Reported Earnings • May 17
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿0.11 (down from ฿0.47 in 1Q 2025). Revenue: ฿6.09b (down 17% from 1Q 2025). Net income: ฿200.8m (down 76% from 1Q 2025). Profit margin: 3.3% (down from 12% in 1Q 2025). Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to stay flat during the next 3 years compared to a 6.6% decline forecast for the Industrials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 08
Dividend increased to ฿0.25 Dividend of ฿0.25 is 14% higher than last year. Ex-date: 19th March 2026 Payment date: 19th May 2026 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 20% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 06
Thoresen Thai Agencies Public Company Limited Proposes Annual Dividend for the Fiscal Year Ended 31 December 2025, Payable on 19 May 2026 The Board of Directors of Thoresen Thai Agencies Public Company Limited considered to propose the 2026 e-AGM to consider and approve the annual dividend payment for the fiscal year end 31 December 2025 in the form of cash dividend payment to shareholders, in the amount of THB 0.25 per share, totaling approximately THB 451,423,116. The dividend for the year 2025 is subject to the approval of the 2026 e-AGM. If the 2026 e-AGM approves as proposed, the Company will pay the dividend on 19 May 2026. The Board fixed the Record Date on which the shareholders are entitled to receive a dividend to be on 20 March 2026. The Company has complied with the Public Limited Companies Act B.E. 2535 (as amended) (the "PLC Act") and the Company's Articles of Association, which the Company is required to reserve fund at least 5% of the net profits earned annually of the Company's separate financial statements less retained deficit (if any) until the reserve reaches at least 10% of the registered capital of the Company. Announcement • Mar 05
Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 28, 2026 Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 28, 2026, at 13:30 SE Asia Standard Time. Reported Earnings • Mar 02
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿0.83 (up from ฿0.73 in FY 2024). Revenue: ฿29.9b (down 7.1% from FY 2024). Net income: ฿1.52b (up 15% from FY 2024). Profit margin: 5.1% (up from 4.1% in FY 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Industrials industry in Asia are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 13
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿1.50 to ฿1.23 per share. Revenue forecast steady at ฿29.8b. Net income forecast to shrink 44% next year vs 13% growth forecast for Industrials industry in Thailand . Consensus price target of ฿5.30 unchanged from last update. Share price rose 8.1% to ฿4.54 over the past week. New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 171% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 42% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.60 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.28 (up from ฿0.60 loss in 3Q 2024). Revenue: ฿8.25b (down 6.0% from 3Q 2024). Net income: ฿502.9m (up ฿1.59b from 3Q 2024). Profit margin: 6.1% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Sep 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.2% 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 6.2% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.3% net profit margin). Major Estimate Revision • Sep 18
Consensus EPS estimates increase by 55% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿28.9b to ฿29.5b. EPS estimate increased from ฿0.48 to ฿0.745 per share. Net income forecast to grow 62% next year vs 18% growth forecast for Industrials industry in Thailand. Consensus price target up from ฿4.46 to ฿4.85. Share price rose 6.1% to ฿4.86 over the past week. Announcement • Aug 17
Thoresen Thai Agencies Public Company Limited (SET:TTA) announces an Equity Buyback for 182,246,456 shares, representing 10% for THB 1,000 million. Thoresen Thai Agencies Public Company Limited (SET:TTA) announces a share repurchase program. Under the program, the company will repurchase up to 182,246,456 shares, representing 10% of its issued share capital, for THB 1,000 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through February 13, 2026. Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.05 (down from ฿0.24 in 2Q 2024). Revenue: ฿7.23b (down 24% from 2Q 2024). Net income: ฿90.1m (down 79% from 2Q 2024). Profit margin: 1.2% (down from 4.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 41%. Revenue is expected to decline by 6.1% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 2.4%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 3,473% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.47 (vs ฿0.61 in 1Q 2024) First quarter 2025 results: EPS: ฿0.47 (down from ฿0.61 in 1Q 2024). Revenue: ฿7.30b (up 12% from 1Q 2024). Net income: ฿852.3m (down 24% from 1Q 2024). Profit margin: 12% (down from 17% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 8.4% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 30
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 ฿30.5b to ฿30.0b. EPS estimate also fell from ฿0.49 per share to ฿0.43 per share. Net income forecast to shrink 28% next year vs 9.5% growth forecast for Industrials industry in Thailand . Consensus price target down from ฿5.68 to ฿5.13. Share price was steady at ฿4.12 over the past week. Price Target Changed • Apr 29
Price target decreased by 12% to ฿5.13 Down from ฿5.85, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.08. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿0.43 for next year compared to ฿0.73 last year. Announcement • Apr 29
Thoresen Thai Agencies Public Company Limited Approves Dividend for the Fiscal Year Ended December 31, 2024, Payable on 16 May 2025 Thoresen Thai Agencies Public Company Limited at is AGM held on 28 April 2025 approved the appropriation of the net profits presented in the Company's separate financial statements for the fiscal year ended 31 December 2024 as the annual dividend payment in the form of cash to shareholders whose names appeared in the Company's shareholders register book on 21 March 2025 which is the date determined the shareholders who are entitled to receive the dividend ("Record Date") fixed by the Board of Directors, in the amount of THB 0.22 per share, totaling approximately THB 400,942,204 by majority votes of the shareholders and proxy holders who were present at the Meeting and cast their votes. The dividend payment shall be made on 16 May 2025. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.98, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Industrials industry in Asia. Total loss to shareholders of 53% over the past three years. Announcement • Apr 01
Thoresen Thai Agencies Public Company Limited has withdrawn its Follow-on Equity Offering in the amount of THB 4.920654 billion. Thoresen Thai Agencies Public Company Limited has withdrawn its Follow-on Equity Offering in the amount of THB 4.920654 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 911,232,282
Price\Range: THB 5.4
Transaction Features: Rights Offering New Risk • Mar 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.4% 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 Risk Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Mar 08
Dividend increased to ฿0.22 Dividend of ฿0.22 is 22% higher than last year. Ex-date: 20th March 2025 Payment date: 16th May 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (88% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Announcement • Mar 07
Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 28, 2025 Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 28, 2025, at 13:30 SE Asia Standard Time. Announcement • Mar 06
Thoresen Thai Agencies Public Company Limited Proposes Dividend for the Fiscal Year Ended December 31, 2024, Payable on 16 May 2025 Thoresen Thai Agencies Public Company Limited announced at the AGM held on April 28, 2025, proposed annual dividend payment for the fiscal year ended 31 December 2024 in the form of cash dividend payment to shareholders, in the amount of THB 0.22 per share, totalling approximately THB 400,942,204. The dividend for the year 2024 at the rate of THB 0.22 per share is subject to the approval of the 2025 e-AGM. If the 2025 e-AGM approves as proposed, the Company will pay the dividend on 16 May 2025. The Board fixed the Record Date on which the shareholders are entitled to receive a dividend to be on 21 March 2025. Ex-dividend date is 20 March 2025. Reported Earnings • Mar 01
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿0.73 (up from ฿0.67 in FY 2023). Revenue: ฿32.2b (up 34% from FY 2023). Net income: ฿1.32b (up 8.7% from FY 2023). Profit margin: 4.1% (down from 5.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 62%. Revenue is expected to decline by 7.1% p.a. on average during the next 2 years, while revenues in the Industrials industry in Asia are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 07
Consensus EPS estimates increase by 800%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ฿32.9b to ฿32.4b. EPS estimate rose from ฿0.05 to ฿0.45. Net income forecast to grow 196% next year vs 12% growth forecast for Industrials industry in Thailand. Consensus price target of ฿6.95 unchanged from last update. Share price fell 7.2% to ฿4.14 over the past week. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: ฿0.60 loss per share (down from ฿0.21 profit in 3Q 2023). Revenue: ฿8.78b (up 34% from 3Q 2023). Net loss: ฿1.09b (down 391% from profit in 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 23
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿29.8b to ฿33.4b. EPS estimate fell from ฿1.30 to ฿0.95. Net income forecast to shrink 0.1% next year vs 8.0% growth forecast for Industrials industry in Thailand . Consensus price target down from ฿10.00 to ฿8.20. Share price rose 3.5% to ฿5.90 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.24 (down from ฿0.35 in 2Q 2023). Revenue: ฿9.54b (up 59% from 2Q 2023). Net income: ฿438.2m (down 30% from 2Q 2023). Profit margin: 4.6% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Jun 08
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿29.8b to ฿33.0b. EPS estimate increased from ฿1.23 to ฿1.30 per share. Net income forecast to grow 16% next year vs 7.2% growth forecast for Industrials industry in Thailand. Consensus price target of ฿9.13 unchanged from last update. Share price was steady at ฿8.15 over the past week. New Risk • May 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.1% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share). Profit margins are more than 30% lower than last year (5.1% net profit margin). Reported Earnings • May 17
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: ฿0.61 (up from ฿0.12 in 1Q 2023). Revenue: ฿6.52b (up 37% from 1Q 2023). Net income: ฿1.12b (up 419% from 1Q 2023). Profit margin: 17% (up from 4.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Industrials industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Price Target Changed • May 15
Price target increased by 7.1% to ฿8.13 Up from ฿7.58, the current price target is an average from 2 analysts. New target price is 14% above last closing price of ฿7.10. Stock is up 2.9% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿0.67 last year. Announcement • Apr 27
Thoresen Thai Agencies Public Company Limited Approves Annual Dividend for the Fiscal Year Ended December 31, 2023, Payable on May 13, 2024 Thoresen Thai Agencies Public Company Limited at its AGM held on April 26, 2024 approved annual dividend payment for the fiscal year ended 31 December 2023 in the form of cash to shareholders whose names appeared in the Company's shareholders register book on 21 March 2024 which is the date determined the shareholders who are entitled to receive the dividend payment (Record Date) fixed by the Board of Directors, in the amount of THB 0.18 per share, totaling approximately THB 328,043,622 by majority votes of the shareholders and proxy holders who were present at the Meeting and cast their votes. The dividend payment shall be made on 13 May 2024. Upcoming Dividend • Mar 13
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 20 March 2024. Payment date: 13 May 2024. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (3.4%). Declared Dividend • Mar 08
Dividend reduced to ฿0.18 Dividend of ฿0.18 is 18% lower than last year. Ex-date: 20th March 2024 Payment date: 13th May 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (dividend approximately 29x free cash flows). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 26, 2024 Thoresen Thai Agencies Public Company Limited, Annual General Meeting, Apr 26, 2024, at 13:30 SE Asia Standard Time. Agenda: To acknowledge the results of operations of the Company for the fiscal year ended 31 December 2023; to consider and approve the Company’s audited financial statements for the fiscal year ended 31 December 2023 with the auditor's report thereon; to consider and approve the payment of dividend; to consider and approve the remuneration for directors and members of the subcommittees; to consider and approve the appointment of auditors and the determination of the audit fee for the fiscal year 2024; and to discuss other matters. Announcement • Mar 06
Thoresen Thai Agencies Public Company Limited Proposes Annual Dividend for the Fiscal Year Ended December 31, 2023, Payable on March 21, 2024 Thoresen Thai Agencies Public Company Limited proposed Board of Directors considered and deemed appropriate to propose the 2024 e-AGM to consider and approve the annual dividend payment for the fiscal year ended 31 December 2023 in the form of cash dividend payment to shareholders, in the amount of THB 0.18 per share, totalling approximately THB 328,043,622. The dividend for the year 2023 at the rate of THB 0.18 per share is subject to the approval of the 2024 e-AGM. If the 2024 e-AGM approves as proposed, the Company will pay the dividend on 13 May 2024. The Board fixed the Record Date on which the shareholders are entitled to receive a dividend to be on 21 March 2024. The Company's legal reserve has reached the amount as required by the Public Limited Companies Act B.E. 2535 (as amended) (the "PLC Act") and the Company's Articles of Association, which the Company is required to reserve fund at least 5 percent of the annual net profits until the reserve reaches at least 10 percent of the registered capital of the Company. Reported Earnings • Mar 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.67 (down from ฿1.79 in FY 2022). Revenue: ฿24.0b (down 18% from FY 2022). Net income: ฿1.22b (down 63% from FY 2022). Profit margin: 5.1% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Industrials industry in Asia. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿7.05, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Industrials industry in Asia. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.53 per share. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿6.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Industrials industry in Asia. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.51 per share. New Risk • Dec 04
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 7.0% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ฿0.21 (down from ฿0.79 in 3Q 2022). Revenue: ฿6.57b (down 19% from 3Q 2022). Net income: ฿374.7m (down 74% from 3Q 2022). Profit margin: 5.7% (down from 18% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 68%. Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ฿0.35 (down from ฿0.57 in 2Q 2022). Revenue: ฿6.00b (down 26% from 2Q 2022). Net income: ฿629.8m (down 39% from 2Q 2022). Profit margin: 11% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is expected to decline by 6.0% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 05
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿22.6b to ฿20.6b. EPS estimate also fell from ฿1.46 per share to ฿0.86 per share. Net income forecast to shrink 33% next year vs 14% growth forecast for Industrials industry in Thailand . Consensus price target down from ฿9.00 to ฿7.00. Share price fell 3.2% to ฿6.10 over the past week. Announcement • Jul 14
Thoresen Thai Agencies Public Company Limited Announces Executive Changes Thoresen Thai Agencies Public Company Limited announced termination of Miss Pentiwa Wongsophak as Associate Director, Corporate Accounting & Business Performance Analysis (Chief Accountant) . Effective date of termination is 13 July 2023 and appointment of Mr. Katarat Suksawang as Chief Accountant. Effective date of appointment is 14 July 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.54 in 1Q 2022) First quarter 2023 results: EPS: ฿0.12 (down from ฿0.54 in 1Q 2022). Revenue: ฿4.77b (down 21% from 1Q 2022). Net income: ฿215.0m (down 78% from 1Q 2022). Profit margin: 4.5% (down from 16% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 26% p.a. on average during the next 3 years, while revenues in the Industrials industry in Asia are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 14
Upcoming dividend of ฿0.22 per share at 2.8% yield Eligible shareholders must have bought the stock before 21 March 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (4.0%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Somboonkiat Kasemsuwan was the last independent director to join the board, commencing their role in 2016. 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: ฿0.79 (vs ฿0.89 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.79 (down from ฿0.89 in 3Q 2021). Revenue: ฿8.07b (up 36% from 3Q 2021). Net income: ฿1.45b (down 10% from 3Q 2021). Profit margin: 18% (down from 27% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the Industrials industry in Asia are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 08
Price target decreased to ฿12.20 Down from ฿13.70, the current price target is provided by 1 analyst. New target price is 49% above last closing price of ฿8.20. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿1.87 for next year compared to ฿2.12 last year. Major Estimate Revision • Aug 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿22.1b to ฿28.3b. EPS estimate fell from ฿2.00 to ฿1.87. Net income forecast to shrink 45% next year vs 4.8% growth forecast for Industrials industry in Thailand . Consensus price target down from ฿13.70 to ฿12.77. Share price fell 3.4% to ฿8.40 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.57 (vs ฿0.29 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.57 (up from ฿0.29 in 2Q 2021). Revenue: ฿8.09b (up 58% from 2Q 2021). Net income: ฿1.03b (up 95% from 2Q 2021). Profit margin: 13% (up from 10% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 19% compared to a 7.6% growth forecast for the Industrials industry in Thailand. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 20
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿21.3b to ฿22.1b. EPS estimate increased from ฿1.17 to ฿1.45 per share. Net income forecast to shrink 44% next year vs 16% growth forecast for Industrials industry in Thailand . Consensus price target up from ฿12.93 to ฿13.63. Share price rose 8.6% to ฿10.70 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.54 (up from ฿0.10 in 1Q 2021). Revenue: ฿6.03b (up 75% from 1Q 2021). Net income: ฿979.8m (up 418% from 1Q 2021). Profit margin: 16% (up from 5.5% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 13% compared to a 9.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to ฿12.93 Down from ฿14.30, the current price target is an average from 3 analysts. New target price is 35% above last closing price of ฿9.60. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿2.12 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Somboonkiat Kasemsuwan was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 17
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 0.9% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 17% share price gain to ฿11.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Industrials industry in Asia. Total returns to shareholders of 130% over the past three years. Price Target Changed • Mar 08
Price target decreased to ฿12.93 Down from ฿14.30, the current price target is an average from 3 analysts. New target price is 35% above last closing price of ฿9.60. Stock is up 12% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿2.12 last year. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿2.12 (up from ฿1.07 loss in FY 2020). Revenue: ฿22.1b (up 73% from FY 2020). Net income: ฿3.86b (up ฿5.80b from FY 2020). Profit margin: 17% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 8.8%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 7.6% compared to a 7.5% growth forecast for the 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 only increased by 24% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 03
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿19.7b to ฿20.3b. EPS estimate increased from ฿1.64 to ฿1.86 per share. Net income forecast to shrink 2.2% next year vs 15% growth forecast for Industrials industry in Thailand . Consensus price target broadly unchanged at ฿14.30. Share price rose 10% to ฿9.65 over the past week. Major Estimate Revision • Dec 03
Consensus EPS estimates increase to ฿1.64 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿18.3b to ฿19.7b. EPS estimate increased from ฿1.32 to ฿1.64 per share. Net income forecast to shrink 6.9% next year vs 18% growth forecast for Industrials industry in Thailand . Consensus price target down from ฿18.75 to ฿14.57. Share price was steady at ฿9.70 over the past week. Price Target Changed • Dec 02
Price target decreased to ฿14.35 Down from ฿19.13, the current price target is an average from 3 analysts. New target price is 51% above last closing price of ฿9.50. Stock is up 116% over the past year. The company is forecast to post earnings per share of ฿1.32 next year compared to a net loss per share of ฿1.07 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿6.36b (up 95% from 3Q 2020). Net income: ฿1.61b (up ฿2.97b from 3Q 2020). Profit margin: 25% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Price Target Changed • Jul 24
Price target increased to ฿19.13 Up from ฿17.60, the current price target is an average from 3 analysts. New target price is 30% above last closing price of ฿14.70. Stock is up 374% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.25 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.45b (up 4.6% from 1Q 2020). Net income: ฿189.1m (up ฿648.3m from 1Q 2020). Profit margin: 5.5% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 140 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 18
Upcoming Dividend of ฿0.02 Per Share Will be paid on the 13th of May to those who are registered shareholders by the 25th of March. The trailing yield of 0.2% is below the top quartile of Thai dividend payers (5.2%), and is lower than industry peers (2.8%). Analyst Estimate Surprise Post Earnings • Mar 03
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 13%, compared to a 9.4% growth forecast for the Industrials industry in Thailand. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿1.07 loss per share (vs ฿0.31 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿12.8b (down 17% from FY 2019). Net loss: ฿1.94b (down 446% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 17
New 90-day high: ฿6.80 The company is up 110% from its price of ฿3.24 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: ฿6.35 The company is up 104% from its price of ฿3.12 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ฿4.50 The company is up 61% from its price of ฿2.80 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 13% over the same period. Price Target Changed • Nov 27
Price target raised to ฿5.15 Up from ฿4.36, the current price target is provided by 1 analyst. The new target price is 17% above the current share price of ฿4.42. As of last close, the stock is up 0.9% over the past year. Is New 90 Day High Low • Nov 20
New 90-day high: ฿3.76 The company is up 34% from its price of ฿2.80 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 7.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: ฿0.75 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿3.37b (down 13% from 3Q 2019). Net loss: ฿1.35b (down 308% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 83% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿2.76 The company is down 15% from its price of ฿3.24 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is down 6.0% over the same period.