TBN Corporation Public Company Limited is a comprehensive Intelligent Digital Solutions Provider, offering consulting services in digital transformation and developing customized solutions tailored to client needs, primarily using AI-assisted MENDIX Low-code technology. The company also offers a range of AI solutions, including Generative AI, AI Communications Platforms, Debt Collection Systems, and Cybersecurity solutions.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 382.62 | 349.30 | 442.48 | 362.06 |
| Expenses | 355.25 | 321.18 | 348.29 | 315.56 |
| Net Profit (Loss) | 19.79 | 22.01 | 74.22 | 37.19 |
| Assets | 707.30 | 686.35 | 686.92 | 270.59 |
| Liabilities | 196.76 | 174.42 | 181.86 | 193.85 |
| Shareholders' Equity | 509.00 | 510.36 | 503.73 | 73.54 |
| Operating | 84.98 | 24.60 | 48.14 | 12.85 |
| Investing | -141.86 | -71.53 | -101.32 | -19.88 |
| Financing | -27.20 | -23.18 | 328.41 | -9.46 |
| EPS (Baht) | 0.20 | 0.22 | 0.84 | 0.50 |
| GP Margin (%) | 24.53 | 25.47 | 35.41 | 28.40 |
| NP Margin (%) | 5.16 | 6.37 | 17.20 | 9.82 |
| D/E Ratio (x) | 0.39 | 0.34 | 0.36 | 2.53 |
| ROE (%) | 3.88 | 4.34 | 25.72 | 50.57 |
| ROA (%) | 3.79 | 4.09 | 19.68 | 17.18 |
Overview of 2025 Operating Performance: The Company reported total service revenue of THB 382.62 million (+11% YoY) and net profit of THB 19.79 million (-11% YoY). Revenue was driven by digital system development and consulting (THB 128.33 million, +6% YoY), stable MA and support services (THB 209.93 million), and strong growth in other services (THB 37.66 million, +400% YoY).
Key Financial Ratios: The Company maintained a strong financial position with low risk, with a gross profit margin of 24.53%, a high liquidity ratio of 4.03x, and a low IBD/E ratio of 0.05x, despite a slight margin decline due to higher fixed costs.
Backlog Value (As of year-end 2025): Total backlog stood at THB 361 million, with THB 233 million expected to be recognized within the year and the remaining THB 128 million in the following year.
2008: Established "TBN Software Co., Ltd." to provide software development services using MENDIX (Low-code) and expanded the customer base in both public and private sectors.
2019: Established "BOP Co., Ltd." as a subsidiary for developing High-code software.
2022: Preparing for an IPO and transformation into a public company, renamed to "TBN Corporation Public Company Limited.
2022: Established TBN MENDIX Academy.
June 19, 2023: Debuted on the MAI Stock Exchange
September 25, 2023: Signed an MOU with Depa to promote the development of digital workforce skills.
2024: Developed the company's digital products in White Label and Templatize formats.
October 2024: Established a joint venture, "Zero One Co., Ltd.," to develop off-the-shelf software for various industries.
May 2025: TBN Signed a Memorandum of Understanding (MoU) with Reentry (ReN3) to launch the AI platform “ReN3 Enterprise Agentic AI”.
The Company has implemented a comprehensive risk management policy to address potential threats arising from both internal and external factors. This policy focuses on identifying, assessing, and mitigating risks to maintain them within acceptable levels. It serves as a robust framework for monitoring, evaluating, and reporting on risk management activities, fostering well-founded confidence among stakeholders. Ultimately, this policy ensures the Company's management can effectively achieve its established objectives.
September 2025: Participated in the mai Growth Lab 2025 seminar on “AI Technology: Driving Business Growth.”
October 2025: Achieved a 5-star “Excellent” CGR rating for the second consecutive year and was ranked among Top Quartile Companies (market cap ≤ THB 1,500 million) by Thai IOD; received CAC Certification; and was included in the ThaiESG securities universe.
December 2025: Received an “A” SET ESG Rating from the Stock Exchange of Thailand (SET).
| as of 30/12/25 | TBN | TECH | mai |
|---|---|---|---|
| P/E (X) | 293.19 | 19.11 | 60.23 |
| P/BV (X) | 0.91 | 1.24 | 1.12 |
| Dividend yield (%) | 4.15 | 5.22 | 3.99 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 458.00 | 775.00 | 1,410.00 |
| Price (B/Share) | 4.58 | 7.75 | 14.10 |
| P/E (X) | 293.19 | 14.51 | 21.17 |
| P/BV (X) | 0.91 | 1.48 | 2.90 |
