Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.06 (vs ฿0.10 in 1Q 2025) First quarter 2026 results: EPS: ฿0.06 (down from ฿0.10 in 1Q 2025). Revenue: ฿228.5m (down 14% from 1Q 2025). Net income: ฿34.8m (down 36% from 1Q 2025). Profit margin: 15% (down from 21% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 30 April 2026. Payout ratio is on the higher end at 100%, and the cash payout ratio is above 100%. Trailing yield: 7.2%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (4.7%). Buy Or Sell Opportunity • Feb 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to ฿5.40. The fair value is estimated to be ฿6.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.1%. Revenue is forecast to grow by 9.8% in a year. Earnings are forecast to grow by 24% in the next year. Declared Dividend • Feb 16
Final dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 10th April 2026 Payment date: 30th April 2026 Dividend yield will be 7.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (158% earnings payout ratio) nor is it adequately covered by cash flows (91% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 75% to bring the payout ratio under control. However, EPS is expected to remain steady over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Ankündigung • Feb 14
Union Auction Public Company Limited Proposes Cash Dividend for the Period from July 1, 2025 to December 31, 2025, Payable on April 30, 2026 Union Auction Public Company Limited at its AGM to be held on April 3, 2026, proposed cash dividend of THB 0.205 per share for the period from July 1, 2025 to December 31, 2025. Date of Board resolution is February 13, 2026. Record date for the right to receive dividends is April 16, 2026, Ex-dividend date is April 10, 2026. Payment date is April 30, 2026. Ankündigung • Feb 13
Union Auction Public Company Limited, Annual General Meeting, Apr 03, 2026 Union Auction Public Company Limited, Annual General Meeting, Apr 03, 2026, at 10:00 SE Asia Standard Time. New Risk • Nov 16
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: 20% Last year net profit margin: 30% 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: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Dividend is not well covered by earnings (148% payout ratio). Profit margins are more than 30% lower than last year (20% net profit margin). Market cap is less than US$100m (฿3.11b market cap, or US$95.8m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.17 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.27. Revenue: ฿253.9m (down 23% from 3Q 2024). Net income: ฿51.2m (down 45% from 3Q 2024). Profit margin: 20% (down from 28% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Consumer Services industry in Asia. New Risk • Oct 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.19b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). 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 earnings (99% payout ratio). Market cap is less than US$100m (฿3.19b market cap, or US$97.3m). New Risk • Oct 02
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 3.9% 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 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 earnings (99% payout ratio). Share price has been volatile over the past 3 months (3.9% average weekly change). Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿7.85, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the Consumer Services industry in Asia. Total loss to shareholders of 5.3% over the past three years. Declared Dividend • Aug 10
First half dividend of ฿0.16 announced Shareholders will receive a dividend of ฿0.16. Ex-date: 21st August 2025 Payment date: 5th September 2025 Dividend yield will be 7.2%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio) nor is it covered by cash flows (178% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 53% to bring the payout ratio under control. However, EPS is expected to decline by 2.8% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.08 (vs ฿0.15 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.08 (down from ฿0.15 in 2Q 2024). Revenue: ฿262.5m (down 15% from 2Q 2024). Net income: ฿44.5m (down 47% from 2Q 2024). Profit margin: 17% (down from 27% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.4% p.a. on average during the next 2 years, while revenues in the Consumer Services industry in Asia are expected to grow by 9.6%. 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 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 20
Now 20% overvalued Over the last 90 days, the stock has fallen 26% to ฿5.55. The fair value is estimated to be ฿4.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to decline by 7.1% in a year. Earnings are forecast to decline by 18% in the next year. Buy Or Sell Opportunity • Jun 04
Now 20% overvalued Over the last 90 days, the stock has fallen 27% to ฿5.50. The fair value is estimated to be ฿4.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to decline by 7.1% in a year. Earnings are forecast to decline by 18% in the next year. New Risk • May 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.19b (US$97.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 157% Earnings are forecast to decline by an average of 9.9% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (฿3.19b market cap, or US$97.4m). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿6.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Consumer Services industry in Asia. Total loss to shareholders of 13% over the past three years. New Risk • May 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.9% 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: 120% Cash payout ratio: 157% Earnings are forecast to decline by an average of 9.9% per year for the foreseeable future. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.10 (vs ฿0.22 in 1Q 2024) First quarter 2025 results: EPS: ฿0.10 (down from ฿0.22 in 1Q 2024). Revenue: ฿266.4m (down 23% from 1Q 2024). Net income: ฿54.7m (down 54% from 1Q 2024). Profit margin: 21% (down from 35% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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: 99% Cash payout ratio: 128% Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Upcoming Dividend • Apr 04
Upcoming dividend of ฿0.32 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 02 May 2025. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 9.0%. Within top quartile of Thai dividend payers (7.7%). Higher than average of industry peers (4.6%). Price Target Changed • Mar 19
Price target decreased by 13% to ฿11.07 Down from ฿12.67, the current price target is an average from 3 analysts. New target price is 50% above last closing price of ฿7.40. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.66 for next year compared to ฿0.68 last year. Declared Dividend • Feb 17
Final dividend of ฿0.32 announced Shareholders will receive a dividend of ฿0.32. Ex-date: 11th April 2025 Payment date: 2nd May 2025 Dividend yield will be 8.7%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 1.2% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿0.68 (vs ฿0.63 in FY 2023) Full year 2024 results: EPS: ฿0.68 (up from ฿0.63 in FY 2023). Revenue: ฿1.30b (up 5.1% from FY 2023). Net income: ฿371.3m (up 6.7% from FY 2023). Profit margin: 28% (in line with FY 2023). Revenue is forecast to stay flat during the next 2 years compared to a 13% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Ankündigung • Feb 14
Union Auction Public Company Limited, Annual General Meeting, Apr 04, 2025 Union Auction Public Company Limited, Annual General Meeting, Apr 04, 2025, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.17 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.17 (down from ฿0.17 in 3Q 2023). Revenue: ฿328.0m (flat on 3Q 2023). Net income: ฿93.0m (flat on 3Q 2023). Profit margin: 28% (in line with 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 14% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Sep 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% 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 1.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (102% payout ratio). Declared Dividend • Aug 11
First half dividend increased to ฿0.35 Dividend of ฿0.35 is 35% higher than last year. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.5%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.8% over the next 3 years. However, it would need to fall by 42% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.12 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.15 (up from ฿0.12 in 2Q 2023). Revenue: ฿308.5m (up 14% from 2Q 2023). Net income: ฿83.4m (up 28% from 2Q 2023). Profit margin: 27% (up from 24% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Ankündigung • Aug 10
Union Auction Public Company Limited Announces Interim Cash Dividend Payment for the Operating Period from 01 January 2024 to 30 June 2024, Payable on 06 September 2024 Union Auction Public Company Limited announced Interim Cash dividend payment of THB 0.35 per share for the Operating period from 01 January 2024 to 30 June 2024. Payment date is 06 September 2024. Record date for the right to receive dividends is 23 August 2024. Ex-dividend date is 22 August 2024. Date of Board resolution is 9 August 2024. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿9.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Consumer Services industry in Asia. Total returns to shareholders of 9.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.05 per share. Upcoming Dividend • Apr 04
Upcoming dividend of ฿0.37 per share Eligible shareholders must have bought the stock before 11 April 2024. Payment date: 03 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: 6.3%. Within top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (3.8%). Ankündigung • Mar 21
Union Auction Public Company Limited Appoints Sutee Samathi as Member of the Executive and Sustainable Development Committee and Managing Director, Effective from 16 February 2024 Union Auction Public Company Limited at its board meeting held on 16 February 2024, approved to appoint Mr. Sutee Samathi as member of the Executive and Sustainable Development Committee and Managing Director, effective from 16 February 2024 onward. Reported Earnings • Feb 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.63 (up from ฿0.46 in FY 2022). Revenue: ฿1.24b (up 30% from FY 2022). Net income: ฿347.9m (up 39% from FY 2022). Profit margin: 28% (up from 26% in FY 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 4.5%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Consumer Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Ankündigung • Feb 17
Union Auction Public Company Limited, Annual General Meeting, Apr 05, 2024 Union Auction Public Company Limited, Annual General Meeting, Apr 05, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledge the operating results of the Company for the year 2023; to consider and approve the financial statements for the fiscal year ended 31 December 2023; to consider and approve the appropriation of profit for statutory reserve and dividend payment for the 2023 operating results; to consider and approve the appointment of 2 additional directors; to consider and approve the appointment of the auditors and the remuneration of the auditors for the year 2024; and to consider other matters. Ankündigung • Jan 31
Union Auction Public Company Limited Announces Resignation of Suvit Yoadjarust as Chairman of the Executive and Sustainable Development Committee Union Auction Public Company Limited informed that Mr. Suvit Yoadjarust, Director and Chairman of the Executive and Sustainable Development Committee, has informed to resign from the position of Chairman of the Executive and Sustainable Development Committee but shall remain the position as a Director having effective on 1 February 2024 onward. Price Target Changed • Oct 25
Price target increased by 9.8% to ฿13.10 Up from ฿11.93, the current price target is an average from 3 analysts. New target price is 34% above last closing price of ฿9.80. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of ฿0.64 for next year compared to ฿0.46 last year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.26 per share at 4.5% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.0%). Reported Earnings • Aug 12
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ฿270.7m (up 33% from 2Q 2022). Net income: ฿65.2m (up 46% from 2Q 2022). Profit margin: 24% (up from 22% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Services industry in Asia. Ankündigung • Aug 12
Union Auction Public Company Limited Approves the Interim Cash Dividend Payment for the Operating Results from January 01, 2023 to June 30, 2023, Payable on September 08, 2023 The Board of the Directors' Meeting of the Union Auction Public Company Limited held on August 11, 2023 has approved the interim cash dividend payment for the operating results from January 01, 2023 to June 30, 2023 at the rate of THB 0.15 per share. The date on which the recorded shareholders are entitled to receive the dividend (Record Date) was determined to be on August 25, 2023. Ex-dividend on August 24, 2023. The dividend payment will be made on September 08, 2023. Major Estimate Revision • Jun 15
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿1.08b to ฿1.11b. EPS estimate increased from ฿0.52 to ฿0.58 per share. Net income forecast to grow 7.5% next year vs 25% growth forecast for Consumer Services industry in Thailand. Consensus price target up from ฿12.05 to ฿12.65. Share price was steady at ฿10.70 over the past week. Price Target Changed • Jun 14
Price target increased by 12% to ฿12.65 Up from ฿11.30, the current price target is an average from 2 analysts. New target price is 18% above last closing price of ฿10.70. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.58 for next year compared to ฿0.46 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.082 in 1Q 2022) First quarter 2023 results: EPS: ฿0.17 (up from ฿0.082 in 1Q 2022). Revenue: ฿308.4m (up 48% from 1Q 2022). Net income: ฿95.7m (up 112% from 1Q 2022). Profit margin: 31% (up from 22% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Consumer Services industry in Asia. 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 10% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.30 per share at 4.9% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 19 May 2023. Payout ratio and cash payout ratio are on the higher end at 99% and 94% respectively. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (3.6%). Price Target Changed • Nov 16
Price target decreased to ฿10.50 Down from ฿11.30, the current price target is an average from 2 analysts. New target price is 8.8% above last closing price of ฿9.65. Stock is down 3.5% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.46 last year. 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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Theerathon Tharachai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Aug 17
Now 20% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be ฿11.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 2.9%. Revenue is forecast to grow by 9.5% in a year. Earnings is forecast to grow by 18% in the next year. Price Target Changed • Aug 16
Price target decreased to ฿10.50 Down from ฿11.30, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ฿9.00. Stock is down 2.7% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.46 last year. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.083 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.08 (down from ฿0.083 in 2Q 2021). Revenue: ฿204.2m (up 1.0% from 2Q 2021). Net income: ฿44.7m (down 1.8% from 2Q 2021). Profit margin: 22% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 9.2%, compared to a 19% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 16% share price gain to ฿8.15, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Consumer Services industry in Asia. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 16% share price gain to ฿8.15, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Consumer Services industry in Asia. Total returns to shareholders of 26% over the past three years. 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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Theerathon Tharachai was the last independent director to join the board, commencing their role in 2022. 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 • Apr 12
Upcoming dividend of ฿0.28 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.46 (up from ฿0.41 in FY 2020). Revenue: ฿901.7m (up 3.8% from FY 2020). Net income: ฿256.1m (up 12% from FY 2020). Profit margin: 28% (up from 26% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 11%, compared to a 22% growth forecast for the 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 increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target decreased to ฿11.90 Down from ฿12.97, the current price target is provided by 1 analyst. New target price is 20% above last closing price of ฿9.95. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.41 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.073 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿221.0m (up 15% from 3Q 2020). Net income: ฿60.1m (up 51% from 3Q 2020). Profit margin: 27% (up from 21% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 10 September 2021. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.083 (vs ฿0.13 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿202.1m (down 11% from 2Q 2020). Net income: ฿45.5m (down 36% from 2Q 2020). Profit margin: 23% (down from 31% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.094 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ฿237.1m (flat on 1Q 2020). Net income: ฿69.0m (up 33% from 1Q 2020). Profit margin: 29% (up from 22% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 07 May 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.41 (vs ฿0.43 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿869.1m (up 8.2% from FY 2019). Net income: ฿228.0m (down 2.7% from FY 2019). Profit margin: 26% (down from 29% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year and the company’s share price has also increased by 26% per year. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 25%, compared to a 41% growth forecast for the Consumer Services industry in Thailand. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 19% share price gain to ฿11.70, the stock is trading at a trailing P/E ratio of 27.2x, up from the previous P/E ratio of 22.8x. This compares to an average P/E of 20x in the Consumer Services industry in Asia. Total returns to shareholders over the past three years are 143%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 18% share price gain to ฿11.10, the stock is trading at a trailing P/E ratio of 25.8x, up from the previous P/E ratio of 21.8x. This compares to an average P/E of 20x in the Consumer Services industry in Asia. Total returns to shareholders over the past three years are 123%. Is New 90 Day High Low • Dec 14
New 90-day low: ฿9.55 The company is down 29% from its price of ฿13.50 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 2.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) missed analyst estimates by 42%. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ฿0.073 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿192.1m (down 4.2% from 3Q 2019). Net income: ฿39.9m (down 31% from 3Q 2019). Profit margin: 21% (down from 29% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 17
New 90-day low: ฿10.00 The company is down 7.0% from its price of ฿10.80 on 19 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is flat over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.07 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿192.9m (down 3.8% from 3Q 2019). Net income: ฿39.9m (down 31% from 3Q 2019). Profit margin: 21% (down from 29% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 16
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.3%. Earnings per share (EPS) missed analyst estimates by 42%. Is New 90 Day High Low • Sep 23
New 90-day high: ฿14.90 The company is up 87% from its price of ฿7.95 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 Consumer Services industry, which is up 6.0% over the same period.