Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.19 loss per share (vs ฿0.68 loss in FY 2024) Full year 2025 results: ฿0.19 loss per share (improved from ฿0.68 loss in FY 2024). Revenue: ฿629.2m (up ฿576.9m from FY 2024). Net loss: ฿23.4m (loss narrowed 78% from FY 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings have declined by 21% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-฿66m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 21% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿955.7m market cap, or US$30.7m). Duyuru • Feb 27
Nova Empire Public Company Limited, Annual General Meeting, Apr 24, 2026 Nova Empire Public Company Limited, Annual General Meeting, Apr 24, 2026, at 13:00 SE Asia Standard Time. New Risk • Nov 19
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 6.6% 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 Risks Interest payments are not well covered by earnings (0.4x net interest cover). High level of non-cash earnings (61% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿1.17b market cap, or US$36.0m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.024 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.16 (up from ฿0.024 loss in 3Q 2024). Revenue: ฿182.9m (up ฿171.6m from 3Q 2024). Net income: ฿18.6m (up ฿22.5m from 3Q 2024). Profit margin: 10% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2025 earnings released: EPS: ฿0.18 (vs ฿0.081 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.18 (up from ฿0.081 loss in 2Q 2024). Revenue: ฿185.5m (up ฿171.8m from 2Q 2024). Net income: ฿23.7m (up ฿37.4m from 2Q 2024). Profit margin: 13% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Net loss: ฿2.23m (loss narrowed 97% from 1Q 2024). 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 9% per year, which means it has not declined as severely as earnings. New Risk • May 14
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 Less than 1 year of cash runway based on free cash flow trend (-฿987m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 41% per year over the past 5 years. Minor Risks Revenue is less than US$5m (฿52m revenue, or US$1.6m). Market cap is less than US$100m (฿801.5m market cap, or US$24.1m). Board Change • Mar 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Director Tossri Khowsurat was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • Mar 01
Nova Empire Public Company Limited Announces Term Expiration of Thanapat Parinyaroj as Member of Board of Directors Nova Empire Public Company Limited at its board meeting held on 24 February 2025, announced the vacancy resulting from Mr. Thanapat Parinyaroj as term of office has expired, the Board of Directors will identify a candidate with legal expertise or knowledge of the offshore petroleum industry, the Company's core business, and will propose this candidate at the future shareholders' meeting. Reported Earnings • Feb 26
Full year 2024 earnings released: ฿0.68 loss per share (vs ฿1.11 loss in FY 2023) Full year 2024 results: ฿0.68 loss per share (improved from ฿1.11 loss in FY 2023). Net loss: ฿105.3m (loss narrowed 44% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Jan 12
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 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Revenue is less than US$5m (฿52m revenue, or US$1.5m). Market cap is less than US$100m (฿1.15b market cap, or US$33.1m). New Risk • Nov 21
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 45% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (฿1.33b market cap, or US$38.3m). Board Change • Sep 12
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Vice Chairman of the Board Niti Jungnitnirundr was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jul 20
Nova Empire Public Company Limited (SET:NOVA) announces an Equity Buyback for 36,370,000 shares, representing 21.4% for THB 451 million. Nova Empire Public Company Limited (SET:NOVA) announces a share repurchase program. Under the offer, the company will repurchase up to 36,370,000 shares, representing 21.40% of its issued share capital for THB 451 million. The shares will be repurchased at a price of THB 12.40 per share. The purpose of the program is to increase the dividend yield and earnings per share. The program will be funded using the cash and cash equivalents. The repurchased shares will be disposed. The company has fixed August 2, 2024, as the record date for the offer. The offer is subject to shareholder approval to be obtained at the Extraordinary General Meeting to be held on August 22, 2024. The repurchase program will expire on September 19, 2024. As of April 05, 2024, the company had 169,949,024 shares in issue. Duyuru • Jun 28
Nova Empire Public Company Limited (SET:NOVA) announces an Equity Buyback for 40,787,766 shares, for THB 506 million. Nova Empire Public Company Limited (SET:NOVA) announces a share repurchase program. Under the offer, the company will repurchase up to 40,787,766 shares for THB 506 million. The shares will be repurchased at a price of THB 12.4 per share. The purpose of the program is to increase the dividend yield and earnings per share. The program will be funded using the cash and cash equivalents. The repurchased shares will be disposed. The company has fixed July 12, 2024, as the record date for the offer. The offer is subject to shareholder approval to be obtained at the Extraordinary General Meeting to be held on August 5, 2024. The repurchase program will expire on September 2, 2024. Duyuru • Jun 24
Nova Empire Public Company Limited Announces Resignation of Dr. Prasit Kanchanasakdichai as Director, Effective from June 25, 2024 Nova Empire Public Company Limited announced the resignation of Dr. Prasit Kanchanasakdichai from the position of Director of the Company due to other missions and unable to perform his role as a director fully. The said resignation shall be effective from 25 June 2024 onwards. Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.51 loss per share (vs ฿1.00 profit in 1Q 2023) First quarter 2024 results: ฿0.51 loss per share (down from ฿1.00 profit in 1Q 2023). Net loss: ฿86.4m (down 151% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Duyuru • Mar 13
Plus Energy Company Limited completed the acquisition of additional 75% stake in Winchai Company Limited from Nova Empire Public Company Limited (SET:NOVA) for THB 2.1 billion. Plus Energy Company Limited agreed to acquire additional 75% stake in Winchai Company Limited from Nova Empire Public Company Limited (SET:NOVA) on October 17, 2023. OptAsia Capital Co., Ltd. acted as financial advisor for Nova Empire.Plus Energy Company Limited completed the acquisition of additional 75% stake in Winchai Company Limited from Nova Empire Public Company Limited (SET:NOVA) for THB 2.1 billion on March 12, 2024. Reported Earnings • Mar 03
Full year 2023 earnings released: ฿1.11 loss per share (vs ฿1.43 profit in FY 2022) Full year 2023 results: ฿1.11 loss per share (down from ฿1.43 profit in FY 2022). Net loss: ฿189.2m (down 179% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Mar 01
Nova Empire Public Company Limited, Annual General Meeting, Apr 30, 2024 Nova Empire Public Company Limited, Annual General Meeting, Apr 30, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider the adoption of the Minutes of the Extraordinary General Meeting of Shareholders No. 1/2024; to Acknowledgement of the Annual Report on the business operation of the Company for 2023; to Approval of the Audited Consolidated Financial Statements of the Company for the financial year ended 31 December 2023; to Approval of an omission of annual dividend payments for 2023, and to inform the meeting of the previous paid interim dividend payment; to Approval of the re-election of all retiring directors; to Approval of the remuneration of directors for 2024; to Approval of the appointment of auditors of the Company and fixing their remuneration for 2024; and to consider other matters if any. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.051 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.01 (down from ฿0.051 in 3Q 2022). Revenue: ฿145.6m (up 32% from 3Q 2022). Net income: ฿2.54m (down 71% from 3Q 2022). Profit margin: 1.7% (down from 7.9% 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 88% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Nov 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 6.5% 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: Minor Risks High level of debt (86% net debt to equity). 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 (6.5% average weekly change). Market cap is less than US$100m (฿1.90b market cap, or US$53.0m). Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿9.90, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 15x in the Renewable Energy industry in Thailand. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Oct 26
Upcoming dividend of ฿1.10 per share Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 13 November 2023. The company last paid an ordinary dividend in May 2013. The average dividend yield among industry peers is 2.2%. Duyuru • Oct 21
Nova Empire Public Company Limited Approves Interim Cash Dividend, Payable on November 13, 2023 Nova Empire Public Company Limited at its board meeting held on October 19, 2023, approved interim cash dividend of THB 1.10 per share on Common shares. The dividend is payable on November 13, 2023 with record date of November 3, 2023 and ex-dividend date of November 2, 2023. Dividend is payable From Retained Earnings. Duyuru • Oct 20
Plus Energy Company Limited agreed to acquire an additional stake in Winchai Company Limited from Nova Plus Energy Company Limited agreed to acquire an additional stake in Winchai Company Limited from Nova on October 17, 2023. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.22 (vs ฿0.063 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.22 (up from ฿0.063 in 2Q 2022). Revenue: ฿184.0m (up 4.6% from 2Q 2022). Net income: ฿37.7m (up 252% from 2Q 2022). Profit margin: 21% (up from 6.1% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% 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 • May 17
First quarter 2023 earnings released: EPS: ฿1.00 (vs ฿0.53 in 1Q 2022) First quarter 2023 results: EPS: ฿1.00 (up from ฿0.53 in 1Q 2022). Revenue: ฿354.1m (up 152% from 1Q 2022). Net income: ฿170.4m (up 98% from 1Q 2022). Profit margin: 48% (down from 61% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿12.70, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 17x in the Renewable Energy industry in Thailand. Total returns to shareholders of 35% over the past three years. Duyuru • Dec 28
Nova Empire Public Company Limited (SET:NOVA) acquired a 24.375% stake in Winchai Company Limited from The Planet Y Holding Co., Ltd. for THB 715 million. Nova Empire Public Company Limited (SET:NOVA) acquired a 24.375% stake in Winchai Company Limited from The Planet Y Holding Co., Ltd. for THB 715 million on December 27, 2022. Under the terms, Nova Empire Public Company Limited acquired a total of 2,413,125 shares and post completion has approximately 75% stake in Winchai. As of December 27, 2022, Nova Empire Public Company Limited's shareholders approved the transaction.Nova Empire Public Company Limited (SET:NOVA) completed the acquisition of a 24.375% stake in Winchai Company Limited from The Planet Y Holding Co., Ltd. on December 27, 2022. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.05 (vs ฿0.009 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.05 (up from ฿0.009 in 3Q 2021). Revenue: ฿110.7m (up ฿100.5m from 3Q 2021). Net income: ฿8.71m (up ฿7.51m from 3Q 2021). Profit margin: 7.9% (down from 12% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Vice Chairman of the Board Niti Jungnitnirundr was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.02 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.06 (up from ฿0.02 loss in 2Q 2021). Revenue: ฿175.9m (up ฿159.3m from 2Q 2021). Net income: ฿10.7m (up ฿13.4m from 2Q 2021). Profit margin: 6.1% (up from net loss in 2Q 2021). 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 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿10.50, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 16x in the Renewable Energy industry in Thailand. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 31% share price gain to ฿12.90, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 16x in the Renewable Energy industry in Thailand. Total returns to shareholders of 27% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.53 (vs ฿0.071 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.53 (up from ฿0.071 loss in 1Q 2021). Revenue: ฿140.6m (up ฿126.4m from 1Q 2021). Net income: ฿86.2m (up ฿95.7m from 1Q 2021). Profit margin: 61% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Vice Chairman of the Board Niti Jungnitnirundr was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be ฿12.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 21% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.33 (up from ฿1.08 loss in FY 2020). Net income: ฿44.6m (up ฿173.5m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿10.2m (down 90% from 3Q 2020). Net income: ฿1.20m (down 92% from 3Q 2020). Profit margin: 12% (down from 14% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 134 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.02 loss per share (vs ฿0.04 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: ฿16.6m (up ฿16.3m from 2Q 2020). Net loss: ฿2.69m (loss narrowed 44% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿21.49 loss per share (vs ฿0.045 loss in FY 2019) The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ฿419.6m (up 6.3% from FY 2019). Net loss: ฿129.0m (loss widened ฿123.6m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 03
New 90-day high: ฿14.75 The company is up 56% from its price of ฿9.45 on 05 November 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: ฿218 The company is up 15% from its price of ฿190 on 15 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 38% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ฿216 The company is up 16% from its price of ฿186 on 17 September 2020. The Thai market is also up 16% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Metals and Mining industry, which is up 29% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿2.44 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿101.3m (up 31% from 3Q 2019). Net income: ฿14.7m (up ฿19.5m from 3Q 2019). Profit margin: 14% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 117% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 04
New 90-day low: ฿180 The company is down 27% from its price of ฿245 on 06 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 5.0% over the same period.