Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. CFO & Executive Director Pert Leevilaikunratt was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.46, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 11x in the Metals and Mining industry in Thailand. Total loss to shareholders of 20% over the past three years. New Risk • Mar 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 48% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.31b market cap, or US$41.4m). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.12 (vs ฿0.31 loss in FY 2024) Full year 2025 results: EPS: ฿0.12 (up from ฿0.31 loss in FY 2024). Revenue: ฿7.27b (down 2.7% from FY 2024). Net income: ฿80.4m (up ฿284.2m from FY 2024). Profit margin: 1.1% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Ankündigung • Feb 25
Pacific Pipe Public Company Limited, Annual General Meeting, Apr 09, 2026 Pacific Pipe Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.24 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (up from ฿0.24 loss in 3Q 2024). Revenue: ฿1.88b (up 8.4% from 3Q 2024). Net income: ฿20.2m (up ฿175.9m from 3Q 2024). Profit margin: 1.1% (up from net loss in 3Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.042 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.04 (up from ฿0.042 loss in 2Q 2024). Revenue: ฿1.71b (down 14% from 2Q 2024). Net income: ฿24.4m (up ฿52.2m from 2Q 2024). Profit margin: 1.4% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Jun 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (฿1.10b market cap, or US$33.6m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.08 (vs ฿0.016 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.08 (up from ฿0.016 loss in 1Q 2024). Revenue: ฿1.90b (down 4.2% from 1Q 2024). Net income: ฿52.0m (up ฿62.7m from 1Q 2024). Profit margin: 2.7% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2024 earnings released: ฿0.31 loss per share (vs ฿0.085 loss in FY 2023) Full year 2024 results: ฿0.31 loss per share (further deteriorated from ฿0.085 loss in FY 2023). Revenue: ฿7.48b (down 14% from FY 2023). Net loss: ฿203.8m (loss widened 263% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Ankündigung • Jan 27
Pacific Pipe Public Company Limited Resolves Appointment of Pert Leevilaikunratt as Director Pacific Pipe Public Company Limited announced that at its board meeting held on January 24, 2025, has resolved to appoint Mr. Pert Leevilaikunratt as director, in place of Dr. Aeimporn Punyasai, effective from January 26, 2025, onwards. New Risk • Nov 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 42% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.24b market cap, or US$35.9m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ฿0.24 loss per share (vs ฿0.05 loss in 3Q 2023) Third quarter 2024 results: ฿0.24 loss per share (further deteriorated from ฿0.05 loss in 3Q 2023). Revenue: ฿1.73b (down 16% from 3Q 2023). Net loss: ฿155.7m (loss widened 371% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 35% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿1.64b market cap, or US$50.0m). Reported Earnings • Aug 09
Second quarter 2024 earnings released: ฿0.04 loss per share (vs ฿0.14 loss in 2Q 2023) Second quarter 2024 results: ฿0.04 loss per share (improved from ฿0.14 loss in 2Q 2023). Revenue: ฿1.99b (down 3.4% from 2Q 2023). Net loss: ฿27.8m (loss narrowed 69% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • May 10
First quarter 2024 earnings released: ฿0.02 loss per share (vs ฿0.21 profit in 1Q 2023) First quarter 2024 results: ฿0.02 loss per share (down from ฿0.21 profit in 1Q 2023). Revenue: ฿1.98b (down 28% from 1Q 2023). Net loss: ฿10.7m (down 108% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Ankündigung • Feb 23
Pacific Pipe Public Company Limited, Annual General Meeting, Apr 11, 2024 Pacific Pipe Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and certify the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Board of Directors' report on the Company results of the Operations of the year 2023; to consider and approve of balance sheets and statement of income of the Company for the year ended December 31st, 2023; to consider the dividend omission; to consider and appoint the directors to replace the retiring directors by rotation; to consider the directors' remuneration for year 2024; to consider the appointment of the auditors and the auditor's fee for year 2024; and to consider any other business (if any). Reported Earnings • Feb 23
Full year 2023 earnings released: ฿0.09 loss per share (vs ฿0.51 loss in FY 2022) Full year 2023 results: ฿0.09 loss per share (improved from ฿0.51 loss in FY 2022). Revenue: ฿8.73b (down 12% from FY 2022). Net loss: ฿56.2m (loss narrowed 83% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Ankündigung • Feb 22
Pacific Pipe Public Company Limited Proposes Retirement of Board Members Pacific Pipe Public Company Limited at its board meeting passed resolution for AGM that there are 3 retiring directors by rotation namely: Mr. Kriengkrai Rukkulchon as Independent director, Ms. Piyanus Chaikajornwat as Independent director, Mr. Somchai Lekapojpanich as Director. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.0% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.0% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 43x cash flows per share. Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.78b market cap, or US$49.6m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.14 loss per share (vs ฿0.14 loss in 2Q 2022) Second quarter 2023 results: ฿0.14 loss per share (improved from ฿0.14 loss in 2Q 2022). Revenue: ฿2.06b (down 19% from 2Q 2022). Net loss: ฿89.8m (loss narrowed 5.9% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 16
Third quarter 2022 earnings released: ฿0.32 loss per share (vs ฿0.083 profit in 3Q 2021) Third quarter 2022 results: ฿0.32 loss per share (down from ฿0.083 profit in 3Q 2021). Revenue: ฿2.28b (down 1.8% from 3Q 2021). Net loss: ฿213.5m (down 492% from profit in 3Q 2021). 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. Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.14 loss per share (vs ฿0.41 profit in 2Q 2021) Second quarter 2022 results: ฿0.14 loss per share (down from ฿0.41 profit in 2Q 2021). Revenue: ฿2.55b (up 6.7% from 2Q 2021). Net loss: ฿95.4m (down 136% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.03 (down from ฿0.39 in 1Q 2021). Revenue: ฿2.96b (up 17% from 1Q 2021). Net income: ฿19.1m (down 93% from 1Q 2021). Profit margin: 0.6% (down from 10% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ฿5.20, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 146% over the past three years. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.84 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 05 May 2022. Payout ratio is on the higher end at 100% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (6.5%). Reported Earnings • Feb 23
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.84 (up from ฿0.31 in FY 2020). Revenue: ฿9.72b (up 32% from FY 2020). Net income: ฿554.7m (up 173% from FY 2020). Profit margin: 5.7% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. 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 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 21% share price gain to ฿6.60, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 135% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.08 (vs ฿0.11 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: ฿2.32b (up 25% from 3Q 2020). Net income: ฿54.5m (down 27% from 3Q 2020). Profit margin: 2.3% (down from 4.0% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.41 (vs ฿0.015 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.39b (up 32% from 2Q 2020). Net income: ฿267.4m (up ฿257.6m from 2Q 2020). Profit margin: 11% (up from 0.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.39 (vs ฿0.067 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.53b (up 27% from 1Q 2020). Net income: ฿259.6m (up 487% from 1Q 2020). Profit margin: 10% (up from 2.2% in 1Q 2020). The increase in margin was driven by higher revenue. 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. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 18% share price gain to ฿5.75, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 22x in the Metals and Mining industry in Thailand. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.98, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 19x in the Metals and Mining industry in Thailand. Total returns to shareholders of 34% over the past three years. Upcoming Dividend • Mar 05
Upcoming Dividend of ฿0.18 Per Share Will be paid on the 12th of May to those who are registered shareholders by the 12th of March. The trailing yield of 4.5% is below the top quartile of Thai dividend payers (5.7%), but is in line with industry peers (4.6%). Ankündigung • Feb 20
Pacific Pipe Public Company Limited Announces Executive Changes, with Effect from 20 February 2021 Pacific Pipe Public Company Limited announced appointment of Mr. Kriengkrai Rukkulchon (Independent Director and Chairman of Remuneration Nomination and Corporate Committee) as the Chairman of the Board of Directors to replace Mr. Somchai Lekapojpanich, who resigned from the Chairman of the Board of Directors but still remains a Company Director, with effect from 20th February 2021 onwards. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.31 (vs ฿0.11 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿7.38b (down 21% from FY 2019). Net income: ฿203.0m (up 184% from FY 2019). Profit margin: 2.8% (up from 0.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Ankündigung • Feb 20
Pacific Pipe Public Company Limited, Annual General Meeting, Apr 22, 2021 Pacific Pipe Public Company Limited, Annual General Meeting, Apr 22, 2021, at 07:00 Coordinated Universal Time. Location: Crowne Ballroom, 21st Floor, Crowne Plaza Bangkok Lumpini Park Hotel No. 952 Rama 4 Road, Suriya Wong, Bang Rak Bangkok Thailand Agenda: To consider and certify the Minutes the 2021 Annual General Meeting of Shareholders; to acknowledge the Board of Directors' report on the Company results of the Operations of the year 2020; to consider and approve of balance sheets and statement of income of the Company for the year ended December 31, 2020; to consider the dividend payment; to consider and appoint the directors to replace the retiring directors by rotation; to consider the directors' remuneration for year 2021; to consider the appointment of the auditors and the auditor's fee for year 2021; and to consider any other business (if any). Is New 90 Day High Low • Feb 02
New 90-day high: ฿3.72 The company is up 45% from its price of ฿2.56 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 35% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ฿3.66 The company is up 46% from its price of ฿2.50 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 20% share price gain to ฿3.44, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 12.1x. This compares to an average P/E of 15x in the Metals and Mining industry in Thailand. Total return to shareholders over the past three years is a loss of 16%. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.11 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.86b (down 22% from 3Q 2019). Net income: ฿74.6m (up ฿105.0m from 3Q 2019). Profit margin: 4.0% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. 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 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 12
New 90-day high: ฿2.72 The company is up 5.0% from its price of ฿2.60 on 14 August 2020. The Thai market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 2.0% over the same period. 
