Declared Dividend • Aug 07
First half dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 19th August 2026 Payment date: 2nd September 2026 Dividend yield will be 4.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: ฿0.26 (up from ฿0.22 in 2Q 2025). Revenue: ฿11.8b (up 1.3% from 2Q 2025). Net income: ฿222.7m (up 17% from 2Q 2025). Profit margin: 1.9% (up from 1.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.26 (up from ฿0.22 in 1Q 2025). Revenue: ฿11.3b (up 1.4% from 1Q 2025). Net income: ฿221.4m (up 18% from 1Q 2025). Profit margin: 2.0% (up from 1.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electronic industry in Thailand. 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 10% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased by 8.2% to ฿11.73 Down from ฿12.78, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ฿9.55. Stock is down 23% over the past year. The company is forecast to post earnings per share of ฿0.88 for next year compared to ฿0.91 last year. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.38 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 12 May 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (0.4%). Price Target Changed • Feb 27
Price target decreased by 7.9% to ฿12.78 Down from ฿13.88, the current price target is an average from 4 analysts. New target price is 26% above last closing price of ฿10.10. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of ฿0.88 for next year compared to ฿0.91 last year. Ankündigung • Feb 27
Synnex (Thailand) Public Company Limited Proposes Dividend Six Months Ended 31 December 2025, Payable on 12-May-2026 Synnex (Thailand) Public Company Limited at its AGM to be held on 23-Apr-2026 proposed annual dividend payment for the year ended 31 December 2025 at a rate of THB 0.48 per share, totaling THB 406.73 million for the operating period from 01 July 2025 to 31 December 2025. Record date for the right to receive dividends 05 May 2026; Ex-dividend date: 30 April 2026; Payment date 12 May 2026. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.91 (vs ฿0.74 in FY 2024) Full year 2025 results: EPS: ฿0.91 (up from ฿0.74 in FY 2024). Revenue: ฿47.4b (up 13% from FY 2024). Net income: ฿769.8m (up 23% from FY 2024). Profit margin: 1.6% (up from 1.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electronic 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 14% per year, which means it is significantly lagging earnings. Ankündigung • Feb 25
Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2026 Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2026, at 10:00 SE Asia Standard Time. Location: synnex (thailand) pcl.`s head office. 433, sukhonthasawat road, lat phrao, bangkok 10230, bangkok Thailand Reported Earnings • Nov 15
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: ฿0.23 (up from ฿0.20 in 3Q 2024). Revenue: ฿12.1b (up 13% from 3Q 2024). Net income: ฿198.1m (up 17% from 3Q 2024). Profit margin: 1.6% (in line with 3Q 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ฿0.22 (up from ฿0.19 in 2Q 2024). Revenue: ฿11.7b (up 17% from 2Q 2024). Net income: ฿190.2m (up 19% from 2Q 2024). Profit margin: 1.6% (in line with 2Q 2024). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.22 (up from ฿0.18 in 1Q 2024). Revenue: ฿11.2b (up 16% from 1Q 2024). Net income: ฿188.2m (up 24% from 1Q 2024). Profit margin: 1.7% (up from 1.6% in 1Q 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 13%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 20% per year. Ankündigung • Apr 23
Synnex (Thailand) Public Company Limited Approves Interim Dividend for the year 2024, Payable on May 14, 2025 Synnex (Thailand) Public Company Limited announced that at the AGM held on April 23, 2025, the Board of Directors has agreed to propose to the Annual General Meeting of Shareholders to consider and approve the annual dividend payment for the year 2024 at a rate of THB 0.44 per share, totaling THB 372.84 million. The Company has already paid an interim dividend for the first six months of 2024 at a rate of THB 0.10 per share on September 10, 2024. The remaining dividend for 2024 will be paid at a rate of THB 0.34 per share This dividend payment is in accordance with the Company's dividend payment policy. In this regard, the Board of Directors has resolved to set the record date to determine shareholders entitled to attend the Annual General Meeting of Shareholders on March 17, 2025, and to set the Record date to determine shareholders entitled to receive the dividend payment on May 2, 2025. The dividend payment will be made to shareholders by May 14, 2025. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.34 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (1.3%). Price Target Changed • Mar 11
Price target decreased by 8.2% to ฿15.63 Down from ฿17.03, the current price target is an average from 4 analysts. New target price is 32% above last closing price of ฿11.80. Stock is up 19% over the past year. The company is forecast to post earnings per share of ฿0.81 for next year compared to ฿0.74 last year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿11.90, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 48% over the past three years. Ankündigung • Feb 27
Synnex (Thailand) Public Company Limited Proposes Cash Dividend for the Operating Period from July 01, 2024 to December 31, 2024, Payable on May 14, 2025 Synnex (Thailand) Public Company Limited at the AGM to be held on April 23, 2025 proposed the cash dividend payment of THB 0.34 per share for the operating period from July 01, 2024 to December 31, 2024. Record date for the right to receive dividends May 02, 2025. Ex-dividend date is on April 30, 2025. Payment date is on May 14, 2025. Reported Earnings • Feb 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.74 (up from ฿0.61 in FY 2023). Revenue: ฿41.9b (up 15% from FY 2023). Net income: ฿627.7m (up 22% from FY 2023). Profit margin: 1.5% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Ankündigung • Feb 27
Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2025 Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Location: synnex (thailand) pcl.`s head office., 433 sukhonthasawat road, lat phrao, bangkok 10230, Thailand New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿11.20, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿9.00 per share. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.17 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.20 (up from ฿0.17 in 3Q 2023). Revenue: ฿10.8b (up 15% from 3Q 2023). Net income: ฿168.7m (up 18% from 3Q 2023). Profit margin: 1.6% (up from 1.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year and the company’s share price has also fallen by 17% per year. Ankündigung • Oct 09
Synnex (Thailand) Public Company Limited Announces Changing of Chief Accountant Synnex (Thailand) Public Company Limited announced changing of Chief Accountant. Miss Nitkhanung Onnum; Position of Chief Accountant: Accounting Manager; Effective Date of Termination 08 October, 2024. Miss Sutanya Watnakhonbancha, Position of Chief Accountant: Accounting Manager; Effective Date of Appointment: 09 October, 2024. Ankündigung • Aug 16
Synnex (Thailand) Public Company Limited Declares Interim Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on 10 September 2024 Synnex (Thailand) Public Company Limited declared interim dividend of THB 0.10 per share for the period from January 1, 2024 to June 30, 2024.
Record date for the right to receive dividends is 28 August 2024, Ex-dividend date is 27 August 2024, Payment date is 10 September 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.19 (up from ฿0.10 in 2Q 2023). Revenue: ฿9.97b (up 17% from 2Q 2023). Net income: ฿159.9m (up 83% from 2Q 2023). Profit margin: 1.6% (up from 1.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 18% per year. Price Target Changed • Jul 15
Price target increased by 9.1% to ฿14.40 Up from ฿13.20, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿13.90. Stock is up 13% over the past year. The company is forecast to post earnings per share of ฿0.77 for next year compared to ฿0.61 last year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿12.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Electronic industry in Thailand. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.24 per share. Ankündigung • Jun 01
Synnex (Thailand) Public Company Limited Announces Chief Financial Officer Changes Synnex (Thailand) Public Company Limited announced termination of Mr. Naran Poomsiri as Acting of Chief Financial Officer, Effective May 31, 2024. Company also announced appointment of Mr. Narong Luangputtikulchai as Acting of Chief Financial Officer. Effective date of appointment if June 1, 2024. New Risk • May 21
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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.18 (vs ฿0.16 in 1Q 2023) First quarter 2024 results: EPS: ฿0.18 (up from ฿0.16 in 1Q 2023). Revenue: ฿9.61b (up 5.0% from 1Q 2023). Net income: ฿152.0m (up 12% from 1Q 2023). Profit margin: 1.6% (up from 1.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 15
Price target increased by 12% to ฿12.40 Up from ฿11.07, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ฿11.00. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.75 for next year compared to ฿0.61 last year. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 08 May 2024. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.2%). Declared Dividend • Feb 25
Final dividend reduced to ฿0.26 Dividend of ฿0.26 is 50% lower than last year. Ex-date: 19th March 2024 Payment date: 8th May 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and 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 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 5.5% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 24
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: ฿0.61 (down from ฿0.96 in FY 2022). Revenue: ฿36.5b (down 6.5% from FY 2022). Net income: ฿513.3m (down 37% from FY 2022). Profit margin: 1.4% (down from 2.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Price Target Changed • Nov 15
Price target decreased by 16% to ฿11.07 Down from ฿13.20, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿9.60. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿0.60 for next year compared to ฿0.96 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ฿0.17 (down from ฿0.25 in 3Q 2022). Revenue: ฿9.37b (down 7.2% from 3Q 2022). Net income: ฿142.5m (down 34% from 3Q 2022). Profit margin: 1.5% (down from 2.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Oct 20
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 6.0% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Price Target Changed • Sep 21
Price target increased by 13% to ฿14.60 Up from ฿12.97, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ฿12.90. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿0.73 for next year compared to ฿0.96 last year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.10 per share at 6.1% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 06 September 2023. Payout ratio is on the higher end at 84% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (0.8%). Price Target Changed • Aug 16
Price target decreased by 7.2% to ฿12.97 Down from ฿13.97, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ฿11.50. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿0.79 for next year compared to ฿0.96 last year. New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.3% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.10 (down from ฿0.22 in 2Q 2022). Revenue: ฿8.49b (down 11% from 2Q 2022). Net income: ฿87.3m (down 55% from 2Q 2022). Profit margin: 1.0% (down from 2.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Ankündigung • Aug 12
Synnex (Thailand) Public Company Limited Declares Interim Dividend for the Period from January 1, 2023 to June 30, 2023, Payable on 06 September 2023 Synnex (Thailand) Public Company Limited declared interim dividend of THB 0.10 per share for the period from January 1, 2023 to June 30, 2023.Record date for the right to receive dividends is 25 August 2023, Ex-dividend date is 24 August 2023, Payment date is 06 September 2023. Price Target Changed • Jun 09
Price target decreased by 14% to ฿14.60 Down from ฿17.03, the current price target is an average from 3 analysts. New target price is 9.8% above last closing price of ฿13.30. Stock is down 34% over the past year. The company is forecast to post earnings per share of ฿0.88 for next year compared to ฿0.96 last year. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.52 per share at 4.4% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (0.9%). Board Change • Nov 16
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. 8 non-independent directors. Independent Director Somchai Hanhiran 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. Buying Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be ฿23.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: ฿0.22 (down from ฿0.25 in 2Q 2021). Revenue: ฿9.59b (up 14% from 2Q 2021). Net income: ฿192.2m (down 8.9% from 2Q 2021). Profit margin: 2.0% (down from 2.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 6.7%, compared to a 81% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ฿24.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Buying Opportunity • Jun 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be ฿23.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 25% in the next 2 years. Buying Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿23.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 25% in the next 2 years. Price Target Changed • May 28
Price target decreased to ฿28.08 Down from ฿31.57, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿21.30. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿1.02 last year. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.26 (up from ฿0.22 in 1Q 2021). Revenue: ฿9.96b (up 15% from 1Q 2021). Net income: ฿222.3m (up 20% from 1Q 2021). Profit margin: 2.2% (in line with 1Q 2021). Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 9.8%, compared to a 107% growth forecast for the 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 increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ฿31.57 Up from ฿28.60, the current price target is an average from 3 analysts. New target price is 29% above last closing price of ฿24.40. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.13 for next year compared to ฿1.02 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Chananyarak Phetcharat 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. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.52 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 05 May 2022. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.4%). Price Target Changed • Feb 28
Price target increased to ฿30.85 Up from ฿28.60, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿26.50. Stock is up 55% over the past year. The company is forecast to post earnings per share of ฿1.13 for next year compared to ฿1.02 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.02 (up from ฿0.76 in FY 2020). Revenue: ฿37.1b (up 15% from FY 2020). Net income: ฿860.2m (up 34% from FY 2020). Profit margin: 2.3% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 10%, compared to a 81% growth forecast for the 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 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.20 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿8.90b (up 20% from 3Q 2020). Net income: ฿194.5m (up 14% from 3Q 2020). Profit margin: 2.2% (down from 2.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 03 September 2021. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.20 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿8.38b (down 3.6% from 2Q 2020). Net income: ฿211.1m (up 27% from 2Q 2020). Profit margin: 2.5% (up from 1.9% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.15 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿8.64b (up 18% from 1Q 2020). Net income: ฿185.1m (up 41% from 1Q 2020). Profit margin: 2.1% (up from 1.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Executive Departure • Apr 02
Independent Director has left the company On the 30th of March, Chakkrit Parapuntakul's tenure as Independent Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Chakkrit's name. A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Mar 09
New 90-day high: ฿25.75 The company is up 75% from its price of ฿14.70 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.81 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 30% share price gain to ฿22.20, the stock is trading at a trailing P/E ratio of 29.3x, up from the previous P/E ratio of 22.6x. This compares to an average P/E of 24x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 98%. Price Target Changed • Mar 03
Price target raised to ฿20.00 Up from ฿18.28, the current price target is an average from 3 analysts. The new target price is 9.3% above the current share price of ฿18.30. As of last close, the stock is up 213% over the past year. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿0.76 (vs ฿0.64 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿32.1b (down 7.6% from FY 2019). Net income: ฿642.0m (up 23% from FY 2019). Profit margin: 2.0% (up from 1.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Feb 23
Price target raised to ฿19.28 Up from ฿17.35, the current price target is an average from 3 analysts. The new target price is 13% above the current share price of ฿17.10. As of last close, the stock is up 174% over the past year. Analyst Estimate Surprise Post Earnings • Feb 23
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 9.1%, compared to a 8.9% growth forecast for the Electronic industry in Thailand. Is New 90 Day High Low • Jan 29
New 90-day high: ฿17.80 The company is up 20% from its price of ฿14.80 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 108% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.66 per share. Is New 90 Day High Low • Jan 13
New 90-day high: ฿16.30 The company is up 8.0% from its price of ฿15.10 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 160% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.45 per share. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 16% share price gain to ฿14.90, the stock is trading at a trailing P/E ratio of 21.2x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 20x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 35%. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 12%, compared to a 11% growth forecast for the Electronic industry in Thailand. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.20 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿7.44b (down 6.1% from 3Q 2019). Net income: ฿170.8m (up 82% from 3Q 2019). Profit margin: 2.3% (up from 1.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • Nov 10
Market pulls back on stock over the past week After last week's 19% share price decline to ฿12.30, the stock is trading at a trailing P/E ratio of 20.1x, down from the previous P/E ratio of 24.8x. This compares to an average P/E of 23x in the Electronic industry in Thailand. Total return to shareholders over the past three years is a loss of 2.2%. Is New 90 Day High Low • Sep 24
New 90-day high: ฿13.90 The company is up 84% from its price of ฿7.55 on 25 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 92% over the same period. 
