Buy Or Sell Opportunity • Jun 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ฿0.13. The fair value is estimated to be ฿0.16, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • May 17
First quarter 2026 earnings released: ฿0.005 loss per share (vs ฿0.007 loss in 1Q 2025) First quarter 2026 results: ฿0.005 loss per share (improved from ฿0.007 loss in 1Q 2025). Revenue: ฿67.7m (down 12% from 1Q 2025). Net loss: ฿7.85m (loss narrowed 39% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Duyuru • Mar 14
Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 29, 2026 Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 29, 2026, at 09:30 SE Asia Standard Time. Duyuru • Nov 29
Thai Nondestructive Testing Public Company Limited Provides Progress Report on Ongoing Litigation Thai Nondestructive Testing Public Company Limited provided report on the progress of the ongoing litigation as detailed: The Company was sued in a civil case under a court order received in May 2022 for breach of contract with a domestic company and two unrelated persons (the Plaintiffs) regarding a breach of a joint venture agreement and claiming damages. The Plaintiffs are seeking damages in the amount of approximately THB 89.91 million. The Company's lawyers have expressed their opinion and filed a defense to the Civil Court. The Court has set the dates for the examination of the Plaintiff's witnesses on February 27 and 28, 2024, and for the examination of the Defendant's witnesses on February 29, 2024 and March 1, 2024. However, since the examination of the Plaintiff's witnesses was not completed on the said dates, This has resulted in the postponement of the examination of the defendant's witnesses to July 4, 2024, and July 5, 2024. In addition, the Company has obligations under the contract to hire lawyers to take legal action for the above - mentioned cases, which are expected to be due within one year in the total amount of approximately, THB 1.50 million. Later on August 2, 2024, the Company entered into a court-ordered mediation and settlement at the Civil Court as per the aforementioned writ, the damages claim of THB 8.5 million, due to be paid within 12 installments. Subsequently, on August 28, 2024, the petitioner and the Company executed a settlement agreement before the Court, whereby the Company agreed to pay damages to the petitioner, starting to pay the debt from the lawsuit on November 30, 2024, in which the Company recorded such damages in current liabilities in full. The payment terms for this liability were structured as 11 installments of THB 700,000 each, and a 12th installment of THB 800,000. Currently, the Company has completed the full payment of the final installment in November 2025. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.001 (vs ฿0.061 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.001 (up from ฿0.061 loss in 3Q 2024). Revenue: ฿117.1m (up 48% from 3Q 2024). Net income: ฿1.41m (up ฿65.7m from 3Q 2024). Profit margin: 1.2% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: ฿0.01 loss per share (vs ฿0.008 loss in 2Q 2024) Second quarter 2025 results: ฿0.01 loss per share (further deteriorated from ฿0.008 loss in 2Q 2024). Revenue: ฿84.1m (up 17% from 2Q 2024). Net loss: ฿18.2m (loss widened 180% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 46% per year whereas the company’s share price has fallen by 44% per year. New Risk • Aug 15
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 Risks Less than 1 year of cash runway based on free cash flow trend (-฿51m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 70% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Market cap is less than US$10m (฿207.8m market cap, or US$6.41m). Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0 in 1Q 2024) First quarter 2025 results: ฿0.007 loss per share (further deteriorated from ฿0 in 1Q 2024). Revenue: ฿77.2m (up 10% from 1Q 2024). Net loss: ฿12.8m (loss widened ฿12.5m from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 44% per year, which means it has not declined as severely as earnings. Duyuru • Apr 03
Thai Nondestructive Testing Public Company Limited Announces Changing of CFO Thai Nondestructive Testing Public Company Limited announced the termination of Mr. Minivathakorn Niyom as Finance and Accounting Manager, Effective Date of Termination 31 March 2025 and also announced the appointment of Mr. Deekajonedej Praween as Acting Manager of Finance and Accounting, Effective Date of Appointment 01 April 2025. Duyuru • Mar 15
Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 25, 2025 Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 25, 2025, at 09:30 SE Asia Standard Time. Location: at the head office of the company, Thailand New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿311.7m (US$8.96m) 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 Less than 1 year of cash runway based on free cash flow trend (-฿57m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 75% per year over the past 5 years. Shareholders have been substantially diluted in the past year (114% increase in shares outstanding). Market cap is less than US$10m (฿311.7m market cap, or US$8.96m). Reported Earnings • Nov 16
Third quarter 2024 earnings released: ฿0.061 loss per share (vs ฿0.022 profit in 3Q 2023) Third quarter 2024 results: ฿0.061 loss per share (down from ฿0.022 profit in 3Q 2023). Revenue: ฿79.2m (down 19% from 3Q 2023). Net loss: ฿64.3m (down 463% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. New Risk • Oct 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 114% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (114% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿432.9m market cap, or US$13.1m). New Risk • Aug 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 32% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (฿202.9m market cap, or US$5.86m). Minor Risk Shareholders have been diluted in the past year (32% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.008 loss per share (vs ฿0.006 loss in 2Q 2023) Second quarter 2024 results: ฿0.008 loss per share (further deteriorated from ฿0.006 loss in 2Q 2023). Revenue: ฿71.7m (up 9.7% from 2Q 2023). Net loss: ฿6.51m (loss widened 30% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2024 earnings released: ฿0.005 loss per share (vs ฿0.002 loss in 1Q 2023) First quarter 2024 results: ฿0.005 loss per share (further deteriorated from ฿0.002 loss in 1Q 2023). Revenue: ฿70.0m (down 13% from 1Q 2023). Net loss: ฿3.92m (loss widened 115% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Apr 15
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 9.1% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.1% average weekly change). Earnings have declined by 32% per year over the past 5 years. Market cap is less than US$10m (฿169.7m market cap, or US$4.62m). Reported Earnings • Feb 28
Full year 2023 earnings released: ฿0.45 loss per share (vs ฿0.077 loss in FY 2022) Full year 2023 results: ฿0.45 loss per share (further deteriorated from ฿0.077 loss in FY 2022). Revenue: ฿314.3m (up 24% from FY 2022). Net loss: ฿366.7m (loss widened ฿311.4m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Duyuru • Feb 27
Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 26, 2024 Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 26, 2024, at 09:30 SE Asia Standard Time. Agenda: To acknowledge the Report of the Board of Directors, the Audit Committee, the Nomination and Remuneration Committee, and the Operation Results of the Company during the previous year; to consider and approve the Company's Audited Balance Sheet and Income Statement for the year ended 2023; to consider and approve to Non-Allocate the net profit for the year 2023 as the Legal Reserve and omit the Dividend Payment of the Operations Results for the year ended 2023;and to discuss other matters. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.022 (vs ฿0.028 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.022 (up from ฿0.028 loss in 3Q 2022). Revenue: ฿97.3m (up 105% from 3Q 2022). Net income: ฿17.7m (up ฿37.7m from 3Q 2022). Profit margin: 18% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.005 loss per share (vs ฿0.026 loss in 2Q 2022) Second quarter 2023 results: ฿0.005 loss per share (improved from ฿0.026 loss in 2Q 2022). Revenue: ฿65.4m (flat on 2Q 2022). Net loss: ฿3.96m (loss narrowed 78% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.001 loss per share (vs ฿0.012 loss in 1Q 2022) First quarter 2023 results: ฿0.001 loss per share (improved from ฿0.012 loss in 1Q 2022). Revenue: ฿81.4m (up 39% from 1Q 2022). Net loss: ฿779.0k (loss narrowed 91% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Buying Opportunity • Feb 08
Now 27% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be ฿0.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 20
Third quarter 2022 earnings released: ฿0.028 loss per share (vs ฿0.012 loss in 3Q 2021) Third quarter 2022 results: ฿0.028 loss per share (further deteriorated from ฿0.012 loss in 3Q 2021). Revenue: ฿47.4m (down 49% from 3Q 2021). Net loss: ฿20.0m (loss widened 150% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jumpon Kluaymai-ngarm was the last independent director to join the board, commencing their role in 2018. 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 • Aug 17
Second quarter 2022 earnings released: ฿0.026 loss per share (vs ฿0 in 2Q 2021) Second quarter 2022 results: ฿0.026 loss per share (down from ฿0 in 2Q 2021). Revenue: ฿65.9m (down 37% from 2Q 2021). Net loss: ฿17.7m (loss widened ฿17.5m from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ฿1.11, 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 became loss making. Reported Earnings • May 20
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: ฿0.012 loss per share. Revenue: ฿58.6m (down 11% from 1Q 2021). Net income: ฿9.22m (up ฿14.0m from 1Q 2021). Profit margin: 16% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Jumpon Kluaymai-ngarm was the last independent director to join the board, commencing their role in 2018. 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 • Mar 02
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: ฿0.042 loss per share (down from ฿0.032 profit in FY 2020). Revenue: ฿325.8m (down 2.0% from FY 2020). Net loss: ฿26.9m (down 239% from profit in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 01
Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 25, 2022 Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 25, 2022, at 02:30 Coordinated Universal Time. Agenda: To consider and approve audited balance sheet and income statement for the year ended 2021; to consider and approve to non-allocate the net profit for 2021; to consider election of directors; to consider directors' remuneration; to appoint auditor and approve their fees; to consider and approve the issuance and offering of convertible debentures by private placement; to consider and approve the increase of company's registered capital and the amendment of the memorandum of Association; to consider and approve the allocation of the newly issued ordinary shares; and to transact other matters. Upcoming Dividend • Nov 19
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 26 November 2021. Payment date: 04 January 2022. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.1%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.037 loss per share (vs ฿0.04 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿92.6m (up 15% from 3Q 2020). Net loss: ฿7.98m (down 201% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 19% share price gain to ฿2.68, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 24x in the Commercial Services industry in Thailand. Total returns to shareholders of 11% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.001 loss per share (vs ฿0.021 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿105.2m (up 37% from 2Q 2020). Net loss: ฿264.0k (loss narrowed 94% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿2.46, the stock trades at a trailing P/E ratio of 31x. Average trailing P/E is 23x in the Commercial Services industry in Thailand. Total loss to shareholders of 8.9% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.78, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 24x in the Commercial Services industry in Thailand. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 23% share price gain to ฿2.50, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 23x in the Commercial Services industry in Thailand. Total loss to shareholders of 2.0% over the past three years. Reported Earnings • May 20
First quarter 2021 earnings released: ฿0.047 loss per share (vs ฿0.013 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: ฿65.7m (down 19% from 1Q 2020). Net loss: ฿4.74m (loss widened 263% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿4.54, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 21x in the Commercial Services industry in Thailand. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 19% share price gain to ฿5.15, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 20x in the Commercial Services industry in Thailand. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 19% share price gain to ฿4.28, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 20x in the Commercial Services industry in Thailand. Total loss to shareholders of 35% over the past three years. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.19 (vs ฿0.22 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿332.5m (down 2.8% from FY 2019). Net income: ฿19.3m (down 11% from FY 2019). Profit margin: 5.8% (down from 6.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Duyuru • Mar 02
Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 26, 2021 Thai Nondestructive Testing Public Company Limited, Annual General Meeting, Apr 26, 2021, at 02:30 Coordinated Universal Time. Location: Crystal Grand Ballroom No. 2 , 2rd Floor, E Building, CDC Crystal Design Center (the Ekamai-RamIndra Highway), 1420/1 Praditmanutham Road, Klongjan, Bangkapi, Bangkok Thailand Agenda: To consider and certify Minutes of the Annual General Shareholders' Meeting for year 2020; to acknowledge the Report of the Board of Director, the Audit Committee, the Nomination and Remuneration Committee, and the operation results of the Company during the previous year; and to consider other matters. Is New 90 Day High Low • Mar 01
New 90-day high: ฿3.34 The company is up 6.0% from its price of ฿3.16 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 Commercial Services industry, which is up 16% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.079 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿80.7m (down 4.7% from 3Q 2019). Net income: ฿7.94m (up 111% from 3Q 2019). Profit margin: 9.8% (up from 4.5% 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 17% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 10
New 90-day low: ฿2.82 The company is down 7.0% from its price of ฿3.04 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: ฿2.86 The company is down 4.0% from its price of ฿2.98 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 9.0% over the same period.