Reported Earnings • May 20
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: ฿0.59 (down from ฿0.73 in 1Q 2025). Revenue: ฿1.32b (up 12% from 1Q 2025). Net income: ฿182.9m (down 18% from 1Q 2025). Profit margin: 14% (down from 19% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 4.6% 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 5% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Independent Director Sutapa Amornvivat was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 22
Upcoming dividend of ฿1.75 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 21 May 2026. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 7.3%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (5.7%). Major Estimate Revision • Mar 17
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿5.75b to ฿5.59b. EPS estimate also fell from ฿2.96 per share to ฿2.66 per share. Net income forecast to grow 6.1% next year vs 11% growth forecast for Food industry in Thailand. Consensus price target down from ฿34.31 to ฿32.63. Share price was steady at ฿29.75 over the past week. Declared Dividend • Mar 09
Dividend reduced to ฿1.75 Dividend of ฿1.75 is 22% lower than last year. Ex-date: 29th April 2026 Payment date: 21st May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (234% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Sappe Public Company Limited announces Annual dividend, payable on May 21, 2026 Sappe Public Company Limited announced Annual dividend of THB 1.3600 per share payable on May 21, 2026, ex-date on April 29, 2026 and record date on April 30, 2026. Announcement • Mar 06
Sappe Public Company Limited, Annual General Meeting, Apr 22, 2026 Sappe Public Company Limited, Annual General Meeting, Apr 22, 2026, at 13:30 SE Asia Standard Time. Location: srinakarin room 1, 9th floor, the grand fourwings convention hotel, Thailand Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿2.53 (down from ฿4.07 in FY 2024). Revenue: ฿5.37b (down 24% from FY 2024). Net income: ฿776.2m (down 38% from FY 2024). Profit margin: 14% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 5.6%. Revenue is forecast to grow 7.0% 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 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.59 (down from ฿0.97 in 3Q 2024). Revenue: ฿1.37b (down 16% from 3Q 2024). Net income: ฿183.3m (down 39% from 3Q 2024). Profit margin: 13% (down from 18% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 4.8% 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 14% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿32.75, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Food industry in Thailand. Total loss to shareholders of 18% over the past three years. Price Target Changed • Aug 23
Price target decreased by 7.3% to ฿33.69 Down from ฿36.34, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿32.50. Stock is down 55% over the past year. The company is forecast to post earnings per share of ฿3.03 for next year compared to ฿4.07 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: EPS: ฿0.81 (down from ฿1.33 in 2Q 2024). Revenue: ฿1.58b (down 23% from 2Q 2024). Net income: ฿248.1m (down 40% from 2Q 2024). Profit margin: 16% (down from 20% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 4.3% 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 23% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿39.25, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Food industry in Thailand. Total returns to shareholders of 12% over the past three years. New Risk • Jul 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (56% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿33.50, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Food industry in Thailand. Total returns to shareholders of 2.5% over the past three years. Announcement • Jun 17
Sappe Public Company Limited (SET:SAPPE) announces an Equity Buyback for 5,000,000 shares, representing 1.62% for THB 250 million. Sappe Public Company Limited (SET:SAPPE) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 1.62% of its issued share capital for total worth of THB 250 million. The repurchased price shall not exceed 115% of the average closing price for the past 5 business days prior to share repurchase date. The purpose of the share repurchases is to build confidence on the company's strong financial position and future profitability regarding the current excess liquidity as well as to increase the return on equity and the earnings per share. The program is valid till December 19, 2025. As of April 23, 2025, the company had 308,289,080 shares issued and outstanding. Price Target Changed • May 26
Price target decreased by 17% to ฿36.25 Down from ฿43.78, the current price target is an average from 8 analysts. New target price is 16% above last closing price of ฿31.25. Stock is down 70% over the past year. The company is forecast to post earnings per share of ฿3.24 for next year compared to ฿4.07 last year. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.73 (down from ฿1.14 in 1Q 2024). Revenue: ฿1.18b (down 38% from 1Q 2024). Net income: ฿223.6m (down 37% from 1Q 2024). Profit margin: 19% (in line with 1Q 2024). Revenue missed analyst estimates by 9.7%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 7.0% 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 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 06
Price target decreased by 10% to ฿43.78 Down from ฿48.89, the current price target is an average from 8 analysts. New target price is 31% above last closing price of ฿33.50. Stock is down 65% over the past year. The company is forecast to post earnings per share of ฿3.83 for next year compared to ฿4.07 last year. Announcement • Apr 16
Sappe Public Company Limited Approves Dividend for the Period from 1 January 2024 to 31 December 2024, Payable on 8 May 2025 Sappe Public Company Limited announced that at the AGM held on 11 April 2025, approved dividend payment from the Company's performance for the year 2024 at a rate of THB 2.25 per share from net profit of the Company's performance during 1 January 2024 to 31 December 2024. This payment will be made from the net profit eligible for investment promotion (BOI) at a rate of THB 0.10 per share and from the net profit not eligible for investment promotion (Non-BOI) at a rate of THB 2.15 per share, totaling THB 693.65 million (or 55.65% of net profit for the year specified on the separate financial statements). The dividends will be paid to shareholders who are entitled to receive the dividends as listed on the Record Date on 23 April 2025, and the company will pay dividends on 8 May 2025. Upcoming Dividend • Apr 15
Upcoming dividend of ฿2.25 per share Eligible shareholders must have bought the stock before 22 April 2025. Payment date: 08 May 2025. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (5.3%). Announcement • Apr 12
Sappe Public Company Limited Announces Audit Committee Changes Sappe Public Company Limited announced the appointment of Ms. Sutapa Amornvivat as Independent Director in Audit Committee, Effective Date: 11-Apr-2025 and announced the resignation of Mrs. Niratchara Siriamphunkul from Audit Committee, effective from 08-May-2025. The Audit Committee consists of four members: Mr. Surath Pralongsil, the Chairman, with a remaining term of 3 years; Mr. Chanin Archjananun, an Audit Committee member, with a remaining term of 1 year; Ms. Sutapa Amornvivat, another Audit Committee member, with a remaining term of 3 years; and Ms. Sutatip Chantharangsee, the Secretary of the Audit Committee. Announcement • Apr 11
Sappe Public Company Limited Announces Changes of Company Secretary, Effective from April 12, 2025 Sappe Public Company Limited resolved to appoint Ms. Pimolmas Chaveworn as the Company Secretary, replacing Ms. Sutatip Chantharangsee, who has resigned from the position, effective from April 12, 2025 onwards. Major Estimate Revision • Mar 10
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿7.53b to ฿6.93b. EPS estimate also fell from ฿4.53 per share to ฿4.07 per share. Net income forecast to shrink 3.7% next year vs 9.9% growth forecast for Food industry in Thailand . Consensus price target down from ฿74.81 to ฿54.50. Share price fell 19% to ฿35.75 over the past week. Price Target Changed • Mar 07
Price target decreased by 12% to ฿72.28 Down from ฿82.19, the current price target is an average from 8 analysts. New target price is 89% above last closing price of ฿38.25. Stock is down 58% over the past year. The company is forecast to post earnings per share of ฿4.23 for next year compared to ฿4.07 last year. Declared Dividend • Mar 06
Dividend increased to ฿2.25 Dividend of ฿2.25 is 3.2% higher than last year. Ex-date: 22nd April 2025 Payment date: 8th May 2025 Dividend yield will be 5.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 03
Sappe Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2024 to 31 December 2024, Payable on 08 May 2025 Sappe Public Company Limited proposed a cash dividend of THB 2.25 per share for the Operating period from 01 January 2024 to 31 December 2024.
Derived from profit under non-BOI privilege THB 2.15 per share. Derived from profit under BOI privilege THB 0.10 per share. Record date for the right to receive dividends is 23 April 2025. Ex-dividend date is 22 April 2025. Payment date is 08 May 2025. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿44.25, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Food industry in Thailand. Total returns to shareholders of 96% over the past three years. Reported Earnings • Feb 25
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿4.07 (up from ฿3.49 in FY 2023). Revenue: ฿7.03b (up 13% from FY 2023). Net income: ฿1.25b (up 17% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 11
Price target decreased by 11% to ฿84.63 Down from ฿94.78, the current price target is an average from 8 analysts. New target price is 61% above last closing price of ฿52.50. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿4.13 for next year compared to ฿3.48 last year. New Risk • Dec 26
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 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (62% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 10x cash flows per share). Share price has been volatile over the past 3 months (6.2% average weekly change). New Risk • Nov 14
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 6.9% 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 Risk High level of non-cash earnings (43% accrual ratio). Minor Risks Dividend is not well covered by cash flows (117% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Price Target Changed • Aug 21
Price target decreased by 11% to ฿101 Down from ฿114, the current price target is an average from 6 analysts. New target price is 36% above last closing price of ฿74.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿4.27 for next year compared to ฿3.48 last year. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿76.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Food industry in Thailand. Total returns to shareholders of 200% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿104 per share. Buy Or Sell Opportunity • Aug 19
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ฿76.50. The fair value is estimated to be ฿102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ฿1.33 (up from ฿1.01 in 2Q 2023). Revenue: ฿2.06b (up 22% from 2Q 2023). Net income: ฿410.8m (up 32% from 2Q 2023). Profit margin: 20% (up from 18% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 10%. Revenue is forecast to grow 14% p.a. on average 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 41% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 11
Now 21% undervalued Over the last 90 days, the stock has risen 6.3% to ฿97.25. The fair value is estimated to be ฿122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. New Risk • May 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Price Target Changed • May 16
Price target increased by 7.7% to ฿110 Up from ฿102, the current price target is an average from 6 analysts. New target price is 9.7% above last closing price of ฿101. Stock is up 34% over the past year. The company is forecast to post earnings per share of ฿4.44 for next year compared to ฿3.48 last year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿1.14 (vs ฿0.89 in 1Q 2023) First quarter 2024 results: EPS: ฿1.14 (up from ฿0.89 in 1Q 2023). Revenue: ฿1.90b (up 23% from 1Q 2023). Net income: ฿352.3m (up 28% from 1Q 2023). Profit margin: 19% (in line with 1Q 2023). Revenue is forecast to grow 14% 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 40% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of ฿2.18 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (3.4%). Reported Earnings • Feb 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿3.49 (up from ฿2.12 in FY 2022). Revenue: ฿6.20b (up 28% from FY 2022). Net income: ฿1.07b (up 65% from FY 2022). Profit margin: 17% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 14% p.a. on average during the next 2 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 39% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 08
Now 23% undervalued Over the last 90 days, the stock has risen 7.6% to ฿85.00. The fair value is estimated to be ฿110, 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 37%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿84.00, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 342% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿109 per share. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿1.04 (up from ฿0.58 in 3Q 2022). Revenue: ฿1.70b (up 25% from 3Q 2022). Net income: ฿319.1m (up 79% from 3Q 2022). Profit margin: 19% (up from 13% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 14% 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 37% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 10
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿104, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 51% in the next 2 years. Buying Opportunity • Sep 25
Now 20% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be ฿103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 51% in the next 2 years. Buying Opportunity • Sep 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be ฿103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 52% in the next 2 years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿1.01 (vs ฿0.54 in 2Q 2022) Second quarter 2023 results: EPS: ฿1.01 (up from ฿0.54 in 2Q 2022). Revenue: ฿1.69b (up 27% from 2Q 2022). Net income: ฿312.3m (up 87% from 2Q 2022). Profit margin: 18% (up from 13% in 2Q 2022). The increase in margin was driven by higher 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. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 26
Price target increased by 8.6% to ฿91.55 Up from ฿84.30, the current price target is an average from 6 analysts. New target price is 20% above last closing price of ฿76.00. Stock is up 111% over the past year. The company is forecast to post earnings per share of ฿3.32 for next year compared to ฿2.12 last year. Major Estimate Revision • May 24
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿5.57b to ฿5.68b. EPS estimate increased from ฿2.64 to ฿2.92 per share. Net income forecast to grow 21% next year vs 12% growth forecast for Food industry in Thailand. Consensus price target up from ฿67.35 to ฿75.52. Share price rose 12% to ฿81.50 over the past week. Price Target Changed • May 22
Price target increased by 7.1% to ฿69.11 Up from ฿64.56, the current price target is an average from 6 analysts. New target price is 7.5% below last closing price of ฿74.75. Stock is up 112% over the past year. The company is forecast to post earnings per share of ฿2.64 for next year compared to ฿2.12 last year. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿74.50, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 370% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿51.77 per share. Price Target Changed • May 12
Price target increased by 9.8% to ฿67.35 Up from ฿61.32, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿68.50. Stock is up 128% over the past year. The company is forecast to post earnings per share of ฿2.63 for next year compared to ฿2.12 last year. Price Target Changed • Apr 11
Price target increased by 7.0% to ฿63.84 Up from ฿59.65, the current price target is an average from 4 analysts. New target price is 6.8% above last closing price of ฿59.75. Stock is up 113% over the past year. The company is forecast to post earnings per share of ฿2.63 for next year compared to ฿2.12 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.58 (vs ฿0.46 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.58 (up from ฿0.46 in 3Q 2021). Revenue: ฿1.36b (up 25% from 3Q 2021). Net income: ฿178.1m (up 26% from 3Q 2021). Profit margin: 13% (in line with 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent 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. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Padungdej Indralak was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.58 (vs ฿0.46 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.58 (up from ฿0.46 in 3Q 2021). Revenue: ฿1.36b (up 25% from 3Q 2021). Net income: ฿181.3m (up 28% from 3Q 2021). Profit margin: 13% (in line with 3Q 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 13
Price target increased to ฿51.38 Up from ฿46.33, the current price target is an average from 4 analysts. New target price is 19% above last closing price of ฿43.00. Stock is up 61% over the past year. The company is forecast to post earnings per share of ฿1.98 for next year compared to ฿1.35 last year. Reported Earnings • Aug 16
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.54 (up from ฿0.42 in 2Q 2021). Revenue: ฿1.33b (up 39% from 2Q 2021). Net income: ฿167.3m (up 32% from 2Q 2021). Profit margin: 13% (in line with 2Q 2021). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 2.5%, compared to a 8.4% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
Sappe Public Company Limited Announces Resignation of Kunnigar Triyangkulsri as Independent Director and Audit Committee Sappe Public Company Limited announced that on 10 August 2022, its Board of Directors has acknowledged the resignation of Ms. Kunnigar Triyangkulsri from the position of Independent Director and Audit Committee of the Company due to other business engagements which may affect her dedication of time to perform her duty as the Company's director with effect from 10 August 2022 onwards. Price Target Changed • Jul 09
Price target increased to ฿42.83 Up from ฿38.75, the current price target is an average from 3 analysts. New target price is 17% above last closing price of ฿36.75. Stock is up 46% over the past year. The company is forecast to post earnings per share of ฿1.71 for next year compared to ฿1.35 last year. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 18% share price gain to ฿35.25, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 116% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿61.01 per share. Price Target Changed • May 21
Price target increased to ฿38.75 Up from ฿32.25, the current price target is an average from 2 analysts. New target price is 14% above last closing price of ฿34.00. Stock is up 38% over the past year. The company is forecast to post earnings per share of ฿1.66 for next year compared to ฿1.35 last year. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.50 (up from ฿0.28 in 1Q 2021). Revenue: ฿1.14b (up 48% from 1Q 2021). Net income: ฿153.4m (up 77% from 1Q 2021). Profit margin: 13% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 5.6% compared to a 7.4% growth forecast for the 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 increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of ฿1.10 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 26 May 2022. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (3.2%). Board Change • Apr 27
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. Independent Director Padungdej Indralak was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿1.62 to ฿1.45 per share. Revenue forecast steady at ฿3.73b. Net income forecast to grow 8.0% next year vs 25% growth forecast for Food industry in Thailand. Consensus price target down from ฿34.08 to ฿32.58. Share price was steady at ฿25.00 over the past week. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ฿3.71b (up 12% from FY 2020). Net income: ฿410.8m (up 8.1% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 6.0% growth forecast for the 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 increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.47 (vs ฿0.44 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿1.08b (up 14% from 3Q 2020). Net income: ฿142.0m (up 6.9% from 3Q 2020). Profit margin: 13% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.42 (vs ฿0.27 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿960.5m (up 34% from 2Q 2020). Net income: ฿126.9m (up 53% from 2Q 2020). Profit margin: 13% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.28 (vs ฿0.27 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿772.6m (down 8.5% from 1Q 2020). Net income: ฿86.6m (up 5.6% from 1Q 2020). Profit margin: 11% (up from 9.7% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Upcoming Dividend • May 04
Upcoming dividend of ฿1.02 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 27 May 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (3.4%). Price Target Changed • Mar 24
Price target increased to ฿30.00 Up from ฿26.63, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿30.00. Stock is up 99% over the past year. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to ฿30.25, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Food industry in Thailand. Total returns to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿17.04 per share. Announcement • Mar 10
Sappe Public Company Limited, Annual General Meeting, Apr 29, 2021 Sappe Public Company Limited, Annual General Meeting, Apr 29, 2021, at 06:30 Coordinated Universal Time. Agenda: To consider matter to be informed by Chairman; to consider and approve the Minutes of the 2020 Annual General Shareholders' Meeting, held on 3 August 2020; to consider the Company's operating results for the year 2020; to consider and approve the Company's Financial Statements for the year 2020 ended 31 December 2020; to consider and approve dividend payment from the Company's performance for the year 2020; to consider and re-elect the directors, who are due to retire by rotation; to consider and approve the remuneration for the Board of Directors and Sub-Committee for the year 2021; to appoint the Company's auditors and determine the remuneration of the auditor for the year 2021; and to consider other matters. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿1.25 (vs ฿1.32 in FY 2019) The company reported a soft full year result with weaker earnings, although revenues and profit margins were flat. Full year 2020 results: Revenue: ฿3.32b (flat on FY 2019). Net income: ฿380.2m (down 5.7% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 23
New 90-day high: ฿24.50 The company is up 7.0% from its price of ฿22.90 on 25 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.96 per share. Is New 90 Day High Low • Dec 30
New 90-day low: ฿19.30 The company is down 9.0% from its price of ฿21.10 on 01 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.19 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 4.0%, compared to a 4.0% growth forecast for the Food industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.44 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿953.1m (up 14% from 3Q 2019). Net income: ฿132.8m (up 30% from 3Q 2019). Profit margin: 14% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Price Target Changed • Oct 28
Price target raised to ฿25.50 Up from ฿23.50, the current price target is an average from 4 analysts. The new target price is 20% above the current share price of ฿21.20. As of last close, the stock is down 12% over the past year. Price Target Changed • Oct 06
Price target raised to ฿25.00 Up from ฿22.50, the current price target is an average from 4 analysts. The new target price is 9.2% above the current share price of ฿22.90. As of last close, the stock is down 0.9% over the past year. Is New 90 Day High Low • Sep 24
New 90-day high: ฿21.90 The company is up 15% from its price of ฿19.00 on 25 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.53 per share. 
