New Risk • Jun 11
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 Earnings have declined by 31% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (฿537.2m market cap, or US$16.3m). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.024 (vs ฿0.015 in 1Q 2025) First quarter 2026 results: EPS: ฿0.024 (up from ฿0.015 in 1Q 2025). Revenue: ฿222.8m (down 7.4% from 1Q 2025). Net income: ฿17.2m (up 59% from 1Q 2025). Profit margin: 7.7% (up from 4.5% in 1Q 2025). The increase in margin was driven by lower expenses. 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 20% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 15 May 2026. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 25
Dividend increased to ฿0.03 Dividend of ฿0.03 is 50% higher than last year. Ex-date: 24th April 2026 Payment date: 14th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 70% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.2% EPS decline seen over the last 5 years. Duyuru • Feb 24
Applied DB Public Company Limited announces Annual dividend, payable on May 15, 2026 Applied DB Public Company Limited announced Annual dividend of THB 0.0300 per share payable on May 15, 2026, ex-date on April 27, 2026 and record date on April 28, 2026. Duyuru • Feb 23
Applied DB Public Company Limited, Annual General Meeting, Apr 21, 2026 Applied DB Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time. New Risk • Jan 30
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 47% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (฿421.1m market cap, or US$13.4m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.012 (vs ฿0.009 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.012 (up from ฿0.009 in 3Q 2024). Revenue: ฿211.5m (down 51% from 3Q 2024). Net income: ฿8.45m (up 26% from 3Q 2024). Profit margin: 4.0% (up from 1.5% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.005 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.006 (up from ฿0.005 loss in 2Q 2024). Revenue: ฿187.8m (down 48% from 2Q 2024). Net income: ฿4.27m (up ฿8.23m from 2Q 2024). Profit margin: 2.3% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 19% per year. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.015 (vs ฿0.006 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.015 (up from ฿0.006 loss in 1Q 2024). Revenue: ฿240.7m (down 38% from 1Q 2024). Net income: ฿10.9m (up ฿15.0m from 1Q 2024). Profit margin: 4.5% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (3.6%). Reported Earnings • Feb 27
Full year 2024 earnings released: ฿0.034 loss per share (vs ฿0.064 loss in FY 2023) Full year 2024 results: ฿0.034 loss per share (improved from ฿0.064 loss in FY 2023). Revenue: ฿1.00b (down 39% from FY 2023). Net loss: ฿24.2m (loss narrowed 48% from FY 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 • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.009 (vs ฿0.021 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.009 (down from ฿0.021 in 3Q 2023). Revenue: ฿432.7m (up 16% from 3Q 2023). Net income: ฿6.69m (down 56% from 3Q 2023). Profit margin: 1.5% (down from 4.1% in 3Q 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 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.005 loss per share (vs ฿0.04 loss in 2Q 2023) Second quarter 2024 results: ฿0.005 loss per share (improved from ฿0.04 loss in 2Q 2023). Revenue: ฿358.1m (down 8.6% from 2Q 2023). Net loss: ฿3.96m (loss narrowed 86% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ฿0.53. The fair value is estimated to be ฿0.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jul 30
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿355.7m (US$9.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings have declined by 25% per year over the past 5 years. Market cap is less than US$10m (฿355.7m market cap, or US$9.89m). Minor Risk High level of debt (63% net debt to equity). New Risk • Jul 26
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 9.4% 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 Share price has been highly volatile over the past 3 months (9.4% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks High level of debt (63% net debt to equity). Market cap is less than US$100m (฿363.0m market cap, or US$10.1m). New Risk • Jun 10
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 Earnings have declined by 25% per year over the past 5 years. Minor Risks High level of debt (63% net debt to equity). Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (฿500.9m market cap, or US$13.6m). Buy Or Sell Opportunity • May 21
Now 23% overvalued Over the last 90 days, the stock has fallen 19% to ฿0.81. The fair value is estimated to be ฿0.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 11
First quarter 2024 earnings released: ฿0.006 loss per share (vs ฿0.025 loss in 1Q 2023) First quarter 2024 results: ฿0.006 loss per share (improved from ฿0.025 loss in 1Q 2023). Revenue: ฿390.5m (down 14% from 1Q 2023). Net loss: ฿4.12m (loss narrowed 78% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Duyuru • Mar 22
Applied DB Public Company Limited, Annual General Meeting, Apr 19, 2024 Applied DB Public Company Limited, Annual General Meeting, Apr 19, 2024, at 14:00 SE Asia Standard Time. Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.064 loss per share (vs ฿0.01 loss in FY 2022) Full year 2023 results: ฿0.064 loss per share (further deteriorated from ฿0.01 loss in FY 2022). Revenue: ฿1.64b (down 24% from FY 2022). Net loss: ฿46.7m (loss widened ฿39.8m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.021 (vs ฿0.014 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.021 (up from ฿0.014 in 3Q 2022). Revenue: ฿373.0m (down 31% from 3Q 2022). Net income: ฿15.4m (up 48% from 3Q 2022). Profit margin: 4.1% (up from 1.9% in 3Q 2022). 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 106 percentage points per year, which is a significant difference in performance. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings have declined by 4.4% 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 Risk Earnings have declined by 4.4% per year over the past 5 years. Minor Risks High level of debt (75% net debt to equity). Dividend is not well covered by earnings (439% payout ratio). Market cap is less than US$100m (฿827.6m market cap, or US$23.6m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.04 loss per share (vs ฿0.011 profit in 2Q 2022) Second quarter 2023 results: ฿0.04 loss per share (down from ฿0.011 profit in 2Q 2022). Revenue: ฿392.0m (down 29% from 2Q 2022). Net loss: ฿28.8m (down 469% from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 24
Full year 2022 earnings released: ฿0.01 loss per share (vs ฿0.10 profit in FY 2021) Full year 2022 results: ฿0.01 loss per share (down from ฿0.10 profit in FY 2021). Revenue: ฿2.17b (up 28% from FY 2021). Net loss: ฿6.93m (down 109% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 62% per year, which means it is well ahead of 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. 5 experienced directors. 6 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kanchana Piyasatit 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 • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.014 (vs ฿0.016 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.014 (down from ฿0.016 in 3Q 2021). Revenue: ฿542.3m (up 40% from 3Q 2021). Net income: ฿10.4m (down 8.1% from 3Q 2021). Profit margin: 1.9% (down from 2.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.58, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 17x in the Chemicals industry in Thailand. Total returns to shareholders of 160% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: ฿0.01 loss per share (down from ฿0.042 profit in 1Q 2021). Revenue: ฿554.4m (up 37% from 1Q 2021). Net loss: ฿7.54m (down 125% from profit in 1Q 2021). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were also behind analyst expectations. 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 25% per year, which means it is significantly lagging earnings growth. 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. 5 experienced directors. 6 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kanchana Piyasatit 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. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿1.42, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 106% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.10 (up from ฿0.096 in FY 2020). Revenue: ฿1.69b (up 23% from FY 2020). Net income: ฿75.7m (up 8.6% from FY 2020). Profit margin: 4.5% (down from 5.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 53%. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.017 (vs ฿0.04 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿388.7m (up 2.1% from 3Q 2020). Net income: ฿11.3m (down 58% from 3Q 2020). Profit margin: 2.9% (down from 7.0% 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 77% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 91% over the past three years. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.055 (vs ฿0.013 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿437.5m (up 62% from 2Q 2020). Net income: ฿36.3m (up 314% from 2Q 2020). Profit margin: 8.3% (up from 3.2% 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 61% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 24% share price gain to ฿2.58, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 17x in the Chemicals industry in Thailand. Total returns to shareholders of 175% over the past three years. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.046 (vs ฿0.023 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿405.9m (up 17% from 1Q 2020). Net income: ฿30.4m (up 105% from 1Q 2020). Profit margin: 7.5% (up from 4.3% in 1Q 2020). The increase in margin 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 only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 17 May 2021. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.94, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 19x in the Chemicals industry in Thailand. Total returns to shareholders of 47% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day high: ฿1.75 The company is up 107% from its price of ฿0.85 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 20% share price gain to ฿1.42, the stock is trading at a trailing P/E ratio of 13.5x, up from the previous P/E ratio of 11.2x. This compares to an average P/E of 18x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 19%. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿0.12 (vs ฿0.004 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿1.38b (flat on FY 2019). Net income: ฿69.7m (up ฿66.8m from FY 2019). Profit margin: 5.1% (up from 0.2% in FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 09
New 90-day high: ฿1.06 The company is up 36% from its price of ฿0.78 on 11 November 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 31% over the same period. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.06, the stock is trading at a trailing P/E ratio of 10.6x, up from the previous P/E ratio of 9x. This compares to an average P/E of 13x in the Chemicals industry in Thailand. Total return to shareholders over the past three years is a loss of 24%. Is New 90 Day High Low • Dec 08
New 90-day high: ฿0.99 The company is up 38% from its price of ฿0.72 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 31% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.044 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿380.6m (up 5.9% from 3Q 2019). Net income: ฿26.6m (up 101% from 3Q 2019). Profit margin: 7.0% (up from 3.7% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 10
New 90-day high: ฿0.88 The company is up 19% from its price of ฿0.74 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: ฿0.79 The company is up 8.0% from its price of ฿0.73 on 10 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 10.0% over the same period.