My turnaround-stock pick.

SMD100 is my turnaround choice in a high growth domestic sector -with no US tariffs overhang- and of late upbeat statements made to me and SET. 

During the Covit I viewed SMD100 (just now trading 3.62, or half its IPO price.) (at that time called SMD) favorably and this stock did well, for a while.  I thought back then to just hold-on as the import of medical devices likely being a high growth business -and the company back then had answered my questions and showed a favorable CV disposition.  (CV =Corporate Governance).  I was wrong in the that its earnings and stock price dropped sharply, well yes along with the SET.  To be fair, I was overall SET bearish back then and stated so at my front page. On SMD100, see here for example, back then one of my comments:   https://thaistocks.com/caontent/smd-far-too-cheap-still-good-prospects-2023

What is amazing/surprising is how SMD100 still paid very handsome dividends all along, at 0.50 Baht per share late last year on top of 0.15 per share, last April 2025, so showing a current dividend yield of 20% !  In fact SMD100 paid regular high dividends ever year since listing.    This despite its earnings and stock price dropping alot.   SMD listed on the MAI on 17 Jun 2021   IPO Price (Baht)7.20 @Par Value 0.50 Baht   In fact for the first 6 months '25,  showing a 0.19 Baht per share loss.  I also note SMD100 bought back 16,980,500 of its own shares as I recall early last year, this is called "treasury stock".  SMD100 has 224 mill. total shares outstanding.

Here is there website:   https://www.smdrise.com/th

And here is there latest SET OPPT. Day presentation:  https://www.smdrise.com/th/investor-relations/downloads/presentations-webcasts

Here is their fact sheet:  https://www.set.or.th/en/market/product/stock/quote/SMD100/factsheet

Then I noted in its latest mgt discussion, August 19, this key statement rather comprehensive and very professional overall, see here:

https://www.set.or.th/en/market/news-and-alert/newsdetails?id=98595400&symbol=SMD100

"Nonetheless, the Company views the decline in performance over the past year as a result of strategic investments aimed at supporting long-term growth, rather than an indication of business contraction. The decrease in profit reflects a deliberate effort to build a solid foundation for future competitiveness. As several subsidiaries are still in the early stages of their investment cycles, the consolidated financial statements do not yet fully reflect the Company’s underlying business potential. Management remains positive about the outlook for the remainder of 2025, with expectations that these investments will begin to generate tangible results in the coming periods."

A couple of weeks ago I  decided to write them to ask for further clarification, which they just answered me the below (italics are mine):

"First of all, please accept our sincere apologies for not responding to your previous email in a timely manner. We truly regret any frustration this may have caused, and we greatly appreciate your patience and continued support as one of our long-term shareholders.  Regarding your concerns, allow us to provide some clarification:
In recent periods, our financial results have been impacted by external challenges such as government budget constraints and intensifying market competition, which affected sales in certain core product groups. At the same time, the Company has been deliberately investing in new personnel, subsidiaries, and business development initiatives. While these measures have led to higher selling and administrative expenses, they are part of a broader transformation strategy to strengthen our foundation for long-term growth.
Currently, the Company holds a solid backlog across key business segments, including Sleep Medicine, Critical Care, and Radiology & AI. 

"This provides clear visibility of future demand and demonstrates the resilience of our business model. Furthermore, we are in the process of transitioning from a traditional medical device distributor into a Specialized Healthcare Service Provider, enabling us to capture opportunities from mega trends such as Thailand’s aging society, the rise of medical tourism, and growing demand for preventive healthcare technologies.  Although short-term results may not yet fully reflect these efforts, management remains confident that the investments made will begin to generate tangible improvements in the second half of this year and beyond.
Once again, we sincerely apologize for the delay in replying to your earlier message. We are deeply grateful for your trust, constructive feedback, and continued loyalty."

Based on this reporting here for members, I dare to now call member attention again on SMD100, and so would rate it a speculative-buy, or say my turnaround situation pick. as the company of recent has been operating at a loss.  Yet, as it clearly states, it thinks its turning around and the stock price is so now very cheap, in my opinion. Not least in a favorable sector.

Best Regards,