Reported Earnings • Feb 28
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿1.71 (up from ฿1.39 in FY 2024). Revenue: ฿87.5b (up 10% from FY 2024). Net income: ฿4.06b (up 23% from FY 2024). Profit margin: 4.6% (up from 4.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Dividend increased to ฿1.10 Dividend of ฿1.10 is 28% higher than last year. Ex-date: 10th March 2026 Payment date: 8th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 24% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.37 (up from ฿0.30 in 3Q 2024). Revenue: ฿19.3b (up 6.9% from 3Q 2024). Net income: ฿872.0m (up 23% from 3Q 2024). Profit margin: 4.5% (up from 3.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail 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 fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to ฿23.50. The fair value is estimated to be ฿29.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 5.3%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. New Risk • Aug 15
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 98% Dividend yield: 3.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (82% net debt to equity). Dividend is not well covered by cash flows (98% cash payout ratio). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.43 (up from ฿0.32 in 2Q 2024). Revenue: ฿20.8b (up 13% from 2Q 2024). Net income: ฿1.00b (up 33% from 2Q 2024). Profit margin: 4.8% (up from 4.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Specialty Retail 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 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ฿17.60. The fair value is estimated to be ฿22.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Ankündigung • Jun 13
Com7 Public Company Limited Announces Appointment of Plakorn Wanglee as Independent Director, Audit Committee, Chairman of the Risk Management Committee, Effective Date 13 June 2025 Com7 Public Company Limited announced appointment of Mr. Plakorn Wanglee as Independent Director, Audit Committee, Chairman of the Risk Management Committee, Effective Date 13 June 2025. The Audit Committee is consisted of CHAIRMAN OF THE AUDIT COMMITTEE Mr. SIRIPONG SOMBUTSIRI 2 Year 10 Month AUDIT COMMITTEE Mr. PLAKORN WANGLEE 1 Year 10 Month AUDIT COMMITTEE Mr. KASHPOL CHULAJATA 10 Month SECRETARY OF THE AUDIT COMMITTEE Ms. WORANAN JIRATHAMKUL. Buy Or Sell Opportunity • Jun 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿18.80. The fair value is estimated to be ฿23.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.42 (up from ฿0.34 in 1Q 2024). Revenue: ฿20.9b (up 8.6% from 1Q 2024). Net income: ฿980.7m (up 19% from 1Q 2024). Profit margin: 4.7% (up from 4.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail 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 fallen by 18% per year, which means it is significantly lagging earnings. Ankündigung • Apr 29
Com7 Public Company Limited Approves Dividend for 2024, Payable on 15 May 2025 Com7 Public Company Limited at its Annual General Meeting of Shareholders held on 28 April 2025, approved the dividend payment to the shareholders from the net profits of 2024 operating results at the rate of THB 0.86 per share, for 2,354,998,265 shares, totaling THB 2,025,298,507.90. The lists of shareholders who are eligible to receive dividends are fixed on 11 March 2025 (Record Date), and dividend payment is scheduled on 15 May 2025. Declared Dividend • Mar 02
Dividend increased to ฿0.86 Dividend of ฿0.86 is 23% higher than last year. Ex-date: 10th March 2025 Payment date: 15th May 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but not covered by cash flows (120% cash payout ratio). The dividend has increased by an average of 27% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 26
Com7 Public Company Limited Proposes Dividend of the Year 2024 Com7 Public Company Limited proposed to the 2025 AGM for consideration and approval of the payment of dividend derived from the net profits of the operating results of the year 2024 to the shareholders at the rate of THB 0.86 Baht per share, for 2,354,998,265 shares by excluding treasury shares, totaling THB 2,025,298,507.90 by scheduling for 11 March 2025 as the Record Date to determine the list of shareholders who are eligible to receive dividend and the date payable such dividend to the shareholders shall be within 15 May 2025. The Company has allocated 10% of the Company's registered capital as a legal reserve; thus, no additional legal reserve shall be required. Reported Earnings • Feb 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿1.39 (up from ฿1.19 in FY 2023). Revenue: ฿79.2b (up 14% from FY 2023). Net income: ฿3.31b (up 16% from FY 2023). Profit margin: 4.2% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail 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 fallen by 19% per year, which means it is significantly lagging earnings. Ankündigung • Feb 25
Com7 Public Company Limited, Annual General Meeting, Apr 28, 2025 Com7 Public Company Limited, Annual General Meeting, Apr 28, 2025, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.26 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.30 (up from ฿0.26 in 3Q 2023). Revenue: ฿18.0b (up 10% from 3Q 2023). Net income: ฿708.8m (up 16% from 3Q 2023). Profit margin: 3.9% (up from 3.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target increased by 9.0% to ฿26.74 Up from ฿24.53, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ฿26.50. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.35 for next year compared to ฿1.19 last year. Price Target Changed • Aug 22
Price target increased by 7.4% to ฿22.90 Up from ฿21.32, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿23.60. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿1.32 for next year compared to ฿1.19 last year. Buy Or Sell Opportunity • Aug 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ฿22.60. The fair value is estimated to be ฿18.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 7.5%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Reported Earnings • Aug 16
Second quarter 2024 earnings: Revenues in line with analyst expectations Second quarter 2024 results: Revenue: ฿18.4b (up 15% from 2Q 2023). Net income: ฿752.3m (up 6.8% from 2Q 2023). Profit margin: 4.1% (down from 4.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. Price Target Changed • Aug 10
Price target decreased by 8.6% to ฿21.32 Down from ฿23.33, the current price target is an average from 6 analysts. New target price is 5.5% above last closing price of ฿20.20. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿1.19 last year. Buy Or Sell Opportunity • Jul 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿20.30. The fair value is estimated to be ฿16.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Buy Or Sell Opportunity • Jul 01
Now 26% overvalued Over the last 90 days, the stock has fallen 1.0% to ฿19.00. The fair value is estimated to be ฿15.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Buy Or Sell Opportunity • Jun 28
Now 25% overvalued Over the last 90 days, the stock has fallen 2.6% to ฿18.60. The fair value is estimated to be ฿14.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Ankündigung • Jun 28
Com7 Public Company Limited (SET:COM7) announces an Equity Buyback for 45,000,000 shares, representing 1.88% for THB 800 million. Com7 Public Company Limited (SET:COM7) announces a share repurchase program. Under the program, the company will repurchase up to 45,000,000 common shares, representing 1.88% of its issued share capital for THB 800 million. The shares will be repurchased at a price not exceeding 115% of the average closing price of five consecutive business days prior to each repurchase date. The program is being conducted for financial management purposes like to manage the excess liquidity of the company, enhance the ratios like return on equity and the earning per share. The repurchased shares will be resold or written off. The program will expire on December 31, 2024. As of March 8, 2024, the company had 2,399,998,265 issued and outstanding shares. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.34 (vs ฿0.36 in 1Q 2023) First quarter 2024 results: EPS: ฿0.34 (down from ฿0.36 in 1Q 2023). Revenue: ฿19.3b (up 12% from 1Q 2023). Net income: ฿821.8m (down 5.9% from 1Q 2023). Profit margin: 4.3% (down from 5.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 02
Price target decreased by 8.0% to ฿24.86 Down from ฿27.03, the current price target is an average from 9 analysts. New target price is 29% above last closing price of ฿19.20. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿1.32 for next year compared to ฿1.19 last year. Buy Or Sell Opportunity • Mar 21
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to ฿18.60. The fair value is estimated to be ฿15.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Price Target Changed • Feb 29
Price target decreased by 8.6% to ฿27.82 Down from ฿30.44, the current price target is an average from 8 analysts. New target price is 34% above last closing price of ฿20.70. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.19 last year. Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.70 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 24
Dividend reduced to ฿0.70 Dividend of ฿0.70 is 6.7% lower than last year. Ex-date: 7th March 2024 Payment date: 10th May 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but not covered by cash flows (dividend approximately 34x free cash flows). The dividend has increased by an average of 28% per year over the past 7 years and payments have been stable during that time. EPS is expected to grow by 35% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 23
Com7 Public Company Limited, Annual General Meeting, Apr 23, 2024 Com7 Public Company Limited, Annual General Meeting, Apr 23, 2024, at 03:00 Coordinated Universal Time. Agenda: To consider and certify the minutes of the 2023 Annual General Meeting of Shareholders; to consider and acknowledge the Company's 2023 operating result; to consider and approve the consolidated financial statements for the year ended 31 December 2023; to consider and approve the payment of dividends to shareholders from the operating result ended 31 December 2023; To consider and approve the appointment of auditors and the determination of the audit fee for the year 2024; to consider and approve the appointment of directors replacing those retire by rotation; to consider and approve the determination of the director's remuneration for the year 2024; and to consider Other business (if any). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿1.19 (vs ฿1.27 in FY 2022) Full year 2023 results: EPS: ฿1.19 (down from ฿1.27 in FY 2022). Revenue: ฿69.6b (up 11% from FY 2022). Net income: ฿2.86b (down 5.9% from FY 2022). Profit margin: 4.1% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Ankündigung • Feb 23
Com7 Public Company Limited Proposes Dividend of the Year 2023 Com7 Public Company Limited at its Meeting held on February 22, 2024 resolved to propose to the 2024 AGM for the consideration and approval of the payment of dividend derived from the net profits of the operating results of the year 2023 to the shareholders at the rate of THB 0.70 per share, for 2,384,998,265 shares by excluding treasury shares, totaling THB 1,669,498,785.50 by scheduling for 8 March 2024 as the Record Date to determine the list of shareholders who are eligible to receive dividend and the date payable such dividend to the shareholders at 10 May 2024. The Company has allocated 10% of the Company's registered capital as a legal reserve; thus, no additional legal reserve shall be required. Price Target Changed • Nov 17
Price target decreased by 11% to ฿33.66 Down from ฿37.79, the current price target is an average from 8 analysts. New target price is 46% above last closing price of ฿23.00. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.27 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.25 (down from ฿0.30 in 3Q 2022). Revenue: ฿16.3b (up 8.5% from 3Q 2022). Net income: ฿611.4m (down 16% from 3Q 2022). Profit margin: 3.7% (down from 4.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) also missed analyst estimates by 26%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail 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 only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Nov 13
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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿21.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Specialty Retail industry in Thailand. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.35 per share. New Risk • Aug 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). High level of non-cash earnings (26% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.29 (up from ฿0.26 in 2Q 2022). Revenue: ฿16.0b (up 11% from 2Q 2022). Net income: ฿704.1m (up 14% from 2Q 2022). Profit margin: 4.4% (up from 4.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.36 (vs ฿0.33 in 1Q 2022) First quarter 2023 results: EPS: ฿0.36 (up from ฿0.33 in 1Q 2022). Revenue: ฿17.3b (up 18% from 1Q 2022). Net income: ฿873.7m (up 12% from 1Q 2022). Profit margin: 5.0% (down from 5.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 30% per year. Board Change • Mar 30
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 an independent director. The company's board is composed of: 1 new director. No experienced directors. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Somboon Aueatchasai was the last independent director to join the board, commencing their role in 2020. 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 • Mar 01
Upcoming dividend of ฿0.75 per share at 2.4% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.6%). In line with average of industry peers (2.2%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Khachaphon Chulachat was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 03
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿35.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Price Target Changed • Aug 25
Price target decreased to ฿39.10 Down from ฿42.73, the current price target is an average from 5 analysts. New target price is 8.6% above last closing price of ฿36.00. Stock is up 7.1% over the past year. The company is forecast to post earnings per share of ฿1.25 for next year compared to ฿1.10 last year. Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿1.07 to ฿1.42. Revenue forecast unchanged at ฿61.3b. Net income forecast to grow 24% next year vs 21% growth forecast for Specialty Retail industry in Thailand. Consensus price target of ฿47.00 unchanged from last update. Share price rose 3.4% to ฿37.50 over the past week. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.33 (up from ฿0.23 in 1Q 2021). Revenue: ฿14.7b (up 23% from 1Q 2021). Net income: ฿783.2m (up 39% from 1Q 2021). Profit margin: 5.3% (up from 4.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 17%, compared to a 8.0% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Khachaphon Chulachat was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 10
Price target increased to ฿94.00 Up from ฿87.07, the current price target is an average from 4 analysts. New target price is 125% above last closing price of ฿41.75. Stock is up 49% over the past year. The company is forecast to post earnings per share of ฿2.15 for next year compared to ฿2.19 last year. Major Estimate Revision • Mar 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿55.6b to ฿61.4b. EPS estimate fell from ฿2.45 to ฿2.15. Net income forecast to grow 28% next year vs 20% growth forecast for Specialty Retail industry in Thailand. Consensus price target up from ฿87.07 to ฿92.00. Share price was steady at ฿82.25 over the past week. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿2.19 (up from ฿1.24 in FY 2020). Revenue: ฿51.3b (up 37% from FY 2020). Net income: ฿2.63b (up 77% from FY 2020). Profit margin: 5.1% (up from 4.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 8.4%, compared to a 11% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Dec 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Khachaphon Chulachat was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.48 (vs ฿0.31 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿10.1b (up 12% from 3Q 2020). Net income: ฿570.5m (up 53% from 3Q 2020). Profit margin: 5.6% (up from 4.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.48 (vs ฿0.31 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿10.1b (up 12% from 3Q 2020). Net income: ฿570.5m (up 53% from 3Q 2020). Profit margin: 5.6% (up from 4.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.49 (vs ฿0.23 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿11.5b (up 49% from 2Q 2020). Net income: ฿587.0m (up 114% from 2Q 2020). Profit margin: 5.1% (up from 3.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.47 (vs ฿0.24 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿12.0b (up 47% from 1Q 2020). Net income: ฿565.6m (up 97% from 1Q 2020). Profit margin: 4.7% (up from 3.5% 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 27% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 09
Price target increased to ฿66.80 Up from ฿59.04, the current price target is an average from 6 analysts. New target price is 9.7% below last closing price of ฿74.00. Stock is up 254% over the past year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 21 May 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.1%). Price Target Changed • Mar 02
Price target raised to ฿53.08 Up from ฿46.50, the current price target is an average from 6 analysts. The new target price is close to the current share price of ฿54.50. As of last close, the stock is up 141% over the past year. Major Estimate Revision • Mar 02
Analysts increase EPS estimates to ฿1.54 The 2021 consensus revenue estimate increased from ฿41.2b to ฿42.6b. The earnings per share estimate also received an upgrade from ฿1.40 to ฿1.54 for the same period. Net income is expected to grow by 24% next year compared to 26% growth forecast for the Specialty Retail industry in Thailand. The consensus price target increased from ฿46.50 to ฿53.08. Share price is up 20% to ฿54.50 over the past week. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 20% share price gain to ฿54.50, the stock is trading at a trailing P/E ratio of 44x, up from the previous P/E ratio of 36.7x. This compares to an average P/E of 29x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 216%. Is New 90 Day High Low • Feb 25
New 90-day high: ฿51.25 The company is up 27% from its price of ฿40.25 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿19.60 per share. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 9.9%, compared to a 13% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿1.24 (vs ฿1.01 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿37.5b (up 12% from FY 2019). Net income: ฿1.49b (up 23% from FY 2019). Profit margin: 4.0% (up from 3.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 03
New 90-day high: ฿45.25 The company is up 6.0% from its price of ฿42.50 on 05 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Specialty Retail industry, which is also up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.77 per share. Is New 90 Day High Low • Jan 19
New 90-day high: ฿44.75 The company is up 10.0% from its price of ฿40.50 on 21 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.33 per share. Is New 90 Day High Low • Dec 21
New 90-day low: ฿36.75 The company is down 8.0% from its price of ฿40.00 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿19.71 per share. Is New 90 Day High Low • Nov 25
New 90-day low: ฿38.00 The company is down 8.0% from its price of ฿41.25 on 27 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.32 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.31 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿8.98b (up 18% from 3Q 2019). Net income: ฿372.3m (up 30% from 3Q 2019). Profit margin: 4.1% (up from 3.8% 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 28% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 11%, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. Is New 90 Day High Low • Oct 08
New 90-day high: ฿42.50 The company is up 25% from its price of ฿34.00 on 10 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.10 per share.