8.4% (up from 7.3% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.13 in 1Q 2024) First quarter 2025 results: EPS: ฿0.07 (down from ฿0.13 in 1Q 2024). Revenue: ฿839.2m (down 26% from 1Q 2024). Net income: ฿124.6m (down 41% from 1Q 2024). Profit margin: 15% (down from 19% in 1Q 2024). 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 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.76, the stock trades at a trailing P/E ratio of 55x. Average trailing P/E is 16x in the Metals and Mining industry in Thailand. Total loss to shareholders of 34% over the past three years. Tillkännagivande • Mar 15
STP&I Public Company Limited, Annual General Meeting, Apr 28, 2025 STP&I Public Company Limited, Annual General Meeting, Apr 28, 2025, at 15:00 SE Asia Standard Time. Location: at the meeting room 30th floor, sino-thai tower, no. 32/60, sukhumvit 21 road-, (asoke), klongtoey nua subdistrict, wattana, district, bangkok Thailand New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.2% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿2.86, the stock trades at a trailing P/E ratio of 57x. Average trailing P/E is 11x in the Metals and Mining industry in Thailand. Total loss to shareholders of 50% over the past three years. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ฿0.05 (vs ฿0.13 in FY 2023) Full year 2024 results: EPS: ฿0.05 (down from ฿0.13 in FY 2023). Revenue: ฿2.66b (down 32% from FY 2023). Net income: ฿91.0m (down 55% from FY 2023). Profit margin: 3.4% (down from 5.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Mar 03
Now 20% overvalued Over the last 90 days, the stock has fallen 29% to ฿2.50. The fair value is estimated to be ฿2.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 11
Now 23% overvalued Over the last 90 days, the stock has fallen 26% to ฿2.74. The fair value is estimated to be ฿2.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 23
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: 0.6% Last year net profit margin: 3.5% 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: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Shareholders have been diluted in the past year (13% increase in shares outstanding). New Risk • Sep 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% 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 Earnings have declined by 33% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (10% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.90, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 15x in the Metals and Mining industry in Thailand. Total loss to shareholders of 12% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.016 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.019 (up from ฿0.016 loss in 2Q 2023). Revenue: ฿450.4m (down 35% from 2Q 2023). Net income: ฿30.6m (up ฿55.8m from 2Q 2023). Profit margin: 6.8% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings have declined by 41% 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 41% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Tillkännagivande • Mar 14
STP&I Public Company Limited, Annual General Meeting, Apr 26, 2024 STP&I Public Company Limited, Annual General Meeting, Apr 26, 2024, at 15:00 SE Asia Standard Time. Agenda: To consider and approve company financial statement for the fiscal period ended December 31, 2023; To consider non- issuance of dividends payment. New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ฿0.13 (vs ฿0.091 loss in FY 2022) Full year 2023 results: EPS: ฿0.13 (up from ฿0.091 loss in FY 2022). Revenue: ฿3.99b (up 5.6% from FY 2022). Net income: ฿201.0m (up ฿345.9m from FY 2022). Profit margin: 5.0% (up from net loss in FY 2022). The move to profitability was primarily 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 5% per year, which means it is significantly lagging earnings. New Risk • Nov 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.034 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (up from ฿0.034 in 3Q 2022). Revenue: ฿1.00b (down 16% from 3Q 2022). Net income: ฿89.6m (up 65% from 3Q 2022). Profit margin: 8.9% (up from 4.5% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.80, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 18x in the Metals and Mining industry in Thailand. Total loss to shareholders of 14% over the past three years. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.016 loss per share (vs ฿0.10 loss in 2Q 2022) Second quarter 2023 results: ฿0.016 loss per share (improved from ฿0.10 loss in 2Q 2022). Revenue: ฿703.0m (up 2.6% from 2Q 2022). Net loss: ฿25.2m (loss narrowed 85% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.012 in 1Q 2022) First quarter 2023 results: EPS: ฿0.08 (up from ฿0.012 in 1Q 2022). Revenue: ฿994.9m (up 21% from 1Q 2022). Net income: ฿122.3m (up ฿103.8m from 1Q 2022). Profit margin: 12% (up from 2.3% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.034 (vs ฿0.11 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.034 (down from ฿0.11 in 3Q 2021). Revenue: ฿1.17b (up 89% from 3Q 2021). Net income: ฿54.2m (down 70% from 3Q 2021). Profit margin: 4.6% (down from 29% in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sirangrong Chowiwatana was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 24% share price gain to ฿4.26, the stock trades at a trailing P/E ratio of 50x. Average trailing P/E is 8x in the Metals and Mining industry in Thailand. Total loss to shareholders of 36% over the past three years. Reported Earnings • Aug 18
Second quarter 2022 earnings released: ฿0.10 loss per share (vs ฿0.003 loss in 2Q 2021) Second quarter 2022 results: ฿0.10 loss per share (down from ฿0.003 loss in 2Q 2021). Revenue: ฿686.2m (up 73% from 2Q 2021). Net loss: ฿162.9m (loss widened ฿158.2m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.01 (down from ฿0.028 in 1Q 2021). Revenue: ฿839.4m (up 157% from 1Q 2021). Net income: ฿18.5m (down 58% from 1Q 2021). Profit margin: 2.2% (down from 14% in 1Q 2021). Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates. 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. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sirangrong Chowiwatana was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.20 (up from ฿0.52 loss in FY 2020). Revenue: ฿2.69b (up 53% from FY 2020). Net income: ฿320.3m (up ฿1.16b from FY 2020). Profit margin: 12% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.08 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿648.1m (up 53% from 3Q 2020). Net income: ฿179.5m (up ฿308.3m from 3Q 2020). Profit margin: 28% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.08 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿648.1m (up 53% from 3Q 2020). Net income: ฿179.5m (up ฿308.3m from 3Q 2020). Profit margin: 28% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.003 loss per share (vs ฿0.14 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿426.8m (up 2.9% from 2Q 2020). Net loss: ฿4.76m (loss narrowed 98% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.044 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿353.6m (down 27% from 1Q 2020). Net income: ฿44.3m (down 38% from 1Q 2020). Profit margin: 13% (down from 15% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿0.52 loss per share (vs ฿1.29 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ฿1.90b (up 13% from FY 2019). Net loss: ฿836.7m (down 140% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 22
New 90-day low: ฿3.48 The company is down 8.0% from its price of ฿3.80 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 30% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ฿4.00 The company is up 1.0% from its price of ฿3.96 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 6.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: ฿0.08 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿450.5m (down 11% from 3Q 2019). Net loss: ฿128.8m (down 120% from profit in 3Q 2019). 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 17% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿3.28 The company is down 27% from its price of ฿4.48 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 Metals and Mining industry, which is down 5.0% over the same period.