New Risk • May 19
New major risk - Revenue and earnings growth Earnings have declined by 4.8% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 4.8% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (฿1.96b market cap, or US$60.0m). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.10 (vs ฿0.092 in 1Q 2025) First quarter 2026 results: EPS: ฿0.10 (up from ฿0.092 in 1Q 2025). Revenue: ฿7.07b (down 23% from 1Q 2025). Net income: ฿92.5m (up 1.7% from 1Q 2025). Profit margin: 1.3% (up from 1.0% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿0.13 (down from ฿0.29 in FY 2024). Revenue: ฿31.4b (down 5.3% from FY 2024). Net income: ฿120.3m (down 59% from FY 2024). Profit margin: 0.4% (down from 0.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) missed analyst estimates by 58%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% 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. New Risk • Mar 02
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: 0.4% Last year net profit margin: 0.9% 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 earnings (105% payout ratio). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (฿2.20b market cap, or US$70.8m). Declared Dividend • Mar 02
Final dividend of ฿0.03 announced Shareholders will receive a dividend of ฿0.03. Ex-date: 12th March 2026 Payment date: 22nd May 2026 Dividend yield will be 4.1%, which is lower than the industry average of 5.3%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is well covered by cash flows (42% cash payout ratio). The dividend has increased by an average of 9.6% 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 16% to bring the payout ratio under control. EPS is expected to grow by 89% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Ankündigung • Feb 28
Susco Public Company Limited Announces Cessation of Noppadol Attavavuttichai as A Director, Effective from April 23, 2026 Susco Public Company Limited At this Annual General Meeting, four Directors are due to retire by rotation. Mr. Noppadol Attavavuttichai, one of the directors retiring by rotation, has informed the Company that he does not intend to be re-elected as a director at the Annual General Meeting. Accordingly, the Meeting should re-elect the remaining three Directors who are due to retire by rotation to continue in office for another term, without proposing the nomination of any other person to replace Mr. Noppadol Attavavuttichai. Expire Date: April 23, 2026. Ankündigung • Feb 26
Susco Public Company Limited, Annual General Meeting, Apr 23, 2026 Susco Public Company Limited, Annual General Meeting, Apr 23, 2026, at 09:30 SE Asia Standard Time. Location: the meeting room, on the 5th floor of the fivestorey building, susco public company limited, Thailand Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.058 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.01 (down from ฿0.058 in 3Q 2024). Revenue: ฿6.48b (down 15% from 3Q 2024). Net income: ฿9.58m (down 83% from 3Q 2024). Profit margin: 0.1% (down from 0.8% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 30% 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. Declared Dividend • Aug 29
First half dividend reduced to ฿0.06 Dividend of ฿0.06 is 25% lower than last year. Ex-date: 10th September 2025 Payment date: 26th September 2025 Dividend yield will be 7.1%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by earnings (44% 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 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.051 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.051 in 2Q 2024). Revenue: ฿8.07b (down 5.7% from 2Q 2024). Net income: ฿13.4m (down 74% from 2Q 2024). Profit margin: 0.2% (down from 0.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.074 in 1Q 2024) First quarter 2025 results: EPS: ฿0.09 (up from ฿0.074 in 1Q 2024). Revenue: ฿9.13b (up 18% from 1Q 2024). Net income: ฿90.9m (up 24% from 1Q 2024). Profit margin: 1.0% (in line with 1Q 2024). Revenue is forecast to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Ankündigung • Apr 26
Susco Public Company Limited Approves Final Dividend for the Second Half of 2024, Payable on May 23, 2025 Susco Public Company Limited at the Annual General Meeting held on April 25, 2025 approved the appropriation of profits and Annual dividend payment for the year 2024 at THB 0.20 per share. Since the Company had already paid interim dividends in September 2024 at THB 0.08 per share, the final dividends payable for the second half of 2024 will be THB 0.12 per share which will be paid on May 23, 2025. Declared Dividend • Mar 01
Final dividend of ฿0.12 announced Shareholders will receive a dividend of ฿0.12. Ex-date: 13th March 2025 Payment date: 23rd May 2025 Dividend yield will be 7.4%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is not covered by earnings (123% earnings payout ratio) nor is it covered by cash flows (207% cash payout ratio). The dividend has increased by an average of 13% 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 37% to bring the payout ratio under control. However, EPS is expected to decline by 11% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿0.29 (down from ฿1.23 in FY 2023). Revenue: ฿33.1b (up 2.0% from FY 2023). Net income: ฿291.7m (down 76% from FY 2023). Profit margin: 0.9% (down from 3.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to decline by 8.0% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Ankündigung • Dec 28
Susco Public Company Limited (SET:SUSCO) announces an Equity Buyback for 50,000,000 shares, representing 5% for ¥155 million. Susco Public Company Limited (SET:SUSCO) announces a share repurchase program. Under the program, the company will repurchase up to 50,000,000 shares, representing 5% of its issued share capital, for THB 250 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 for shareholders. The program will run through July 9, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.086 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.06 (down from ฿0.086 in 3Q 2023). Revenue: ฿7.65b (up 1.3% from 3Q 2023). Net income: ฿57.8m (down 33% from 3Q 2023). Profit margin: 0.8% (down from 1.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 30
First half dividend of ฿0.08 announced Shareholders will receive a dividend of ฿0.08. Ex-date: 11th September 2024 Payment date: 27th September 2024 Dividend yield will be 8.1%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by earnings (79% 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 13% 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 decline by 13% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. Ankündigung • Aug 29
Susco Public Company Limited Announces Cash Dividend for the Operating Period from January 1, 2024 to June 30, 2024, Payable September 27, 2024 Susco Public Company Limited announced cash dividend of THB 0.08 per share to common shareholders for the operating period from January 1, 2024 to June 30, 2024. Par value THB 1.00. Payment date is September 27, 2024. Record date for the right to receive dividends is September 12, 2024. Ex-dividend date is September 11, 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.98 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05 (down from ฿0.98 in 2Q 2023). Revenue: ฿8.56b (up 7.9% from 2Q 2023). Net income: ฿51.1m (down 95% from 2Q 2023). Profit margin: 0.6% (down from 12% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to ฿3.46. The fair value is estimated to be ฿4.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 60%. New Risk • Jun 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.64b (US$99.1m) 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 Risk High level of non-cash earnings (59% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.64b market cap, or US$99.1m). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.12 in 1Q 2023) First quarter 2024 results: EPS: ฿0.07 (down from ฿0.12 in 1Q 2023). Revenue: ฿7.74b (down 15% from 1Q 2023). Net income: ฿73.6m (down 37% from 1Q 2023). Profit margin: 1.0% (down from 1.3% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 6.8%. Within top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (6.1%). Declared Dividend • Mar 04
Final dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 15th March 2024 Payment date: 20th May 2024 Dividend yield will be 24%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by earnings (16% 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 9.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Mar 02
Susco Public Company Limited, Annual General Meeting, Apr 25, 2024 Susco Public Company Limited, Annual General Meeting, Apr 25, 2024, at 09:30 SE Asia Standard Time. Location: 5th Floor of the Five-storey Building, SUSCOPublic Company Limited, located at 139 Ratburana Road, Bangpakok, Ratburana Bangkok Thailand Agenda: To adopt the 2023 Minutes of the Annual General Meeting held on April 27, 2023; to acknowledge the 2023 annual operating results of the company; to approve the company's financial statements ended December 31, 2023; and to approve the appropriation of profits and dividend payment. Ankündigung • Mar 01
Susco Public Company Limited Proposes Final Dividend for the Year 2023, Payable on May 20, 2024 Susco Public Company Limited at its Board of Directors held on March 1, 2024, proposed to the Annual General Meeting to approve the final dividends payment for the year 2023 at THB 0.20 per share for the 999,999,956 paid-up shares, amounting to THB 199,999,991.20 not including 50,000,100 shares that the Company has repurchased which do not have the right to receive the dividends according to the related regulations. The Board of Directors has set the record date on March 18, 2024, for entitlements to receive the dividends and to attend the Annual General Meeting. The dividends will be paid on May 20, 2024. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿1.23 (vs ฿0.42 in FY 2022) Full year 2023 results: EPS: ฿1.23 (up from ฿0.42 in FY 2022). Revenue: ฿33.7b (flat on FY 2022). Net income: ฿1.23b (up 191% from FY 2022). Profit margin: 3.6% (up from 1.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Dec 08
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 6.1% 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 (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Oct 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 36% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Upcoming Dividend • Sep 04
Upcoming dividend of ฿0.08 per share at 8.0% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 27 September 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (5.9%). New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 36% 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 36% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.98 (vs ฿0.16 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.98 (up from ฿0.16 in 2Q 2022). Revenue: ฿9.06b (up 1.8% from 2Q 2022). Net income: ฿982.1m (up ฿823.8m from 2Q 2022). Profit margin: 11% (up from 1.8% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to fall by 7.2% p.a. on average during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 51% 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 • May 18
First quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.13 in 1Q 2022) First quarter 2023 results: EPS: ฿0.12 (down from ฿0.13 in 1Q 2022). Revenue: ฿9.08b (up 24% from 1Q 2022). Net income: ฿116.4m (down 11% from 1Q 2022). Profit margin: 1.3% (down from 1.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 6.5% p.a. on average during the next 2 years compared to a 3.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 05
Price target decreased by 10% to ฿5.60 Down from ฿6.23, the current price target is an average from 2 analysts. New target price is 71% above last closing price of ฿3.28. Stock is down 2.4% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.42 last year. Buying Opportunity • May 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿4.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 9.2% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.08 per share at 5.7% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (6.8%). Buying Opportunity • Jan 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿4.88, 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 grown by 9.5%. Revenue is forecast to grow by 9.9% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Dec 06
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be ฿5.32, 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 grown by 9.5%. Revenue is forecast to grow by 9.9% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. 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. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). MD & Chairman Chairit Simaroj was the last 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. Reported Earnings • Nov 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.10 (up from ฿0.054 in 3Q 2021). Revenue: ฿8.78b (up 87% from 3Q 2021). Net income: ฿97.7m (up 82% from 3Q 2021). Profit margin: 1.1% (in line with 3Q 2021). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.9% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 04
Price target increased to ฿6.60 Up from ฿6.07, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿5.00. Stock is up 52% over the past year. The company is forecast to post earnings per share of ฿0.40 for next year compared to ฿0.23 last year. Price Target Changed • Sep 27
Price target increased to ฿6.07 Up from ฿5.00, the current price target is an average from 3 analysts. New target price is 30% above last closing price of ฿4.68. Stock is up 48% over the past year. The company is forecast to post earnings per share of ฿0.39 for next year compared to ฿0.23 last year. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 20% share price gain to ฿4.52, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Oil and Gas industry in Thailand. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.10 per share. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 5.9%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (5.0%). Major Estimate Revision • Aug 18
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿27.2b to ฿31.3b. EPS estimate increased from ฿0.30 to ฿0.44 per share. Net income forecast to grow 27% next year vs 5.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿4.73 to ฿5.00. Share price rose 2.2% to ฿3.70 over the past week. Price Target Changed • Aug 16
Price target increased to ฿5.00 Up from ฿4.50, the current price target is an average from 3 analysts. New target price is 36% above last closing price of ฿3.68. Stock is up 23% over the past year. The company is forecast to post earnings per share of ฿0.44 for next year compared to ฿0.23 last year. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ฿0.16 (up from ฿0.062 in 2Q 2021). Revenue: ฿8.90b (up 86% from 2Q 2021). Net income: ฿158.4m (up 156% from 2Q 2021). Profit margin: 1.8% (up from 1.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 5.6%, compared to a 5.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 7% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 09
Price target increased to ฿4.50 Up from ฿4.17, the current price target is an average from 3 analysts. New target price is 18% above last closing price of ฿3.82. Stock is up 16% over the past year. The company is forecast to post earnings per share of ฿0.28 for next year compared to ฿0.23 last year. Reported Earnings • May 15
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: ฿0.13 (up from ฿0.099 in 1Q 2021). Revenue: ฿7.32b (up 57% from 1Q 2021). Net income: ฿130.6m (up 32% from 1Q 2021). Profit margin: 1.8% (down from 2.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the industry in Thailand. 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 5% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 9 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Deputy MD of Business Development & Executive Director Phongsathon Chatnarat was the last director to join the board, commencing their role in 2014. 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 03
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (4.5%). Major Estimate Revision • Mar 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿22.8b to ฿28.3b. EPS estimate fell from ฿0.31 to ฿0.30. Net income forecast to grow 42% next year vs 13% growth forecast for Oil and Gas industry in Thailand. Consensus price target of ฿4.20 unchanged from last update. Share price fell 5.3% to ฿3.56 over the past week. Reported Earnings • Feb 23
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.23 (up from ฿0.21 in FY 2020). Revenue: ฿20.2b (up 21% from FY 2020). Net income: ฿233.5m (up 7.3% from FY 2020). Profit margin: 1.2% (down from 1.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 9.4% growth forecast for the oil 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 increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 18% share price gain to ฿4.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Oil and Gas industry in Thailand. Total returns to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.03 per share. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.054 (vs ฿0.067 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿4.69b (up 25% from 3Q 2020). Net income: ฿53.8m (down 23% from 3Q 2020). Profit margin: 1.1% (down from 1.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 23 September 2021. Trailing yield: 5.1%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.062 (vs ฿0.069 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿4.78b (up 61% from 2Q 2020). Net income: ฿61.8m (down 15% from 2Q 2020). Profit margin: 1.3% (down from 2.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ฿24.1b to ฿21.6b. EPS estimate unchanged from ฿0.27 per share at last update. Oil and Gas industry in Thailand expected to see average net income decline 8.2% next year. Consensus price target down from ฿4.23 to ฿4.07. Share price was steady at ฿3.04 over the past week. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.023 loss 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: ฿4.66b (down 23% from 1Q 2020). Net income: ฿99.0m (up ฿123.3m from 1Q 2020). Profit margin: 2.1% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 31
Price target increased to ฿4.43 Up from ฿3.93, the current price target is an average from 3 analysts. New target price is 28% above last closing price of ฿3.46. Stock is up 111% over the past year. Is New 90 Day High Low • Mar 12
New 90-day high: ฿3.10 The company is up 6.0% from its price of ฿2.92 on 09 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.65 per share. Upcoming Dividend • Mar 04
Upcoming Dividend of ฿0.09 Per Share Will be paid on the 13th of May to those who are registered shareholders by the 11th of March. The trailing yield of 3.7% is below the top quartile of Thai dividend payers (5.8%), but it is higher than industry peers (2.7%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.35 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿16.8b (down 40% from FY 2019). Net income: ฿217.7m (down 44% from FY 2019). Profit margin: 1.3% (down from 1.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Analyst Estimate Surprise Post Earnings • Feb 25
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 18%. Earnings per share (EPS) exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 36%, compared to a 23% growth forecast for the Oil and Gas industry in Thailand. Is New 90 Day High Low • Jan 18
New 90-day high: ฿3.08 The company is up 17% from its price of ฿2.64 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.41 per share. Major Estimate Revision • Dec 17
Analysts lower revenue estimates to ฿17.1b The 2020 consensus revenue estimate decreased from ฿19.7b. Earning per share (EPS) estimate was also lowered from ฿0.20 to ฿0.19 for the same period. Net income is expected to grow by 63% next year compared to 14% growth forecast for the Oil and Gas industry in Thailand. The consensus price target increased from ฿3.75 to ฿3.90. Share price is up 4.1% to ฿3.04 over the past week. Is New 90 Day High Low • Dec 08
New 90-day high: ฿2.84 The company is up 2.0% from its price of ฿2.78 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.25 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.07 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿3.75b (down 44% from 3Q 2019). Net income: ฿70.2m (down 7.0% from 3Q 2019). Profit margin: 1.9% (up from 1.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings.