BOL : BUSINESS ONLINE PUBLIC COMPANY LIMITED
6M/2023 (Jan - Jun 2023)
Business Overview

BOL is a leader in business information and aims to assist customers in capturing opportunities and anticipating risk in the business world. BOL's services include providing actionable insights through modern software and applications, designing and developing solutions for corporations and financial institutions, as well as being a business advisor both nationally and in the ASEAN region.

Financial Statement
6M23 6M22 2022 2021
Income Statement (MB)
Revenues 410.52 353.53 699.17 650.49
Expenses 221.48 189.95 381.14 374.55
Net Profit (Loss) 153.49 139.01 270.69 233.21
Balance Sheet (MB)
Assets 1,303.48 1,092.51 1,208.17 1,045.50
Liabilities 392.55 314.88 326.24 287.43
Shareholders' Equity 910.93 777.63 881.93 758.07
Cash Flow (MB)
Operating 105.28 124.77 272.79 303.08
Investing 84.46 146.54 103.35 -139.31
Financing -137.66 -121.24 -230.24 -205.81
Financial Ratio
EPS (Baht) 0.19 0.17 0.33 0.28
GP Margin (%) 62.21 66.03 67.05 63.36
NP Margin (%) 37.39 39.32 38.72 35.85
D/E Ratio (x) 0.43 0.40 0.37 0.38
ROE (%) 33.78 33.28 33.01 31.76
ROA (%) 28.48 27.23 28.03 26.73
Business Plan

BOL is striving to be the leading provider of business information and analytics tools to enable our customers in a fast and effective decision making process. The company continuously develops and updates its existing business registry and financial database while searching for new information sources. Leading innovations from around the world are harnessed to offer new dimensions in analyzing and interpreting business risks and opportunities. The security of our database and network is at heart of business, ensuring a smooth running of customer experience. To expand the reach of our services, the company has initiated ventures aboard.

Sustainable Development Plan

In addition to conducting business to drive the economy, the Company adheres to Good Corporate Governance policies and ethical principles along with having a sense of social responsibility while considering all internal and external stakeholders. The Company also takes part in creating benefits to Thai society both directly and indirectly in order to contribute to sustainable development. 

Business Highlight

In 2022, the company launched TPx, a tool that can be used to identify corporate linkages and cross-ownership according to the Transfer Pricing Act. TPx can also analyze and generate Benchmarking reports using advanced analytics and leveraging information from the company’s holistic commercial database including financial statements, notes to financial statements and other important firmographic information; ultimately facilitating the calculation of a customer’s Profit Level Indicator (PLI) which can be assembled as part of the Transfer Pricing Report required by the Revenue Department.

Performance and Analysis
Business Performance Summary
  • The company and its subsidiaries presented a total revenues of Baht 410.5 million, increased by Baht 57.0 million or 16.1%, compared with the total revenues in 1H/2022. The main reason is from an increase of Baht 60.2 million from risk and data consulting service.
  • The company and its subsidiaries had net profit of 1H/2023 by Baht 153.5 million which increased by Baht 14.5 million, or 10.4% compared to the net profit in 1H/2022.


Key Milestones
  • 1995 Established Business Online Co., Ltd. (BOL).
  • 2003 The company converted its status to a public company.
  • 2004 Listed on the "Market for Alternative Investment (mai)", The Stock Exchange of Thailand. 
  • 2006 Established a subsidiary D&B (Thailand) Company Limited
  • 2560 Established a subsidiary BOL Digital Company Limited
Risk Management Policy

Risk management is an important tool to ensure that the external and internal risks affecting the company’s goals will be addressed and mitigated for effective and efficient operations. The company’s risk management policies, in addition to being comprehensive and implemented Company-wide, also focus on control activities and monitor company activities to ensure that the risk management policies appropriate and can be adopted throughout the organisation with oversight by the accountable management team. The information and communication of the risks is also available to everyone in the organisation to enhance the responsiveness in handling the risks effectively. The risk management policy is developed based on the Good Corporate Governance practice.

Recent Awards and Recognitions
  • 2020 BOL received 200 Best Under A Billion Award from Forbes Asia Magazine for listed companies which had revenues of less than a billion US Dollars and had outstanding performances
  • 2023 BOL, D&B Thailand and BOL Digital were certified on the Privacy Information Management System according to ISO/IEC 27701:2019, which is an extension to the ISO/IEC 27001, to reinforce credibility and best practice when managing personal data


Revenue Structure
Information service income 65.77% Risk & Data management 26.72% Others 7.51%
Stock Information
mai / SERVICE
Closing price BOL mai index 13.00 10.50 8.00 715.00 599.00 483.00 367.00 1-7-22 3-10-22 3-1-23 29-3-23 30-6-23
as of 30/06/23 BOL SERVICE mai
P/E (X) 30.20 39.97 69.74
P/BV (X) 10.27 2.62 2.41
Dividend yield (%) 2.89 1.71 1.46
30/06/23 30/12/22 30/12/21
Market Cap (MB) 8,369.16 9,107.61 12,799.89
Price (B/Share) 10.20 11.10 15.60
P/E (X) 30.20 34.37 57.56
P/BV (X) 10.27 11.97 17.69
CG Report:
Company Rating:
Major Shareholders
as of 28/02/2023
CTOS DIGITAL BERHAD (24.83%)
ADVANCED RESEARCH GROUP COMPANY LIMITED (16.42%)
DUN & BRADSTREET INTERNATIONAL, LTD. (8.68%)
MR. VISNU SKULPICHETRAT (7.30%)
MR. MIN INTANANTE (5.98%)
Others (36.79%)
Company Information and Contact
http://www.BOL.co.th
IR@bol.co.th
0-2657-3999
No. 1023 MS Siam Tower, 28 Floor, Rama III Road, Chong Nonsi, Yannawa Bangkok 10120
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.