Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.6%). New Risk • Mar 04
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: 3.7% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿782.4m market cap, or US$24.7m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.04 (vs ฿0.01 in FY 2024) Full year 2025 results: EPS: ฿0.04 (up from ฿0.01 in FY 2024). Revenue: ฿640.1m (down 22% from FY 2024). Net income: ฿54.9m (up 358% from FY 2024). Profit margin: 8.6% (up from 1.5% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year and the company’s share price has also fallen by 19% per year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.018 (vs ฿0.002 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.018 (up from ฿0.002 in 3Q 2024). Revenue: ฿164.2m (down 26% from 3Q 2024). Net income: ฿25.2m (up ฿23.3m from 3Q 2024). Profit margin: 15% (up from 0.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.012 (vs ฿0.006 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.012 (up from ฿0.006 loss in 2Q 2024). Revenue: ฿143.1m (down 33% from 2Q 2024). Net income: ฿16.6m (up ฿23.1m from 2Q 2024). Profit margin: 12% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.014 in 1Q 2024) First quarter 2025 results: EPS: ฿0.006 (down from ฿0.014 in 1Q 2024). Revenue: ฿188.9m (down 1.8% from 1Q 2024). Net income: ฿8.87m (down 20% from 1Q 2024). Profit margin: 4.7% (down from 5.8% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.015 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.6%). Duyuru • Apr 25
Pongchai Kasemtaweesak Expresses Intention Not to Resume the Position of Independent Director of Mitsib Leasing Public Company Limited Mitsib Leasing Public Company Limited at its AGM held on April 23, 2025, announced that Mr. Pongchai Kasemtaweesak has expressed his intention not to resume his position; therefore, it is necessary to consider selecting another individual to assume the role of Independent Director. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.01 (vs ฿0.045 in FY 2023) Full year 2024 results: EPS: ฿0.01 (down from ฿0.045 in FY 2023). Revenue: ฿825.3m (up 20% from FY 2023). Net income: ฿12.0m (down 66% from FY 2023). Profit margin: 1.5% (down from 5.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 14% per year. Duyuru • Oct 02
Mitsib Leasing Public Company Limited Announces Resignation of Warunee Nonthasrt as Company Secretary, Effective October 2, 2024 Mitsib Leasing Public Company Limited announced resignation of Warunee Nonthasrt as Company Secretary, effective October 2, 2024. The Company will recruit and appoint persons with suitable qualifications. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.016 loss per share (vs ฿0.012 profit in 2Q 2023) Second quarter 2024 results: ฿0.016 loss per share (down from ฿0.012 profit in 2Q 2023). Revenue: ฿213.9m (up 26% from 2Q 2023). Net loss: ฿6.50m (down 168% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Jun 09
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: 4.5% Last year net profit margin: 6.8% 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: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (฿1.13b market cap, or US$30.6m). New Risk • May 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 74% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (74% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (฿1.02b market cap, or US$27.7m). Duyuru • May 21
Mitsib Leasing Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 551.524416 million. Mitsib Leasing Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 551.524416 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 787,892,023
Price\Range: THB 0.7
Transaction Features: Rights Offering New Risk • May 11
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: 4.5% Last year net profit margin: 6.7% 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: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 16% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (4.5% net profit margin). Market cap is less than US$100m (฿567.3m market cap, or US$15.4m). Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.014 (vs ฿0.018 in 1Q 2023) First quarter 2024 results: EPS: ฿0.014 (down from ฿0.018 in 1Q 2023). Revenue: ฿192.5m (up 7.2% from 1Q 2023). Net income: ฿11.1m (down 23% from 1Q 2023). Profit margin: 5.8% (down from 8.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.045 (vs ฿0.027 in FY 2022) Full year 2023 results: EPS: ฿0.045 (up from ฿0.027 in FY 2022). Revenue: ฿686.5m (up 39% from FY 2022). Net income: ฿35.1m (up 63% from FY 2022). Profit margin: 5.1% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. 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 1% per year, which means it is significantly lagging earnings. New Risk • Nov 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.4% net profit margin). Market cap is less than US$100m (฿787.9m market cap, or US$22.5m). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.008 (vs ฿0.022 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.008 (down from ฿0.022 in 3Q 2022). Revenue: ฿164.1m (up 15% from 3Q 2022). Net income: ฿6.41m (down 63% from 3Q 2022). Profit margin: 3.9% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.012 (vs ฿0.01 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.012 (up from ฿0.01 in 2Q 2022). Revenue: ฿169.2m (up 74% from 2Q 2022). Net income: ฿9.52m (up 28% from 2Q 2022). Profit margin: 5.6% (down from 7.7% in 2Q 2022). 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • May 19
Mitsib Leasing Public Company Limited Proposes Dividend for the Period from 01 Jan. 2022 to 31 Dec. 2022, Payable on 19 May 2023 Mitsib Leasing Public Company Limited proposes dividend of THB 0.002777777778 per share for the period from 01 Jan. 2022 to 31 Dec. 2022, payable on 19 May 2023. Ex-dividend date is 8 May 2023 and Record date is 9 May 2023. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.018 (vs ฿0.003 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0.018 (up from ฿0.003 loss in 1Q 2022). Revenue: ฿179.6m (up 58% from 1Q 2022). Net income: ฿14.4m (up ฿16.5m from 1Q 2022). Profit margin: 8.0% (up from net loss in 1Q 2022). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.023 (vs ฿0.009 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.023 (up from ฿0.009 in 3Q 2021). Revenue: ฿143.2m (up 50% from 3Q 2021). Net income: ฿17.4m (up 165% from 3Q 2021). Profit margin: 12% (up from 6.9% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 11% 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. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Oct 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿1.12, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 26x in the Specialty Retail industry in Thailand. Total loss to shareholders of 45% over the past three years. Duyuru • Sep 28
Mitsib Leasing Public Company Limited Announces Director Changes Mitsib Leasing Public Company Limited announced the appointment of Miss Banchuen Wannarat as Acting Director of Accounting and Finance, Effective Date of Appointment is September 27, 2022 and also announced the termination of Mr. Aekapop Assavasetthachok as Acting Director of Accounting and Finance, Effective Date of Termination is September 23, 2022. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improved over the past week After last week's 30% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 27x in the Specialty Retail industry in Thailand. Total loss to shareholders of 35% over the past three years. Duyuru • Aug 13
Mitsib Leasing Public Company Limited Appoints Banchuen Wannarat as Chief Financial Officer Mitsib Leasing Public Company Limited appointed Banchuen Wannarat as Chief Financial Officer. Effective date of appointment is 09 August, 2022. Reported Earnings • May 15
First quarter 2022 earnings released: ฿0.003 loss per share (vs ฿0.004 loss in 1Q 2021) First quarter 2022 results: ฿0.003 loss per share (up from ฿0.004 loss in 1Q 2021). Revenue: ฿113.9m (down 35% from 1Q 2021). Net loss: ฿2.02m (loss narrowed 34% from 1Q 2021). Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.015 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 20 May 2022. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.6%). 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. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 12
Third quarter 2021 earnings released: EPS ฿0.009 (vs ฿0.009 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿95.8m (down 12% from 3Q 2020). Net income: ฿6.57m (up ฿13.7m from 3Q 2020). Profit margin: 6.9% (up from net loss in 3Q 2020). Reported Earnings • Aug 13
Second quarter 2021 earnings released: ฿0.01 loss per share (vs ฿0.004 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿103.6m (down 7.8% from 2Q 2020). Net loss: ฿7.24m (down 382% from profit in 2Q 2020). Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.004 loss per share (vs ฿0.017 profit in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿174.3m (up 43% from 1Q 2020). Net loss: ฿3.04m (down 124% from profit in 1Q 2020). Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.046 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 20 May 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.1%). Duyuru • Apr 27
Mitsib Leasing Public Company Limited Approves Cash Dividend, Payable on May 20, 2021 The AGM of Mitsib Leasing Public Company Limited approved cash dividends at the rate of THB 0.04616 per share, totaling THB 32,987,898, total amount of dividend payment at THB 0.07116 per share, totaling THB 50,853,961. The company will pay the said dividend to the shareholders as shown on the list of shareholders who are entitled to receive dividends or Record date on May 7, 2021 and the dividend payment is scheduled on May 20, 2021 as well. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 34% share price gain to ฿1.46, the stock trades at a trailing P/E ratio of 39.4x, up from the previous P/E ratio of 29.4x. Average P/E is 31x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past year are 52%. Is New 90 Day High Low • Mar 12
New 90-day high: ฿1.12 The company is up 11% from its price of ฿1.01 on 09 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Specialty Retail industry, which is up 19% over the same period. Executive Departure • Mar 09
Chief Financial Officer has left the company On the 26th of February, Prapod Jittrong's tenure as Chief Financial Officer ended after 1.3 years in the role. We don't have any record of a personal shareholding under Prapod's name. A total of 2 executives have left over the last 12 months. Duyuru • Mar 03
Mitsib Leasing Public Company Limited Announces Management Changes Mitsib Leasing Public Company Limited announced the resignation of Mr. Prapod Jittrong from the position CFO due to retirement with effective on February 26,2021. In the meantime. Miss.Phimwalan Techapanich, Accounting Manager will be in charged. The company is in the process of recruiting and appointing qualified persons to hold such positions. Duyuru • Feb 26
Mitsib Leasing Public Company Limited, Annual General Meeting, Apr 23, 2021 Mitsib Leasing Public Company Limited, Annual General Meeting, Apr 23, 2021, at 13:00 SE Asia Standard Time. Location: at the hotel. Multiply 998 Moo 10 Soi Bearing 34, Sukhumvit 107 Road, Samrong Nuea Subdistrict Mueang Samut Prakan District Samut Prakan Province 10270 Samut Prakan Thailand Agenda: To consider and approve the minutes of the Annual General Meeting of Shareholders No. 1/2020; to consider acknowledge the company's operating results. For accounting period ended 31 December 2020; to consider and approve the financial statements for the year 2020 ended 31 December 2020; to consider and to approve the reduction of registered capital; to consider and approve the allocation of net profits as legal reserve. And pay dividends for the accounting period Ended on 31 December 2020; and to consider any other matter. Is New 90 Day High Low • Feb 08
New 90-day high: ฿1.11 The company is up 12% from its price of ฿0.99 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is up 8.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿0.01 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ฿119.7m (up 17% from 3Q 2019). Net loss: ฿7.11m (down 138% from profit in 3Q 2019). Duyuru • Nov 10
Mitsib Leasing Public Company Limited Appoints Varunee Nonthasri as the Company Secretary The Board of the Director's Meeting of the Mitsib Leasing Public Company Limited held on 9 November 2020 has resolved to appointment of Ms. Varunee Nonthasri as the Company Secretary. The effective date is on 9 November 2020 onwards. Is New 90 Day High Low • Nov 05
New 90-day low: ฿0.99 The company is down 2.0% from its price of ฿1.01 on 07 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is down 9.0% over the same period. 
