M 
8.25
+0.61%
Close of 9 Nov 2026, in THB
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At a glance
Figures in THB, from our data supplier.
Revenue
THB 1.88bn
FY2018FY2025
Net income
THB 198.0m
FY2018FY2025
Free cash flow
THB 268.6m
FY2018FY2025
Shareholders' equity
THB 3.45bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | THB 1.88bn | THB 2.14bn | THB 1.92bn | THB 1.48bn | THB 659.5m | THB 611.1m | THB 427.7m | THB 211.0m |
| Gross profit | THB 915.6m | THB 1.28bn | THB 1.13bn | THB 835.8m | THB 347.9m | THB 309.9m | THB 192.5m | THB 65.0m |
| Operating income | THB 259.8m | THB 611.1m | THB 524.8m | THB 378.5m | THB 211.2m | THB 167.5m | THB 88.7m | THB 4.0m |
| Net income | THB 198.0m | THB 522.4m | THB 416.3m | THB 300.9m | THB 162.8m | THB 128.6m | THB 71.6m | THB 4.5m |
| Diluted earnings per share | 0.66 | 1.73 | 1.38 | 1.00 | 0.68 | 0.43 | 0.24 | 0.01 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | THB 4.29bn | THB 4.52bn | THB 3.64bn | THB 946.7m | THB 599.9m | THB 489.9m | THB 220.3m | THB 53.5m |
| Cash and short-term investments | THB 120.5m | THB 191.0m | THB 1.74bn | THB 243.4m | THB 306.7m | THB 221.3m | THB 79.6m | THB 15.9m |
| Total liabilities | THB 834.9m | THB 1.01bn | THB 646.0m | THB 543.0m | THB 433.3m | THB 233.6m | THB 162.2m | THB 28.7m |
| Debt | THB 593.4m | THB 694.2m | THB 295.3m | THB 306.6m | THB 147.9m | THB 134.8m | THB 12.1m | THB 453,785 |
| Shareholders' equity | THB 3.45bn | THB 3.51bn | THB 2.99bn | THB 403.7m | THB 166.6m | THB 256.3m | THB 58.1m | THB 24.8m |
| Shares outstanding | 302m | 302m | 302m | 302m | 240m | 302m | 302m | 302m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | THB 301.5m | THB 528.8m | THB 462.3m | THB 384.8m | THB 218.3m | THB 172.4m | THB 226.2m | — |
| Capital spending | −THB 32.8m | −THB 480.3m | −THB 746.4m | −THB 208.7m | −THB 16.4m | −THB 12.4m | −THB 29.7m | — |
| Free cash flow | THB 268.6m | THB 48.5m | −THB 284.1m | THB 176.1m | THB 201.8m | THB 160.1m | THB 196.5m | — |
| Dividends paid | −THB 241.3m | −THB 4.2m | −THB 74.7m | −THB 416.0m | −THB 101.0m | — | −THB 61.5m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | THB 456.6m | THB 436.4m | THB 469.5m | THB 446.1m | THB 494.9m | THB 474.3m | THB 634.8m | THB 522.1m |
| Gross profit | THB 245.6m | THB 225.1m | THB 255.9m | THB 232.0m | THB 269.9m | THB 258.6m | THB 417.4m | THB 297.7m |
| Operating income | — | THB 55.2m | THB 75.5m | THB 53.5m | THB 73.8m | THB 74.2m | THB 255.7m | THB 130.3m |
| Net income | THB 64.9m | THB 61.0m | THB 46.1m | THB 43.4m | THB 52.8m | THB 55.8m | THB 219.3m | THB 109.4m |
| Diluted earnings per share | 0.21 | 0.20 | 0.15 | 0.14 | 0.17 | 0.18 | 0.73 | 0.36 |
| Cash from operations | THB 87.0m | THB 126.0m | THB 110.0m | THB 71.0m | THB 31.0m | THB 77.0m | THB 277.0m | THB 118.0m |
| Capital spending | −THB 19.0m | −THB 114.0m | −THB 12.0m | −THB 6.0m | −THB 10.0m | −THB 2.0m | −THB 117.0m | −THB 178.0m |
| Free cash flow | THB 68.0m | THB 12.0m | THB 98.0m | THB 65.0m | THB 21.0m | THB 75.0m | THB 160.0m | −THB 60.0m |
| Total assets | THB 4.24bn | THB 4.33bn | THB 4.29bn | THB 4.28bn | THB 4.28bn | THB 4.53bn | THB 4.52bn | THB 4.02bn |
| Cash and short-term investments | — | THB 103.3m | THB 120.5m | THB 66.7m | THB 44.4m | THB 260.0m | THB 191.0m | THB 336.3m |
| Debt | THB 63.1m | THB 275.2m | THB 306.7m | THB 346.9m | THB 381.5m | THB 373.4m | THB 401.6m | THB 196.1m |
| Shareholders' equity | THB 3.46bn | THB 3.51bn | THB 3.45bn | THB 3.41bn | THB 3.36bn | THB 3.55bn | THB 3.51bn | THB 3.29bn |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 48.6% | 59.9% | 59.1% | 56.4% | 52.7% | 50.7% |
| Operating margin | 13.8% | 30.7% | 27.4% | 26.1% | 32.0% | 27.4% |
| Net margin | 10.5% | 24.5% | 21.7% | 20.3% | 24.7% | 21.0% |
| Return on equity | 5.7% | 14.9% | 13.9% | 74.5% | 97.7% | 50.1% |
| Return on assets | 4.6% | 11.6% | 11.4% | 31.8% | 27.1% | 26.2% |
| Free cash flow yield | 13.4% | 40.5% | 48.6% | 23.8% | 11.9% | — |
| Revenue growth | -11.7% | 11.4% | 29.3% | 124.8% | 7.9% | 42.9% |
| Earnings growth | -62.1% | 25.5% | 38.3% | 84.8% | 26.6% | 79.5% |
| Current ratio | 0.88x | 0.73x | 5.38x | 1.33x | 1.19x | 2.59x |
| Debt to equity | 0.09x | 0.11x | 0.00x | 0.04x | 0.04x | 0.00x |
| Equity ratio | 80.5% | 77.6% | 82.2% | 42.6% | 27.8% | 52.3% |
| Interest coverage | 8.87x | 35.54x | 37.80x | 42.35x | 30.53x | 30.58x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -25.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 8.3% | 25.3% | — |
| Operating income | -11.8% | 9.2% | — |
| Net income | -13.0% | 9.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 54.6% | 56.1% | 55.5% | — |
| Operating margin | 21.7% | 23.9% | 24.8% | — |
| Net margin | 17.9% | 19.4% | 19.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | 11.3 | 26.1 | 36.8 |
| Price to sales | 1.2 | 6.4 | 8.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 11 Mar 2025.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Paid in the year | 0.80 | 0.016 | 0.248 |
- 8-for-7 split · 19 Mar 2024
- 11-for-10 split · 29 Aug 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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