Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.02 (vs ฿0.038 in 1Q 2025) First quarter 2026 results: EPS: ฿0.02 (down from ฿0.038 in 1Q 2025). Revenue: ฿182.4m (down 2.7% from 1Q 2025). Net income: ฿5.40m (down 48% from 1Q 2025). Profit margin: 3.0% (down from 5.5% 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 18% per year, which means it is performing significantly worse than earnings. New Risk • Mar 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿316.1m (US$9.85m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 229% Market cap is less than US$10m (฿316.1m market cap, or US$9.85m). Minor Risk Share price has been volatile over the past 3 months (6.9% average weekly change). Buy Or Sell Opportunity • Mar 02
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to ฿1.41. The fair value is estimated to be ฿1.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 37% over the last 3 years. Earnings per share has declined by 2.9%. Declared Dividend • Feb 28
Dividend of ฿0.10 announced Dividend of ฿0.10 is the same as last year. Ex-date: 9th March 2026 Payment date: 20th May 2026 Dividend yield will be 7.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (25% cash payout ratio). 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 7.5% to shift the payout ratio to a potentially unsustainable range, which is less than the 19% EPS decline seen over the last 5 years. Duyuru • Feb 26
Itthirit Nice Corporation Public Company Limited Proposes Annual Dividend for 2025, Payable on May 20, 2026 Itthirit Nice Corporation Public Company Limited Board of Directors has resolved to approve the annual dividend payment for the year 2025 from retained earnings at the rate of THB 0.10 per share, totaling THB 27,020,000, which accounts for 95.95% of net profit, in accordance with the company's dividend policy. The dividend shall be paid to shareholders whose names appear in the shareholder register on March 10, 2026 (Record Date), and the payment will be made on, May 20, 2026. Duyuru • Feb 25
Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026 Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 21, 2026, at 09:00 SE Asia Standard Time. Location: itthirit nice corporation public company limited, no. 89/18-19, moo 5, phanthai norasing subdistrict, mueang samu sakhon district, samut sakhon province 74000, Thailand Board Change • Feb 18
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. CFO & Director Aekkachai Archaphiphat was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2025 earnings released: ฿0.048 loss per share (vs ฿0.015 profit in 3Q 2024) Third quarter 2025 results: ฿0.048 loss per share (down from ฿0.015 profit in 3Q 2024). Net loss: ฿12.6m (down 401% from profit in 3Q 2024). New Risk • Oct 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (฿405.3m market cap, or US$12.5m). New Risk • Aug 28
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 11% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (฿410.7m market cap, or US$12.7m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.028 (vs ฿0.021 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.028 (up from ฿0.021 in 2Q 2024). Revenue: ฿200.4m (up 22% from 2Q 2024). Net income: ฿7.60m (up 33% from 2Q 2024). Profit margin: 3.8% (up from 3.5% in 2Q 2024). The increase in margin was driven by higher revenue. New Risk • Jul 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 9.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 136% Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (฿405.0m market cap, or US$12.5m). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿1.50, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 11x in the Trade Distributors industry in Thailand. Total loss to shareholders of 21% over the past year. New Risk • Jun 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿321.3m (US$9.88m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 136% Market cap is less than US$10m (฿321.3m market cap, or US$9.88m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.038 (vs ฿0.033 in 1Q 2024) First quarter 2025 results: EPS: ฿0.038 (up from ฿0.033 in 1Q 2024). Revenue: ฿187.5m (up 19% from 1Q 2024). Net income: ฿10.3m (up 16% from 1Q 2024). Profit margin: 5.5% (down from 5.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Duyuru • Mar 06
Itthirit Nice Corporation Public Company Limited announced that it expects to receive THB 147.5 million in funding Itthirit Nice Corporation Public Company Limited announces to issue 295,000,000 shares at a price of THB 0.50 per share for gross proceeds of THB 147,500,000 on March 4, 2025. It has received approval from stock exchange. The investors allocated the newly issued common shares offered on a private placement basis in this round are not subject to any sale restrictions (Silent Period). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.68, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 15x in the Trade Distributors industry in Thailand. Total loss to shareholders of 17% over the past year. New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 96% Dividend yield: 6.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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: Minor Risks Dividend is not well covered by earnings (96% payout ratio). Market cap is less than US$100m (฿440.1m market cap, or US$13.0m). Duyuru • Feb 26
Itthirit Nice Corporation Public Company Limited Proposes Annual Dividend for 2024, Payable on May 20, 2025 The board of Itthirit Nice Corporation Public Company Limited proposed the annual dividend payment for 2024, to be paid from retained earnings at a rate of THB 0.10 per share, totaling THB 27,000,000,which accounts for 98.94% of the net profit for 2024, in accordance with the company's dividend payment policy. The dividend will be paid to shareholders whose names appear on the Record Date of March 19, 2025, with the payment scheduled for May 20, 2025. The dividend will be distributed from profits subject to a 10% corporate tax rate. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.10 (vs ฿0.091 in FY 2023) Full year 2024 results: EPS: ฿0.10 (up from ฿0.091 in FY 2023). Revenue: ฿650.9m (up 48% from FY 2023). Net income: ฿28.0m (up 21% from FY 2023). Profit margin: 4.3% (down from 5.3% in FY 2023). The decrease in margin was driven by higher expenses. Duyuru • Feb 26
Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 22, 2025 Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 22, 2025, at 09:00 SE Asia Standard Time. Location: itthirit nice corporation public, company limited no. 89/18-19, moo 5, phanthai norasing subdistrict, mueang samut, sakhon district, samut sakhon province 74000, Thailand New Risk • Nov 26
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 6.6% 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: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (฿531.9m market cap, or US$15.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.015 (vs ฿0.042 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.015 (down from ฿0.042 in 3Q 2023). Revenue: ฿147.2m (up 15% from 3Q 2023). Net income: ฿4.17m (down 64% from 3Q 2023). Profit margin: 2.8% (down from 9.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.10, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 13x in the Trade Distributors industry in Thailand. Total returns to shareholders of 20% over the past year. Reported Earnings • Aug 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿163.7m (up 181% from 2Q 2023). Net income: ฿5.74m (up 28% from 2Q 2023). Profit margin: 3.5% (down from 7.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 12x in the Trade Distributors industry in Thailand. Total returns to shareholders of 24% over the past year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.033 (vs ฿0.019 in 1Q 2023) First quarter 2024 results: EPS: ฿0.033 (up from ฿0.019 in 1Q 2023). Revenue: ฿158.0m (up 202% from 1Q 2023). Net income: ฿8.88m (up 121% from 1Q 2023). Profit margin: 5.6% (down from 7.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿2.80, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 12x in the Trade Distributors industry in Thailand. Total returns to shareholders of 35% over the past year. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.95, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 13x in the Trade Distributors industry in Thailand. Board Change • Mar 04
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, 4 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Chairperson of BOD Ronnachit Mahattanapreut 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. Duyuru • Feb 29
Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 23, 2024 Itthirit Nice Corporation Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Location: Maneewan Meeting Room of the Company, 89/18-19 Moo 5, Puntainorasigha Subdistrict, Muang Samutsakorn District, Samutsakorn Thailand Agenda: To acknowledge the Company's operating results for the year 2023 and its business plan in the future; to consider and approve the Company's financial statements for the year ended December 31, 2023; to consider and approve the allocation of net profit as legal reserve fund and the omission of dividend payment for the operating results of 2023; to consider and approve the appointment of the directors to replace those retiring by rotation; and to consider other matters. Duyuru • Feb 28
Itthirit Nice Corporation Public Company Limited Announces Board Changes Itthirit Nice Corporation Public Company Limited announced that the Board of Directors on February 27, 2024, approved appointment of Mr. Ekachai Archaphiphat to hold the position of Company Director. To replace the director who resigned Effective from February 27, 2024 onwards. After the Board of Directors has resolved to approve the appointment of the new directors above, the Company will have a total of 9 directors as follows: Mr.Ronnachit Mahattanapreu Chairman of the Board of Directors/Independent Director, Miss Tachanun Kangwantrakool Independent Director, Mr.Tirasan Sahatsapas Independent Director, Mr.Kraingsak Buanoom Independent Director, Mr.Thanaseth Akkrabunyapath Director, Mr.Trisith Akkrabunyapath Director, Miss Thansita Akkrabunyapath Director, Miss Minthita Akkrabunyapath Director and Mr. Ekachai Archaphiphat Director. It was resolved to approve the appointment of Mr. Aekkachai Achaphiphat to hold a position in the sub-committee, namely the Executive Director. To replace the director who resigned and appointment of Mrs. Oratai Suebsamran To hold a Executive Director effective from February 27, 2024 onwards. After the Board of Directors resolved to approve the appointment of the Executive Director. There will be a total of 5 executive directors as follows: Mr.Thanaseth Akkrabunyapath Chief Executive Officer, Mr.Trisith Akkrabunyapath Executive Director, Miss Minthita Akkrabunyapath Executive Director, Mr. Aekkachai Archaphiphat Executive Director and Mrs. Oratai Suebsamran Executive Director. Resolved to approve the change of directors serving in the sub- committee, namely the Risk Management Committee. Effective from February 27, 2024 onwards. There will be a risk management committee consisting of 3 members as follows. Miss Tachanun Kangwantrakool Chairwoman of Risk Management Committee, Mr.Thanaseth Akkrabunyapath Risk Management Committee and Mr.Trisith Akkrabunyapath Risk Management Committee. Resolved to approve the appointment of sub-committees, summarized as follows: Nomination and Remuneration Committee: Mr.Kraingsak Buanoom Chairman of Nomination and Remuneration Committee, Mr.Trisith Akkrabunyapath Nomination and Remuneration Committee and Miss Minthita Akkrabunyapath Nomination and Remuneration Committee. Corporate Governance and Sustainability Committee: Miss Tachanun Kangwantrakool Chairman of Corporate Governance and Sustainability Committee, Mr.Tirasan Sahatsapas Corporate Governance and Sustainability Committee and Mr. Ekachai Archaphiphat Corporate Governance and Sustainability Committee. By having the newly appointed sub-committees Effective from February 27, 2024 onwards. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.091 (vs ฿0.13 in FY 2022) Full year 2023 results: EPS: ฿0.091. Revenue: ฿440.5m (up 94% from FY 2022). Net income: ฿23.2m (up 9.7% from FY 2022). Profit margin: 5.3% (down from 9.3% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 64% After last week's 64% share price gain to ฿2.66, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 13x in the Trade Distributors industry in Thailand. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿1.52, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 12x in the Trade Distributors industry in Thailand. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.042 (vs ฿0.037 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.042 (up from ฿0.037 in 3Q 2022). Revenue: ฿127.8m (up 93% from 3Q 2022). Net income: ฿11.5m (up 53% from 3Q 2022). Profit margin: 9.0% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Duyuru • Oct 26
Itthirit Nice Corporation Public Company Limited Announces Resignation of Mr. Weerapong Kwanmongkolpong from the Positions of Director, Director Risk Management Committee, Executive Committee and Chief Operating Officer Itthirit Nice Corporation Public Company Limited announced that Mr. Weerapong Kwanmongkolpong has resigned from the positions of Director, Director Risk Management Committee, Executive Committee and Chief Operating Officer Due to his other business engagement. The resignation will be effective on 1 November 2023 onwards. Duyuru • Aug 18
Itthirit Nice Corporation Public Company Limited Announces Organizational Restructuring of the Company Itthirit Nice Corporation Public Company Limited announced that the Board of Directors Meeting No. 3/2023 held on August 11, 2023, resolved to approve the new organizational structure of the Company following: Add a Corporate Governance and Sustainability Committee, which is in the process of recruiting member of committee. Add a Nomination and Remuneration Committee, which is in the process of recruiting member of committee. Add New Business/Energy department, which is in the process of recruiting a Chief New Business Officer. Add Lighting Business department, Miss Minthita Akkrabunyapath acting Chief Lighting Business Officer. Merge the Human Resources department the Support and Administration department. Mr. Trisith Akkrabunyapath as Chief Administration Officer. This Restructuration for developing of the Company to grow, increasing the efficiency, knowledge and expertise in the Company's business operations, to be effective from September 1, 2023, onwards. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 14x in the Trade Distributors industry in Thailand. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.58, the stock trades at a trailing P/E ratio of 40.1x. Average trailing P/E is 15x in the Trade Distributors industry in Thailand. Board Change • Apr 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairperson of BOD Ronnachit Mahattanapreut was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 
