Reported Earnings • Aug 07
Second quarter 2026 earnings released: ฿0.08 loss per share (vs ฿0.19 loss in 2Q 2025) Second quarter 2026 results: ฿0.08 loss per share (improved from ฿0.19 loss in 2Q 2025). Revenue: ฿496.9m (down 7.1% from 2Q 2025). Net loss: ฿87.4m (loss narrowed 58% from 2Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 3 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 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 17
Price target decreased by 12% to ฿12.36 Down from ฿14.06, the current price target is an average from 4 analysts. New target price is 10% above last closing price of ฿11.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿0.48 for next year compared to ฿0.037 last year. Ankündigung • Jul 15
Thaicom Public Company Limited Announces Resignation of Patompob Suwansiri as Director, Effective July 13, 2026 Thaicom Public Company Limited announced that Mr. Patompob Suwansiri resigned from his position as Director, effective July 13, 2026, due to other commitments. Effective Date: 1 January,2022. Expire Date: July 13, 2026. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.54 (vs ฿0.11 in 1Q 2025) First quarter 2026 results: EPS: ฿0.54 (up from ฿0.11 in 1Q 2025). Revenue: ฿958.0m (up 92% from 1Q 2025). Net income: ฿588.0m (up 393% from 1Q 2025). Profit margin: 61% (up from 24% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 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 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 25
Price target increased by 14% to ฿13.09 Up from ฿11.48, the current price target is an average from 4 analysts. New target price is 5.5% above last closing price of ฿12.40. Stock is up 16% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.037 last year. Buy Or Sell Opportunity • Feb 17
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ฿11.60. The fair value is estimated to be ฿9.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Feb 14
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿0.04 (up from ฿0.021 loss in FY 2024). Revenue: ฿2.47b (up 2.6% from FY 2024). Net income: ฿40.1m (up ฿62.9m from FY 2024). Profit margin: 1.6% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 3.6% p.a. on average during the next 3 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 fallen by 55% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 13
Consensus revenue estimates decrease by 18% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ฿2.96b to ฿2.43b. EPS estimate unchanged from ฿0.16 per share at last update. Telecom industry in Thailand expected to see average net income growth of 13% next year. Consensus price target of ฿11.69 unchanged from last update. Share price rose 15% to ฿11.00 over the past week. Ankündigung • Feb 11
Thaicom Public Company Limited, Annual General Meeting, Apr 07, 2026 Thaicom Public Company Limited, Annual General Meeting, Apr 07, 2026, at 15:00 SE Asia Standard Time. Location: vimarn ballroom, 2nd floor, dusit thani bangkok, 98 rama iv rd, silom, bangrak, bangkok, bangkok Thailand New Risk • Jan 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 5.8% 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. Ankündigung • Jan 21
Thaicom Public Company Limited Announces Board Changes Thaicom Public Company Limited announced that Mr. Chaichawin Tantiyankul resigned from his position as Director due to other commitments, effective May 7, 2025, with expiry on January 19, 2026. The Board of Directors Meeting held on January 20, 2026, approved the appointment of Mr. Smith Banomyong as Director to fill the vacancy left by the resignation of Mr. Chaichawin Tantiyankul. Major Estimate Revision • Dec 19
Consensus EPS estimates fall by 400% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.34b to ฿2.18b. Losses expected to increase from ฿0.02 per share to ฿0.10. Telecom industry in Thailand expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at ฿11.69. Share price rose 7.0% to ฿8.40 over the past week. Reported Earnings • Nov 05
Third quarter 2025 earnings released: ฿0.001 loss per share (vs ฿0.51 loss in 3Q 2024) Third quarter 2025 results: ฿0.001 loss per share (improved from ฿0.51 loss in 3Q 2024). Revenue: ฿500.0m (down 19% from 3Q 2024). Net loss: ฿885.0k (loss narrowed 100% from 3Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 10
Price target decreased by 7.2% to ฿12.20 Down from ฿13.15, the current price target is an average from 4 analysts. New target price is 28% above last closing price of ฿9.50. The company is forecast to post a net loss per share of ฿0.02 next year compared to a net loss per share of ฿0.021 last year. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: ฿0.19 loss per share (down from ฿0.06 profit in 2Q 2024). Revenue: ฿534.7m (down 16% from 2Q 2024). Net loss: ฿207.2m (down 430% from profit in 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.26 in 1Q 2024) First quarter 2025 results: EPS: ฿0.11 (down from ฿0.26 in 1Q 2024). Revenue: ฿499.7m (down 18% from 1Q 2024). Net income: ฿119.3m (down 59% from 1Q 2024). Profit margin: 24% (down from 47% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 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 fallen by 54% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Ankündigung • Apr 18
Thaicom Public Company Limited Announces Board Changes, Effective 01 May, 2025 Thaicom Public Company Limited announces Board of Directors changes. Expired by rotation: Date of board resolution for change of director /executive: 18 April, 2025; Director Name: Mr. SOMPRASONG BOONYACHAI; Position in company: CHAIRMAN OF THE BOARD OF DIRECTORS; Effective Date: 21 October, 2021; Expire Date: 01 May, 2025; Position in company: INDEPENDENT DIRECTOR; Effective Date: 21 October, 2021; Expire Date: 01 May, 2025. Terminate Reason: Resigned from position /the company due to other commitments. The Company will proceed with nominating the qualified director in replacement of the vacant seat. New election: Director Name: Mr. SARATH RATANAVADI; Position in company: CHAIRMAN OF BOARD OF DIRECTORS; Effective Date: 01 May, 2025; More detail: The Board of Directors resolved to appoint to be the Chairman of the Board of Directors. Expired by rotation: Director Name: Mr. SARATH RATANAVADI; Position in company: VICE CHAIRMAN OF THE BOARD OF DIRECTORS; Effective Date: 09 May, 2023; Expire Date: 01 May, 2025; Terminate Reason: Resigned from position /the company due to the Board of Directors resolved to appoint to be the Chairman of the Board of Directors. Price Target Changed • Apr 16
Price target decreased by 11% to ฿12.40 Down from ฿13.90, the current price target is an average from 4 analysts. New target price is 53% above last closing price of ฿8.10. The company is forecast to post earnings per share of ฿0.13 next year compared to a net loss per share of ฿0.021 last year. New Risk • Apr 10
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 7.5% 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. Ankündigung • Mar 24
Thaicom Public Company Limited Approves Omission of Dividend Payment for 2024 Thaicom Public Company Limited at its Annual General Meeting held on 24 March 2025, approved the omission of dividend payment for 2024. Price Target Changed • Feb 11
Price target decreased by 8.4% to ฿13.90 Down from ฿15.18, the current price target is an average from 4 analysts. New target price is 28% above last closing price of ฿10.90. The company is forecast to post earnings per share of ฿0.17 next year compared to a net loss per share of ฿0.021 last year. Reported Earnings • Feb 08
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ฿0.02 loss per share (down from ฿0.32 profit in FY 2023). Revenue: ฿2.41b (down 8.1% from FY 2023). Net loss: ฿22.8m (down 107% from profit in FY 2023). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 10.0% 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 fallen by 34% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Ankündigung • Feb 07
Thaicom Public Company Limited Proposes Omission of Dividend Payment from the Performance as of 31 December 2024 Thaicom Public Company Limited at its board meeting proposed to consider and approve the omission of dividend payment from the performance as of 31 December 2024 due to the Company's performance loss. Ankündigung • Dec 26
Intouch Holdings Public Company Limited (SET:INTUCH), Gulf Energy Development Public Company Limited (SET:GULF), Gulf Ventures Company Limited and Sarath Ratanavadi proposed to acquire 58.86% stake in Thaicom Public Company Limited (SET:THCOM) from a group of shareholders for THB 7.1 billion. Intouch Holdings Public Company Limited (SET:INTUCH), Gulf Energy Development Public Company Limited (SET:GULF), Gulf Ventures Company Limited and Sarath Ratanavadi proposed to acquire 58.86% stake in Thaicom Public Company Limited (SET:THCOM) from a group of shareholders for THB 7.1 billion on December 24, 2024. A cash consideration valued at THB 11 per share will be paid for 645,187,220 shares. The expected completion of the transaction is February 6, 2025.
TTT & Partners Company Limited acted as legal advisor to Thaicom Public Company Limited. Bualuang Securities Public Company Limited acted as tender offer agent. Ankündigung • Dec 18
Thaicom Public Company Limited Announces Board Changes Thaicom Public Company Limited at its board meeting held on December 18, 2024 acknowledged the resignation of Mr. Boonchai Thirati and Mr. Ratthaphol Cheunsomchit as Directors and appointment of Ms. Yupapin Wangviwat and Mr. Smith Banomyong as the Directors in replacement of resigned Directors, effective 18 December 2024. The Board of Directors now comprises the following 11 directors: 1) Mr. Somprasong Boonyachai, Chairman of the Board of Directors and Independent Director; 2) Mr. Sarath Ratanavadi, Vice Chairman of the Board of Directors and Director; 3) ACM. Maanat Wongwat, Independent Director; 4) Dr. Porametee Vimolsiri, Independent Director; 5) Mr. Somchai Jinnovart, Independent Director; 6) Mr. Kanit Vallayapet, Independent Director; 7) Gen. Nimit Suwannarat, Independent Director; 8) Ms. Yupapin Wangviwat, Director; 9) Mr. Smith Banomyong, Director; 10) Ms. Bung-on Suttipattanakit, Director; and 11) Mr. Patompob Suwansiri, Director. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ฿0.51 loss per share (vs ฿0.10 profit in 3Q 2023) Third quarter 2024 results: ฿0.51 loss per share (down from ฿0.10 profit in 3Q 2023). Revenue: ฿614.1m (down 1.4% from 3Q 2023). Net loss: ฿561.9m (down ฿675.5m from profit in 3Q 2023). Revenue is forecast to grow 7.4% 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 fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Nov 07
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 7.0% 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 High level of non-cash earnings (25% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.0% average weekly change). Major Estimate Revision • Oct 10
Consensus EPS estimates fall by 46% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.23 to ฿0.123 per share. Revenue forecast steady at ฿2.64b. Net income forecast to grow 5.1% next year vs 9.0% growth forecast for Telecom industry in Thailand. Consensus price target broadly unchanged at ฿14.90. Share price rose 2.3% to ฿13.30 over the past week. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.06 (down from ฿0.42 in 2Q 2023). Revenue: ฿638.3m (flat on 2Q 2023). Net income: ฿62.8m (down 86% from 2Q 2023). Profit margin: 9.8% (down from 72% in 2Q 2023). Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) also surpassed analyst estimates by 50%. Revenue is forecast to grow 9.2% 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 51% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 15
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿2.60b to ฿2.63b. EPS estimate increased from ฿0.23 to ฿0.295 per share. Net income forecast to shrink 48% next year vs 7.7% growth forecast for Telecom industry in Thailand . Consensus price target down from ฿16.10 to ฿15.78. Share price was steady at ฿12.80 over the past week. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.26 (vs ฿0.082 in 1Q 2023) First quarter 2024 results: EPS: ฿0.26 (up from ฿0.082 in 1Q 2023). Revenue: ฿608.7m (down 18% from 1Q 2023). Net income: ฿287.6m (up 221% from 1Q 2023). Profit margin: 47% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% 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 37% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Ankündigung • Mar 28
Thaicom Public Company Limited Approves Dividend from the Operating Results for the Period 1 January 2023 to 31 December 2023 Thaicom Public Company Limited announced that at its AGM held on 28 March 2024, approved the dividend payment from the company's net profit from the operating results for the period 1 January 2023 to 31 December 2023 at the rate of THB 0.13 per ordinary share, amounting to THB 142,493,254.02 for 1,096 million shares in accordance with the company's dividend payment policy. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.21 to ฿0.18. Revenue forecast unchanged from ฿2.69b at last update. Net income forecast to shrink 26% next year vs 12% growth forecast for Telecom industry in Thailand . Consensus price target up from ฿15.95 to ฿16.43. Share price fell 2.4% to ฿12.30 over the past week. Price Target Changed • Mar 04
Price target increased by 8.6% to ฿16.43 Up from ฿15.12, the current price target is an average from 4 analysts. New target price is 34% above last closing price of ฿12.30. Stock is down 14% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.32 last year. Upcoming Dividend • Feb 14
Upcoming dividend of ฿0.13 per share at 1.0% yield Eligible shareholders must have bought the stock before 21 February 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (6.6%). Lower than average of industry peers (1.8%). Ankündigung • Feb 10
Thaicom Public Company Limited, Annual General Meeting, Mar 28, 2024 Thaicom Public Company Limited, Annual General Meeting, Mar 28, 2024, at 14:00 Singapore Standard Time. Reported Earnings • Feb 09
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.32 (up from ฿0.039 in FY 2022). Revenue: ฿2.63b (down 12% from FY 2022). Net income: ฿353.6m (up ฿311.4m from FY 2022). Profit margin: 14% (up from 1.4% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Ankündigung • Feb 08
Thaicom Public Company Limited Announces Cash Dividend for the Operating Period from Jan 01, 2023 to Dec 31, 2023, Payable on April 26, 2024 Thaicom Public Company Limited announced cash dividend of THB 0.13 per share for the operating period from Jan 01, 2023 to Dec 31, 2023. Payment date: 26-Apr-2024, Ex-dividend date: 21-Feb-2024 and Record date for the right to receive: 22-Feb-2024. Major Estimate Revision • Jan 09
Consensus EPS estimates increase by 19%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿2.80b to ฿2.64b. EPS estimate rose from ฿0.42 to ฿0.50. Net income forecast to grow 59% next year vs 13% growth forecast for Telecom industry in Thailand. Consensus price target of ฿15.04 unchanged from last update. Share price fell 7.4% to ฿12.50 over the past week. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.348 to ฿0.27. Revenue forecast unchanged from ฿2.67b at last update. Net income forecast to grow 88% next year vs 12% growth forecast for Telecom industry in Thailand. Consensus price target broadly unchanged at ฿15.50. Share price fell 8.6% to ฿11.70 over the past week. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.11 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.10 (down from ฿0.11 in 3Q 2022). Revenue: ฿622.6m (down 19% from 3Q 2022). Net income: ฿113.6m (down 6.0% from 3Q 2022). Profit margin: 18% (up from 16% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.8% p.a. on average during the next 3 years, while revenues in the Telecom industry in Thailand are expected to grow by 9.6%. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Ankündigung • Nov 04
Thaicom Public Company Limited Appoints Nimit Suwannarat as the Independent Director Thaicom Public Company Limited announced the appointment of Lt.Gen. Nimit Suwannarat as the Independent Director, effective 3 November 2023. The Board of Directors comprises the following 11 directors: Mr. Somprasong Boonyachai Chairman of the Board of Directors and Independent Director, Mr. Sarath Ratanavadi Vice Chairman of the Board of Directors and Director, Mr. Boonchai Thirati Director, ACM. Maanat Wongwat Independent Director, Dr. Porametee Vimolsiri Independent Director, Mr. Somchai Jinnovart Independent Director, Mr. Kanit Vallayapet Independent Director, Lt.Gen. Nimit Suwannarat Independent Director, Mr. Ratthaphol Cheunsomchit Director, Ms. Bung-on Suttipattanakit Director, Mr. Patompob Suwansiri Director. Ankündigung • Oct 27
Thaicom Public Company Limited Announces Resignation of Suporn Luckmunkong as Director Thaicom Public Company Limited announced that Mr. Suporn Luckmunkong Director has submitted a letter of resignation dated 26 October 2023 to resign from his position as a Director of the Company, effective 26 October 2023 onwards. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 45% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.277 to ฿0.40. Revenue forecast unchanged at ฿2.67b. Net income forecast to grow 68% next year vs 12% growth forecast for Telecom industry in Thailand. Consensus price target broadly unchanged at ฿15.30. Share price was steady at ฿13.00 over the past week. New Risk • Aug 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.8% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (244% payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.9% net profit margin). New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.7% 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 Risk Earnings are forecast to decline by an average of 8.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (244% payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.9% net profit margin). Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ฿0.42 (up from ฿0.28 in 2Q 2022). Revenue: ฿636.4m (down 14% from 2Q 2022). Net income: ฿456.6m (up 48% from 2Q 2022). Profit margin: 72% (up from 42% in 2Q 2022). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Telecom industry in Asia are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 12
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.34 to ฿0.30. Revenue forecast unchanged from ฿2.65b at last update. Net income forecast to grow 589% next year vs 14% growth forecast for Telecom industry in Thailand. Consensus price target broadly unchanged at ฿15.56. Share price rose 7.9% to ฿13.70 over the past week. Upcoming Dividend • Mar 27
Upcoming dividend of ฿0.50 per share at 3.4% yield Eligible shareholders must have bought the stock before 03 April 2023. Payment date: 26 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.1%). Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.316 to ฿0.383. Revenue forecast steady at ฿2.68b. Net income forecast to grow 7.8% next year vs 10% growth forecast for Telecom industry in Thailand. Consensus price target of ฿14.02 unchanged from last update. Share price was steady at ฿16.40 over the past week. Price Target Changed • Jan 05
Price target increased to ฿12.08 Up from ฿11.17, the current price target is an average from 6 analysts. New target price is 20% below last closing price of ฿15.10. Stock is up 41% over the past year. The company is forecast to post earnings per share of ฿0.44 for next year compared to ฿0.13 last year. Major Estimate Revision • Dec 10
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿2.89b to ฿2.95b. EPS estimate increased from ฿0.40 to ฿0.44 per share. Net income forecast to shrink 17% next year vs 11% growth forecast for Telecom industry in Thailand . Consensus price target broadly unchanged at ฿11.17. Share price fell 5.3% to ฿12.50 over the past week. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 16% share price gain to ฿13.20, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 15x in the Telecom industry in Asia. Total returns to shareholders of 282% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.72 per share. Board Change • Nov 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Somchai Jinnovart is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 09
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ฿0.11 (down from ฿0.13 in 3Q 2021). Revenue: ฿770.1m (down 17% from 3Q 2021). Net income: ฿120.9m (down 17% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 67%. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Telecom industry in Asia are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 19
Now 21% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be ฿14.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to decline by 50% in the next 2 years. Major Estimate Revision • Aug 13
Consensus EPS estimates increase by 43% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿2.75b to ฿2.84b. EPS estimate increased from ฿0.16 to ฿0.23 per share. Net income forecast to shrink 57% next year vs 9.8% growth forecast for Telecom industry in Thailand . Consensus price target of ฿10.47 unchanged from last update. Share price rose 11% to ฿9.85 over the past week. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.28 (vs ฿0.038 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.28 (up from ฿0.038 loss in 2Q 2021). Revenue: ฿744.5m (down 6.4% from 2Q 2021). Net income: ฿309.3m (up ฿350.6m from 2Q 2021). Profit margin: 42% (up from net loss in 2Q 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is expected to shrink by 16% compared to a 4.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.05 (down from ฿0.10 in 1Q 2021). Revenue: ฿696.6m (down 12% from 1Q 2021). Net income: ฿50.6m (down 55% from 1Q 2021). Profit margin: 7.3% (down from 14% in 1Q 2021). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 50%. Over the next year, revenue is expected to shrink by 15% compared to a 4.1% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Pareena Srivanit is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿8.35, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 16x in the Telecom industry in Asia. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿9.28 per share. Major Estimate Revision • Feb 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿2.95b to ฿2.75b. EPS estimate rose from ฿0.19 to ฿0.22. Net income forecast to grow 66% next year vs 9.7% growth forecast for Telecom industry in Thailand. Consensus price target up from ฿10.20 to ฿10.47. Share price was steady at ฿10.10 over the past week. Upcoming Dividend • Feb 10
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 17 February 2022. Payment date: 20 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.5%). Price Target Changed • Feb 07
Price target increased to ฿10.25 Up from ฿9.40, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿10.30. Stock is down 2.8% over the past year. The company is forecast to post a net loss per share of ฿0.0034 compared to earnings per share of ฿0.13 last year. Reported Earnings • Feb 05
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.13 (down from ฿0.47 in FY 2020). Revenue: ฿3.38b (down 5.3% from FY 2020). Net income: ฿143.6m (down 72% from FY 2020). Profit margin: 4.3% (down from 14% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 2,067%. Over the next year, revenue is expected to shrink by 39% compared to a 4.1% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Executive Departure • Dec 03
Director Anek Pana-Apichon has left the company On the 30th of November, Anek Pana-Apichon's tenure as Director ended after 4.4 years in the role. We don't have any record of a personal shareholding under Anek's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Price Target Changed • Nov 01
Price target increased to ฿9.83 Up from ฿9.07, the current price target is an average from 6 analysts. New target price is 8.1% below last closing price of ฿10.70. Stock is up 95% over the past year. The company is forecast to post a net loss per share of ฿0.098 compared to earnings per share of ฿0.47 last year. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.07 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿930.3m (up 1.3% from 3Q 2020). Net income: ฿145.7m (up 90% from 3Q 2020). Profit margin: 16% (up from 8.3% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Oct 23
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Chairman Somprasong Boonyachai was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Executive Departure • Sep 21
Director Phuwieng Prakhammintara has left the company On the 11th of September, Phuwieng Prakhammintara's tenure as Director ended after 2.4 years in the role. We don't have any record of a personal shareholding under Phuwieng's name. Phuwieng is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.50 years. Reported Earnings • Aug 03
Second quarter 2021 earnings released: ฿0.04 loss per share (vs ฿0.45 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿800.5m (down 8.3% from 2Q 2020). Net loss: ฿41.3m (down 108% from profit in 2Q 2020). 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 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿11.30, the stock trades at a forward P/E ratio of 259x. Average forward P/E is 17x in the Telecom industry in Asia. Total returns to shareholders of 53% over the past three years. Reported Earnings • May 02
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.18 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿844.6m (down 12% from 1Q 2020). Net income: ฿111.4m (down 44% from 1Q 2020). Profit margin: 13% (down from 21% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 16% share price gain to ฿10.10, the stock trades at a forward P/E ratio of 178x. Average forward P/E is 18x in the Telecom industry in Asia. Total returns to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to ฿9.50, the stock trades at a trailing P/E ratio of 20.3x, up from the previous P/E ratio of 17.4x. Average P/E is 21x in the Telecom industry in Asia. Total return to shareholders over the past three years was a loss of 1.9%. Is New 90 Day High Low • Feb 08
New 90-day high: ฿10.60 The company is up 108% from its price of ฿5.10 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.34 per share. Reported Earnings • Feb 07
Full year 2020 earnings released: EPS ฿0.47 (vs ฿2.05 loss 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: ฿3.56b (down 24% from FY 2019). Net income: ฿513.8m (up ฿2.76b from FY 2019). Profit margin: 14% (up from net loss in FY 2019). 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. Analyst Estimate Surprise Post Earnings • Feb 07
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 12% compared to a 7.4% growth forecast for the Telecom industry in Thailand. Is New 90 Day High Low • Jan 05
New 90-day high: ฿9.50 The company is up 56% from its price of ฿6.10 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.13 per share. Is New 90 Day High Low • Dec 17
New 90-day high: ฿7.20 The company is up 32% from its price of ฿5.45 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.13 per share. Is New 90 Day High Low • Nov 10
New 90-day low: ฿5.10 The company is down 16% from its price of ฿6.10 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.38 per share. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is expected to shrink by 22% compared to a 3.6% growth forecast for the Telecom industry in Thailand. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS ฿0.07 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿926.1m (down 22% from 3Q 2019). Net income: ฿76.6m (up ฿189.7m from 3Q 2019). Profit margin: 8.3% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. 
