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.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 309.58 | 391.83 | 508.46 | 211.81 |
| Expenses | 187.26 | 156.31 | 203.84 | 281.83 |
| Net Profit (Loss) | 242.75 | 280.54 | 331.11 | -106.57 |
| Assets | 6,106.46 | 5,882.54 | 6,126.85 | 5,943.29 |
| Liabilities | 431.96 | 332.24 | 433.85 | 250.60 |
| Shareholders' Equity | 5,634.18 | 5,511.24 | 5,651.69 | 5,500.07 |
| Operating | 97.08 | 319.39 | 320.86 | -338.04 |
| Investing | -216.57 | 149.86 | -430.42 | 16.77 |
| Financing | 8.30 | -218.13 | -245.28 | 4,270.46 |
| EPS (Baht) | 0.03 | 0.03 | 0.04 | -0.04 |
| GP Margin (%) | 66.26 | 81.47 | 79.49 | 48.90 |
| NP Margin (%) | 78.90 | 72.06 | 65.18 | -53.60 |
| D/E Ratio (x) | 0.08 | 0.06 | 0.08 | 0.04 |
| ROE (%) | 5.26 | 5.22 | 5.94 | -3.11 |
| ROA (%) | 5.87 | 5.49 | 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 the energy business to establish 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 the third quarter of 2025. Following the cessation of loss-making businesses through the divestment of real estate development and cannabis production and distribution businesses, the revenue performance from core operations during the first nine months of 2025 grew by over 75% compared to the same period last year. The primary reason for this growth was an increase in revenue from the energy business, specifically from the recognition of revenue from one additional Hydropower.
The Group's total revenue for the 9-month period of Q3 2025 was 309.58 million Baht, a decrease of 80.82 million Baht or 21 percent from the same period of the previous year. The main reasons were (1) a decrease in gain from bargain purchase of 107.79 million Baht and (2) a decrease in gain from disposal of investments of 58.75 million Baht, net of an increase in revenue from the energy business of 113.36 million Baht. Net profit attributable to the parent company for the 9-month period of Q3 2025 was 242.75 million Baht, a decrease of 37.79 million Baht or 13 percent from the same period of the previous year. The main reasons were (1) a decrease in gain from bargain purchase of 107.79 million Baht, (2) a decrease in gain from disposal of investments of 58.75 million Baht, and (3) a decrease in gross profit from the hire-purchase loan service business and the secured retail loan business of 34.91 million Baht, net of (1) an increase in gross profit from the energy business of 81.03 million Baht and (2) an increase in foreign exchange gain of 71.32 million Baht.
- 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 30/09/25 | ALPHAX | RESOURC | mai |
|---|---|---|---|
| P/E (X) | 9.12 | - | 72.21 |
| P/BV (X) | 0.62 | 0.50 | 1.27 |
| Dividend yield (%) | - | 1.79 | 3.64 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 3,438.18 | 5,110.81 | 5,854.20 |
| Price (B/Share) | 0.37 | 0.55 | 0.63 |
| P/E (X) | 9.12 | 19.67 | - |
| P/BV (X) | 0.62 | 0.93 | 1.04 |