New Risk • May 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 18% Last year net profit margin: 33% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 11% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (18% net profit margin). Declared Dividend • Mar 02
Dividend of ฿0.07 announced Shareholders will receive a dividend of ฿0.07. Ex-date: 11th March 2026 Payment date: 8th May 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (21% earnings payout ratio) but not covered by cash flows (459% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 77% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.27 (vs ฿0.39 in FY 2024) Full year 2025 results: EPS: ฿0.27 (down from ฿0.39 in FY 2024). Revenue: ฿9.07b (down 16% from FY 2024). Net income: ฿2.27b (down 31% from FY 2024). Profit margin: 25% (down from 31% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.71, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Renewable Energy industry in Thailand. Total loss to shareholders of 39% over the past three years. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ฿0.059 (vs ฿0.099 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.059 (down from ฿0.099 in 3Q 2024). Revenue: ฿2.09b (down 23% from 3Q 2024). Net income: ฿491.7m (down 41% from 3Q 2024). Profit margin: 24% (down from 31% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.056 (vs ฿0.10 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.056 (down from ฿0.10 in 2Q 2024). Revenue: ฿2.13b (down 21% from 2Q 2024). Net income: ฿474.3m (down 45% from 2Q 2024). Profit margin: 22% (down from 32% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 4.0% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to ฿2.28. The fair value is estimated to be ฿1.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to decline by 1.1% in a year. Earnings are forecast to decline by 31% in the next year. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.083 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (up from ฿0.083 in 1Q 2024). Revenue: ฿2.72b (up 6.4% from 1Q 2024). Net income: ฿966.9m (up 38% from 1Q 2024). Profit margin: 36% (up from 27% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to decline by 5.7% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Ankündigung • Apr 18
TPI Polene Power Public Company Limited Approves Dividend for the Year 2024, Payable on May 9, 2025 TPI Polene Power Public Company Limited at the AGM held on April 18, 2025 approved the Company to appropriate a legal reserve and dividend payment for the year 2024. The Company has fully allocated the legal reserve in accordance with the Company's Articles of Association. Therefore, the Company is not required to allocate any portion of the net profit as a legal reserve, and it was resolved to approve dividend payment for the year 2024 from the Company's 2024 operating performance at THB 0.16 per share, totaling THB 1,344,000,000 or representing 40.70% of the net profit for the year 2024. Previously, the Company already paid the interim dividend from the Company's retained earnings up to six-month period ended June 30, 2024, at THB 0.09 per share, totaling THB 756,000,000, on September 20, 2024. Therefore, the remaining dividend to be paid is THB 0.07 per share, totaling THB 588,000,000, which is scheduled to be paid on May 9, 2025. The above dividend payment is payable from the retained earnings which is exempted to be paid corporate income tax according to the Board of Investment Promotional Privileges. Shareholders shall receive dividend without withholding tax deduction. Individual shareholders; therefore, cannot claim tax credit. Ankündigung • Mar 07
TPI Polene Power Public Company Limited Announces Change of Chief Accountant TPI Polene Power Public Company Limited announced the Changing of Chief Accountant. The company announced the termination of KARUNA PERMSIRIPHAN as Accounting Department Manager, effective from February 28, 2025 and appointment of Jatanathunmjit as Manager of Accounting Department, Effective Date of Appointment is 01 March 2025. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.34, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 29% over the past three years. Declared Dividend • Mar 01
Final dividend reduced to ฿0.07 Dividend of ฿0.07 is 42% lower than last year. Ex-date: 12th March 2025 Payment date: 9th May 2025 Dividend yield will be 5.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (55% 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 86 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 48% over the next 2 years. Since a fall of 39% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Ankündigung • Feb 28
TPI Polene Power Public Company Limited, Annual General Meeting, Apr 18, 2025 TPI Polene Power Public Company Limited, Annual General Meeting, Apr 18, 2025, at 15:00 SE Asia Standard Time. Location: at the conference room, 9th floor of tpi tower, no, 26/56 chan tat mai road, thungmahamek sub-district, sathorn district, bangkok Thailand Ankündigung • Feb 27
TPI Polene Power Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2024, Payable on May 9, 2025 TPI Polene Power Public Company Limited at its AGM to be held on April 18, 2025 proposed cash dividend payment of THB 0.07 per share for the year ended December 31, 2024, payable on May 9, 2025. Paid from Retained Earnings. Record date for the right to receive dividends is March 13, 2025. Ex-dividend date is March 12, 2025. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: ฿0.39 (vs ฿0.43 in FY 2023) Full year 2024 results: EPS: ฿0.39 (down from ฿0.43 in FY 2023). Revenue: ฿10.7b (down 2.2% from FY 2023). Net income: ฿3.30b (down 9.6% from FY 2023). Profit margin: 31% (down from 33% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.099 (vs ฿0.10 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.099 (down from ฿0.10 in 3Q 2023). Revenue: ฿2.69b (up 10% from 3Q 2023). Net income: ฿833.3m (flat on 3Q 2023). Profit margin: 31% (down from 34% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 2.6% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Declared Dividend • Aug 31
First half dividend reduced to ฿0.09 Dividend of ฿0.09 is 25% lower than last year. Ex-date: 11th September 2024 Payment date: 20th September 2024 Dividend yield will be 7.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (31% 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 76 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 14% over the next year. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Ankündigung • Aug 29
TPI Polene Power Public Company Limited Announces Interim Cash Dividend for the Six-Month Period Ended June 30, 2024, Payable on 20 September 2024 TPI Polene Power Public Company Limited announced the interim cash dividend of THB 0.09 per share payment from unappropriated retained earnings for operating performance up to the six-month period ended June 30, 2024. Record date for the right to receive dividends on 12 September 2024 with Ex-dividend date on 11 September 2024. Payment date on 20 September 2024. Price Target Changed • Aug 08
Price target decreased by 20% to ฿3.20 Down from ฿4.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ฿2.72. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿0.43 for next year compared to ฿0.43 last year. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.11 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.10 (down from ฿0.11 in 2Q 2023). Revenue: ฿2.70b (down 8.0% from 2Q 2023). Net income: ฿857.7m (down 8.3% from 2Q 2023). Profit margin: 32% (in line with 2Q 2023). Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ฿2.70. The fair value is estimated to be ฿3.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 12% in a year. Earnings are forecast to grow by 2.3% in the next year. Ankündigung • Jul 27
TPI Polene Power Public Company Limited Approves Board Appointments TPI Polene Power Public Company Limited at its Extraordinary Meeting of Shareholders no.1/2567 held on July 26, 2024, approved to consider the appointment of new meeting, which the meeting approved Mr. Paisan katchasuwanmanee to be in the positions of Independent Director and Audit committee and Mr. Thanakorn Liewphairatana to be in the position of Director of the company. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.083 (vs ฿0.13 in 1Q 2023) First quarter 2024 results: EPS: ฿0.083 (down from ฿0.13 in 1Q 2023). Revenue: ฿2.56b (down 13% from 1Q 2023). Net income: ฿699.4m (down 33% from 1Q 2023). Profit margin: 27% (down from 36% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 9% per year. Ankündigung • Apr 19
TPI Polene Power Public Company Limited Approves Dividend Payment for the Year Ended December 31, 2023, Payable on May 9, 2024 TPI Polene Power Public Company Limited at its AGM held on April 18, 2024, approved dividend payment for the year 2023 from the company's 2023 operating performance at THB 0.24 per share totaling THB 2,016,000,000 or representing 55.19% of the net profit for the year 2023. Previously the company already paid the interim dividend from the company's retained earnings up to six month period ended June 30, 2023 at THB 0.12 per share totaling THB 1,008,000,000 on September 25, 2023. Therefore there is a remaining dividend to be paid to shareholders at THB 0.12 per share totaling THB 1,008,000,000. The determination of list of shareholders for the right to receive dividend payment is scheduled on March 14, 2024 (record date) and the interim dividend payment is scheduled on May 9, 2024. Ankündigung • Mar 19
TPI Polene Power Public Company Limited, Annual General Meeting, Apr 18, 2024 TPI Polene Power Public Company Limited, Annual General Meeting, Apr 18, 2024, at 15:00 SE Asia Standard Time. Location: Conference Room, 9th Floor of TPI Tower No. 26/56 Chan Tat Mai road, Thungmahamek sub-district, Sathorn district Bangkok Thailand Agenda: To consider and confirm minutes of the 2023 Annual Meeting of Shareholders; to acknowledge the 2023 operating result of the company; to consider the audit committee report on their audit on the 2023 operating result; to consider and approve Balance Sheets and Profit and Loss Statements of 2023 for the period ended December 31, 2023; to consider and approve an appropriation of the legal reserve and the payment of dividend for 2023; and to consider other matters. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.7%). Declared Dividend • Mar 02
Dividend increased to ฿0.12 Dividend of ฿0.12 is 300% higher than last year. Ex-date: 13th March 2024 Payment date: 9th May 2024 Dividend yield will be 7.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (37% 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 76 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 27% over the next 2 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. Ankündigung • Mar 01
TPI Polene Power Public Company Limited Announces Interim Cash Dividend, Payable on May 09, 2024 TPI Polene Power Public Company Limited proposed dividend payment from the company's operating results for the year 2023 at THB 0.24 per share. Previously, the company already paid interim dividend from the company's retained earnings up to six month period ended June 30, 2023 at THB 0.12 per share. Therefore, remaining dividend is to be paid at THB 0.12 per share. Record date for the right to receive dividends on 14 March 2024 with Ex-dividend date on 13 March 2024, Payment date on May 09, 2024. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: ฿0.43 (vs ฿0.34 in FY 2022) Full year 2023 results: EPS: ฿0.43 (up from ฿0.34 in FY 2022). Revenue: ฿11.0b (up 7.7% from FY 2022). Net income: ฿3.65b (up 30% from FY 2022). Profit margin: 33% (up from 28% in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.064 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.10 (up from ฿0.064 in 3Q 2022). Revenue: ฿2.44b (up 5.0% from 3Q 2022). Net income: ฿838.7m (up 56% from 3Q 2022). Profit margin: 34% (up from 23% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.12 per share at 6.9% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 25 September 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.8%). Ankündigung • Sep 01
TPI Polene Power Public Company Limited Announces Interim Cash Dividend for the Six-Month Period Ended June 30, 2023, Payable on 25 September 2023 TPI Polene Power Public Company Limited announced the interim cash dividend of THB 0.12 per share payment from unappropriated retained earnings for operating performance up to the six-month period ended June 30, 2023. Record date for the right to receive dividends on 14 September 2023 with Ex-dividend date on 13 September 2023 Payment date on 25 September 2023. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.10 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.11 (up from ฿0.10 in 2Q 2022). Revenue: ฿2.93b (up 15% from 2Q 2022). Net income: ฿935.0m (up 9.3% from 2Q 2022). Profit margin: 32% (down from 34% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 08
Price target increased by 18% to ฿4.00 Up from ฿3.40, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ฿3.38. Stock is down 13% over the past year. The company posted earnings per share of ฿0.33 last year. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.03 per share at 7.4% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 11 May 2023. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 7.4%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (1.7%). Upcoming Dividend • Feb 01
Upcoming dividend of ฿0.09 per share at 7.1% yield Eligible shareholders must have bought the stock before 08 February 2023. Payment date: 23 February 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.7%). Ankündigung • Jan 27
TPI Polene Power Public Company Limited Announces Interim Cash Dividend for Operating Performance Up to the Nine-Month Period Ended September 30, 2022, Payable on 23 February 2023 TPI Polene Power Public Company Limited announced interim cash dividend of THB 0.09 per share from unappropriated retained earnings for operating performance up to the nine-month period ended September 30, 2022. Record date for the right to receive dividends 09 February 2023. Ex-dividend date 08 February 2023. Payment date 23 February 2023. Price Target Changed • Nov 16
Price target decreased to ฿3.60 Down from ฿4.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of ฿3.26. Stock is down 22% over the past year. The company posted earnings per share of ฿0.50 last year. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.064 (vs ฿0.11 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.064 (down from ฿0.11 in 3Q 2021). Revenue: ฿2.32b (down 19% from 3Q 2021). Net income: ฿538.5m (down 43% from 3Q 2021). Profit margin: 23% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 6.7%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.7%). Ankündigung • Aug 27
Tpi Polene Power Public Company Limited Announces Interim Dividend for the Six-Month Ended June 30, 2022, Payable on September 23, 2022 TPI Polene Power Public Company Limited announced Interim dividend of THB 0.12 per share payment from unappropriated retained earnings for operating performance up to the six-month period ended June 30, 2022. Record date for the right to receive dividends is September 9, 2022, Ex-dividend date is September 8, 2022 and Payment date is September 23, 2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.10 (vs ฿0.14 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.10 (down from ฿0.14 in 2Q 2021). Revenue: ฿2.56b (down 13% from 2Q 2021). Net income: ฿855.7m (down 28% from 2Q 2021). Profit margin: 34% (down from 41% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Price Target Changed • Jun 08
Price target decreased to ฿4.00 Down from ฿5.05, the current price target is provided by 1 analyst. New target price is 8.1% above last closing price of ฿3.70. Stock is down 19% over the past year. The company posted earnings per share of ฿0.50 last year. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: ฿0.10 (vs ฿0.13 in 1Q 2021) First quarter 2022 results: EPS: ฿0.10 (down from ฿0.13 in 1Q 2021). Revenue: ฿2.79b (up 5.2% from 1Q 2021). Net income: ฿854.6m (down 20% from 1Q 2021). Profit margin: 31% (down from 40% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Ankündigung • Apr 21
TPI Polene Power Public Company Limited Approves Dividend for the Year Ended December 31, 2021, Payable on May 12, 2022 TPI Polene Power Public Company Limited announced that at its AGM held on April 19, 2022, the shareholders approved the dividend payment for the year ended December 31, 2021 from the company’s 2021 operating performance at total of THB 0.25 per share or totaling THB 2,100,000,000 accounting for 50.10% of the net profit for the year 2021. Previously, the company made an interim dividend payment form the company’s operating performance up to June 30, 2021, totaling THB 0.12 per share or totaling THB 1,008 million, therefore: the remaining dividend to be paid to shareholders is THB 0.13 per share, totaling THB 1,092 million, payable form the company’s 2021 operating performance. The determination of list of shareholders for the right to receive dividend payment is scheduled on March 3, 2022 and the dividend payment is scheduled on May 12, 2022. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 6.0%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.50 (down from ฿0.54 in FY 2020). Revenue: ฿11.1b (flat on FY 2020). Net income: ฿4.19b (down 7.0% from FY 2020). Profit margin: 38% (down from 41% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.14 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.88b (down 4.4% from 3Q 2020). Net income: ฿943.0m (down 22% from 3Q 2020). Profit margin: 33% (down from 40% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 22 September 2021. Trailing yield: 6.1%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.14 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿2.92b (up 4.6% from 2Q 2020). Net income: ฿1.19b (up 1.4% from 2Q 2020). Profit margin: 41% (down from 42% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.12 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿2.73b (up 7.5% from 1Q 2020). Net income: ฿1.06b (up 9.7% from 1Q 2020). Profit margin: 39% (in line with 1Q 2020). 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 13% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS ฿0.54 (vs ฿0.55 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: ฿11.1b (up 5.2% from FY 2019). Net income: ฿4.51b (down 2.2% from FY 2019). Profit margin: 41% (down from 44% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 26
New 90-day high: ฿4.44 The company is up 1.0% from its price of ฿4.38 on 28 August 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 3.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.14 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿3.01b (up 12% from 3Q 2019). Net income: ฿1.21b (up 9.8% from 3Q 2019). Profit margin: 40% (down from 41% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings.