Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Phairat Phoubon was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.21 (up from ฿0.19 in 1Q 2025). Revenue: ฿924.4m (down 1.0% from 1Q 2025). Net income: ฿264.2m (up 11% from 1Q 2025). Profit margin: 29% (up from 26% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿4.26, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 45% over the past three years. Buy Or Sell Opportunity • Mar 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to ฿3.40. The fair value is estimated to be ฿2.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to decline by 0.3% in a year. Earnings are forecast to grow by 23% in the next year. Declared Dividend • Mar 02
Dividend increased to ฿0.20 Dividend of ฿0.20 is 2.5% higher than last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 6.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (39% 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 increased by an average of 3.3% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 28
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.45 (down from ฿0.58 in FY 2024). Revenue: ฿3.26b (down 7.0% from FY 2024). Net income: ฿562.3m (down 26% from FY 2024). Profit margin: 17% (down from 22% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 6.1%. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings have declined by 7.2% 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Earnings have declined by 7.2% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings have declined by 4.3% 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 4.3% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Buy Or Sell Opportunity • Feb 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.5% to ฿3.22. The fair value is estimated to be ฿2.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.089 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.09. Revenue: ฿769.2m (down 9.1% from 3Q 2024). Net income: ฿111.7m (down 1.7% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 7.6% growth forecast for the Renewable Energy industry in Thailand. New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings have declined by 1.5% 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 1.5% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.011 loss per share (vs ฿0.095 profit in 2Q 2024) Second quarter 2025 results: ฿0.011 loss per share (down from ฿0.095 profit in 2Q 2024). Revenue: ฿665.2m (down 17% from 2Q 2024). Net loss: ฿13.7m (down 111% from profit in 2Q 2024). Revenue is forecast to decline by 3.0% 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 26% per year whereas the company’s share price has fallen by 23% per year. New Risk • May 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% 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 1.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.15 in 1Q 2024) First quarter 2025 results: EPS: ฿0.19. Revenue: ฿934.0k (down 100% from 1Q 2024). Net income: ฿238.2k (down 100% from 1Q 2024). Profit margin: 26% (up from 24% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 1.2%. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.8%). Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿3.45b to ฿3.25b. EPS estimate also fell from ฿0.64 per share to ฿0.52 per share. Net income forecast to shrink 5.4% next year vs 22% growth forecast for Renewable Energy industry in Thailand . Consensus price target down from ฿6.80 to ฿6.10. Share price was steady at ฿5.50 over the past week. New Risk • Mar 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 01
Dividend increased to ฿0.20 Dividend of ฿0.20 is 100% higher than last year. Ex-date: 2nd May 2025 Payment date: 21st May 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.1%. Payout Ratios Payout ratio: 23%. Cash payout ratio: 13%. Price Target Changed • Feb 18
Price target decreased by 24% to ฿6.80 Down from ฿8.90, the current price target is provided by 1 analyst. New target price is 35% above last closing price of ฿5.05. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿0.61 for next year compared to ฿0.59 last year. Anuncio • Feb 17
Sermsang Power Corporation Public Company Limited (SET:SSP) announces an Equity Buyback for 35,000,000 shares, representing 2.73% for THB 200 million. Sermsang Power Corporation Public Company Limited (SET:SSP) announces a share repurchase program. Under the program, the company will repurchase up to 35,000,000 shares, representing 2.73% of its issued share capital, for THB 200 million. The shares will be repurchased at a price of not more than 115% of the average closing price of 5 business days before the repurchase date. The purpose of the program is to maximize liquidity, enhance rate of return on equity and earning per share. The program is valid till August 17, 2025. As of March 14, 2024, the company had 1,373,825,572 ordinary shares in issue. New Risk • Nov 21
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: 17% Last year net profit margin: 27% 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 Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (17% net profit margin). Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ฿0.095 (down from ฿0.17 in 2Q 2023). Revenue: ฿828.5m (up 6.8% from 2Q 2023). Net income: ฿122.7m (down 46% from 2Q 2023). Profit margin: 15% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 5.7%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.7% 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 but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿4.00b to ฿3.69b. EPS estimate also fell from ฿0.75 per share to ฿0.61 per share. Net income forecast to grow 13% next year vs 31% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿11.40 to ฿8.90. Share price fell 2.4% to ฿6.10 over the past week. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.17 in 1Q 2023) First quarter 2024 results: EPS: ฿0.15 (down from ฿0.17 in 1Q 2023). Revenue: ฿864.9m (up 12% from 1Q 2023). Net income: ฿204.2m (down 15% from 1Q 2023). Profit margin: 24% (down from 31% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Renewable Energy industry in Thailand. 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 12% per year, which means it is performing significantly worse than earnings. Anuncio • Apr 27
Sermsang Power Corporation Public Company Limited Approves Dividend for the Year 2023 Sermsang Power Corporation Public Company Limited at its Annual General Meeting of the Shareholders held on April 26, 2024, approved the payment of dividend derived from operating result of the year 2023 as the following details: The cash dividend distribution at the rate of THB 0.10 per share, totaling THB 137,382,557. Anuncio • Mar 21
Sermsang Power Corporation Public Company Limited Announces the Resignation of Mr. Viwat Kraipisitkul as Director, Chairman of the Executive Committee, and Member of the Nomination and Remuneration Committee Sermsang Power Corporation Public Company Limited announced that at the board meeting held on March 19, 2024, the company acknowledged the resignation from the position of director, chairman of the executive committee, and member of the nomination and remuneration committee, of Mr. Viwat Kraipisitkul, effective March 19, 2024. Declared Dividend • Mar 01
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 7th May 2024 Payment date: 24th May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 7.5% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Anuncio • Feb 29
Sermsang Power Corporation Public Company Limited, Annual General Meeting, Apr 26, 2024 Sermsang Power Corporation Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and approve the minutes of the 2023 annual general meeting of shareholder; to acknowledge the company's business operations for the year 2023; to consider and approve the financial statements for the year ended December 31, 2023; and to discuss other matters. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: ฿3.12b (down 1.0% from FY 2022). Net income: ฿812.3m (down 38% from FY 2022). Profit margin: 26% (down from 41% in FY 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 07
Price target increased by 12% to ฿11.40 Up from ฿10.21, the current price target is provided by 1 analyst. New target price is 37% above last closing price of ฿8.35. Stock is down 7.2% over the past year. The company is forecast to post earnings per share of ฿0.63 for next year compared to ฿0.95 last year. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.10, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Renewable Energy industry in Thailand. Total returns to shareholders of 1.9% over the past three years. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.16 (vs ฿0.20 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.16 (down from ฿0.20 in 3Q 2022). Revenue: ฿827.2m (up 2.8% from 3Q 2022). Net income: ฿218.7m (down 18% from 3Q 2022). Profit margin: 26% (down from 33% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.0% 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 increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 6 highly experienced directors. Independent Director Phairat Phoubon was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Aug 15
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: 29% Last year net profit margin: 42% 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 Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (29% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.44 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.17 (down from ฿0.44 in 2Q 2022). Revenue: ฿775.9m (down 5.3% from 2Q 2022). Net income: ฿228.1m (down 63% from 2Q 2022). Profit margin: 29% (down from 74% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.061 per share at 2.9% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.7%). Price Target Changed • Feb 15
Price target decreased by 9.4% to ฿13.53 Down from ฿14.93, the current price target is an average from 3 analysts. New target price is 42% above last closing price of ฿9.55. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿1.29 for next year compared to ฿0.77 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿0.21 (down from ฿0.26 in 3Q 2021). Revenue: ฿804.4m (up 18% from 3Q 2021). Net income: ฿267.6m (down 6.6% from 3Q 2021). Profit margin: 33% (down from 42% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.98 to ฿1.36. Revenue forecast steady at ฿3.17b. Net income forecast to shrink 1.3% next year vs 34% growth forecast for Renewable Energy industry in Thailand . Consensus price target down from ฿15.93 to ฿14.87. Share price rose 3.7% to ฿9.90 over the past week. Price Target Changed • Oct 31
Price target decreased to ฿14.87 Down from ฿16.40, the current price target is an average from 3 analysts. New target price is 50% above last closing price of ฿9.90. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿0.98 for next year compared to ฿0.77 last year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: ฿0.52 (up from ฿0.21 in 2Q 2021). Revenue: ฿1.20b (up 71% from 2Q 2021). Net income: ฿644.9m (up 168% from 2Q 2021). Profit margin: 54% (up from 34% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. Over the next year, revenue is expected to shrink by 5.1% compared to a 29% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.24 (up from ฿0.16 in 1Q 2021). Revenue: ฿859.5m (up 77% from 1Q 2021). Net income: ฿294.8m (up 61% from 1Q 2021). Profit margin: 34% (down from 38% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 11%, compared to a 29% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.011 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.7%). Price Target Changed • Mar 03
Price target decreased to ฿17.33 Down from ฿18.93, the current price target is an average from 3 analysts. New target price is 40% above last closing price of ฿12.40. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.05 for next year compared to ฿0.84 last year. Reported Earnings • Mar 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.84 (up from ฿0.73 in FY 2020). Revenue: ฿2.62b (up 39% from FY 2020). Net income: ฿859.0m (up 17% from FY 2020). Profit margin: 33% (down from 39% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 23%, compared to a 33% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.28 (vs ฿0.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿684.8m (up 10% from 3Q 2020). Net income: ฿286.5m (up 26% from 3Q 2020). Profit margin: 42% (up from 37% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.24 (vs ฿0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿557.5m (up 12% from 2Q 2020). Net income: ฿240.4m (up 60% from 2Q 2020). Profit margin: 43% (up from 30% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 15% share price gain to ฿15.20, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Renewable Energy industry in Thailand. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.15 per share. Price Target Changed • May 23
Price target increased to ฿15.00 Up from ฿13.86, the current price target is an average from 2 analysts. New target price is 16% above last closing price of ฿12.90. Stock is up 88% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.21 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿501.0m (up 23% from 1Q 2020). Net income: ฿183.1m (down 16% from 1Q 2020). Profit margin: 37% (down from 54% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • May 06
Upcoming dividend of ฿0.011 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 28 May 2021. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.0%). Major Estimate Revision • Mar 16
Analysts lower EPS estimates to ฿0.90 The 2021 consensus revenue estimate was lowered from ฿2.68b to ฿2.65b. Earning per share (EPS) estimate was also lowered from ฿1.12 to ฿0.90 for the same period. Net income is expected to grow by 26% next year compared to 27% growth forecast for the Renewable Energy industry in Thailand. The consensus price target increased from ฿13.25 to ฿15.25. Share price is up 8.2% to ฿15.80 over the past week. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿14.30, the stock is trading at a trailing P/E ratio of 17.9x, down from the previous P/E ratio of 22x. This compares to an average P/E of 20x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 106%. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 60%, compared to a 24% growth forecast for the Renewable Energy industry in Thailand. Is New 90 Day High Low • Feb 10
New 90-day high: ฿15.40 The company is up 115% from its price of ฿7.15 on 12 November 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 16% share price gain to ฿14.40, the stock is trading at a trailing P/E ratio of 18.7x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 18x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 95%. Is New 90 Day High Low • Jan 06
New 90-day high: ฿12.40 The company is up 71% from its price of ฿7.25 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ฿11.50 The company is up 56% from its price of ฿7.35 on 03 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 8.0% over the same period. Major Estimate Revision • Dec 03
Analysts update estimates The 2020 consensus revenue estimate was lowered from ฿2.52b to ฿2.30b. Earnings per share (EPS) increased from ฿0.76 to ฿0.91 for the same period. Net income is expected to grow by 41% next year compared to 22% growth forecast for the Renewable Energy industry in Thailand. The consensus price target increased from ฿9.20 to ฿16.00. Share price is up 7.8% to ฿11.00 over the past week. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 18% share price gain to ฿11.00, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12.1x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 41%. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 20% share price gain to ฿10.20, the stock is trading at a trailing P/E ratio of 13.2x, up from the previous P/E ratio of 11x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 22%. Valuation Update With 7 Day Price Move • Nov 23
Market bids up stock over the past week After last week's 16% share price gain to ฿9.55, the stock is trading at a trailing P/E ratio of 12.4x, up from the previous P/E ratio of 10.7x. This compares to an average P/E of 15x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 15%. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to ฿8.55, the stock is trading at a trailing P/E ratio of 11.1x, up from the previous P/E ratio of 9.3x. This compares to an average P/E of 15x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 3.2%. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Over the next year, revenue is forecast to grow 50%, compared to a 14% growth forecast for the Renewable Energy industry in Thailand. Is New 90 Day High Low • Nov 13
New 90-day high: ฿7.95 The company is up 5.0% from its price of ฿7.60 on 14 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: ฿6.85 The company is down 14% from its price of ฿8.00 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is down 19% over the same period. Upcoming Dividend • Oct 07
Upcoming Dividend of ฿0.11 Per Share Will be paid on the 4th of November to those who are registered shareholders by the 14th of October. The trailing yield of 1.5% is below the top quartile of Thai dividend payers (7.0%), and is lower than industry peers (2.1%).