Reported Earnings • May 23
First quarter 2026 earnings released: EPS: ฿0.002 (vs ฿0.002 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.002 (up from ฿0.002 loss in 1Q 2025). Revenue: ฿54.2m (up 98% from 1Q 2025). Net income: ฿750.3k (up ฿1.71m from 1Q 2025). Profit margin: 1.4% (up from net loss in 1Q 2025). The move to profitability 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 54% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 03
Health Empire Corporation Public Company Limited has filed a Follow-on Equity Offering in the amount of THB 113.75 million. Health Empire Corporation Public Company Limited has filed a Follow-on Equity Offering in the amount of THB 113.75 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 125,000,000
Price\Range: THB 0.91 Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.091 loss per share (vs ฿1.17 loss in FY 2024) Full year 2025 results: ฿0.091 loss per share (improved from ฿1.17 loss in FY 2024). Revenue: ฿108.8m (up 137% from FY 2024). Net loss: ฿38.5m (loss narrowed 92% from FY 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 52% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.018 loss in 3Q 2024) Third quarter 2025 results: ฿0.017 loss per share. Revenue: ฿27.5m (up 118% from 3Q 2024). Net loss: ฿7.29m (loss widened 8.8% from 3Q 2024). Reported Earnings • Aug 15
Second quarter 2025 earnings released: ฿0.012 loss per share (vs ฿0.64 loss in 2Q 2024) Second quarter 2025 results: ฿0.012 loss per share (improved from ฿0.64 loss in 2Q 2024). Revenue: ฿27.3m (up ฿23.4m from 2Q 2024). Net loss: ฿5.07m (loss narrowed 98% from 2Q 2024). Tillkännagivande • Apr 09
Health Empire Corporation Public Company Limited, Annual General Meeting, Apr 30, 2025 Health Empire Corporation Public Company Limited, Annual General Meeting, Apr 30, 2025, at 09:00 SE Asia Standard Time. Tillkännagivande • Mar 20
Chalermpong Mahawanichwong acquired 11.83% stake in Health Empire Corporation Public Company Limited (SET:HEALTH) from Wasana Inthasang. Chalermpong Mahawanichwong acquired 11.83% stake in Health Empire Corporation Public Company Limited (SET:HEALTH) from Wasana Inthasang on March 17, 2025.
Chalermpong Mahawanichwong completed the acquisition of 11.83% stake in Health Empire Corporation Public Company Limited (SET:HEALTH) from Wasana Inthasang on March 17, 2025. Tillkännagivande • Mar 03
Health Empire Corporation Public Company Limited Approves Board and Committee Changes Health Empire Corporation Public Company Limited approved the appointment of Miss Pimkaew Ampaipast as a director to replace Mr. Chalermpong. Mahawanichwong, a director who resigned, with the remaining term of office equal to the term of the former director who took office, effective from 28 February 2025, at its Board of Directors' Meeting No. 1/2025 held on February 28, 2025. Approved the appointment of Miss Pimkaew Ampaipastto the position of Independent Director, Audit Committee Member, Nomination and Remuneration Committee Member in place Mr. Chalermpong. Mahawanichwong, the resigned director, effective from 28 February 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: ฿1.17 loss per share (vs ฿0.69 loss in FY 2023) Full year 2024 results: ฿1.17 loss per share (further deteriorated from ฿0.69 loss in FY 2023). Revenue: ฿45.8m (up 83% from FY 2023). Net loss: ฿458.3m (loss widened 73% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Feb 28
Health Empire Corporation Public Company Limited Appoints Pimkaew Ampaipast as Independent Director and Audit Committee Health Empire Corporation Public Company Limited announced date of board resolution for change of director /executive: 28 February 2025; Director Name: Miss Pimkaew Ampaipast; Position in Company: Board of Director; Effective Date: 28 February 2025; Position in Company: Independent Director; Effective Date; 28 February 2025; Position in Company: Audit Committee; Effective Date: 28 February 2025. Audit Committee: Chairman of the Audit Committee: Avmsanti Srisermphoak, Remaining term in office: 2 Month; Mr.Panom Ratanarat, Remaining term in office: 1 Year 2 Month; Miss Pimkaew Ampaipast, Remaining term in office: 2 Month; Secretary of the Audit Committee Misskan-Itsariya Charoenpakdee. Board Change • Dec 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Santi Srisermphoak was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Dec 19
Health Empire Corporation Public Company Limited Announces Board Changes Health Empire Corporation Public Company Limited informed that Mr. Chalermpong Mahavanidvong has notified his intention to resign from the position of Director, Independent Director, Audit Committee Member, Chairman of the Nomination and Remuneration Committee, Risk Management Committee Member and all positions of the Company due to currently having other missions, The resignation is effective from December 18, 2024 onwards. New Risk • Nov 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿334.3m (US$9.90m) 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 Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (฿334.3m market cap, or US$9.90m). Minor Risk Revenue is less than US$5m (฿36m revenue, or US$1.1m). New Risk • Aug 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -฿17m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿17m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings have declined by 56% per year over the past 5 years. Minor Risks Revenue is less than US$5m (฿36m revenue, or US$1.0m). Market cap is less than US$100m (฿430.4m market cap, or US$12.2m). Tillkännagivande • Jun 08
Health Empire Corporation Public Company Limited Announces Board and Committee Changes Health Empire Corporation Public Company Limited announced that at the board meeting held on June 6, 2024, the company approved the appointment of Pol Lt Gen Saridchai Anakevieng as the Chairman of the Board of Directors, effective from June 6, 2024, onwards. The Board acknowledged the resignation of Pol Lt Gen Saridchai Anakevieng from the position of Chairman of the Audit Committee, effective from June 6, 2024, onwards. The Board approved the appointment of Mr. Chalermpong Mahavanidvong as the Acting Chairman of the Audit Committee, replacing Pol Lt Gen Saridchai Anakevieng, effective from June 6, 2024, onwards. The audit committee is consisted of: Chairman of the audit committee Mr.Chalermpong Mahavanidvong (Acting Chairman of the Audit- Committee) remaining term in office 1 year(s). Member of the audit committee Mr.Panom Ratanarat - remaining term in office 3 year(s). Secretary of the audit committee Miss Waraporn Phoosittisak. Reported Earnings • May 11
First quarter 2024 earnings released: ฿0.032 loss per share (vs ฿0.02 loss in 1Q 2023) First quarter 2024 results: ฿0.032 loss per share (further deteriorated from ฿0.02 loss in 1Q 2023). Net loss: ฿12.3m (loss widened 75% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 45% per year, which means it has not declined as severely as earnings. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. Director Thibdee Mangkalee was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.69 loss per share (vs ฿1.27 loss in FY 2022) Full year 2023 results: ฿0.69 loss per share (improved from ฿1.27 loss in FY 2022). Net loss: ฿264.5m (loss narrowed 42% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Tillkännagivande • Feb 23
Health Empire Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024 Health Empire Corporation Public Company Limited, Annual General Meeting, Apr 29, 2024, at 08:30 SE Asia Standard Time. Agenda: To consider acknowledging the operating results report for the year 2023 and consider approving the financial statements for the year ending December 31, 2023; to consider and approve the omission of dividend payment for operating results for the year 2023; to consider electing directors to replace those whose terms have expired; to consider and approve the determination of directors' remuneration for the year 2024; to consider and approve the appointment of auditors and determine the audit remuneration for the year 2024; and to consider other business matters. Tillkännagivande • Jan 31
Health Empire Corporation Public Company Limited has withdrawn its Follow-on Equity Offering in the amount of THB 73.0999 million. Health Empire Corporation Public Company Limited has withdrawn its Follow-on Equity Offering in the amount of THB 73.0999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,549,950
Price\Range: THB 2
Transaction Features: Subsequent Direct Listing Tillkännagivande • Jan 18
Health Empire Corporation Public Company Limited Announces Resignation of Supakorn Chuasiriphattana as a Director Health Empire Corporation Public Company Limited reported Mrs. Supakorn Chuasiriphattana had declared her intention to resign from her position as a director, and all other positions of the Company because there are many other businesses. The resignation is effective from 15 January 2024 onward. Tillkännagivande • Jan 10
Health Empire Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 79.0499 million. Health Empire Corporation Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 79.0499 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,700,000
Price\Range: THB 3.5
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,549,950
Price\Range: THB 2
Transaction Features: Subsequent Direct Listing Reported Earnings • Nov 17
Third quarter 2023 earnings released: ฿0.03 loss per share (vs ฿0.007 loss in 3Q 2022) Third quarter 2023 results: ฿0.03 loss per share (further deteriorated from ฿0.007 loss in 3Q 2022). Net loss: ฿11.6m (loss widened 395% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. New Risk • Oct 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.1% 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 51% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Shareholders have been diluted in the past year (8.0% increase in shares outstanding). Revenue is less than US$5m (฿46m revenue, or US$1.3m). Market cap is less than US$100m (฿1.02b market cap, or US$28.1m). Tillkännagivande • Aug 24
Health Empire Corporation Public Company Limited announced that it has received THB 5.95 million in funding Health Empire Corporation Public Company Limited announced a private placement of 1,700,000 common shares at an issue price of THB 3.50 per share for the gross proceeds of THB 5,950,000 on August 23, 2023. The transaction will include participation from individual investor Nathini Soongswang. The transaction has been approved by the shareholders of the company. The company has paid expenses of THB 2,310. New Risk • Aug 19
New major risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ฿46m (US$1.3m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿32m free cash flow). Earnings have declined by 51% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Revenue is less than US$5m (฿46m revenue, or US$1.3m). Market cap is less than US$100m (฿1.32b market cap, or US$37.4m). Reported Earnings • Aug 18
Second quarter 2023 earnings released: ฿0.05 loss per share (vs ฿0.012 profit in 2Q 2022) Second quarter 2023 results: ฿0.05 loss per share (down from ฿0.012 profit in 2Q 2022). Net loss: ฿19.1m (down ฿23.6m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Saridchai Anakevieng is the most experienced director on the board, commencing their role in 2021. Independent Director Panom Ratanarat was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ฿0.012 (vs ฿0.014 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.012 (up from ฿0.014 loss in 2Q 2021). Revenue: ฿77.1m (up 133% from 2Q 2021). Net income: ฿4.43m (up ฿7.69m from 2Q 2021). Profit margin: 5.7% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: ฿0.053 loss per share (vs ฿0.10 loss in 1Q 2021) First quarter 2022 results: ฿0.053 loss per share. Revenue: ฿38.2m (up 206% from 1Q 2021). Net loss: ฿18.8m (loss widened 50% from 1Q 2021). Board Change • Apr 27
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Saridchai Anakevieng is the most experienced director on the board, commencing their role in 2021. Independent Director Panom Ratanarat was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.21 loss per share (up from ฿0.37 loss in FY 2020). Revenue: ฿125.0m (up 15% from FY 2020). Net loss: ฿45.2m (loss widened 59% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.005 loss per share (vs ฿0.008 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ฿17.7m (down 27% from 3Q 2020). Net loss: ฿13.5m (loss widened 66% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.003 loss per share (vs ฿0.005 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: ฿39.9m (up 90% from 2Q 2020). Net loss: ฿8.88m (loss widened 87% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Executive Departure • Jun 09
CFO & Acting Chief Accountant Officer Thongyu Thawornskulchai has left the company On the 31st of May, Thongyu Thawornskulchai's tenure as CFO & Acting Chief Accountant Officer ended after 1.7 years in the role. We don't have any record of a personal shareholding under Thongyu's name. A total of 11 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 19
First quarter 2021 earnings released: ฿0.009 loss per share (vs ฿0.011 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: ฿12.5m (down 67% from 1Q 2020). Net loss: ฿14.1m (loss widened 34% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 28
Full year 2020 earnings released: ฿0.029 loss per share (vs ฿0.046 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: ฿109.1m (down 26% from FY 2019). Net loss: ฿28.4m (loss narrowed 37% from FY 2019). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Executive Departure • Feb 05
Director has left the company On the 27th of January, Withoon Manonaikul's tenure as Director ended after 2.0 years in the role. We don't have any record of a personal shareholding under Withoon's name. A total of 10 executives have left over the last 12 months. Is New 90 Day High Low • Jan 07
New 90-day high: ฿0.37 The company is up 16% from its price of ฿0.32 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is down 9.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: ฿0.008 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: ฿24.2m (down 20% from 3Q 2019). Net loss: ฿8.14m (loss narrowed 21% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. 
