New Risk • May 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 128% The company is paying a dividend despite having no free cash flows. Dividend yield: 6.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 128% Paying a dividend despite having no free cash flows. Revenue has declined by 10% over the past year. High level of non-cash earnings (69% accrual ratio). Market cap is less than US$10m (฿266.4m market cap, or US$8.16m). Minor Risk Profit margins are more than 30% lower than last year (2.8% net profit margin). New Risk • May 19
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: 2.8% 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 Risks Revenue has declined by 10% over the past year. High level of non-cash earnings (69% accrual ratio). Market cap is less than US$10m (฿266.4m market cap, or US$8.17m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.02 (vs ฿0.003 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.02 (up from ฿0.003 loss in 1Q 2025). Revenue: ฿123.1m (up 20% from 1Q 2025). Net income: ฿4.87m (up ฿5.48m from 1Q 2025). Profit margin: 4.0% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.067 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 20 May 2026. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (5.4%). Buy Or Sell Opportunity • Apr 21
Now 20% undervalued Over the last 90 days, the stock has risen 5.0% to ฿1.05. The fair value is estimated to be ฿1.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Earnings per share has declined by 30%. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.052 (vs ฿0.14 in FY 2024) Full year 2025 results: EPS: ฿0.052 (down from ฿0.14 in FY 2024). Revenue: ฿454.4m (down 10% from FY 2024). Net income: ฿12.5m (down 58% from FY 2024). Profit margin: 2.8% (down from 5.9% in FY 2024). The decrease in margin was driven by lower revenue. Declared Dividend • Feb 23
Dividend of ฿0.067 announced Shareholders will receive a dividend of ฿0.067. Ex-date: 29th April 2026 Payment date: 20th May 2026 Dividend yield will be 6.6%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 18% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 3.5% to shift the payout ratio to a potentially unsustainable range, which is less than the 13% EPS decline seen over the last 5 years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.04 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (up from ฿0.04 in 3Q 2024). Revenue: ฿133.7m (up 2.5% from 3Q 2024). Net income: ฿11.4m (up 34% from 3Q 2024). Profit margin: 8.5% (up from 6.5% in 3Q 2024). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.03 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.002 (down from ฿0.03 in 2Q 2024). Revenue: ฿103.1m (down 15% from 2Q 2024). Net income: ฿495.0k (down 91% from 2Q 2024). Profit margin: 0.5% (down from 4.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Tillkännagivande • Jun 24
Terabyte Plus Public Company Limited Approves Board and Committee Changes Terabyte Plus Public Company Limited announced that at its board meeting held on 23 June 2025, approved the appointment of Mr. Thanapat Suksuthamwong as Director /Member of the Investment Committee in replacement of Mr. Khanist Srivajiraprapha, who resigned from the position on 9 June 2025. The appointment is effective from 23 June 2025 onwards; Approved the appointment of Mr. Ekapol Sakulpolphaisan as Director /Member of the Executive Committee /Member of the Nomination and Remuneration Committee in replacement of Ms. Inthira Chuaysanit, who resigned from the position on 9 June 2025. The appointment is effective from 23 June 2025 onwards. Executive Committee: Names and Positions of Directors Prior to the Appointment: Mr. Surasit Kiwprasopsak, Chairman; Mr. Boonchai Tungwattanapornchai; Mr. Damrong Jirasaowaphark; Mr. Vasu Klomkliang; Mr. Ekapol Sakulpolphaisan. Nomination and Remuneration Committee: Names and Positions of Directors Prior to the Appointment: Mr. Vasu Klomkliang, Chairman; Mr. Montree Aroon; Mr. Surasit Kiwprasopsak; Mr. Ekapol Sakulpolphaisan. Investment Committee: Names and Positions of Directors Prior to the Appointment: Mr. Vasu Klomkliang, Chairman; Mr. Surasit Kiwprasopsak; Mr. Boonchai Tungwattanapornchai; Mr. Thanapat Suksuthamwong. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: ฿102.4m (down 11% from 1Q 2024). Net loss: ฿611.0k (down 113% from profit in 1Q 2024). Tillkännagivande • Apr 24
Terabyte Plus Public Company Limited Approves Dividend for the Year 2024, Payable on May 20, 2025 Terabyte Plus Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 22, 2025, the Meeting also approved the dividend payment for the year 2024 at the rate of THB 0.08 per share, totaling THB 19,200,000. The Company has set the record date for determining the names of shareholders entitled to receive the dividend on April 30, 2025, and the dividend payment date on May 20, 2025. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 20 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (8.0%). In line with average of industry peers (7.3%). Tillkännagivande • Mar 03
Terabyte Plus Public Company Limited Announces Appointment of Surasit Kewprasopsak as Company Secretary Terabyte Plus Public Company Limited informed that on February 18, 2025, the Board of Directors resolved to appoint the following individual as the Company Secretary: Mr. Surasit Kewprasopsak - Company Secretary. This appointment is effective from February 18, 2025, onwards. Buy Or Sell Opportunity • Feb 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ฿1.12. The fair value is estimated to be ฿1.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last year. Earnings per share has declined by 28%. Tillkännagivande • Feb 19
Terabyte Plus Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2024 to 31 December 2024, Payable on 20 May 2025 Terabyte Plus Public Company Limited at its Annual General Meeting of Shareholders to be held on 22 April 2025, proposed
Cash dividend of THB 0.08 per share of Par value THB 0.50 for the Operating period from 01 January 2024 to 31 December 2024. Ex-dividend date 29-Apr-2025; Record date for the right to receive dividends 30 April 2025; Payment date 20 May 2025. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.14 (vs ฿0.19 in FY 2023) Full year 2024 results: EPS: ฿0.14. Revenue: ฿505.5m (down 16% from FY 2023). Net income: ฿29.6m (up 2.2% from FY 2023). Profit margin: 5.9% (up from 4.8% in FY 2023). The increase in margin was driven by lower expenses. New Risk • Feb 17
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 6.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 201% Paying a dividend despite having no free cash flows. Revenue has declined by 19% over the past year. High level of non-cash earnings (174% accrual ratio). Market cap is less than US$10m (฿264.0m market cap, or US$7.84m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Tillkännagivande • Jan 15
Terabyte Plus Public Company Limited Announces Cessation of Somkiat Tankrittiwat as Company Secretary Terabyte Plus Public Company Limited announced that Mr. Somkiat Tankrittiwat has ceased to serve as the Company Secretary, effective from December 31, 2024, onwards. The Company is currently in the process of recruiting and appointing a qualified person to fill the vacant position. Further notification will be provided to the Stock Exchange of Thailand accordingly once the appointment is finalized. New Risk • Nov 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿338.4m (US$9.87m) 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 Revenue has declined by 3.2% over the past year. Market cap is less than US$10m (฿338.4m market cap, or US$9.87m). Minor Risks Less than 3 years of financial data is available. Short dividend paying track record (less than a year of continuous dividend payments). Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.83, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 12x in the IT industry in Thailand. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.54, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 11x in the IT industry in Thailand. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.40, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 11x in the IT industry in Thailand. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.80, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 12x in the IT industry in Thailand. New Risk • Jun 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿350.4m (US$9.56m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (฿350.4m market cap, or US$9.56m). Minor Risk Less than 3 years of financial data is available. Valuation Update With 7 Day Price Move • May 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.22, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 15x in the IT industry in Thailand. Tillkännagivande • May 09
Terabyte Plus Public Company Limited Announces Cash Dividend Payment, Payable on 07 June 2024 Terabyte Plus Public Company Limited announced Cash dividend payment THB 0.045 per share, Par value is THB 0.50. Ex-dividend date is 21-May-2024Payment date 07-June-2024. Board Change • Apr 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
