Reported Earnings • May 11
First quarter 2026 earnings released: ฿0.003 loss per share (vs ฿0.005 profit in 1Q 2025) First quarter 2026 results: ฿0.003 loss per share (down from ฿0.005 profit in 1Q 2025). Revenue: ฿707.9m (down 17% from 1Q 2025). Net loss: ฿2.76m (down 153% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Feb 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.5% per year over the past 5 years. Minor Risks High level of debt (63% net debt to equity). Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (฿2.56b market cap, or US$82.3m). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.40, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total loss to shareholders of 58% over the past three years. Announcement • Feb 25
Amata VN Public Company Limited, Annual General Meeting, Apr 24, 2026 Amata VN Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.80, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total loss to shareholders of 70% over the past three years. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.13 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.02 (up from ฿0.13 loss in 3Q 2024). Revenue: ฿708.2m (down 32% from 3Q 2024). Net income: ฿17.7m (up ฿153.4m from 3Q 2024). Profit margin: 2.5% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.049 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.07 (up from ฿0.049 in 2Q 2024). Revenue: ฿1.12b (down 16% from 2Q 2024). Net income: ฿75.3m (up 44% from 2Q 2024). Profit margin: 6.7% (up from 3.9% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.005 (vs ฿0.031 in 1Q 2024) First quarter 2025 results: EPS: ฿0.005 (down from ฿0.031 in 1Q 2024). Revenue: ฿862.5m (down 19% from 1Q 2024). Net income: ฿5.18m (down 84% from 1Q 2024). Profit margin: 0.6% (down from 3.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.8%). Announcement • Apr 23
Amata VN Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 23, 2025 Amata VN Public Company Limited announced that at the AGM held on April 23, 2025, approved the distribution of dividend for the year 2024 to the shareholder of the Company by cash at THB 0.05 per share which is equivalent to the total amount around THB 53.29 million or 26% of net profit on separate financial statements. The above dividend distribution shall be payable to the Shareholders entitled to receive the dividend according to the Company's articles of association and to whom whose names listed on the record date on May 8, 2025. The dividend payment will be made on May 23, 2025. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.39b (US$97.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (฿3.39b market cap, or US$97.4m). Declared Dividend • Feb 27
Dividend increased to ฿0.05 Dividend of ฿0.05 is 305% higher than last year. Ex-date: 7th May 2025 Payment date: 23rd May 2025 Dividend yield will be 1.2%, which is lower than the industry average of 4.3%. Reported Earnings • Nov 18
Third quarter 2024 earnings released: ฿0.13 loss per share (vs ฿0.13 profit in 3Q 2023) Third quarter 2024 results: ฿0.13 loss per share (down from ฿0.13 profit in 3Q 2023). Revenue: ฿1.04b (down 39% from 3Q 2023). Net loss: ฿135.6m (down 197% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 34% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (55% net debt to equity). Profit margins are more than 30% lower than last year (10% net profit margin). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.054 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05 (down from ฿0.054 in 2Q 2023). Revenue: ฿1.33b (up 213% from 2Q 2023). Net income: ฿52.4m (down 8.4% from 2Q 2023). Profit margin: 3.9% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 11% per year. Announcement • Jun 05
Amata VN Public Company Limited Announces Resignation of Nattamon Limthanachai as Board of Directors, Independent Director and Member of the Audit Committee, Effective from June 30, 2024 Amata VN Public Company Limited announced that Ms. Nattamon Limthanachai, the Board of Directors, Independent Director and Member of the Audit Committee has declared her intention to resign from all of her positions in the Company due to personal commitment. The resignation shall be effective from June 30, 2024 onwards. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.073 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (up from ฿0.073 loss in 1Q 2023). Revenue: ฿1.06b (up 264% from 1Q 2023). Net income: ฿32.5m (up ฿110.4m from 1Q 2023). Profit margin: 3.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.012 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 2.9% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (4.6%). Announcement • Apr 26
Amata VN Public Company Limited Approves Dividend for the Year 2023, Payable on May 23, 2024 Amata VN Public Company Limited at its AGM held on April 24, 2024, the shareholders approved the distribution of dividend for the year 2023 to the shareholder of the company pay by cash as follows: approved pay dividend by cash at THB 0.01235 per share which is equivalent to the total amount not exceeding THB 11.55 million. The above dividend distribution shall be payable to the Shareholders entitled to receive the dividend according to the company's articles of association and to whom whose names listed on the record date on May 8, 2024. The dividend payment will be made on May 23, 2024. Declared Dividend • Feb 26
Dividend of ฿0.07 announced Dividend of ฿0.07 is the same as last year. Ex-date: 7th May 2024 Payment date: 23rd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (400% earnings payout ratio). However, it is well covered by cash flows (11% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 344% to bring the payout ratio under control, which is more than the 18% EPS growth achieved over the last 5 years. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: ฿0.43 (vs ฿1.12 in FY 2022) Full year 2023 results: EPS: ฿0.43 (down from ฿1.12 in FY 2022). Revenue: ฿4.29b (up 225% from FY 2022). Net income: ฿404.7m (down 61% from FY 2022). Profit margin: 9.4% (down from 79% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Feb 24
Amata VN Public Company Limited, Annual General Meeting, Apr 24, 2024 Amata VN Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and acknowledgement the Company’s annual report and the board of directors’ report for the year 2023; to consider and approve the Company’s audited Financial Statements for the year ended December 31, 2023; to consider and approve the retained earnings appropriated as a legal reserve and the distribution of dividend from the results of the Company’s operation from January 1, 2023 to December 31, 2023; to consider and approve the increase of the Company’s Registered Capital to support Stock Dividend payment and the amendment of the Company’s Memorandum of Association; and to discuss other matters. Announcement • Feb 23
Amata VN Public Company Limited Proposes Dividend for the Period from January 1, 2023 to December 31, 2023, Payable on May 23, 2024 Amata VN Public Company Limited announced that at the AGM to be held on April 2 4, 2 0 2 4, the company proposed the dividend payment from the results of the Company's operation for the period from January 1, 2 0 2 3 to December 31, 2023 by issuing the Company's ordinary shares with the total of new ordinary shares not exceeding 130,900,000 shares at par value of THB 0.50 per share for the existing shareholders in the ratio of 1 of current shares to 0.14 of dividend share (1:0.14) with the total amount not exceeding THB 65.45 million which is equivalent to the amount of dividend per share at THB 0.07 per share. In case that any shareholder holds the fraction share remaining after such allocation, the dividend shall be paid by cash in the amount of THB 0.07 per share. The above dividend distribution shall be payable to the Shareholders entitled to receive the dividend according to the Company's Articles of Association. In this regard, the Company will fix March 8, 2024 as the Record Date to determine the shareholders who are entitled to receive the annual dividend payment from the results of the Company's operation for the period of January 1, 2023 to December 31, 2023. The dividend payment will be made on May 23, 2024. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.22 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.15 (down from ฿0.22 in 3Q 2022). Revenue: ฿1.69b (up 341% from 3Q 2022). Net income: ฿140.3m (down 32% from 3Q 2022). Profit margin: 8.3% (down from 54% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.50 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.06 (down from ฿0.50 in 2Q 2022). Revenue: ฿422.8m (down 1.5% from 2Q 2022). Net income: ฿57.3m (down 88% from 2Q 2022). Profit margin: 14% (down from 109% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • May 25
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Nattamon Limthanachai was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 18
Amata VN Public Company Limited Announces Resignation of Chatchai Payuhanaveechai, Director, Independent Director and Member of Nomination and Remuneration Committee Amata VN Public Company Limited announced that Mr. Chatchai Payuhanaveechai, Director, Independent Director and Member of Nomination and Remuneration Committee has resigned from the Company with effect from May 16, 2023 onwards. Announcement • May 05
Amata VN Public Company Limited Announces Resignation of Wasin Chidpipatpong as Chief Financial Officer Amata VN Public Company Limited announced termination of Wasin Chidpipatpong as Chief Financial Officer, Effective date of termination of May 1, 2023. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.07 per share at 1.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 6.3% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.1%). Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.086 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.22 (up from ฿0.086 in 3Q 2021). Revenue: ฿634.1m (up 426% from 3Q 2021). Net income: ฿204.7m (up 154% from 3Q 2021). Profit margin: 32% (down from 67% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.50 (vs ฿0.046 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.50 (up from ฿0.046 in 2Q 2021). Revenue: ฿427.2m (up 243% from 2Q 2021). Net income: ฿469.7m (up ฿426.7m from 2Q 2021). Over the next year, revenue is forecast to grow 32%, compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.51 (up from ฿0.053 in 1Q 2021). Revenue: ฿785.9m (up ฿665.5m from 1Q 2021). Net income: ฿474.6m (up ฿425.3m from 1Q 2021). Profit margin: 60% (up from 41% in 1Q 2021). Revenue exceeded analyst estimates by 106%. Earnings per share (EPS) also surpassed analyst estimates by 265%. Over the next year, revenue is forecast to grow 1.1%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ฿6.60 Up from ฿4.40, the current price target is provided by 1 analyst. New target price is 13% below last closing price of ฿7.55. Stock is up 21% over the past year. The company is forecast to post earnings per share of ฿1.10 for next year compared to ฿0.73 last year. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 06 May 2022. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.73 (up from ฿0.032 loss in FY 2020). Revenue: ฿2.02b (up 327% from FY 2020). Net income: ฿686.1m (up ฿716.2m from FY 2020). Profit margin: 34% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 106%. Earnings per share (EPS) also surpassed analyst estimates by 265%. Over the next year, revenue is forecast to stay flat compared to a 19% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.08 (vs ฿0.039 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿312.8m (up 172% from 3Q 2020). Net income: ฿80.6m (up 121% from 3Q 2020). Profit margin: 26% (down from 32% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.081 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿129.1m (up 7.7% from 2Q 2020). Net income: ฿43.1m (up ฿119.0m from 2Q 2020). Profit margin: 33% (up from net loss in 2Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Executive Departure • Jul 15
Independent Director Mats Lundqvist has left the company On the 8th of July, Mats Lundqvist's tenure as Independent Director ended after 8.6 years in the role. We don't have any record of a personal shareholding under Mats' name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 5.00 years. Executive Departure • Jul 15
Independent Director Ajarie Visessiri has left the company On the 8th of July, Ajarie Visessiri's tenure as Independent Director ended after 8.9 years in the role. We don't have any record of a personal shareholding under Ajarie's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 5.00 years. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.11 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿126.8m (up 4.9% from 1Q 2020). Net income: ฿49.2m (down 53% from 1Q 2020). Profit margin: 39% (down from 86% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 18
Price target increased to ฿5.70 Up from ฿4.40, the current price target is provided by 1 analyst. New target price is 12% below last closing price of ฿6.45. Stock is up 98% over the past year. Reported Earnings • Feb 21
Full year 2020 earnings released: ฿0.03 loss per share (vs ฿0.002 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿507.5m (down 6.2% from FY 2019). Net loss: ฿30.1m (down ฿31.6m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) were also behind analyst estimates. Over the next year, revenue is forecast to grow 91%, compared to a 5.5% growth forecast for the Real Estate industry in Thailand. Is New 90 Day High Low • Jan 26
New 90-day high: ฿5.95 The company is up 21% from its price of ฿4.92 on 28 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 25% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: ฿5.25 The company is up 6.0% from its price of ฿4.94 on 10 September 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 17% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.04 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿119.5m (up 4.3% from 3Q 2019). Net income: ฿36.5m (down 17% from 3Q 2019). Profit margin: 31% (down from 38% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 06
New 90-day low: ฿4.82 The company is down 5.0% from its price of ฿5.10 on 08 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 11% over the same period. 
