Reported Earnings • May 19
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: ฿0.028 (up from ฿0.026 in 1Q 2025). Revenue: ฿3.25b (up 22% from 1Q 2025). Net income: ฿120.4m (up 7.2% from 1Q 2025). Profit margin: 3.7% (down from 4.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 6.3%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 25% per year. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.8%). Declared Dividend • Feb 28
Final dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 7th May 2026 Payment date: 26th May 2026 Dividend yield will be 7.4%, 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 (29% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.36 (vs ฿0.40 in FY 2024) Full year 2025 results: EPS: ฿0.36 (down from ฿0.40 in FY 2024). Revenue: ฿20.2b (flat on FY 2024). Net income: ฿1.53b (down 10% from FY 2024). Profit margin: 7.6% (down from 8.4% in FY 2024). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 23% per year and the company’s share price has also fallen by 23% per year. Ankündigung • Feb 26
SC Asset Corporation Public Company Limited Proposes Dividend for the Year Ended December 31, 2025, Payable on May 26, 2026 SC Asset Corporation Public Company Limited at its AGM to be held on April 28, 2026 proposed the total dividend payment for the year ended December 31, 2025, which is paid from the profit of the operating results. The total dividend payment for the year 2025 is equivalent to THB 0.15 per share, representing 48.98% of the net profit from operations, which is in accordance with the dividend payment policy set by the Company. The Board of Directors' Meeting No. 5/2025 held on August 13, 2025 resolved to pay interim dividends at the rate of THB 0.05 per share, total amount THB 213,863,119.75 and will propose to the Annual General Meeting of Shareholders to approve additional dividend payment for the year 2025 at the rate of THB 0.10 per share, totaling approximately THB 427,726,339.50. The Record Date to determine the shareholders who are eligible to receive dividend is on May 8, 2026, and dividend payment date will be on May 26, 2026. Ankündigung • Feb 25
SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026 SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Board Change • Feb 02
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. 4 experienced directors. 7 highly experienced directors. Head of Compliance, Chief Legal Officer & Director Somboon Kuptimanus was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.091 (vs ฿0.12 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.091 (down from ฿0.12 in 3Q 2024). Revenue: ฿5.13b (down 12% from 3Q 2024). Net income: ฿389.8m (down 23% from 3Q 2024). Profit margin: 7.6% (down from 8.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 25% per year. Ankündigung • Oct 28
Tokyo Tatemono (Thailand) Ltd acquired 40% stake in SC CD4 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for approximately THB 100 million. Tokyo Tatemono (Thailand) Ltd acquired 40% stake in SC CD4 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for approximately THB 100 million on October 27, 2025. SC CD4 Company Limited has a total of 20,000,000 shares outstanding. Following the transaction, SC Asset retains 11,999,998 shares, representing a 60% stake, while Tokyo Tatemono holds 8,000,000 shares, representing a 40% stake. The remaining 2 shares are held by Namtip Promchua and Rachod Nantakwng, each holding 1 share.
Tokyo Tatemono (Thailand) Ltd completed the acquisition of 40% stake in SC CD4 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for approximately THB 100 million on October 27, 2025. Ankündigung • Oct 03
Paetongtarn Shinawatra acquired 28.43% stake in SC Asset Corporation Public Company Limited (SET:SC) from Kiatnakin Phatra Asset Management Company Limited and Land and Houses Fund Management Company Ltd. Paetongtarn Shinawatra acquired 28.43% stake in SC Asset Corporation Public Company Limited (SET:SC) from Kiatnakin Phatra Asset Management Company Limited and Land and Houses Fund Management Company Ltd. on October 1, 2025.
Paetongtarn Shinawatra completed the acquisition of 28.43% stake in SC Asset Corporation Public Company Limited (SET:SC) from Kiatnakin Phatra Asset Management Company Limited and Land and Houses Fund Management Company Ltd. on October 1, 2025. Ankündigung • Sep 16
Tokyo Tatemono (Thailand) Ltd acquired 49% stake in SC CD5 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for THB 12.4 million. Tokyo Tatemono (Thailand) Ltd acquired 49% stake in SC CD5 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for THB 12.4 million on September 15, 2025. A cash consideration of THB 12.45 million will be paid by Tokyo Tatemono (Thailand) Ltd. As part of consideration, THB 12.45 million is paid towards common equity of SC CD5 Company Limited.
Tokyo Tatemono (Thailand) Ltd completed the acquisition of 49% stake in SC CD5 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) on September 15, 2025. Declared Dividend • Aug 15
First half dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 27th August 2025 Payment date: 9th September 2025 Dividend yield will be 8.5%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 49% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.098 (down from ฿0.12 in 2Q 2024). Revenue: ฿5.22b (up 13% from 2Q 2024). Net income: ฿418.8m (down 21% from 2Q 2024). Profit margin: 8.0% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.76, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.24 per share. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 0.2% 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 Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Earnings have declined by 0.2% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.63, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Real Estate industry in Thailand. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.04 per share. Price Target Changed • May 24
Price target decreased by 8.1% to ฿2.35 Down from ฿2.56, the current price target is an average from 8 analysts. New target price is 34% above last closing price of ฿1.76. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.40 last year. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ฿0.026 (down from ฿0.043 in 1Q 2024). Revenue: ฿2.67b (down 33% from 1Q 2024). Net income: ฿112.2m (down 39% from 1Q 2024). Profit margin: 4.2% (down from 4.6% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Price Target Changed • May 13
Price target decreased by 8.7% to ฿2.56 Down from ฿2.80, the current price target is an average from 8 analysts. New target price is 20% above last closing price of ฿2.14. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.40 last year. Price Target Changed • May 02
Price target decreased by 7.7% to ฿2.75 Down from ฿2.98, the current price target is an average from 8 analysts. New target price is 25% above last closing price of ฿2.20. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.40 last year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 7.0%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.8%). Ankündigung • Apr 24
SC Asset Corporation Public Company Limited Approves Dividend for the Year 2024, Payable on May 20, 2025 SC Asset Corporation Public Company Limited at its AGM held on April 24, 2025, approved total dividend payment for the year 2024 of THB 0.16 per share or equivalent to 43.08% of the net operating profit in accordance with the Dividend Payment Policy of the Company that the Company will pay the dividend to the shareholders not less than 40% of net profits after deduction of income tax for each year. The Board of Directors' Meeting No.5/2024 held on August 13, 2024, has already approved the interim dividend payment for the year 2024 at the rate THB 0.05 per share. The Annual General Meeting of Shareholders for the year 2025 approved the dividend payment for the operating results for the year 2024 in addition is the rate THB 0.11 per share. The Company will set the Record Date for the shareholders, who are entitled to receive the dividend, on May 6, 2025. The dividend payment date will be on May 20, 2025. Declared Dividend • Feb 21
Final dividend reduced to ฿0.11 Dividend of ฿0.11 is 31% lower than last year. Ex-date: 2nd May 2025 Payment date: 20th May 2025 Dividend yield will be 6.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but not covered by cash flows (dividend approximately 23x free cash flows). 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. EPS is expected to grow by 22% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 20
SC Asset Corporation Public Company Limited Proposes Interim Dividend for Operating Period from July 1, 2024 to December 31, 2024, Payable on May 20, 2025 SC Asset Corporation Public Company Limited proposed interim dividend for operating period from July 1, 2024 to December 31, 2024, payable on May 20, 2025. For the period, the company reported dividend of THB 0.11 per share. The Record Date to determine the shareholders who are eligible to receive dividend is on May 6, 2025. This agenda shall be proposed to the 2025 Annual General Meeting of Shareholders for approval. Ex-dividend date is 02 May 2025. Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.40 (down from ฿0.58 in FY 2023). Revenue: ฿20.3b (down 17% from FY 2023). Net income: ฿1.71b (down 31% from FY 2023). Profit margin: 8.4% (down from 10% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Real Estate industry in Thailand. 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 12% per year, which means it is performing significantly worse than earnings. Ankündigung • Feb 20
SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 24, 2025 SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: in accordance with regulations prescribed under, b.e.2563., Thailand Price Target Changed • Feb 14
Price target decreased by 7.1% to ฿2.98 Down from ฿3.21, the current price target is an average from 8 analysts. New target price is 18% above last closing price of ฿2.52. Stock is down 24% over the past year. The company is forecast to post earnings per share of ฿0.42 for next year compared to ฿0.58 last year. Ankündigung • Dec 25
Tokyo Tatemono (Thailand) Ltd completed the acquisition of 49% stake in SC L1 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for THB 17.1 million. Tokyo Tatemono (Thailand) Ltd acquired 49% stake in SC L1 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) for THB 17.1 million on December 23, 2024. A cash consideration of THB 17.15 million will be paid by Tokyo Tatemono (Thailand) Ltd. As part of acquisition, 2,450,000 shares were acquired.
Tokyo Tatemono (Thailand) Ltd completed the acquisition of 49% stake in SC L1 Company Limited from SC Asset Corporation Public Company Limited (SET:SC) on December 23, 2024. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: ฿0.12 (in line with 3Q 2023). Revenue: ฿5.80b (up 4.9% from 3Q 2023). Net income: ฿505.7m (flat on 3Q 2023). Profit margin: 8.7% (down from 9.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.96, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Real Estate industry in Thailand. Total returns to shareholders of 12% over the past three years. Price Target Changed • Aug 28
Price target decreased by 7.6% to ฿3.08 Down from ฿3.33, the current price target is an average from 7 analysts. New target price is 13% above last closing price of ฿2.72. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿0.47 for next year compared to ฿0.58 last year. Declared Dividend • Aug 15
First half dividend reduced to ฿0.05 Dividend of ฿0.05 is 38% lower than last year. Ex-date: 27th August 2024 Payment date: 9th September 2024 Dividend yield will be 8.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.12 (down from ฿0.14 in 2Q 2023). Revenue: ฿4.64b (down 11% from 2Q 2023). Net income: ฿531.3m (down 10% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.9%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 05
Price target decreased by 11% to ฿3.33 Down from ฿3.73, the current price target is an average from 7 analysts. New target price is 40% above last closing price of ฿2.38. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿0.50 for next year compared to ฿0.58 last year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.043 (vs ฿0.13 in 1Q 2023) First quarter 2024 results: EPS: ฿0.043 (down from ฿0.13 in 1Q 2023). Revenue: ฿4.01b (down 19% from 1Q 2023). Net income: ฿182.6m (down 66% from 1Q 2023). Profit margin: 4.6% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Ankündigung • Apr 26
SC Asset Corporation Public Company Limited Approves Dividend for the Year 2023, Payable on May 21, 2024 SC Asset Corporation Public Company Limited announced that at its AGM held on April 24, 2024, approved a total dividend payment for the year 2023 of THB 0.24 per share or equivalent to 44.35% of the net operating profit in accordance with the dividend payment policy of the company paying dividend to the shareholders not less than 40% of net profits after deduction of income tax for each year. According to the board of directors' Meeting held on August 9, 2023, has already approved the interim dividend payment for the year 2023 at the rate THB 0.08 per share. The Annual General Meeting of Shareholders for the year 2024 approved the dividend payment for the operating results for the year 2023 in addition is the rate THB 0.16 per share. The company will set the record date for the shareholders, who are entitled to receive the dividend, on May 3, 2024. The dividend payment date will be on May 21, 2024. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 6.6%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (4.6%). Declared Dividend • Feb 29
Final dividend reduced to ฿0.16 Dividend of ฿0.16 is 5.9% lower than last year. Ex-date: 2nd May 2024 Payment date: 21st May 2024 Dividend yield will be 7.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.58 (vs ฿0.61 in FY 2022) Full year 2023 results: EPS: ฿0.58 (down from ฿0.61 in FY 2022). Revenue: ฿24.5b (up 14% from FY 2022). Net income: ฿2.48b (down 2.9% from FY 2022). Profit margin: 10% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Thailand are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. New Risk • Feb 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Nov 21
Price target decreased by 9.7% to ฿4.53 Down from ฿5.01, the current price target is an average from 5 analysts. New target price is 41% above last closing price of ฿3.22. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿0.56 for next year compared to ฿0.61 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: ฿0.12 (down from ฿0.15 in 3Q 2022). Revenue: ฿5.53b (up 5.5% from 3Q 2022). Net income: ฿503.4m (down 23% from 3Q 2022). Profit margin: 9.1% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 5.5% 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 9% per year and the company’s share price has also increased by 9% per year. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.08 per share at 5.8% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.14 (vs ฿0.14 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.14 (up from ฿0.14 in 2Q 2022). Revenue: ฿5.21b (flat on 2Q 2022). Net income: ฿593.0m (up 2.1% from 2Q 2022). Profit margin: 11% (in line with 2Q 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 13
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: ฿0.13 (up from ฿0.092 in 1Q 2022). Revenue: ฿4.92b (up 29% from 1Q 2022). Net income: ฿534.6m (up 38% from 1Q 2022). Profit margin: 11% (in line with 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.17 per share at 5.9% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (4.0%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: ฿0.61 (vs ฿0.49 in FY 2021) Full year 2022 results: EPS: ฿0.61 (up from ฿0.49 in FY 2021). Revenue: ฿21.6b (up 11% from FY 2021). Net income: ฿2.56b (up 24% from FY 2021). Profit margin: 12% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 18
Price target increased by 12% to ฿5.04 Up from ฿4.52, the current price target is an average from 2 analysts. New target price is 10% above last closing price of ฿4.58. Stock is up 14% over the past year. The company is forecast to post earnings per share of ฿0.57 for next year compared to ฿0.49 last year. Ankündigung • Jan 04
SC Asset Corporation Public Company Limited Announces Retirement of Pradthana Patsaman as Chief Financial Officer SC Asset Corporation Public Company Limited announced the retirement of Mrs. Pradthana Patsaman as Chief Financial Officer of the company, with effect from 31 December, 2022. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 15% share price gain to ฿4.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Real Estate industry in Thailand. Total returns to shareholders of 134% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.60 per share. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: ฿0.15 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.15 (up from ฿0.13 in 3Q 2021). Revenue: ฿5.24b (up 11% from 3Q 2021). Net income: ฿652.2m (up 20% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 01
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be ฿4.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 3.4%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 19% in the next 2 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (3.2%). Reported Earnings • Aug 14
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.14 (up from ฿0.12 in 2Q 2021). Revenue: ฿5.20b (up 9.4% from 2Q 2021). Net income: ฿581.1m (up 12% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 13%, compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Aug 11
SC Asset Corporation Public Company Limited Approves Interim Dividend, Payable on September 7, 2022 SC Asset Corporation Public Company Limited approved interim dividend will be paid at the rate of THB 0.08 per share or equivalent to 34.74% of the net operating profit amount to THB 337,546,421.12 approximately. The dividend will be paid subject to corporate income tax at rate 20% and withholding tax of 10% for natural persons. Shareholders who are natural persons shall be entitled to dividend tax credit at the rate of 20/80 times of dividend received. In this regard, the interim dividend payment shall be payable to shareholders entitled to receive the dividend who are listed on the record date on August 25, 2022. The Company determined to pay such dividend payment on September 7, 2022. Buying Opportunity • Jun 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ฿4.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 4.0%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Board Change • May 31
High number of new directors Independent Director Tanai Charinsarn was the last director to join the board, commencing their role in 2022. Buying Opportunity • May 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ฿4.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 4.0%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Ankündigung • May 13
SC Asset Corporation Public Company Limited Announces Committee Changes SC Asset Corporation Public Company Limited approved the appointment of Mr. Tanai Charinsarn (Independent Director) as the member of the risk management committee. The company also approved the appointment of Mr. Anek Panaapichon (Independent Director) as the Chairman of the Audit Committee instead of Mr. Kunodom Thammaphornphilas who has resigned from the position of the Company's director. Approved the appointment of Mr. Precha Sekhararidhi (Independent Director) as the Member of the Nomination and Remuneration Committee instead of Mr. Kunodom Thammaphornphilas who has resigned from the position of the Company's director, at the board meeting held on May 11, 2022. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.09 (down from ฿0.10 in 1Q 2021). Revenue: ฿3.85b (down 2.6% from 1Q 2021). Net income: ฿387.7m (down 7.0% from 1Q 2021). Profit margin: 10% (in line with 1Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 15%, compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. 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. 3 experienced directors. 6 highly experienced directors. Chief Corporate Officer & Executive Director Attapol Sariddipuntawat was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 21
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿0.49 (up from ฿0.45 in FY 2020). Revenue: ฿19.5b (up 2.6% from FY 2020). Net income: ฿2.06b (up 8.7% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 12%, compared to a 19% growth forecast for the industry in Thailand. 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 9% per year. Reported Earnings • Feb 21
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿0.49 (up from ฿0.45 in FY 2020). Revenue: ฿19.5b (up 2.6% from FY 2020). Net income: ฿2.06b (up 8.7% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 12%, compared to a 19% growth forecast for the industry in Thailand. 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 9% per year. Price Target Changed • Nov 15
Price target increased to ฿3.70 Up from ฿3.39, the current price target is an average from 3 analysts. New target price is 5.1% above last closing price of ฿3.52. Stock is up 43% over the past year. The company is forecast to post earnings per share of ฿0.47 for next year compared to ฿0.45 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.16 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿4.73b (down 17% from 3Q 2020). Net income: ฿544.6m (down 20% from 3Q 2020). Profit margin: 12% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.11 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿4.77b (up 4.4% from 2Q 2020). Net income: ฿520.0m (up 14% from 2Q 2020). Profit margin: 11% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.072 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.96b (up 20% from 1Q 2020). Net income: ฿416.8m (up 39% from 1Q 2020). Profit margin: 11% (up from 9.1% 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 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 20 May 2021. Trailing yield: 5.4%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.8%). Price Target Changed • Mar 19
Price target increased to ฿3.17 Up from ฿2.67, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿3.08. Stock is up 60% over the past year. Is New 90 Day High Low • Mar 08
New 90-day high: ฿2.96 The company is up 6.0% from its price of ฿2.78 on 08 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.48 per share. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS ฿0.45 (vs ฿0.48 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿19.0b (up 7.6% from FY 2019). Net income: ฿1.90b (down 6.3% from FY 2019). Profit margin: 10.0% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Over the next year, revenue is expected to shrink by 12% compared to a 4.0% growth forecast for the Real Estate industry in Thailand. Ankündigung • Feb 18
SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 22, 2021 SC Asset Corporation Public Company Limited, Annual General Meeting, Apr 22, 2021, at 07:00 Coordinated Universal Time. Agenda: To consider and certify the Board of Directors' report on the operating performance of the Company for the year 2020; to approve the 2020 financial statement for the year ended December 31, 2020; to approve the dividend payment for the year 2020; to consider and approve the appointment of the auditor and to determine the audit fee for the year 2021; to approve the election of directors replacing those retired by rotation and to determine the remuneration of the Board of Directors for the year 2021; to approve the issuance and offering the warrants to purchase the Company's ordinary shares to directors and employees of the Company and subsidiaries, in the amount not exceeding 55,000,000 units; and to approve the allotment of newly issued ordinary shares in the amount not exceeding 5 5 ,000,000 shares, at the par value of Bath 1 each to be reserved for the exercise of the Warrants. Price Target Changed • Jan 27
Price target raised to ฿2.67 Up from ฿2.42, the current price target is an average from 4 analysts. The new target price is close to the current share price of ฿2.76. As of last close, the stock is up 24% over the past year. Is New 90 Day High Low • Dec 14
New 90-day high: ฿2.84 The company is up 26% from its price of ฿2.26 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 ฿1.37 per share. Major Estimate Revision • Dec 02
Analysts increase EPS estimates to ฿0.44 The 2020 consensus revenue estimate increased from ฿16.9b to ฿18.0b. The earnings per share estimate also received an upgrade from ฿0.38 to ฿0.44 for the same period. Net income is expected to shrink by 31% next year compared to 7.1% decline forecast for the Real Estate industry in Thailand. The consensus price target increased from ฿2.41 to ฿2.42. Share price is up 3.1% to ฿2.68 over the past week. Major Estimate Revision • Nov 19
Analysts increase EPS estimates to ฿0.41 The 2020 consensus revenue estimate increased from ฿16.6b to ฿17.3b. The earnings per share estimate also received an upgrade from ฿0.35 to ฿0.41 for the same period. Net income is expected to shrink by 31% next year compared to 6.8% decline forecast for the Real Estate industry in Thailand. The consensus price target increased from ฿2.38 to ฿2.41. Share price is up 4.9% to ฿2.56 over the past week. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿5.72b (up 35% from 3Q 2019). Net income: ฿683.7m (up 55% from 3Q 2019). Profit margin: 12% (up from 10% in 3Q 2019). The increase in margin was driven by higher 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 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 05
New 90-day high: ฿2.40 The company is up 3.0% from its price of ฿2.32 on 07 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.07 per share. Is New 90 Day High Low • Sep 24
New 90-day low: ฿2.16 The company is down 2.0% from its price of ฿2.20 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.07 per share.