The company has two business groups as follows: 1) Financial business, which comprises hire-purchase loan services for motorcycles, used cars, gold, and agricultural machinery, as well as secured retail loan services in Laos PDR. 2) Energy business, as a producer and distributor of electricity from renewable energy.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 150.49 | 231.00 | 508.46 | 211.81 |
| Expenses | 143.39 | 104.37 | 203.84 | 281.83 |
| Net Profit (Loss) | 129.77 | 83.76 | 331.11 | -106.57 |
| Assets | 5,998.53 | 6,495.97 | 6,126.85 | 5,943.29 |
| Liabilities | 395.61 | 441.00 | 433.85 | 250.60 |
| Shareholders' Equity | 5,563.25 | 5,877.25 | 5,651.69 | 5,500.07 |
| Operating | -23.10 | 140.91 | 320.86 | -338.04 |
| Investing | -172.56 | -588.76 | -430.42 | 16.77 |
| Financing | -4.99 | -188.47 | -245.28 | 4,270.46 |
| EPS (Baht) | 0.01 | 0.01 | 0.04 | -0.04 |
| GP Margin (%) | 32.38 | 76.35 | 79.49 | 48.90 |
| NP Margin (%) | 86.30 | 36.17 | 65.18 | -53.60 |
| D/E Ratio (x) | 0.07 | 0.07 | 0.08 | 0.04 |
| ROE (%) | 6.59 | 0.43 | 5.94 | -3.11 |
| ROA (%) | 6.91 | 0.86 | 6.51 | -2.92 |
Over the past 1-2 years, the company has implemented an aggressive growth strategy through PP (Private Placement) and RO (Rights Offering) capital increases to invest in expanding its energy business. Most recently, its subsidiary has invested in Nam Houng 1 Hydropower and Nam Ngiep 2C Hydropower in Laos PDR and has allocated a reserve budget for further investment expansion. Additionally, the company plans to study and develop projects related to solar power plants, with the feasibility study framework for these projects expected to have a production capacity of 500 megawatts.
The company prioritizes investment governance, both domestically and internationally, to ensure that all projects proceed under transparent investment policies, in line with international capital market standards, and create sustainable value for shareholders.
The company is committed to being a leading company in the energy and financial services business in the region, with a strategy of developing and investing in sustainable renewable energy infrastructure. This approach responds to the increasing energy security in the ASEAN region and expands access to financial services by offering appropriate and accessible credit solutions for entrepreneurs and individuals, thereby promoting economic growth and quality of life in the community. Furthermore, the company aims to conduct business based on responsibility towards the economy, society, and environment, to create shared value with all stakeholders of the company and enhance sustainable development. The directors, executives, and employees prioritize this commitment and will implement it as a standard for future operations.
- Focusing on energy businesses to build a stable revenue base through the acquisition of potential power plants, resulting in an electricity generation capacity of 29.51 megawatts by the end of Q2 2025.
- Due to the cessation of loss-making businesses by divesting real estate development and cannabis production and distribution businesses, operating revenue during the first six months of 2025 grew by over 40% compared to the same period last year.
Total revenue from continuing operations of the group for the six-month period ended Q2 2025 was 150.48 million Baht, a decrease of 79.10 million Baht or 34% from the same period last year. The primary reason was a decrease in bargain purchase gains of 107.79 million Baht from the acquisition of ordinary shares of Nam Hung 1 Hydropower Co., Ltd. in Q1 2024, netted against an increase in revenue from the energy business of 52.90 million Baht.
Net profit attributable to the parent company for the six-month period ended Q2 2025 was 129.77 million Baht, an increase of 46.01 million Baht or 55% from the same period last year. The primary reason was an increase in foreign exchange gains of 157.50 million Baht, mainly from bank deposits due to the weakening of the US dollar exchange rate, netted against a decrease in bargain purchase gains of 107.79 million Baht and an increase in costs from the secured retail lending business of 31.74 million Baht, resulting from expected credit losses from debtors.
- January 2025: Commenced revenue recognition from Nam Ngiep 2C Hydropower Company Limited ("NN2C"), a hydropower plant project located in Lao PDR with a production capacity of 14.51 megawatts.
- May 2025: To reflect the company's core business operations, the company reclassified its industry group from Consumer Products to Resources.
- July 2025: A new subsidiary was established in Lao PDR with a registered capital of USD 1 million to prepare for investment in the solar power generation business.
The company promotes a risk management culture to foster shared understanding and responsibility by establishing appropriate processes, guidelines, and measures. This includes assessing both qualitative and quantitative risks, setting risk limits to mitigate damages, and establishing written operational procedures that are communicated thoroughly. A risk management working group has been appointed to continuously review risks and develop risk management plans, enabling the company to promptly identify and manage risks. All operations must comply with business strategies, laws, and SEC regulations. Therefore, the company utilizes the COSO 2017 internal control framework to ensure the effectiveness of its risk management processes.
| as of 30/06/25 | ALPHAX | RESOURC | mai |
|---|---|---|---|
| P/E (X) | 12.79 | - | 60.02 |
| P/BV (X) | 0.62 | 0.51 | 1.15 |
| Dividend yield (%) | - | 1.67 | 3.94 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 3,531.10 | 5,110.81 | 5,854.20 |
| Price (B/Share) | 0.38 | 0.55 | 0.63 |
| P/E (X) | 12.79 | 19.67 | - |
| P/BV (X) | 0.62 | 0.93 | 1.04 |