New Risk • May 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 35% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (฿2.73b market cap, or US$83.8m). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.022 (vs ฿0.006 in 1Q 2025) First quarter 2026 results: EPS: ฿0.022 (up from ฿0.006 in 1Q 2025). Revenue: ฿1.99b (down 14% from 1Q 2025). Net income: ฿601.1m (up 273% from 1Q 2025). Profit margin: 30% (up from 7.0% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Mar 13
Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 27, 2026 Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 27, 2026, at 09:00 SE Asia Standard Time. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: ฿0.005 (vs ฿0.05 in FY 2024) Full year 2025 results: EPS: ฿0.005 (down from ฿0.05 in FY 2024). Revenue: ฿8.08b (down 14% from FY 2024). Net income: ฿143.3m (down 90% from FY 2024). Profit margin: 1.8% (down from 15% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Dec 27
Levanta Renewables (Thailand) Co., Limited and others completed the acquisition of Daisy Solar Company Limited from Super Energy Corporation Public Company Limited (SET:SUPER), Super Solar (Thailand) Company Limited and Super Water Company Limited for THB 3.66 billion. Levanta Renewables (Thailand) Co., Limited and others signed a letter of intent to acquire Daisy Solar Company Limited from Super Energy Corporation Public Company Limited (SET:SUPER), Super Solar (Thailand) Company Limited and Super Water Company Limited on July 24, 2025. Levanta Renewables (Thailand) Co., Limited also agreed to acquire Apollo Solar Company Limited from Super Solar Energy Company Limited and other shareholders on July 24, 2025. The total transaction value of Transactions will be approximately THB 4 billion. Super Solar (Thailand) Company Limited and Super Water Company Limited entering into the share purchase agreement with conditions precedent to dispose 45%, 20% and 35%, respectively, of common shares in Daisy Solar Company Limited. Upon completion of Transaction Daisy Solar Company Limited will cease to be subsidiaries of Super Energy Corporation Public Company Limited, Levanta Renewables (Thailand) Co., Limited will hold 99.99% and other minority shareholders will hold less than 0.01% stake in Daisy Solar Company Limited. The tentative signing date of share purchase agreement with conditions precedent under Transaction is within July 2025. The Super Energy Corporation Public Company Limited plans to utilize the proceed from this share disposal: 1) to repay loan to reduce interest expenses, 2) to invest in power plant projects granted by Energy Regulatory Commission of Thailand, which is expected to COD in 2026-2029, 3) to invest in Direct PPA Projects, and 4) to utilize as additional funding for the Company’s working capital management.
The deal has been approved by the board of directors of Super Energy Corporation Public Company Limited. The transaction is subject to approval from Energy Regulatory Commission of Thailand, approval or waiver from the banks granting loans to each project regarding the transaction and approval from Board of Investment of Thailand. As of September 25, 2025, the financial institutions, Super Energy obtained approval from the lenders to DAISY group subsidiaries. The transaction is tentatively expected to be completed in the third quarter of 2025. As of October 1, 2025, the transaction is expected to close on October 31, 2025.
Levanta Renewables (Thailand) Co., Limited and others entered into a share purchase agreement to acquire Daisy Solar Company Limited from Super Energy Corporation Public Company Limited (SET:SUPER), Super Solar (Thailand) Company Limited and Super Water Company Limited on July 28, 2025.
Levanta Renewables (Thailand) Co., Limited and others completed the acquisition of Daisy Solar Company Limited from Super Energy Corporation Public Company Limited (SET:SUPER), Super Solar (Thailand) Company Limited and Super Water Company Limited for THB 3.66 billion on July 24, 2025. Reported Earnings • Nov 18
Third quarter 2025 earnings released: ฿0.017 loss per share (vs ฿0.078 profit in 3Q 2024) Third quarter 2025 results: ฿0.017 loss per share (down from ฿0.078 profit in 3Q 2024). Revenue: ฿1.88b (down 7.6% from 3Q 2024). Net loss: ฿453.8m (down 121% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. New Risk • Nov 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.01b (US$92.6m) 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. 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). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿3.01b market cap, or US$92.6m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.026 loss per share (vs ฿0.011 loss in 2Q 2024) Second quarter 2025 results: ฿0.026 loss per share (further deteriorated from ฿0.011 loss in 2Q 2024). Revenue: ฿2.02b (down 18% from 2Q 2024). Net loss: ฿717.7m (loss widened 135% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ฿0.15. The fair value is estimated to be ฿0.19, 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. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 18
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ฿0.15. The fair value is estimated to be ฿0.20, 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. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • May 16
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ฿0.15. The fair value is estimated to be ฿0.20, 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. Meanwhile, the company has become profitable. Board Change • May 01
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. 4 experienced directors. 3 highly experienced directors. Non-Executive Independent Vice Chairman Virasak Sutanthavibul 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. New Risk • Apr 08
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 10% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 31% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ฿0.05 (vs ฿0 in FY 2023) Full year 2024 results: EPS: ฿0.05 (up from ฿0 in FY 2023). Revenue: ฿9.34b (down 4.8% from FY 2023). Net income: ฿1.36b (up ฿1.37b from FY 2023). Profit margin: 15% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 03
Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 24, 2025 Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:00 SE Asia Standard Time. New Risk • Feb 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 6.4% 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). Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.011 loss per share (vs ฿0.002 profit in 2Q 2023) Second quarter 2024 results: ฿0.011 loss per share (down from ฿0.002 profit in 2Q 2023). Revenue: ฿2.47b (up 2.2% from 2Q 2023). Net loss: ฿306.0m (down ฿372.7m from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.007 (vs ฿0.019 in 1Q 2023) First quarter 2024 results: EPS: ฿0.007 (down from ฿0.019 in 1Q 2023). Revenue: ฿2.71b (up 1.6% from 1Q 2023). Net income: ฿190.9m (down 63% from 1Q 2023). Profit margin: 7.0% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 27
Super Energy Corporation Public Company Limited Announces Changes in Audit Committee The 2024 Annual General Meeting of Shareholders of Super Energy Corporation Public Company Limited, held on 26 April 2024, resolved the meeting's resolutions in the following appointed Ms. Trithip Sivakriskul as Member of the audit committee the appointment of which shall take an effect as of 26 April 2024. The audit committee is consisted of: Chairman of the audit committee Mr. Kamtorn Udomrittiruj remaining term in office 2 years. Vice chairman of the audit committee Ms. Trithip Sivakriskul remaining term in office 3 years . Member of the audit committee Mr. Virasak Sutanthavibul remaining term in office 2 years. Tillkännagivande • Mar 02
Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 26, 2024 Super Energy Corporation Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Location: Grand Ballroom, 4 th floor, Hilton Bangkok Grand Asoke No. 30. Soi Sukhumvit 21, Sukhumvit Road, Bangkok Bangkok Thailand Agenda: To consider Chairman of the Board of Directors reports to shareholders; to consider and endorse the minutes of the 2023 Annual General Meeting of Shareholders held on 25 April 2023; to acknowledge the Company's performance and the 2023 Annual Report; to consider and approve the financial statements for the year ended 31 December 2023, including the auditor's report; to consider and approve the allocation of net profit as a legal reserve and omission of dividend payment for the 2023 operating results; to consider and approve the appointment of directors who retire by rotation; and to consider other business matters. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0 (vs ฿0.024 in FY 2022) Full year 2023 results: EPS: ฿0 (down from ฿0.024 in FY 2022). Revenue: ฿9.81b (up 4.8% from FY 2022). Net loss: ฿8.32m (down 101% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ฿0.016 loss per share (vs ฿0.003 loss in 3Q 2022) Third quarter 2023 results: ฿0.016 loss per share (further deteriorated from ฿0.003 loss in 3Q 2022). Revenue: ฿2.31b (up 5.5% from 3Q 2022). Net loss: ฿446.0m (loss widened 440% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Tillkännagivande • Oct 11
Super Energy Corporation Public Company Limited Announces Notification of the Progress of the Commercial System for Wind Power Plant Project in Vietnam with A Capacity of 30 MW According to Super Energy Corporation Public Company Limited's notification of the progress of the commercial system for Wind power plant project in Vietnam with a capacity of 30 MW "Soc Trang Wind Power Plant Project", which is 1 0 0 % completed, is pending a resolution, and announcing clear guidelines for extending the schedule of electricity distribution into the commercial system from relevant agencies. On December 30, 2021. Currently, the project has signed an amended Power Purchase Agreement on September 27, 2023. The project has already been completed and after the signing, the Company will take relevant actions in order to be able to supply electricity to the commercial system as soon as possible. This is expected to be operational by quarter 4/2023. However, if the project supplies electricity to the commercial system to the Vietnam Electricity (EVN), the Company will report accordingly. New Risk • Aug 20
New major risk - Revenue and earnings growth Earnings have declined by 3.6% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 (1.2x net interest cover). Earnings have declined by 3.6% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.009 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.002 (down from ฿0.009 in 2Q 2022). Revenue: ฿2.41b (up 4.3% from 2Q 2022). Net income: ฿47.7m (down 80% from 2Q 2022). Profit margin: 2.0% (down from 10% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.019 (vs ฿0.019 in 1Q 2022) First quarter 2023 results: EPS: ฿0.019 (in line with 1Q 2022). Revenue: ฿2.67b (up 8.7% from 1Q 2022). Net income: ฿510.6m (down 4.1% from 1Q 2022). Profit margin: 19% (down from 22% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Third quarter 2022 earnings released: ฿0.003 loss per share (vs ฿0.019 profit in 3Q 2021) Third quarter 2022 results: ฿0.003 loss per share (down from ฿0.019 profit in 3Q 2021). Revenue: ฿2.19b (up 7.6% from 3Q 2021). Net loss: ฿82.6m (down 116% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Trithip Sivakriskul was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ฿0.009 (vs ฿0.026 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.009 (down from ฿0.026 in 2Q 2021). Revenue: ฿2.31b (up 5.6% from 2Q 2021). Net income: ฿236.2m (down 67% from 2Q 2021). Profit margin: 10% (down from 32% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 31% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.019 (down from ฿0.031 in 1Q 2021). Revenue: ฿2.46b (up 10% from 1Q 2021). Net income: ฿532.3m (down 38% from 1Q 2021). Profit margin: 22% (down from 39% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 11%, compared to a 26% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Apr 27
Price target decreased to ฿1.20 Down from ฿1.35, the current price target is provided by 1 analyst. New target price is 38% above last closing price of ฿0.87. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of ฿0.08 for next year compared to ฿0.088 last year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Trithip Sivakriskul was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Trithip Sivakriskul was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.088 (up from ฿0.048 in FY 2020). Revenue: ฿8.53b (up 31% from FY 2020). Net income: ฿2.41b (up 85% from FY 2020). Profit margin: 28% (up from 20% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 9.1%, compared to a 32% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • Nov 16
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿2.04b (up 23% from 3Q 2020). Net income: ฿525.7m (up 7.6% from 3Q 2020). Profit margin: 26% (down from 30% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.026 (vs ฿0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.19b (up 38% from 2Q 2020). Net income: ฿707.8m (up 377% from 2Q 2020). Profit margin: 32% (up from 9.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.031 (vs ฿0.026 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿2.23b (up 33% from 1Q 2020). Net income: ฿860.3m (up 20% from 1Q 2020). Profit margin: 39% (down from 43% in 1Q 2020). The decrease in margin was driven by higher expenses. 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 6% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 41%, compared to a 26% growth forecast for the Renewable Energy industry in Thailand. Is New 90 Day High Low • Mar 01
New 90-day low: ฿0.90 The company is down 1.0% from its price of ฿0.91 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ฿1.05 The company is up 18% from its price of ฿0.89 on 09 October 2020. The Thai market is also up 18% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Renewable Energy industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ฿1.00 The company is up 16% from its price of ฿0.86 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 11% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.018 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿1.65b (up 11% from 3Q 2019). Net income: ฿488.6m (down 58% from 3Q 2019). Profit margin: 30% (down from 78% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.