New Risk • May 29
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 7.0% 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. 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 30% per year over the past 5 years. Market cap is less than US$10m (฿315.0m market cap, or US$9.68m). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: ฿0.03 (vs ฿0.14 in FY 2024) Full year 2025 results: EPS: ฿0.03 (down from ฿0.14 in FY 2024). Revenue: ฿812.3m (down 41% from FY 2024). Net income: ฿13.4m (down 77% from FY 2024). Profit margin: 1.7% (down from 4.3% in FY 2024). The decrease in margin was driven by lower revenue. Buy Or Sell Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿0.61. The fair value is estimated to be ฿0.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 41%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.001 (vs ฿0.019 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.001 (down from ฿0.019 in 3Q 2024). Revenue: ฿175.4m (down 51% from 3Q 2024). Net income: ฿233.0k (down 97% from 3Q 2024). Profit margin: 0.1% (down from 2.2% in 3Q 2024). The decrease in margin was driven by lower revenue. New Risk • Oct 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major 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 (9.9% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 292% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (฿281.4m market cap, or US$8.61m). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). New Risk • Sep 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿323.4m (US$9.98m) 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 292% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (฿323.4m market cap, or US$9.98m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • Aug 08
Second quarter 2025 earnings released: ฿0.006 loss per share (vs ฿0.068 profit in 2Q 2024) Second quarter 2025 results: ฿0.006 loss per share (down from ฿0.068 profit in 2Q 2024). Revenue: ฿169.7m (down 63% from 2Q 2024). Net loss: ฿2.69m (down 110% from profit in 2Q 2024). Buy Or Sell Opportunity • Aug 04
Now 29% overvalued The stock has been flat over the last 90 days, currently trading at ฿1.03. The fair value is estimated to be ฿0.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last year. Earnings per share has declined by 57%. New Risk • Jun 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 7.8% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (฿365.4m market cap, or US$11.2m). New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.5% Last year net profit margin: 5.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (฿424.2m market cap, or US$12.8m). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.08, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 47% over the past year. Buy Or Sell Opportunity • Apr 24
Now 31% overvalued Over the last 90 days, the stock has fallen 15% to ฿1.08. The fair value is estimated to be ฿0.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 36%. Declared Dividend • Feb 21
Dividend of ฿0.07 announced Shareholders will receive a dividend of ฿0.07. Ex-date: 3rd March 2025 Payment date: 21st May 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to decline by 45% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. Tillkännagivande • Feb 20
I2 Enterprise Public Company Limited Provides Update on Civil Lawsuit Over Core Guarantee System Project I2 Enterprise Public Company Limited announced that on June 21, 2024. The company receives a summons and a copy of a plaint by post office from the Civil Court (the "Court") by posting the summons. The details are as follows Date of lawsuit: June 18, 2024. The party/parties: Government agencies & state enterprises. Summary of the main points of the lawsuit or dispute: In a civil case, the government agencies & state enterprises sue the company and fourth other defendants in the case on the default of charge from project services Core Guarantee System (CGS). The government agencies & state enterprises recover damages in the amount of THB 267,341,777.26 with interest at the rate of 5% per year of the principal amount THB 238,875,079.77 from the day following the filing date onwards until the company and fourth other defendants have jointly paid the damages to the plaintiff in full. The company has appointed legal advisors and lawyers to fight the case. The company has filed an answer to the court on September 3, 2024. And the court fixes the day for settlement of issues on November 19, 2024. By setting 4 appointment dates for witness examination starting from 26 - 29 August 2025. The company received 1 and a half appointments for witness examination around 28 August 2025 (all day) and 29 August 2025 (half morning). Impacts that occur on the company's operations: The legal advisory department is of the opinion that the case is still in the legal process and currently has no impact on the company's business operations. Estimate the damages or compensation that the company must pay or lose the case: proportional ratio 30% of the damages Calculated as an approximate amount THB 80,202,533.18 according to contractual obligations. Tillkännagivande • Feb 19
I2 Enterprise Public Company Limited Approves to Propose Dividend Payment for the Fiscal Year Ended 31 December 2024, Payable on 4 March 2025 I2 Enterprise Public Company Limited announced that at its board meeting held on 18 February 2025, Approved to propose the 2025 Annual General Shareholders' Meeting to consider and approve the legal reserve allocation and dividend payment from profits of the operation results for the fiscal year ended 31 December 2024 at THB 0.070 per share for total amount of approximately THB 29.40 Million, and approved to schedule the date to determine the shareholders' name, entitled to receive the dividend on May 21, 2025 (Record Date) and the dividend payment date is scheduled on 4 March 2025,The granting of such rights by the company remains uncertain pending approval at the shareholders' meeting. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.14 (vs ฿0.24 in FY 2023) Full year 2024 results: EPS: ฿0.14 (down from ฿0.24 in FY 2023). Revenue: ฿1.37b (down 3.9% from FY 2023). Net income: ฿59.1m (down 31% from FY 2023). Profit margin: 4.3% (down from 6.0% in FY 2023). The decrease in margin was driven by lower revenue. Tillkännagivande • Dec 26
I2 Enterprise Public Company Limited Provides Update on Civil Case I2 Enterprise Public Company Limited informed that on June 21, 2024. The company receives a summons and a copy of a plaint by post office from the Civil Court (the "Court") by posting the summons. The details are as follows Date of lawsuit June 18, 2024 The party/parties Government agencies & state enterprises In a civil case, the government agencies & state enterprises sue the company and fourth other defendants in the case on the default of charge from project services Core Guarantee System)CGS(. The government agencies & state enterprises recover damages in the amount of THB 267,341,777. 26 with interest at the rate of 5% per year of the principal amount THB 238,875,079. 77 from the day following the filing date onwards until the company and fourth other defendants have jointly paid the damages to the plaintiff in full. Dispute management procedures and determine important next steps of the company has appointed legal advisors and lawyers to fight the case. The company has filed an answer to the court on September 3, 2024. And the court fixes the day for settlement of issues on November 19, 2024. By setting 4 appointment dates for witness examination starting from 26 - 29 August 2025. The company received 1 and a half appointments for witness examination around 28 August 2025 (all day) and 29 August 2025 (half morning). Possible effects Impacts that occur on the company's operations: The legal advisory department is of the opinion that the case is still in the legal process and currently has no impact on the company's business operations. Estimate the damages or compensation that the company must pay or lose the case: proportional ratio 30 percent of the damages Calculated as an approximate amount THB 80,202,533. 18 according to contractual obligations. New Risk • Dec 02
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 5.6% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (79% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (4.8% net profit margin). Market cap is less than US$100m (฿583.8m market cap, or US$16.9m). Buy Or Sell Opportunity • Dec 02
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to ฿1.60. The fair value is estimated to be ฿1.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 34%. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.62, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 9.8% over the past year. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.07 (up from ฿0.025 in 2Q 2023). Revenue: ฿478.7m (up 190% from 2Q 2023). Net income: ฿28.4m (up 285% from 2Q 2023). Profit margin: 5.9% (up from 4.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is expected to decline by 1.1% p.a. on average during the next 2 years, while revenues in the IT industry in Thailand are expected to grow by 11%. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.057 in 1Q 2023) First quarter 2024 results: EPS: ฿0.05. Revenue: ฿346.9m (up 15% from 1Q 2023). Net income: ฿19.0m (up 12% from 1Q 2023). Profit margin: 5.5% (down from 5.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Tillkännagivande • Apr 27
I2 Enterprise Public Company Limited Approves Dividend for the Fiscal Year Ended 31 December 2023 I2 Enterprise Public Company Limited announced that at its 2024 annual general meeting of shareholders held on April 25, 2024, approved dividend payment from profits of the operation results for the fiscal year ended 31 December 2023 at THB 0.068 per share, totaling THB 28.56 million. Buy Or Sell Opportunity • Apr 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ฿2.12. The fair value is estimated to be ฿1.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last year. Earnings per share has grown by 35%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Buy Or Sell Opportunity • Mar 08
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ฿2.18. The fair value is estimated to be ฿1.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 51% over the last year. Earnings per share has grown by 35%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Upcoming Dividend • Feb 26
Upcoming dividend of ฿0.068 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%). Tillkännagivande • Feb 23
I2 Enterprise Public Company Limited Proposes Dividend for the Fiscal Year Ended 31 December 2023, Payable on 5 March 2024 I2 Enterprise Public Company Limited at its board meeting held on 20 February 2024, approved to propose the 2024 Annual General Shareholders' Meeting to consider and approve the legal reserve allocation and dividend payment from profits of the operation results for the fiscal year ended 31 December 2023 at THB 0.068 per share, or not exceeding THB 28.56 Million, and approved to schedule the date to determine the shareholders' name, entitled to receive the dividend on May 3,2024 (Record Date) and the dividend payment date is scheduled on 5 March 2024. Tillkännagivande • Feb 21
I2 Enterprise Public Company Limited, Annual General Meeting, Apr 25, 2024 I2 Enterprise Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: Bangkok International Trade & Exhibition Centre, BITEC 88 Debaratna road, Bangna Tai, Bangna, Bangkok Thailand Agenda: To consider and adopt the Minutes of the Annual General Meeting No. 1/2023; to acknowledge the Company's operating results report of year 2023; to consider the approval of the Financial Statements as at December 31, 2023; to consider the approval of the appropriation of profits and dividend payment; to consider the appointment of the auditors and determine the audit fee; to consider the election of the Company's directors to replace those who retire by rotation; to consider the directors' remuneration of year 2024; and to consider other matters (if any). Reported Earnings • Feb 21
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.24 (up from ฿0.18 in FY 2022). Revenue: ฿1.43b (up 51% from FY 2022). Net income: ฿85.3m (up 90% from FY 2022). Profit margin: 6.0% (up from 4.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 17% growth forecast for the IT industry in Thailand. New Risk • Feb 16
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 6.7% 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 High level of non-cash earnings (112% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (฿890.4m market cap, or US$24.7m). Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.24, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the IT industry in Thailand. Tillkännagivande • Dec 14
I2 Enterprise Public Company Limited Announces an Interim Cash Dividend for the Operating Period from 1 January 2023 to 30 September 2023, Payable on 12 January 2024 I2 Enterprise Public Company Limited announced an interim cash dividend of THB 0.032 per share for the operating period from 1 January 2023 to 30 September 2023. Ex-dividend date is 28 December 2023. Record date for the right to receive dividends is 2 January 2024. Payment date is 12 January 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ฿0.08. Net income: ฿31.4m (up ฿31.4m from 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 21% growth forecast for the IT industry in Thailand. New Risk • Oct 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). Revenue has declined by 17% over the past year. High level of non-cash earnings (64% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿890.4m market cap, or US$24.1m). 
