New Risk • Jun 17
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 12% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (฿224.0m market cap, or US$6.87m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.013 (vs ฿0.01 in FY 2024) Full year 2025 results: EPS: ฿0.013 (up from ฿0.01 in FY 2024). Revenue: ฿357.6m (down 15% from FY 2024). Net income: ฿10.3m (up 29% from FY 2024). Profit margin: 2.9% (up from 1.9% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Tillkännagivande • Feb 26
Bless Asset Group Public Company Limited, Annual General Meeting, Apr 28, 2026 Bless Asset Group Public Company Limited, Annual General Meeting, Apr 28, 2026, at 10:00 SE Asia Standard Time. Location: hybrid meeting, sc park hotel, Thailand Buy Or Sell Opportunity • Dec 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to ฿0.22. The fair value is estimated to be ฿0.28, however this is not to be taken as a buy 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. Buy Or Sell Opportunity • Dec 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to ฿0.22. The fair value is estimated to be ฿0.28, however this is not to be taken as a buy 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. Tillkännagivande • Oct 06
Bless Asset Group Public Company Limited Announces CFO Changes, Effective 3 October 2025 Bless Asset Group Public Company Limited announces termination of Namchai Vanapanubet as Position of CFO: Senior Vice President, effective 3 October 2025 and appointed Nipha Aphirattanarungruang as Position of CFO: Senior Vice President, effective 3 October 2025. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.001 (vs ฿0.005 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.001 (down from ฿0.005 in 2Q 2024). Revenue: ฿82.9m (down 28% from 2Q 2024). Net income: ฿1.04m (down 75% from 2Q 2024). Profit margin: 1.3% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.01 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.006 (up from ฿0.01 loss in 1Q 2024). Revenue: ฿74.1m (up 16% from 1Q 2024). Net income: ฿5.06m (up ฿13.2m from 1Q 2024). Profit margin: 6.8% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. New Risk • Apr 01
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 Risks Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (฿152.0m market cap, or US$4.47m). New Risk • Mar 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 53% per year over the past 5 years. Market cap is less than US$10m (฿208.0m market cap, or US$6.19m). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.01 (vs ฿0.012 in FY 2023) Full year 2024 results: EPS: ฿0.01 (down from ฿0.012 in FY 2023). Revenue: ฿421.3m (down 3.1% from FY 2023). Net income: ฿8.02m (down 17% from FY 2023). Profit margin: 1.9% (down from 2.2% in FY 2023). The decrease in margin was driven by lower revenue. Tillkännagivande • Feb 26
Bless Asset Group Public Company Limited, Annual General Meeting, Apr 29, 2025 Bless Asset Group Public Company Limited, Annual General Meeting, Apr 29, 2025, at 10:00 SE Asia Standard Time. Location: sc park hotel no. 474 praditmanutham rd., wang, thonglang subdistrict, wang thonglang district, bangkok Thailand New Risk • Nov 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿336.0m (US$9.80m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (฿336.0m market cap, or US$9.80m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Nov 02
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 11% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 49% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿344.0m market cap, or US$10.1m). Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: ฿0.005 (vs ฿0.019 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.005 (down from ฿0.019 in 2Q 2023). Revenue: ฿115.5m (down 31% from 2Q 2023). Net income: ฿4.15m (down 72% from 2Q 2023). Profit margin: 3.6% (down from 8.9% in 2Q 2023). The decrease in margin was driven by lower revenue. New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿336.0m (US$9.53m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (฿336.0m market cap, or US$9.53m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 12
First quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.006 profit in 1Q 2023) First quarter 2024 results: ฿0.01 loss per share (down from ฿0.006 profit in 1Q 2023). Revenue: ฿63.7m (down 41% from 1Q 2023). Net loss: ฿8.13m (down 264% from profit in 1Q 2023). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.012 (vs ฿0.061 in FY 2022) Full year 2023 results: EPS: ฿0.012 (down from ฿0.061 in FY 2022). Revenue: ฿434.8m (down 34% from FY 2022). Net income: ฿9.62m (down 77% from FY 2022). Profit margin: 2.2% (down from 6.4% in FY 2022). The decrease in margin was driven by lower revenue. Tillkännagivande • Mar 02
Bless Asset Group Public Company Limited, Annual General Meeting, Apr 26, 2024 Bless Asset Group Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider Matter to be informed by the Chairman; to consider and certify the Minutes of The Annual general meeting of shareholders for the year 2023 of Bless Asset Group Public Company Limited held on April 25, 2023; to consider and acknowledge the 2023 operational results of the Company and the Annual Report of the Company; to consider and approve the Financial Statement and Comprehensive Income Statement for the year ending 31 December 2023 which have been audited by the certified public accountant; to consider and approve the omission of dividend payment for the year 2023; to consider and approve the re-election of the directors who are due to retire by rotation; to consider and approve the directors' remuneration for the year 2024; to consider and approve the appointment of the auditors, and the determination of the audit fee for the year 2024; and to consider Other matters. Buy Or Sell Opportunity • Feb 27
Now 21% undervalued Over the last 90 days, the stock has risen 14% to ฿0.66. The fair value is estimated to be ฿0.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 77%. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 10.0% to ฿0.66. The fair value is estimated to be ฿0.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 77%. Tillkännagivande • Dec 14
Bless Asset Group Public Company Limited Approves Aruch Changthong as Co-Chief Executive Officer, Effective January 1, 2024 Bless Asset Group Public Company Limited informed the resolutions of the Board of Director's Meeting No.5/2023 held on December 14, 2023, following details; Passed the resolution to appoint Mr. Aruch Changthong to be a Co-Chief Executive Officer, effective from January 1, 2024 onwards. Buying Opportunity • Dec 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ฿0.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 77%. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0 (vs ฿0.01 in 3Q 2022) Third quarter 2023 results: EPS: ฿0 (down from ฿0.01 in 3Q 2022). Revenue: ฿94.2m (down 39% from 3Q 2022). Net income: ฿262.7k (down 96% from 3Q 2022). Profit margin: 0.3% (down from 4.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.01 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.019 (up from ฿0.01 in 2Q 2022). Revenue: ฿167.8m (up 11% from 2Q 2022). Net income: ฿15.0m (up 158% from 2Q 2022). Profit margin: 8.9% (up from 3.8% in 2Q 2022). The increase in margin was driven by higher revenue. Tillkännagivande • May 17
Bless Asset Group Public Company Limited Announces Appointment of Mr. Namchai Vanapanubet as Senior Vice President Accounting and Finance Bless Asset Group Public Company Limited announced appointment of Mr. Namchai Vanapanubet as Senior Vice President Accounting And Finance, effective date of appointment of 16 May 2023. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿0.061 (vs ฿0.18 in FY 2021) Full year 2022 results: EPS: ฿0.061 (down from ฿0.18 in FY 2021). Revenue: ฿662.9m (down 17% from FY 2021). Net income: ฿42.4m (down 47% from FY 2021). Profit margin: 6.4% (down from 10.0% in FY 2021). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: ฿0.01 (vs ฿0.045 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.01 (down from ฿0.045 in 2Q 2021). Revenue: ฿150.8m (down 22% from 2Q 2021). Net income: ฿5.80m (down 69% from 2Q 2021). Profit margin: 3.8% (down from 9.6% in 2Q 2021). The decrease in margin was driven by lower revenue. Reported Earnings • Jul 10
First quarter 2022 earnings released: EPS: ฿0.022 (vs ฿0.071 in 1Q 2021) First quarter 2022 results: EPS: ฿0.022 (down from ฿0.071 in 1Q 2021). Revenue: ฿174.2m (down 25% from 1Q 2021). Net income: ฿13.5m (down 52% from 1Q 2021). Profit margin: 7.7% (down from 12% in 1Q 2021). The decrease in margin was driven by lower revenue. 
