Business Operations of the Group
1) Utilities Unit: Production and distribution of tap water and tap water system installation work to manage tap water on Koh Samet and surrounding areas in Pluak Daeng District, Rayong Province, operated by subsidiaries: Samed Utilities Co., Ltd., Pluak Daeng Co., Ltd., and K Waterwork Engineering Co., Ltd.
2) Service Unit: Human Resource Management Services
3) Real Estate Development Business: Operated by the subsidiary, More Property Development Co., Ltd. (PROP).
4) Entertainment Business: Operated by More Than Entertain Co., Ltd. (MDE), a subsidiary appointed by More Return Public Company Limited as an agent for concert management, and has secured co-investors for the organization of the Rolling Loud concert.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 47.45 | 61.02 | 105.39 | 82.04 |
| Expenses | 54.17 | 137.62 | 389.27 | 314.10 |
| Net Profit (Loss) | -9.40 | -52.49 | -180.87 | -137.67 |
| Assets | 960.46 | 1,307.67 | 977.73 | 1,485.84 |
| Liabilities | 69.72 | 143.32 | 74.48 | 100.14 |
| Shareholders' Equity | 1,013.53 | 1,260.88 | 1,027.33 | 1,455.95 |
| Operating | -2.27 | -79.70 | -97.96 | -14.67 |
| Investing | -23.00 | -76.67 | -119.06 | -454.29 |
| Financing | -0.09 | -0.09 | -3.94 |
| EPS (Baht) | -0.01 | -0.03 | -0.02 | |
| GP Margin (%) | 19.99 | -86.06 | -42.53 | 34.76 |
| NP Margin (%) | -17.10 | -129.09 | -279.61 | -278.34 |
| D/E Ratio (x) | 0.08 | 0.12 | 0.08 | 0.07 |
| ROE (%) | -12.12 | -12.49 | -14.57 | -8.32 |
| ROA (%) | -19.54 | -18.70 | -23.67 | -12.90 |
The company plans to expand into the health and beauty business in the form of OEM* or Original Equipment Manufacturer/ ODM** or Original Design Manufacturer, which involves operating a business by manufacturing products in the health and beauty categories, including product design and marketing for the products.
The company plans to increase its capital to invest the proceeds in the aforementioned business, thereby increasing opportunities and creating another revenue stream, as well as building upon its current operations in the utility business group, real estate business, and entertainment business.
However, since the aforementioned fundraising plan did not proceed as planned, the company has postponed its investment in the health and beauty business group but continues to operate its existing businesses as usual.
The Company was sued by Thai NVDR Company Limited (“NVDR”) on charges of offense Violate, annul resolutions of the shareholders' meeting with details Important details as follows:
(1) Request the annulment of all resolutions passed at the defendant's Annual General Meeting of Shareholders on April 18, 2025.
(2) Request that the defendant's Annual General Meeting of Shareholders on April 18, 2025, be declared null and void.
(3) Prohibit the defendant from using the resolutions from Agenda Item 7, Agenda Item 8, and Agenda Item 9 of the defendant's Annual General Meeting of Shareholders on April 18, 2025, for registration with the Registrar of Public Companies, Bangkok, Department of Business Development, Ministry of Commerce.
(4) Request the defendant to compensate the plaintiff for damages totaling 76,870,665.22 Baht and to calculate default interest at a rate of 5% per annum from now until the defendant completes payment to the plaintiff.
The company's main operating revenue totaled 17.69 million Baht, comprising (1) revenue from the service segment of 0.52 million Baht (2) revenue from the utilities segment of 17.12 million Baht, and (3) revenue from the trading segment of 0.05 million Baht, representing 2.94%, 96.78%, and 0.28% respectively. The company's revenue decreased due to a 10.69 million Baht or 95.36% reduction in service segment revenue, as the subsidiary did not organize Korean concerts.
Total cost of sales and cost of services for the three-month period ended June 30, 2025, amounted to 11.92 million Baht and 2.67 million Baht, respectively. Compared to the previous financial period, the cost of sales increased by 0.15 million Baht or 1.23%, while the cost of services decreased by 64.51 million Baht or 96.03%, consistent with the decrease in service revenue from the subsidiary.
Read details Management Discussion and Analysis for the period ended June 30, 2025
| as of 30/06/25 | MORE | SERVICE | mai |
|---|---|---|---|
| P/E (X) | - | 63.41 | 60.02 |
| P/BV (X) | 0.14 | 1.59 | 1.15 |
| Dividend yield (%) | - | 3.34 | 3.94 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 143.53 | 143.53 | 717.67 |
| Price (B/Share) | 0.02 | 0.02 | 0.10 |
| P/E (X) | - | - | - |
| P/BV (X) | 0.14 | 0.11 | 0.88 |