New Risk • 9h
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 42% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (42% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (52% net profit margin). Market cap is less than US$100m (฿2.14b market cap, or US$64.6m). Reported Earnings • 9h
Second quarter 2026 earnings released: EPS: ฿0.004 (vs ฿0.011 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.004 (down from ฿0.011 in 2Q 2025). Revenue: ฿73.0m (up 23% from 2Q 2025). Net income: ฿34.0m (down 68% from 2Q 2025). Profit margin: 47% (down from 180% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Tillkännagivande • May 30
Alpha Divisions Public Company Limited Announces Board and Committee Changes, Effective June 1, 2026 Alpha Divisions Public Company Limited held the Board of Directors’ Meeting No. 4/2026 on May 28, 2026. The company acknowledged the resignation letter of Mr. Thawathwong Phalinsut from the positions of Director, Executive Director, and Nomination and Remuneration Committee Member due to personal necessity, effective from June 1, 2026 onwards. The company approved the appointment of Mr. Surawat Suwanyungyuen as a Director in replacement of Mr. Thawathwong Phalinsut, who resigned before the expiration of his term of office, with effect from June 1, 2026 onwards. The term of office of the newly appointed director shall be equal to the remaining term of office of the director whom he replaces. The company approved the change in the list of the Company’s authorized directors, effective from June 1, 2026 onwards, as follows: Mr. Kumpon Suangburanakul and Mr. Sounthorn Chanthavong, both of the aforementioned directors shall jointly sign and affix the Company’s seal. The company will proceed with the registration of the change in the list of directors and the authorized directors of the Company with the Department of Business Development, Ministry of Commerce, within the prescribed period. Reported Earnings • May 19
First quarter 2026 earnings released: ฿0.003 loss per share (vs ฿0.003 profit in 1Q 2025) First quarter 2026 results: ฿0.003 loss per share (down from ฿0.003 profit in 1Q 2025). Revenue: ฿67.6m (up 39% from 1Q 2025). Net loss: ฿31.2m (down 234% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. New Risk • May 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.25b (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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (95% net profit margin). Market cap is less than US$100m (฿3.25b market cap, or US$99.8m). New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.16b (US$97.0m) 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (95% net profit margin). Market cap is less than US$100m (฿3.16b market cap, or US$97.0m). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.034 (vs ฿0.037 in FY 2024) Full year 2025 results: EPS: ฿0.034 (down from ฿0.037 in FY 2024). Revenue: ฿336.5m (up 82% from FY 2024). Net income: ฿320.6m (down 6.7% from FY 2024). Profit margin: 95% (down from 186% in FY 2024). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 27
Alpha Divisions Public Company Limited, Annual General Meeting, Apr 22, 2026 Alpha Divisions Public Company Limited, Annual General Meeting, Apr 22, 2026, at 13:00 SE Asia Standard Time. New Risk • Dec 11
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 8.3% 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 (8.3% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (102% net profit margin). Market cap is less than US$100m (฿3.07b market cap, or US$96.5m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.012 (vs ฿0.021 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.012 (down from ฿0.021 in 3Q 2024). Net income: ฿113.0m (down 43% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Oct 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿2.69b market cap, or US$83.0m). New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.16b (US$96.3m) 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿3.16b market cap, or US$96.3m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.011 (vs ฿0.001 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.011 (up from ฿0.001 in 2Q 2024). Net income: ฿106.5m (up ฿101.3m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.003 (vs ฿0.009 in 1Q 2024) First quarter 2025 results: EPS: ฿0.003 (down from ฿0.009 in 1Q 2024). Net income: ฿23.3m (down 73% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.037 (vs ฿0.036 loss in FY 2023) Full year 2024 results: EPS: ฿0.037 (up from ฿0.036 loss in FY 2023). Net income: ฿343.7m (up ฿450.3m from FY 2023). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 28
Alpha Divisions Public Company Limited, Annual General Meeting, Apr 30, 2025 Alpha Divisions Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:00 SE Asia Standard Time. Location: alpha divisions public company limited, no. 127, gaysorn tower building, room d, 24th floor, ratchadamri road, lumphini subdistrict, pathumwan, district, bangkok 10330, Thailand Tillkännagivande • Feb 24
Alpha Divisions Public Company Limited Announces Resignation of Prasong Hanpiyavatanasakul as from Position Company Director Alpha Divisions Public Company Limited Received the withdrawal letter from Mr. Prasong Hanpiyavatanasakul position of Director, Independent Director, Audit Committee Member and Chairman of the Nomination and Remuneration Committee due to the necessity to attend to other duties, effective from February 24,2025 onwards. The Company is in the process of considering recruitment those who have the right qualifications to hold the position Director, Independent Director, Audit Committee Member and Chairman of the Nomination and Remuneration Committee to fill vacant positions and propose to the meeting of the Nomination and Remuneration Committee and the Board of Directors to consider approval if there is progress Company Information will be reported to the Stock Exchange of Thailand in the next opportunity. New Risk • Jan 28
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. Tillkännagivande • Sep 19
Alpha Divisions Public Company Limited Approves CEO Changes Alpha Divisions Public Company Limited announced that the Board of Directors' Meeting held on September 17, 2024, Acknowledged of Mr. Teera Chutivarapon has resigned from the position of Chief Executive Officer, effective from September 30, 2024 onwards. However, he still holds the position of Director. Approved the appointment of Mr. Kumpon Suangburanakul as Chief Executive Officer in place of Mr. Teera Chutivarapon effective from October 1, 2024 onwards. Tillkännagivande • Sep 16
Alpha Divisions Public Company Limited Announces Resignation of Worravit Auesapsakul as Chief Financial Officer and Accounting Alpha Divisions Public Company Limited announced the resignation of Worravit Auesapsakul as Chief Financial Officer and Accounting. Effective Date of Termination 13 September 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.001 (vs ฿0.011 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.001 (up from ฿0.011 loss in 2Q 2023). Revenue: ฿36.9m (up 90% from 2Q 2023). Net income: ฿5.20m (up ฿28.8m from 2Q 2023). Profit margin: 14% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.008 (vs ฿0.008 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.008 (up from ฿0.008 loss in 1Q 2023). Net income: ฿78.2m (up ฿92.8m from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. New Risk • Mar 22
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ฿182m (US$5.0m) This is considered a minor risk. Companies with a small amount of revenue 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 (11% average weekly change). Earnings have declined by 19% per year over the past 5 years. Shareholders have been substantially diluted in the past year (385% increase in shares outstanding). Minor Risk Revenue is less than US$5m (฿182m revenue, or US$5.0m). Reported Earnings • Mar 02
Full year 2023 earnings released: ฿0.036 loss per share (vs ฿0.019 profit in FY 2022) Full year 2023 results: ฿0.036 loss per share (down from ฿0.019 profit in FY 2022). Net loss: ฿106.6m (down 391% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 01
Alpha Divisions Public Company Limited, Annual General Meeting, Apr 29, 2024 Alpha Divisions Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Location: the Meeting Room of Alpha Divisions Public Company Limited, 98 Athakravi Building 1, 5th Floor, Soi Aree, Sukhumvit 26 Road, Khlong Tan,Khlong Toei, Bangkok, 10110, Bangkok Thailand Agenda: To consider and certify the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2023 that was held on July 31, 2023; to consider and approve the financial statement for the year ended December 31, 2023; to approve the allocation of net profit to be a legal reserve and of dividend policy payment; to approve the appointment of replacement directors, directors who retire by rotation; to approve the proposal to increase the number of Company directors from 9 people to 11 people; to consider and approve the remuneration of directors for the year 2023; to approve the appointment the auditors and auditing fee for the year 2023; and to discuss other matters. Tillkännagivande • Nov 15
Alpha Divisions Public Company Limited Announces Board and Committee Changes Alpha Divisions Public Company Limited announced that at board meeting held on November 13, 2023, the company approved the appointment of the Nomination and Remuneration Committee to replace the director who resigned with details as follows: Appoint Mr.Prasong Hanpiyanatanasakul to replace Mr.Tarach Voravongrattana, Hold position Chairman of Nomination and Remuneration Committee. Appoint Mr.Thawatwong Phalinsut to replace Mr.Boonlerd Iewpornchai, Hold position Nomination and Remuneration Committee. Appoint Miss Suwanun Tubthanee to replace Miss Kittiya Nuchfang (acting), Hold position Assistant Secretary of Nomination and Remuneration Committee. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.021 loss per share (vs ฿0.005 profit in 3Q 2022) Third quarter 2023 results: ฿0.021 loss per share (down from ฿0.005 profit in 3Q 2022). Net loss: ฿47.2m (down ฿56.0m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Tillkännagivande • Oct 31
Alpha Divisions Public Company Limited Appoints Prasong Hanpiyavatanasakul as Member of the Audit Committee The Board of Directors' Meeting of Alpha Divisions Public Company Limited No. 6/2023 held on October 25, 2023 resolved to approved MR.Prasong Hanpiyavatanasakul as Member of the audit committee. New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿2.93b (US$81.4m) 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 (13% average weekly change). Shareholders have been substantially diluted in the past year (143% increase in shares outstanding). Minor Risk Market cap is less than US$100m (฿2.93b market cap, or US$81.4m). Tillkännagivande • Oct 26
Alpha Divisions Public Company Limited Announces Management Changes Alpha Divisions Public Company Limited at its meeting held on October 25, 2023 approved the appointment of a director to replace the resigned director has been approved, effective from October 25, 2023. The newly appointed directors will serve for the remaining term as follows; Resolution to approve the appointment of new directors to replace the directors who resigned. Appointed Mr. Ekaphanh Phapithack to replace Mr. Kusol Sangkananta. Appointed Mr. Prasong Hanpiyavatanasakul to replace Mr. Yossatat Nitisarun. Resolution to approve new directors to hold positions as follows: Appointed Mr. Ekaphanh Phapithack to hold the position of Chairman of the Board of Directors. Appointed Mr. Prasong Hanpiyavatanasakul to hold the position of Company Director. Audit Committee and Independent directors. At present, the committee is as follows: Mr. Ekaphanh - Phapithack - Chairman of the board of Director, Mr. Teera - Chutivarapon - Vice Chairman of the Board of Directors /Chief Executive Officer, Mr. Kittisak -Chanokmat - Company Director /Chairman of the Audit Committee /Independent Director, Mr. Wichien - Luknatin - Company Director /Deputy Chief Executive Officer, Mr. Kovit - Kerdsirirak - Company Director, Mr.Thawatwong- Phalinsut - Company Director, Mr. Kajornkiet- Aroonpirodjanakul - Company Director /Audit Committee /Independent Director, Mr. Sounthorn -Chanthavong - Audit Committee /Independent Director, Mr. Prasong - Hanpiyavatanasakul -Company Director /Audit Committee /Independent Director. Tillkännagivande • Oct 25
Alpha Divisions Public Company Limited Announces Change of Management Alpha Divisions Public Company Limited received resignation letters from the position of director in total of 2 persons, The resigned directors are as follows; Mr. KUSOL SANGKANANTA has resigned from the position of Chairman of the board of Director /Audit Committee /Independent Director, effective from October 24, 2023 onwards. Mr. YOSSATAT NITISARUN has resigned from the position of Director, effective from October 24, 2023 onwards. New Risk • Oct 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% 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 Shareholders have been substantially diluted in the past year (143% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). New Risk • Sep 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 82% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2023 earnings released: ฿0.011 loss per share (vs ฿0.003 loss in 2Q 2022) Second quarter 2023 results: ฿0.011 loss per share (further deteriorated from ฿0.003 loss in 2Q 2022). Revenue: ฿19.4m (down 74% from 2Q 2022). Net loss: ฿23.6m (loss widened 283% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 21
Alpha Divisions Public Company Limited Announces Resignation of Prasertsak Amatyakul as Director, Effective August 1, 2023 Alpha Divisions Public Company Limited informed that the Company has received resignation letter from Mr. Prasertsak Amatyakul,a director,which will be effective on August 1, 2023 onwards. Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.008 loss per share (vs ฿0.018 profit in 1Q 2022) First quarter 2023 results: ฿0.008 loss per share (down from ฿0.018 profit in 1Q 2022). Revenue: ฿60.5m (down 10% from 1Q 2022). Net loss: ฿14.5m (down 144% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Tillkännagivande • May 17
Alpha Divisions Public Company Limited Announces Board Changes Alpha Divisions Public Company Limited announced that Mr. Sounthorn Chanthavong is an Independent Director by taking the position in place of Mr. Tharat Worawongratana. Mr. Khajonkiet Arunpairojanakul is an Independent Director and Audit Committee by taking the position in place of Mr. Boonlert Iewpornchai. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.32, the stock trades at a trailing P/E ratio of 75x. Average trailing P/E is 14x in the Real Estate industry in Thailand. Total returns to shareholders of 59% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ฿102.3m (up 39% from 3Q 2021). Net income: ฿8.78m (up ฿20.9m from 3Q 2021). Profit margin: 8.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Kittisak Chanokmat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 17
Second quarter 2022 earnings released: ฿0.003 loss per share (vs ฿0.009 profit in 2Q 2021) Second quarter 2022 results: ฿0.003 loss per share (down from ฿0.009 profit in 2Q 2021). Revenue: ฿88.6m (down 6.6% from 2Q 2021). Net loss: ฿6.15m (down 159% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 23% 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 15
First quarter 2022 earnings released: EPS: ฿0.018 (vs ฿0.014 in 1Q 2021) First quarter 2022 results: EPS: ฿0.018 (up from ฿0.014 in 1Q 2021). Revenue: ฿67.5m (down 55% from 1Q 2021). Net income: ฿33.0m (up 91% from 1Q 2021). Profit margin: 49% (up from 12% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Kittisak Chanokmat was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 20% share price gain to ฿1.96, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 34x in the Consumer Retailing industry in Thailand. Total loss to shareholders of 46% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ฿0.005 loss per share (vs ฿0.014 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: ฿104.7m (up ฿92.7m from 3Q 2020). Net loss: ฿12.1m (loss narrowed 28% from 3Q 2020). 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 35% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.009 (vs ฿0.004 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿94.9m (up 79% from 2Q 2020). Net income: ฿10.4m (up 114% from 2Q 2020). Profit margin: 11% (up from 9.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.014 (vs ฿0.009 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿150.5m (up ฿150.5m from 1Q 2020). Net income: ฿17.3m (up 52% from 1Q 2020). Profit margin: 12% (down from 56,780% in 1Q 2020). The decrease in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Executive Departure • May 15
Independent Director has left the company On the 6th of May, Pichaya Soonsap's tenure as Independent Director ended after 2.5 years in the role. We don't have any record of a personal shareholding under Pichaya's name. Pichaya is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 20% share price gain to ฿1.46, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 29x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to ฿1.18, the stock trades at a trailing P/E ratio of 24.7x, up from the previous P/E ratio of 21.1x. Average P/E is 25x in the Consumer Retailing industry in Thailand. Total returns to shareholders over the past three years are 44%. Is New 90 Day High Low • Mar 16
New 90-day high: ฿1.18 The company is up 44% from a price of ฿0.82 on 16 December 2020. Outperformed the Thai market which is up 6.0% over the last 90 days. Exceeded the Consumer Retailing industry, which is up 2.0% over the same period. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.048 (vs ฿0.017 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿613.1m (down 66% from FY 2019). Net income: ฿57.7m (up ฿78.1m from FY 2019). Profit margin: 9.4% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 18
New 90-day high: ฿1.10 The company is up 41% from its price of ฿0.78 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ฿0.86 The company is up 6.0% from its price of ฿0.81 on 25 September 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is down 6.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: ฿0.014 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿12.0m (down 98% from 3Q 2019). Net loss: ฿16.8m (down 230% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 03
New 90-day low: ฿0.71 The company is down 21% from its price of ฿0.90 on 05 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 17% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: ฿0.78 The company is down 11% from its price of ฿0.88 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Consumer Retailing industry, which is also down 11% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: ฿0.80 The company is down 11% from its price of ฿0.90 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 5.0% over the same period.