Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ฿3.62, the stock trades at a trailing P/E ratio of 45.5x. Average trailing P/E is 6x in the Construction industry in Thailand. Total returns to shareholders of 28% over the past three years. New Risk • Jun 20
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 6.4% 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: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿2.29b market cap, or US$69.7m). Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.72, the stock trades at a trailing P/E ratio of 34.2x. Average trailing P/E is 8x in the Construction industry in Thailand. Total loss to shareholders of 23% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.02 (vs ฿0.042 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.02 (up from ฿0.042 loss in 1Q 2025). Revenue: ฿410.0m (down 27% from 1Q 2025). Net income: ฿15.8m (up ฿47.2m from 1Q 2025). Profit margin: 3.9% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.02 (vs ฿0.086 loss in FY 2024) Full year 2025 results: EPS: ฿0.02 (up from ฿0.086 loss in FY 2024). Revenue: ฿2.21b (down 29% from FY 2024). Net income: ฿12.8m (up ฿75.4m from FY 2024). Profit margin: 0.6% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Annonce • Feb 27
Demco Public Company Limited, Annual General Meeting, Apr 29, 2026 Demco Public Company Limited, Annual General Meeting, Apr 29, 2026, at 14:00 SE Asia Standard Time. Location: at the head office building, demco public company, limited, no. 59 moo 1, tambol suanphrikthai, amphur muangpathumthani, pathumthani, 12000., Thailand New Risk • Jan 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 7.7% 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 Risk Earnings have declined by 47% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (฿1.67b market cap, or US$53.2m). Buy Or Sell Opportunity • Dec 04
Now 20% undervalued Over the last 90 days, the stock has risen 5.9% to ฿3.60. The fair value is estimated to be ฿4.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 6.9%. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.086 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.02 (down from ฿0.086 in 3Q 2024). Revenue: ฿513.1m (down 36% from 3Q 2024). Net income: ฿18.7m (down 70% from 3Q 2024). Profit margin: 3.6% (down from 7.8% in 3Q 2024). 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 9% per year. Annonce • Sep 01
Demco Public Company Limited Updates Its Dividend Policy Demco Public Company Limited has a policy of paying dividends of no less than 40% of the Company's net profit each year on a non-consolidated basis, after deducting income tax, the legal reserve, and other reserves. The Board of Directors of the Company can decide not to follow such policy or change the policy under the condition that such policy benefits the shareholders in forms such as use their being used as reserved funds to repay loans, or used as investment funds for the Company's business expansion, or to react to future market conditions that which may affect the Company's cash flow. New Risk • Aug 18
New major risk - Revenue and earnings growth Earnings have declined by 52% 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 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿2.31b market cap, or US$71.3m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.009 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03 (up from ฿0.009 loss in 2Q 2024). Revenue: ฿599.0m (down 19% from 2Q 2024). Net income: ฿24.1m (up ฿30.7m from 2Q 2024). Profit margin: 4.0% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Jun 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿236m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 60% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.37b market cap, or US$41.9m). New Risk • May 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-฿236m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (฿1.25b market cap, or US$37.4m). Reported Earnings • May 14
First quarter 2025 earnings released: ฿0.04 loss per share (vs ฿0.049 loss in 1Q 2024) First quarter 2025 results: ฿0.04 loss per share (improved from ฿0.049 loss in 1Q 2024). Revenue: ฿566.7m (up 16% from 1Q 2024). Net loss: ฿31.4m (loss narrowed 12% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Annonce • May 02
Demco Public Company Limited Approves Appointment of Ratchaneevipa Puipunthavong as New Director Demco Public Company Limited announced that at its AGM held on 29 April 2025, the shareholders approved the appointment of Miss Ratchaneevipa Puipunthavong as a new director of the company. Annonce • Feb 28
Demco Public Company Limited, Annual General Meeting, Apr 29, 2025 Demco Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Annonce • Feb 14
Demco Public Company Limited Announces Board and Committee Changes DEMCO Public Company Limited informed about the resolution of the Board of Directors' Meeting (Special Agenda) No. 2/2025 held on February 13, 2025 as follows: Acknowledged the resignation of Mr.Paitoon Gumchai, an executive director, from his position as a director of the Company and from all positions in the Company's Sub- Committees before the completion of his term, effective from February 12, 2025. Approved the appointment of Mr. Sompong Preeprem as a new director to replace the resigned director as mentioned in Item 1, effective from February 14, 2025. The newly appointed director shall serve as a non-executive director and shall hold office
only for the remaining term of the director whom he replaces. As a result, Board of Directors after restructuring shall comprise: Mr. Numchai Lowattanatakul, Chairman of the Board. Mr. Prin Bholnivas, Independent Director
Mr. Amnuaychai Suwansoonthorn Independent Director. Mr. Sompong Pongsakulrangsri, independent Director. Dr. Bundit Aowsathaporn, Independent Director. Mr. Manoon Manusook, Independent Director. Dr. Narong Jennarongsak, Non-Executive Director. Mr. Orand Puipunthavong, Non-Executive Director. Mr. Nuttpasint Chet-udomlap, Non-Executive Director. Mr. Phongsak Siricupta, Executive Director. Mr. Sompong Preeprem, Non-Executive Director (Newly appointed). Approved the appointment of additional members to the Sub-Committees as follows: Appointed Mr. Sompong Preeprem as a member of the Investment Committee and the Executive Committee, with the position of Chairman in both committees. Appointed Mr. Nattapasin Chetudomlap as an additional member of the Executive Committee, with the position of Vice Chairman of the Executive Committee. The Sub-Committees with Changes are as follows: As present the names of the Investment Committee are as follows: Mr. Sompong Preeprem, Chairman (Newly appointed). Mr. Orand Puipunthavong. Mr. Sompong Pongsakulrangsri. Mr. Prin Bholnivas, Mr. Nuttpasint Chet-udomlap. Mr. Phongsak Siricupta. As present the names of the Corporate Risk Management Committee are as follows: Mr. Nuttpasint Chet-udomlap, Chairman. Mr. Manoon Manusook. Dr. Narong Jennarongsak. Mr. Sompong Pongsakulrangsri. Mr. Phongsak Siricupta. As present the names of the Executive Committee are as follows: Mr. Sompong Preeprem, Chairman (Newly appointed). Mr. Nuttpasint Chet-udomlap (Newly appointed). Mr. Phongsak Siricupta. Dr. Prasitchai Veerayuttwilai. Miss. Ratchaneevipa Puipunthavong. Annonce • Jan 21
Demco Public Company Limited Approves Board and Committee Changes Demco Public Company Limited announced that at its board meeting held on January 20, 2025, approved the appointment of Dr. Bandit Aowsathaporn, independent director, and Mr. Natthapasin Chet-udomlap, non-executive director. to hold position Member of the Nomination and Remuneration Consideration Committee. Such resolution is effective from January 21, 2025 onward. The structure of the Sub Board Committees for year 2025 is as follows: Audit Committee (Unchanged): Comprise of the Independent Directors as follows: Mr. Prin Bholnivas, Independent Director /Chairman; Dr. Bundit Aowsathaporn, Independent Director; Mr. Manoon Manusook, Independent Director. Corporate Governance and Sustainability Committee (Unchanged): Comprise of the Directors as follows: Mr. Manoon Manusook, Independent Director /Chairman; Mr. Amnuaychai Suwansoonthorn Independent Director; Dr. Bundit Aowsathaporn, Independent Director; Dr. Narong Jennarongsak, Director; Mr. Phongsak Siricupta, Executive Director. Nomination and Remuneration Consideration Committee: Mr. Amnuaychai Suwansoonthorn, Independent Director /Chairman; Mr. Prin Bholnivas, Independent Director; Mr. Orand Puipunthavong, Non-Executive Director; Dr. Bundit Aowsathaporn, Independent Director (Newly appointed); Mr. Nuttpasint Chet-udomlap, Non-Executive Director (Newly appointed). Corporate Risk Management Committee (Unchanged): Comprise of the Directors as follows: Mr. Nuttpasint Chet- udomlap, Non-Executive Director/Chairman; Mr. Sompong Pongsakulrangsri, Independent Director; Dr. Narong, Jennarongsak, Director; Mr. Manoon Manusook, Independent Director; Mr. Phongsak Siricupta, Executive Director; Mr. Paitoon Gumchai, Executive Director. Investment Committee (Unchanged): Comprise of the Directors as follows: Mr. Orand Puipunthavong, Non-Executive Director/Chairman; Mr. Prin Bholnivas, Independent Director; Mr. Nuttpasint Chet-udomlap, Non-Executive Director; Mr. Sompong Pongsakulrangsri, Independent Director; Mr. Phongsak Siricupta, Executive Director; Mr. Paitoon Gumchai, Executive Director. Executive Committee (Unchanged): Comprise of the Directors as follows: Mr. Phongsak Siricupta, Chairman; Mr. Paitoon Gumchai; Dr. Prasitchai Veerayuttwilai; Miss Ratchaneevipa Puipunthavong. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.08 profit in 2Q 2023) Second quarter 2024 results: ฿0.01 loss per share (down from ฿0.08 profit in 2Q 2023). Revenue: ฿751.1m (up 65% from 2Q 2023). Net loss: ฿6.51m (down 111% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). Earnings have declined by 65% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿2.92b market cap, or US$79.9m). Annonce • May 15
DEMCO Public Company Limited Announces Chief Financial Officer Changes As DEMCO Public Company Limited has reported the change of Company's CFO by appointing Mr. Worravit Auesapsakul to hold the position of Assistant Managing Director for the line of work Accounting, Financial Management, and Budget as CFO on May 2, 2024 to the Stock Exchange of Thailand to be acknowledged on May 3, 2024, The Company would like to inform that on May 7, 2024, Mr. Worravit Auesapsakul submitted a letter of resignation from the mentioned position with a personal reason. It was effective since May 7, 2024. The Company has therefore appointed Mr. Paitoon Gumchai, Chief Business Support Officer, acting for the line of work Accounting, Financial Management, and Budget (CFO) instead. This is effective from May 7, 2024 onwards. Annonce • Mar 27
Demco Public Company Limited Announces Chief Financial Officer Changes Demco Public Company Limited announced the change of Chief Financial Officer. The company announced the termination of Mr. Surabot Visutimatakul as Chief Financial Officer, effective March 21, 2024. The company announced the appointment of Mr. Pattoon Gumchai as Chief Financial Officer, effective March 21, 2024. New Risk • Mar 18
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 6.9% 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 Earnings have declined by 65% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿2.12b market cap, or US$58.9m). Annonce • Feb 28
Demco Public Company Limited, Annual General Meeting, Apr 29, 2024 Demco Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the minutes of Annual General Shareholders' Meeting 2023 held on April 27, 2023; to acknowledge the operation results of the Company for year 2023; to consider and approve the audited statement of financial position and statement of comprehensive income for the year ended December 31, 2023; to consider and approve for omitting dividend payment for the Company's Performance of the year 2023; to consider and approve the election of the directors; to consider and approve the annual remuneration of directors for the year 2024; to consider and approve the appointment auditors and their services fee for the year 2024; and to consider Other topics. Reported Earnings • Feb 28
Full year 2023 earnings released: ฿0.75 loss per share (vs ฿0.17 loss in FY 2022) Full year 2023 results: ฿0.75 loss per share (further deteriorated from ฿0.17 loss in FY 2022). Revenue: ฿2.30b (up 7.8% from FY 2022). Net loss: ฿549.9m (loss widened 330% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Annonce • Dec 26
Demco Public Company Limited Announces Management Changes Demco Public Company Limited at its board meeting held on December 26, 2023 approved appointment of Mr. Manoon Manusook Independent Director to a Chairman of Corporate Governance and Sustainability effective from December 27, 2023 onward. Therefore, the composition of the Corporate Governance and Sustainability includes 1. Manoon Manusook, Independent Director /Chairman 2. Mr. Amnuaychai Suwansoonthorn, Independent Director 3. Dr. Bundit Aowsathaporn, Independent Director 4. Dr. Narong Jennarongsak, Director and 5. Mr. Phongsak Siricupta, Executive Director. The company also appointed Miss Wonruedee Suvapan, Deputy Managing Director (Audit Office) to a Company Secretary replacement Miss Orawan Siriwong, will retire from office on 31 December, 2023, effective from January 1, 2024 onward. Reported Earnings • Nov 16
Third quarter 2023 earnings released: ฿0.06 loss per share (vs ฿0.066 loss in 3Q 2022) Third quarter 2023 results: ฿0.06 loss per share (improved from ฿0.066 loss in 3Q 2022). Revenue: ฿524.9m (up 2.0% from 3Q 2022). Net loss: ฿42.3m (loss narrowed 12% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annonce • Sep 22
Demco Public Company Limited Announces Resignation of Chaiwat Lertvanarin as Independent Director, Chairman of Corporate Governance and Sustainability Committee, Member of Audit Committee and Member of Corporate Risk Management Committee Demco Public Company Limited announced that Mr. Chaiwat Lertvanarin, Independent Director, Chairman of Corporate Governance and Sustainability Committee, Member of Audit Committee and Member of Corporate Risk Management Committee has declared his intention to resign from his positions in the Board and Board Committee as abovementioned due to nowadays there are more missions. This is to be effective from September 28, 2023 onwards. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.051 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.08 (up from ฿0.051 loss in 2Q 2022). Revenue: ฿518.6m (up 24% from 2Q 2022). Net income: ฿58.2m (up ฿95.1m from 2Q 2022). Profit margin: 11% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Aug 05
Demco Public Company Limited Announces Executive Changes Demco Public Company Limited announced that effective from August 4, 2023, Mr. Visanu Thepcharoen has resigned from his position as the Director, Chairman of Investment Committee, Member of Corporate Risk Management Committee, due to the personal reasons which may result in being unable to fully perform duties for the Company as a Director. Mr. Sompijit Chaichanajarak has resigned from his position as the Director, Member of Corporate Governance and Sustainability Committee, Member of Corporate Risk Management Committee, due to his other obligations and responsibilities. Annonce • May 17
Demco Public Company Limited Announces CFO Changes Demco Public Company Limited at the board meeting held on May 12, 2023, announced Mr. Surabot Visutimatakul resigned from the position of Acting a Chief Financial Officer (CFO) on May 12, 2023 and The Company has appointed Mr. Surabot Visutimatakul as a Chief Financial Officer (CFO) on May 12, 2023 onward. Annonce • Dec 26
Demco Public Company Limited Announces Executive Changes Demco Public Company Limited acknowledged the resignation from the position of Managing Director due to the retirement of Mr. Paitoon Gumchai since end of December 31, 2022. The company also approved appointment of Mr. Phongsak Siricupta to be Managing Director which be effective since January 1, 2023, Mr. Paitoon Gumchai: Managing Director to be Chief Business Support Officer (CBSO), under a new Executive Employment Contract which be effective since January 1, 2023, Dr. Prasitchai Veerayuttwilai: Deputy Managing Director of Marketing and Engineering Innovation Division to be Chief Business Innovation Engineering and Operating Officer (COO), which be effective since January 1, 2023 and Ms. Ratchaneevipa Puipunthavong: Deputy Managing Director of Corporate Strategy and business development Division to be Chief Business Development Officer (CBDO), which be effective since January 1, 2023. Price Target Changed • Nov 16
Price target increased to ฿5.46 Up from ฿3.40, the current price target is provided by 1 analyst. New target price is 6.0% above last closing price of ฿5.15. Stock is up 20% over the past year. The company is forecast to post earnings per share of ฿0.24 for next year compared to ฿0.14 last year. Annonce • Sep 01
Demco Public Company Limited Announces CFO Changes Demco Public Company Limited announced resignation of Miss Sawittree Phuengrassmee as CFO Effective Date of Termination 30-August-2022. Appointed Mr. Surabot Visutimatakul as CFO Effective Date of Appointment 30-August-2022. Annonce • Aug 24
Demco Public Company Limited Approves Appointment of Mr. Prasitchai Veerayuttwila as Executive Director and Senior Management DEMCO Public Company Limited approved the appointment Mr. Prasitchai Veerayuttwilai, who has had various of experiences in Power & Communication Electrical Engineering and Marketing Businesses, as the ExecutiveDirector and Senior Management served as Deputy Managing Director of Marketing and Engineering Innovation. The objective is to jointly formulate business strategies, operational plans, and management structures including feasibility study of project investment, business development as well as providing advices to the project management work group to improve efficiency in the implementation of the Company's strategic goals. This would be effective from 23 August 2022 onwards. Annonce • Aug 17
Demco Public Company Limited Announces Changing of Chief Accountant Demco Public Company Limited announced termination of Miss Sawittree Phuengrasamee as Chief Accountant. Effective Date of Termination is 15-Aug-2022. Appointed Miss. Inchanan Bunkong as Accounting Manager. Effective Date of appointment is 15-Aug-2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.051 loss per share (vs ฿0.047 loss in 2Q 2021) Second quarter 2022 results: ฿0.051 loss per share (down from ฿0.047 loss in 2Q 2021). Revenue: ฿410.6m (down 39% from 2Q 2021). Net loss: ฿36.9m (loss widened 8.2% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Jun 14
Price target increased to ฿5.90 Up from ฿3.40, the current price target is provided by 1 analyst. New target price is 92% above last closing price of ฿3.08. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿0.29 for next year compared to ฿0.14 last year. Board Change • Jun 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. Independent Director Chaiwat Lertvanarin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿3.12, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Construction industry in Thailand. Total returns to shareholders of 7.9% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.14 (up from ฿0.076 in FY 2020). Revenue: ฿2.73b (up 14% from FY 2020). Net income: ฿100.9m (up 83% from FY 2020). Profit margin: 3.7% (up from 2.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 44%. Over the next year, revenue is forecast to grow 18%, compared to a 21% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Feb 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. Independent Director Chaiwat Lertvanarin was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.004 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿857.4m (up 24% from 3Q 2020). Net income: ฿23.3m (up ฿20.7m from 3Q 2020). Profit margin: 2.7% (up from 0.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Price Target Changed • Oct 12
Price target increased to ฿5.90 Up from ฿3.40, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ฿4.96. Stock is up 75% over the past year. Annonce • Jul 14
Demco Public Company Limited Announces Temporarily Shut Down of Head Office at Pathumthani Office DEMCO Public Company Limited announced that for the case that the company's staff 1 person who work at Pathumthani office had attended a meeting at the business partner's company. And later the company was informed that the company's staff who attended the meeting was infected with COVID-19. The company realizes for the safety of company's employees and to prevent the risk of COVID-19 spread, so the company will close the Head Office at 59, Moo1, Suanphrikthai Muangpathumthani, Pathumthani Province on 12 July 2021 and Tuesday 13 July 2021 for 2 days to clean and spray alcohol for all of the office area. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 22% share price gain to ฿4.94, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Construction industry in Thailand. Total returns to shareholders of 7.4% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.032 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿652.2m (up 19% from 1Q 2020). Net income: ฿41.5m (up 79% from 1Q 2020). Profit margin: 6.4% (up from 4.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improved over the past week After last week's 23% share price gain to ฿4.32, the stock trades at a trailing P/E ratio of 57.2x. Average trailing P/E is 26x in the Construction industry in Thailand. Total loss to shareholders of 11% over the past three years. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.08 (vs ฿0.048 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: ฿2.50b (down 15% from FY 2019). Net income: ฿55.2m (up 58% from FY 2019). Profit margin: 2.2% (up from 1.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Annonce • Feb 26
Demco Public Company Limited, Annual General Meeting, Apr 27, 2021 Demco Public Company Limited, Annual General Meeting, Apr 27, 2021, at 14:00 SE Asia Standard Time. Location: at Miracle Grand Convention Hotel, 99, Kamphaeng Phet 6 Road Talad Bangkhen, Laksi Bangkok Thailand Agenda: To consider and approve the minutes of annual general shareholders' meeting 2020 held on June 29, 2020; to acknowledge the operation results of the company for year 2020; to consider and approve the audited statement of financial position and statement of comprehensive income for the year ended December 31, 2020; to consider and approve for omitting dividend payment for the company's performance of the year 2020; To consider the addition of directors and approve the re-elected directors that being retired by rotation; to consider and approve the remuneration and reward for directors of the year 2021; and to consider the other matters. Annonce • Feb 10
Demco Public Company Limited Signs the Contract with Thai Petroleum Pipeline Co.,Ltd DEMCO Public Company Limited would like to inform SET that the Company has signed the Contract with Thai Petroleum Pipeline Co.,Ltd to Engineering Procurement Construction and Commissioning (EPCC) for New Tank T-404D & T-401G with details as follows:- Name of Project: NEW Tank T-404D & T-401G Project; Client: Thai Petroleum Pipeline Co.,Ltd .; Contract Value Excluding VAT: THB 375,000,000.00; Period of work: 22 months after Contract signing date. Description of work: Engineering - Procurement - Construction and Commissioning for 2 x 20 ML Oil storage tank which containing products HSD (High Speed Diesel) and JET A-1 at Lam Lum Luk
Ka oil terminal including of civil work, tank foundation work, oil storage tank work,
mechanical work, piping system, firefighting system, equipment installation, electrical
system, instrumentation and control system. Annonce • Jan 17
Demco Public Company Limited Signs the Turnkey Contract with Thai Jurong Engineering Limited DEMCO Public Company Limited announced that it has signed the Turnkey Contract with Thai Jurong Engineering Limited to supply, install and perform test & commissioning for the 115kV GIS Substation BCC2 Combined Cycle Power Plant with contract value of THB 120,000,000.00 on January 8, 2021. contract number is TEL/1054/DEMCO/0121/03. Period of work is 15 months after contract signing date. Is New 90 Day High Low • Jan 04
New 90-day high: ฿3.48 The company is up 23% from its price of ฿2.82 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: ฿3.18 The company is up 10.0% from its price of ฿2.88 on 02 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 1.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.02 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿695.0m (down 4.1% from 3Q 2019). Net income: ฿2.64m (down 47% from 3Q 2019). Profit margin: 0.4% (down from 0.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 71% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿2.74 The company is down 18% from its price of ฿3.34 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 14% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: ฿2.82 The company is down 13% from its price of ฿3.26 on 01 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 Construction industry, which is down 10.0% over the same period.