SPVI : S P V I PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview SPVI's core business is a reseller of Apple products, including computers, iOS devices, Apple accessories and also distribute other accessories which compatible with Apple products in order to accommodate customer's needs from various channel including retail, educational institution, private company and public enterprise. Moreover, the Company provides service centers to offer after sales services for all Apple products which operate under the name "iCenter". Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 1,772.90 1,546.33 6,770.05 5,615.76 Expenses 1,756.45 1,501.43 6,636.04 5,449.32 Net Profit (Loss) 12.13 34.62 100.19 126.57 Balance Sheet (MB) Assets 1,013.16 1,162.41 1,231.66 1,052.95 Liabilities 420.99 577.94 651.62 503.10 Shareholders' Equity 592.17 584.47 580.04 549.85 Cash Flow (MB) Operating 233.69 -32.95 51.93 148.92 Investing -25.75 -14.29 -77.49 -67.94 Financing -202.68 47.22 38.87 -130.14 Financial Ratio EPS (Baht) 0.03 0.09 0.25 0.32 GP Margin (%) 9.55 11.10 10.09 10.62 NP Margin (%) 0.68 2.24 1.48 2.25 D/E Ratio (x) 0.71 0.99 1.12 0.91 ROE (%) 13.21 24.18 17.73 24.30 ROA (%) 9.70 17.57 11.73 18.05 Business Plan For the overall strategy in the fiscal year 2024, the Company aims to focus on selecting new products, as well as presenting the solutions, such as "Human Capital Management (HCM)" to increase profitability of Enterprise channel. Moreover, the Company aim to penetrate the Education channel by focusing the primary and secondary sector including students and education personnel, to increase the revenues of Mac & iPad categories. Additionally, the Company focusing on managing "Same Store Sales Growth" of existing shops and exploring the possibility of expanding cautiously in potential locations. In term of online channel, the Company is emphasis on managing the product portfolio and adjusting sales promotion strategies to enhance the profitability. Business Highlight In Quarter 1/2024, the Company has opened new 2 stores, iStudio Central Nakhonsawan and Telewiz Lotus Phayao and closed 1 store, Telewiz Lotus Chonburi. In total, the Company has operated 81 stores (6 iStudio, 5 iBeat, 5 Mobi, 26 U•Store, 7 iCenter, 22 ASP/Telewiz/Buddy, 9 A-Store and 1 iSolution) Performance and Analysis Business Performance Summary Revenues from sales and service income Revenues from sales and service income for Q1/2024 was Baht 1,762.13 million, increased from the same quarter of the prior year Baht 227.33 million or 14.81% due to the increasing in sales of apple products, with the Company's marketing promotions in collaboration with distributors throughout the period. Moreover, personal income tax deduction under “Easy E-Receipt” also stimulated revenue from sales. Gross profit Gross profit for Q1/2024 was Baht 168.34 million, decreased from the same quarter of the prior year Baht 2.07 million or 1.22%. The gross profit margin for Q1/2024 is approximately 9.55% compared with the same quarter of the prior year at 11.10%. The decrease in gross profit margin was mainly due to the increasing of sales proportion of Apple products with low margin and the Company's marketing promotion with distributors. Key Milestones Quarter 1/2024: Opened 1 new stores which are iStudio Central Nakhonsawan and Telewiz Lotus Phayao. Risk Management Policy • The risk of relying on major suppliers and being reseller of Apple with the willingness to cooperate and support by strictly comply with agreement of Apple. • The risk of obsolete products which came from rapid change in technology. The company has to occupy inventory management system to select and purchase product in the appropriate amount. The company has managed inventory management efficiently and supported marketing activities to liquidate slow moving products. • The risk of competition in the market. Due to rapid growth of ICT market, especially smartphones and tablets, which continuously launch new products to gain more market shares. The company focuses on retaining existing customers by building customer loyalty through exclusive discount offers for next purchase, keep communication with customers through social media as well as provide product workshop to customers by monthly. • The risk of changes in consumer behavior, the company has adjusted their business management to reach more customers through social media and online channel integrated with store operations. Revenue Structure Sales 99.1% Service income 0.3% Others 0.6% Stock Information mai / TECH Closing price SPVI mai index 6.00 4.00 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 SPVI TECH mai P/E (X) 12.14 32.19 109.40 P/BV (X) 2.10 2.71 2.11 Dividend yield (%) 4.77 1.80 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,216.00 1,584.00 2,220.00 Price (B/Share) 3.04 3.96 5.55 P/E (X) 12.14 12.75 15.39 P/BV (X) 2.10 2.82 4.39 CG Report: Major Shareholders as of 07/03/2024 IT CITY PUBLIC COMPANY LIMITED (29.00%) MR. VIROJ GOSONTANAWONG (16.98%) MRS. PETCHARAT VOLYARNGOSOL (7.00%) MR. TRISORN VOLYARNGOSOL (6.51%) MISS PATCHARA KIATNUNTAVIMON (1.54%) Others (38.97%) Company Information and Contact http://www.spvi.co.th [email protected] 0-2559-2901-10 1213/58-59 Soi Ladprao 94, Sriwara Road, Phlapphla, Wangthonglang, Bangkok, 10310 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=SPVI Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 31/05/2024 99
SR : SIAMRAJ PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview There are 5 business groups which are 3 mainly business units such as 1.MPT, 2.ENG, and 3.EPS, and 2 subsidiary business groups such as 1.TTN and TKS. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 179.18 259.23 1,055.21 1,337.17 Expenses 195.25 256.02 1,118.97 1,379.45 Net Profit (Loss) -38.19 -8.96 -117.90 -55.78 Balance Sheet (MB) Assets 2,249.08 2,742.36 2,366.42 2,699.64 Liabilities 1,597.80 1,926.54 1,674.25 1,871.98 Shareholders' Equity 650.52 795.81 688.81 804.68 Cash Flow (MB) Operating 28.44 -51.35 78.56 -160.96 Investing 3.67 -5.57 15.05 -227.63 Financing -88.56 88.41 -92.89 393.13 Financial Ratio EPS (Baht) -0.06 -0.01 -0.17 -0.08 GP Margin (%) 11.82 15.52 13.64 14.90 NP Margin (%) -22.76 -4.60 -13.15 -4.83 D/E Ratio (x) 2.45 2.36 2.42 2.26 ROE (%) -20.35 -7.33 -15.79 -6.70 ROA (%) -3.37 -1.11 -2.50 -1.40 Business Plan 1. Metering Station and Natural Gas Transmission System (MPT) SR continues to plan to participate in bidding for other projects related to the natural gas metering and transmission system construction business because the natural gas used in the category of Electric power continues to increase as the country's energy demand continues to increase. 2. Engineered Pumps and Systems (EPS) SR has focused on designing and selling industrial pump products under the brand that the company has appointed as a distributor, including products related to the same industry. SR focused on keeping good relationships with an Existing customer base and expanding to new customer groups and expanding the main product market such as Gear Pump, Viking, and ITT to the market of competitors and new customers in potential industries. In addition, SR also focuses on selling equipment and designing Pump Package systems, and upgrading the efficiency of compressor systems to increase sales in the petrochemical industry and refineries, etc. Business Highlight • Officially opened the parking building at Thammasat University Hospital, Pathum Thani Province (Building B). • Officially opened the car park building at Burapha University Hospital, Chonburi Province. Performance and Analysis Business Performance Summary The company had total revenue of 179.18 million baht, which is decreased from the same period last year by 80.05 million baht or 30.88%, mainly due to The significant decrease in revenue were from; (1) The numbers of outstanding construction project on hand both in quantity and value were significantly decreased comparing with the first quarter of 2023 (Q1/2023) which it’s reduced the accomplishment this year. (2) Car park service consists of the management of parking building and commercial property for rental and services Business Unit had revenues is not related to costs and expenses incurred in the period, which includes Depreciation, employee expenses, management expenses and repair and maintenance costs. (3) The NGV distribution station, Bangna branch, has been closed due to the expiration of the gas purchase agreement from PTT Public Company Limited. Company net loss (Owner of the Parent) was 38.20 million baht, a decrease in loss from the same period last year amounted to 29.24 million baht or 326.34%, mainly due to (1) The Company had reduction costs from the decrease of variable costs corresponding to the decrease in main revenue. (2) In the fourth quarter of 2023 (Q4/2023), CAPS Company Limited had losses from impairment of assets and use rights from the Chiang Mai parking building property At ChiangMai Internltion Airport, the amount of Baht 34.43 million is expected to be able to reverse the impairment. Due to the business license contract being extended. Key Milestones - Risk Management Policy • The construction of metering stations and natural gas pipeline systems are services hired project by project basis. There is no continuous long-term contract which may result in the company's income being inconsistent and uncontinuous. However, the company focuses on the quality of engineering and design services. construction of metering stations and natural gas transmission systems under the standards of PTT Public Company Limited, including the country's economic expansion when the national economy and the world community improve and there are projects on Infrastructure, we are confident that it will be able to bid and earn more revenue and profit according to the strategic plan. • In terms of revenue from sales due to relatively high competition, there may be a chance that the company will lose some of the market share which may result in lower revenues or lower profits. So, SR will pay attention to maintaining the quality of work and after-sales service, provide a good standard in order to increase confidence and trust with customers, and continues to try to differentiate products and services. to customers continuously Recent Awards and Recognitions 1. 100-point full score for AGM Checklist, a project for assessing the quality of the arrangement of the Annual General Meeting of Shareholders of Thai Listed Companies in 2023, considered by the Thai Investors Association. 2. Received 5-star CGR rating in 2023 from the Thai Institute of Directors Association. Revenue Structure Metering/Pipline Transmission 37.95% Industrial Pumps 25.17% Fluid Flow Measurement 19.59% Alternative Energy 0.69% Others 16.6% Stock Information mai / RESOURC Closing price SR mai index 2.00 1.00 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 SR RESOURC mai P/E (X) - - 109.40 P/BV (X) 0.65 0.80 2.11 Dividend yield (%) - 1.87 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 446.62 439.86 1,008.28 Price (B/Share) 0.66 0.65 1.49 P/E (X) - - - P/BV (X) 0.65 0.58 1.16 CG Report: Company Rating: Major Shareholders as of 08/03/2024 MR. Kiat Vimolchalao (31.95%) MR. WIPONG RATTANASIRIVILAI (8.58%) MR. Krittin Vimolchalao (8.11%) MISS Krittina Vimolchalao (8.11%) MRS.Wacharaporn Vimolchalao (7.58%) Others (35.67%) Company Information and Contact http://www.siamrajplc.com 0-2743-5010-25 289/9 Moo10 Old Railway Road, Samrong, Phrapradaeng Samut Prakarn 10130 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=SR Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 13/05/2024 100
SRS : SIRISOFT PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview At Sirisoft, we provide IT consultancy and technology solution development for businesses. Specializing in Application Modernization, we revamp and enhance systems with DevOps expertise emphasizing automation and cloud computing services for continuous software improvement capabilities and streamlining operational efficiencies. Our proficiency also extends to developing systems and software using Microservices architecture, which minimizes infrastructure dependencies while maximizing scalability. This facilitate organizational capabilities beyond traditional software development and conventional infrastructure management processes. Additionally, our teams of skilled High Code developers excels in building custom software solutions tailored to meet diverse business needs, focusing on IT-driven enhancements for any organizations pursuing digital transformation. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 108.06 113.45 586.97 412.01 Expenses 110.37 95.32 487.04 325.59 Net Profit (Loss) -3.46 13.96 75.97 68.69 Balance Sheet (MB) Assets 1,173.04 348.82 1,134.24 311.46 Liabilities 480.61 267.77 438.35 241.07 Shareholders' Equity 692.43 81.05 695.88 70.39 Cash Flow (MB) Operating 22.23 19.73 53.44 108.87 Investing -308.81 -5.49 -41.74 -28.55 Financing -7.66 -14.94 522.03 -36.61 Financial Ratio EPS (Baht) -0.02 0.22 0.65 5.74 GP Margin (%) 32.72 37.89 36.64 36.41 NP Margin (%) -3.20 12.30 12.94 16.67 D/E Ratio (x) 0.69 3.30 0.63 3.42 ROE (%) -0.50 17.22 19.83 121.87 ROA (%) -0.30 4.00 10.51 27.43 Business Plan 2024-2025 Corporate Strategy: 1. Market Expansion: Expand the customer base in high-growth markets with significant investments in information technology, such as the financial and banking sectors, energy, retail, and public sector, to increase the potential for becoming a major new client in the future. 2. Maintenance Service Excellence: Increase recurring revenue from system maintenance services by providing high-quality and standard customer service experiences. 3. Expanding Services in Line with Industry Trends: Focus on digital transformation for large organizations, tailor business software to meet the specific needs of each organization, and develop various digital business systems to efficiently support ESG, targeting listed companies and large organizations. Sustainable Development Plan Our Company is committed to aligning its operations with the United Nations Sustainable Development Goals (SDGs) and integrating Environmental, Social, and Governance (ESG) principles. On the 25th and 26th of November 2023, in collaboration with the Department of Computer Engineering, King Mongkut's University of Technology Thonburi, we organized a Hackathon competition. This initiative was aimed at encouraging new generation software developers to utilize their knowledge and skills in designing and developing cities for the modern era. Business Highlight Our Company engages in consulting and development of information technology solutions for organizations, which includes: 1. Software design services and the development and maintenance of systems utilizing the DevOps (Development & Operation) methodology for rapid and continuous advancement. 2. Sales of software licenses necessary for system development from globally leading companies such as Red Hat, Oracle, Dynatrace, and Huawei, supported by our skilled team. 3. Advanced cyber security consultation and development for IT systems, offering comprehensive services and personnel support. 4. Sales of computers and related peripherals specifically tailored to meet the system development needs of our customers. Performance and Analysis Business Performance Summary For the three-month period ended 31 March 2024, the Company’s group recorded sales and service revenue of THB 107.61 million, a decrease of THB 5.83 million, compared to the same period of the previous year. Revenue from the implementation and development of software services decreased by THB 18.96 million, compared to the same period of the previous year. This was primarily due to 1) The impact of internal restructuring and amended corporate budget policies by clients. This amendment resulted in the cancellation of implement and develop software service contracts. 2) An increase in the foreign currency rate at the end of the first quarter had a significant impact on consumer decisions on purchasing equipment for large-scale system development. This resulted in the client’s internal project budget considerations and delayed order execution than expected for the quarter. Revenue from the sales of hardware and software licenses increased by THB 12.28 million, compared to the same period of the previous year. This was primarily due to increased sales of software licenses in the development system that the Company’s group manages, as customers’ demand for applications has steadily increased over the years. As a result, the proportion of recurring revenue has increased. Key Milestones On February 27, 2024, at the board meeting No. 1/2024, a resolution was approved for a 2023 dividend of 0.57380 baht per share. To date, the Company has paid 3 interim dividends: the 1st installment on May 15, 2023, at 0.09625 baht per share; the 2nd on August 18, 2023, at 0.32630 baht per share; and the 3rd on December 13, 2023, at 0.13125 baht per share. The dividend payout for the last period of the year is 0.02000 baht per share, scheduled for payment on May 23, 2024, to shareholders on record as of May 3, 2024. Risk Management Policy The Company prioritizes the global risk management standards to ensure customer satisfaction, maintain a positive image, and achieve uniform operations across the organization. This is achieved through establishing a Risk Management Committee responsible for policy formulation, system implementation, risk assessment, and maintaining acceptable risk levels. Additionally, the Company enhances risk management awareness through communication and training, aligned with our strategic objectives. This approach is reviewed annually to ensure its effectiveness and relevance to our current business environment. Recent Awards and Recognitions • Top OpenShift Partner of the Year from Red Hat Thailand in April 2024. • Veeam Rising Star - Value-Added Reseller in April 2024. • Veeam Value-Added Reseller Gold Level in April 2024. • Best Dealer Awards 2022: VSTECS Thailand in July 2023 • Storage Partner of the Year 2022 from Huawei Enterprise Thailand in March 2023. Revenue Structure Revenues from sales 43% Revenues from services 57% Stock Information mai / TECH Closing price SRS mai index 18.00 9.00 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 SRS TECH mai P/E (X) 17.48 32.19 109.40 P/BV (X) 1.91 2.71 2.11 Dividend yield (%) 1.82 1.80 1.80 29/03/24 28/12/23 - Market Cap (MB) 1,328.00 1,632.00 N/A Price (B/Share) 8.30 10.20 N/A P/E (X) 17.48 20.58 N/A P/BV (X) 1.91 2.24 N/A CG Report: - Major Shareholders as of 03/05/2024 Mr.Siriwat Thanurawet (74.19%) Mr.Titipum Singsa (3.52%) TISCO Mid/Small Cap Equity Fund (1.13%) Mr.Sintorn Pradubsripet (0.99%) Thai NVDR Company Limited (0.81%) Others (19.36%) Company Information and Contact https://www.sirisoft.co.th/ [email protected] 02-006-5397, 02-006-3098, 081-742-5945 89 AIA Capital Center Building, 15th Floor, Ratchadaphisek Road, Din Daeng Bangkok 10400 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=SRS Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 04/06/2024 101
STC : STC CONCRETE PRODUCT PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview Manufacturing and distributing pre-cast concrete and ready-mixed concrete under brand "STC" and also providing other related services such as pile driving, concrete pumping etc. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 119.35 111.56 538.14 436.40 Expenses 118.32 106.89 515.60 423.67 Net Profit (Loss) -2.15 2.02 9.58 1.33 Balance Sheet (MB) Assets 791.13 701.61 793.96 673.86 Liabilities 427.00 328.69 427.67 302.96 Shareholders' Equity 364.14 372.92 366.28 370.91 Cash Flow (MB) Operating 18.68 -3.67 -8.07 13.40 Investing -21.56 -10.94 -41.64 -80.29 Financing 5.47 15.14 50.36 65.66 Financial Ratio EPS (Baht) 0.00 0.00 0.02 0.00 GP Margin (%) 24.95 27.38 25.87 26.28 NP Margin (%) -1.80 1.81 1.78 0.31 D/E Ratio (x) 1.17 0.88 1.17 0.82 ROE (%) 1.47 1.44 2.60 0.36 ROA (%) 2.45 1.96 2.95 1.15 Business Plan • Project Na-Wang Phase 5 • R&D on new products. • Opportunities in various projects in the EEC area, including government and private projects. • Expand customer base and product delivery area. • Generate income growth of 10-15% from income in 2023. • ESG Plan for effective water management within the organization, Planting trees increases green space within the factory. and reduce greenhouse gas emissions from 2023 Business Highlight • A leading manufacturer and distributor of high-quality, comprehensive concrete products in Pattaya City, Chonburi Province, and the EEC area. • The management team and engineers are experienced and specialized in concrete products. • The STC brand is trusted and well-known among customers. Performance and Analysis Business Performance Summary In conclusion, the Company had loss of THB 2.15 million decreased by THB 4.17 million or 206.70% compared to the previous year due to even though the Company's income increased, at the same time the cost of sales increased as per the details mentioned above together with the competitive environment that is quite high As a result, the company is able to make gross profits at a reduced rate. Key Milestones Risk Management Policy Business Risk Factors • Risk from the presence of multiple ready-mix concrete producers in the area, leading to high competition • Risk related to the limitations of concrete products and delayed delivery of goods • Risk from the growth of the company • Risk from debtors' defaults • Seasonal risk • Risk from having major shareholders owning more than 50% • Risk from fluctuations in raw material prices • Occupational health and safety risk • Cybersecurity risk You can learn about the company's risk management methods in the 56-1 One Report for the year 2023 on the company's website at www.stc.co.th. Revenue Structure Precast Concrete 80% Ready-Mixed Concrete 18% Related Service 2% Stock Information mai / PROPCON Closing price STC mai index 1.00 0.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 STC PROPCON mai P/E (X) 37.95 - 109.40 P/BV (X) 0.99 2.56 2.11 Dividend yield (%) - 1.33 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 363.52 386.24 431.68 Price (B/Share) 0.64 0.68 0.76 P/E (X) 37.95 27.85 - P/BV (X) 0.99 1.05 1.17 CG Report: Major Shareholders as of 05/03/2024 MISS JINDAVAN TRINTIYAKUL (21.13%) MR. EKACHAI CHAITRAKULTHONG (19.95%) MR. SURASIT CHAITRAKULTHONG (18.04%) MR. PIYADEJ CHAITRAKULTHONG (7.27%) MISS AMONWAN CHAITRAKULTHONG (5.28%) Others (28.33%) Company Information and Contact http://www.stc.co.th/ 0-3842-3115-6 220/26 Moo 6, Sukhumvit Road, Nakluea Sub-District, Banglamung District Chonburi 20150 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=STC Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 17/05/2024 102
STOWER : SKY TOWER PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview STOWER, with over 57 years establishment, is the leader in Infrastructure for Telecommunication and Electric Power in Thailand, and Telecommunication Towers Infrastructure with Integrated Telecommunication Services abroad. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 83.13 56.92 187.29 360.09 Expenses 105.39 88.53 396.47 452.16 Net Profit (Loss) -23.17 -26.43 -205.96 -107.46 Balance Sheet (MB) Assets 1,207.47 1,192.45 1,144.67 1,219.16 Liabilities 341.98 154.54 260.16 152.44 Shareholders' Equity 883.35 1,048.62 902.12 1,074.13 Cash Flow (MB) Operating -40.00 -17.27 7.79 -105.86 Investing -36.01 -11.42 143.35 -487.95 Financing -0.94 -1.62 -8.68 404.44 Financial Ratio EPS (Baht) -0.01 -0.01 -0.06 0.00 GP Margin (%) 3.58 -5.62 -15.32 10.98 NP Margin (%) -27.94 -52.37 -115.44 -28.97 D/E Ratio (x) 0.40 0.15 0.29 0.14 ROE (%) -20.98 -12.41 -20.84 -12.58 ROA (%) -16.65 -9.50 -17.70 -8.89 Business Plan 1. The company aims to expand its telecommunication business in the Philippines. It operates through two subsidiaries, SkyTowers Infra and QNSI, to continually generate more revenue and additional profits from the telecom business. 2. Expanding additional revenue streams related to telecommunications in QNSI, such as Tower Audit by Drone, Site Operation & Maintenance, power system & solar energy installation in telecommunication stations. Sustainable Development Plan The company has the intention and commitment to conduct business with environmental and social responsibility, as well as respecting to the human rights of all stakeholders in the Company’s supply chain in order to create a positive and sustainable impact on the economy, society, and environment. Business Highlight SkyTowers Infra has been awarded the first batch of telecom towers for lease by Globe Telecom with long term agreement. The first batch of such towers is in Luzon. Performance and Analysis Business Performance Summary 1. The Company had revenue totaling 83.13 million Baht, with revenue from sales and service amounting to 69.05 million Baht. This included revenue from domestic operations amounting to 42.62 million Baht, accounting for 61.73 percent of revenue from sales and services, and revenue from telecom businesses in the Philippines amounting to 26.43 million Baht, accounting for 38.27 percent. 2. Skytowers Infra Inc., a subsidiary company in the Philippines, had recognized the rental revenue from leasing of 44 telecommunication towers. Furthermore, QROI Network Services Inc., another subsidiary company in the Philippines, has recognized an increase in revenue from new services in tower audit and maintenance and has been developing solar business for telecommunication stations and general buildings in Philippines, which is expected to become a significant source of new revenue for QNSI. 3. The Company had a gross profit of 2.47 million Baht, representing 3.58% of revenue from sales and services. Excluding the cost of idle capacity and provision for slowmoving inventory, gross profit would increase to 11.56 million Baht, or 16.74% of revenue from sales and services. However, the Company plans to expand revenue streams and increase production capacity utilization, along with reducing expenses, which is expected that the gross profit will gradually improve accordingly. 4. The Company had a net loss of 23.17 million Baht, which is a lower loss amounting to 3.27 million Baht or 12.37% compared to the previous year, which had a net loss of 26.43 million Baht. Key Milestones At the Board of Directors meeting, a resolution was approved for the sale of 36 telecom tower stations of SkyTowers Infra Inc., under the lease agreement term with Globe Telecom, Inc., and 24 telecom tower units in inventory to Alliance Towers Corporation, for a total purchase price of 328,687,582 Pesos, approximately 203,786,300 Baht (excluding 12% VAT). Risk Management Policy Risk from investing in other companies The company has studied the company's information, potential, profitability, production capability, and risk through due diligence in accounting, legal, and equipment before investing and setting an acceptable budget if operations are not going as planned Foreign investment risks The company has studied the project information, relevant rules, regulations, and laws, from the Ministry of Commerce, the embassy, the Office of Foreign Trade Promotion, and local financial institutions, to recruit and select joint venture partners, local partners, and local partners who have knowledge and expertise in the business, to invest with strategic strengths. Revenue Structure Electricity & telecom business 28.31% Galvanizing service 18.85% Sales of industrial goods 6.21% Overseas telecom business 46.63% Stock Information mai / RESOURC Closing price STOWER mai index 1.00 0.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 STOWER RESOURC mai P/E (X) - - 109.40 P/BV (X) 0.41 0.80 2.11 Dividend yield (%) - 1.87 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 369.73 554.59 1,478.90 Price (B/Share) 0.10 0.15 0.04 P/E (X) - - - P/BV (X) 0.41 0.57 1.34 CG Report: - Company Rating: Major Shareholders as of 22/03/2024 บริษัท CAPITAL ENGINEERING NETWORK PUBLIC CO.,LTD. (38.39%) MR. JIRAWUD KUVANANT (1.80%) MR. PAVARIT TAWEERUTCHANA (1.78%) บริษัท ศูนย์รับฝากหลักทรัพย์(ประเทศไทย) จํากัด เพ�ือผู้ฝาก (1.71%) บริษัท Thai NVDR Company Limited (1.35%) Others (54.97%) Company Information and Contact http://www.skytower.co.th [email protected] 0-2543-9020-8 No.247 Romklow Road, Saensaeb, Minburi Bangkok 10510 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=STOWER Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 20/05/2024 103
STX : Stone One Public Company Limited 3M/2024 (Jan - Mar 2024) Business Overview Stone One Public Company Limited (STX) operates a stone quarry business to produce and sell industrial stone products, namely granite and limestone, for use in the construction industry, as well as dolomite minerals. • Industrial stones for construction are used as raw materials for the production of ready-mix concrete, road construction, asphalt mixing, embankment construction, railway ballast, and so on. • Dolomite minerals are used as raw materials in various industries, such as the steel industry, glass and glass packaging manufacturing, cement production, and the agricultural industry, where it is used as a soil conditioner and for water treatment in shrimp ponds. Currently, the group has two mines: Nong Kha Quarry, Chonburi Province, with a mining concession for 25 years (expiring in 2032) held by the Company, which produces industrial stones for construction, namely granite. Chom Bueng Quarry, Ratchaburi Province, with a mining concession for 25 years (expiring in 2042) held by a subsidiary, Ratchaburi Enterprise Co., Ltd., which produces industrial stones for construction, namely limestone and dolomite minerals. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 109.90 72.09 371.28 279.55 Expenses 95.19 65.31 318.98 248.35 Net Profit (Loss) 11.20 4.81 38.04 21.56 Balance Sheet (MB) Assets 764.90 741.21 756.22 704.20 Liabilities 110.25 133.10 112.78 100.89 Shareholders' Equity 654.64 608.12 643.44 603.01 Cash Flow (MB) Operating 50.09 36.68 48.83 70.50 Investing -3.01 -6.21 -21.27 -59.01 Financing -4.56 5.84 -6.99 -42.44 Financial Ratio EPS (Baht) 0.05 0.02 0.16 0.09 GP Margin (%) 21.82 24.46 23.23 26.71 NP Margin (%) 10.19 6.68 10.24 7.71 D/E Ratio (x) 0.17 0.22 0.18 0.17 ROE (%) 7.04 3.15 6.10 3.54 ROA (%) 5.90 2.66 5.21 3.04 Business Plan The company has invested in expanding its business to boost longterm sales and profits. This strategy includes acquiring new mines to secure reserves, ensuring continuous revenue and maximizing benefits. Sustainable Development Plan The Company believes that sustainable business operations arise from the right balance between business, society, and the environment. Therefore, the "Sustainability Framework" has been developed to steer our business operations in conducting business for sustainability in three dimensions: economic , environmental, and social, based on the principles of Environment, Social and Governance (ESG) to drive sustainable business growth and build trust with shareholders and stakeholders in all sectors. Business Highlight The company is the first stone quarry business listed on the Market for Alternative Investment (MAI). It has received Green Mining and Green Industry awards, recognized under international standards. The company has expanded into selling powdered dolomite, a high-demand product for industries like glass, cement, and fertilizer, promoting revenue growth and long-term stability. With low debt and consistent cash flow, the company can withstand crises and provide stable profits for shareholders. Performance and Analysis Business Performance Summary The operational results of the company for Q1/2024, according to the consolidated financial statements, showed a net profit of 11.20 million baht, an increase of 6.39 million baht or 132.8% compared to the same period of the previous year. The main reason for this growth was the significant increase in revenues, particularly from the sales of granite from Nong Kha Quarry and from dolomite, as well as from other income from the sale of the last batch of dump trucks. The company has transitioned to utilizing outsourced transportation services, resulting in more cost control and operational effectiveness. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for this quarter amounted to 27.08 million baht, an increase of 8.19 million baht or 43.3% from the same period of the previous year. The earnings per share for Q1/2024 was 0.05 baht/share, compared to 0.02 baht/share in Q1/2023. Key Milestones 1. The Company was listed on the MAI market on April 26, 2024. 2. The Company has expanded its business beyond construction stones by producing and selling lump and powdered dolomite products for use in the steel, glass, glass packaging, cement, and agricultural industries, including dolomite fertilizers Risk Management Policy The Company is committed to creating added value for the organization and its stakeholders, as well as ensuring steady and sustainable growth. Therefore, it recognizes the importance of continuously assessing, managing, and planning for risks annually and quarterly. The company has appointed a Risk Management Working Group to assess and formulate risk management plans at the departmental level, and a Risk Management Committee comprising independent directors and executives to manage organizational risks. It promotes and encourages risk management as an organizational culture, ensuring that all executives and employees recognize its importance. Recent Awards and Recognitions Social and Environmental Awards • CSR-DPIM Award for continuous social responsibility, certified by the Department of Primary Industries and Mines, acknowledging the Company and its subsidiaries as establishments with continuous CSR operations since 2013. • Green Mining Award for maintaining green mining standards, received by the Company and subsidiaries from the Department of Primary Industries and Mines since 2013. • Green Industry Level 3 certification, acknowledging that the Company and subsidiaries have a systematic environmental management system with continuous monitoring, evaluation and review for improvement, certified by the Ministry of Industry. ISO certifications. • ISO 14001:2015 Environmental Management System • ISO 9001:2015 Quality Management System • ISO 45001:2018 Occupational Health and Safety Management System Revenue Structure Granite 37% Limestone 43% Dolomite 20% Stock Information mai / PROPCON Closing price STX mai index 0.00 0.00 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 31/03/24 STX PROPCON mai P/E (X) N/A - 109.40 P/BV (X) N/A 2.56 2.11 Dividend yield (%) N/A 1.33 1.80 31/03/24 - - Market Cap (MB) N/A N/A N/A Price (B/Share) N/A N/A N/A P/E (X) N/A N/A N/A P/BV (X) N/A N/A N/A CG Report: - Major Shareholders as of 23/04/2024 Dragon One Co., Ltd. (25.74%) Mr. Ikuo Ano (25.67%) Rabex (Thailand) Co., Ltd. (7.88%) Miss Vallaya Limsathayurat (4.23%) Mr. Siam Watcharapreecha (3.03%) Others (33.45%) Company Information and Contact https://www.stoneone.co.th [email protected] 0-2391-9301 29 Bangkok Business Center Building, 14th floor, Sukhumvit 63 Road, Khwaeng Khlongton Nua, Khet Wattana Bangkok 10110 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=STX Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 06/06/2024 104
SVR : SIVAROM REAL ESTATE PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview Real estate developer engaging in low-rise residential properties e.g. single houses, semi-detached houses, townhouses and commercial buildings. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 203.83 215.14 924.66 726.15 Expenses 193.28 180.93 815.91 633.53 Net Profit (Loss) 9.01 23.85 77.00 56.90 Balance Sheet (MB) Assets 2,113.85 1,476.43 2,061.97 1,205.60 Liabilities 1,332.22 677.55 1,289.16 666.89 Shareholders' Equity 741.91 781.75 732.90 481.52 Cash Flow (MB) Operating -23.47 -209.22 -845.03 -52.95 Investing -0.36 -0.43 98.23 -2.28 Financing 53.25 239.83 729.08 65.67 Financial Ratio EPS (Baht) 0.02 0.05 0.16 0.15 GP Margin (%) 25.47 33.34 29.80 31.37 NP Margin (%) 4.33 11.26 8.30 8.02 D/E Ratio (x) 1.70 0.85 1.67 1.24 ROE (%) 8.16 8.53 12.68 12.56 ROA (%) 4.74 7.04 6.66 9.02 Business Plan Sivarom Real Estate Public Company Limited (SVR) will focus on expanding real estate projects in Bangkok and the surrounding area, spreading to every location because the housing market in Bangkok and the surrounding area has a good expansion trend, which is a real demand group. Therefore it is an interesting area. The company has a target to set the revenue increase rate to be not less than 20 percent of the previous year. Business Highlight Sivarom Real Estate Public Company Limited (SVR) is a developer of low-rise residential real estate. Under the concept of rapid project development, fast construction - fast sale - fast delivery and value (Premium Economy) in the form of the concept of "Best Smart Living" that has grown significantly in the form of high growth. Performance and Analysis Business Performance Summary For the period ending March 31, 2024, the company had total income of Baht 203.83 Million, a decrease of Baht 11.31 Million from the previous year of Baht 215.14 Million, resulting from a decrease in income from real estate sales, resulting in the 1st quarter of 2024 having a net profit. amount of Baht 9.01 Million, a decrease of Baht 14.84 Million compared to the same period last year with a net profit of Baht 23.85 Million resulting in a net profit margin of 4.33 percent compared to the same period last year. which is 11.26 percent Key Milestones Sivarom Real Estate Public Company Limited (SVR) first recognized revenue in 2019, even during the economic crisis from the spread of the COVID-19 virus between 2020 - 2026. It is still growing on average at not less than 50% per year and for the 1st quarter of 2024, the Company has continued to grow. Risk Management Policy Sivarom Real Estate Public Company Limited (SVR) has expanded its low-rise real estate projects in Bangkok and surrounding areas to more areas. Including the construction of houses that meet the needs of customers at various levels and management in terms of costs in many aspects. For example, the price of materials, equipment and contractor wages. Financial costs Including the construction period to be in line with sales and on time. Revenue Structure PROPCON 100% Stock Information mai / PROPCON Closing price SVR mai index 3.00 2.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 SVR PROPCON mai P/E (X) 10.00 - 109.40 P/BV (X) 1.05 2.56 2.11 Dividend yield (%) 13.25 1.33 1.80 29/03/24 28/12/23 - Market Cap (MB) 770.10 810.90 N/A Price (B/Share) 1.51 1.59 N/A P/E (X) 10.00 9.53 N/A P/BV (X) 1.05 1.13 N/A CG Report: Major Shareholders as of 15/03/2024 MRS. THANYARAT CHOTIKAWANICH (10.59%) นาย อรรถปวิทย์มโนธรรมรักษา (10.59%) MISS SARANYA THITISURIYARAX (8.27%) MR. PISIT MANOTAMRAKSA (7.11%) นาง อังคณา ใช้สิทธิชัย (6.86%) Others (56.58%) Company Information and Contact http://www.sivarom.co.th [email protected] 02-295-3361 662/45 Rama III Rd, Bangphongphang, Yannawa Bangkok 10120 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=SVR Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 20/05/2024 105
SWC : SHERWOOD CORPORATION (THAILAND) PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company manufactures and markets chemical products for household and industrial usage, agrochemicals and public health. All products containing technical material, the substance which requires proper license, must be and have been registered with and licensed by FDA, the Ministry of Public Health or the Department of Agriculture, the Ministry of Agriculture and Co-operative or the Ministry of Industry. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 386.03 443.42 1,716.00 1,696.80 Expenses 347.16 416.44 1,609.40 1,639.84 Net Profit (Loss) 26.94 14.84 55.88 17.26 Balance Sheet (MB) Assets 1,137.84 1,310.14 1,145.46 1,273.54 Liabilities 453.69 576.89 483.16 554.12 Shareholders' Equity 665.62 709.98 638.64 692.18 Cash Flow (MB) Operating 50.60 24.50 199.40 25.53 Investing -2.23 -22.10 -42.44 -36.21 Financing -60.56 -3.71 -140.84 65.59 Financial Ratio EPS (Baht) 0.06 0.03 0.12 0.04 GP Margin (%) 33.10 36.50 35.66 33.43 NP Margin (%) 7.12 3.74 3.56 1.39 D/E Ratio (x) 0.66 0.79 0.73 0.77 ROE (%) 9.88 2.39 8.40 2.49 ROA (%) 9.68 4.52 8.81 4.57 Business Plan The company has the goal of “Upholding Stakeholders Value” which is to maximize benefit for stakeholder by the principles of Stakeholder’s Value Management as: 1. Maintain High Standard of Corporate Governance 2. Exercise Fiduciary Duties To meet the state of goal and principle as above, The Company has strengthened and driving by “Five Fundamental Areas” strategy as: 1. Human Capital Asset 2. Customer Satisfaction 3. Optimize Asset Utilization 4. Margin Management 5. Growth Strategy Sustainable Development Plan Business Highlight The Company has extended its operations into 3 business categories: 1. Consumer Non-Food: household chemical products such as wood preservatives, insecticide, household cleaning product. 2. Industrial: insecticides and disinfectants for industrial service business such as factory, hospital, or hotel. 3. Consumer Food and Beverage: food and Beverage products such as milk and snack peanut. Performance and Analysis Business Performance Summary Sales Revenue for the 1st quarter ended March 31, 2024, was THB 383.27 million, decreased by THB 59.35 million or 13.41% as compared to the same period in the previous year. This resulted from household consumption still on a downward trend. As consumers are affected by the rising cost of living and household debt that is still high as well as the increased debt burden resulting from interest rate increases according to the monetary policy. In addition, environmental fluctuations in weather and water situations affect agricultural production. This causes a loss of income that results in a decrease in the purchasing power of consumers. Moreover, the competitors continue to carry out promotional activities by lowering prices, resulting in decreased revenue for non-food and food products. Cost of goods sold increased from 63.50% to 66.90% of sales amount, resulting from the cost of raw materials and packaging for products in the food and beverage industry has increased. However, the Company has adjusted sales promotion activities based on market price and competitors’ sales promotion in the same industry, as well as focusing on high margin product groups to offset the rising cost of raw materials and packaging. Selling and distribution expenses decreased by THB 37.81 million or 41.11% as compared to the same period in the previous year, resulting from the control of expenses and revised advertising plan to be by focusing on the activities that enhance more product distribution toward customers and Administrative expenses decreased by THB 6.83 million or 15.73% as compared to the same period in the previous year, resulting from more efficiently control of administrative expenses. Key Milestones Risk Management Policy 1. Fluctuation in raw material prices: The company cannot immediately adjust the selling price to be in line with changing raw material prices. Therefore, the company must use the advantage of product variety strategies to ensure that the management of raw material costs, and the product price structures all share a profitable relationship. 2. Changes in exchange rates: Most of the company’s raw materials are concentrated active ingredients that must be imported from abroad. Many of these are priced in USD. The company is therefore forced to enter into a foreign currency forward contract to mitigate risk. 3. Risk from dependence on a particular product group: The company currently relies on the Chaindrite insecticide product group as its main source of income. This may have a negative impact on operating results which is why the company is trying to expand its business through the Teepol line of cleaning products as well as its food and beverage products. Recent Awards and Recognitions Revenue Structure Consumer Non-Food 64.84% Industrial 24.61% Consumer Food and Beverage 9.91% Others 0.64% Stock Information mai / INDUS Closing price SWC mai index 7.00 4.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 SWC INDUS mai P/E (X) 27.91 22.58 109.40 P/BV (X) 2.44 1.27 2.11 Dividend yield (%) 0.16 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,559.67 2,289.63 2,924.38 Price (B/Share) 3.44 5.05 6.45 P/E (X) 27.91 49.59 43.24 P/BV (X) 2.44 3.65 4.24 CG Report: Company Rating: Major Shareholders as of 08/03/2024 บร˰ษัท ท˲ǬǥǪǥ ǪวนǪจǥร˪ǬǦลด˰ˣ ง จ˸Ǩกัด (66.13%) MR. VISNU SKULPICHETRAT (10.00%) น.ส. ปǨล˰ตǨ คูสก˿ล (5.35%) MR. BOONWAN VORATHAMTHONGDEE (2.34%) MR. NIPON KOMONSUWAN (2.04%) Others (14.14%) Company Information and Contact http://www.sherwood.co.th 0-2320-2288 1061-9 SRINAKARIN ROAD SUAN LUANG Bangkok 10250 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=SWC Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 29/05/2024 106
TACC : T.A.C. CONSUMER PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview TACC operates in the business of providing, manufacturing, and distributing beverages in parts of tea and coffee and lifestyle product. The Company's products can be divided into two main categories comprising of 1) Business to Business (B2B) such as Cold Beverages Dispenser in 7-Eleven, Instant Powder Drink distributed to All Café stores located in 7-Eleven and Seasonal or Special products, Hot Beverage Dispenser and 2) Business to Customer (B2C) such as Instant powder drink under brand "Na-Arun" Concentrated Fruit Syrups TRIVA and License Business Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 461.10 381.83 1,727.44 1,533.43 Expenses 385.41 324.72 1,460.65 1,240.13 Net Profit (Loss) 60.89 42.50 206.61 235.15 Balance Sheet (MB) Assets 1,162.14 1,158.73 1,115.60 1,178.70 Liabilities 386.72 349.12 397.91 415.81 Shareholders' Equity 772.42 805.40 714.16 762.89 Cash Flow (MB) Operating 58.82 14.78 198.38 271.81 Investing -49.32 26.37 91.35 -67.22 Financing -4.96 -27.68 -279.26 -190.29 Financial Ratio EPS (Baht) 0.10 0.07 0.34 0.39 GP Margin (%) 33.87 31.61 32.71 35.20 NP Margin (%) 13.09 11.08 11.85 15.34 D/E Ratio (x) 0.50 0.43 0.55 0.55 ROE (%) 28.52 27.05 27.98 31.24 ROA (%) 24.04 24.27 22.47 26.37 Business Plan 1. Grow together with major trading partners, with an aim operate the business under sustainable growth and Business partnership principles. 2. Focus on continuous product development to differentiate the Business. 3. Create and Strengthen distribution channels in both domestic and international markets. 4. Increase sales volume from International market and Domestic market by maintaining existing customer base and tapping into new consumer groups. Sustainable Development Plan The Company recognizes the importance of sustainability supervision to be in accordance its vision, The food quality and safety policy, which shows its commitment in the process management for obtaining high-quality and safe products according to relevant laws is "We are committed to producing and selling high-quality and safe beverages according to legal requirements and customer requirements, as well as to continuously develop for a good quality of life and to create the highest customer satisfaction." There are also a production process design to be eco-friendly and a relationship building with the community around the factory. Additionally, it operates with social responsibility towards sustainability according to the international principles of Un Global Compact. Business Highlight • The Company as a Key Strategic Partner with CPALL for long time 22 Year, The Company was received Exclusive Contract and renewed contract continuously. • The Company's management has most than of experience in beverage industry. Performance and Analysis Business Performance Summary • In Q1/2024 the Company achieved a sales and service income of 452.65 MB. This had an increase of 75.04 MB or 19.87%from the same period of the previous year (377.61MB) because (A) revenue from Cold dispenser and All Café in 7-Eleven store increase because of high temperature, increasing of tourists and E-Receipt project, (B) increasing of domestic customer's sale from increase of the customer's store and new customers, (C) increasing of sales in Cambodia in conjunction with expansion of branches of 7-Eleven from last year. In Q1/2024, the Group achieved a sales and service income of 457.95 MB. This had an increase of 78.05 MB from the separate financial statements from sales of subsidiary. • The cost of sales and services amounting to 299.59 MB, which increase 40.82 MB or 15.78% (YoY) from the same period (258.76 MB.) The portion of cost of sales and services to sales and services income decrease by 2.34% from the same period year (2024 :66.19%,2023:68.53%), resulting in increasing of GMP by 2.34% from the same period of previous year (2024:33.81%,2023:31.47%) The gross margins increased because the Company has remaining raw material from 4th quarter 2023 to produce the product in this quarter. • Net profit amounting to 65.64 MB, which increases 19.20 MB or 41.36% (YoY) from the same period of previous year 46.43 MB. The Company achieved a NPM of 14.50%, which increased 2.20% from 12.30% of the same period of previous year. The reasons for the increase in net profit are the increase in sales and services in this period and the efficiency in cost and expenses management . Key Milestones • TACC has launched the Cold Beverage Dispensers "Drinking Yoghurt" at 7-Eleven. Risk Management Policy RISK FORM KEY CUSTOMER DEPENDENCY The Company's total revenue of March 31 2024, 91% come from transactions with CPALL Public Company Limited. Therefore, if the Company loses the said customer of the customer reduces its orders, it will significantly have an impaction the Company's revenue and financial performance. However, the Company has been continuously developing new products as a key strategic partner and received Exclusive Contract, which supply to chain restaurant and focusing on selling through own brand. RISK FORM DEPENDENCY ORIGINAL EQUIPMENT MANUFACTURER The Company outsource most of its product to OEM. The OEMs is unable to deliver product of specified quality and standard or unable to supply product within the order quantity and in a timely manner. At present the Company utilizes 8 Major OEMs. The Company has set Key OEMs by the letter of cooperation for emphasize key strategic Partner and shown commitment between two for business companies cooperation in the future. Recent Awards and Recognitions • TACC received the Corporate Governance Report of Thai Listed Companies 2023 was an Excellent CG scoring (5 stars) from IOD. • TACC joined with the Dog Please character received the Character of the Year Award Revenue Structure B2B 90.67% B2C 8.6% Others 0.73% Stock Information mai / AGRO Closing price TACC mai index 7.00 5.00 3.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TACC AGRO mai P/E (X) 14.23 23.62 109.40 P/BV (X) 4.12 3.15 2.11 Dividend yield (%) 7.39 3.31 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 2,979.20 2,650.88 3,891.20 Price (B/Share) 4.90 4.36 6.40 P/E (X) 14.23 13.61 15.66 P/BV (X) 4.12 3.86 5.40 CG Report: Company Rating: - Major Shareholders as of 15/03/2024 MR.CHATCHAWE VATANASUK (19.23%) Thai NVDR Company Limited (5.40%) MR.THANUTUM KIATPHAIBOOL (4.91%) MR.NUTHJAK LIENGCHAYETZ (1.68%) MR.CHANAPHAN PIRIYAPHAN (1.57%) Others (67.21%) Company Information and Contact http://www.tacconsumer.com [email protected] 0-2717-2898 9/231-233, UM Tower, 23rd Floor, Ramkhamhaeng Road, Suanluang Bangkok 10250 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TACC Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 18/06/2024 107
TBN : TBN Corporation Public Company Limited 3M/2024 (Jan - Mar 2024) Business Overview TBN Corporation Public Company Limited offers comprehensive digital system design and development services. The company serves as digital transformation consultants and develop solutions tailored to customers' needs using both Low-code and High-code technologies. The company is the first authorized distributor of MENDIX software in Thailand, which is a Low-code Development Platform. This platform allows for the development of applications or digital solutions more easily and quickly than traditional Highcode development. MENDIX also offers flexibility in software adjustments based on the requirements of customers. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 94.62 117.72 442.48 362.06 Expenses 84.86 83.31 348.29 315.56 Net Profit (Loss) 7.91 24.95 74.22 37.19 Balance Sheet (MB) Assets 674.88 320.37 686.92 270.59 Liabilities 161.67 217.65 181.86 193.85 Shareholders' Equity 511.63 98.48 503.73 73.54 Cash Flow (MB) Operating -7.88 31.61 48.14 12.85 Investing -0.30 -1.21 -101.32 -19.88 Financing -1.67 3.45 328.41 -9.46 Financial Ratio EPS (Baht) 0.08 0.33 0.84 0.50 GP Margin (%) 26.10 42.13 35.41 28.40 NP Margin (%) 8.61 22.07 17.20 9.82 D/E Ratio (x) 0.32 2.12 0.36 2.53 ROE (%) 18.74 53.78 25.72 50.57 ROA (%) 13.98 21.67 19.68 17.18 Business Plan Business Plan for 2024: The company anticipates sustained growth, with growth targets for digital solution projects expected to be around 20-25%, and overall sales projected to increase by approximately 3-5% from the previous year. This year, the company will focus on projects with higher profit margins, particularly digital solutions, and emphasize the development of the company's products, namely Templatized Solutions. Currently, two products have been launched: the Insurance Broker Platform and the Insurance Agent Platform. Additionally, there are plans to introduce Business Process Automation in the second quarter of 2024. Furthermore, there are plans to expand the sales team to accommodate the expansion of the customer base in new industries and promote new products to a broader customer base. Sustainable Development Plan Business Highlight In 2024, the company has allocated a budget to study investment and partnership opportunities with other companies to strengthen its business strategy and expand its business. The company focuses on businesses that will promote and create synergy between each other, both in terms of Low-code and other products. In addition, the company has a plan to develop technology and digital products that are owned by the company in the form of White Label or Templatize. The aim is to improve project development, reduce development time and labor costs. Initially, the company plans to develop Intelligent Process Automation, Insurance Agent Platform and Insurance Broker Platform. Performance and Analysis Business Performance Summary In the Q1 '24, the company reported a net profit of 8.14 million baht, a decrease of 17.84 million baht or 69% from the same period last year, which had a net profit of 25.98 million baht. Revenue from services amounted to 92.61 million baht, a decrease of 24.22 million baht or 21% from the same period last year. This decline was due to reductions in both the digital solution and technical consultancy services groups and the technical maintenance, licensing, and cloud services. Currently, the company has a recurring income proportion of 51%, down from 55% of total revenue in 2023. The latest backlog as of the end of Q1 '24 stands at 254.00 million baht, excluding some recurring income. Additionally, there are pipeline projects under bidding worth approximately 480 million baht. Key Milestones 2008: TBN was founded in 2008 as the first and leading low-code solutions provider in Thailand. 2019: The company established a subsidiary, BOP, in 2019 to expand into high-code development. 2022: • Preparing for an Initial Public Offering (IPO) and conversion to Public Company Limited in the name of "TBN Corporation Public Company Limited. • The company established TBN MENDIX Academy. 2023: • on 19 June 2023: TBN first day trade and listed in "MAI" • on 25 September 2023: TBN signed a memorandum of understanding (MOU) with the Digital Economy Promotion Agency (DEPA) to promote and support the development of digital talent. 2024: TBN develops proprietary technology and digital products in the form of White Label or Templatized solutions. Risk Management Policy The Company has implemented a comprehensive risk management policy to address potential threats arising from both internal and external factors. This policy focuses on identifying, assessing, and mitigating risks to maintain them within acceptable levels. It serves as a robust framework for monitoring, evaluating, and reporting on risk management activities, fostering well-founded confidence among stakeholders. Ultimately, this policy ensures the Company's management can effectively achieve its established objectives. Recent Awards and Recognitions • January 2567: TBN x KMUTNB proudly signed a MOU establishing a collaborative framework for research and development, innovation, and technology advancements. • March 2024: TBN, in collaboration with Mendix, organizes the 'Mendix Day Thailand by TBN' event for the first time in the Southeast Asian region. This event reflects TBN's success as an IT expert for over 15 years, and emphasizing the potential of Mendix's Low-Code technology Revenue Structure DS and T&M Services 39.18% MA, License and Cloud 59.49% Others 1.33% Stock Information mai / TECH Closing price TBN mai index 51.00 25.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TBN TECH mai P/E (X) 16.57 32.19 109.40 P/BV (X) 2.44 2.71 2.11 Dividend yield (%) 1.14 1.80 1.80 29/03/24 28/12/23 - Market Cap (MB) 1,230.00 1,410.00 N/A Price (B/Share) 12.30 14.10 N/A P/E (X) 16.57 21.17 N/A P/BV (X) 2.44 2.90 N/A CG Report: - Major Shareholders as of 23/05/2024 MR. PANAYU SIRIKRACHANGSRI (23.64%) MISS NARISRA LIMTANAKOOL (18.04%) MR. TERDPONG HONGHIRANRUENG (9.90%) ROCKET HOLDINGS HK LIMITED (8.44%) นǨย ธ˰ป˞ตย˪ǡ˿นทรǨรช˿น (5.55%) Others (34.43%) Company Information and Contact http://www.tbn.co.th [email protected] 0-2258-5841 54 Bangkok Business Building, Fl. 15, Room No. 1501-1502 Sukhumvit 21 (Asoke) Road, Klong Toey Nua, Wattana Bangkok 10110 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TBN Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 14/06/2024 108
THMUI : THAI MUI CORPORATION PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The company distributes wire rope and sling, webbing sling, chain, lifting tools, and other products. The company also provides wire rope replacement, load testing, crane and wire rope maintenance, product consulting, wire rope installation and repair, and safety instruction seminar. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 82.21 111.60 411.41 379.95 Expenses 85.85 109.30 400.55 378.60 Net Profit (Loss) -6.23 0.74 1.98 -4.56 Balance Sheet (MB) Assets 673.90 664.65 700.67 663.83 Liabilities 302.92 291.65 323.09 291.28 Shareholders' Equity 364.38 364.90 370.61 364.15 Cash Flow (MB) Operating 13.39 13.48 10.68 -11.35 Investing -1.17 -2.11 -4.41 -2.75 Financing -15.19 3.99 -4.15 -15.77 Financial Ratio EPS (Baht) -0.02 0.00 0.01 -0.01 GP Margin (%) 41.41 34.46 38.82 37.50 NP Margin (%) -8.03 0.40 0.13 -1.47 D/E Ratio (x) 0.82 0.78 0.86 0.78 ROE (%) -1.37 0.13 0.54 -1.24 ROA (%) 0.74 1.04 1.59 0.21 Business Plan 1. The quality of the product has been standardized. • Find quality products from world-class manufacturers. • There is a product quality certificate from the manufacturer. • There is a certificate of tensile strength of the product for the customer. 2. Service • There is a team of experts to give advice on how to use it. change the wire rope Training to provide knowledge on how to use the product properly. • Tensile testing service is available. as well as having a subsidiary to provide service to check the condition of readiness for use. 3. Good relationship with customers • Focus on selling products and services that meet the needs of customers. Follow up to find the cause in case of problems with the product. including delivery of goods on time. • Being a business partner with important customers for a long time. 4. Setting the selling price • Not focusing on price competition or cutting the selling price to compete with competitors. • Company's customer groups Emphasize products with reliable standards and quality certificate. 5. Good relationship with manufacturers • Appointed as a distributor from the world's leading manufacturers and was appointed as the only dealer. • Long-term business partner with key manufacturers. Business Highlight To be the number one leader in sales and provide knowledge about slings and high quality lifting equipment Both Thailand and neighboring countries. Performance and Analysis Business Performance Summary For the first quarter of 2024, the company had net loss attributable to shareholders of the company in the amount of 6.23 million baht. Key Milestones 1998 - 2001 Company registration Thai Mui Trading Corporation Co., Ltd. and started selling products under the brands Bridon, Usha, Kiswire and Crosby and invested in wire rope casing machines. 2015 The company started using the Bar code/QR code system to manage the company's inventories. 2017 The Company was listed on the Market for Alternative Investment (mai) on November 23, 2017 and changed its name to Thai Mui Corporation Public Company Limited. 2018 The company received ISO 9001:2015 2019 The Company invested in the water quality improvement business for shrimp farms with ultrafiltration and ozone systems. 2020 The company has been appointed as the sole official distributor in Thailand. To distribute products under the brand Brunton Shaw, the world's leading manufacturer of wire ropes. from England 2023 The company expanded branches to Songkhla province. To support expansion and ensure timely service to customers in the southern region. Risk Management Policy 1. Inventory Storage Risk The company sells more than 3,000 items of wire rope products and carrying equipment. There is a need to have inventories in reserve waiting to be sold. to support the needs of customers sufficiently and quickly because if there is a case where at some time the company There is no stock in stock waiting to be sold. And customers have immediate demand for products, the company may lose business opportunities in selling those products and may not be able to maintain that customer base, including some products that must be reserved as a Safety Stock for customers who have continuous order Most of them are customers with contracts. It may cause cases where some products are not sold for a short period of time. and remain in the warehouse This will result in storage costs. including if the inventories are not well maintained may cause the product to deteriorate which resulted in impairment in the said product 2. Risk from competition in the industry Because the industry procures and sells wire rope products and carrying equipment. including the products that the company Selling some brands There will be other distributors who sell the same products or have the same standards as the products that the company sells. Therefore, customers may choose to use products from other manufacturers or other distributors easily. Therefore, the company may be at risk from Competition in the industry from both existing entrepreneurs and the entry of new entrepreneurs This will negatively affect the creation of more new customer bases. Maintaining the existing customer base and the overall performance of the company in the end. Revenue Structure Wire rope and equipment 91.83% Services 8.01% Others 0.16% Stock Information mai / SERVICE Closing price THMUI mai index 1.00 0.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 THMUI SERVICE mai P/E (X) 99.47 111.30 109.40 P/BV (X) 0.53 2.64 2.11 Dividend yield (%) - 1.89 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 197.20 204.00 323.00 Price (B/Share) 0.58 0.60 0.95 P/E (X) 99.47 58.00 383.33 P/BV (X) 0.53 0.56 0.89 CG Report: - Major Shareholders as of 29/03/2024 Mr. Veerapol Leelaprachakul (21.08%) Mrs. La-or Leelaprachakul (11.42%) Mr. Tchakorn Leelaprachakul (6.07%) Mr. Supanatcharan Pongsinnatchapol (6.07%) Mr. Krid Leelaprachakul (6.07%) Others (49.29%) Company Information and Contact http://www.thaimui.co.th [email protected] 0-2235-2940-9 759 Chareonkrung Road, Taladnoi, Sumphantawong Bangkok 10100 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=THMUI Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 27/05/2024 109
TITLE : RHOM BHO PROPERTY PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview TITLE is a property developer for sale by focusing on condominium brand "The Title" in Phuket. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 17.88 352.29 460.95 595.96 Expenses 56.51 269.65 426.71 506.70 Net Profit (Loss) -37.40 65.47 22.21 61.19 Balance Sheet (MB) Assets 4,614.08 1,233.25 3,472.90 1,236.98 Liabilities 3,814.15 505.33 2,635.58 574.53 Shareholders' Equity 799.92 727.93 837.32 662.45 Cash Flow (MB) Operating 227.62 106.61 846.59 488.20 Investing -929.55 -4.46 -774.45 -7.19 Financing 263.85 -1.20 749.56 -463.19 Financial Ratio EPS (Baht) -0.05 0.09 0.03 0.08 GP Margin (%) 46.87 46.19 47.22 44.37 NP Margin (%) -209.18 18.59 4.82 10.27 D/E Ratio (x) 4.77 0.69 3.15 0.87 ROE (%) -10.56 17.96 2.96 9.74 ROA (%) -3.04 12.19 1.38 6.57 Business Plan The company plans to attract clients who are looking for alternative real estate in Phuket. The market focuses on global tourists, which are the company's main target. Sustainable Development Plan Real estate and quality product development under the principles of corporate governance. Business Highlight • The company's current projects are The Title Lengendary BangTao, 637 units, project value approximately 4,500 million baht • The Title Heritage Bang-Tao, 789 units, project value approximately 6,000 million baht, and • The Title Senerity Naiyang, 814 units, project value approximately 4,000 million baht. Performance and Analysis Business Performance Summary In the quarter 1 of year 2024, the company had sales income of 8.99 million baht, coming from the transfer of ownership of The Title Rawai Beach Phase 5 condominiums, which is recognition of continued income from the project completed in 2023. Key Milestones Year 2023 On July 12, 2023, 39 Estate Co., Ltd., one of the subsidiaries of Asset Wise Public Company Limited (ASW), purchased shares from the shareholders of the company. As a result, 39 Estate Co., Ltd. holds 67.71 % of shares and under the supervision of ASW will allow the company to develop and growth. November 2023, the project opened for sale: The Title Legendary Bang-Tao, located in Bang Tao Beach, Phuket Province. It is a 7- story condominium with 9 buildings, 637 units, with a project value of approximately 4,500 million baht. And for continued real estate development. in early 2024, the company opened a condominium project in the Bang Tao Beach area, namely The Title Heritage Bang-Tao and Nai Yang Beach area. It is The Senerity Naiyang project. The project has received good attention from foreign customers. Risk Management Policy Due to the company's business plan focusing on the development of condominium-type real estate with the target group being foreigners, the company has set a policy for customers to pay the contract and down payment to the company 75% before transferring ownership to avoid the impact of the customer's failure. can transfer according to the contract Recent Awards and Recognitions • In 2020 , the company was ranked 19th among Thai companies from the Asia 200 Best Under A Billion List in 2020 by Forbes magazine. • In 2023, the company received the award for Best Condo Development (Phuket) Property Guru Thailand Revenue Structure Revenues From sales 50.28% Others 49.72% Stock Information mai / PROPCON Closing price TITLE mai index 6.00 3.00 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TITLE PROPCON mai P/E (X) 145.09 - 109.40 P/BV (X) 3.07 2.56 2.11 Dividend yield (%) - 1.33 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 2,974.22 2,902.03 1,169.47 Price (B/Share) 4.12 4.02 1.62 P/E (X) 145.09 34.14 111.25 P/BV (X) 3.07 4.08 1.89 CG Report: Company Rating: Major Shareholders as of 11/03/2024 บริษัท 39 ESTATE CO., LTD. (67.61%) MR. MAI MANG LEE (2.01%) บริษัท กรุงเทพประกันภัย จํากัด (มหาชน) (1.94%) MISS CHANOKCHON PIMONPHAN (1.48%) นาย PARKIN LHAOGUMNERD (1.11%) Others (25.85%) Company Information and Contact http://www.rhombho.co.th [email protected] 0-2103-6444 444 - 444/1 Pracha Uthit Road, Huaykwang, Huaykwang District Bangkok 10310 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TITLE Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 16/05/2024 110
TM : TECHNO MEDICAL PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The company is a distributor of Disposable Equipment and Supplies and Medical Equipment and Instrument to public and private hospitals, representing a total 60 leading manufacturers across the word. Moreover, The Company operates Wellness and Nursing Home under the name "The Parents Wellness and Rehabilitation" Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 180.61 166.92 697.01 645.04 Expenses 180.89 160.20 690.13 626.48 Net Profit (Loss) -5.75 4.84 -4.49 12.99 Balance Sheet (MB) Assets 968.20 949.14 983.34 929.76 Liabilities 514.32 457.03 521.90 441.00 Shareholders' Equity 405.95 436.43 411.70 431.58 Cash Flow (MB) Operating -12.29 3.09 -17.82 15.53 Investing -5.36 -29.39 -52.83 -127.13 Financing -4.19 14.88 42.97 55.58 Financial Ratio EPS (Baht) -0.02 0.02 -0.01 0.04 GP Margin (%) 32.02 34.87 33.12 35.55 NP Margin (%) -4.18 2.01 -1.71 1.72 D/E Ratio (x) 1.13 0.93 1.13 0.90 ROE (%) -3.58 2.71 -1.06 2.96 ROA (%) 0.08 2.82 1.31 2.63 Business Plan • Increase market share of current products by engaging with new customers and maintaining existing customer base • Diversify current product lines to better respond to customer demands • Enhance competitiveness by seeking out opportunities for factory construction and manufacturing of company’s own branded products. • Expand medical tools and health services businesses Sustainable Development Plan The company operates with responsibility towards society and the environment while striving to maintain good governance principles and legal compliance in the interest of the sustainability of its business and society as a whole with consideration towards all stakeholder groups. Business Highlight • Established a subsidiary TM Nursing Care Co., Ltd. to operate The Parents Wellness and Rehabilitation and the Parents Nursing Care School. Established a subsidiary TM Trading Co., Ltd in July 2022 to conduct business related to the Wholesale of medical equipment products. Performance and Analysis Business Performance Summary • Revenue from sales amounted to Baht 177.35 million, increased by Baht 12.87 million (7.8%) compared to the same period of last year. Revenue from Service amouted to Baht 3.14 million, increase by Baht 1.11 million. • Revenue Structure: Revenue from Medical Suppliers amouted to Bath 174.66 million, increased by Baht 18.62 million (11.9%) result from selling more of existing prodcuts line, and new products. Medical Equipment amounted to Baht 2.68 million, decreased by Baht 5.75 million (68.2%). The Company terminated the agreement with one surgical eqipment supplier. However, the company has already approached the new supplier. Revenue from Service amouted to Baht 3.14 million, increase by Baht 1.11 million. The Parents is not widely known in the the first year of operation in 2023. Key Milestones Key Milestones • 2002 - Company established with THB 1 million registered capital to distribute products from Cardinal Health, Eurotrol and Hemocue • 2007-2010 - Head office moved to present location and registered capital increased to THB 23 million • 2015 - Operations expanded by renting approximately 2,160 SQM of warehouse space in Samut Prakan province • 2016 - Registered capital increased to THB 100 million and status converted from limited company to PCL • 2017-2018 - Registered capital increased to THB 154 million, construction of present head office and adjoining product showroom begins • 2020 - Established the subsidiary company, TM Nursing Co., Ltd ,products begin sale online via www.tmcare-shop.com, and head office and showroom construction completed. • November 2020 - Operate The Parents Wellness and Rehabilitation. Risk Management Policy • Competition within the medical tools and equipment industry - Competition among medical tools and equipment business operators and medical tools and equipment importers continues to intensify and has allowed consumers to easily select products from alternate manufacturers or distributors. In response, the company selects quality products and focuses on innovation and appropriate pricing to ensure its long-term competitiveness in the market. • Foreign exchange rate volatility – The company imports products from foreign manufacturers with prices based on foreign currencies while carrying out distribution completely in Thai Baht. Mitigating risk from exchange rate volatility, the company utilizes forward exchange contracts and has no policy to speculate on exchange rates. Recent Awards and Recognitions • 2012 - Received "Excellence in Trade Certificate" Gold Award from the US Embassy Bangkok • Highest Sale Achiever 2016-2017 award from HemoCue • Highest Sales Achiever 2016/2017 award from Cardinal Health • 22 Years of Service Recognition Award จาก HemoCue Revenue Structure Disposable Supplies 96.77% Medical Equipment & Instrume 1.48% Service relating to Nursing Care 1.75% Stock Information mai / CONSUMP Closing price TM mai index 3.00 2.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TM CONSUMP mai P/E (X) - 64.26 109.40 P/BV (X) 1.45 1.85 2.11 Dividend yield (%) 1.70 1.05 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 597.52 616.00 825.44 Price (B/Share) 1.94 2.00 2.68 P/E (X) - 235.63 55.00 P/BV (X) 1.45 1.49 1.93 CG Report: Company Rating: Major Shareholders as of 06/03/2024 MR. SUPAPONG CHANLONGBUTRA (21.43%) นาง สุนทรีจรรโลงบุตร (20.67%) MISS PRAE CHANLONGBUTRA (7.28%) MISS PRANGCHAI CHANLONGBUTRA (7.14%) MISS MANEERAT KONGSAKWORAWEJ (1.89%) Others (41.59%) Company Information and Contact http://www.technomedical.co.th [email protected] 0-2933-6112, 0-2933-6119 29 Ladprao 92, Phlabphla, Wangthonglang Bangkok 10310 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TM Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 15/05/2024 111
TMC : T.M.C. INDUSTRIAL PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company engage in the manufacturing and distribution of high quality hydraulic machines such as hydraulic press, crane, and handling equipment, maintenance service and metal machining service, mechanical press machine and automation system design for manufacturing. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 47.41 102.35 338.11 364.09 Expenses 49.98 93.79 321.52 258.24 Net Profit (Loss) -2.64 8.56 14.74 266.64 Balance Sheet (MB) Assets 742.53 705.79 735.84 734.53 Liabilities 128.15 102.06 118.81 139.37 Shareholders' Equity 614.38 603.72 617.03 595.16 Cash Flow (MB) Operating -1.92 -40.41 -11.04 28.72 Investing -10.35 -0.59 -10.51 314.60 Financing -1.82 -0.26 6.75 -245.04 Financial Ratio EPS (Baht) -0.01 0.02 0.03 0.58 GP Margin (%) 23.58 21.91 18.51 21.78 NP Margin (%) -5.58 8.37 4.36 73.24 D/E Ratio (x) 0.21 0.17 0.19 0.23 ROE (%) 0.58 60.39 2.43 57.73 ROA (%) 0.90 40.56 2.40 38.42 Business Plan The Company has focused on Transformation Technology by using waste materials from households and the agricultural sector to create innovations according to the principles of the BCG Model and also by combining and applying automatic technology with System Integrator (SI) into Cyber-Physical-System (CPS) to achieve true modernity. Besides, the Company has invested in a business in the field of rehabilitation medicine under the brand namely W9 Wellness Center providing health care services that cover all individual needs. Sustainable Development Plan The Company realized the importance of development for the sustainability of the business and the committee has agreed with the management to consider appointing the Nomination Remuneration Corporate Governance and Sustainable Development Committee. The objective is to enhance corporate governance guidelines and social and environmental responsibility of the company by giving importance to the analysis of all groups of stakeholders of the Company and carry out various steps of sustainability to cover all 3 dimensions: economic, social, and environmental and consider important issues in order to formulate policies and goals for further sustainable development of the Company. Business Highlight TMC diversifies into business lines by launching W9 Wellness Center, Ploenchit Center branch, G floor, providing health care services that cover all individual needs to balance the body with a team of medical experts. The grand opening was on 5 March 2024. Performance and Analysis Business Performance Summary Overall, the Company has a net loss in Q1/2024 in amount of 2.64 MB which decreased from Q1/2023 in amount of 11.20 MB or 364.10%, which in Q1/2023, the Company had a profit from normal transactions in amount of 8.56 MB. The following significant changes in the Company’s operational results are as follows. The Company has operating revenue in amount of 45.09 MB in Q1/2024 which decreased from Q1/2023 in amount of 56.41 MB or 55.58%. The main reason is there was revenue from the 80-ton rubber compression machine project in Q1/2023 worth 49.20 MB, while there was no large project in Q1/2024 resulting in the decrease in operating revenue compared to Q1/2023. The Company has gross profit in amount of 10.64 MB in Q1/2024 which decreased from Q1/2023 in amount of 11.60 MB or 52.16% according to the decrease in operating revenue. The percentage of gross profit in Q1/2024 is 23.60% which increased compared to Q1/2023 that was 21.91%. Key Milestones In Q1/2024, the Company has opened the W9 Wellness Center since 5 March 2024 providing health care services that cover all individual needs to balance the body with a team of medical experts. Importantly, the holistic health care trend is gaining attention around the world and Thailand is one of the top 5 wellness destinations in the world. This type of business is currently gaining a lot of attention from consumers. Risk Management Policy The Risk Management Committee has established a policy framework for risk management, method of operation, and TMC's risk management operational plan as follows: 1. Focus on risk management that affects TMC's objectives and policies, including TMC's reputation and image. 2. Manage risk management to be most effective and at an acceptable level. 3. Involve all employees in the risk management process. 4. Encourage employees throughout the organization to be aware of and prevent all risks that may occur. 5. Continuously examine, follow up and assess risks that will occur according to the changing environment from both internal and external factors within the organization. 6. Promote risk management as part of the culture that leads to added value for the organization. Recent Awards and Recognitions 1. Received certification quality system ISO9001:2015 2. Awarded Green Industry Level 2 Green Activity by the Ministry of Industry. 3. Awarded White Factory Level 1 with a drug management system in the workplaces by Chonburi Province. 4. Awarded Gold Level for the management of safety, occupational health, and working environment in workplaces by the Department of Labor Protection and Welfare. 5. Awarded an establishment that complies with the Act on the Promotion and Development of the Quality of Life of Persons with Disabilities, B.E. 2007. Revenue Structure Hydraulic Crane 40.53% Other Handling Equipments 17.38% Hydraulic Press 2.12% Income from Services 39.97% Stock Information mai / INDUS Closing price TMC mai index 5.00 2.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TMC INDUS mai P/E (X) 60.09 22.58 109.40 P/BV (X) 1.44 1.27 2.11 Dividend yield (%) - 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 885.43 766.15 1,156.11 Price (B/Share) 1.93 1.67 2.52 P/E (X) 60.09 3.62 16.71 P/BV (X) 1.44 1.24 2.89 CG Report: Major Shareholders as of 18/03/2024 นาย NUTTAPONG PANJAWORAYAN (15.00%) นาย CHUCHAT CHAICHUKIAT (9.33%) น.ส. WORANAN PANJAWORAYAN (4.98%) MR. SARAN CHAICHUKIAT (4.93%) นาย สุทธิพจน์อริยสุทธิวงศ์(4.55%) Others (61.21%) Company Information and Contact http://www.tmc.co.th [email protected] 0-3827-1933 125/10 Moo 5 Bansuan Subdistrict, Muang District Chonburi 20000 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TMC Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 05/06/2024 112
TMI : TEERA-MONGKOL INDUSTRY PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The company designs, produces and distributes lighting systematic products and equipment including ballasts, lamps, bulbs, home appliances and green products under the company’s main brands and OEM to distribute to domestic and international clients. It also operates biogas power plants to produce green energy. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 144.41 162.08 587.53 568.89 Expenses 136.11 136.91 532.06 526.90 Net Profit (Loss) 2.19 15.04 27.06 30.21 Balance Sheet (MB) Assets 734.12 779.91 760.48 761.80 Liabilities 475.49 513.39 501.72 508.89 Shareholders' Equity 245.39 241.24 243.20 226.08 Cash Flow (MB) Operating 15.52 45.68 117.82 29.22 Investing -4.02 -16.97 -27.27 -99.30 Financing -54.66 -9.54 -42.43 69.48 Financial Ratio EPS (Baht) 0.00 0.02 0.04 0.04 GP Margin (%) 32.53 35.62 33.53 33.05 NP Margin (%) -0.08 8.32 2.69 4.25 D/E Ratio (x) 1.84 1.93 1.94 2.01 ROE (%) 5.84 16.60 11.53 14.32 ROA (%) 5.10 7.73 7.29 6.05 Business Plan • Becoming one of the lighting products’ leaders in Thailand. • Distributing products to all customers entirely. • Enhancing specialism in lighting systems, and being compatible with new technologies which can achieve customers’ requirements. • Expanding export to ASEAN countries by marketing strategy to focus on distributing to various groups, especially governmental agencies. • Planning to invest in new business units, especially energy business by considering benefits as the most important factor in investment. Sustainable Development Plan The company has determined policies to operate the sustainably business growth based on efficiently managing environment, society, and governance. Besides, the company has settled the policies as its philosophy “To provide services and operate the business equitably and achievably, along with arranging corporate social responsibility, so that all stakeholders can achieve the goal mutually”. Moreover, the company has identified the visons to decrease environmental effect on community and to encourage green society, including to achieve the goal sustainably together with supporting corporate social responsibility. Business Highlight • The company invests in research and development of energysaving and new technology products, and distributes the products to customers widely under the support of Board of Investment (BOI). Performance and Analysis Business Performance Summary The sales revenue in Q1/2024 was Baht 144.27 million, or a decrease of 10.58%, when compared to Baht 161.35 million in the same quarter last year. The reason of the decrease in sales revenue was because sales and service revenue had been decreased 11.86 million or a decrease of 8.99% caused by unexpectedly domestic deflation in the first quarter. Besides, sales revenue from electricity had been decreased 5.21 million, or a decrease of 17.77% caused by lacking raw material for electricity generation of biogas power plant in Chumphon province. While the operating result in Q1/2024, the net profit of the parent company was Baht 2.19 million, or a decrease of 85.47%, when compared to net profit of the parent company at Baht 15.04 million in the same quarter last year. Key Milestones 2019 - Theera-Mongkol Energy Company Limited, the subsidiary company, purchased ordinary shares of Green Earth Energy Company Limited and Global Utility Supply Company Limited, at 189,999,839 baht totally on March 25th 2019. Risk Management Policy • Risk from Changes in Lighting Technology, the lighting industry has undergone rapid changes. The invention and development of LED (Light Emitting Diode) technology has changed shape, appearance, and structure of materials, which these has caused limitation of all previous lighting lamp. Moreover, the technology has been developed continuously and speedily so manufacturers and distributors need to learn and seek for the strong point of products, and these become the remarkable risks affecting on lighting industry in Thailand. However, the company can develop manufacturing and managing distribution according to the situation suitably. • Risk from Economic Slowdown, in the past few years, the economic has slowed down which causes the fluctuation of products’ demand in the market, as well as the intensive competition among decreasing demand, which cause pricing competition and survival in the market furiously. Therefore, the company has planned to reduce costs and increase distributing the experienced and specialized products of the company, and decrease pricing competition of some products. Recent Awards and Recognitions • Obtained the INNOVATIVE ORGANIZATION AWARDS from the National Innovation Agency (Public Organization) and the Stock Exchange of Thailand. Revenue Structure 1. Lightting Business 83.21% 2. Renewable Energy Business 16.69% 3. Others 0.1% Stock Information mai / INDUS Closing price TMI mai index 3.00 1.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TMI INDUS mai P/E (X) 28.04 22.58 109.40 P/BV (X) 3.12 1.27 2.11 Dividend yield (%) 2.65 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 758.73 805.73 1,000.45 Price (B/Share) 1.13 1.20 1.49 P/E (X) 28.04 23.83 39.65 P/BV (X) 3.12 3.30 4.54 CG Report: Company Rating: Major Shareholders as of 08/03/2024 นาย THEERASAK PRASITRATANAPORN (13.00%) นาย ธีระชัย ประสิทธิ� รัตนพร (13.00%) MR. THEERAYUT PRASITRATTANAPORN (13.00%) นาย ธีระพงษ์ประสิทธิ� รัตนพร (12.92%) MRS. WILAI PRASITRATTANAPORN (3.53%) Others (44.55%) Company Information and Contact http://www.thaiballast.com [email protected] 0-2877-9510-21 Ext 350 46/67-69 Soi Mang-Mee-sab, Moo 3, Leab Klong Siwapasawad Road, Kokkrabue, Muang Samut Sakhon 74000 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TMI Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 16/05/2024 113
TMILL : T S FLOUR MILL PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company produces and distributes wheat flour which is divided into particular types as follows: Fresh Egg Noodle, Bread Flour, Instant Noodle Flour, Biscuit Flour, All-Purpose Flour and Animal Feed Flour under its own brand. The Company was spun off from TSTE. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 436.32 502.33 1,872.50 1,966.04 Expenses 435.11 454.31 1,791.56 1,818.03 Net Profit (Loss) 0.01 37.27 59.10 109.40 Balance Sheet (MB) Assets 1,689.59 1,736.28 1,725.64 2,097.51 Liabilities 628.76 613.56 664.81 1,012.06 Shareholders' Equity 1,060.84 1,122.72 1,060.83 1,085.45 Cash Flow (MB) Operating 6.06 -4.41 26.92 271.88 Investing -1.48 -0.14 -13.83 -5.97 Financing -12.76 -48.06 -35.14 -249.18 Financial Ratio EPS (Baht) 0.00 0.09 0.15 0.27 GP Margin (%) 6.53 16.14 11.02 15.12 NP Margin (%) 0.00 7.42 3.16 5.56 D/E Ratio (x) 0.59 0.55 0.63 0.93 ROE (%) 2.00 11.72 5.51 10.20 ROA (%) 2.75 9.28 4.87 7.78 Business Plan Operate at 90-100% of total production capacity within the next four years. Currently, the company’s total production capacity is 500 tons/day. Sustainable Development Plan The company has been operating in accordance with a sustainable business development strategy. In the year 2023, the Company has defined its sustainable vision as "We" will grow together with creating social and environmental value based on good corporate governance. This is achieved by integrating sustainable development approaches with business operations and pursuing policies and goals for ethical and sustainable development. The organization's mission is reviewed comprehensively to cover all stakeholders throughout the supply chain. Furthermore, the company has launched the Tmill caravan for society to advance in creating happiness, smiles, and strength for communities, society, and the environment through various monthly activities, reinforcing the mission: • TMILL is relentlessly dedicated to creating the highest quality products and services with cutting-edge innovation to enhance the quality of life for consumers. • TMILL provides the most valuable returns to shareholders by adhering to ethical principles in conducting business and achieving profitable and sustainable growth. • TMILL is the preferred and trusted partner, delivering services beyond expectations. • TMILL cultivates an organizational culture that emphasizes efficiency, is a learning organization, provides opportunities for employee participation, and encourages employees to utilize their best potential with dedication and responsibility. • TMILL plays a crucial role in creating positive impacts on communities and society. Business Highlight TMILL is a large-scale wheat mill with modern manufacturing technologies and is the only wheat mill listed on the Stock Exchange of Thailand. Performance and Analysis Business Performance Summary The company's sales revenue in the 1st quarter of 2024 decreased by 13.2% compared to the same period of the previous year. with decreased income from the sale of wheat flour 10.8% and wheat bran 2.3% due to the average selling prices of wheat flour and wheat bran decreasing 18.0% and 20.2% respectively. Gross profit margin decreased 9.6% compared to the previous year. This was a result of the average selling price of wheat flour decreasing by 18.0%. But the average cost of wheat used decreased by only 9.5%. Because in 2021-2022 the market prices for wheat and wheat flour have increased significantly. But the wheat market price has dropped since the end of the first quarter of 2023 and has continued to decline until now. Coupled with the economic situation that is not very good As a result, the company Flour sales have been lower than the target since the end of 2023, and a stock of high-priced raw materials remaining until now. But selling price, the price has been continuously negotiated down by customers. The company is forced to sell at a loss in order to maintain relationships with customers. while still having to bear the burden of high-cost rice stocks This has resulted in a sharp decrease in gross profit margins. Expects that the situation regarding selling prices, costs, and profit margins will improve in the second half of the year. Key Milestones 2012: The SEC approved the company’s public issuance of an additional 85 million ordinary shares. The company also registered to increase its paid-up capital to 285 million baht. 2015: The company expanded production capacity to 500 T./day, and increased its registered capital by another 114 million shares, at a par value of 1 baht per share and change its registered capital to 399 million baht. Business Plan Risk Management Policy The company’s key business risks and mitigation measures include: • Risks from fluctuating wheat prices : In purchasing raw materials, the company does not have a policy of entering into forward or futures contracts to protect against the risk of raw material price fluctuations. However, the company will adjust the price of its wheat flour to reflect the ongoing changes to wheat prices. In addition, the company will mitigate this risk by procuring raw materials in volumes that appropriately reflect price trends, by managing costs through fixed forward exchange rate contracts to minimize cost fluctuations as much as possible. • Foreign currency exchange risks : The key raw material is wheat, which must be imported from overseas. Payments for wheat imports will mostly be in US Dollars. To minimize this risk, the company enters into fixed forward exchange rate contracts, which allows the company to ensure that costs do not fluctuate too much and can be planned for in advance. Recent Awards and Recognitions Revenue Structure Revenue from sales-flour 84.08% Revenue from sales-Bran 13.51% Revenue from sales-Wheat 1.54% Others 0.87% Stock Information mai / AGRO Closing price TMILL mai index 5.00 4.00 3.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TMILL AGRO mai P/E (X) 24.96 23.62 109.40 P/BV (X) 1.39 3.15 2.11 Dividend yield (%) 4.05 3.31 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,475.06 1,530.87 1,546.82 Price (B/Share) 3.70 3.84 3.88 P/E (X) 24.96 20.44 15.43 P/BV (X) 1.39 1.40 1.41 CG Report: Major Shareholders as of 20/03/2024 บร˰ษัท ǮทยชูกǨร˪Ǫทǥร˪ม˰Ǫน˰ˣล จ˸Ǩกัด (มหǨชน) (65.06%) บร˰ษัท TSTE PUBLIC COMPANY LIMITED (3.80%) นǨย PRAPAS CHUTIMAVORAPAN (2.81%) นǨย ส˸ǨǪร˰ง มนูญผล (2.08%) นǨย ว˲รชัย Ǫดชǥมรธัญ (2.06%) Others (24.19%) Company Information and Contact http://www.tmill.co.th 0-2017-9999 90/9 Moo 1 Poochaosamingphrai Rd., Phrapradaeng Samut Prakarn 10130 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TMILL Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 23/05/2024 114
TNDT : THAI NONDESTRUCTIVE TESTING PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview Vision Being a business center and learning center for utilizing the benefits of radiation. We apply scientific principles and technology, as well as equipment and tools, to provide services such as inspection, and diagnosis, and certify the results in terms of the safety of life, property, and the environment, including the development and research of value-added creation for economic outcomes of engineering, agriculture, medical devices, etc. Mission Approach the target customers by strengthening the services system that is efficient, convenient, fast, accurate and meet both domestic and international standard with the modern technology and innovation. Commitment Focus on business management with Good Corporate Governance (CG), Corporate Social Responsibilities (CSR), adhere to Code of Business Conduct, Professional Ethics, Morality and Anti-Corruption both by the public and the private sector. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 70.00 81.41 314.29 239.17 Expenses 65.07 72.54 526.97 243.55 Net Profit (Loss) -3.92 -0.78 -366.74 -56.28 Balance Sheet (MB) Assets 711.58 1,136.47 716.11 1,110.66 Liabilities 626.35 643.58 627.14 633.81 Shareholders' Equity 119.85 506.25 123.48 488.98 Cash Flow (MB) Operating 14.97 -5.58 69.91 8.18 Investing -8.06 6.51 -1.32 -49.40 Financing -7.53 -0.85 -68.11 40.81 Financial Ratio EPS (Baht) 0.00 0.00 -0.45 -0.08 GP Margin (%) 40.30 37.82 34.40 29.00 NP Margin (%) -5.75 -2.00 -123.59 -21.92 D/E Ratio (x) 7.35 1.31 7.05 1.32 ROE (%) -118.16 -9.63 -116.43 -11.07 ROA (%) -38.48 -0.36 -37.78 -1.08 Business Plan Goals in business operation : 3-year business plan (2024 - 2026) • Revenue from core business 60% and Non-core business 40% (within 1 year), achieve goals. • Revenue from Non-core business increases at least 30% per year. Sustainable Development Plan BEST SERVICE ON STANDARD AND REGULATION (Economy+Governance):Instill adherence to professional ethics, morality, virtue, and good governance, includinganti-corruption measures, in all aspects of the organization. These principles form the foundation of professional businesses involved in ensuring the safety of life, property, and the environment to ensure the organization’s long-term stability. Best service for co-value creation (Social):Elevating provided service to create shared value with all stakeholders. This includes utilizing cutting-edge technology and innovation to meet customer needs and provide accurate information for informed decisionmaking, leading to sustainable mutual financial value creation. Best service for better environmental (Environment):Raising awareness of safety and enhancing the service level in all service locations by managing before, during and after the service in order to reduce the impact on society, community, and environment, by strictly complying with the international standards, rules, laws, regulations, and others of all related agencies to achieve mutual sustainability. Business Highlight The Company has amendment the Company's objectives. addition of 2 more clauses. Totaling 57 clauses. To be consistent with expanding the business base and supporting new business opportunities of the company and amendment Clauses 3 of the Company's Memorandum of Association to be consistent with the objectives. Which was approved by the General Meeting of Shareholders No. 18/2024 (26 April 2024). Performance and Analysis Business Performance Summary -The company's total income in the 1st quarter of 2024 increased by 0.625 million baht compared to the 1st quarter of 2023, representing an increase in total income of 0.90%. -Service costs decreased by 1.059 million baht or 2.55 percent compared to the 1st quarter of 2023, but the company losses from the impairment of financial assets in the 1st quarter of 2024 increased by 1.315 million baht compared to the 1st quarter of 2023, or an increase of 55.72% due to having financial assets in subsidiaries, by the contract, it was an additional impairment of 3.675 million baht. As a result, total expenses in the 1st quarter of 2024 increased by 0.329 million baht compared to the 1st quarter of 2023, representing an increase in total expenses of 0.51%. -The company had gross profit from operations in the 1st quarter of 2024 for 4.931 million baht, an increase of 0.296 million baht compared to the 1st quarter of 2023 or an increase of 6.39%, with factors from the increased income of Sterilize service by electron beam techniques. -The company has financial costs in the 1st quarter of 2024 amounting to 8.967 million baht, although they decreased from the 1st quarter of 2024 by 0.296 million baht or a decrease of 6.39%, when deducting profits from operating activities resulting in operating results according to the company's consolidated financial statements, there was an operating loss of 3.922 million baht, a decrease of 0.018 million baht or 0.46 % compared to the 1st quarter of 2023. Key Milestones -The cleanroom and office project in Rayong Province has started full commercial operations. The project has been well received by customers and the Company plans to expand by two more projects to accommodate the growing customer base within 2024. -The Company has installed six solar power projects and has already started generating revenue from all six projects. -The Company has received one contract to install a solar power system in the EPC format and has started generating revenue since the third quarter of 2023. The Company expects to expand by at least three more projects. Risk Management Policy 1. All departments are responsible for identifying, assessing and managing significant risks, both acceptable and unacceptable criteria, on a regular basis. 2. There should be regular communication, knowledge transfer and risk management development for employees. 3. The Company’s working groups and relevant personnel must regularly report the results of their operations on significant risk issues that affect the financial position, operating results, corporate governance, sustainability etc. 4. In the event of a significant and urgent change, the head of each department must arrange for a risk review to determine special control measures and report to the Management Committee immediately. Recent Awards and Recognitions -The Company has been assessed for Corporate Governance Responsibility (CGR) on “Excellent Level” for 8 consecutive years. -The company was assessed for quality in the AGM No.17/2023 with a score of 95 (Very Good) Revenue Structure NDT 82.21% Electron Beam 14.52% Income from sale electricity 2.94% Solar PV Rooftop 0.33% Stock Information mai / SERVICE Closing price TNDT mai index 1.00 0.50 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TNDT SERVICE mai P/E (X) - 111.30 109.40 P/BV (X) 1.44 2.64 2.11 Dividend yield (%) - 1.89 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 177.78 234.34 314.37 Price (B/Share) 0.22 0.29 0.39 P/E (X) - 146.56 - P/BV (X) 1.44 0.45 0.60 CG Report: Major Shareholders as of 13/03/2024 Miss Chomduen Satavuthi (28.71%) Mr. Krirkkiat Satavuthi (3.17%) Mrs. Sansanee Pariphanyukonthorn (3.09%) Mr. Suwat Dangpibulskul (2.50%) Mr. Pongtape Saeow (2.26%) Others (60.27%) Company Information and Contact http://www.tndt.co.th [email protected] 0-2735-0801 19 Soi Ramkhamhaeng 60 yaek 8 (Suanson 8), Ramkhamhaeng Road, Huamark, Bangkapi, Bangkok 10240 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TNDT Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 21/05/2024 115
TNP : THANAPIRIYA PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview Thanapiriya Public Company Limted is a retailer and a wholesaler of consumer goods excluding fresh food, under the name of "Thanapiriya". Currently, The Company owns and operates 45 stores which consisting of 44 supermarket stores and 1 wholesale store. There are 35 branches in Chiang Rai Province, 6 branches in Phayao Province and 4 branch in Chiang Mai Province. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 703.47 625.16 2,632.61 2,448.73 Expenses 647.03 579.82 2,437.75 2,262.27 Net Profit (Loss) 44.90 36.26 155.53 149.01 Balance Sheet (MB) Assets 1,495.98 1,310.27 1,406.65 1,249.51 Liabilities 372.23 283.45 327.80 258.96 Shareholders' Equity 1,123.75 1,026.82 1,078.85 990.56 Cash Flow (MB) Operating 48.65 30.40 203.46 112.27 Investing -31.08 -23.56 -87.96 -116.22 Financing -2.00 -1.02 -72.04 -71.82 Financial Ratio EPS (Baht) 0.06 0.05 0.19 0.19 GP Margin (%) 17.53 17.00 16.83 17.15 NP Margin (%) 6.38 5.80 5.91 6.09 D/E Ratio (x) 0.33 0.28 0.30 0.26 ROE (%) 15.27 15.16 15.03 15.68 ROA (%) 14.68 14.56 14.67 15.29 Business Plan The company plans to expand branches continuously in Chiang Rai, Phayao and Chiang Mai provinces. to increase revenue growth The expansion plan of company determine by management team by analyzing the feasibility of the project and the rate of return on investment and the payback period. In 2024, the company will expand 6 branches with an investment budget of Baht 120 million. Sustainable Development Plan The Company embraces great importance to sustainable business operations as The Company established of Policies and guidelines as follows; 1. The company has conducted analysis and identified key stakeholders that are important to the operation of the company throughout the supply chain. 2. Management of environmental issues to control greenhouse gas emissions. • energy management, improving the efficiency of electricity use from the company's business activities. • managing the use of fuel to be more efficient. • managing water resource. • managing waste and garbage. 3. Sustainable management of social issues, considering society and communities as a whole. Business Highlight • The company operates a retail business. which sells consumer products Even though the recession It does not significantly affect to the revenue of the company. • A retail business. which has relatively high financial liquidity. As a resulting, the opportunity to expansion branches Performance and Analysis Business Performance Summary Revenue from sales In first quarter 2024, The Company had revenue from sales of Baht 699.77 million, increased by Baht 78.03 million or 12.55% compared to the same period of last year. Same store sales growth (SSSG) increased by 2.6% and sales increased from the expansion of the company's branches, which in the year 2023 the company had expanded 4 new branches, in total of 45 branches. Also, increasing in sales from authorized distributor. Net Profit In first quarter 2024, The Company recorded net profit of Baht 44.90 million, increasing the same period of last year by Baht 8.64 million or 23.84% as net profit margin was 6.38%. Key Milestones Significant Change and Development of the Company Year 2019 Opened 4 Branches Year 2020 Opened 4 Branches Year 2021 Opened 6 Branches Year 2022 Opened 4 Branches Year 2023 Opened 4 Branches Risk Management Policy • The risk of intense competition due to the expansion of modern-trade stores. However, The Company believes that it's overall management and store management are effective. So, it can compete with other competitors in the industry. • The risk of branch expansion that the company is unable to expand branches with sufficient return on investment The company has managed by studying the feasibility of investment projects. and consider the worth Recent Awards and Recognitions The assessment and endorsed by the Thai Private Sector Collective Action Against Corruption (CAC) in September 2021. Revenue Structure Revenue from Branches 92.7% Head Office and Distributor 6.8% Others 0.5% Stock Information mai / SERVICE Closing price TNP mai index 5.00 3.50 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TNP SERVICE mai P/E (X) 17.08 111.30 109.40 P/BV (X) 2.46 2.64 2.11 Dividend yield (%) 2.56 1.89 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 2,656.00 2,352.00 3,200.00 Price (B/Share) 3.32 2.94 4.00 P/E (X) 17.08 15.71 19.94 P/BV (X) 2.46 2.28 3.37 CG Report: Company Rating: Major Shareholders as of 08/03/2024 MRS. AMORN PHUTTHIPHIRIYA (30.73%) MR. Thawatchai Phutthiphiriya (30.63%) MR. THANAPHOOM PHUTTHIPHIRIYA (3.75%) ด.ช. ธนภัทร พุฒิพิริยะ (3.75%) นาย ธนะพงศ์พุฒิพิริยะ (3.38%) Others (27.76%) Company Information and Contact http://www.thanapiriya.co.th [email protected] 0-5377-6144 329 Moo.8, Ban du, Muang Chiang Rai Chiang Rai 57100 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TNP Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 22/05/2024 116
TPLAS : THAI PLASTIC INDUSTRIAL (1994) PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The company produces and distributes food grade plastic bags and plastic handbags under brand "Chess", food grade film warp under brand "Vow Wrap", and also paper food packaging under brand "Beat Box" Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 130.35 134.83 520.34 566.14 Expenses 126.46 130.87 504.79 529.58 Net Profit (Loss) 3.16 3.19 12.59 29.62 Balance Sheet (MB) Assets 368.86 390.64 362.36 383.07 Liabilities 54.93 62.71 51.59 58.33 Shareholders' Equity 313.93 327.93 310.77 324.74 Cash Flow (MB) Operating 9.38 4.79 34.64 31.40 Investing -1.02 -0.89 -3.88 -13.21 Financing -0.16 -0.17 -27.62 -27.28 Financial Ratio EPS (Baht) 0.01 0.01 0.05 0.11 GP Margin (%) 14.91 13.38 14.22 16.59 NP Margin (%) 2.42 2.36 2.42 5.23 D/E Ratio (x) 0.17 0.19 0.17 0.18 ROE (%) 3.91 6.96 3.96 9.17 ROA (%) 4.08 7.18 4.17 9.57 Business Plan 1. To continuously develop products and services and applying new technologies to improve efficiencies. 2. To develop new products to serve the demand of the modernity. 3. To develop new business for the Company’s sustainability and growth. 4. To keep employees’ knowledge and skills current and select great people to lead. Business Highlight • Invest in Paper Bowl Forming machine in order to provide a variety of product for customers. • Continuous Research and Development in Automation Technology for improving production efficiencies Performance and Analysis Business Performance Summary Sales Revenue: For the quarter ended 31 March 2024 and 2023, increased by THB 3.61 million. This is mainly due to the decrease in average price of products that caused by the decrease in average price of raw materials. And the sales volume of wrapping film were decreased, while the sales volume of plastic bags and food paper box slightly increased. Cost of Goods Sold: For the quarter ended 31 March 2024 and 2023, decreased by THB 5.10 million. This is mainly due to the decrease in the average price of raw materials. Key Milestones 2024: Installed of additional machinery for food paper box manufacturing, resulting a total production capacity of 0.22 million pieces per month. 2023 : Installed of plastic recycling machine to manage the cost of purchasing raw materials for production. 2022: Installed of machinery for food paper bowl manufacturing, resulting a total production capacity of 0.98 million pieces/month. 2021: Installed of additional machinery for food paper box manufacturing, resulting a total production capacity of 2.83 million pieces per month. And installed of machinery for food paper bowl manufacturing, resulting a total production capacity of 0.83 million pieces/month. 2020: Installed of machinery for food paper box, resulting a total production capacity of 1.20 million pieces/month. 2019: Launched the new product: food paper box under the brand “BEAT BOX”. Risk Management Policy Risk from the fluctuations in price of main raw materials that follows the world’s market and market mechanism in the country : update on the above information to adjust strategies and approaches to procure raw materials at the most reasonable price. Risk from campaign on reducing the use of plastic products : diversifies the risks by developing 2 new projects. They are Biodegradable Plastic and Beatbox Paper Food Packaging projects. Risk from order cancellation and replacement product in case that the Company do not have enough products due to the shortage in workforce : searches for employees by all means. The project will focus on remodeling the production line by bringing in the technologies for automated production to the original machines and production line. Risk from fraud by salespeople and outsourced sales people : deposit cash received from customers to the Company’s bank account immediately. Cheques, it is stipulated to be Account Payee cheque in the Company’s name only. And encourages customers to transfer money via internet banking or scanning QR code. Risk from lost or damages of information system : setting out clear policy and check procedures on information system usage for users and administrators in writing. Risk from debtor management on retail debtors with no official documents for identity verification : payments in cash. No credit. Risk from the fact that the Company has major shareholder holding more than 50% of total shares : set out scope of authorization and designated approval authority tables for each level in appropriate range and credit limit. Risk from Change in Exchange Currencies : planning on the import in advance for the year and revisiting the import plan every month. In addition, mainly procured from partners in the country. Revenue Structure Plastic bags (PP) 47.98% Plastic bags (HDPE) 33.5% Wrapping films 8.9% Food paper box 7.36% Plastic bags (LL) 1.76% Others 0.5% Stock Information mai / INDUS Closing price TPLAS mai index 3.00 2.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TPLAS INDUS mai P/E (X) 34.11 22.58 109.40 P/BV (X) 1.38 1.27 2.11 Dividend yield (%) 2.52 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 429.30 502.20 766.80 Price (B/Share) 1.59 1.86 2.84 P/E (X) 34.11 37.26 21.28 P/BV (X) 1.38 1.64 2.41 CG Report: Major Shareholders as of 05/03/2024 นาย ธีระชัย ธีระรุจินนท์(53.73%) นาง ดลนภา เจียมกนก (2.98%) MRS. SRISUMON TANGNOI (2.98%) นาง พัชรีฉัตรเเก้วบริบูรณ์(2.96%) นาง เพ็ญ ธีระรุจินนท์(2.96%) Others (34.39%) Company Information and Contact http://www.tpic.co.th 0-2191-8288-9 53/1 Moo 4 Kanjanapisek Rd., Bang MaeNang Sub-District, Bangyai District Nonthaburi 11140 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TPLAS Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 15/05/2024 117
TPS : THE PRACTICAL SOLUTION PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview Our company has a team of experts in various fields who are ready to provide consultation on system design, installation, and delivery to customers. We also provide technical support, system maintenance methods, and training to ensure that customers can use our systems effectively and efficiently within a budget that is appropriate for their needs. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 337.87 199.88 1,362.81 986.86 Expenses 314.56 184.79 1,210.01 892.87 Net Profit (Loss) 16.72 11.46 116.37 75.83 Balance Sheet (MB) Assets 1,143.38 868.20 1,098.57 890.08 Liabilities 487.78 380.46 532.14 435.90 Shareholders' Equity 646.79 487.53 559.22 454.23 Cash Flow (MB) Operating 76.65 80.59 87.88 -152.98 Investing -0.91 -0.95 -5.21 -1.75 Financing 68.06 -22.99 -74.10 52.53 Financial Ratio EPS (Baht) 0.05 0.03 0.33 0.22 GP Margin (%) 21.98 28.35 26.48 26.35 NP Margin (%) 5.46 5.87 8.83 7.48 D/E Ratio (x) 0.74 0.78 0.94 0.96 ROE (%) 21.44 16.16 22.96 17.65 ROA (%) 16.01 11.31 15.37 11.29 Business Plan The company still adheres to the guidelines for conducting business by emphasizing 3 important matters: expanding the new customer base while creating value and developing the potential of current customers by delivering excellent service and products that meet international standards. To create sustainable growth in operating results and strive to be a “Tech Company” The strategy has been set to achieve the goal. Details as follows: • Medium-term strategy - Develop the organization to be datadriven. Ready to expand new customer base • Long-term Strategy - To be a digital leader in an industry that is sustainable and data-driven. Sustainable Development Plan The company places importance on business development for sustainability. Taking into consideration the environmental aspect Society and Governance (ESG: Environment, Social, Governance) according to the expectations of stakeholders as well as the criteria of the Stock Exchange of Thailand. which is in line with the company's business direction and strategy. As well as being in line with the Sustainable Development Goals of the United Nations (SDGs), we focus on conducting business with care and attention for stakeholders, the economy, society and the environment with morality, ethics and code of conduct. Business Highlight Our company has continued to grow, with total income of 335.19 million baht in the first quarter, an increase of 138.07 million baht from the first quarter of 2023 and recognize income (Backlog) amounting to 2,065 million baht. It is expected that income will gradually be recognized continuously. The company has developed solutions for providing Managed Security Services with Cyber Threat Assessment services for industrial customers. To increase the opportunity to develop and deliver security solutions to customers and create business opportunities. Performance and Analysis Business Performance Summary Key Milestones • Year 2023 - Increased the registered capital of TPS Company to over 226,000,000 million baht. - X-Secure Company Limited (subsidiary) increased capital to 9,000,000 baht. - Great Serf Company Limited (subsidiary) increased capital to 8,000,000 baht. - Established a subsidiary company, Applied Techne Company Limited. • Year 2022 - The company has increased its registered capital worth more than 168,000,000 baht. - Established a subsidiary company, X-Secure Co.,Ltd. • Year 2020 - Established a subsidiary company, The Win Telecom Co.,Ltd. Risk Management Policy Recognize that risk management is a part of good corporate governance. This is an important basis that helps achieve the company's objectives. Identifying and managing Risks will help support the company. Make better decisions and helps to see opportunities as well as being able to mitigate the impact of important events that may occur to shareholders Risk refers to the chance of an event occurring. Recent Awards and Recognitions Y 2024 - The company attended the Cisco Partner Appreciation Event 2023 between 28-30 September 2023 and received the "FY23 Cross Architechtural Partner of the year" award, an award that guarantees TPS's potential in its ability to Selling Cross Architecture such as Network, Datacenter, Cybersecurity, Collaboration. along with a commitment to further develop and sell a variety of Cisco solutions to customers - The company attended the "2023 Next: Future Tranformation Thailand Partner Appreciation Event" and received the "FY22 Top Territory Partner of the Year" award, an award that guarantees the most sales to Commercial customers. - The company was appointed as a Platinum Innovator in the Solution Provider category with Palo Alto Networks. - The company has been appointed as an Innovator in the MSSP (Managed Security Service Provider) section with Palo Alto Networks. - The company joined as a partner with Veritas and was appointed a Silver Partner. Revenue Structure Technology Solution Provider 30% Maintenance Service 21% Construction 48% Others IT Services 1% Stock Information mai / TECH Closing price TPS mai index 5.00 3.50 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TPS TECH mai P/E (X) 12.86 32.19 109.40 P/BV (X) 2.68 2.71 2.11 Dividend yield (%) 4.27 1.80 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,496.86 1,028.65 1,095.36 Price (B/Share) 4.22 2.90 3.26 P/E (X) 12.86 11.10 15.17 P/BV (X) 2.68 1.99 2.52 CG Report: Company Rating: Major Shareholders as of 08/03/2024 MR. BUNSOM KITKASETSATHAPORN (31.07%) MR. MATEE WITAWASIRI (9.02%) MR. MONGKOL PRAKITCHAIWATTANA (7.53%) MRS. JARUNYA KITKASETSATHAPORN (5.62%) MS. UDOMLUCK JAISUEKUL (5.51%) Others (41.25%) Company Information and Contact https://www.thepractical.co.th [email protected] 0-2112-9999 No. 99 Soi Cement Thai, Ratchadapisek Road, Lad Yao, Chatuchak Bangkok 10900 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TPS Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 10/06/2024 118
TQR : TQR PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company is a reinsurance broker. Its core business is grouped into two categories, namely 1) Traditional Business and 2) Alternative Business and 3) Other Business. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 80.69 66.38 249.93 243.50 Expenses 42.94 32.59 124.43 119.76 Net Profit (Loss) 30.74 26.74 100.31 98.23 Balance Sheet (MB) Assets 631.12 632.56 591.57 595.32 Liabilities 96.48 109.04 91.97 98.52 Shareholders' Equity 533.49 522.18 498.23 495.44 Cash Flow (MB) Operating 22.28 9.91 102.78 90.11 Investing -10.93 -13.05 5.01 -103.99 Financing -0.87 -0.87 -101.49 -70.76 Financial Ratio EPS (Baht) 0.13 0.12 0.44 0.43 GP Margin (%) 79.93 77.34 76.00 76.05 NP Margin (%) 37.82 40.24 40.14 40.36 D/E Ratio (x) 0.18 0.21 0.18 0.20 ROE (%) 19.76 19.84 20.19 20.61 ROA (%) 20.72 21.00 21.26 21.66 Business Plan 1) The Company is ready to grow alongside its partners, both nonlife insurance and reinsurance companies. The Company is committed to provide integrated and efficient services by following our principle, your success is our business. 2) The Company is committed to continuously develop new products to respond to the need of insurance policy holders, nonlife insurers, and reinsurance brokers to grow insurance business and increase access to insurance for people in general while carrying a motto “risk is opportunity”. 3) The Company explores opportunity for new business investment relating services that align with insurance business. This will not only create new revenue generation channel, but also support core business to grow continuously. 4) The Company is committed to enhance operational efficiency. It also focuses on providing services for business partners by applying information technology system to enhance its efficiency and responsiveness in transmitting and analyzing insurance data. Sustainable Development Plan The company places importance on social and environmental responsibility. Sustainable development coupled with conducting business under the framework of good corporate governance. Create value from the perspective of the company and all stakeholders. Business Highlight The Company has more 20 years of experience in the business, thoroughly understanding non-life insurance business and market with expertise in reinsurance brokerage business. Incorporated with good relationship with local and overseas partners. Performance and Analysis Business Performance Summary Revenue In Q1/2024 and Q1/2023, the Company had service income of THB 80.69 million and THB 66.38 million, respectively, an increase of THB 14.31 million or 21.56% from the Q1/2023, This was mainly due to an increase in other premium insurance contracts (Specialty), such as Political violence insurance. Director’s & Officer’s Insurance, (Medical Malpractice Liability Insurance, Cyber Insurance. Net profit for the Q1/2024 and Q1/2023, the Company's net profit There were THB 30.74 million and THB 26.74 million respectively, an increase of THB 4 million or 14.96% Key Milestones 2023, 30% stake in ALPHASEC Co., Ltd., which provides information technology services and consultancy, especially in cybersecurity and personal data protection. 2021 listed in MAI on 17 February 2021. Established, a subsidiary, R Square Co., Ltd., with the Company holding 55% of the THB 3 million registered capital. The subsidiary is aimed to provide an online learning-training platform with “Face Detection and Face Recognition” technology. 2020 assisted in sourcing reinsurance contracts, including COVID-19 insurance policies for insurance companies. In addition, the Company registered as public company and increased its registered capital to THB 115 million. 2016 reorganized analysis and development department to support new product development to enhance its competitiveness. 2013 increased capital to THB 7.5 million. 2012 established the company with THB 5 million of registered capital and began reinsurance brokerage business Risk Management Policy 1) Risk of dependency on major cadent. The Company’s major clients comprise of three insurers, which contribute more than 50 % of its revenue. If those major clients encounters with a problem or changes business direction, this will impact ours revenue. Risk mitigation measures: The Company has focused on considering and selecting insurance companies that have stable financial status with reputation and long-standing experience in the business. The Company has also built-up relationship with other insurance companies to expand business opportunity. 2) Risk of dependency on major reinsurers. The Company has partnered with one local reinsurer and another overseas reinsurer. Revenue from partnering with these two reinsurers contributes more than 60 % of the its revenue. If any of the reinsurers changes its business direction, this will impact the Company’s revenue. Risk mitigation measures: The Company has focused on considering and selecting reinsurers that have stable financial status with credit rating above A-. For local insurers, CAR ratio must not be less than 200%. Recent Awards and Recognitions In 2020 the Company received Best Broker Award form LLOYD'S and during 2016-2018, received Insurance Award as the Best Corporate Non-Life Insurance Broker for three consecutive years from the Office of Insurance Commission. The company received an award "Outstanding Quality Corporate Insurance Broker" from OIC for another 3 consecutive years in 2021-2023, in total receiving the award for 6 consecutive years., R Square Co., Ltd., its subsidiary, entered a Memorandum of Understanding (MOU) on using online learning system that applies artificial intelligence technology with Thai Insurance Brokers Association. Awarded CGR Excellence 2023 5 stars. Revenue Structure Alternative 68.14% Traditional 31.48% Other 0.38% Stock Information mai / FINCIAL Closing price TQR mai index 16.00 9.50 3.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TQR FINCIAL mai P/E (X) 16.05 84.81 109.40 P/BV (X) 3.23 1.94 2.11 Dividend yield (%) 5.71 1.26 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,610.00 1,552.50 2,691.00 Price (B/Share) 7.00 6.75 11.70 P/E (X) 16.05 15.74 38.06 P/BV (X) 3.23 3.31 5.75 CG Report: Major Shareholders as of 18/03/2024 บริษัท TQM ALPHA PUBLIC COMPANY LIMITED (44.43%) นาง ยุพเรศ พิริยะพันธุ์(13.30%) นาย พรเกษม เหล่าฤทธิรัตน์(8.87%) MR. KRIST SUCHARE (3.70%) MR. TEETAJ WETTHAYAVIVORN (1.96%) Others (27.74%) Company Information and Contact https://www.tqr.co.th [email protected] 0-2150-8560 46/7 Rungrojthanakul Building, 8th Floor, Ratchadaphisek Road, Huay Khwang Sub-district, Huay Khwang District Bangkok 10310 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TQR Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 23/05/2024 119
TRT : TIRATHAI PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company is a manufacturer of made-to-order transformers for domestic and overseas distribution and a service provider of transformer installation, maintenance and testing. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 800.12 393.23 2,110.69 1,719.57 Expenses 648.28 420.83 1,857.39 1,779.67 Net Profit (Loss) 96.29 -35.16 129.58 -92.09 Balance Sheet (MB) Assets 3,581.09 2,857.47 3,265.58 2,825.95 Liabilities 2,371.22 1,906.68 2,152.02 1,839.13 Shareholders' Equity 1,241.94 980.91 1,145.65 1,016.08 Cash Flow (MB) Operating -178.08 -97.65 -209.47 -27.36 Investing -7.60 -19.20 -47.64 -111.46 Financing 167.43 23.96 115.18 145.66 Financial Ratio EPS (Baht) 0.31 -0.11 0.42 -0.30 GP Margin (%) 30.99 13.65 25.57 11.25 NP Margin (%) 12.04 -9.16 6.00 -5.52 D/E Ratio (x) 1.96 2.01 1.93 1.86 ROE (%) 23.49 -9.82 11.99 -8.52 ROA (%) 13.46 -2.51 8.35 -2.17 Business Plan Under the current high competition, the company and its subsidiaries estimate revenue growth to be around 16%-20%, maintaining an average gross profit rate for the entire group at 20%. The company has developed strategic and business plans. The company’s business groups are divided into Transformer and Non-Transformer groups, with a 10-year timeframe (2023-2032), divided into short-term plans of 1-3 years, medium-term plans of 3-5 years, and long-term plans of 5-10 years. With a vision to lead in the production, distribution, and full-service related to transformers in the Asian region and all other regions, and to seek opportunities to invest in related energy businesses with quality work that meets customer needs under good governance principles and creating beauty for society. Currently, the company continues to operate according to the set plan, giving importance to the design and development of full-circle products, services, and solutions to meet consumer needs under digital technology innovation and green products, aiming towards a low-carbon society and a net-zero greenhouse gas emission target by 2050. Sustainable Development Plan The company is committed to being a leader in the transformer business and integrated energy business. Driving the organization under creating balance sustainable development and strengthen the business The goal is to increase operational efficiency. good corporate governance and create value together with stakeholders The company places importance on governance in all three dimensions: economy, society, and environment. To meet the needs of stakeholders Including protecting and maintaining environment and create good things for society. The company has received a certificate “Corporate Carbon Footprint (CFO)” shows commitment to reducing greenhouse gas emissions for sustainable growth. By operating according to the project plan to reduce carbon emissions. Reduce greenhouse gas emissions and demonstrate to all parties involved their responsibility in terms of economics, society, and the environment. Business Highlight The company strengthens its potential to become two leading manufacturers that can supply the largest 333 MVA 525 kV electrical transformers in Thailand and provide integrated services using new technology with highly efficient resource management. Recently, the Electricity Generating Authority of Thailand (EGAT) ordered a 333.33 MVA 525 KV electrical transformer for a project to improve the electrical transmission system in the lower southern region. and the project to improve the electrical transmission system in the northeastern region lower northern region Central region and Bangkok, totaling 14 units, to enhance the stability of the electrical system in the area. Performance and Analysis Business Performance Summary Tirathai Public Company Limited and its subsidiaries have already reviewed its audited financial statements of the 1st Quarter 2024 ended on March 31, 2024. The Company and its subsidiaries had net profit attributable to equity holders 96.28 million Baht, increased by 131.45 MB compared to net loss attribute to equity holders of 35.16 MB at the same period of last year which was excess 20%. Sale revenue was 750.74 MB which increased by 395.10 MB or 111.10%. Service revenue was 46.92 MB which increased by 12.52 MB or 36.38%. Gross profit margin of sales was 29.79% which was higher than those at the same period of last year 11.66%. Gross profit margin of services was 50.34% which was higher than those at the same period of last year 34.62%. Selling expenses were 15.99 MB which decreased by 2.33 MB or 12.71%. General administrative expenses were 55.69 MB which decreased by 8.72 MB or 13.53%. The financial cost was 23.23 MB which increased by 9.53 MB or 69.57%. Key Milestones The Company is focusing R&D of product, create the innovation to develop its capabilities and aims to use the remote communication control to increase transformer efficiency and value. Risk Management Policy Risk management is a systematic and continuous process of the organization to help reduce the cause of each opportunity that could lead to damage so that the level of damage and the size of the damage that will occur in the future are at a level that the organization can accept. It takes into account the achievement of the organization’s objectives or goals. With the advancement of technology, economic, social, and environmental changes. It is a great challenge to ensure that operations and performance are in line with the goals and create sustainability for the business covering economic, social, and environmental dimensions. Recent Awards and Recognitions 2023 Certificate Carbon Footprint for Organization (CFO). 2022 Certified as a member of the Thai Private Sector Collective Action Coalition Against Corruption (CAC). 2022 TRT received the White Flag-Gold Star Award for the Good Governance Project surrounding. 2021 TRT was passed the benchmark test project for virus protection COVID-19 (Public Health). 2021 TRT was certified as a product made in Thailand MIT. 2020 TRT received an award for “Outstanding Industry of the Year2020 in the category Potential Industry” THE PRIME MINISTER’S INDUSTRY AWARD 2020. 2018,2019,2020,2021 TRT received the White Flag-Green Star Award for the Good Governance Project surrounding. 2017, 2019 TRT was awarded Green Industry Level 4 Green Culture 2018, 2021 TRT was certified Green Label Transformer. 2016 TRT received the Prime Minister Award in the category of Best Exporter Award.2010 TRT receive the licenses of TIS 384-2000, TIS 384- 2002, TIS 384-2004, TIS 384-2006 and 2009 TRT received the certificate of ISO 9001, ISO 45001, ISO 14001, ISO/IEC 17025. Revenue Structure Transformer Group 96% Non-Transformer Group 3% Others 1% Stock Information mai / RESOURC Closing price TRT mai index 5.00 3.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 TRT RESOURC mai P/E (X) 8.79 - 109.40 P/BV (X) 0.99 0.80 2.11 Dividend yield (%) 5.68 1.87 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,139.63 763.86 868.58 Price (B/Share) 3.70 2.48 2.82 P/E (X) 8.79 17.11 - P/BV (X) 0.99 0.73 0.86 CG Report: Major Shareholders as of 14/03/2024 นาย SUMPAN VONGPHAN (13.24%) MR. PICHATE YARNSUKOL (5.84%) MR. PRAPART JANTARANGSI (4.29%) นาย วชิระ ทยานาราพร (4.06%) นาย วิบูล วงศ์สืบชาติ(3.30%) Others (69.27%) Company Information and Contact http://www.tirathai.co.th 0-2769-7699 BANGPOO INDUSTRIAL ESTATE, 516/1 MOO 4, AMPHOE MUEANG Samut Prakarn 10280 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=TRT Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 15/06/2024 120
UBIS : UBIS (ASIA) PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company is a manufacturer and distributor of sealants and coatings used in the metal packaging industry. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 225.39 197.42 895.17 1,048.38 Expenses 210.95 210.47 949.80 1,051.04 Net Profit (Loss) 22.53 -17.34 -74.00 -20.11 Balance Sheet (MB) Assets 1,111.12 1,118.44 1,031.97 1,220.21 Liabilities 459.89 430.38 404.30 514.01 Shareholders' Equity 650.74 688.06 626.93 706.20 Cash Flow (MB) Operating 88.91 53.38 119.13 -83.83 Investing 0.41 -8.51 -12.74 -31.22 Financing -54.72 -117.23 -104.77 330.31 Financial Ratio EPS (Baht) 0.08 -0.06 -0.26 -0.07 GP Margin (%) 29.88 21.17 21.87 20.92 NP Margin (%) 9.88 -8.78 -8.27 -1.92 D/E Ratio (x) 0.71 0.63 0.64 0.73 ROE (%) -5.06 -4.13 -11.07 -3.34 ROA (%) -1.59 -1.19 -4.94 -0.72 Business Plan • The company is committed to enhancing the capabilities of its research and development, quality control and quality assurance departments so it may analyze issues and develop to meet the demands of the market and clients promptly, accurately and efficiently • The company is determined to add channels for international clients • The company is seeking opportunities to engage is joint investment with domestic and international partners. • The company is developing products to support international standard requirements Sustainable Development Plan The company has set a strategy for sustainability that guides operations and works to build understanding and participation from all sides towards unified short and long term goals within a framework of good governance. The company focuses on • Promoting efficient resource utilization, controlling and reducing greenhouse gas emissions, as well as minimizing and managing air, water, and soil pollutants resulting from company activities • Building and developing sustainable relationships with clients, partners, employees and business partners • Building an Innovation Pipeline Leading to sustainable innovations, supporting inspiration and providing an environment conductive to development • Developing is production process through the application of automation technologies • Developing personnel and products to be responsive to the diverse demands of clients ,developing products to be certified by international safety standards • Practicing fair treatment towards employees under efficiently managed operations, while prioritizing their safety and occupational health • Developing governance practices to conduct business with transparency, emphasizing business ethics, and rejecting all forms of corruption Business Highlight • The Highest quarterly profit margin in the past two years • Expand the market to Latin America and Brazil • Expand the market to Europe Performance and Analysis Business Performance Summary • In Q1/2024, the company had total sales of 222.82 MB, which represents an increase of 26.33 MB, or 13%, from Q1/2023. This increase was mainly due to higher export sales, which rose by 24.16 MB, or 33%. • In Q1/2024, the company achieved a gross profit of 66.59 MB, marking a significant increase of 24.99 MB, or 60%, compared to Q1/2023. The gross profit margin for the company in Q1/2024 stood at 29.90%, up from 21.20% in Q1/2023 (YOY). The improved profit margins were primarily attributed to gradually decreasing raw material prices as the effects of the COVID-19 situation began to subside. • In Q1/2024, the company reported a net profit of 22.27 MB, which represents an increase of 39.61 MB, or 228%, from Q1/2023, when the company had a net loss of 17.34 MB. Key Milestones • Enhanced production machinery efficiency for better responsiveness to customer demands and lowered cost. • Augmented internal operation using procedural control technologies for maximum efficiency. • Expand the market to Latin America and Middle East Risk Management Policy The company is aware of change to economic, social and environmental circumstances and other external factors threatening the sustainability of business, such as outbreak, natural disasters, fuel price fluctuation, volatility in transport costs and state regulation. All of these factors present both risks and opportunities for UBIS and necessitate management. A risk management committee was formed to monitor and report on risks and decipher response, form efficient management of raw materials in line with costs to managing stocks in line with growing demand, managing timely transport, and fostering and expanding markets to account for customers in different locations. Recent Awards and Recognitions 2024 • Received membership renewable to the Collective AntiCorruption Coalition (CAC) of the Thai Institute of Directors. 2023 • Achieve a CG SCORE 5 Stars 2022 • Achieve a CG SCORE 5 Stars • Received approval for investment promotion from the BOI. 2021 • Achieve a CG SCORE 5 Stars • Received Business Excellence 2021 : SET Awards 2021 • Received Collective Action Against Corruption (CAC) certification 2020 • Received ISO 14001: 2015 certification from BVQI • Received ISO 45001: 2018 certification from BVQI • Achieve a CG SCORE 5 Stars Revenue Structure Domestic 29% Oversea 44% China 27% Stock Information mai / INDUS Closing price UBIS mai index 4.00 2.50 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 UBIS INDUS mai P/E (X) - 22.58 109.40 P/BV (X) 0.94 1.27 2.11 Dividend yield (%) - 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 587.10 535.80 1,037.40 Price (B/Share) 2.06 1.88 3.64 P/E (X) - - 89.21 P/BV (X) 0.94 0.83 1.39 CG Report: Company Rating: Major Shareholders as of 15/03/2024 MR. NANT KITTAYANUTKUL (56.02%) นาย พิชัย สถาวรมณี(4.43%) นาย ณรงค์ตรึงตราจิตกุล (1.98%) MR. RATCHAPON NAMFON (1.91%) นาย วีระศักดิ�สุตัณฑวิบูลย์(1.40%) Others (34.26%) Company Information and Contact http://www.ubisasia.com [email protected] 0-2683-0008 238, 15th Floor, Unit 4-6, TRR Tower, Naradhiwas Rajanagarindra Road, Chong Nonsi, Yannawa Bangkok 10120 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=UBIS Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 30/05/2024 121
VCOM : VINTCOM TECHNOLOGY PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview VCOM operates the core business as an IT distributor and a provider of IT services for the products it distributes. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 350.24 488.90 2,116.80 2,042.17 Expenses 317.73 444.68 1,950.04 1,866.95 Net Profit (Loss) 19.16 25.57 88.36 111.91 Balance Sheet (MB) Assets 1,375.94 1,435.76 1,459.24 1,446.12 Liabilities 708.95 766.79 825.80 808.17 Shareholders' Equity 608.12 609.88 580.09 585.47 Cash Flow (MB) Operating 57.02 40.94 331.52 143.17 Investing -0.55 1.25 -5.93 10.81 Financing -6.52 13.91 -226.79 -109.44 Financial Ratio EPS (Baht) 0.06 0.08 0.29 0.36 GP Margin (%) 24.99 20.92 20.42 20.12 NP Margin (%) 7.05 6.58 5.37 6.71 D/E Ratio (x) 1.06 1.15 1.30 1.27 ROE (%) 13.46 18.79 15.16 19.52 ROA (%) 10.29 13.16 10.69 12.73 Business Plan Today’s every industry is anticipated to be driven by digitally enhanced products and services, operations, management, communications, as well as customer and user engagement, ultimately driving in IT-related spending. To facilitate and respond to business growth and digital transformation, Vintcom Technology Public Company Limited offers an extensive array of products and services, ranging from IT infrastructure to cyber and network security solutions specifically designed for enterprises. Professional services such as system design, development and implementation are also provided to fulfill customer needs. These products and services enable organizations to compete in the digital economy, drive disruptive changes in their operations, and adapt to technological changes more rapidly. Sustainable Development Plan Business Highlight Revenue from sales and services for Q1/2024 decreased from Q1/2023, delivering net profit of THB 19.2 million in Q1/2024, while the gross profit margin of Q1/2024 was higher than that of Q1/2023. This is because in the previous year there was income from sales from large projects with low gross profit margins. Performance and Analysis Business Performance Summary For the first quarter of 2024, the Company and its subsidiaries’ net profit was THB 19.2 million, lower than Q1/2023 which was THB 25.6 million. Total proportion of net profit to total revenue was 5.5% (Q1/2023: 5.2%). Key Milestones 2018 Acquisition of all ordinary shares in I-SECURE Co., Ltd. with the primary objectives to provide data security monitoring and cyberattack prevention services. 2020 In Q3/2020 invest in M Intelligence Co., Ltd (“Mintel”) Mintel is the specializing in analysis and data analytic for Customer Relationship Management (CRM). 2023 The Company has been appointed as a distributor of Stellar Cyber in CLM countries and Menlo Security in Thailand and CLM countries. Risk Management Policy Risks associated with reliance on revenue by being a distributor of Oracle products. The Company has been appointed as a distributor of products and services of Oracle Corporation ("Oracle") from 2010 to the present. The Company had revenues from sales and services related to the sale of Oracle products is quite high of the total sales and service revenues. The Company try to create a variety of products and services to meet the needs of our customers. It has sold more products such as Hitachi Vantara, Palo Alto Networks, Informatica, Crowdstrike, Purestorage, KnowBe4, Cloudera and Stellar Cyber Concentration risk of major customers. The Company has tried to expand its customer base and distribution customers wider, and not just limited to selling products and services to domestic customers only, but trying to seek opportunities to expand our customer base in CLM countries. Recent Awards and Recognitions Revenue Structure from the same period in last ye 56.4% Revenue from services 43.6% Stock Information mai / TECH Closing price VCOM mai index 5.00 3.50 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 VCOM TECH mai P/E (X) 11.40 32.19 109.40 P/BV (X) 1.74 2.71 2.11 Dividend yield (%) 9.15 1.80 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,006.98 1,154.34 1,596.43 Price (B/Share) 3.28 3.76 5.20 P/E (X) 11.40 13.42 13.87 P/BV (X) 1.74 2.05 2.80 CG Report: Company Rating: Major Shareholders as of 13/03/2024 VNET CAPITAL CO.,LTD. (58.47%) บริษัท ไทย ออโตโมทีฟ วีซีเอฟ จํากัด (13.19%) UBS AG LONDON BRANCH (3.58%) นาย วิรัช ธนูพราน (1.18%) DBS BANK LTD. AC DBS NOMINEES-PB CLIENTS (1.12%) Others (22.46%) Company Information and Contact http://www.vintcom.co.th [email protected] 0-2661-7979 159/21 Sermmitr Tower, 14th Floor, Room 1401, Sukhumvit 21 (Asok) Road, Khlong Toei Nua, Watthana Bangkok 10110 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=VCOM Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 05/06/2024 122
WARRIX : Warrix Sport Public Company Limited 3M/2024 (Jan - Mar 2024) Business Overview 1. Domestic and international sale of sport apparel and equipment, everyday wear and casual clothing. 2. Provide sports-related health services such as Physiotherapy & Performance Studio, Sports Science Center (Warrix Run Hub), Fitness and Nutrition Educator (Fit Junction). Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 335.51 257.28 1,251.01 1,074.62 Expenses 306.85 243.10 1,080.61 906.43 Net Profit (Loss) 20.23 11.07 127.38 128.49 Balance Sheet (MB) Assets 1,771.50 1,906.58 1,799.72 1,878.87 Liabilities 363.21 454.70 392.25 438.38 Shareholders' Equity 1,408.29 1,451.88 1,407.47 1,440.49 Cash Flow (MB) Operating 44.39 -113.27 -8.46 49.38 Investing 1.91 -53.43 -14.04 -256.36 Financing -28.03 -36.07 -215.04 726.10 Financial Ratio EPS (Baht) 0.03 0.02 0.21 0.35 GP Margin (%) 49.91 44.95 47.80 46.27 NP Margin (%) 6.03 4.30 10.18 11.96 D/E Ratio (x) 0.26 0.31 0.28 0.30 ROE (%) 9.55 12.91 8.95 15.90 ROA (%) 10.05 11.90 9.38 12.81 Business Plan WARRIX creates brand awareness with license marketing strategy by being a sportswear distributor and extending to become a Health - Active & Lifestyle brand. Reaching to all types of customers, such as athletes, sports fans, health lovers, young generation, and working people. WARRIX is developing business in 3 areas as follows: 1) Sport & Active Lifestyle: Expand sports clothing and equipment segment to cover more types of sports such as running, training, golf, basketball, and table tennis. Expand product portfolio to women's gym wear, footwear, and lifestyle clothing. Including, Warrix Lifestyle @ Siam Square project to penetrate into a new higher-value market. 2) Health: Plan to expand health business; Warrix Run Hub at QSNCC, which is the second sports science center. Improve service quality and increase revenue growth of health business by acquiring all digital and intellectual properties of Fit Junction. 3) Event & Explorer: Expanding customer base by combining sports-related experience with a wide range of events, such as running events, music festivals, food events, and other events related to Health - Active & Lifestyle. 2024 Key Strategies Business Highlight 1. Unique & modern design with exclusive innovation serving various needs of customers. Global brand quality products at an affordable price. 2. Strong partnerships derived from licenses of Thai national football team, football clubs, educational institutions, organizations, and regional sports events to enhance brand awareness. 3. Extensive distribution channel directly reaching customers. 4. Data-driven with marketing strategy to increase efficiency by planning production orders, pricing, managing distribution channels, marketing campaigns, and business partnerships. 5. Growing along the wave of healthy lifestyles and government policies that promote Thailand as the World's Best Sports Tourism Destination. Performance and Analysis Business Performance Summary For the 1Q24, Warrix generated revenue from sales and services of 327.68 MB, which increased by 31.17% YoY. The Company had net profit of 20.23 MB, increased by 82.68% YoY. This change was attributed to revenue growth with effective control of cost of sales and services, as a result gross profit margin in 1Q24 was 49.91% which rose from 44.95% in 1Q23. Moreover, the Company had effective control of administrative expenses, resulting in increase of net profit and net profit margin compared to 1Q23. However, the overall selling expenses increased in line with increased sales, such as commission expenses, advertising expenses, and promotional costs. The Company also had expenses for sponsoring the CU – TU Unity Football Match 2024 and the Buriram Marathon 2024. Such expense is a one-time expense in 1Q24. In addition, the Company had cost of moving warehouse in Singapore, which was completed and realized such cost in 1Q24. In addition, the company has rental fees to open 5 new shops to support the Company's growth. Key Milestones 2023: Acquired Fit Junction and Premier Football in Singapore. 2022: Capital increase to 300 MB by issuing 180 M of new ordinary shares for IPO. Listed on mai and started trading on December 21, 2022. 2021: Win the rights to produce Thai national football team and basketball team sportswear for 8 years and 5 years, respectively. Establised Warrix Sdn. Bhd. in Malaysia. 2020: Established Warrix Holding Pte. Ltd. in Singapore 2018: Win the rights to produce Myanmar national football team sport wear products for 6 years. 2016: Win the rights to produce Thai national football team sport wear products for 4 years. 2013: Established Warrix Sport Co., Ltd. Risk Management Policy 1) Risk from slow-moving or obsolete inventories: WARRIX will sell products at discount prices with marketing campaign, transform into products that are easier to sell, expand distribution channels in line with demand, and use data to analyze sales and customer needs for each distribution channel and manage efficient supply chain. 2) Risk from the obligations in business agreements: For Licensed products, WARRIX has assessed risk-return and feasibility studies before entering into contracts to support sports teams and periodically re-assess. WARRIX also diversify risks by developing product under WARRIX's brand (Non-Licensed) as well as expanding new channels for selling products related to health and fitness to increase the proportion of Non-Licensed products and services. 3) Risk from the dependency of a few major suppliers: WARRIX has an efficient procurement process and sourcing for new quality suppliers. In addition, suppliers are easily sourced domestically and internationally. Revenue Structure Sales and Services 97.67% Others 2.33% Stock Information mai / CONSUMP Closing price WARRIX mai index 13.00 7.50 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 WARRIX CONSUMP mai P/E (X) 26.82 64.26 109.40 P/BV (X) 2.43 1.85 2.11 Dividend yield (%) 1.77 1.05 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 3,480.00 3,960.00 4,320.00 Price (B/Share) 5.80 6.60 7.20 P/E (X) 26.82 28.88 42.31 P/BV (X) 2.43 2.79 3.05 CG Report: Company Rating: Major Shareholders as of 14/03/2024 MR. WISAN WANASUKSRISAKUL (53.64%) MR. PONGSAK THAMMATHATAREE (4.08%) MISS LAWAN WANASAKSRISAKUL (3.17%) WARRIX SPORT PUBLIC COMPANY LIMITED (1.82%) กองทุนสํารองเล�ียงชีพ พนักงานทิสโก้ซ�ึงจดทะเบียนแล้ว (1.53%) Others (35.76%) Company Information and Contact http://www.warrix.co.th [email protected] 094-310-7103, 0-2117-1300 849/6-8 Rama 6 Rd. Wangmai Sub-District, Pathumwan District Bangkok 10330 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=WARRIX Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 10/06/2024 123
WINMED : WINNERGY MEDICAL PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company is a leading importer and distributor of medical equipment and supplies for diagnosis, analysis, treatment, and rehabilitation. The Company and its subsidiaries divide products and services into 3 main groups as follows: 1.Medical Products 1.1 Blood Transfusion Medicine (BTM) is grouped into 2 as follows: • Blood Banking Blood fractionation products and equipment related to blood banks. • Blood Safety Products for Nucleic Acid Testing: NAT and Pathogen Inactivation in blood donors. 1.2 Sexual and Reproductive Care (SRC)Products related to medical care for reproductive health, such as products related to cervical cancer screening, obstetrical and pediatric medical products, etc. 1.3 Cell & Molecular Technology (CMT) Medical products in the cellular and molecular technology sector related to stem cells or stem cells itself, including biological processes. 2.Consumer Product • Vector-eliminating products such as mosquito traps and other blood-sucking insects • Coronavirus 2019 virus detection kit products (COVID-19) selfcollect (Antigen Test Kit: ATK). • Cervical cancer and STIs self-collect test for all genders under the brand, “AVA”. 3.Service group Medical technology clinic service business, and medical laboratories (Winmed Clinic and Laboratory) Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 141.93 139.29 649.42 721.63 Expenses 135.04 130.37 605.09 645.23 Net Profit (Loss) 3.05 6.17 30.64 60.67 Balance Sheet (MB) Assets 964.62 849.21 977.88 848.24 Liabilities 357.56 248.12 373.86 253.32 Shareholders' Equity 607.07 601.09 604.02 594.92 Cash Flow (MB) Operating -8.57 36.49 36.13 -74.51 Investing -10.27 -27.20 -88.35 -49.74 Financing 6.46 -19.82 15.34 69.45 Financial Ratio EPS (Baht) 0.01 0.02 0.08 0.15 GP Margin (%) 42.42 43.82 40.90 37.23 NP Margin (%) 2.15 4.43 4.72 8.41 D/E Ratio (x) 0.59 0.41 0.62 0.43 ROE (%) 4.56 9.10 5.11 10.40 ROA (%) 4.66 8.33 4.85 9.53 Business Plan The company has plans to build a laboratory building. to increase the proportion of service revenue that extends the expertise of the company, including sourcing products and services that are outstanding in medical innovation and able to upgrade the level of medical services in Thailand. Sustainable Development Plan The Board emphasizes sustainable business operations. so they approved the sustainable development policy in 2023 so that employees can apply it to direct the company's business activities. Corporate sustainability management and economic, social, and environmental implementation are included in this policy. To achieve 12 of the company's sustainability goals by 2027, the Board appointed a sustainability working team. Business Highlight 1. The company has launched Thailand's first Mobile Colposcopy unit for confirming cervical cancer screenings in women who test positive for HPV. 2. The company has signed an MOU with the Provincial Administrative Organization to participate in a campaign for self-screening of cervical cancer in five provinces. This year, the company aims to sign additional MOUs with other areas. 3. The company has added two mobile units for automated platelet donation, increasing the total to nine mobile units for automated platelet collection. 4. In 2023, the company imported equipment and reagents for treating blood cancer patients, in collaboration with leading hospitals. Performance and Analysis Business Performance Summary The company reported an operating revenue of 140.51 million baht, up by 1.56 million baht, mainly driven by gains in the Cell and Molecular Technology and Winmed Clinic and Laboratory groups. Despite declines in the Blood Transfusion Medicine and Sexual and Reproductive Care groups, the company expanded its mobile blood and platelet donation services by adding two new units, totaling nine nationwide in collaboration with top hospitals. Additionally, a MOU was signed with the Provincial Administrative Organization to launch a cervical cancer self-screening campaign in late 2023, expected to enhance sustained revenue growth under the company’s expansion plans. Key Milestones • July 2023 The Company was appointed as a distributor from NanoEntek Korea • Jan 2023 The company has launched a page called "Pedsupab" which provides sexual health education for people of all genders and ages. • Oct 2022 : The Company was appointed as a distributor to distribute single-use products used from Thermo Fisher Scientific • Oct 2022 : Started selling cervical cancer screening kits and sexually transmitted diseases (HPV & STIs Self-Collect test) for all genders under the brand name “AVA”. • May 2022 : Initiated the Mobile Blood Collection project to donate of mobile platelets in collaboration with numerous hospitals. Risk Management Policy The risks involved 1.The impact of exchange rates on the cost of imports grew. 2.The conflict between Russia and Ukraine increased energy prices. Risks Management The company ensures sufficient inventory for sales at the start of the year. Some product prices have increased, but agreed sale prices remain unchanged until contract termination. Forward foreign exchange contracts can help mitigate potential losses. Recent Awards and Recognitions 2023 : • Intensity Award 2023 from Thermo fisher scientific. • Corporate Governance Report of Thai Listed Companies 2023 full mark 5 medals : Excellent rating • 100 full score or excellent rating from the 2023 Annual General Meeting of Shareholders 2021 : ESG Emerging Stock 2021 and GRIFOLS Operation Award of Excellence 2021 Revenue Structure Medical products 94.72% Consumer product group 4.28% Other income 1% Stock Information mai / CONSUMP Closing price WINMED mai index 5.00 3.50 2.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 WINMED CONSUMP mai P/E (X) 37.60 64.26 109.40 P/BV (X) 1.91 1.85 2.11 Dividend yield (%) 1.02 1.05 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,152.00 1,184.00 1,704.00 Price (B/Share) 2.88 2.96 4.26 P/E (X) 37.60 30.86 26.23 P/BV (X) 1.91 2.00 2.96 CG Report: Major Shareholders as of 13/03/2024 WINNERGY TRADING COMPANY LIMITED (45.70%) DARA INVESTMENT LIMITED (13.65%) Ms. Jinhatha Panyasorn (D.D.S) (9.74%) Mr.Kamchai Nampaisan (1.68%) Mr. Prapan Vilailert (1.23%) Others (28.00%) Company Information and Contact http://www.winnergymedical.co.th [email protected] 0-2725-0888 634/4, Soi Ramkhamhaeng 39 (Theplila 1), Pracha Uthit Rd., Wang Thong Lang Bangkok 10310 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=WINMED Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 23/05/2024 124
WINNER : WINNER GROUP ENTERPRISE PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview • Importing, manufacturing, and distributing of food ingredients and additives used in food and bakery industry • OEM for skincare and treatment, cosmetics, food supplementary and skin disease treatment Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 501.31 517.32 2,071.77 2,040.18 Expenses 479.11 474.91 1,913.07 1,982.06 Net Profit (Loss) 13.26 33.90 113.77 9.40 Balance Sheet (MB) Assets 1,183.88 1,244.62 1,232.13 1,320.56 Liabilities 554.33 624.20 615.83 734.04 Shareholders' Equity 629.55 620.42 616.29 586.52 Cash Flow (MB) Operating 35.69 167.99 251.18 -4.93 Investing -5.37 -8.98 -19.38 -21.19 Financing -31.47 -140.22 -232.05 22.16 Financial Ratio EPS (Baht) 0.02 0.06 0.19 0.02 GP Margin (%) 19.80 22.23 21.76 21.49 NP Margin (%) 2.64 6.55 5.49 0.46 D/E Ratio (x) 0.88 1.01 1.00 1.25 ROE (%) 14.90 2.62 18.92 1.48 ROA (%) 10.96 5.17 12.15 4.40 Business Plan • Develop and secure new products that respond to customers’ diverse need • Conduct research and development on food products under its own brand and tap into new markets as well as enhancing the Company’s information technology efficiency • Expand customer base that covers clients across sectors in food industry • Raise awareness of its subsidiary’s OEM business for cosmetic products and explore opportunity in expanding business network to ASEAN countries. Sustainable Development Plan Winner Group Enterprise Public Company Limited is committed to and acknowledges the importance of sustainability development and management. The company has defined practice guidelines that take into account economic, social and environmental issues, covering respect for human rights and good corporate governance. The goals are to become a leading one-stop food company in all distribution channels and to set out the company's policies to be in line with all 17 Sustainable Development Goals: SDGs of the United Nations by 2032 Business Highlight • Acquired Winner Agro Innovation Co., Ltd. accounted for 45% • Increased registered capital and paid-up capital to support stock dividend payment in October 2021 Performance and Analysis Business Performance Summary Revenues: In Q1/2024, the Company and its subsidiary’s total revenue was Baht 501.31 million, decreasing from the same period of previous year amount of Baht 16.01 million or 3.1%. Revenues from sales and service were Baht 494.57 million, decreasing from the same period of previous year amount of Baht 17.32 million or 3.4%. This decrease was mainly due to declines in the product groups of food additive, frozen vegetable and fruit, and snack & confectionary. Profit for the period: The Company and its subsidiary’s profit for the period was Baht 13.26 million, decreasing from the same period of previous year amount of Baht 20.65 million or 60.9%. This was due to a decrease in gross profit and an increase in expenses, resulting in a net profit margin of 2.6%, a decrease of 4.0%. EPS (Calculated from 599,974,662 ordinary shares.) • Quarter 1/2024: 0.02 Baht • Quarter 1/2023: 0.06 Baht Key Milestones • 2013 - Listed in mai on 3 October 2013 • 2017 - Implemented ERP system and launched online shop called WINNER & CO • 2021 - Launched Application Lab to develop products that respond to customers’ need and meet their satisfaction • 2022 - The Application Lab was turned into an “Innovation Center”, as well as additional equipment. The main purpose was to provide technical service and advice to the customer, research and develop new products under the Company's brand. Risk Management Policy • Risk from unstable price and quantity of processed agricultural products - The Company has mitigated this risk by asking suppliers to offer future price and maintain the selling price for three months. If the suppliers need to change the selling price, they need to notify the Company in advance. In addition, impact to the Company from global price volatility is diminished as a purchase of processed agricultural products, by nature, is a match between a purchasing order from a client and an offer from a supplier. • Risk from foreign exchange volatility - The Company has entered foreign exchange forward contract to ensure a fixed cost of goods sold. • Risk from changes in the government’s policy, rules, regulations, and relevant law - The Company has had distribution plans for product group and new products, analyzed product group, strictly put quality control measures in place and closely monitored the information update from relevant state agencies. Recent Awards and Recognitions • 2017 - Happy PVD Company Award, Silver Level, from the SEC • 2021 - Asia's Outstanding Brands • 2017-2022 - Ranked among ESG100 by Thaipat Institute • 2022 - Outstanding Sustainability Model Organization in the Thai Capital Market for Supporting Persons with Disabilities of the year 2022 • 2018-2023 - Excellent AGM Assessments Program from Thai Investors Association • 2018-2023 - Excellent CG Scoring or 5-star rating from Thai Institute of Directors Association Revenue Structure Business-to-Business segment 92.05% Business-to-Customer segment 6.61% Other income 1.34% Stock Information mai / AGRO Closing price WINNER mai index 3.00 2.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 WINNER AGRO mai P/E (X) 11.81 23.62 109.40 P/BV (X) 2.18 3.15 2.11 Dividend yield (%) 6.70 3.31 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,343.94 1,307.94 1,487.94 Price (B/Share) 2.24 2.18 2.48 P/E (X) 11.81 158.66 11.86 P/BV (X) 2.18 2.26 2.29 CG Report: Company Rating: Major Shareholders as of 13/03/2024 Mr. Jane Wongisariyakul (28.69%) Mrs. Vannaporn Wongisariyakul (8.78%) Miss Karatrat Wongisariyakul (7.08%) Miss Kanollas Wongisariyakul (7.08%) Mr. Veerachai Dejamornthan (2.84%) Others (45.53%) Company Information and Contact http://www.winnergroup.co.th [email protected] 0-2675-6525 43 Thai CC Tower 21st Floor, Room 214-219, South Sathorn Road, Yannawa, Sathorn Bangkok 10120 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=WINNER Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 21/05/2024 125
YONG : Yong Concrete Public Company Limited 3M/2024 (Jan - Mar 2024) Business Overview The company engages in manufacturing and distribution of precast concrete products and ready-mixed concrete under trademark "YONG" and services the precast structure installation. The company also provides goods transportation services under management of Prompt Transport Company Limited The company uses cutting-edge technology and innovation to manufacture products. It can support the various requirement of customers. For examples, products are designed by the program, namely "PLANBAR" made in Austria. The company also uses the high standard of a machine from Germany under production control of skilled engineers. Therefore, the company can reduce a number of labors and increase quality of products. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 301.06 273.74 1,150.13 1,030.20 Expenses 261.77 234.91 980.20 894.06 Net Profit (Loss) 30.71 29.05 127.14 100.98 Balance Sheet (MB) Assets 1,307.18 1,375.07 1,298.27 1,333.33 Liabilities 366.27 510.13 388.07 497.45 Shareholders' Equity 940.91 864.94 910.20 835.89 Cash Flow (MB) Operating 34.30 61.91 220.82 161.94 Investing -7.57 -47.51 -80.31 -102.77 Financing -33.66 -55.71 -243.33 60.31 Financial Ratio EPS (Baht) 0.05 0.04 0.19 0.17 GP Margin (%) 29.77 30.78 30.05 29.62 NP Margin (%) 10.20 10.61 11.05 9.80 D/E Ratio (x) 0.39 0.59 0.43 0.60 ROE (%) 13.27 13.66 14.56 15.91 ROA (%) 9.43 8.58 9.66 8.29 Business Plan The company has a business plan in order to develop the operation by enhancing both a production capacity of the old factory and the construction of new factories and a concrete plant. It can support new customers and targets which the company has future projects expected to operate between 2023 and 2025 as follows; 1. Enhancing the production capacity of the factory at Banglen. 2. Building the new concrete plant at Bangyai, Nonthaburi. 3. Building the new factor y in Rayong. Sustainable Development Plan Business Highlight • As a result of our reputation and quality of products and services, the company has been trusted by customers for a long time. • There are precast concrete factories and ready-mixed concrete plants which cover the target customers. Thereby, the company has an advantage over competitors in term of selling and lower delivery costs. • The growth of public and private investment will drive company earnings and attractiveness of investment. • Proficient production process are equipped by the cuttingedge technologies and innovations, hence products support various requirement of customers. Furthermore, the cost of products are controllable leading to the sustainable growth. Performance and Analysis Business Performance Summary Key Milestones Risk Management Policy The company has principles and guidelines for risk management which are concluded as follows; 1. All employees are responsible for preparing a risk assessment table and also establish risk indicators and identify risks. Furthermore, they prepare risk reports and monitor the risk management process. 2. There is a systematic risk control conforming to the risk management manual to manage risks in an acceptable level. 3. In the case of risk management in the acceptable level, there are high operating costs or there are effects from the external factors which are uncontrollable. They must be approved by audit committee. 4. The company encourages employees at all levels to participate in risk management continuously and conduct following the risk management policies and manuals. The company should determine risk management as a part of a typical operation. For information and details relating to the risk management policies and manuals, the company reveal those policies on the company's website "www.yongconcrete.co.th" Recent Awards and Recognitions • 3 Precast concrete factories are certified by ISO 9001:2015. • Precast concrete and concrete products are certified by Federation of Thai Industries. • Have 9 patents for product design "Precast Concrete Fence". Revenue Structure Manufacture and distribution 66.33% Sales with installation 33.31% Transportation service 0.36% Stock Information mai / PROPCON Closing price YONG mai index 5.00 3.00 1.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 YONG PROPCON mai P/E (X) 11.02 - 109.40 P/BV (X) 1.54 2.56 2.11 Dividend yield (%) 3.88 1.33 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,400.80 1,373.60 1,414.40 Price (B/Share) 2.06 2.02 2.08 P/E (X) 11.02 11.30 15.97 P/BV (X) 1.54 1.58 1.76 CG Report: Major Shareholders as of 07/03/2024 Yong Group Company Limited (29.08%) Mr.Sunpetch Slisatakorn (14.60%) Mr.Patiwate Slisatakorn (11.04%) Mr.Komsan Slisatakorn (9.88%) Ms.Oarawan Slisatakorn (8.19%) Others (27.21%) Company Information and Contact http://www.yongconcrete.co.th [email protected] 0-3451-0561-65 148/9, Moo 3, Wangkanai Sub-district, Thamuang District Kanchanaburi 71110 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=YONG Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 13/05/2024 126
YUASA : YUASA BATTERY (THAILAND) PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The Company manufactures battery for car, motorcycle, truck, boat and battery for agricultural purpose - for export and domestic markets. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 710.63 641.06 2,662.10 2,589.00 Expenses 655.43 612.50 2,506.90 2,448.41 Net Profit (Loss) 43.80 22.69 123.03 109.42 Balance Sheet (MB) Assets 1,646.42 1,514.47 1,599.68 1,578.42 Liabilities 500.06 469.29 497.12 555.94 Shareholders' Equity 1,146.36 1,045.18 1,102.57 1,022.48 Cash Flow (MB) Operating 159.37 -98.98 -24.19 142.65 Investing -21.30 -16.45 -101.75 -62.12 Financing -1.03 -0.97 -41.29 -35.27 Financial Ratio EPS (Baht) 0.41 0.21 1.14 1.02 GP Margin (%) 24.21 20.90 22.63 21.72 NP Margin (%) 6.16 3.54 4.62 4.23 D/E Ratio (x) 0.44 0.45 0.45 0.54 ROE (%) 13.15 10.82 11.58 11.15 ROA (%) 11.51 9.51 9.77 9.23 Business Plan The Company is determined to develop and operate the business to create sustainable growth for the organization, by defining 6 major corporate objectives for the period of 2023-2025: 1. To make sustainable growth with future vision of the company 2. To increase customer satisfaction through outstanding quality of products and services 3. To continuously improve the workplace in company in terms of friendly environment, health and safety 4. To enhance employees’ skill forward to global standard 5. To drive the CSR activities for employees, social and community 6. To operate the business with good governance &anti-corruption Sustainable Development Plan Business Highlight • YUASA has been conducting battery manufacturing business for over 60 years, applying production technologies transferred from GS Yuasa International Limited, Japan. • Products are sold to automobile and motorcycle assembly factories, distributors and service centres in the country and abroad. The Company holds the largest market share in domestic Motorcycle Original Equipment Manufacturing (OEM) market and has been the Exclusive Distributor for B-Quik. • The Company has been generating profit continuously every year since 2015. Performance and Analysis Business Performance Summary Sales of goods in the first 3 months of 2024, the Company recorded sales of goods totalling 707.16 million baht, an increase of 10.7% or 68.36 million baht compared to the same period of 2023, mainly due to the increase of sales from foreign and domestic motorcycle manufacturers. Cost of sales The Company’s cost of sales totalled 535.93 million baht or 75.8% of sales of goods. The proportion is lower than in the first quarter of last year which was at 79.1% of sales of goods due to the cost in parts of raw materials and direct labour costs. Selling and administrative expenses The Company’s selling and administrative expenses totalled 119.50 million baht or 16.90% of sales of goods. Compared with the first quarter of 2023, the ratio of selling and administrative expenses to sales of goods was 0.12% higher, and the amount increased by 12.30 million baht which was comprised of (1) an increase in selling and marketing expenses of 11.75 million baht from sales promotional activities, royalty fees that followed higher sales volume and excise tax that followed higher domestic sales, and (2) an increase in administrative expenses of 0.55 million baht, mainly due to personnel and IT expenses. Key Milestones • Installation of solar panels on factory roof the project approved by the board of directors in 2022 has capacity of 907 kW with investment amount of 34.53 million baht and expected benefit of approximately 5 million baht saving per year on electricity cost. Installation was completed in December 2023 and full operation started in 2024. • Improvement of YT Line 4 motorcycle battery production line in term of automation in manufacturing process that could help save cost and increase production safety. The project approved by the board of directors in 2023 costed 41.62 million baht and was expected to be completed within 2024. • Appointment of the new CEO Mr. Tsunenori Yoshimura by resolution of the board of directors on April 9, 2024. Mr. Yoshimura will carry on the policy from the former CEO, Mr. Akira Kiyomizu, who assumed the position in 2020. Risk Management Policy The Company recognizes the importance of Enterprise Risk Management according to the good corporate governance principles. The Management has appointed the Risk Management Committee composed of executives from internal departments and monitors the operating result and activities of the Committee on a monthly basis. In terms of Business Risk Management, the Company has considered all significant risk factors according to the risk management procedures, including strategic risk, operational risk, financial risk, compliance risk and emerging risk. Recent Awards and Recognitions Revenue Structure Automotive battery 42.6% Motorcycle battery 54.6% Other battery 1.2% Others 1.6% Stock Information mai / INDUS Closing price YUASA mai index 16.00 12.50 9.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 YUASA INDUS mai P/E (X) 9.45 22.58 109.40 P/BV (X) 1.05 1.27 2.11 Dividend yield (%) 3.81 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 1,162.35 1,216.16 1,431.41 Price (B/Share) 10.80 11.30 13.30 P/E (X) 9.45 10.93 13.65 P/BV (X) 1.05 1.14 1.45 CG Report: Company Rating: Major Shareholders as of 29/02/2024 GS YUASA INTERNATIONAL LTD. (40.69%) บริษัท นครหลวงกลการเซอร์วิส จํากัด (19.13%) บริษัท สยามกลการอะไหล่จํากัด (12.06%) บริษัท ฟูยีเมอร์แคนไทล์จํากัด (6.48%) บริษัท เซลทรัล เอเยนซิจํากัด (5.45%) Others (16.19%) Company Information and Contact http://www.yuasathai.com [email protected] 0-2769-7300 164 Moo 5 Soi Thedsaban 55, Sukhumvit Road Tambol Taibanmai, Amphur Muangsamutprakan Samut Prakarn 10280 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=YUASA Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 10/06/2024 127
ZIGA : ZIGA INNOVATION PUBLIC COMPANY LIMITED 3M/2024 (Jan - Mar 2024) Business Overview The company manufactures and distributes Pre-zinc structural steel pipe under the company's brand "ZIGA" and pre-zinc steel conduit under the brand "DAIWA". The company invests in bitcoin mining and solar cell alternative energy. Financial Statement 3M24 3M23 2023 2022 Income Statement (MB) Revenues 170.12 256.17 802.36 1,158.82 Expenses 151.88 232.67 730.00 1,497.50 Net Profit (Loss) 9.77 14.78 41.57 -380.88 Balance Sheet (MB) Assets 1,092.71 1,479.78 1,271.25 1,312.55 Liabilities 300.69 724.02 489.00 602.62 Shareholders' Equity 792.02 755.46 782.25 709.61 Cash Flow (MB) Operating 58.04 26.45 159.10 240.11 Investing 38.50 -4.76 -19.57 -170.44 Financing -193.19 154.39 -61.81 -161.99 Financial Ratio EPS (Baht) 0.01 0.02 0.06 -0.56 GP Margin (%) 19.94 14.68 16.07 -0.15 NP Margin (%) 5.74 5.77 5.18 -32.87 D/E Ratio (x) 0.38 0.96 0.63 0.85 ROE (%) 4.72 -40.99 5.57 -44.67 ROA (%) 5.83 -21.06 6.47 -23.50 Business Plan 1. Using strategy to add value of the products (value creation by innovation) for creation of conduit products which is a pipe that has won export awards and meets international standards. Moreover, pipe has no need to be painted with anti-rust paint or pre-zinc pipes to be substitute product under the business model "Better Cheaper Faster". 2. The strategy for being convenient economy to extend the online platform for niche market for example hemp and cannabis greenhouses and the future trend for renewable energy target group as well. 3. The strategy for adding the new products in the old market for co-related products such as galvanize steel paint and galvanize welding wire rod. Sustainable Development Plan • Creating customer experience • Develop sustainable relationship with stakeholders • Minimize impact to the environment by offering eco-friendly products • Raise social responsibility awareness within the organization • Uphold good governance principle Business Highlight Using strategies to add value to products such as conduit products Steel pipes don't need to be painted and rustproof. Pre-zinc steel pipes expand online channels, finding niche markets and entering the technology business. Starting with the use of electrical by investing in bitcoin mining and planning to expand the business. Performance and Analysis Business Performance Summary Link MD&A Key Milestones 2021 • Established a subsidiary, Ziga FC Company Limited, with a registered capital of 1 million baht, to engage in franchise sales and digital asset business. • The Company increased its registered capital from 248,596,700 baht to 369,900,000 baht to support the exercise of warrants to purchase the Company's ordinary shares which will be allocated to the existing shareholders of the company. • Ziga steel pipes are certified manufactured in Thailand (MiT). • Subsidiary Ziga FC Starts Bitcoin Mining Business. 2022 • Achieving the TIS 276-2562 standard as a pressure-resistant carbon steel pipe used for transporting and pressure-bearing work of fluids such as steam, gas, and the wind and is suitable for connecting water, which can extend the number of customers in large scale projects. 2023 • Using Alternative Energy to Manage Bitcoin Mining Solar Rooftops 2024 • The Company increased its registered capital from 369,900,000 baht to 491,552,299.50 baht to support the exercise of warrants to purchase the Company's ordinary. Risk Management Policy Steel business 1. Risk from volatility in raw material prices. The Company has no policy to stockpile products for speculation. The Company will be ordered according to the needs of production and sales only. 2. Risk from trade countermeasures from government, government under the Department of Foreign Trade which can open an announcement of an anti-dumping investigation. The Company can be imported from other countries. 3. Risk from other debt obligations and interest rates. The Company can rely on other sources of funding. Bitcoin mining business 1. The risk of changing, regulations or the environment in bitcoin mining that has a significant impact on bitcoin mining. 2. Currency risk exchange rates and inflation. Using digital assets as a diversification of inflation risks even with volatility. 3. Risk of mining force volatility. This may be caused by incomplete system setup, broken machines, the Company has hired experts to look at the system 24 hours a day. 4. Power outage and fire risk, the Company surveys, uses standard electrical equipment to prevent short circuits and use a place that surveys the amount of electricity in that area. This ensures that there will be no overload and causing power outages. Recent Awards and Recognitions • The Company was selected to be included in 2021 ESG Emerging List and ESG100 Universe • The Company received Best Investor Relations Awards from SET Awards 2021 • Certified as a member of the Private Sector Collective Action Against Corruption (CAC) Revenue Structure ZIGA structural steel 60.14% Daiwa Electrical Conduit 39.86% Stock Information mai / INDUS Closing price ZIGA mai index 4.00 2.00 0.00 562.00 487.33 412.67 338.00 3-4-23 7-7-23 4-10-23 4-1-24 29-3-24 as of 29/03/24 ZIGA INDUS mai P/E (X) 50.37 22.58 109.40 P/BV (X) 2.68 1.27 2.11 Dividend yield (%) - 2.28 1.80 29/03/24 28/12/23 30/12/22 Market Cap (MB) 2,094.01 2,005.53 2,401.29 Price (B/Share) 2.84 2.72 3.40 P/E (X) 50.37 - - P/BV (X) 2.68 2.60 2.44 CG Report: Major Shareholders as of 20/02/2024 MR. SUPPAKIT NGAMCHITCHAROEN (13.92%) DEE NGAM HOLDING COMPANY LIMITED (10.96%) MISS TAPANEE TREEMUTTHAPHONG (4.07%) THAI NVDR COMPANY LIMITED (1.74%) MISS RATANAPORN KHAMMO (1.52%) Others (67.79%) Company Information and Contact http://www.ziga.co.th [email protected] 02-096-5977 8 Moo 10 Nai Khlong Bang Pla Kot Sub-District, Phra Samut Chedi District, Samut Prakarn 10290 Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp? txtSymbol=ZIGA Remarks: This document is prepared by the listed company and aimed to disseminate the listed company’s information to investors for only investment decision support. The listed company does not give investment advice or recommendation regarding the listed company’s securities. Before making investment decisions, investors should study additional information and seek advice from relevant professionals. In no event shall the listed company be responsible for any loss or damage arising from the use of the information contained herein. The listed company reserves the right to amend the content specified in this document without prior notice. Unless otherwise permitted by the listed company, copy, modification, or dissemination of this document or the content contained herein is prohibited. In case there is any questions regarding the listed company’s information, the investors may seek for additional information from the report or information which the listed company has disclosed through the Office of the Securities and Exchange Commission’s and/or the Stock Exchange of Thailand’s channel. Published on 28/05/2024 128
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