Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿20.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the IT industry in Thailand. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿30.46 per share. New Risk • May 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.20b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ฿0.40 (vs ฿0.36 in 1Q 2025) First quarter 2026 results: EPS: ฿0.40 (up from ฿0.36 in 1Q 2025). Revenue: ฿370.6m (up 6.9% from 1Q 2025). Net income: ฿80.8m (up 11% from 1Q 2025). Profit margin: 22% (in line with 1Q 2025). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.48 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%). Tillkännagivande • Apr 22
Bluebik Group Public Company Limited Appoints Phiphat Prapapanpont as Director Bluebik Group Public Company Limited announced that it has elected Mr. Phiphat Prapapanpont to be elected for as director, at the AGM held on April 21, 2026. Board Change • Mar 31
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Director, CFO & Head of Compliance Sriprae Thanathitiphan was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Mar 30
Bluebik Group Public Company Limited Announces Resignation of Santitarn Sathirathai as Independent Director and Member of the Corporate Governance, Risk Policy and Sustainability Committee, Effective March 30, 2026 Bluebik Group Public Company Limited announced Dr. Santitarn Sathirathai resigned from the positions of director, independent director and member of the Corporate Governance, Risk Policy and Sustainability Committee, due to other commitments, with effective from 30 March 2026 onwards. Buy Or Sell Opportunity • Mar 02
Now 25% undervalued Over the last 90 days, the stock has risen 32% to ฿20.70. The fair value is estimated to be ฿27.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 9.4% per annum over the same time period. Reported Earnings • Feb 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿1.70 (up from ฿1.51 in FY 2024). Revenue: ฿1.55b (up 2.6% from FY 2024). Net income: ฿340.7m (up 13% from FY 2024). Profit margin: 22% (up from 20% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.3%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 21
Dividend increased to ฿0.48 Dividend of ฿0.48 is 118% higher than last year. Ex-date: 29th April 2026 Payment date: 20th May 2026 Dividend yield will be 2.2%, which is lower than the industry average of 3.6%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 14%. New Risk • Feb 11
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 5.9% 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 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿17.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the IT industry in Thailand. Total loss to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.08 per share. New Risk • Nov 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.18b (US$97.8m) 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. This is currently the only risk that has been identified for the company. Price Target Changed • Nov 17
Price target decreased by 9.8% to ฿28.15 Down from ฿31.20, the current price target is an average from 4 analysts. New target price is 57% above last closing price of ฿17.90. Stock is down 58% over the past year. The company is forecast to post earnings per share of ฿1.60 for next year compared to ฿1.51 last year. Buy Or Sell Opportunity • Nov 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ฿18.50. The fair value is estimated to be ฿23.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.37 (up from ฿0.21 in 2Q 2024). Revenue: ฿364.9m (up 7.6% from 2Q 2024). Net income: ฿73.7m (up 79% from 2Q 2024). Profit margin: 20% (up from 12% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 14
Price target decreased by 11% to ฿34.81 Down from ฿39.23, the current price target is an average from 4 analysts. New target price is 85% above last closing price of ฿18.80. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿1.72 for next year compared to ฿1.51 last year. New Risk • Jul 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.9% 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. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ฿0.36 (up from ฿0.34 in 1Q 2024). Revenue: ฿346.7m (down 6.0% from 1Q 2024). Net income: ฿72.5m (up 5.1% from 1Q 2024). Profit margin: 21% (up from 19% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 2.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • May 07
Price target decreased by 10% to ฿39.23 Down from ฿43.64, the current price target is an average from 5 analysts. New target price is 62% above last closing price of ฿24.20. Stock is down 46% over the past year. The company is forecast to post earnings per share of ฿1.78 for next year compared to ฿1.51 last year. Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to ฿24.40. The fair value is estimated to be ฿30.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (8.0%). Lower than average of industry peers (7.3%). Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿29.25, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿32.77 per share. Price Target Changed • Apr 11
Price target decreased by 7.7% to ฿43.64 Down from ฿47.29, the current price target is an average from 5 analysts. New target price is 75% above last closing price of ฿25.00. Stock is down 54% over the past year. The company is forecast to post earnings per share of ฿1.82 for next year compared to ฿1.51 last year. Buy Or Sell Opportunity • Mar 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿29.25. The fair value is estimated to be ฿36.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Buy Or Sell Opportunity • Mar 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿32.50. The fair value is estimated to be ฿40.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Feb 22
Dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 29th April 2025 Payment date: 20th May 2025 Dividend yield will be 0.6%, which is lower than the industry average of 3.6%. Payout Ratios Payout ratio: 15%. Cash payout ratio: 15%. Tillkännagivande • Feb 22
Bluebik Group Public Company Limited announces Annual dividend, payable on May 20, 2025 Bluebik Group Public Company Limited announced Annual dividend of THB 0.2200 per share payable on May 20, 2025, ex-date on April 29, 2025 and record date on April 30, 2025. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: ฿1.51b (up 15% from FY 2023). Net income: ฿301.1m (up 8.1% from FY 2023). Profit margin: 20% (down from 21% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 20% growth forecast for the IT industry in Thailand. Tillkännagivande • Feb 20
Bluebik Group Public Company Limited, Annual General Meeting, Apr 21, 2025 Bluebik Group Public Company Limited, Annual General Meeting, Apr 21, 2025, at 10:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿33.25. The fair value is estimated to be ฿42.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Buy Or Sell Opportunity • Dec 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to ฿38.50. The fair value is estimated to be ฿48.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 56% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 53% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ฿0.44 (up from ฿0.38 in 3Q 2023). Revenue: ฿389.5m (up 16% from 3Q 2023). Net income: ฿88.0m (up 16% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 05
Price target increased by 9.1% to ฿45.75 Up from ฿41.94, the current price target is an average from 4 analysts. New target price is 5.2% above last closing price of ฿43.50. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.42 for next year compared to ฿1.41 last year. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿33.75, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 9x in the IT industry in Thailand. Total loss to shareholders of 47% over the past year. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.21 (vs ฿0.34 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.21 (down from ฿0.34 in 2Q 2023). Revenue: ฿339.3m (flat on 2Q 2023). Net income: ฿41.3m (down 38% from 2Q 2023). Profit margin: 12% (down from 20% in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Thailand. Price Target Changed • Jul 23
Price target decreased by 14% to ฿41.38 Down from ฿48.25, the current price target is an average from 4 analysts. New target price is 36% above last closing price of ฿30.50. Stock is down 53% over the past year. The company is forecast to post earnings per share of ฿1.49 for next year compared to ฿1.41 last year. Buy Or Sell Opportunity • Jul 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 38% to ฿31.50. The fair value is estimated to be ฿39.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿30.25, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 9x in the IT industry in Thailand. Total loss to shareholders of 49% over the past year. New Risk • Jun 04
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 6.0% 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. Major Estimate Revision • May 19
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿1.62 to ฿1.82. Revenue forecast unchanged at ฿1.64b. Net income forecast to grow 31% next year vs 35% growth forecast for IT industry in Thailand. Consensus price target of ฿51.67 unchanged from last update. Share price fell 11% to ฿39.25 over the past week. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.63 (vs ฿0.30 in 1Q 2023) First quarter 2024 results: EPS: ฿0.63 (up from ฿0.30 in 1Q 2023). Revenue: ฿368.8m (up 38% from 1Q 2023). Net income: ฿69.0m (up 18% from 1Q 2023). Profit margin: 19% (down from 22% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the IT industry in Thailand. Price Target Changed • May 09
Price target decreased by 14% to ฿55.44 Down from ฿64.10, the current price target is an average from 4 analysts. New target price is 24% above last closing price of ฿44.75. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.58 for next year compared to ฿1.41 last year. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.38 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (3.7%). Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿3.54 to ฿3.10 per share. Revenue forecast steady at ฿1.68b. Net income forecast to grow 38% next year vs 24% growth forecast for IT industry in Thailand. Consensus price target of ฿116 unchanged from last update. Share price rose 4.3% to ฿103 over the past week. Declared Dividend • Feb 22
Dividend of ฿0.38 announced Shareholders will receive a dividend of ฿0.38. Ex-date: 30th April 2024 Payment date: 21st May 2024 Dividend yield will be 0.4%, which is lower than the industry average of 3.6%. Tillkännagivande • Feb 21
Bluebik Group Public Company Limited, Annual General Meeting, Apr 23, 2024 Bluebik Group Public Company Limited, Annual General Meeting, Apr 23, 2024, at 13:00 SE Asia Standard Time. Agenda: To certify the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Board of Director's report of the Company's performance for the year 2023; to consider and approve the Financial Statement for the year ended 31 December 2023; to consider and approve the dividend payment in form of stock and cash deriving from the operating results for the year 2023; to consider and approve the increase of registered capital to reserve for stock dividend and the amendment of Clause 4 of the Memorandum of Association of the Company to be in line with the increase of registered capital of the Company; to consider and approve the re-election of Directors to replace those retired by rotation; and to consider other matters. Reported Earnings • Feb 21
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿2.59 (up from ฿1.27 in FY 2022). Revenue: ฿1.31b (up 133% from FY 2022). Net income: ฿278.6m (up 119% from FY 2022). Profit margin: 21% (down from 23% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 17% growth forecast for the IT industry in Thailand. Tillkännagivande • Feb 21
Bluebik Group Public Company Limited Approves Dividend Payment, Payable on 21 May 2024 Bluebik Group Public Company Limited announced that the Board of Directors' Meeting No. 1/2024 held on 20 February 2024 approved Cash dividend of THB 0.3815 per share for the existing shares at 108,882,400 shares, totaling not exceeding THB 41,538,636. In this regard, the Company has set the date of 2 May 2024, as the date for determining the shareholders' right to receive the dividend (Record Date) and within 21 May 2024, as the dividend payment date. However, the granting of such rights of the Company is not yet definite, because the approval by the Annual General Meeting of Shareholders is still required. Buy Or Sell Opportunity • Feb 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to ฿99.25. The fair value is estimated to be ฿82.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 63% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 84% in 2 years. Earnings are forecast to grow by 105% in the next 2 years. Tillkännagivande • Nov 12
Bluebik Group Public Company Limited Announces Board Changes Bluebik Group Public Company Limited announced that at the board meeting held on 10 November 2023, the company approved the resignation of Ms. Suthida Chansomboon from the position of director effective from 10 November 2023 onwards. The appointment of Ms. Sriprae Thanathitiphan to be a director replacing Ms. Suthida Chansomboon and retained for remaining term of the resigned director with effect from 10 November 2023 onwards. Approve the change of the Company's authorized signatories as follows: "Mr. Pochara Arayakarnkul, Mr. Pakorn Jiemskultip and Ms. Suthida Chansomboon, any two of three directors jointly sign and affix the Company's seal". "Mr. Pochara Arayakarnkul, Mr. Pakorn Jiemskultip and Ms. Sriprae Thanathitiphan, any two of three directors jointly sign and affix the Company's seal". Price Target Changed • Nov 10
Price target decreased by 10% to ฿121 Down from ฿135, the current price target is an average from 4 analysts. New target price is 29% above last closing price of ฿94.00. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿2.53 for next year compared to ฿1.27 last year. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ฿0.62 (up from ฿0.32 in 2Q 2022). Revenue: ฿339.8m (up 158% from 2Q 2022). Net income: ฿67.0m (up 108% from 2Q 2022). Profit margin: 20% (down from 24% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 8.8%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 23% growth forecast for the IT industry in Thailand. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿115, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 15x in the IT industry in Thailand. Total returns to shareholders of 68% over the past year. Price Target Changed • May 18
Price target decreased by 17% to ฿127 Down from ฿153, the current price target is an average from 2 analysts. New target price is 37% above last closing price of ฿93.00. Stock is up 49% over the past year. The company is forecast to post earnings per share of ฿2.43 for next year compared to ฿1.27 last year. Upcoming Dividend • May 02
Upcoming dividend of ฿0.40 per share at 0.4% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 31% and the cash payout ratio is 94%. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (2.8%). Tillkännagivande • Dec 03
Bluebik Group Public Company Limited (SET:BBIK) agreed to acquire Innoviz Solutions Co., Ltd. from TAWEEWAT GROUP CO.,LTD. and others for approximately THB 900 million. Bluebik Group Public Company Limited (SET:BBIK) agreed to acquire Innoviz Solutions Co., Ltd. from TAWEEWAT GROUP CO.,LTD. and others for approximately THB 900 million on November 24, 2022. Under the terms, will acquire 100,000 shares and consideration will be paid in several tranches. Other sellers include, Wandee Wanikpun, Passara Amornjarusonthikul, Piyarat Kanyala, Sriwilai Konkkarat, Suraket Kasemprasaspor, Somkiat Apiwatudomkun and Akkarapon Kasiwittayanun Transaction is subject to approval of Bluebik Group Public Company's shareholders. Transaction is expected to close on March 13, 2025. TISCO Securities Co., Ltd. acted as a financial advisor to Bluebik Group Public Company Limited. For the year December 31, 2021, Innoviz Solutions Co. reported THB 165.26 million of Total assets, THB 44.87 million of Total shareholders’ equity and THB 243.83 million of Total Revenues Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.36 (up from ฿0.19 in 3Q 2021). Revenue: ฿181.4m (up 156% from 3Q 2021). Net income: ฿36.4m (up 135% from 3Q 2021). Profit margin: 20% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 29% growth forecast for the IT industry in Thailand. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kanchit Bunajinda 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 • Nov 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.36 (up from ฿0.19 in 3Q 2021). Revenue: ฿181.4m (up 156% from 3Q 2021). Net income: ฿36.4m (up 135% from 3Q 2021). Profit margin: 20% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.9%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 29% growth forecast for the IT industry in Thailand. Major Estimate Revision • Sep 06
Consensus revenue estimates increase by 25% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿394.0m to ฿494.0m. EPS estimate increased from ฿1.12 to ฿1.27 per share. Net income forecast to grow 74% next year vs 29% growth forecast for IT industry in Thailand. Consensus price target up from ฿97.63 to ฿122. Share price rose 11% to ฿105 over the past week. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.32 (vs ฿0.24 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.32 (up from ฿0.24 in 2Q 2021). Revenue: ฿131.8m (up 71% from 2Q 2021). Net income: ฿32.2m (up 82% from 2Q 2021). Profit margin: 24% (up from 23% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 25%, compared to a 45% growth forecast for the industry in Thailand. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Kanchit Bunajinda 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. Tillkännagivande • Feb 25
Bluebik Group Company Limited, Annual General Meeting, Apr 25, 2022 Bluebik Group Company Limited, Annual General Meeting, Apr 25, 2022, at 10:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the Annual General Shareholders' Meeting 2021; to consider and approve the Financial Statement for the year ended 31 December 2021; to consider and approve the allocation of net profit to the legal reserve and approve the payment of dividend deriving from the operating results for the year 2021; to consider and approve the re-election of Directors to replace those retired by rotation; to consider and approve the remuneration to the Board of Directors for the year 2022; to consider and approve for the appointment of the external auditors and set its audit fee for the year 2022; and to consider the transact other matters (if any). Tillkännagivande • Feb 24
Bluebik Group Company Limited Approves the Payment of an Interim Dividend Payment for the First-Half Operational Results from 1 January to 30 June 2021, to Pay Dividend on 24 May 2022 Bluebik Group Company Limited approved the payment of an interim dividend payment for the first-half operational results from 1 January to 30 June 2021, to shareholders of the Company on 6 September 2021 at the rate of THB 0.98 per share for the total shares of 75,000,000, totaling approximately THB 73,500,000. To determine the record date for the right to receive the dividend (Record Date) on 9 May 2022 and to pay dividend on 24 May 2022. However, the granting of such rights of the Company is not yet definite, because an approval by the Annual General Meeting of Shareholders is still required. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.89 (down from ฿1.09 in FY 2020). Revenue: ฿303.7m (up 51% from FY 2020). Net income: ฿66.5m (up 50% from FY 2020). Profit margin: 22% (in line with FY 2020). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Over the next year, revenue is forecast to grow 22%, compared to a 19% growth forecast for the industry in Thailand. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 17% share price gain to ฿34.25, the stock trades at a trailing P/E ratio of 70.8x. Average trailing P/E is 21x in the IT industry in Thailand. 
