Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.34 (vs ฿0.13 in 1Q 2025) First quarter 2026 results: EPS: ฿0.34 (up from ฿0.13 in 1Q 2025). Revenue: ฿4.19b (up 17% from 1Q 2025). Net income: ฿225.0m (up 137% from 1Q 2025). Profit margin: 5.4% (up from 2.6% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • May 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 7.3% 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 (2.7x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 25 May 2026. The company last paid an ordinary dividend in January 2021. The average dividend yield among industry peers is 5.5%. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿1.43 (vs ฿0.51 in FY 2024) Full year 2025 results: EPS: ฿1.43 (up from ฿0.51 in FY 2024). Revenue: ฿15.6b (down 12% from FY 2024). Net income: ฿1.07b (up 178% from FY 2024). Profit margin: 6.9% (up from 2.2% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.77 (vs ฿0.081 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.77 (up from ฿0.081 loss in 3Q 2024). Revenue: ฿4.34b (up 5.5% from 3Q 2024). Net income: ฿582.4m (up ฿643.5m from 3Q 2024). Profit margin: 13% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.56 (vs ฿0.34 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.56 (up from ฿0.34 in 2Q 2024). Revenue: ฿3.95b (up 1.2% from 2Q 2024). Net income: ฿418.6m (up 66% from 2Q 2024). Profit margin: 11% (up from 6.5% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ฿11.60, the stock trades at a trailing P/E ratio of 35.9x. Average trailing P/E is 11x in the Insurance industry in Thailand. Total loss to shareholders of 42% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.24 in 1Q 2024) First quarter 2025 results: EPS: ฿0.13 (down from ฿0.24 in 1Q 2024). Revenue: ฿2.03b (down 51% from 1Q 2024). Net income: ฿94.9m (down 48% from 1Q 2024). Profit margin: 4.7% (up from 4.4% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ฿12.70, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 9x in the Insurance industry in Thailand. Total loss to shareholders of 35% over the past three years. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.51 (vs ฿0.074 in FY 2023) Full year 2024 results: EPS: ฿0.51 (up from ฿0.074 in FY 2023). Revenue: ฿17.9b (flat on FY 2023). Net income: ฿385.0m (up ฿329.6m from FY 2023). Profit margin: 2.2% (up from 0.3% in FY 2023). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Anuncio • Feb 26
Thai Group Holdings Public Company Limited, Annual General Meeting, Apr 25, 2025 Thai Group Holdings Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. New Risk • Dec 23
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 6.7% 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.34 (vs ฿0.23 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.34 (up from ฿0.23 in 2Q 2023). Revenue: ฿4.03b (flat on 2Q 2023). Net income: ฿252.5m (up 49% from 2Q 2023). Profit margin: 6.3% (up from 4.2% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿14.70, the stock trades at a trailing P/E ratio of 68.9x. Average trailing P/E is 11x in the Insurance industry in Thailand. Total loss to shareholders of 55% over the past three years. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.10 in 1Q 2023) First quarter 2024 results: EPS: ฿0.24 (up from ฿0.10 in 1Q 2023). Revenue: ฿4.13b (up 11% from 1Q 2023). Net income: ฿180.6m (up 140% from 1Q 2023). Profit margin: 4.4% (up from 2.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Anuncio • Feb 28
Thai Group Holdings Public Company Limited, Annual General Meeting, Apr 26, 2024 Thai Group Holdings Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledge the Company's performance report as of December 31, 2023; to consider and approve the audited Financial Statements for the year ended December 31, 2023; to consider and approve an allocation profit derived from operating results for legal reserve and no dividend payment for the 2023; to consider and approve the Directors' remuneration for the year 2024 and to consider other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.07 (vs ฿1.97 in FY 2022) Full year 2023 results: EPS: ฿0.07 (down from ฿1.97 in FY 2022). Revenue: ฿17.9b (down 10% from FY 2022). Net income: ฿55.3m (down 96% from FY 2022). Profit margin: 0.3% (down from 7.5% in FY 2022). The decrease in margin was driven by lower revenue. 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 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 18
Third quarter 2023 earnings released: ฿0.12 loss per share (vs ฿0.045 profit in 3Q 2022) Third quarter 2023 results: ฿0.12 loss per share (down from ฿0.045 profit in 3Q 2022). Revenue: ฿4.65b (down 6.4% from 3Q 2022). Net loss: ฿90.7m (down 368% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: ฿0.23 (vs ฿0.14 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.23 (up from ฿0.14 in 2Q 2022). Revenue: ฿4.13b (down 9.2% from 2Q 2022). Net income: ฿169.9m (up 65% from 2Q 2022). Profit margin: 4.1% (up from 2.3% in 2Q 2022). The increase in margin was driven by lower expenses. 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. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.10 (vs ฿1.94 in 1Q 2022) First quarter 2023 results: EPS: ฿0.10 (down from ฿1.94 in 1Q 2022). Revenue: ฿3.73b (down 23% from 1Q 2022). Net income: ฿75.4m (down 95% from 1Q 2022). Profit margin: 2.0% (down from 30% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Anuncio • Jan 05
Thai Group Holdings Public Company Limited Announces Resignation of Somchai Sujjapongse, Director and Member of the Executive Board Thai Group Holdings Public Company Limited (the Company) informed that Mr. Somchai Sujjapongse, Director and Member of the Executive Board has resigned from the directorship of the Company, effective from January 1, 2023 onwards. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.045 (vs ฿0.88 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.045 (up from ฿0.88 loss in 3Q 2021). Revenue: ฿4.97b (down 26% from 3Q 2021). Net income: ฿33.9m (up ฿696.1m from 3Q 2021). Profit margin: 0.7% (up from net loss in 3Q 2021). 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 • Aug 18
Second quarter 2022 earnings released: EPS: ฿0.14 (vs ฿0.13 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.14 (up from ฿0.13 in 2Q 2021). Revenue: ฿4.56b (down 41% from 2Q 2021). Net income: ฿102.9m (up 2.8% from 2Q 2021). Profit margin: 2.3% (up from 1.3% in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ฿1.94 (vs ฿0.39 in 1Q 2021) First quarter 2022 results: EPS: ฿1.94 (up from ฿0.39 in 1Q 2021). Revenue: ฿4.84b (down 16% from 1Q 2021). Net income: ฿1.46b (up 400% from 1Q 2021). Profit margin: 30% (up from 5.1% in 1Q 2021). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿4.34 loss per share (down from ฿0.97 profit in FY 2020). Revenue: ฿33.6b (up 44% from FY 2020). Net loss: ฿3.26b (down ฿3.99b from profit in FY 2020). Revenue was in line with analyst estimates. Executive Departure • Dec 03
CEO & Member of Executive Board Thakorn Piyapan has left the company On the 1st of December, Thakorn Piyapan was replaced as CEO by Chotiphat Bijananda after 1.1 years in the role. We don't have any record of a personal shareholding under Thakorn's name. Thakorn is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.00 years. Under Thakorn's leadership, the company delivered a total shareholder return of -9.9%. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.88 loss per share (vs ฿0.12 profit in 3Q 2020) The company reported a decent third quarter result with improved revenues, although earnings and control over costs were weaker. Third quarter 2021 results: Revenue: ฿13.8b (up 150% from 3Q 2020). Net loss: ฿662.2m (down ฿752.0m from profit in 3Q 2020). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.073 (vs ฿0.86 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: ฿7.69b (up 17% from 2Q 2020). Net income: ฿54.7m (down 92% from 2Q 2020). Profit margin: 0.7% (down from 9.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.39 (vs ฿0.20 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿5.72b (up 19% from 1Q 2020). Net income: ฿292.5m (up ฿446.8m from 1Q 2020). Profit margin: 5.1% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 19% share price gain to ฿38.00, the stock trades at a trailing P/E ratio of 39.2x. Average trailing P/E is 20x in the Insurance industry in Thailand. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.97 (vs ฿0.41 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: ฿23.3b (down 1.9% from FY 2019). Net income: ฿728.4m (up 139% from FY 2019). Profit margin: 3.1% (up from 1.3% in FY 2019). The increase in margin was driven by lower expenses. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.12 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿5.52b (down 10% from 3Q 2019). Net income: ฿89.8m (down 72% from 3Q 2019). Profit margin: 1.6% (down from 5.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Oct 27
New 90-day high: ฿26.50 The company is up 7.0% from its price of ฿24.80 on 24 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 8.0% over the same period. 
