New Risk • Jul 23
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 6.2% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). New Risk • Jun 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.29b (US$98.5m) 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Market cap is less than US$100m (฿3.29b market cap, or US$98.5m). Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.007 (vs ฿0.001 in 1Q 2025) First quarter 2026 results: EPS: ฿0.007 (up from ฿0.001 in 1Q 2025). Revenue: ฿3.32b (down 1.2% from 1Q 2025). Net income: ฿48.8m (up ฿44.7m from 1Q 2025). Profit margin: 1.5% (up from 0.1% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.29b (US$99.8m) 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (฿3.29b market cap, or US$99.8m). Reported Earnings • Mar 03
Full year 2025 earnings released: ฿0.20 loss per share (vs ฿0.01 profit in FY 2024) Full year 2025 results: ฿0.20 loss per share (down from ฿0.01 profit in FY 2024). Revenue: ฿14.1b (down 7.4% from FY 2024). Net loss: ฿1.37b (down ฿1.43b from profit in FY 2024). 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. New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (0.3% net profit margin). Declared Dividend • Mar 02
Dividend increased to ฿0.015 Dividend of ฿0.015 is 50% higher than last year. Ex-date: 13th March 2026 Payment date: 18th May 2026 Dividend yield will be 2.5%, which is lower than the industry average of 4.3%. Payout Ratios Payout ratio: 156%. Cash payout ratio: 7%. Ankündigung • Feb 28
Singha Estate Public Company Limited announces Annual dividend, payable on May 18, 2026 Singha Estate Public Company Limited announced Annual dividend of THB 0.0150 per share payable on May 18, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. Ankündigung • Feb 27
Singha Estate Public Company Limited, Annual General Meeting, Apr 27, 2026 Singha Estate Public Company Limited, Annual General Meeting, Apr 27, 2026, at 13:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.008 (vs ฿0.003 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.008 (up from ฿0.003 in 3Q 2024). Revenue: ฿3.65b (flat on 3Q 2024). Net income: ฿56.9m (up 146% from 3Q 2024). Profit margin: 1.6% (up from 0.6% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. New Risk • Sep 15
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 8.0% 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (0.07% net profit margin). Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0.008 loss in 2Q 2024) Second quarter 2025 results: ฿0.007 loss per share (improved from ฿0.008 loss in 2Q 2024). Revenue: ฿3.53b (down 6.3% from 2Q 2024). Net loss: ฿49.3m (loss narrowed 5.5% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Ankündigung • Jul 02
Singha Estate Public Company Limited Announces CFO Changes, Effective July 1, 2025 Singha Estate Public Company Limited announced termination of Chairath Sivapornpan as Chief Financial Officer, effective July 1, 2025. The board further announced the appointment of Kanokwan Sriphian; Position of CFO -Senior Vice President (Acting) of Finance and Accounting Division. Effective Date of Appointment: July 1, 2025. New Risk • Jun 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.15b (US$95.5m) 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 Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (0.05% net profit margin). Market cap is less than US$100m (฿3.15b market cap, or US$95.5m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.001 (vs ฿0.009 in 1Q 2024) First quarter 2025 results: EPS: ฿0.001 (down from ฿0.009 in 1Q 2024). Revenue: ฿3.42b (down 15% from 1Q 2024). Net income: ฿4.14m (down 93% from 1Q 2024). Profit margin: 0.1% (down from 1.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Declared Dividend • Mar 03
Dividend of ฿0.01 announced Shareholders will receive a dividend of ฿0.01. Ex-date: 14th March 2025 Payment date: 15th May 2025 Dividend yield will be 1.4%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 73% to shift the payout ratio to a potentially unsustainable range, which is more than the 44% EPS decline seen over the last 5 years. 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: 1.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.01 (vs ฿0.031 in FY 2023) Full year 2024 results: EPS: ฿0.01 (down from ฿0.031 in FY 2023). Revenue: ฿15.3b (up 4.4% from FY 2023). Net income: ฿65.5m (down 69% from FY 2023). Profit margin: 0.4% (down from 1.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. New Risk • Nov 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 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿1.01, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total loss to shareholders of 49% over the past three years. Reported Earnings • Aug 14
Second quarter 2024 earnings released: ฿0.008 loss per share (vs ฿0.015 loss in 2Q 2023) Second quarter 2024 results: ฿0.008 loss per share (improved from ฿0.015 loss in 2Q 2023). Revenue: ฿3.82b (up 8.9% from 2Q 2023). Net loss: ฿52.1m (loss narrowed 49% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.009 (vs ฿0.004 in 1Q 2023) First quarter 2024 results: EPS: ฿0.009 (up from ฿0.004 in 1Q 2023). Revenue: ฿4.09b (up 23% from 1Q 2023). Net income: ฿62.2m (up 148% from 1Q 2023). Profit margin: 1.5% (up from 0.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Ankündigung • Apr 27
Singha Estate Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on 15 May 2024 Singha Estate Public Company Limited at its Annual General Meeting of shareholders held on April 26, 2024, approved the dividend payment from the Company's 2023 operating performance, at the rate of THB 0.015 per share (1.5 Satang per share) for the year ended December 31, 2023 to the Company's shareholders, totaling THB 102,805,791, where the Company set a record date for determining the shareholders who were entitled to receive the dividends on 13 March 2024 and set the dividend payment date on 15 May 2024, in which the individual shareholders shall be entitled to claim tax credit for dividends under the criteria of Section 47 bis of the Revenue Code, that is the dividends of THB 0.013439 per share (1.3439 Satang per share) payable from the Company's net profits after 20% corporate income tax, individual shareholders were entitled to claim tax credit at the rate of 20/80 times of the dividends received; and the dividends of THB 0.001561 per share (0.1561 Satang per share) payable from the Company's net profits before corporate income tax, individual shareholders were not entitled to claim any tax credit therefrom. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.015 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (4.6%). Declared Dividend • Feb 29
Dividend reduced to ฿0.015 Dividend of ฿0.015 is 25% lower than last year. Ex-date: 12th March 2024 Payment date: 15th May 2024 Dividend yield will be 1.7%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (63% 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 decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 30% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Ankündigung • Feb 28
Singha Estate Public Company Limited Proposes Dividend Payment for the Year 2023, Payable on 15 May 2024 Singha Estate Public Company Limited announced that at its Board of Directors' Meeting held on 27 February 2024, approved to propose that the 2024 Annual General Meeting of Shareholders consider and approve dividend payment from the Company's 2023 operating performance, after setting aside the net profit for legal reserve, at the rate of THB 0.015 per share to the Company's shareholders, totaling THB 102,805,791. In this respect, the Board of Directors set a record date for determining the shareholders who are entitled to receive the dividends on 13 March 2024 and set the dividend payment date on 15 May 2024. However, the rights to receive such dividends remain uncertain as it requires prior approval from the 2024 Annual General Meeting of Shareholders and any shareholders who are disqualified to receive dividends pursuant to the applicable laws shall not be entitled to receive such dividends. New Risk • Feb 28
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: 1.4% Last year net profit margin: 3.9% 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: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.031 (vs ฿0.071 in FY 2022) Full year 2023 results: EPS: ฿0.031 (down from ฿0.071 in FY 2022). Revenue: ฿14.7b (up 17% from FY 2022). Net income: ฿210.6m (down 57% from FY 2022). Profit margin: 1.4% (down from 3.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Chananyarak Phetcharat was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Jan 14
Singha Estate Public Company Limited, Annual General Meeting, Apr 26, 2024 Singha Estate Public Company Limited, Annual General Meeting, Apr 26, 2024. Board Change • Jan 12
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. 5 non-independent directors. Independent Director Prasan Chuaphanich was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Jan 05
Singha Estate Public Company Limited Announces Board Changes Singha Estate Public Company Limited informed the resolutions of the Board of Directors' Meeting No. 1/2024 held on 5 January 2024 as follows: 1. Acknowledged the vacation of the office by Mr. Karoon Nuntileepong from the positions of an independent director, a member of the Audit Committee and a member of the Nomination and Remuneration Committee of the Company, due to the completion of his nine consecutive years tenure as an independent director, which is in compliance with the good corporate governance principles and the Company's Charter of the Board of Directors, with an effect from 5 January 2024 onwards; 2. Approved the appointment of Mrs. Chananyarak Phetcharat as an independent director, a member of the Audit Committee and a member of the Nomination and Remuneration Committee of the Company in replacement of the vacant positions, with an effect from 5 January 2024 onwards. In this regard, the newly appointed director shall serve in the office for the remaining term of the vacated director. Post-approval, the Board of Directors comprises the following persons: 1. Mr. Petipong Pungbun Na Ayudhya: Independent director and Chairman of the Board of Directors; 2. Mr. Prasan Chuaphanich: Independent director and Chairman of the Audit Committee; 3. Mr. Charamporn Jotikasthira: Independent director, Chairman of the Risk Management Committee and Member of the Audit Committee; 4. Assoc. Prof. Thanavath Phonvichai, Ph.D. Independent director, Member of the Risk Management Committee and Member of the Nomination and Remuneration Committee; 5. Mrs. Chananyarak Phetcharat Independent director, Member of the Audit Committee and Member of the Nomination and Remuneration Committee; 6. Chayanin Debhakam, D.B.A. Director, Chairman of the Executive Committee, Chairman of the Nomination and Renumeration Committee and Chairman of the Corporate Governance and Sustainable Development Committee; 7. Mr. Voravud Bhirombhakdi Director and Member of the Corporate Governance and Sustainable Development Committee; 8. Mr. Nutchdhawattana Silpavittayakul Director and Member of the Corporate Governance and Sustainable Development Committee; 9. Mr. Don Boonman Director and Member of the Executive Committee; 10. Mrs. Thitima Rungkwansiriroj Director, Member of Executive Committee, Member of the Corporate Governance and Sustainable Development Committee, Member of the Risk Management Committee and Chief Executive Officer. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.014 loss per share (vs ฿0.006 profit in 3Q 2022) Third quarter 2023 results: ฿0.014 loss per share (down from ฿0.006 profit in 3Q 2022). Revenue: ฿3.23b (up 20% from 3Q 2022). Net loss: ฿96.3m (down 318% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings have declined by 34% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 34% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 60% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.05 to ฿0.02. Revenue forecast unchanged from ฿13.8b at last update. Net income forecast to shrink 35% next year vs 8.3% growth forecast for Real Estate industry in Thailand . Consensus price target down from ฿1.60 to ฿1.20. Share price fell 5.8% to ฿1.14 over the past week. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.015 loss per share (vs ฿0.015 profit in 2Q 2022) Second quarter 2023 results: ฿0.015 loss per share (down from ฿0.015 profit in 2Q 2022). Revenue: ฿3.51b (up 26% from 2Q 2022). Net loss: ฿102.3m (down 201% from profit in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.28, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 8x in the Real Estate industry in Thailand. Total loss to shareholders of 18% over the past three years. Price Target Changed • May 25
Price target decreased by 20% to ฿1.60 Down from ฿2.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿1.53. Stock is down 23% over the past year. The company is forecast to post earnings per share of ฿0.12 for next year compared to ฿0.071 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0.007 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0.004 (up from ฿0.007 loss in 1Q 2022). Revenue: ฿3.33b (up 11% from 1Q 2022). Net income: ฿25.1m (up ฿72.7m from 1Q 2022). Profit margin: 0.8% (up from net loss in 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 12 May 2023. The company last paid an ordinary dividend in February 2019. The average dividend yield among industry peers is 3.8%. Ankündigung • Jan 28
Singha Estate Public Company Limited Announces Appointment of Voravud Bhirombhakdi as Director Singha Estate Public Company Limited has resolved to approve an appointment of Mr. Voravud Bhirombhakdi as the Company's director in replacement of the vacant seat and Member of the CorporateGovernance and Sustainable Development Committee with an effect from 27 January 2023 onwards. Post-approval, the Board of Directors comprises the following persons: Mr. Petipong Pungbun Na Ayudhya, Chairman of the Board of Director; Mr. Prasan Chuaphanich, Independent director and Chairman of Audit Committee; Mr. Charamporn Jotikasthira, Independent director, Chairman of Risk Management Committee and Member of Audit Committee; Mr. Karoon Nuntileepong, Independent director, Member of Audit Committee and Member of Nomination and Remuneration Committee; Assoc. Prof. Thanavath Phonvichai, Ph.D., Independent director, Member of Risk Management Committee and Member of Nomination and Remuneration Committee; Chayanin Debhakam, D.B.A., Director, Chairman of Executive Committee, Chairman of Nomination and Renumeration Committee and Chairman of Corporate Governance and Sustainable Development Committee; Mr. Nutchdhawattana Silpavittayakul, Director and Member of Corporate Governance and Sustainable Development Committee; Mr. Don Boonman, Director and Member of Executive Committee; Mr. Voravud Bhirombhakdi, Director and Member of Corporate Governance and Sustainable Development Committee; Mrs. Thitima Rungkwansiriroj, Director, Member of Executive Committee, Member of Corporate Governance and Sustainable Development Committee, Member of Risk Management Committee and Chief Executive Officer. Major Estimate Revision • Nov 18
Consensus revenue estimates increase by 48% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿8.18b to ฿12.1b. EPS estimate increased from ฿0.05 to ฿0.06 per share. Net income forecast to grow 264% next year vs 12% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿2.00 to ฿1.90. Share price fell 3.2% to ฿1.83 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.006 (vs ฿0.031 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.006 (up from ฿0.031 loss in 3Q 2021). Revenue: ฿2.70b (up 27% from 3Q 2021). Net income: ฿44.1m (up ฿256.2m from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Thailand. 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 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.015 (vs ฿0.031 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.015 (up from ฿0.031 loss in 2Q 2021). Revenue: ฿2.78b (up 63% from 2Q 2021). Net income: ฿101.5m (up ฿314.1m from 2Q 2021). Profit margin: 3.6% (up from net loss in 2Q 2021). Over the next year, revenue is expected to shrink by 19% compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Board Change • Jun 09
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. 5 non-independent directors. Independent Director Charamporn Jotikasthira was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.007 loss per share (vs ฿0.027 profit in 1Q 2021) First quarter 2022 results: ฿0.007 loss per share (down from ฿0.027 profit in 1Q 2021). Revenue: ฿3.01b (up 130% from 1Q 2021). Net loss: ฿47.7m (down 125% from profit in 1Q 2021). Over the next year, revenue is expected to shrink by 11% compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: ฿0.02 loss per share (up from ฿0.38 loss in FY 2020). Revenue: ฿8.32b (up 27% from FY 2020). Net loss: ฿137.4m (loss narrowed 95% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 71%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Dec 06
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. 9 experienced directors. No highly experienced directors. CEO, Company Secretary & Director Thitima Rungkwansiriroj was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.031 loss per share (vs ฿0.038 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿2.13b (up 20% from 3Q 2020). Net loss: ฿212.1m (loss narrowed 19% from 3Q 2020). 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. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.031 loss per share (vs ฿0.091 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿1.71b (up 85% from 2Q 2020). Net loss: ฿212.6m (loss narrowed 66% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.027 (vs ฿0.044 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿1.31b (down 40% from 1Q 2020). Net income: ฿187.0m (down 37% from 1Q 2020). Profit margin: 14% (in line with 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 13
Price target raised to ฿1.77 Up from ฿1.41, the current price target is an average from 2 analysts. The new target price is 9.5% below the current share price of ฿1.95. As of last close, the stock is up 31% over the past year. Is New 90 Day High Low • Mar 11
New 90-day high: ฿1.96 The company is up 26% from its price of ฿1.56 on 09 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.06 per share. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿0.38 loss per share (vs ฿0.17 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿6.56b (down 47% from FY 2019). Net loss: ฿2.61b (down 329% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 112%. Over the next year, revenue is forecast to grow 59%, compared to a 10% growth forecast for the Real Estate industry in Thailand. Is New 90 Day High Low • Dec 14
New 90-day high: ฿1.74 The company is up 29% from its price of ฿1.35 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.059 per share. Major Estimate Revision • Dec 02
Analysts update estimates The 2020 consensus revenue estimate increased from ฿7.64b to ฿8.24b. The company's losses in 2020 are expected to worsen with analysts lowering their EPS forecasts from -฿0.07 to -฿0.18. The Real Estate industry in Thailand is expected to see a 7.1% decline in net income next year. The consensus price target increased from ฿1.37 to ฿1.41. Share price stayed mostly flat at ฿1.53 over the past week. Is New 90 Day High Low • Nov 23
New 90-day high: ฿1.57 The company is up 7.0% from its price of ฿1.47 on 25 August 2020. The Thai market is up 6.0% 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 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.012 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ฿0.038 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿1.77b (down 50% from 3Q 2019). Net loss: ฿262.1m (down 216% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿1.25 The company is down 19% from its price of ฿1.55 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.012 per share. 
