Announcement • Jul 24
Osotspa Public Company Limited Announces CFO Changes, Effective August 15, 2026 Osotspa Public Company Limited announced that Miss Ratiporn Ratcharoen would terminate her role as Group Chief Financial Officer effective August 15, 2026. Osotspa Public Company Limited announced that Miss Chamaiporn Viriyaphusit would be appointed as Group Chief Financial Officer (Acting) effective August 15, 2026. Buy Or Sell Opportunity • Jul 08
Now 23% undervalued Over the last 90 days, the stock has risen 13% to ฿16.90. The fair value is estimated to be ฿21.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 6.3% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Announcement • May 20
Osotspa Public Company Limited to Report Q1, 2026 Results on May 19, 2026 Osotspa Public Company Limited announced that they will report Q1, 2026 results on May 19, 2026 Reported Earnings • May 15
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.39 (down from ฿0.42 in 1Q 2025). Revenue: ฿6.42b (down 6.0% from 1Q 2025). Net income: ฿1.16b (down 8.6% from 1Q 2025). Profit margin: 18% (in line with 1Q 2025). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.6%). Price Target Changed • Mar 12
Price target decreased by 7.2% to ฿18.34 Down from ฿19.75, the current price target is an average from 17 analysts. New target price is 26% above last closing price of ฿14.60. Stock is down 2.0% over the past year. The company is forecast to post earnings per share of ฿1.21 for next year compared to ฿1.22 last year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿15.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Beverage industry in Asia. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.21 per share. Declared Dividend • Feb 28
Final dividend of ฿0.40 announced Shareholders will receive a dividend of ฿0.40. Ex-date: 7th May 2026 Payment date: 28th May 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has remained flat since 7 years ago. However, payments have been volatile during that time. EPS is expected to grow by 8.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿1.22 (up from ฿0.55 in FY 2024). Revenue: ฿26.1b (down 3.6% from FY 2024). Net income: ฿3.67b (up 124% from FY 2024). Profit margin: 14% (up from 6.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.23 (up from ฿0.12 loss in 3Q 2024). Revenue: ฿5.66b (down 6.3% from 3Q 2024). Net income: ฿700.0m (up ฿1.06b from 3Q 2024). Profit margin: 12% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿18.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Beverage industry in Asia. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿29.68 per share. Declared Dividend • Aug 15
First half dividend of ฿0.40 announced Shareholders will receive a dividend of ฿0.40. Ex-date: 28th August 2025 Payment date: 12th September 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has remained flat since 7 years ago. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.34 (up from ฿0.20 in 2Q 2024). Revenue: ฿6.86b (down 6.7% from 2Q 2024). Net income: ฿1.01b (up 67% from 2Q 2024). Profit margin: 15% (up from 8.2% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jun 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to ฿14.00. The fair value is estimated to be ฿17.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 9.1% in 2 years. Earnings are forecast to grow by 58% in the next 2 years. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.42 (up from ฿0.28 in 1Q 2024). Revenue: ฿7.20b (flat on 1Q 2024). Net income: ฿1.27b (up 53% from 1Q 2024). Profit margin: 18% (up from 11% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 01
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 26 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.3%). Announcement • Apr 30
Osotspa Public Company Limited Approves Dividend Payment for the Period from 1 July 2024 to 31 December 2024, Payable on 26 May 2025 Osotspa Public Company Limited at its Annual General Meeting of Shareholders held on April 30, 2025, the company has already paid the interim dividend as stated in Item A. Therefore, the remaining dividend to be paid will be from the operating results for the second half of 2024 (from 1 July 2024 to 31 December 2024) and from unappropriated retained earnings at the rate of THB 0.30 per share, totaling approximately THB 901 million. The dividend at the rate of THB 0.01 per share will be paid from the net profit of the Company's subsidiaries promoted under the Board of Investment (BOI) scheme and currently entitled to tax exemption, while the dividend at the rate of THB 0.29 per share will be paid from the net profit of businesses subject to corporate income tax at the rate of 20%. The dividend will be paid to shareholders whose names appear on the record date for the right to receive the dividend, which is 9 May 2025, and the dividend payment date is set for 26 May 2025. Price Target Changed • Mar 02
Price target decreased by 8.8% to ฿20.44 Down from ฿22.40, the current price target is an average from 16 analysts. New target price is 37% above last closing price of ฿14.90. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.55 last year. Announcement • Feb 27
Osotspa Public Company Limited Proposes Dividend Payment for the Period from 1 July 2024 to 31 December 2024, Payable on 26 May 2025 Osotspa Public Company Limited proposed to the 2025 AGM to consider and approve the dividend payment for 2024 from the operating results from 1 January 2024 to 31 December 2024, and from retained earnings at a rate of THB 0.60 per share, totaling approximately THB 1,802.2 million. The Company has already paid an interim dividend from the operating results for the first six months of 2024 at a rate of THB 0.30 per share, totaling THB 901.1 million. This was approved by the Board of Directors at Meeting No. 8/2024 and was paid to shareholders on 13 September 2024. Therefore, the remaining dividend payable from the Company's operating results for the second half of 2024 (from 1 July 2024 to 31 December 2024) and from unappropriated retained earnings at a rate of THB 0.30 per share, totaling approximately THB 901.1 million. The dividend at a rate of THB 0.01 per share is paid from the net profit of the subsidiary's operations that are under the BOI investment promotion and are currently exempt from taxation. The dividend at a rate of THB 0.29 per share is paid from the net profit of operations subject to a corporate income tax rate of 20%, from which individual shareholders are entitled to claim a tax credit at a ratio of 20/80 of the dividend. The dividend will be paid to shareholders entitled to receive the dividend as of the record date on 9 May 2025, with the payment scheduled for 26 May 2025, subject to approval by the 2025 AGM. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.55 (down from ฿0.80 in FY 2023). Revenue: ฿27.5b (up 5.6% from FY 2023). Net income: ฿1.64b (down 32% from FY 2023). Profit margin: 6.0% (down from 9.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Announcement • Feb 27
Osotspa Public Company Limited, Annual General Meeting, Apr 30, 2025 Osotspa Public Company Limited, Annual General Meeting, Apr 30, 2025, at 10:00 SE Asia Standard Time. Price Target Changed • Feb 26
Price target decreased by 7.4% to ฿21.95 Down from ฿23.71, the current price target is an average from 17 analysts. New target price is 51% above last closing price of ฿14.50. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.71 for next year compared to ฿0.80 last year. Price Target Changed • Feb 16
Price target decreased by 7.6% to ฿21.91 Down from ฿23.71, the current price target is an average from 19 analysts. New target price is 50% above last closing price of ฿14.60. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.71 for next year compared to ฿0.80 last year. Price Target Changed • Jan 30
Price target decreased by 9.2% to ฿23.71 Down from ฿26.11, the current price target is an average from 17 analysts. New target price is 39% above last closing price of ฿17.10. Stock is down 17% over the past year. The company is forecast to post earnings per share of ฿0.72 for next year compared to ฿0.80 last year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿17.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Beverage industry in Asia. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿33.27 per share. Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿28.1b to ฿27.6b. EPS estimate also fell from ฿1.01 per share to ฿0.88 per share. Net income forecast to grow 106% next year vs 14% growth forecast for Beverage industry in Thailand. Consensus price target down from ฿27.69 to ฿26.81. Share price rose 4.5% to ฿20.70 over the past week. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: ฿0.12 loss per share (down from ฿0.21 profit in 3Q 2023). Revenue: ฿6.37b (up 1.4% from 3Q 2023). Net loss: ฿361.2m (down 156% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.20 (up from ฿0.18 in 2Q 2023). Revenue: ฿7.35b (up 9.5% from 2Q 2023). Net income: ฿604.0m (up 9.9% from 2Q 2023). Profit margin: 8.2% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 15% per year and the company’s share price has also fallen by 15% per year. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.28 (vs ฿0.26 in 1Q 2023) First quarter 2024 results: EPS: ฿0.28 (up from ฿0.26 in 1Q 2023). Revenue: ฿7.33b (up 12% from 1Q 2023). Net income: ฿828.5m (up 6.5% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 16% per year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 23 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.5%). Announcement • Apr 25
Osotspa Public Company Limited Approves Dividend for the Second Half of 2023 During 1 July 2023 to 31 December 2023, Payable on 23 May 2024 Osotspa Public Company Limited at the AGM held on April 24, 2024, approved dividend payable from the Company's operation results in the second half of 2023 (during 1 July 2023 to 31 December 2023) and unappropriated retained earnings to shareholders at THB 0.45 per share in the approximate amount of THB 1,351.69 million. In this regard, the dividend payment at the rate THB 0.05 per share will be paid from the net profit of the subsidiary businesses promoted under the BOI which are currently exempted from tax and the dividend payment at the rate THB 0.40 per share will be paid from the net profit of the businesses which are subjected to 20% of corporate income tax in which the individual shareholders are entitled to claim tax credits at the rate of 20/80 of the dividend. The dividend will be paid to shareholders whose names appeared in the shareholders' list on 3 May 2024 as the Record Date, and dividend payment will be made on 23 May 2024. Buy Or Sell Opportunity • Apr 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ฿19.70. The fair value is estimated to be ฿25.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Announcement • Mar 02
Osotspa Public Company Limited, Annual General Meeting, Apr 24, 2024 Osotspa Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the company's performance results for the year 2023; to consider and approve the financial statements for the year ended 31 December, 2023; to consider and approve the dividend payment for the year ended 31 December, 2023 and to acknowledge the interim dividend payment; to consider and approve the elections of directors; and to transact other business. Declared Dividend • Mar 01
Dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 2nd May 2024 Payment date: 23rd May 2024 Dividend yield will be 8.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) nor is it covered by cash flows (378% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 34% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.80 (vs ฿0.64 in FY 2022) Full year 2023 results: EPS: ฿0.80 (up from ฿0.64 in FY 2022). Revenue: ฿26.6b (down 2.3% from FY 2022). Net income: ฿2.40b (up 24% from FY 2022). Profit margin: 9.0% (up from 7.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year. Announcement • Dec 29
Osotspa Public Company Limited Approves Board Changes Osotspa Public Company Limited approved the resignation of Mrs. Porntida Boonsa from directorship, with effect from 1 January 2024 onwards. The company approved the appointment of Mrs. Sirivipa Supantanet to be a director to replace the resigned director, with effect from 1 January 2024 onwards. Announcement • Nov 18
Osotspa Public Company Limited Announces Chief Financial Officer Changes Osotspa Public Company Limited announced resignation of Mrs. Porntida Boonsa as Chief Financial Officer and appointed Miss Ratiporn Ratcharoen as Group chief financial officer, with effect on November 14, 2023. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.21 (vs ฿0.081 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.21 (up from ฿0.081 in 3Q 2022). Revenue: ฿6.39b (up 3.5% from 3Q 2022). Net income: ฿642.1m (up 163% from 3Q 2022). Profit margin: 10.0% (up from 3.9% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Buying Opportunity • Oct 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ฿28.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 70% in the next 2 years. Announcement • Oct 14
Osotspa Public Company Limited to Report Q3, 2023 Results on Nov 08, 2023 Osotspa Public Company Limited announced that they will report Q3, 2023 results on Nov 08, 2023 Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.40 per share at 2.8% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 10
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: ฿0.18 (down from ฿0.20 in 2Q 2022). Revenue: ฿6.77b (down 5.8% from 2Q 2022). Net income: ฿549.4m (down 9.0% from 2Q 2022). Profit margin: 8.1% (down from 8.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 27
Upcoming dividend of ฿0.80 per share at 2.9% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 20 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.6%). Higher than average of industry peers (1.8%). Announcement • Jun 01
Unicharm Corporation (TSE:8113) entered into Share Transfer Instrument to acquire 5.85% stake in Unicharm (Thailand) Company Limited from Osotspa Public Company Limited (SET:OSP) for THB 3 billion. Unicharm Corporation (TSE:8113) entered into Share Transfer Instrument to acquire 5.85% stake in Unicharm (Thailand) Company Limited from Osotspa Public Company Limited (SET:OSP) for THB 3 billion on May 31, 2023. As part of transaction, 420,500 shares will be acquired. Reported Earnings • May 13
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: ฿0.26 (up from ฿0.25 in 1Q 2022). Revenue: ฿6.89b (down 7.8% from 1Q 2022). Net income: ฿777.9m (up 3.8% from 1Q 2022). Profit margin: 11% (up from 10.0% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 35%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.45 per share at 3.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 25 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ฿0.64 (down from ฿1.08 in FY 2021). Revenue: ฿27.5b (up 2.6% from FY 2021). Net income: ฿1.93b (down 41% from FY 2021). Profit margin: 7.0% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Beverage industry in Asia. 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 9% per year. Price Target Changed • Feb 24
Price target increased by 8.7% to ฿32.13 Up from ฿29.57, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of ฿31.75. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿0.67 for next year compared to ฿1.08 last year. Major Estimate Revision • Nov 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.86 to ฿0.71 per share. Revenue forecast steady at ฿27.9b. Net income forecast to grow 15% next year vs 20% growth forecast for Beverage industry in Thailand. Consensus price target broadly unchanged at ฿30.40. Share price rose 4.7% to ฿28.00 over the past week. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ฿0.08 (down from ฿0.19 in 3Q 2021). Revenue: ฿6.18b (flat on 3Q 2021). Net income: ฿243.8m (down 58% from 3Q 2021). Profit margin: 3.9% (down from 9.5% in 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Nov 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.86 to ฿0.70 per share. Revenue forecast steady at ฿28.1b. Net income forecast to grow 3.3% next year vs 20% growth forecast for Beverage industry in Thailand. Consensus price target broadly unchanged at ฿0. Share price was steady at ฿26.75 over the past week. Price Target Changed • Oct 19
Price target decreased to ฿32.13 Down from ฿34.94, the current price target is an average from 16 analysts. New target price is 27% above last closing price of ฿25.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.89 for next year compared to ฿1.08 last year. Buying Opportunity • Sep 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be ฿38.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 2.6%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: ฿0.20 (down from ฿0.27 in 2Q 2021). Revenue: ฿7.26b (up 5.0% from 2Q 2021). Net income: ฿603.7m (down 26% from 2Q 2021). Profit margin: 8.3% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 5.1%, compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Buying Opportunity • Jun 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.9%. The fair value is estimated to be ฿42.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Reported Earnings • May 14
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: ฿0.25 (down from ฿0.33 in 1Q 2021). Revenue: ฿7.47b (up 10% from 1Q 2021). Net income: ฿749.7m (down 25% from 1Q 2021). Profit margin: 10.0% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 4.8%, compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Buying Opportunity • May 05
Now 21% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be ฿42.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 3.0%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 9.1% per annum over the same time period. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.65 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 26 May 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.08 (down from ฿1.17 in FY 2020). Revenue: ฿27.3b (up 6.3% from FY 2020). Net income: ฿3.25b (down 7.1% from FY 2020). Profit margin: 12% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 3.7%, compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buying Opportunity • Feb 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be ฿42.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.1% per annum over the last 3 years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.31 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ฿6.58b (flat on 3Q 2020). Net income: ฿580.2m (down 37% from 3Q 2020). Profit margin: 8.8% (down from 14% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 10 September 2021. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.28 (vs ฿0.27 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿7.31b (up 26% from 2Q 2020). Net income: ฿819.8m (up 1.9% from 2Q 2020). Profit margin: 11% (down from 14% in 2Q 2020). The decrease in margin was driven by higher expenses. Executive Departure • Jul 13
Head of Controller Ratipat Phoemsap has left the company On the 1st of July, Ratipat Phoemsap's tenure as Head of Controller ended. We don't have any record of a personal shareholding under Ratipat's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.50 years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.31 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿7.12b (up 4.9% from 1Q 2020). Net income: ฿1.00b (up 8.4% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.65 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 25 May 2021. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.0%). Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 5.3%, compared to a 17% growth forecast for the Beverage industry in Thailand. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿1.17 (vs ฿1.09 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿26.1b (up 1.3% from FY 2019). Net income: ฿3.50b (up 7.5% from FY 2019). Profit margin: 13% (in line with FY 2019). Is New 90 Day High Low • Feb 20
New 90-day low: ฿33.75 The company is down 10.0% from its price of ฿37.50 on 20 November 2020. The Thai market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Beverage industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿33.45 per share. Is New 90 Day High Low • Dec 09
New 90-day high: ฿39.75 The company is up 3.0% from its price of ฿38.50 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 Beverage industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿28.29 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.31 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿6.67b (up 3.7% from 3Q 2019). Net income: ฿923.3m (up 10% from 3Q 2019). Profit margin: 14% (up from 13% in 3Q 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 7.8%, compared to a 17% growth forecast for the Beverage industry in Thailand. Is New 90 Day High Low • Sep 30
New 90-day low: ฿35.00 The company is down 11% from its price of ฿39.25 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Beverage industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿28.33 per share. 
