Buy Or Sell Opportunity • Jul 08
Now 21% undervalued Over the last 90 days, the stock has risen 40% to ฿18.70. The fair value is estimated to be ฿23.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.8% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿18.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 4.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.29 per share. Price Target Changed • Jun 22
Price target decreased by 12% to ฿15.35 Down from ฿17.45, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿15.70. Stock is up 6.1% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿1.18 last year. New Risk • Jun 20
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 6.3% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿15.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.34 per share. Announcement • Jun 06
Exotic Food Public Company Limited to Report Q1, 2026 Results on Jun 04, 2026 Exotic Food Public Company Limited announced that they will report Q1, 2026 results on Jun 04, 2026 Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.30 (vs ฿0.26 in 1Q 2025) First quarter 2026 results: EPS: ฿0.30 (up from ฿0.26 in 1Q 2025). Revenue: ฿518.3m (up 6.9% from 1Q 2025). Net income: ฿128.7m (up 14% from 1Q 2025). Profit margin: 25% (up from 23% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 26
Final dividend reduced to ฿0.36 Dividend of ฿0.36 is 7.7% lower than last year. Ex-date: 9th March 2026 Payment date: 20th March 2026 Dividend yield will be 4.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿1.18 (down from ฿1.85 in FY 2024). Revenue: ฿2.15b (down 14% from FY 2024). Net income: ฿506.6m (down 36% from FY 2024). Profit margin: 24% (down from 32% in FY 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.31 (vs ฿0.37 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.31 (down from ฿0.37 in 3Q 2024). Revenue: ฿511.2m (down 7.8% from 3Q 2024). Net income: ฿131.8m (down 16% from 3Q 2024). Profit margin: 26% (down from 28% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 03
Price target decreased by 11% to ฿17.75 Down from ฿19.85, the current price target is an average from 2 analysts. New target price is 14% above last closing price of ฿15.60. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.85 last year. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.40 (vs ฿0.58 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.40 (down from ฿0.58 in 2Q 2024). Revenue: ฿610.0m (down 14% from 2Q 2024). Net income: ฿170.0m (down 32% from 2Q 2024). Profit margin: 28% (down from 35% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.45b to ฿2.28b. EPS estimate also fell from ฿1.58 per share to ฿1.39 per share. Net income forecast to shrink 1.8% next year vs 9.5% growth forecast for Food industry in Thailand . Consensus price target down from ฿19.85 to ฿17.95. Share price fell 5.6% to ฿15.10 over the past week. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.26 (vs ฿0.62 in 1Q 2024) First quarter 2025 results: EPS: ฿0.26 (down from ฿0.62 in 1Q 2024). Revenue: ฿486.2m (down 32% from 1Q 2024). Net income: ฿113.2m (down 57% from 1Q 2024). Profit margin: 23% (down from 37% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 28
Exotic Food Public Company Limited Approves Omission of Dividend Payment for the Year 2024 Exotic Food Public Company Limited at its Annual General Meeting of Shareholders held on April 28, 2025, approved the omission of the additional dividend payment for the year 2024. Price Target Changed • Apr 25
Price target decreased by 22% to ฿19.85 Down from ฿25.52, the current price target is an average from 2 analysts. New target price is 18% above last closing price of ฿16.80. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿1.58 for next year compared to ฿1.85 last year. Buy Or Sell Opportunity • Mar 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to ฿15.50. The fair value is estimated to be ฿19.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 0.4% per annum over the same time period. Announcement • Mar 07
Exotic Food Public Company Limited Omits Dividend from January 1, 2024 to December 31, 2024 Exotic Food Public Company Limited Ommited Dividend from January 1, 2024 to December 31, 2024. Announcement • Mar 06
Exotic Food Public Company Limited, Annual General Meeting, Apr 28, 2025 Exotic Food Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Buy Or Sell Opportunity • Mar 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to ฿14.90. The fair value is estimated to be ฿19.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 0.4% per annum over the same time period. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿1.85 (up from ฿1.84 in FY 2023). Revenue: ฿2.50b (down 1.4% from FY 2023). Net income: ฿790.8m (flat on FY 2023). Profit margin: 32% (in line with FY 2023). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 2.4%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Final dividend of ฿0.39 announced Shareholders will receive a dividend of ฿0.39. Ex-date: 13th March 2025 Payment date: 27th March 2025 Dividend yield will be 12%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio) nor is it covered by cash flows (149% cash payout ratio). The dividend has increased by an average of 37% per year over the past 9 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. However, EPS is expected to decline by 2.8% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Mar 01
Exotic Food Public Company Limited Proposes Cash Dividend for the Operating Period from 01-January 2024 to 31-December 2024, Payable on March 27, 2025 Exotic Food Public Company Limited proposes cash dividend of THB 0.388 per share for the Operating period from 01-January 2024 to 31-December 2024. Payment date: 27-March. 2025. Ex-dividend date: 13-March 2025. Record date for the right to receive dividends:14-March 2025. New Risk • Jan 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 140% Earnings are forecast to decline by an average of 6.4% per year for the foreseeable future. High level of non-cash earnings (35% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿18.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Food industry in Thailand. Total returns to shareholders of 2.9% over the past three years. New Risk • Jan 03
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 6.7% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 140% High level of non-cash earnings (35% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿22.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Food industry in Thailand. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿40.03 per share. Price Target Changed • Nov 29
Price target decreased by 14% to ฿23.55 Down from ฿27.30, the current price target is an average from 3 analysts. New target price is 18% above last closing price of ฿19.90. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿1.90 for next year compared to ฿1.84 last year. Declared Dividend • Aug 16
First half dividend increased to ฿1.70 Dividend of ฿1.70 is 375% higher than last year. Ex-date: 27th August 2024 Payment date: 10th September 2024 Dividend yield will be 8.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 31% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 10% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.58 (vs ฿0.50 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.58 (up from ฿0.50 in 2Q 2023). Revenue: ฿711.4m (up 15% from 2Q 2023). Net income: ฿249.4m (up 17% from 2Q 2023). Profit margin: 35% (in line with 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 7.0% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿23.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿29.99 per share. Buy Or Sell Opportunity • Jul 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿23.90. The fair value is estimated to be ฿29.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 2.0% in 2 years. Earnings are forecast to decline by 11% in the next 2 years. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.62 (vs ฿0.23 in 1Q 2023) First quarter 2024 results: EPS: ฿0.62 (up from ฿0.23 in 1Q 2023). Revenue: ฿713.2m (up 80% from 1Q 2023). Net income: ฿263.7m (up 173% from 1Q 2023). Profit margin: 37% (up from 24% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 21% per year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿31.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿27.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 117% over the past three years. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ฿22.90. The fair value is estimated to be ฿28.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿2.79b to ฿2.53b. EPS estimate also fell from ฿2.28 per share to ฿1.91 per share. Net income forecast to grow 3.2% next year vs 16% growth forecast for Food industry in Thailand. Consensus price target down from ฿35.70 to ฿28.08. Share price fell 9.0% to ฿23.20 over the past week. Price Target Changed • Mar 05
Price target decreased by 19% to ฿28.08 Down from ฿34.70, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿23.20. Stock is up 84% over the past year. The company is forecast to post earnings per share of ฿1.91 for next year compared to ฿1.84 last year. Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.53 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (3.6%). Major Estimate Revision • Feb 27
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿2.04 to ฿2.28. Revenue forecast unchanged at ฿2.79b. Net income forecast to grow 23% next year vs 21% growth forecast for Food industry in Thailand. Consensus price target of ฿35.70 unchanged from last update. Share price rose 11% to ฿25.75 over the past week. Announcement • Feb 21
Exotic Food Public Company Limited, Annual General Meeting, Apr 29, 2024 Exotic Food Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders, held on April 24, 2023; to acknowledge the Board of Directors' report on the Company's operating results for 2023; to approve the statements of financial position and statements of income for the year ended December 31 2023; to consider and approve the appropriation of the net profit and dividend payment for the year 2023; to consider and approve the reappointment of directors who will retire by rotation; to consider and approve the appointment of the Company's external auditors and fix their remuneration for the year 2024; and to consider other matters. Reported Earnings • Feb 21
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿1.84 (up from ฿0.80 in FY 2022). Revenue: ฿2.53t (up ฿2.53t from FY 2022). Net income: ฿785.0b (up ฿784.7b from FY 2022). Profit margin: 31% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is expected to decline by 171% p.a. on average during the next 2 years, while revenues in the Food industry in Thailand are expected to grow by 7.8%. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Announcement • Feb 21
Exotic Food Public Company Limited Proposes Dividend, Payable on May 15, 2024 Exotic Food Public Company Limited to propose to shareholders at the 2024 AGM to consider and approve the dividend payment at the rate of THB 0.53 per share with the total amount of THB 226,210,533 from the profit that derived from the Board of Investment (BOI) promoted activities to which an individual shareholder would not be entitled to a Dividend Tax Credit. In this regard, the record date for determining a list of shareholders, who are entitled to receive the dividend, shall be on March 8th, 2024. The dividend payment shall be made on May 15th, 2024. However, the dividend payment is uncertain as it is subjected to shareholder approval at the 2024 AGM. The Company paid an interim dividend from the net profit for the first six month period of 2023 at the rate of THB 0.358 per share on September 14th, 2023. Therefore, the total dividend payment for the fiscal year 2023 will be THB 0.888 per share. This agenda concerning interim dividend payment will be presented to shareholders at the 2024 AGM for acknowledgement, along with a proposal for the remaining dividend payment. Buying Opportunity • Jan 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ฿30.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 42% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Buying Opportunity • Dec 26
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿30.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 42% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Major Estimate Revision • Nov 24
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿2.22b to ฿2.29b. EPS estimate increased from ฿1.59 to ฿1.77 per share. Net income forecast to grow 31% next year vs 25% growth forecast for Food industry in Thailand. Consensus price target up from ฿34.70 to ฿35.70. Share price was steady at ฿28.50 over the past week. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.58 (vs ฿0.16 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.58 (up from ฿0.16 in 3Q 2022). Revenue: ฿702.4m (up 112% from 3Q 2022). Net income: ฿248.1m (up 263% from 3Q 2022). Profit margin: 35% (up from 21% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿35.00, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Food industry in Thailand. Total returns to shareholders of 261% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿49.03 per share. Upcoming Dividend • Aug 24
Upcoming dividend of ฿0.36 per share at 1.8% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿29.50, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 257% over the past three years. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ฿617.8m (up 56% from 2Q 2022). Net income: ฿212.8m (up 125% from 2Q 2022). Profit margin: 35% (up from 24% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿23.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 261% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿22.90, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 325% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿16.10, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 182% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿13.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Food industry in Thailand. Total returns to shareholders of 190% over the past three years. Buying Opportunity • Mar 14
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿15.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 5.5% in a year. Earnings is forecast to grow by 8.5% in the next year. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.21 per share at 4.5% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (3.0%). Price Target Changed • Nov 16
Price target decreased to ฿16.30 Down from ฿24.00, the current price target is an average from 2 analysts. New target price is 27% above last closing price of ฿12.80. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.85 for next year compared to ฿1.09 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. Chairman Banphot Hongthong was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 65% and the cash payout ratio is 83%. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.36 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.22 (down from ฿0.36 in 2Q 2021). Revenue: ฿396.9m (down 13% from 2Q 2021). Net income: ฿94.8m (down 39% from 2Q 2021). Profit margin: 24% (down from 34% in 2Q 2021). Over the next year, revenue is forecast to grow 3.2%, compared to a 8.7% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 33% per year. Board Change • May 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. Chairman Banphot Hongthong was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿1.09 (up from ฿0.75 in FY 2020). Revenue: ฿1.54b (up 21% from FY 2020). Net income: ฿462.3m (up 45% from FY 2020). Profit margin: 30% (up from 25% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 5.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.23 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿343.0m (down 1.2% from 3Q 2020). Net income: ฿94.9m (down 1.7% from 3Q 2020). Profit margin: 28% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿17.10, the stock trades at a trailing P/E ratio of 16.6x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 89% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 10 September 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (3.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.36 (vs ฿0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿458.0m (up 35% from 2Q 2020). Net income: ฿154.6m (up 68% from 2Q 2020). Profit margin: 34% (up from 27% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 41% share price gain to ฿22.20, the stock trades at a trailing P/E ratio of 24.9x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 206% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.11 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿354.5m (up 29% from 1Q 2020). Net income: ฿104.9m (up 122% from 1Q 2020). Profit margin: 30% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 16% share price gain to ฿15.70, the stock trades at a trailing P/E ratio of 20.9x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 171% over the past three years. Price Target Changed • Mar 05
Price target raised to ฿15.00 Up from ฿13.90, the current price target is provided by 1 analyst. The new target price is 19% above the current share price of ฿12.60. As of last close, the stock is up 215% over the past year. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.75 (vs ฿0.30 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.28b (up 28% from FY 2019). Net income: ฿318.5m (up 161% from FY 2019). Profit margin: 25% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue beats expectations Revenue exceeded analyst estimates by 7.2%. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 20% share price gain to ฿13.40, the stock is trading at a trailing P/E ratio of 24.3x, up from the previous P/E ratio of 20.3x. This compares to an average P/E of 17x in the Food industry in Thailand. Total returns to shareholders over the past three years are 223%. Is New 90 Day High Low • Feb 01
New 90-day high: ฿12.20 The company is up 13% from its price of ฿10.80 on 03 November 2020. The Thai market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: ฿11.90 The company is up 3.0% from its price of ฿11.50 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to ฿11.10, the stock is trading at a trailing P/E ratio of 20.1x, up from the previous P/E ratio of 16.8x. This compares to an average P/E of 17x in the Food industry in Thailand. Total returns to shareholders over the past three years are 156%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to ฿10.40, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.2x. This compares to an average P/E of 17x in the Food industry in Thailand. Total returns to shareholders over the past three years are 138%. Is New 90 Day High Low • Dec 14
New 90-day low: ฿8.80 The company is down 3.0% from its price of ฿9.10 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 2.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.23 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿347.1m (up 35% from 3Q 2019). Net income: ฿96.6m (up 133% from 3Q 2019). Profit margin: 28% (up from 16% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Oct 01
New 90-day high: ฿10.70 The company is up 45% from its price of ฿7.40 on 03 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 3.0% over the same period. 
