New Risk • Mar 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 01
Final dividend increased to ฿0.60 Dividend of ฿0.60 is 20% higher than last year. Ex-date: 17th March 2026 Payment date: 13th May 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 90% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.61 (vs ฿0.43 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.61 (up from ฿0.43 in 3Q 2024). Revenue: ฿2.95b (down 9.4% from 3Q 2024). Net income: ฿1.01b (up 51% from 3Q 2024). Profit margin: 34% (up from 21% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Sep 05
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 17th September 2025 Payment date: 30th September 2025 Dividend yield will be 5.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.75 (vs ฿0.51 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.75 (up from ฿0.51 in 2Q 2024). Revenue: ฿3.12b (down 5.5% from 2Q 2024). Net income: ฿1.19b (up 53% from 2Q 2024). Profit margin: 38% (up from 24% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.63 (vs ฿0.44 in 1Q 2024) First quarter 2025 results: EPS: ฿0.63 (up from ฿0.44 in 1Q 2024). Revenue: ฿3.18b (down 7.8% from 1Q 2024). Net income: ฿971.7m (up 46% from 1Q 2024). Profit margin: 31% (up from 19% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 06
Final dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 19th March 2025 Payment date: 8th May 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 4.1% 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 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.8% EPS decline seen over the last 5 years. Ankündigung • Mar 05
MBK Public Company Limited, Annual General Meeting, Apr 29, 2025 MBK Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Location: at the companys meeting room, 444 8th floor, mbk center,phayathai road, wangmai, pathumwan, bangkok 10300 Thailand Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿1.75 (vs ฿1.04 in FY 2023) Full year 2024 results: EPS: ฿1.75 (up from ฿1.04 in FY 2023). Revenue: ฿11.4b (down 1.0% from FY 2023). Net income: ฿2.69b (up 71% from FY 2023). Profit margin: 24% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿20.40, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 60% over the past three years. Declared Dividend • Sep 06
First half dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 18th September 2024 Payment date: 3rd October 2024 Dividend yield will be 4.7%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 3.8% 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 decline by 68% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.1% EPS decline seen over the last 5 years. Ankündigung • Sep 05
MBK Public Company Limited Announces Cash Dividend for the Period from January to June 30, 2024, Payable on October 03, 2024 MBK Public Company Limited announced cash dividend of THB 0.45 per share for the period from January 01, 2024, to June 30, 2024. Record date for the right to receive dividends is September 19, 2024. Ex-dividend date is September 18, 2024. Payment date is October 03, 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.51 (vs ฿0.48 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.51 (up from ฿0.48 in 2Q 2023). Revenue: ฿2.71b (down 1.3% from 2Q 2023). Net income: ฿776.6m (up 7.6% from 2Q 2023). Profit margin: 29% (up from 26% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% 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 17
First quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.12 in 1Q 2023) First quarter 2024 results: EPS: ฿0.44 (up from ฿0.12 in 1Q 2023). Revenue: ฿2.92b (up 15% from 1Q 2023). Net income: ฿666.8m (up 287% from 1Q 2023). Profit margin: 23% (up from 6.8% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • May 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% 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 Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 38% 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. Shareholders have been diluted in the past year (13% increase in shares outstanding). Upcoming Dividend • Mar 13
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 20 March 2024. Payment date: 08 May 2024. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (4.5%). Declared Dividend • Mar 08
Final dividend of ฿0.40 announced Dividend of ฿0.40 is the same as last year. Ex-date: 20th March 2024 Payment date: 8th May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 3.8% 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 decline by 12% to shift the payout ratio to a potentially unsustainable range, which is less than the 14% EPS decline seen over the last 5 years. Ankündigung • Mar 07
MBK Public Company Limited, Annual General Meeting, Apr 24, 2024 MBK Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Agenda: To certify the minutes of the Extraordinary General Meeting of Shareholders No.1/2023; to report the company’s performances for the year 2023; to approve the statements of financial position and statement of comprehensive income for the fiscal year ended December 31, 2023; to approve the allocation of profit and dividend payment; to appoint the directors to replace those whose terms of office expired; to approve the remuneration and pension for the Board of Directors; to consider the appointment of auditors and fixing the audit fee for the year 2024; and to consider other matters. Ankündigung • Mar 06
Mbk Public Company Limited Proposes Interim Dividend for the Period of July 1, 2023 to December 31, 2023, to Be Paid on May 8, 2024 MBK Public Company Limited proposed interim dividend at its AGM to be held on April 24, 2024 of THB 0.40 and the dividend period from July 1, 2023 to December 31, 2023 of THB 0.40 (Forty Satang), it is equal to THB 0.80 (Eighty Satang) per share which is in accordance with the Company's dividend payout policy. Dividends will be paid to the shareholders listed in the record date for shareholders who have rights to attend the AGM and receive dividends (Record date) as of March 21, 2024 and the dividend will be paid on May 8, 2024. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿1.04 (vs ฿0.23 in FY 2022) Full year 2023 results: EPS: ฿1.04 (up from ฿0.23 in FY 2022). Revenue: ฿10.5b (up 19% from FY 2022). Net income: ฿1.57b (up 372% from FY 2022). Profit margin: 15% (up from 3.8% 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 92% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.002 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.24 (up from ฿0.002 in 3Q 2022). Revenue: ฿2.57b (up 21% from 3Q 2022). Net income: ฿363.7m (up ฿360.2m from 3Q 2022). Profit margin: 14% (up from 0.2% in 3Q 2022). The increase in margin was driven by higher revenue. 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 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of ฿0.40 per share at 4.3% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 05 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (4.0%). Ankündigung • Sep 08
MBK Public Company Limited Announces Dividend for Operating Period from 01 January 2023 to 30 June 2023, Payable on October 5, 2023 MBK Public Company Limited announced dividend of THB 0.40 per share Operating period from 01-Jan-2023 to 30-Jun-2023. Payment date October 5, 2023, Record date for the right to receive dividends September 21, 2023, Ex-dividend date September 20, 2023. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.48 (vs ฿0.021 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.48 (up from ฿0.021 in 2Q 2022). Revenue: ฿2.82b (up 41% from 2Q 2022). Net income: ฿722.1m (up ฿691.4m from 2Q 2022). Profit margin: 26% (up from 1.5% 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 37% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.031 in 1Q 2022) First quarter 2023 results: EPS: ฿0.12 (up from ฿0.031 in 1Q 2022). Revenue: ฿2.43b (up 17% from 1Q 2022). Net income: ฿172.5m (up 271% from 1Q 2022). Profit margin: 7.1% (up from 2.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.40 per share at 4.8% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 03 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: ฿0.23 (vs ฿0.59 loss in FY 2021) Full year 2022 results: EPS: ฿0.23 (up from ฿0.59 loss in FY 2021). Revenue: ฿9.02b (up 24% from FY 2021). Net income: ฿331.9m (up ฿1.14b from FY 2021). Profit margin: 3.7% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Ankündigung • Jan 05
MBK Public Company Limited Announces Resignation of Kasama Punyagupta as Independent Director, Chairman of Audit Committee and Member of Corporate Governance and Sustainability Committee, Effective February 2, 2023 Onward MBK Public Company Limited announced that Mr. Kasama Punyagupta has resigned from the position of Independent Director, Chairman of the Audit Committee and Member of Corporate Governance and Sustainability Committee due to an increase in other business engagement. The resignation has been effective from February 2, 2023 onward. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.002 (vs ฿0.20 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.002 (up from ฿0.20 loss in 3Q 2021). Revenue: ฿2.04b (up 27% from 3Q 2021). Net income: ฿3.53m (up ฿275.8m from 3Q 2021). Profit margin: 0.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. 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. 2 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Suwit Rojanavanich was the last independent director to join the board, commencing their role in 2019. 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 • Oct 12
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 19 October 2022. Payment date: 04 November 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (3.4%). Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Net income: (down ฿22.4m from profit in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Buying Opportunity • Aug 16
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be ฿19.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 18
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.03 (up from ฿0.11 loss in 1Q 2021). Revenue: ฿2.02b (down 1.1% from 1Q 2021). Net income: ฿46.6m (up ฿189.6m from 1Q 2021). Profit margin: 2.3% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Suwit Rojanavanich was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: ฿0.60 loss per share (down from ฿0.11 profit in FY 2020). Revenue: ฿8.19b (down 2.6% from FY 2020). Net loss: ฿804.5m (down ฿953.7m from profit in FY 2020). Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ฿0.20 loss per share (vs ฿0.092 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿2.02b (up 14% from 3Q 2020). Net loss: ฿272.3m (loss widened 123% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.09 loss per share (vs ฿0.028 profit in 2Q 2020) The company reported a decent second quarter result with improved revenues, although earnings and control over costs were weaker. Second quarter 2021 results: Revenue: ฿4.24b (up 153% from 2Q 2020). Net loss: ฿120.6m (down 427% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% 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 • May 18
First quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.14 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿2.12b (down 14% from 1Q 2020). Net loss: ฿143.0m (down 179% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% 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 • Mar 04
New 90-day high: ฿14.90 The company is up 11% from its price of ฿13.40 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.11 (vs ฿2.12 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿9.20b (down 17% from FY 2019). Net income: ฿149.2m (down 95% from FY 2019). Profit margin: 1.6% (down from 25% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Dec 15
New 90-day high: ฿14.10 The company is up 15% from its price of ฿12.30 on 15 September 2020. The Thai market is also up 15% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Real Estate industry, which is up 19% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: ฿13.70 The company is up 8.0% from its price of ฿12.70 on 28 August 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Real Estate industry, which is also up 8.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ฿0.09 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿1.99b (down 31% from 3Q 2019). Net loss: ฿122.1m (down 122% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings.