Reported Earnings • May 07
First quarter 2026 earnings released: EPS: ฿0.06 (vs ฿0.12 in 1Q 2025) First quarter 2026 results: EPS: ฿0.06 (down from ฿0.12 in 1Q 2025). Revenue: ฿1.60b (down 16% from 1Q 2025). Net income: ฿137.5m (down 47% from 1Q 2025). Profit margin: 8.6% (down from 14% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿7.53b to ฿7.26b. EPS estimate also fell from ฿0.39 per share to ฿0.32 per share. Net income forecast to shrink 8.5% next year vs 11% growth forecast for Food industry in Thailand . Consensus price target down from ฿5.35 to ฿4.95. Share price was steady at ฿3.40 over the past week. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿3.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 38% over the past three years. Upcoming Dividend • Feb 25
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 04 March 2026. Payment date: 06 May 2026. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (7.3%). Higher than average of industry peers (5.3%). Reported Earnings • Feb 21
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.35 (down from ฿0.47 in FY 2024). Revenue: ฿7.10b (up 2.6% from FY 2024). Net income: ฿740.7m (down 26% from FY 2024). Profit margin: 10% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Food industry in Thailand. 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 15% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 20
Consensus revenue estimates fall by 15% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿8.87b to ฿7.53b. EPS estimate fell from ฿0.50 to ฿0.39 per share. Net income forecast to grow 4.9% next year vs 8.9% growth forecast for Food industry in Thailand. Consensus price target down from ฿6.15 to ฿5.35. Share price fell 5.7% to ฿4.30 over the past week. Announcement • Feb 20
Asian Alliance International Public Company Limited, Annual General Meeting, Apr 09, 2026 Asian Alliance International Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Location: headquarters asian alliance-, international public company limited, 55/2 moo 2, rama 2 road, bang krachao, sub-district, mueang district, samut sakhon 74000, Thailand Announcement • Jan 02
Asian Alliance International Public Company Limited Announces CFO Changes, Effective December 30, 2025 Asian Alliance International Public Company Limited announced a change in the Chief Financial Officer (CFO) position. Miss Varanratch Assanupong will be terminated from the position of CFO, and Mr. Aekarat Punnasung will be appointed as the Acting CFO. The termination and appointment of the CFO will both be effective on December 30, 2025. The CFO is responsible for overall accounting and finance responsibilities within the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.08 (vs ฿0.14 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.08 (down from ฿0.14 in 3Q 2024). Revenue: ฿1.69b (down 11% from 3Q 2024). Net income: ฿177.6m (down 39% from 3Q 2024). Profit margin: 11% (down from 15% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% 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 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 15
First half dividend increased to ฿0.20 Dividend of ฿0.20 is 14% higher than last year. Ex-date: 26th August 2025 Payment date: 10th September 2025 Dividend yield will be 9.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (169% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 2 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control. EPS is expected to grow by 8.0% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (down from ฿0.14 in 2Q 2024). Revenue: ฿1.73b (flat on 2Q 2024). Net income: ฿194.7m (down 35% from 2Q 2024). Profit margin: 11% (down from 17% in 2Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Food industry in Thailand. New Risk • Jun 06
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 7.9% 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: 93% Cash payout ratio: 156% Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (up from ฿0.11 in 1Q 2024). Revenue: ฿1.92b (up 28% from 1Q 2024). Net income: ฿258.6m (up 6.8% from 1Q 2024). Profit margin: 14% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.27 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 20 May 2025. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 10%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.2%). Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.50 to ฿0.40 per share. Revenue forecast steady at ฿7.13b. Net income forecast to shrink 14% next year vs 11% growth forecast for Food industry in Thailand . Consensus price target down from ฿7.15 to ฿5.90. Share price fell 13% to ฿4.22 over the past week. New Risk • Apr 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% 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: 95% Cash payout ratio: 263% Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿4.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 4.9% over the past year. Reported Earnings • Feb 26
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.47 (up from ฿0.18 in FY 2023). Revenue: ฿6.93b (up 26% from FY 2023). Net income: ฿1.00b (up 162% from FY 2023). Profit margin: 14% (up from 7.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Food industry in Thailand. Announcement • Feb 26
Asian Alliance International Public Company Limited Proposes Cash Dividend for Operating Period from July 1, 2024 to December 31, 2024, Payable on 20 May 2025 Asian Alliance International Public Company Limited proposed dividend payment of THB 0.2701 per share for the operating period from 01 July 2024 to 31 Dec. 2024. Record date: 06-May-2025; Ex-dividend date: 02-May-2025; Payment date: 20-May-2025. Shareholder's meeting date: 24-Apr-2025. Derived from profit under non-BOI privilege (THB 0.0837 per share). Derived from profit under BOI privilege THB 0.1864 per share. Announcement • Feb 25
Asian Alliance International Public Company Limited, Annual General Meeting, Apr 24, 2025 Asian Alliance International Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: at the head office of asian alliance international, public company limited, no. 55/2 moo. 2 rama 2 road, bang krachao, mueang, samut sakhon province 7400, Thailand New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Dec 27
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿6.47b to ฿6.73b. EPS estimate increased from ฿0.44 to ฿0.49 per share. Net income forecast to grow 4.5% next year vs 14% growth forecast for Food industry in Thailand. Consensus price target of ฿8.50 unchanged from last update. Share price rose 5.2% to ฿6.10 over the past week. New Risk • Dec 13
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 Dividend is not well covered by cash flows (110% cash payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.056 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.14 (up from ฿0.056 in 3Q 2023). Revenue: ฿1.91b (up 39% from 3Q 2023). Net income: ฿289.1m (up 145% from 3Q 2023). Profit margin: 15% (up from 8.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Thailand. Board Change • Nov 08
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Supattana Ngimhoung was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿6.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Food industry in Thailand. Total returns to shareholders of 78% over the past year. Announcement • Aug 07
Asian Alliance International Public Company Limited Declares Cash Dividend for the Operating Period from January 1, 2024 to June 30, 2024, Payable on September 4, 2024 Asian Alliance International Public Company Limited declared cash dividend of THB 0.1785 per share for the operating period from January 1, 2024 to June 30, 2024. Ex-dividend date is August 1, 2024, Record date for the right to receive dividends is August 20, 2024 and Payment date is September 4, 2024. Major Estimate Revision • May 14
Consensus EPS estimates increase by 54% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.26 to ฿0.40. Revenue forecast unchanged at ฿6.46b. Net income forecast to grow 61% next year vs 21% growth forecast for Food industry in Thailand. Consensus price target up from ฿5.20 to ฿8.00. Share price rose 17% to ฿5.85 over the past week. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.034 in 1Q 2023) First quarter 2024 results: EPS: ฿0.11 (up from ฿0.034 in 1Q 2023). Revenue: ฿1.50b (up 6.9% from 1Q 2023). Net income: ฿242.1m (up 235% from 1Q 2023). Profit margin: 16% (up from 5.1% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.05, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 6.8% over the past year. Announcement • Apr 26
Asian Alliance International Public Company Limited Approves Dividend for the Year 2023, Payable May 17, 2024 Asian Alliance International Public Company Limited at its AGM held on April 24, 2024, approved the dividend payment for the operating results of the year 2023 to the shareholders of the company in the amount of THB 488,750,000.00 at the rate of 0.23 THB per share, which 106,250,00 interim dividends has already been paid on 8 September 2023 by resolution of the Board of Directors at the rate of 0.05 THB per share. Then, the company will pay another 382,500,000.00 dividends for the operating results in 2023, at the rate of 0.18 THB per share. 95,625,000.00 of which will be paid from the profit and retained earnings of businesses that are not exempted from corporate income tax (Non BOI), at the rate of 0.0450 THB per share and the other 286,875,000.00 THB will be paid from businesses that are exempted from the corporate income tax under BOI privilege (BOI), at the rate of 0.1350 per share. The board of directors approved to entitle rightful shareholders who can receive the dividend May 3, 2024, and the company will pay dividends to shareholders on May 17, 2024. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 17 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.4%). Major Estimate Revision • Mar 30
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿6.11b to ฿6.46b. EPS estimate increased from ฿0.22 to ฿0.26 per share. Net income forecast to grow 43% next year vs 20% growth forecast for Food industry in Thailand. Consensus price target up from ฿4.40 to ฿5.20. Share price rose 6.2% to ฿4.48 over the past week. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Food industry in Thailand. Total loss to shareholders of 33% over the past year. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.12 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (down from ฿0.12 in 3Q 2022). Revenue: ฿1.37b (down 31% from 3Q 2022). Net income: ฿118.2m (down 39% from 3Q 2022). Profit margin: 8.6% (down from 9.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.80, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 20x in the Food industry in Thailand. Total loss to shareholders of 49% over the past year. Major Estimate Revision • Oct 05
Consensus revenue estimates decrease by 12%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿6.05b to ฿5.30b. EPS estimate increased from ฿0.15 to ฿0.16 per share. Net income forecast to shrink 30% next year vs 21% growth forecast for Food industry in Thailand . Consensus price target up from ฿3.24 to ฿4.40. Share price rose 2.1% to ฿3.86 over the past week. New Risk • Oct 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.2% average weekly change). Minor Risk Short dividend paying track record (1 year of continuous dividend payments). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.28, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 19x in the Food industry in Thailand. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.05 per share at 3.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 46% and the cash payout ratio is 84%. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.11 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.01 (down from ฿0.11 in 2Q 2022). Revenue: ฿1.21b (down 34% from 2Q 2022). Net income: ฿26.2m (down 86% from 2Q 2022). Profit margin: 2.2% (down from 10.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Food industry in Thailand. New Risk • Jun 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% 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 Risk Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (177% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Major Estimate Revision • Jun 29
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿6.66b to ฿6.05b. EPS estimate also fell from ฿0.22 per share to ฿0.15 per share. Net income forecast to shrink 44% next year vs 14% growth forecast for Food industry in Thailand . Consensus price target down from ฿6.65 to ฿5.72. Share price fell 11% to ฿3.70 over the past week. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.74, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Food industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿2.37 per share. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.03 (down from ฿0.11 in 1Q 2022). Revenue: ฿1.40b (down 20% from 1Q 2022). Net income: ฿72.3m (down 60% from 1Q 2022). Profit margin: 5.1% (down from 10% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿4.54, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Food industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿3.23 per share. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿5.90, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Food industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿3.23 per share. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ฿0.12. Net income: ฿195.2m (up ฿195.2m from 3Q 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Food industry in Thailand. Announcement • Nov 02
Asian Alliance International Public Company Limited has completed an IPO in the amount of THB 3.538125 billion. Asian Alliance International Public Company Limited has completed an IPO in the amount of THB 3.538125 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 522,974,067
Price\Range: THB 5.55
Security Features: Thai NVDR
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 114,525,933
Price\Range: THB 5.55
Security Features: Thai NVDR
Transaction Features: Rights Offering 
