Major Estimate Revision • May 16
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿3.34b to ฿3.26b. EPS estimate also fell from ฿1.04 per share to ฿0.63 per share. Net income forecast to grow 56% next year vs 11% growth forecast for IT industry in Thailand. Consensus price target of ฿5.48 unchanged from last update. Share price rose 4.0% to ฿4.18 over the past week. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (5.4%). New Risk • Mar 14
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: 7.7% Last year net profit margin: 15% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.03b market cap, or US$62.5m). New Risk • Mar 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.15b market cap, or US$67.5m). Reported Earnings • Mar 04
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿0.40 (down from ฿0.75 in FY 2024). Revenue: ฿3.14b (up 24% from FY 2024). Net income: ฿241.7m (down 37% from FY 2024). Profit margin: 7.7% (down from 15% in FY 2024). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 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 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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). Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.40b market cap, or US$76.4m). Declared Dividend • Mar 01
Dividend increased to ฿0.13 Dividend of ฿0.13 is 5.9% higher than last year. Ex-date: 29th April 2026 Payment date: 22nd May 2026 Dividend yield will be 3.1%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% 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 dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 28
Internet Thailand Public Company Limited announces Annual dividend, payable on May 22, 2026 Internet Thailand Public Company Limited announced Annual dividend of THB 0.1260 per share payable on May 22, 2026, ex-date on April 29, 2026 and record date on April 30, 2026. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.057 (vs ฿0.17 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.057 (down from ฿0.17 in 3Q 2024). Revenue: ฿798.3m (up 25% from 3Q 2024). Net income: ฿34.2m (down 59% from 3Q 2024). Profit margin: 4.3% (down from 13% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Oct 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (฿2.30b market cap, or US$71.0m). Price Target Changed • Aug 17
Price target decreased by 7.2% to ฿5.48 Down from ฿5.90, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ฿3.98. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ฿0.49 for next year compared to ฿0.75 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.14 in 2Q 2024). Revenue: ฿775.7m (up 28% from 2Q 2024). Net income: ฿67.9m (down 1.2% from 2Q 2024). Profit margin: 8.8% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% 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 27% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 24
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.64 to ฿0.49. Revenue forecast unchanged from ฿2.88b at last update. Net income forecast to shrink 25% next year vs 31% growth forecast for IT industry in Thailand . Consensus price target down from ฿5.90 to ฿5.78. Share price fell 5.9% to ฿4.12 over the past week. Reported Earnings • May 16
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ฿0.079 (down from ฿0.11 in 1Q 2024). Revenue: ฿729.2m (up 22% from 1Q 2024). Net income: ฿39.8m (down 28% from 1Q 2024). Profit margin: 5.5% (down from 9.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 21%. Revenue is forecast to grow 8.8% 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 28% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • May 07
Price target decreased by 9.9% to ฿5.90 Down from ฿6.55, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.70. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of ฿0.70 for next year compared to ฿0.75 last year. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (8.1%). Lower than average of industry peers (7.2%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿3.84, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.48 per share. Major Estimate Revision • Mar 01
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿2.69b to ฿2.88b. EPS estimate increased from ฿0.64 to ฿0.705 per share. Net income forecast to grow 7.0% next year vs 31% growth forecast for IT industry in Thailand. Consensus price target up from ฿5.75 to ฿6.55. Share price fell 11% to ฿5.05 over the past week. Declared Dividend • Mar 01
Dividend increased to ฿0.12 Dividend of ฿0.12 is 2.6% higher than last year. Ex-date: 30th April 2025 Payment date: 23rd May 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (19% 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 dividend has increased by an average of 26% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to ฿5.20. The fair value is estimated to be ฿4.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Tillkännagivande • Jan 31
Internet Thailand Public Company Limited Announces Board Appointments Internet Thailand Public Company Limited informed that the Board of Directors' Meeting held on January 30, 2025 adopted a resolution to appoint Assoc. Prof. Pasu Decharin, Ph.D., an Independent Director to be a member of The Audit Committee which will be effective January 30, 2025. The audit committee is consisted of: Chairman of the audit committee Prof. Emeritus Dr.Achara Chandrachai, Member of the audit committee Ms.Narumol Wangsatorntanakun, Member of the audit committee Asst. Prof. Tippawan Pinvanichkul, Ph.D, Member of the audit committee Assoc. Prof. Pasu Decharin, Ph.D. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿5.85, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the IT industry in Thailand. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.25 per share. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿4.78, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the IT industry in Thailand. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share. Buy Or Sell Opportunity • Dec 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to ฿6.25. The fair value is estimated to be ฿5.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿5.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the IT industry in Thailand. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.04 per share. New Risk • Nov 14
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 9.2% 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 Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (฿2.52b market cap, or US$71.8m). Buy Or Sell Opportunity • Nov 14
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 51% to ฿6.50. The fair value is estimated to be ฿4.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 7.3% in a year. Earnings are forecast to decline by 11% in the next year. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ฿0.14 (up from ฿0.089 in 2Q 2023). Revenue: ฿603.4m (up 19% from 2Q 2023). Net income: ฿68.7m (up 54% from 2Q 2023). Profit margin: 11% (up from 8.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 71%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.06 in 1Q 2023) First quarter 2024 results: EPS: ฿0.11 (up from ฿0.06 in 1Q 2023). Revenue: ฿600.4m (up 22% from 1Q 2023). Net income: ฿55.2m (up 83% from 1Q 2023). Profit margin: 9.2% (up from 6.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 13% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 02
Internet Thailand Public Company Limited Proposes Dividend Payment for 2023, Payable on May 23, 2024 Internet Thailand Public Company Limited 2024 Annual General Meeting of Shareholders be held on 25 April 2024 proposed Paying the dividend from the 2023 operating profit to shareholders, shares at THB 0.116 per share, totaling 500,967,207 being up a total dividend payment of THB 53,054,411.11. Determining the date for eligible shareholders (record date) on May 7, 2024 and determining the date of dividend payment on May 23, 2024. Declared Dividend • Mar 01
Dividend of ฿0.12 announced Shareholders will receive a dividend of ฿0.12. Ex-date: 3rd May 2024 Payment date: 23rd May 2024 Dividend yield will be 2.5%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (22% 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 dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.4% over the next year, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 29
Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024 Internet Thailand Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: INET Hall Meeting Room, IT Floor, Thai Summit Tower, No. 168 New Petchaburi Road, Bangkapi Sub-district, Huai Khwang District, Bangkok Metropolis Thailand Agenda: To certify the minutes of the Extraordinary General Meeting of Shareholders No. 2/2023 held on July 2 , 2023; to acknowledge the Board of Director's Report regarding to the Company's Operating Results for the year 2023; to consider and approve the Financial Statements and Auditor's Report for the year ended December 31, 2023, audited by the Certified Public Accountant; to consider and approve the allocation of Net Profit to be a reserve fund and 2023 dividend payment; and to discuss other matters. Major Estimate Revision • Feb 06
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.32 to ฿0.39. Revenue forecast unchanged at ฿2.08b. Net income forecast to shrink 13% next year vs 24% growth forecast for IT industry in Thailand . Consensus price target up from ฿4.30 to ฿4.76. Share price was steady at ฿4.78 over the past week. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 24% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.05b market cap, or US$57.9m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.084 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.084 in 3Q 2022). Revenue: ฿522.5m (up 1.1% from 3Q 2022). Net income: ฿58.4m (up 39% from 3Q 2022). Profit margin: 11% (up from 8.1% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 19% growth forecast for the IT industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.99b market cap, or US$55.2m). Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.11 per share at 2.1% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.8%). Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.051 (vs ฿0.021 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.051 (up from ฿0.021 in 2Q 2021). Revenue: ฿488.5m (up 24% from 2Q 2021). Net income: ฿25.7m (up 150% from 2Q 2021). Profit margin: 5.3% (up from 2.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿4.96, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿5.50, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 76% over the past three years. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Pipat Reungsang was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.051 (up from ฿0.029 in 1Q 2021). Revenue: ฿485.1m (up 18% from 1Q 2021). Net income: ฿25.5m (up 76% from 1Q 2021). Profit margin: 5.3% (up from 3.5% in 1Q 2021). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 02
Upcoming dividend of ฿0.042 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 26 May 2022. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.6%). Board Change • Apr 27
High number of new directors Independent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Ploy Charoensom was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿6.60, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 109% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿0.33 (up from ฿0.20 in FY 2020). Revenue: ฿1.87b (up 1.7% from FY 2020). Net income: ฿162.9m (up 59% from FY 2020). Profit margin: 8.7% (up from 5.6% in FY 2020). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿7.70, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 23x in the IT industry in Thailand. Total returns to shareholders of 152% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 18% share price gain to ฿5.40, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.10 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿531.7m (up 19% from 3Q 2020). Net income: ฿102.3m (up 97% from 3Q 2020). Profit margin: 19% (up from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Board Change • Oct 07
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, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Tippawan Pinvanichkul 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. Executive Departure • Oct 06
Director Natnatcha Chaiprasert has left the company On the 1st of October, Natnatcha Chaiprasert's tenure as Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Natnatcha's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years. Executive Departure • Oct 06
Director Tanwadee Wongterarit has left the company On the 1st of October, Tanwadee Wongterarit's tenure as Director ended after 12.4 years in the role. We don't have any record of a personal shareholding under Tanwadee's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.83 years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 15% share price gain to ฿4.56, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 20x in the IT industry in Thailand. Total returns to shareholders of 28% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.029 (vs ฿0.021 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿410.6m (down 14% from 1Q 2020). Net income: ฿14.6m (up 40% from 1Q 2020). Profit margin: 3.5% (up from 2.2% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.20 (vs ฿0.34 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.83b (down 2.5% from FY 2019). Net income: ฿102.5m (down 39% from FY 2019). Profit margin: 5.6% (down from 9.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 14
New 90-day high: ฿4.46 The company is up 21% from its price of ฿3.70 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the IT industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ฿4.16 The company is up 32% from its price of ฿3.16 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 20% share price gain to ฿4.02, the stock is trading at a trailing P/E ratio of 13.2x, up from the previous P/E ratio of 11x. This compares to an average P/E of 13x in the IT industry in Thailand. Total returns to shareholders over the past three years are 3.3%. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.10 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿448.5m (down 6.4% from 3Q 2019). Net income: ฿51.8m (up 189% from 3Q 2019). Profit margin: 12% (up from 3.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 12
New 90-day high: ฿4.06 The company is up 45% from its price of ฿2.80 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 26% share price gain to ฿4.06, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 13x in the IT industry in Thailand. Total return to shareholders over the past three years is a loss of 4.0%. 
