Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: ฿0.32 (vs ฿0.18 loss in 2Q 2025) Second quarter 2026 results: EPS: ฿0.32 (up from ฿0.18 loss in 2Q 2025). Revenue: ฿3.83b (down 11% from 2Q 2025). Net income: ฿637.7m (up ฿1.01b from 2Q 2025). Profit margin: 17% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Jun 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 41% 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 41% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 22 May 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 9.5%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.1%). New Risk • Mar 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risk Dividend is not well covered by earnings (154% payout ratio). Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ฿0.062 loss per share (down from ฿1.91 profit in FY 2024). Revenue: ฿15.3b (down 23% from FY 2024). Net loss: ฿125.1m (down 103% from profit in FY 2024). Revenue missed analyst estimates by 15%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 3.0% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 30th April 2026 Payment date: 22nd May 2026 Dividend yield will be 9.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (154% earnings payout ratio). However, it is well covered by cash flows (22% cash payout ratio). The dividend has increased by an average of 2.3% 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 71% to bring the payout ratio under control. EPS is expected to grow by 53% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Ankündigung • Feb 28
Rojana Industrial Park Public Company Limited announces Annual dividend, payable on May 22, 2026 Rojana Industrial Park Public Company Limited announced Annual dividend of THB 0.3100 per share payable on May 22, 2026, ex-date on April 30, 2026 and record date on May 05, 2026. Ankündigung • Feb 27
Rojana Industrial Park Public Company Limited, Annual General Meeting, Apr 24, 2026 Rojana Industrial Park Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Location: at bussarakum ballroom, 2/f grand, mercure bangkok atrium hotel, located on no. 1880, new petchburi road, bangkapi, huaykwang, bangkok 10310, Thailand Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.34 (vs ฿1.12 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.34 (down from ฿1.12 in 3Q 2024). Revenue: ฿3.86b (down 28% from 3Q 2024). Net income: ฿680.8m (down 70% from 3Q 2024). Profit margin: 18% (down from 42% in 3Q 2024). Revenue is expected to decline by 8.9% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 19
Second quarter 2025 earnings released: ฿0.19 loss per share (vs ฿0.31 profit in 2Q 2024) Second quarter 2025 results: ฿0.19 loss per share (down from ฿0.31 profit in 2Q 2024). Revenue: ฿4.33b (down 16% from 2Q 2024). Net loss: ฿384.7m (down 161% from profit in 2Q 2024). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 7.5%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Aug 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jul 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Jitmanee Suwannapool was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Jul 08
Rojana Industrial Park Public Company Limited Announces Resignation of Jirapongs Vinichbutr as Director, Managing Director, A Member of the Risk Management Committee, and Chairman of the Corporate Sustainability Committee, Effective July 16, 2025 Onwards Rojana Industrial Park Public Company Limited announced that Mr. Jirapongs Vinichbutr, who currently serves as Director, Managing Director, a member of the Risk Management Committee, and Chairman of the Corporate Sustainability Committee has submitted his resignation from all aforementioned positions including his roles as director and executive in the companies subsidiary and associated companies. The resignation is due to his retirement and will take effect from July 16, 2025 onwards. The company will convey a meeting to consider and appoint a new director and executive to fill the resulting vacancy. Ankündigung • May 22
Rojana Industrial Park Public Company Limited announces Annual dividend, payable on May 23, 2025 Rojana Industrial Park Public Company Limited announced Annual dividend of THB 0.4400 per share payable on May 23, 2025, ex-date on May 02, 2025 and record date on May 06, 2025. Board Change • May 21
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. 5 non-independent directors. Independent Director Jitmanee Suwannapool was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 55% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.21 loss per share (vs ฿0.047 profit in 1Q 2024) First quarter 2025 results: ฿0.21 loss per share (down from ฿0.047 profit in 1Q 2024). Revenue: ฿3.82b (up 1.7% from 1Q 2024). Net loss: ฿427.0m (down ฿522.5m from profit in 1Q 2024). Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿4.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Electric Utilities industry in Asia. Total loss to shareholders of 17% over the past three years. Major Estimate Revision • Mar 30
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿19.6b to ฿16.2b. EPS estimate fell from ฿0.97 to ฿0.85 per share. Net income forecast to shrink 56% next year vs 6.1% growth forecast for Electric Utilities industry in Thailand . Consensus price target down from ฿9.20 to ฿6.80. Share price fell 2.5% to ฿5.75 over the past week. Reported Earnings • Feb 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿1.91 (up from ฿0.51 in FY 2023). Revenue: ฿19.9b (up 3.1% from FY 2023). Net income: ฿3.86b (up 272% from FY 2023). Profit margin: 19% (up from 5.4% in FY 2023). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 87%. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% 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 16% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Oct 11
New major risk - Revenue and earnings growth Earnings have declined by 6.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.9% per year over the past 5 years. Minor Risks High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.073 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.31 (up from ฿0.073 loss in 2Q 2023). Revenue: ฿5.73b (up 25% from 2Q 2023). Net income: ฿628.5m (up ฿775.4m from 2Q 2023). Profit margin: 11% (up from net loss in 2Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.047 (vs ฿0.096 in 1Q 2023) First quarter 2024 results: EPS: ฿0.047 (down from ฿0.096 in 1Q 2023). Revenue: ฿3.79b (down 28% from 1Q 2023). Net income: ฿95.5m (down 51% from 1Q 2023). Profit margin: 2.5% (down from 3.7% in 1Q 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electric Utilities 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 1% per year, which means it is well ahead of earnings. Price Target Changed • May 01
Price target increased by 12% to ฿8.60 Up from ฿7.65, the current price target is an average from 2 analysts. New target price is 11% above last closing price of ฿7.75. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.02 for next year compared to ฿0.51 last year. Major Estimate Revision • May 01
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿18.9b to ฿19.2b. EPS estimate increased from ฿0.80 to ฿1.02 per share. Net income forecast to grow 99% next year vs 11% growth forecast for Electric Utilities industry in Thailand. Consensus price target up from ฿7.65 to ฿8.60. Share price rose 4.0% to ฿7.75 over the past week. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 24 May 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (3.5%). Ankündigung • Apr 26
Rojana Industrial Park Public Company Limited Announces Board Changes Rojana Industrial Park Public Company Limited at its AGM, held on April 25, 2024, approved re-election of directors in place of three directors due to retire by rotation, whose names are Mr. Pongsak Angsupun, Mr. Anuwat Maytheewibulwut and Ms. Amara Charoen gitwattanagun to serve on the Board of Directors for another term. In order that, Mr. Pongsak Angsupun has expressed intention to the Nomination and Remuneration Committee that he declined to continue serving as a director of the company. the company approved Mrs. Jitmanee Suwannapool, as the new director, to take the position of Independent Director of the Company in place of a director who did not request an extension of the term as proposed by the Nomination and Remuneration Committee, as she is a qualified person with knowledge, abilities, and experience in various fields and has appropriate qualifications to be a director of the Company. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Electric Utilities industry in Asia. Total returns to shareholders of 59% over the past three years. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.51 (down from ฿0.56 in FY 2022). Revenue: ฿19.4b (up 13% from FY 2022). Net income: ฿1.04b (down 8.9% from FY 2022). Profit margin: 5.4% (down from 6.6% in FY 2022). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 116%. Revenue is forecast to stay flat during the next 2 years compared to a 3.7% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Declared Dividend • Feb 24
Dividend increased to ฿0.40 Dividend of ฿0.40 is 33% higher than last year. Ex-date: 3rd May 2024 Payment date: 24th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 86% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 23
Rojana Industrial Park Public Company Limited, Annual General Meeting, Apr 25, 2024 Rojana Industrial Park Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:00 SE Asia Standard Time. Location: Bussarakum Ballroom, 2/F Grand Mercure Bangkok Atrium Hotel located on No. 1880, New Petchburi Road, Bangkapi Bangkok Thailand Agenda: To consider and approve the minutes of the 2023 annual general meeting of share holders of the company held April 27 2023; to consider and approve the report on the company 2023 performance; to consider and approve the company's financial statements for the year ending December 31, 2023; to consider and approve the 2023 dividend payment; and to consider other business matters. Ankündigung • Feb 22
Rojana Industrial Park Public Company Limited Proposes Annual Dividend for the Period of January 1, 2023 to December 31, 2023, Payable on May 24, 2024 Rojana Industrial Park Public Company Limited at its board meeting held on February 22, 2024, considered it appropriate to propose to the AGM for consideration and approval the annual dividend payment for the company's 2023 performance to the shareholders for the period of January 1, 2023 to December 31, 2023 at THB 0.40 per share. In this regard, the board of directors resolved to fix the date for determining the names of shareholders to be entitled the dividend (record date) on May 7, 2024 and the dividend payment schedule on May 24, 2024. In addition, the entitlement to receive the dividend is uncertain as it had to be approved by the 2024 AGM. Major Estimate Revision • Feb 22
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.265 to ฿0.225. Revenue forecast unchanged from ฿18.3b at last update. Net income forecast to grow 9.1% next year vs 4.6% growth forecast for Electric Utilities industry in Thailand. Consensus price target of ฿7.65 unchanged from last update. Share price rose 4.2% to ฿6.15 over the past week. Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.265 to ฿0.30. Revenue forecast unchanged at ฿18.3b. Net income forecast to grow 13% next year vs 4.6% growth forecast for Electric Utilities industry in Thailand. Consensus price target of ฿7.65 unchanged from last update. Share price rose 4.2% to ฿6.15 over the past week. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.024 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.13 (up from ฿0.024 in 3Q 2022). Revenue: ฿4.46b (up 10% from 3Q 2022). Net income: ฿267.7m (up 458% from 3Q 2022). Profit margin: 6.0% (up from 1.2% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Oct 31
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 6.1% 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 Interest payments are not well covered by earnings (2.1x net interest cover). 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 (6.1% average weekly change). Profit margins are more than 30% lower than last year (5.0% net profit margin). Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿5.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electric Utilities industry in Asia. Total returns to shareholders of 67% over the past three years. Major Estimate Revision • Oct 19
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿18.2b to ฿18.7b. EPS estimate fell from ฿0.257 to ฿0.215 per share. Net income forecast to grow 9.1% next year vs 7.4% growth forecast for Electric Utilities industry in Thailand. Consensus price target reaffirmed at ฿8.00. Share price fell 9.6% to ฿6.15 over the past week. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.29 to ฿0.26 per share. Revenue forecast steady at ฿18.4b. Net income forecast to shrink 14% next year vs 10.0% growth forecast for Electric Utilities industry in Thailand . Consensus price target broadly unchanged at ฿7.60. Share price rose 10% to ฿6.45 over the past week. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 6.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.0% net profit margin). Reported Earnings • Aug 16
Second quarter 2023 earnings released: ฿0.073 loss per share (vs ฿0.29 loss in 2Q 2022) Second quarter 2023 results: ฿0.073 loss per share (improved from ฿0.29 loss in 2Q 2022). Revenue: ฿4.66b (up 23% from 2Q 2022). Net loss: ฿146.9m (loss narrowed 75% from 2Q 2022). Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Jun 11
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. 5 non-independent directors. Independent Director Suthep Phongpitak was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 25
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿16.9b to ฿19.0b. EPS estimate reaffirmed at ฿0.23. Net income forecast to grow 9.1% next year vs 13% growth forecast for Electric Utilities industry in Thailand. Consensus price target up from ฿7.37 to ฿7.53. Share price fell 3.4% to ฿5.75 over the past week. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.096 (vs ฿0.41 in 1Q 2022) First quarter 2023 results: EPS: ฿0.096 (down from ฿0.41 in 1Q 2022). Revenue: ฿5.31b (up 33% from 1Q 2022). Net income: ฿194.9m (down 76% from 1Q 2022). Profit margin: 3.7% (down from 21% in 1Q 2022). Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Asia are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.30 per share at 4.9% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (4.3%). Major Estimate Revision • Mar 02
Consensus EPS estimates increase by 62% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿18.3b to ฿19.9b. EPS estimate increased from ฿0.217 to ฿0.35 per share. Net income forecast to shrink 21% next year vs 12% growth forecast for Electric Utilities industry in Thailand . Consensus price target up from ฿7.50 to ฿7.70. Share price was steady at ฿6.05 over the past week. Price Target Changed • Feb 04
Price target increased by 14% to ฿6.90 Up from ฿6.05, the current price target is an average from 3 analysts. New target price is 5.3% above last closing price of ฿6.55. The company is forecast to post earnings per share of ฿0.005 for next year compared to ฿0.96 last year. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.024 (vs ฿0.44 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.024 (down from ฿0.44 in 3Q 2021). Revenue: ฿4.30b (up 39% from 3Q 2021). Net income: ฿48.0m (down 95% from 3Q 2021). Profit margin: 1.1% (down from 29% in 3Q 2021). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Electric Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 17
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿14.5b to ฿16.6b. EPS estimate increased from ฿0.07 to ฿0.15 per share. Net income forecast to shrink 80% next year vs 11% growth forecast for Electric Utilities industry in Thailand . Consensus price target down from ฿6.70 to ฿6.05. Share price was steady at ฿5.65 over the past week. Price Target Changed • Nov 16
Price target decreased to ฿6.05 Down from ฿6.95, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of ฿5.65. Stock is down 19% over the past year. The company is forecast to post earnings per share of ฿0.07 for next year compared to ฿0.96 last year. 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. 5 non-independent directors. Independent Director Suthep Phongpitak was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 26
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿13.1b to ฿14.5b. Now expected to report a profit of ฿0.07 instead of losses of -฿0.02 per share. Electric Utilities industry in Thailand expected to see average net income growth of 16% next year. Consensus price target down from ฿6.95 to ฿6.70. Share price rose 6.8% to ฿6.25 over the past week. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. Expected to report loss instead of -฿0.02 instead of ฿0.27 per share profit previously forecast. . Revenue forecast unchanged at ฿13.1b Electric Utilities industry in Thailand expected to see average net income growth of 12% next year. Consensus price target of ฿6.95 unchanged from last update. Share price fell 4.1% to ฿5.90 over the past week. Reported Earnings • Aug 13
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: ฿0.29 loss per share (down from ฿0.14 profit in 2Q 2021). Revenue: ฿3.85b (up 37% from 2Q 2021). Net loss: ฿592.3m (down 317% from profit in 2Q 2021). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) missed analyst estimates by 266%. Over the next year, revenue is expected to shrink by 2.4% compared to a 2.7% 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 fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 15
Price target decreased to ฿6.95 Down from ฿8.00, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿5.75. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿0.37 for next year compared to ฿0.96 last year. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.26 to ฿0.47. Revenue forecast unchanged at ฿13.4b. Net income forecast to shrink 64% next year vs 30% growth forecast for Electric Utilities industry in Thailand . Consensus price target of ฿8.00 unchanged from last update. Share price rose 3.4% to ฿6.05 over the past week. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.41 (up from ฿0.14 in 1Q 2021). Revenue: ฿4.02b (up 33% from 1Q 2021). Net income: ฿825.1m (up 182% from 1Q 2021). Profit margin: 21% (up from 9.7% in 1Q 2021). Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the next year, revenue is forecast to stay flat compared to a 3.6% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Ankündigung • May 18
Rojana Industrial Park Public Company Limited Announces Board Changes Rojana Industrial Park Public Company Limited held on May 17, 2022 has resolved to approve the appointment of Mr. Kuniaki Hayashi as Director and Nomination and Remuneration Committee Member in replacement of Mr. Yasushi Takezawa as Director and Nomination and Remuneration Committee Member for the remaining term of his office. The replacement will be effective on May 17, 2022. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 27 May 2022. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.8%). 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. 5 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Suthep Phongpitak was the last independent director to join the board, commencing their role in 2017. 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 • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.96 (up from ฿0.68 in FY 2020). Revenue: ฿14.1b (up 16% from FY 2020). Net income: ฿1.94b (up 40% from FY 2020). Profit margin: 14% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Over the next year, revenue is expected to shrink by 8.5% compared to a 3.1% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 15
Rojana Industrial Park PCL NVDR Shares to Be Deleted from Other OTC Rojana Industrial Park Public Company Limited NVDR Shares (Thailand) will be deleted from Other OTC effective from February 15, 2022, due to Inactive Security. Major Estimate Revision • Feb 04
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ฿12.5b to ฿12.3b. EPS estimate rose from ฿0.62 to ฿0.75. Net income forecast to shrink 59% next year vs 14% growth forecast for Electric Utilities industry in Thailand . Consensus price target of ฿8.05 unchanged from last update. Share price was steady at ฿6.55 over the past week. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.44 (vs ฿0.046 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.08b (up 12% from 3Q 2020). Net income: ฿891.0m (up ฿797.5m from 3Q 2020). Profit margin: 29% (up from 3.4% in 3Q 2020). 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 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.68 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿2.81b (up 1.1% from 2Q 2020). Net income: ฿273.6m (down 80% from 2Q 2020). Profit margin: 9.7% (down from 49% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿0.47 to ฿0.53. Revenue forecast unchanged at ฿12.5b. Net income forecast to shrink 58% next year vs 14% growth forecast for Electric Utilities industry in Thailand . Consensus price target of ฿7.85 unchanged from last update. Share price fell 2.3% to ฿6.35 over the past week. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improved over the past week After last week's 18% share price gain to ฿8.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Electric Utilities industry in Asia. Total returns to shareholders of 63% over the past three years. Major Estimate Revision • May 24
Consensus EPS estimates increase to ฿0.52 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿12.7b to ฿13.8b. EPS estimate increased from ฿0.35 to ฿0.52 per share. Net income forecast to shrink 59% next year vs 13% growth forecast for Electric Utilities industry in Thailand . Consensus price target up from ฿6.55 to ฿7.85. Share price fell 3.7% to ฿6.55 over the past week. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.40 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿3.05b (down 6.1% from 1Q 2020). Net income: ฿293.1m (up ฿1.10b from 1Q 2020). Profit margin: 9.6% (up from net loss in 1Q 2020). 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 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 11
Price target increased to ฿6.55 Up from ฿5.70, the current price target is an average from 2 analysts. New target price is 9.7% below last closing price of ฿7.25. Stock is up 78% over the past year. Ankündigung • May 07
Rojana Industrial Park Public Company Limited (SET:ROJNA) agreed to acquire additional 34% stake in Rojana Power Co., Ltd. from KPIC Netherlands B.V. for THB 3.1 billion. Rojana Industrial Park Public Company Limited (SET:ROJNA) agreed to acquire additional 34% stake in Rojana Power Co., Ltd. from KPIC Netherlands B.V. for THB 3.1 billion on April 30, 2021. Transaction was funded through internal fund of THB 504 million, credit line of the debentures of Rojana Industrial Park of THB 625 million, short-term line of credit from financial institutions of THB 1,950 million. Rojana Industrial Park Public Company Limited expects to enter into the sales and purchase agreement for the ordinary shares and proceed to complete the transaction within June 2021. As per the transaction, Rojana Industrial Park Public Company Limited will acquire additional approximately 170 million shares of Rojana Power Co., Ltd. at THB 18.4 per share. Currently, Rojana Industrial Park Public Company Limited hold 41% stake, Nippon Steel Trading Corporation hold 20% stake and KPIC Netherlands B.V. hold 39% stake in Rojana Power Co., Ltd. After the transaction, Rojana Industrial Park Public Company Limited will hold 75% stake and Nippon Steel Trading Corporation hold 25% stake in Rojana Power Co., Ltd. As on December 31, 2020, Rojana Power Co., Ltd. generated total assets of THB 18.1 billion, revenues of THB 9.6 billion, net profits of approximately THB 720 million, total debt of THB 9.7 billion and Shareholders’ equity of THB 8.4 billion. Upcoming Dividend • May 02
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 24 May 2021. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (4.1%). Ankündigung • Apr 27
Rojana Industrial Park Public Company Limited Announces Cash Dividend for the Period from January 01, 2020 to December 31, 2020, Payable May 24, 2021 Rojana Industrial Park Public Company Limited announced cash dividend for the period from January 01, 2020 to December 31, 2020 for THB 0.20 per share. The dividend will be payable May 24, 2021 with record date of May 10, 2021 and Ex-dividend date of May 07, 2021. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 29% share price gain to ฿6.65, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 25 May 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (4.1%). Major Estimate Revision • Mar 08
Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from ฿0.22 to ฿0.18. No change was made to the revenue estimate which at the last update was ฿13.0b. Net income is expected to shrink by 74% next year compared to 5.4% growth forecast for the Electric Utilities industry in Thailand . The consensus price target increased from ฿5.25 to ฿5.70. Share price is up 3.8% to ฿4.88 over the past week. Is New 90 Day High Low • Mar 08
New 90-day high: ฿4.88 The company is up 8.0% from its price of ฿4.52 on 08 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electric Utilities industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿25.89 per share. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.68 (vs ฿0.91 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿12.6b (up 2.1% from FY 2019). Net income: ฿1.38b (down 25% from FY 2019). Profit margin: 11% (down from 15% in FY 2019). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 94%. Over the next year, revenue is forecast to grow 1.4%, compared to a 6.0% growth forecast for the Electric Utilities industry in Thailand. Executive Departure • Feb 06
Independent Director has left the company On the 3rd of February, Pong Sarasin's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Pong's name. Pong is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Dec 14
New 90-day high: ฿4.58 The company is up 9.0% from its price of ฿4.20 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿29.11 per share. Is New 90 Day High Low • Nov 27
New 90-day high: ฿4.56 The company is up 4.0% from its price of ฿4.38 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿24.22 per share. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.046 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿2.78b (down 8.2% from 3Q 2019). Net income: ฿93.5m (down 87% from 3Q 2019). Profit margin: 3.4% (down from 23% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 15
New 90-day low: ฿3.98 The company is down 10.0% from its price of ฿4.42 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 1.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ฿4.12 The company is down 7.0% from its price of ฿4.44 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is down 1.0% over the same period. 
