Duyuru • Mar 27
Rayong Wire Industries Public Company Limited (SET:RWI) signed a letter of intent to acquire Imperial Land Co., Ltd. from EMC Public Company Limited (SET:EMC) and Nirund Hengboriboonpong for THB 90 million. Rayong Wire Industries Public Company Limited (SET:RWI) signed a letter of intent to acquire Imperial Land Co., Ltd. from EMC Public Company Limited (SET:EMC) and Nirund Hengboriboonpong for THB 90 million on March 18, 2026. A cash consideration valued at THB 19.14 per share will be paid by Rayong Wire Industries Public Company Limited.
The transaction is subject to approval of merger agreement by target board and approval of offer by acquirer board. The deal has been unanimously approved by the board. The expected completion of the transaction is April 30, 2026. Duyuru • Mar 20
Rayong Wire Industries Public Company Limited, Annual General Meeting, Apr 30, 2026 Rayong Wire Industries Public Company Limited, Annual General Meeting, Apr 30, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.13 loss per share (vs ฿0.005 profit in FY 2024) Full year 2025 results: ฿0.13 loss per share (down from ฿0.005 profit in FY 2024). Revenue: ฿477.5m (down 17% from FY 2024). Net loss: ฿121.0m (down ฿125.4m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.018 (vs ฿0.003 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.018 (up from ฿0.003 in 3Q 2024). Revenue: ฿129.5m (down 27% from 3Q 2024). Net income: ฿16.8m (up ฿14.1m from 3Q 2024). Profit margin: 13% (up from 1.5% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.054 loss per share (vs ฿0.10 profit in 2Q 2024) Second quarter 2025 results: ฿0.054 loss per share (down from ฿0.10 profit in 2Q 2024). Revenue: ฿123.3m (down 3.9% from 2Q 2024). Net loss: ฿49.2m (down 152% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Jul 18
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 12% 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 (12% average weekly change). Earnings have declined by 4.7% per year over the past 5 years. Market cap is less than US$10m (฿201.4m market cap, or US$6.22m). Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.045 loss per share (vs ฿0.039 loss in 1Q 2024) First quarter 2025 results: ฿0.045 loss per share (further deteriorated from ฿0.039 loss in 1Q 2024). Revenue: ฿126.3m (down 14% from 1Q 2024). Net loss: ฿41.1m (loss widened 15% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Duyuru • Mar 22
Rayong Wire Industries Public Company Limited, Annual General Meeting, Apr 30, 2025 Rayong Wire Industries Public Company Limited, Annual General Meeting, Apr 30, 2025, at 13:00 SE Asia Standard Time. New Risk • Mar 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿338.7m (US$9.92m) 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 Risk Market cap is less than US$10m (฿338.7m market cap, or US$9.92m). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.005 (vs ฿0.12 loss in FY 2023) Full year 2024 results: EPS: ฿0.005 (up from ฿0.12 loss in FY 2023). Revenue: ฿583.1m (down 21% from FY 2023). Net income: ฿4.47m (up ฿115.7m from FY 2023). Profit margin: 0.8% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0.047 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.003 (up from ฿0.047 loss in 3Q 2023). Revenue: ฿176.4m (down 15% from 3Q 2023). Net income: ฿2.66m (up ฿45.6m from 3Q 2023). Profit margin: 1.5% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.052 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.10 (up from ฿0.052 loss in 2Q 2023). Revenue: ฿225.9m (up 11% from 2Q 2023). Net income: ฿94.6m (up ฿142.2m from 2Q 2023). Profit margin: 42% (up from net loss in 2Q 2023). 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. New Risk • Jul 02
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 13% 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 (13% average weekly change). Earnings have declined by 11% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿567.5m market cap, or US$15.4m). New Risk • Jun 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿366.1m (US$9.97m) 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 Earnings have declined by 11% per year over the past 5 years. Market cap is less than US$10m (฿366.1m market cap, or US$9.97m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Reported Earnings • May 15
First quarter 2024 earnings released: ฿0.039 loss per share (vs ฿0.023 profit in 1Q 2023) First quarter 2024 results: ฿0.039 loss per share (down from ฿0.023 profit in 1Q 2023). Revenue: ฿147.0m (down 36% from 1Q 2023). Net loss: ฿35.7m (down 270% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Mar 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 6.1% 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 12% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (฿540.0m market cap, or US$14.9m). Reported Earnings • Feb 24
Full year 2023 earnings released: ฿0.12 loss per share (vs ฿0.24 loss in FY 2022) Full year 2023 results: ฿0.12 loss per share (improved from ฿0.24 loss in FY 2022). Revenue: ฿737.5m (down 23% from FY 2022). Net loss: ฿111.3m (loss narrowed 50% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
Third quarter 2023 earnings released: ฿0.047 loss per share (vs ฿0.11 loss in 3Q 2022) Third quarter 2023 results: ฿0.047 loss per share (improved from ฿0.11 loss in 3Q 2022). Revenue: ฿207.6m (up 4.8% from 3Q 2022). Net loss: ฿42.9m (loss narrowed 56% from 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 13
Second quarter 2023 earnings released: ฿0.052 loss per share (vs ฿0.001 profit in 2Q 2022) Second quarter 2023 results: ฿0.052 loss per share (down from ฿0.001 profit in 2Q 2022). Revenue: ฿204.1m (down 10% from 2Q 2022). Net loss: ฿47.6m (down ฿48.3m from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Aniwut Pongpaijit was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be ฿1.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.001 (vs ฿0.092 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.001 (down from ฿0.092 in 2Q 2021). Revenue: ฿227.4m (up 5.0% from 2Q 2021). Net income: ฿733.3k (down 99% from 2Q 2021). Profit margin: 0.3% (down from 26% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.002 loss per share (vs ฿0.21 profit in 1Q 2021) First quarter 2022 results: ฿0.002 loss per share (down from ฿0.21 profit in 1Q 2021). Revenue: ฿296.1m (up 35% from 1Q 2021). Net loss: ฿2.15m (down 102% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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, 1 was an independent director. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Aniwut Pongpaijit was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿1.49, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 4.3% over the past three years. Upcoming Dividend • Mar 02
Inaugural dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 25 May 2022. The company is not currently making a profit and is not cash flow positive. The company last paid an ordinary dividend in February 2018. The average dividend yield among industry peers is 6.4%. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.29 (up from ฿0.049 in FY 2020). Revenue: ฿989.4m (up 71% from FY 2020). Net income: ฿179.9m (up 483% from FY 2020). Profit margin: 18% (up from 5.3% in FY 2020). The increase in margin 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 55% 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 • Jan 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿1.61, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 5.9% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: ฿0.027 loss per share (vs ฿0.004 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿189.5m (up 11% from 3Q 2020). Net loss: ฿17.3m (loss widened ฿14.5m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.092 (vs ฿0.14 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿248.9m (up 86% from 2Q 2020). Net income: ฿56.2m (down 39% from 2Q 2020). Profit margin: 23% (down from 68% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 10x in the Metals and Mining industry in Thailand. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 37% share price gain to ฿2.60, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 9x in the Metals and Mining industry in Thailand. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.92, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 9x in the Metals and Mining industry in Thailand. Total returns to shareholders of 17% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.21 (vs ฿0.093 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿349.5m (up 166% from 1Q 2020). Net income: ฿127.2m (up ฿186.4m from 1Q 2020). Profit margin: 36% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.76, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 19x in the Metals and Mining industry in Thailand. Total loss to shareholders of 1.1% over the past three years. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.049 (vs ฿0.44 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿627.9m (down 7.1% from FY 2019). Net income: ฿30.9m (up ฿313.0m from FY 2019). Profit margin: 4.9% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 80% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 28
New 90-day low: ฿1.15 The company is down 12% from its price of ฿1.30 on 30 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 37% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: ฿1.24 The company is down 8.0% from its price of ฿1.35 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: ฿1.25 The company is down 8.0% from its price of ฿1.36 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 31% over the same period. Is New 90 Day High Low • Nov 20
New 90-day low: ฿1.29 The company is down 4.0% from its price of ฿1.34 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: ฿0.004 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: ฿170.3m (up 25% from 3Q 2019). Net loss: ฿2.77m (loss narrowed 97% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 105% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings.