The company has 2 business groups as follows: 1) Financial business, which consists of motorcycle hire-purchase loan services, used car loans, gold loans, agricultural machinery loans, and secured retail loan services in Laos 2) The energy business is a producer and distributor of electricity from renewable energy.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 85.00 | 71.56 | 434.65 | 315.08 |
| Expenses | 67.63 | 58.43 | 243.01 | 203.84 |
| Net Profit (Loss) | -31.24 | 23.28 | 318.26 | 331.11 |
| Assets | 6,208.72 | 6,132.73 | 6,019.48 | 6,126.85 |
| Liabilities | 398.71 | 422.68 | 385.26 | 433.85 |
| Shareholders' Equity | 5,767.35 | 5,667.63 | 5,594.36 | 5,651.69 |
| Operating | -114.88 | 3.03 | 271.88 | 320.86 |
| Investing | -32.57 | 57.05 | -254.27 | -430.42 |
| Financing | 14.40 | -3.69 | -46.30 | -245.28 |
| EPS (Baht) | 0.00 | 0.0025 | 0.03 | -0.04 |
| GP Margin (%) | 62.59 | 49.17 | 73.39 | 79.49 |
| NP Margin (%) | -35.11 | 33.48 | 73.75 | 105.18 |
| D/E Ratio (x) | 0.07 | 0.07 | 0.07 | 0.08 |
| ROE (%) | 4.61 | 4.78 | 5.66 | 5.94 |
| ROA (%) | 5.25 | 5.36 | 6.13 | 6.51 |
Over the past 1-2 years, the company has pursued an aggressive growth strategy through capital increases via Private Placement (PP) and Rights Offering (RO) to invest in expanding its energy business. Recently, its subsidiary invested in Nam Houng 1 Hydropower and Nam Ngiep 2C Hydropower in the Lao PDR, with a reserve budget allocated for further investment expansion. Furthermore, the company plans to study and develop projects related to solar power plants, with the feasibility study framework anticipating a production capacity of 500 megawatts. Currently, the company is constructing and developing its first solar power plant project, located in Lao PDR, with a capacity of 100 MWs, expected to COD in the second quarter of 2026.
The company prioritizes investment governance, both domestically and internationally, to ensure that all projects proceed under transparent investment policies, comply 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 businesses in the region, through a strategy of developing and investing in sustainable renewable energy infrastructure to meet the increasing energy security in the ASEAN region, and expanding access to financial services by offering appropriate and accessible credit solutions for entrepreneurs and individuals, thereby promoting economic growth and quality of life in communities. 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 elevate sustainable development. The directors, executives, and employees attach great importance to this 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 power plants with potential, resulting in a capacity of 29.51 MWs by the end of Q1 2026.
- Following the cessation of loss-making business operations through the divestment of real estate development and cannabis production and distribution businesses, the revenue from core business operations in 2025 grew by over 80% compared to the same period of the previous year. The primary reason was an increase in revenue from the energy business, driven by the recognition of revenue from an additional dam, and core business revenue is continue growing 39% in Q1/2026
- To further expand growth in the energy industry and diversify risk from relying on hydropower, the company has begun expanding into solar power for the first time, with a project capacity of 100 MWs and an estimated investment of 65 million USD. COD Date is expected in Q2 2026.
The Group's total revenue for the three-month period of Q1 2026 was 85.00 million Baht, an increase of 13.44 million Baht or 19% from the same period of the previous year. The main reasons were (1) an increase in revenue from the energy business by 13.85 million Baht due to improved electricity generation efficiency, and (2) an increase in revenue from the financial business by 5.12 million Baht from aggressive loan expansion, net of a decrease in interest income of 4.73 million Baht from the allocation of funds to develop a solar project.
Net profit (loss) attributable to the parent company for the three-month period of Q1 2026 was (31.24) million Baht, a decrease of 54.52 million Baht or 234% from the same period of the previous year. The main reasons were (1) a decrease in foreign exchange gain (loss) by 52.56 million Baht due to the strengthening of the US dollar, resulting from the Iran war, (2) an increase in administrative expenses by 8.64 million Baht from the commencement of a 100 MW solar project development, and (3) a decrease in interest income by 4.73 million Baht, net of (1) an increase in gross profit from the energy business by 14.93 million Baht and (2) an increase in gross profit from the financial business by 3.46 million Baht, which is consistent with the growth in revenue
Core net profit for the three-month period of Q1 2026 was 4.15 million Baht, a decrease of 1.88 million Baht or 31% from the same period of the previous year. The main reason was an increase in operating expenses due to solar project development.
• January 2025: Commenced revenue recognition from Nam Ngiep 2C Hydropower Co., Ltd. (“NN2C”), a hydropower plant located in Lao PDR, with a production capacity of 14.51 megawatts. • May 2025: To reflect the company's core business operations, the company change its industry groups to Resources. • July 2025: Established a new subsidiary in Lao PDR with a registered capital of USD 1 million, in preparation for investing in solar power generation business. • December 2025: The Board of Directors, resolved to approve APDL Solar Power Sole Co., Ltd. to sign a PPA with EDL and invest in a solar project in Lao PDR, with a total installed capacity of 100 MWs and a total investment value not exceeding USD 65 million.
The company promotes a risk management culture through appropriate processes, guidelines, and measures, including qualitative and quantitative risk assessments, risk limits, and written operating procedures. A risk management working group oversees risk identification and continuous planning to ensure timely risk responses, while operations comply with business strategies, laws, and SEC regulations. The company also applies the COSO internal control framework to enhance risk management effectiveness.
| as of 31/03/26 | ALPHAX | RESOURC | mai |
|---|---|---|---|
| P/E (X) | 13.14 | - | 398.41 |
| P/BV (X) | 0.75 | 0.57 | 1.12 |
| Dividend yield (%) | - | 0.20 | 3.69 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 4,181.57 | 4,553.26 | 5,110.81 |
| Price (B/Share) | 0.45 | 0.49 | 0.55 |
| P/E (X) | 13.14 | 15.52 | 19.67 |
| P/BV (X) | 0.75 | 0.81 | 0.93 |