Duyuru • Mar 02
Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2026 Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2026, at 13:30 SE Asia Standard Time. New Risk • Jun 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿297.8m (US$9.11m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿294m free cash flow). Share price has been highly volatile over the past 3 months (30% average weekly change). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (฿297.8m market cap, or US$9.11m). Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.005 loss per share (vs ฿0.012 profit in 1Q 2024) First quarter 2025 results: ฿0.005 loss per share (down from ฿0.012 profit in 1Q 2024). Revenue: ฿253.9m (down 14% from 1Q 2024). Net loss: ฿22.2m (down 144% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 20 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2024 earnings released: ฿0.045 loss per share (vs ฿0.21 loss in FY 2023) Full year 2024 results: ฿0.045 loss per share (improved from ฿0.21 loss in FY 2023). Revenue: ฿1.20b (down 25% from FY 2023). Net loss: ฿190.1m (loss narrowed 79% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Duyuru • Mar 03
Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2025 Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2025, at 13:00 SE Asia Standard Time. New Risk • Feb 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿340.4m (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 Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 70% per year over the past 5 years. Market cap is less than US$10m (฿340.4m market cap, or US$9.97m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.014 loss per share (vs ฿0.012 profit in 2Q 2023) Second quarter 2024 results: ฿0.014 loss per share (down from ฿0.012 profit in 2Q 2023). Revenue: ฿286.2m (down 34% from 2Q 2023). Net loss: ฿59.2m (down 218% from profit in 2Q 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. Duyuru • May 28
Prime Road Power Public Company Limited Announces Changed Information of CFO Prime Road Power Public Company Limited announced that Mr. Piroon Shinawatra, Chief Financial Officer, has changed his name to Mr. Polakrit Shinawatra. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.012 (vs ฿0.007 in 1Q 2023) First quarter 2024 results: EPS: ฿0.012 (up from ฿0.007 in 1Q 2023). Revenue: ฿297.1m (down 32% from 1Q 2023). Net income: ฿51.0m (up 63% from 1Q 2023). Profit margin: 17% (up from 7.2% in 1Q 2023). 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 72 percentage points per year, which is a significant difference in performance. New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 46% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿2.43b market cap, or US$68.0m). Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.21 loss per share (vs ฿0.032 profit in FY 2022) Full year 2023 results: ฿0.21 loss per share (down from ฿0.032 profit in FY 2022). Revenue: ฿1.61b (up 44% from FY 2022). Net loss: ฿901.6m (down ฿1.04b from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Duyuru • Mar 01
Prime Road Power Public Company Limited has filed a Follow-on Equity Offering. Prime Road Power Public Company Limited has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,276,345,000
Transaction Features: Rights Offering Reported Earnings • Nov 15
Third quarter 2023 earnings released: ฿0.002 loss per share (vs ฿0.002 profit in 3Q 2022) Third quarter 2023 results: ฿0.002 loss per share (down from ฿0.002 profit in 3Q 2022). Revenue: ฿282.6m (up 55% from 3Q 2022). Net loss: ฿7.93m (down 175% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.36b (US$90.8m) This is considered a minor 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 Interest payments are not well covered by earnings (0.2x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 24% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risk Market cap is less than US$100m (฿3.36b market cap, or US$90.8m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.012 (vs ฿0.007 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.012 (up from ฿0.007 in 2Q 2022). Revenue: ฿433.6m (up 269% from 2Q 2022). Net income: ฿50.2m (up 64% from 2Q 2022). Profit margin: 12% (down from 26% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Jun 15
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 6.3% 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 (0.1x net interest cover). Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.007 (vs ฿0.014 in 1Q 2022) First quarter 2023 results: EPS: ฿0.007 (down from ฿0.014 in 1Q 2022). Revenue: ฿436.2m (up 287% from 1Q 2022). Net income: ฿31.2m (down 48% from 1Q 2022). Profit margin: 7.2% (down from 54% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Jan 19
Prime Road Power Public Company Limited Announces Chief Financial Officer Changes Prime Road Power Public Company Limited announced changing of Chief Financial Officer. Mr. Piroon Shinawatra replaced Mr. Surachet Chaipatamanont as Chief Financial Officer. Effective date of appointment and termination is 18 January, 2023. Duyuru • Dec 17
Prime Road Power Public Company Limited Announces Board Changes Prime Road Power Public Company Limited at its board meeting held on 15 December 2022, acknowledged the resignation of Mr. NUTTAWUT PHOWBOROM, the Independent Director, effective from 15 December 2022 onwards; and appointed MR. A SACHDEV who has appropriate qualifications to be the Independent Director, as approved by the Nomination and Remuneration Committee's meeting, in replacement of the resigned director. In thisregard, the new director shall have the directorship term equal to the remaining term of the resigned director, with the effectiveness from 15 December 2022 onwards. Board Change • Nov 16
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. Vice Chairman Surachet Chaipatamanont was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 28
Prime Road Power Public Company Limited Announces Change of Chief Accountant Prime Road Power Public Company Limited announced the appointment of Punchayanat Narinnok as Chief Accountant, effective from 25-October-2022 and termination of Amporn Pengsri as Chief Accountant, effective from 01-August-2022. Board Change • Sep 02
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. Vice Chairman Surachet Chaipatamanont was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.007 (vs ฿0.019 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.007 (down from ฿0.019 in 2Q 2021). Revenue: ฿117.6m (down 19% from 2Q 2021). Net income: ฿30.6m (down 63% from 2Q 2021). Profit margin: 26% (down from 56% in 2Q 2021). 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 20% per year, which means it has not declined as severely as earnings. Duyuru • Jun 17
Prime Road Power Public Company Limited Announces Board Appointments to New Subsidiaries Prime Road Power Public Company Limited announced that the board of directors' Meeting held on 16 June 2022, has resolved to approve the establishment of new subsidiaries. Established Company's Name: Prime SA Company Limited; Director Structure: 1. Mr. Somprasong Panjalak; 2. Mr. Surachet Chaipatamanont. Established Company's Name: Prime Road Alternative Company (Lanka) Limited; Director Structure: 1. Mr. Somprasong Panjalak; 2. Mr. Piyasak Chotipruk; 3. Mr. Chanin Srisuma. Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Nuttawut Phowborom is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Mar 31
Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2022 Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2022, at 14:00 SE Asia Standard Time. 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 ฿1.46, the stock trades at a trailing P/E ratio of 47.8x. Average trailing P/E is 22x in the Renewable Energy industry in Thailand. Total loss to shareholders of 27% over the past year. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.031 (down from ฿0.068 in FY 2020). Revenue: ฿567.8m (up 15% from FY 2020). Net income: ฿130.1m (down 55% from FY 2020). Profit margin: 23% (down from 58% in FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿0.008 (vs ฿0.018 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿179.5m (up 39% from 3Q 2020). Net income: ฿34.1m (down 56% from 3Q 2020). Profit margin: 19% (down from 60% in 3Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.019 (vs ฿0.018 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿145.7m (up 54% from 2Q 2020). Net income: ฿81.9m (up 5.3% from 2Q 2020). Profit margin: 56% (down from 82% in 2Q 2020). The decrease in margin was driven by higher expenses. Executive Departure • Jul 13
Corporate Secretary Nuntanut Sungsawang has left the company On the 1st of July, Nuntanut Sungsawang's tenure as Corporate Secretary ended after 1.9 years in the role. We don't have any record of a personal shareholding under Nuntanut's name. Nuntanut is the only executive to leave the company over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.006 (vs ฿0.005 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿118.2m (up 24% from 1Q 2020). Net income: ฿98.5m (up 7.4% from 1Q 2020). Profit margin: 83% (down from 96% in 1Q 2020). The decrease in margin was driven by higher expenses. Duyuru • Mar 04
Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2021 Prime Road Power Public Company Limited, Annual General Meeting, Apr 29, 2021, at 14:00 SE Asia Standard Time. Location: at Meeting Room 25th Floor of TP&T Building No. 1, Soi Vibhavadi Rangsit 19 Vibhavadi Rangsit Road, Chatuchack Sub-District, Chatuchack Districk Bangkok Thailand Agenda: To adopt the minutes of the 2020 annual general meeting of shareholders; to acknowledge the company's performance report for the fiscal year 2020; to approve the financial statements for the year ended 31 December 2020; to consider and approve not to appropriate the net profit as legal reserve and omit the dividend payment for the operating results of the year 2020; to consider and approve the re-election of the directors who retire by rotation; to consider and approve the determination of the remuneration of the directors for the year 2021; to consider and approve the appointment of the auditor for the financial statements year 2021 and the determination of the remuneration of the auditor; to consider and approve the reduction of the company' s registered capital, the amendment to article 4 of the company's memorandum of association; and to consider the other matter. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.017 (vs ฿0.017 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿494.7m (up 48% from FY 2019). Net income: ฿288.3m (up 8.8% from FY 2019). Profit margin: 58% (down from 79% in FY 2019). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS ฿0.005 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿129.3m (up 51% from 3Q 2019). Net income: ฿77.9m (up 71% from 3Q 2019). Profit margin: 60% (up from 53% in 3Q 2019). The increase in margin was driven by higher revenue. Duyuru • Sep 18
Prime Road Power Public Company Limited (SET:PRIME) agrred to acquire Jupiter Power Company Limited from Noppaklao Ritcharoon, Suradit Seedamat and Pimluck Laksanakraisorn for THB 85 million. Prime Road Power Public Company Limited (SET:PRIME) agrred to acquire Jupiter Power Company Limited from Noppaklao Ritcharoon, Suradit Seedamat and Pimluck Laksanakraisorn for THB 85 million on September 17, 2020. Prime Road Power Public Company Limited will acquire 0.2 million shares of Jupiter Power Company Limited. Upon completion, Jupiter Power Company Limited will become wholly owned subsidiary of Prime Road Power Public Company Limited. The transaction is approved by Board of Directors of Prime Road Power Public Company Limited. Duyuru • Sep 08
PRG Development Company Limited cancelled the acquisition of remaining 12.6% stake in Prime Road Power Public Company Limited (SET:PRIME) from a group of sellers. PRG Development Company Limited made an offer to acquire remaining 12.6% stake in Prime Road Power Public Company Limited (SET:PRIME) from a group of sellers for approximately THB 580 million on August 8, 2019. As per the transaction, PRG Development Company Limited made an offer to acquire remaining 2.14 billion shares at THB 0.27 per share. As on August 26, 2019, Srichawla Group, which holds 4.7% stake in Prime Road Power Public Company Limited has decided not to tender its hares in the offer. Transaction will be financed through credit line of THB 360 million provided by UOB Bank Public Company Limited and remaining from cash in bank account.
The offer is unconditional. Tender offer period will commence from August 9, 2019 to September 13, 2019. TMB Bank Public Company Limited acted as tender offer preparer and Thanachart Securities Public Company Limited acted as tender offer agent to PRG Development Company Limited. Piyapa Chongsathein of S 14 Advisory Company Limited acted as independent financial advisor for Prime Road Power Public Company Limited and considers the offer as appropriate.
PRG Development Company Limited cancelled the acquisition of remaining 12.6% stake in Prime Road Power Public Company Limited (SET:PRIME) from a group of sellers on August 8, 2020.