Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.004 (vs ฿0.007 in 1Q 2025) First quarter 2026 results: EPS: ฿0.004 (down from ฿0.007 in 1Q 2025). Revenue: ฿235.5m (down 31% from 1Q 2025). Net income: ฿5.29m (down 48% from 1Q 2025). Profit margin: 2.2% (down from 3.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿0.013 (vs ฿0.011 in FY 2024) Full year 2025 results: EPS: ฿0.013 (up from ฿0.011 in FY 2024). Revenue: ฿911.8m (down 19% from FY 2024). Net income: ฿18.2m (up 16% from FY 2024). Profit margin: 2.0% (up from 1.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Duyuru • Mar 02
Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 30, 2026 Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 30, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.004 (vs ฿0.002 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.004 (up from ฿0.002 in 3Q 2024). Revenue: ฿220.3m (down 24% from 3Q 2024). Net income: ฿4.90m (up 60% from 3Q 2024). Profit margin: 2.2% (up from 1.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Oct 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ฿0.32. The fair value is estimated to be ฿0.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 79%. New Risk • Sep 25
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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (฿446.6m market cap, or US$13.9m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.001 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.002 (up from ฿0.001 loss in 2Q 2024). Revenue: ฿191.1m (down 11% from 2Q 2024). Net income: ฿3.19m (up ฿5.06m from 2Q 2024). Profit margin: 1.7% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to ฿0.29. The fair value is estimated to be ฿0.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 67%. Buy Or Sell Opportunity • Jun 20
Now 23% overvalued The stock has been flat over the last 90 days, currently trading at ฿0.29. The fair value is estimated to be ฿0.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 67%. New Risk • May 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (฿390.8m market cap, or US$11.7m). Buy Or Sell Opportunity • May 15
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿0.31. The fair value is estimated to be ฿0.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 67%. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.007 (vs ฿0.005 in 1Q 2024) First quarter 2025 results: EPS: ฿0.007 (up from ฿0.005 in 1Q 2024). Revenue: ฿339.2m (flat on 1Q 2024). Net income: ฿10.2m (up 62% from 1Q 2024). Profit margin: 3.0% (up from 1.9% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Duyuru • Apr 29
Thai Capital Corporation Public Company Limited Approves Omission of Dividend for the Year 2024 Thai Capital Corporation Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 29, 2025, approved omitted dividend payment of annual dividends because the Company needs to use such profit as working capital in the business and reserve cash to repay the debentures. New Risk • Apr 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿362.8m (US$10.5m) 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. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Market cap is less than US$10m (฿362.8m market cap, or US$10.5m). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Buy Or Sell Opportunity • Apr 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to ฿0.23. The fair value is estimated to be ฿0.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.3% over the last 3 years. Earnings per share has declined by 50%. Duyuru • Mar 14
Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 29, 2025 Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 29, 2025, at 10:00 SE Asia Standard Time. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.011 (vs ฿0.04 in FY 2023) Full year 2024 results: EPS: ฿0.011 (down from ฿0.04 in FY 2023). Revenue: ฿1.13b (down 28% from FY 2023). Net income: ฿15.7m (down 72% from FY 2023). Profit margin: 1.4% (down from 3.5% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.001 loss per share (vs ฿0.006 profit in 2Q 2023) Second quarter 2024 results: ฿0.001 loss per share (down from ฿0.006 profit in 2Q 2023). Revenue: ฿215.5m (down 45% from 2Q 2023). Net loss: ฿1.87m (down 121% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Buy Or Sell Opportunity • Jul 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to ฿0.44. The fair value is estimated to be ฿0.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Meanwhile, the company has become profitable. Declared Dividend • May 17
Dividend of ฿0.025 announced Shareholders will receive a dividend of ฿0.025. Ex-date: 30th May 2024 Payment date: 14th June 2024 Dividend yield will be 5.0%, which is lower than the industry average of 7.1%. Sustainability & Growth Dividend is covered by earnings (81% 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 2.8% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 53% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 16
Thai Capital Corporation Public Company Limited Announces Interim Dividend Payment, Payable on June 14, 2024 Thai Capital Corporation Public Company Limited announced interim dividend payment of THB 0.025 per share, payable on June 14, 2024. Ex-dividend date is 30-May-2024. Record date for the right to receive dividends is 31-May-2024. Duyuru • May 02
Thai Capital Corporation Public Company Limited Approves to Omit Dividend Payment Thai Capital Corporation Public Company Limited at its AGM held on April 30, 2024, approved to omit dividend payment from the operating results of the year 2023. Duyuru • Mar 19
Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 30, 2024 Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 30, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider Matters to be informed by the Chairman; To consider and certify the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2023; to consider Acknowledge the report of the operating result of the Company for 2023; to consider and approve the Financial Statements for the fiscal year ended December 31, 2023; to consider and approve the omission dividend payment from the operating result of year 2023; to consider and approve the election of directors to replace the directors who retire by rotation; to consider and approve the remuneration of directors for 2024; and to consider other matters. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.04 (vs ฿0.14 in FY 2022) Full year 2023 results: EPS: ฿0.04 (down from ฿0.14 in FY 2022). Revenue: ฿1.57b (down 21% from FY 2022). Net income: ฿55.4m (down 71% from FY 2022). Profit margin: 3.5% (down from 9.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.029 (vs ฿0.051 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.029 (down from ฿0.051 in 3Q 2022). Revenue: ฿473.6m (down 32% from 3Q 2022). Net income: ฿40.9m (down 42% from 3Q 2022). Profit margin: 8.6% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
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: 6.7% Last year net profit margin: 10.0% 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: Minor Risks Profit margins are more than 30% lower than last year (6.7% net profit margin). Market cap is less than US$100m (฿879.2m market cap, or US$24.9m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.006 (vs ฿0.044 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.006 (down from ฿0.044 in 2Q 2022). Revenue: ฿390.6m (down 36% from 2Q 2022). Net income: ฿8.90m (down 86% from 2Q 2022). Profit margin: 2.3% (down from 10% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 18
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 09 June 2023. The company last paid an ordinary dividend in February 2016. The average dividend yield among industry peers is 6.8%. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.051 (vs ฿0.026 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.051 (up from ฿0.026 in 3Q 2021). Revenue: ฿696.5m (up 82% from 3Q 2021). Net income: ฿70.7m (up 116% from 3Q 2021). Profit margin: 10% (up from 8.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yanapol Rakkasikorn 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. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 20% share price gain to ฿1.07, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 14x in the Trade Distributors industry in Thailand. Total returns to shareholders of 269% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.044 (vs ฿0.002 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.044 (up from ฿0.002 in 2Q 2021). Revenue: ฿611.6m (up 214% from 2Q 2021). Net income: ฿61.5m (up ฿59.0m from 2Q 2021). Profit margin: 10% (up from 1.3% 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 121% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 07
Thai Capital Corporation Public Company Limited Announces Executive Changes Thai Capital Corporation Public Company limited would like to announce that Mr. Kanisorn Rodchim was terminated act as Chief Operation Officer, and Mr. Henry Tsai was terminated act as Managing Director - International Business since 30 June 2022. Duyuru • Jul 05
Thai Capital Corporation Public Company Limited Announces Executive Resignations Thai Capital Corporation Public Company limited announced that Mr. Kanisorn Rodchim will no longer act as Chief Operation Officer, and Mr. Henry Tsai will no longer act as Managing Director International Business. This shall be effective from 4 July 2022 onwards. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ฿0.024 (vs ฿0.001 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.024 (up from ฿0.001 loss in 1Q 2021). Revenue: ฿342.8m (up 55% from 1Q 2021). Net income: ฿31.9m (up ฿33.6m from 1Q 2021). Profit margin: 9.3% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Yanapol Rakkasikorn 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. Insufficient board refreshment. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.059 (up from ฿0.016 loss in FY 2020). Revenue: ฿1.15b (up 138% from FY 2020). Net income: ฿75.8m (up ฿96.9m from FY 2020). Profit margin: 6.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improved over the past week After last week's 22% share price gain to ฿1.28, the stock trades at a trailing P/E ratio of 64.8x. Average trailing P/E is 20x in the Trade Distributors industry in Thailand. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 25% share price gain to ฿1.43, the stock trades at a trailing P/E ratio of 69x. Average trailing P/E is 21x in the Trade Distributors industry in Thailand. Total returns to shareholders of 192% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.026 (vs ฿0.002 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿383.8m (up 227% from 3Q 2020). Net income: ฿32.8m (up ฿35.7m from 3Q 2020). Profit margin: 8.5% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.002 (vs ฿0.007 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿194.8m (up 97% from 2Q 2020). Net income: ฿2.47m (up ฿11.7m from 2Q 2020). Profit margin: 1.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Executive Departure • Aug 13
Independent Director Songyos Noppaprach has left the company On the 3rd of August, Songyos Noppaprach's tenure as Independent Director ended after 6.0 years in the role. We don't have any record of a personal shareholding under Songyos' name. Songyos is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 10.58 years. Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.001 loss per share (vs ฿0.001 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: ฿221.8m (up 68% from 1Q 2020). Net loss: ฿1.66m (loss narrowed 7.6% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Duyuru • Mar 18
Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 29, 2021 Thai Capital Corporation Public Company Limited, Annual General Meeting, Apr 29, 2021, at 11:00 Singapore Standard Time. Location: Auditorium Room, 7th Floor, Knowledge Xchange for Innovation (KX) 110/1 Krung Thonburi Road, Banglamphulang, Khlongsan Bangkok Thailand Agenda: To consider matters to be informed by the chairman; to consider and certify the minutes of the 2020 annual general meeting of shareholders; to acknowledge the report of the operating result of the company for the year 2020; to consider and approve the financial statements for the fiscal year ended 31 december, 2020; to consider and approve no distribution of annual dividend for the year 2020; to consider and approve the election of directors to replace the directors who retire by rotation; to consider and approve the determination of the remuneration of the directors for the year 2021; and to consider other matter. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿0.016 loss per share (vs ฿0.012 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿482.9m (down 32% from FY 2019). Net loss: ฿21.1m (loss widened 34% from FY 2019). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 17
New 90-day high: ฿0.24 The company is up 20% from its price of ฿0.20 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 1.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: ฿0.002 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ฿117.3m (down 37% from 3Q 2019). Net loss: ฿2.97m (loss widened ฿2.62m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. 
