M 
0.31
+6.90%
Close of 9 Nov 2026, in THB
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At a glance
Figures in THB, from our data supplier.
Revenue
THB 1.46bn
FY2016FY2025
Net income
−THB 413.1m
FY2016FY2025
Free cash flow
THB 830.7m
FY2016FY2025
Shareholders' equity
THB 14.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | THB 1.46bn | THB 1.81bn | THB 1.88bn | THB 2.08bn | THB 2.17bn | THB 1.64bn | THB 2.15bn | THB 2.40bn | THB 2.53bn | THB 2.08bn |
| Gross profit | THB 321.0m | THB 538.1m | THB 550.8m | THB 587.2m | THB 441.7m | −THB 84.5m | THB 187.3m | THB 493.3m | THB 694.8m | THB 442.9m |
| Operating income | −THB 347.6m | −THB 411.3m | THB 62.3m | THB 175.4m | THB 71.1m | −THB 589.7m | −THB 559.4m | −THB 54.1m | THB 153.6m | −THB 48.0m |
| Net income | −THB 413.1m | −THB 796.7m | −THB 255.1m | THB 69.3m | THB 45.2m | −THB 661.5m | −THB 616.2m | −THB 193.3m | THB 58.2m | −THB 249.6m |
| Diluted earnings per share | -0.12 | -0.23 | -0.07 | 0.02 | 0.01 | -0.19 | -0.18 | -0.06 | 0.01 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | THB 2.63bn | THB 2.70bn | THB 4.22bn | THB 4.57bn | THB 4.46bn | THB 4.41bn | THB 4.54bn | THB 5.77bn | THB 5.74bn | THB 5.39bn |
| Cash and short-term investments | THB 73.0m | THB 68.3m | THB 498.4m | THB 117.8m | THB 162.7m | THB 173.2m | THB 45.1m | THB 91.5m | THB 130.1m | THB 87.0m |
| Total liabilities | THB 2.61bn | THB 2.27bn | THB 2.99bn | THB 3.09bn | THB 3.06bn | THB 3.05bn | THB 2.53bn | THB 3.12bn | THB 3.00bn | THB 3.03bn |
| Debt | THB 1.36bn | THB 1.28bn | THB 1.71bn | THB 1.71bn | THB 1.95bn | THB 2.32bn | THB 1.97bn | THB 2.55bn | THB 2.56bn | THB 2.61bn |
| Shareholders' equity | THB 14.8m | THB 427.9m | THB 1.23bn | THB 1.48bn | THB 1.40bn | THB 1.35bn | THB 2.01bn | THB 2.64bn | THB 2.74bn | THB 2.37bn |
| Shares outstanding | 3,471m | 3,471m | 3,471m | 3,471m | 3,729m | 3,471m | 3,471m | 3,471m | 4,014m | 3,788m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | THB 844.1m | THB 1.11bn | THB 1.54bn | THB 1.03bn | THB 1.18bn | THB 641.9m | THB 1.03bn | THB 1.19bn | THB 1.19bn | THB 749.6m |
| Capital spending | −THB 13.4m | −THB 992.7m | −THB 1.03bn | −THB 761.8m | −THB 909.2m | −THB 732.3m | −THB 1.04bn | −THB 1.26bn | −THB 1.23bn | −THB 1.45bn |
| Free cash flow | THB 830.7m | THB 116.7m | THB 507.5m | THB 267.7m | THB 270.4m | −THB 90.4m | −THB 3.7m | −THB 72.7m | −THB 46.8m | −THB 704.7m |
| Dividends paid | — | — | −THB 148 | −THB 1,620 | −THB 2,833 | −THB 9,315 | −THB 5,133 | −THB 104.2m | −THB 201.9m | −THB 4,014 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | THB 414.0m | THB 357.8m | THB 402.5m | THB 357.2m | THB 371.1m | THB 333.6m | THB 430.9m | THB 410.2m |
| Gross profit | THB 143.1m | THB 145.8m | THB 56.8m | THB 39.6m | THB 119.9m | THB 108.7m | −THB 8.8m | THB 151.0m |
| Operating income | THB 47.3m | THB 19.6m | −THB 99.5m | −THB 131.2m | THB 39.7m | THB 33.6m | −THB 590.5m | THB 118.2m |
| Net income | THB 2.6m | −THB 7.6m | −THB 283.2m | −THB 154.5m | THB 15.6m | THB 9.0m | −THB 720.1m | −THB 3.0m |
| Diluted earnings per share | 0.00 | -0.00 | -0.08 | -0.04 | 0.00 | 0.00 | -0.21 | -0.00 |
| Cash from operations | THB 69.0m | THB 80.0m | THB 279.0m | THB 207.0m | THB 202.0m | THB 226.0m | THB 293.0m | THB 465.0m |
| Capital spending | −THB 49.0m | −THB 13.0m | −THB 6.0m | −THB 137.0m | −THB 149.0m | −THB 174.0m | −THB 238.0m | −THB 335.0m |
| Free cash flow | THB 20.0m | THB 67.0m | THB 273.0m | THB 70.0m | THB 53.0m | THB 52.0m | THB 55.0m | THB 130.0m |
| Total assets | THB 2.35bn | THB 2.44bn | THB 2.63bn | THB 2.85bn | THB 2.73bn | THB 2.68bn | THB 2.70bn | THB 3.52bn |
| Cash and short-term investments | — | THB 33.2m | THB 73.0m | THB 28.5m | THB 53.9m | THB 40.4m | THB 68.3m | THB 81.4m |
| Debt | — | THB 1.35bn | THB 1.37bn | THB 1.39bn | THB 1.22bn | THB 1.23bn | THB 1.27bn | THB 1.32bn |
| Shareholders' equity | THB 9.8m | THB 7.2m | THB 14.8m | THB 298.0m | THB 452.5m | THB 436.9m | THB 427.9m | THB 1.15bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 21.9% | 29.7% | 29.2% | 28.2% | 20.4% | -5.1% |
| Operating margin | -13.3% | -22.7% | 3.4% | 8.4% | 3.3% | -35.8% |
| Net margin | -28.2% | -44.0% | -13.5% | 3.3% | 2.1% | -40.2% |
| Return on equity | -2795.4% | -186.2% | -20.8% | 4.7% | 3.2% | -48.9% |
| Return on assets | -15.7% | -29.5% | -6.1% | 1.5% | 1.0% | -15.0% |
| Free cash flow yield | 52.9% | 69.5% | 96.4% | 64.5% | 68.8% | 40.2% |
| Revenue growth | -19.1% | -3.9% | -9.5% | -4.0% | 31.8% | -23.5% |
| Earnings growth | -48.1% | 212.3% | -468.0% | 53.3% | -106.8% | 7.4% |
| Current ratio | 0.12x | 0.14x | 0.39x | 0.68x | 0.60x | 0.45x |
| Debt to equity | 91.93x | 2.97x | 1.39x | 1.15x | 1.39x | 1.54x |
| Equity ratio | 0.6% | 15.9% | 29.1% | 32.4% | 31.4% | 30.7% |
| Interest coverage | -1.96x | -3.56x | 0.50x | 1.86x | 0.66x | -4.90x |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | 6.9% | -7.4% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -11.0% | -2.3% | -2.5% |
| Operating income | — | -10.0% | -4.3% |
| Net income | — | -9.0% | -1.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 26.2% | 27.6% | 21.3% | 20.0% |
| Operating margin | -23.2% | -7.2% | -9.4% | -9.4% |
| Net margin | -36.9% | -19.3% | -18.2% | -15.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -8.8 | -9.0 | -15.9 | 74.6 | 125.4 | -12.7 | -6.4 | -30.5 | 284.3 | -43.1 |
| Price to sales | 2.5 | 4.0 | 2.2 | 2.5 | 2.6 | 5.1 | 1.8 | 2.5 | 6.5 | 5.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 3 May 2018.
| FY2018 | FY2017 | FY2015 | FY2014 | FY2013 | |
|---|---|---|---|---|---|
| Paid in the year | 0.03 | 0.029 | 0.02 | 0.036 | 0.078 |
- 11-for-5 split · 19 Aug 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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