Reported Earnings • May 30
Full year 2026 earnings released: EPS: ฿13.55 (vs ฿12.00 in FY 2025) Full year 2026 results: EPS: ฿13.55 (up from ฿12.00 in FY 2025). Revenue: ฿4.19b (up 6.9% from FY 2025). Net income: ฿540.4m (up 13% from FY 2025). Profit margin: 13% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Ankündigung • May 29
Thai Mitsuwa Public Company Limited Proposes Dividend for the Fiscal Year 2025, Payable on August 21, 2026 Thai Mitsuwa Public Company Limited at its AGM to be held on July 24, 2026 proposed to approve the payment of dividends for the fiscal year 2025 according to the dividend policy, which states that the company pays approximately 30% of the net profit after tax of that year as dividends. The proposal will be submitted to the Annual General Meeting of Shareholders for consideration and approval of the allocation of net profit for the fiscal year 2025 and the payment of dividends. It is proposed to pay dividends at the rate of THB 4.07 per share, totaling THB 162,393,000.00, which is approximately 30.05% of the net profit according to the income statement. The dividends will be paid to shareholders entitled to receive dividends as listed on the Record Date for the right to receive dividends on August 5, 2026, and the dividend payment date on August 21, 2026, upon approval by the Annual General Meeting of Shareholders for the fiscal year 2026. Ankündigung • May 28
Thai Mitsuwa Public Company Limited, Annual General Meeting, Jul 24, 2026 Thai Mitsuwa Public Company Limited, Annual General Meeting, Jul 24, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ฿3.39 (vs ฿3.29 in 3Q 2025) Third quarter 2026 results: EPS: ฿3.39 (up from ฿3.29 in 3Q 2025). Revenue: ฿1.06b (up 9.5% from 3Q 2025). Net income: ฿135.4m (up 3.2% from 3Q 2025). Profit margin: 13% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 24% 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 • Nov 14
Second quarter 2026 earnings released: EPS: ฿4.20 (vs ฿3.44 in 2Q 2025) Second quarter 2026 results: EPS: ฿4.20 (up from ฿3.44 in 2Q 2025). Revenue: ฿1.10b (up 2.1% from 2Q 2025). Net income: ฿167.4m (up 22% from 2Q 2025). Profit margin: 15% (up from 13% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 33% 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 • Aug 16
First quarter 2026 earnings released: EPS: ฿3.88 (vs ฿3.36 in 1Q 2025) First quarter 2026 results: EPS: ฿3.88 (up from ฿3.36 in 1Q 2025). Revenue: ฿1.07b (up 6.4% from 1Q 2025). Net income: ฿154.6m (up 15% from 1Q 2025). Profit margin: 14% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Ankündigung • Jul 18
Thai Mitsuwa Public Company Limited Declares Dividend for Fiscal Year Ended March 31, 2025, Payable on August 13 , 2025 Thai Mitsuwa Public Company Limited announced at the AGM held on July 18, 2025, approved the payment of dividends for the fiscal year 2024, from April 1, 2024, to March 31, 2025, at a rate of THB 3.61 per share, totaling THB 144,039,000, which is 30.07 % of the net profit. The dividend payment is scheduled for August 13, 2025. Upcoming Dividend • Jul 18
Upcoming dividend of ฿3.61 per share Eligible shareholders must have bought the stock before 25 July 2025. Payment date: 13 August 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 8.0%. Lower than top quartile of Thai dividend payers (8.2%). Higher than average of industry peers (3.2%). Reported Earnings • Jun 03
Full year 2025 earnings released: EPS: ฿12.00 (vs ฿13.82 in FY 2024) Full year 2025 results: EPS: ฿12.00 (down from ฿13.82 in FY 2024). Revenue: ฿3.92b (down 3.5% from FY 2024). Net income: ฿479.0m (down 13% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by lower revenue. 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 17% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 01
Dividend reduced to ฿3.61 Dividend of ฿3.61 is 13% lower than last year. Ex-date: 25th July 2025 Payment date: 13th August 2025 Dividend yield will be 6.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (37% 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. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Mar 30
Thai Mitsuwa Public Company Limited Announces Company Secretary Changes Thai Mitsuwa Public Company Limited announced the resignation of Mr. Tetsuji Takeguchi as Company Secretary, Effective Date of Termination: 31-Mar-2025 and appointed Mr. Masahiro Funada as Company Secretary,Effective Date of Appointment: 01-Apr-2025. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ฿3.29 (vs ฿3.71 in 3Q 2024) Third quarter 2025 results: EPS: ฿3.29 (down from ฿3.71 in 3Q 2024). Revenue: ฿970.1m (down 4.6% from 3Q 2024). Net income: ฿131.2m (down 11% from 3Q 2024). Profit margin: 14% (down from 15% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ฿3.36 (vs ฿2.69 in 1Q 2024) First quarter 2025 results: EPS: ฿3.36 (up from ฿2.69 in 1Q 2024). Revenue: ฿1.01b (up 3.1% from 1Q 2024). Net income: ฿134.0m (up 25% from 1Q 2024). Profit margin: 13% (up from 11% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ฿49.75. The fair value is estimated to be ฿62.96, however this is not to be taken as a buy 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 60%. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿50.25, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Jul 23
Upcoming dividend of ฿4.15 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 16 August 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of Thai dividend payers (6.6%). Higher than average of industry peers (3.3%). Declared Dividend • Jun 01
Dividend increased to ฿4.15 Dividend of ฿4.15 is 144% higher than last year. Ex-date: 30th July 2024 Payment date: 16th August 2024 Dividend yield will be 6.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ฿13.82 (vs ฿5.64 in FY 2023) Full year 2024 results: EPS: ฿13.82 (up from ฿5.64 in FY 2023). Revenue: ฿4.06b (up 9.4% from FY 2023). Net income: ฿551.6m (up 145% from FY 2023). Profit margin: 14% (up from 6.1% in FY 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 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: ฿3.71 (vs ฿1.92 in 3Q 2023) Third quarter 2024 results: EPS: ฿3.71 (up from ฿1.92 in 3Q 2023). Revenue: ฿1.02b (up 1.4% from 3Q 2023). Net income: ฿148.1m (up 93% from 3Q 2023). Profit margin: 15% (up from 7.6% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 07
Now 22% undervalued Over the last 90 days, the stock has risen 43% to ฿55.75. The fair value is estimated to be ฿71.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 45%. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿57.00, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 19x in the Chemicals industry in Thailand. Total returns to shareholders of 72% over the past three years. New Risk • Feb 05
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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% 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. Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (฿2.21b market cap, or US$61.9m). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿52.75, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 20x in the Chemicals industry in Thailand. Total returns to shareholders of 63% over the past three years. Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: ฿3.59 (vs ฿1.83 in 2Q 2023) Second quarter 2024 results: EPS: ฿3.59 (up from ฿1.83 in 2Q 2023). Revenue: ฿1.06b (up 13% from 2Q 2023). Net income: ฿143.2m (up 96% from 2Q 2023). Profit margin: 14% (up from 7.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ฿2.69 (vs ฿0.58 in 1Q 2023) First quarter 2024 results: EPS: ฿2.69 (up from ฿0.58 in 1Q 2023). Revenue: ฿978.8m (up 16% from 1Q 2023). Net income: ฿107.4m (up 361% from 1Q 2023). Profit margin: 11% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿42.00, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 18x in the Chemicals industry in Thailand. Total returns to shareholders of 42% over the past three years. Ankündigung • Jul 15
Thai Mitsuwa Public Company Limited Approves Cash Dividend for the from 1 April 2022 to 31 March 2023, Payable on 11 August 2023 Thai Mitsuwa Public Company Limited approved the allocation of net profit for the year 2022 (for the operating results from 1 April 2022 31 March 2023) and the annual dividend payment at THB 1.70 per share, totaling THB 67,830,000.00 (sixty seven million eight hundred and thirty thousand only) or 30.16% of the net profit on the income statement. The dividend payment is dated on 11 August 2023. Upcoming Dividend • Jul 14
Upcoming dividend of ฿1.70 per share at 4.4% yield Eligible shareholders must have bought the stock before 21 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (6.5%). Higher than average of industry peers (3.1%). Reported Earnings • May 30
Full year 2023 earnings released: EPS: ฿5.64 (vs ฿2.98 in FY 2022) Full year 2023 results: EPS: ฿5.64 (up from ฿2.98 in FY 2022). Revenue: ฿3.71b (up 21% from FY 2022). Net income: ฿224.9m (up 89% from FY 2022). Profit margin: 6.1% (up from 3.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: ฿1.83 (vs ฿1.13 in 2Q 2022) Second quarter 2023 results: EPS: ฿1.83 (up from ฿1.13 in 2Q 2022). Revenue: ฿947.9m (up 21% from 2Q 2022). Net income: ฿73.0m (up 63% from 2Q 2022). Profit margin: 7.7% (up from 5.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% 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. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Director Patchara Kaewnukul was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Aug 17
First quarter 2023 earnings released First quarter 2023 results: Revenue: ฿843.0m (up 18% from 1Q 2022). Net income: ฿23.3m (down 48% from 1Q 2022). Profit margin: 2.8% (down from 6.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 27
Upcoming dividend of ฿0.90 per share Eligible shareholders must have bought the stock before 03 August 2022. Payment date: 22 August 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (4.9%). Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: ฿2.98 (vs ฿1.53 in FY 2021) Full year 2022 results: EPS: ฿2.98 (up from ฿1.53 in FY 2021). Revenue: ฿3.08b (up 24% from FY 2021). Net income: ฿119.0m (up 96% from FY 2021). Profit margin: 3.9% (up from 2.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% 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. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Director Patchara Kaewnukul was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ฿0.67 (down from ฿0.90 in 3Q 2021). Revenue: ฿807.6m (up 8.8% from 3Q 2021). Net income: ฿26.6m (down 26% from 3Q 2021). Profit margin: 3.3% (down from 4.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 47% 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. Reported Earnings • Nov 17
Second quarter 2022 earnings released: EPS ฿1.12 (vs ฿1.42 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ฿785.7m (up 29% from 2Q 2021). Net income: ฿44.9m (down 21% from 2Q 2021). Profit margin: 5.7% (down from 9.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% 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. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ฿1.11 (vs ฿1.34 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ฿716.6m (up 73% from 1Q 2021). Net income: ฿44.4m (up ฿98.1m from 1Q 2021). Profit margin: 6.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 28
Upcoming dividend of ฿0.46 per share Eligible shareholders must have bought the stock before 04 August 2021. Payment date: 23 August 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.0%). Reported Earnings • Jun 02
Full year 2021 earnings released: EPS ฿1.53 (vs ฿5.91 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ฿2.48b (down 15% from FY 2020). Net income: ฿60.8m (down 74% from FY 2020). Profit margin: 2.5% (down from 8.0% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 44% 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. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS ฿0.90 (vs ฿2.35 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿742.4m (down 8.2% from 3Q 2020). Net income: ฿36.0m (down 62% from 3Q 2020). Profit margin: 4.8% (down from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% 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. Is New 90 Day High Low • Feb 11
New 90-day high: ฿36.50 The company is up 12% from its price of ฿32.50 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 31% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ฿35.75 The company is up 22% from its price of ฿29.25 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 35% over the same period. Reported Earnings • Nov 18
Second quarter 2021 earnings released: EPS ฿1.42 The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: ฿608.2m (down 19% from 2Q 2020). Net income: ฿56.6m (down 7.3% from 2Q 2020). Profit margin: 9.3% (up from 8.1% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year and the company’s share price has also fallen by 19% per year. Is New 90 Day High Low • Nov 11
New 90-day high: ฿32.50 The company is up 4.0% from its price of ฿31.25 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: ฿28.75 The company is down 23% from its price of ฿37.25 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 9.0% over the same period.