Major Estimate Revision • May 15
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ฿2.19b to ฿2.22b. EPS estimate fell from ฿0.46 to ฿0.40 per share. Net income forecast to grow 61% next year vs 6.8% growth forecast for Telecom industry in Thailand. Consensus price target of ฿6.00 unchanged from last update. Share price rose 3.7% to ฿4.46 over the past week. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.10 (vs ฿0.12 in 1Q 2025) First quarter 2026 results: EPS: ฿0.10 (down from ฿0.12 in 1Q 2025). Revenue: ฿550.0m (up 3.1% from 1Q 2025). Net income: ฿42.6m (down 16% from 1Q 2025). Profit margin: 7.7% (down from 9.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 02
Dividend reduced to ฿0.097 Dividend of ฿0.097 is 39% lower than last year. Ex-date: 13th March 2026 Payment date: 19th May 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.8%. 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Ankündigung • Feb 28
Symphony Communication Public Company Limited announces Annual dividend, payable on May 19, 2026 Symphony Communication Public Company Limited announced Annual dividend of THB 0.0973 per share payable on May 19, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.13b to ฿2.09b. EPS estimate also fell from ฿0.49 per share to ฿0.42 per share. Net income forecast to grow 17% next year vs 13% growth forecast for Telecom industry in Thailand. Consensus price target down from ฿7.40 to ฿6.00. Share price fell 8.3% to ฿3.54 over the past week. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.08 (vs ฿0.075 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.08 (up from ฿0.075 in 3Q 2024). Revenue: ฿513.0m (down 1.4% from 3Q 2024). Net income: ฿36.0m (up 11% from 3Q 2024). Profit margin: 7.0% (up from 6.2% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.16 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (down from ฿0.16 in 2Q 2024). Revenue: ฿533.9m (up 6.9% from 2Q 2024). Net income: ฿40.1m (down 42% from 2Q 2024). Profit margin: 7.5% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.15 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (down from ฿0.15 in 1Q 2024). Revenue: ฿533.4m (up 1.2% from 1Q 2024). Net income: ฿50.4m (down 22% from 1Q 2024). Profit margin: 9.4% (down from 12% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. 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 8% per year, which means it is significantly lagging earnings. Ankündigung • Apr 25
Symphony Communication Public Company Limited Approves Cash Dividend for the Year 2024 from 1 January 2024 to 31 December 2024, Payable on May 20, 2025 Symphony Communication Public Company Limited at its AGM held on April 25, 2025, approved the cash dividend payment from net profit shown in the consolidated financial statements for the Company's operating results for the year 2024 from 1 January 2024 to 31 December 2024 to shareholders at the rate of THB 0.1589 per share, amounting to THB 68,907,761.54 on May 20, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿3.98, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Telecom industry in Asia. Total loss to shareholders of 37% over the past three years. New Risk • Apr 04
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿2.05b market cap, or US$60.0m). Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.35b to ฿2.24b. EPS estimate also fell from ฿0.63 per share to ฿0.54 per share. Net income forecast to grow 13% next year vs 9.6% growth forecast for Telecom industry in Thailand. Consensus price target down from ฿10.93 to ฿9.93. Share price was steady at ฿5.70 over the past week. Price Target Changed • Mar 04
Price target decreased by 9.2% to ฿9.93 Down from ฿10.93, the current price target is an average from 2 analysts. New target price is 80% above last closing price of ฿5.50. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿0.54 for next year compared to ฿0.47 last year. Declared Dividend • Mar 03
Dividend of ฿0.16 announced Shareholders will receive a dividend of ฿0.16. Ex-date: 14th March 2025 Payment date: 20th May 2025 Dividend yield will be 2.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (43% 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 52% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.47 (down from ฿0.61 in FY 2023). Revenue: ฿2.06b (up 2.0% from FY 2023). Net income: ฿205.6m (down 22% from FY 2023). Profit margin: 10.0% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 9.6%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. 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 7% per year, which means it is significantly lagging earnings. Ankündigung • Mar 01
Symphony Communication Public Company Limited, Annual General Meeting, Apr 25, 2025 Symphony Communication Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Location: siam hall room, 6th floor, eastin, grand hotel phayathai, 18 phaya thai road, thung phaya thai sub-district, ratchathewi district, bangkok Thailand Ankündigung • Feb 28
Symphony Communication Public Company Limited Proposes Cash Dividend for the Period from January 1, 2024 to December 31, 2024, Payable on May 20, 2025 The board of directors of Symphony Communication Public Company Limited at its Meeting No. 1/2025 held on February 28, 2025, Approved proposing to the 2025 Annual General Meeting of Shareholders (the 2025 AGM’) of the Company to consider and approve the dividend payment from the Company's operating results for the year 2024 from January 1, 2024 to December 31, 2024 to shareholders in cash at the total rate of THB 0.1589 per share, totaling in the amount of THB 68,907,761.54. The dividend payment at the rate of THB 0.0046 per share will be paid from the net profit of the Company's business promoted under the BOI which are currently exempted from tax, and the dividend payment at the rate of THB 0.1543 per share will be paid from the net profit of the Company's business which are subject to 20% of corporate income tax in which individual shareholders are entitled to claim tax credits at the rate of 20/80 of the dividend. In this regard, the record date to determine the list of shareholders who are entitled to receive the dividend is set on March 17, 2025, and the date of the dividend payment shall be on May 20, 2025. Nevertheless, the dividend payment of the Company is subject to approval from the 2025 AGM. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿5.95, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Telecom industry in Asia. Total loss to shareholders of 10% over the past three years. New Risk • Dec 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.40b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿3.40b market cap, or US$99.4m). New Risk • Dec 09
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 6.5% 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. This is currently the only risk that has been identified for the company. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.47b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS misses analyst expectations Third quarter 2024 results: EPS: ฿0.07 (down from ฿0.12 in 3Q 2023). Revenue: ฿520.3m (up 4.9% from 3Q 2023). Net income: ฿32.5m (down 38% from 3Q 2023). Profit margin: 6.2% (down from 11% 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 53%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.16 (vs ฿0.29 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.16 (down from ฿0.29 in 2Q 2023). Revenue: ฿515.7m (down 7.4% from 2Q 2023). Net income: ฿68.8m (down 46% from 2Q 2023). Profit margin: 13% (down from 23% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • May 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.69b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (฿3.69b market cap, or US$99.8m). Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (1.7%). Declared Dividend • Feb 29
Dividend increased to ฿0.15 Dividend of ฿0.15 is 56% higher than last year. Ex-date: 11th March 2024 Payment date: 16th May 2024 Dividend yield will be 2.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (11% 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 21% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 29
Symphony Communication Public Company Limited Proposes Special Dividend for the Year 2023, Payable on May 16, 2024 Symphony Communication Public Company Limited at its AGM proposed to approve the special dividend payment from the gain received from the disposal of total investment in AIMS Data Centre (Thailand) Limited, which is the associated company, at THB 0.0283 per share, amounting to THB 12,272,433.30. In this regard, the record date to determine the list of shareholders who are entitled to receive dividend is set on, March 12, 2024, and the date of dividend payment shall be on, May 16, 2024. Nevertheless, the dividend payment of the Company is subject to approval from the 2024 AGM. The Company does not have to allocate the net profit for the year 2023 as legal reserve since the Company has fully appropriated legal reserve. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.61 (vs ฿0.37 in FY 2022) Full year 2023 results: EPS: ฿0.61 (up from ฿0.37 in FY 2022). Revenue: ฿2.02b (up 19% from FY 2022). Net income: ฿264.6m (up 63% from FY 2022). Profit margin: 13% (up from 9.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿7.85, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Telecom industry in Asia. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿7.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Telecom industry in Asia. Total returns to shareholders of 93% over the past three years. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (฿3.21b market cap, or US$90.4m). Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿8.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Telecom industry in Asia. Total returns to shareholders of 115% over the past three years. New Risk • Oct 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.51b (US$95.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (฿3.51b market cap, or US$95.0m). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.70, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Telecom industry in Asia. Total returns to shareholders of 93% over the past three years. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.29 (vs ฿0.12 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.29 (up from ฿0.12 in 2Q 2022). Revenue: ฿557.0m (up 31% from 2Q 2022). Net income: ฿127.3m (up 155% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.067 in 1Q 2022) First quarter 2023 results: EPS: ฿0.11 (up from ฿0.067 in 1Q 2022). Revenue: ฿469.7m (up 16% from 1Q 2022). Net income: ฿46.9m (up 61% from 1Q 2022). Profit margin: 10.0% (up from 7.2% in 1Q 2022). 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 whereas the company’s share price has increased by 30% per year. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.093 per share at 1.8% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (4.3%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.11 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.11 (down from ฿0.13 in 3Q 2021). Revenue: ฿437.1m (up 4.0% from 3Q 2021). Net income: ฿46.6m (down 19% from 3Q 2021). Profit margin: 11% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sujate Jantarang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ฿0.12. Revenue: ฿426.5m (up 16% from 2Q 2021). Net income: ฿49.9m (up 79% from 2Q 2021). Profit margin: 12% (up from 7.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.07 (vs ฿0.047 in 1Q 2021) First quarter 2022 results: EPS: ฿0.07 (up from ฿0.047 in 1Q 2021). Revenue: ฿405.6m (up 17% from 1Q 2021). Net income: ฿29.2m (up 44% from 1Q 2021). Profit margin: 7.2% (up from 5.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sujate Jantarang was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.075 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.7%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.30 (up from ฿0.22 in FY 2020). Revenue: ฿1.53b (up 15% from FY 2020). Net income: ฿128.7m (up 35% from FY 2020). Profit margin: 8.4% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.9%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿7.05, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 19x in the Telecom industry in Asia. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 27% share price gain to ฿7.85, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 21x in the Telecom industry in Asia. Total returns to shareholders of 52% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.06 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿420.4m (up 26% from 3Q 2020). Net income: ฿57.5m (up 115% from 3Q 2020). Profit margin: 14% (up from 8.0% 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 51% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.045 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿366.9m (up 11% from 2Q 2020). Net income: ฿28.0m (up 42% from 2Q 2020). Profit margin: 7.6% (up from 6.0% 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 70% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
First quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.074 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿346.2m (up 3.8% from 1Q 2020). Net income: ฿20.3m (down 38% from 1Q 2020). Profit margin: 5.9% (down from 9.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 18
Upcoming Dividend of ฿0.055 Per Share Will be paid on the 20th of May to those who are registered shareholders by the 25th of March. The trailing yield of 1.0% is below the top quartile of Thai dividend payers (5.2%), and is lower than industry peers (3.8%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.22 (vs ฿0.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.32b (up 1.0% from FY 2019). Net income: ฿95.2m (up 113% from FY 2019). Profit margin: 7.2% (up from 3.4% in FY 2019). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 26% share price gain to ฿5.45, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 20.7x. This compares to an average P/E of 21x in the Telecom industry in Asia. Total return to shareholders over the past three years is a loss of 36%. Is New 90 Day High Low • Jan 15
New 90-day high: ฿4.48 The company is up 5.0% from its price of ฿4.28 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 18% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.06 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿332.6m (up 2.1% from 3Q 2019). Net income: ฿26.8m (up 103% from 3Q 2019). Profit margin: 8.0% (up from 4.0% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.