Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.12 (vs ฿0.11 in 1Q 2025) First quarter 2026 results: EPS: ฿0.12 (up from ฿0.11 in 1Q 2025). Revenue: ฿726.4m (up 5.5% from 1Q 2025). Net income: ฿55.6m (up 3.7% from 1Q 2025). Profit margin: 7.7% (down from 7.8% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 20 May 2026. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 8.3%. Within top quartile of Thai dividend payers (7.5%). In line with average of industry peers (7.7%). New Risk • Mar 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (฿1.97b market cap, or US$62.0m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.48 (vs ฿0.32 in FY 2024) Full year 2025 results: EPS: ฿0.48 (up from ฿0.32 in FY 2024). Revenue: ฿2.90b (up 13% from FY 2024). Net income: ฿227.9m (up 49% from FY 2024). Profit margin: 7.8% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. 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 20% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Final dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 7th May 2026 Payment date: 20th May 2026 Dividend yield will be 9.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 4.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Feb 28
Siamrajathanee Public Company Limited Proposes Cash Dividend for the Operating Period from 01 July, 2025 to 31 December, 2025, Payable on 20 May, 2026 Siamrajathanee Public Company Limited at the AGM to be held on 22 April, 2026 proposed cash dividend of THB 0.18 per share for the operating period from 01 July, 2025 to 31 December, 2025. Date of Board resolution is 26 February, 2026; Record date for the right to receive dividends: 08 May, 2026; Ex-dividend date is 07 May, 2026; Payment date is 20 May, 2026. Annonce • Feb 26
Siamrajathanee Public Company Limited, Annual General Meeting, Apr 22, 2026 Siamrajathanee Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (฿1.98b market cap, or US$61.2m). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.088 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.09. Revenue: ฿729.4m (up 10% from 3Q 2024). Net income: ฿40.5m (down 3.5% from 3Q 2024). Profit margin: 5.6% (down from 6.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 14
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 21 August 2025. Payment date: 04 September 2025. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (4.7%). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.18 (vs ฿0.046 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.18 (up from ฿0.046 in 2Q 2024). Revenue: ฿748.5m (up 24% from 2Q 2024). Net income: ฿85.3m (up 291% from 2Q 2024). Profit margin: 11% (up from 3.6% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿110 (vs ฿0.065 in 1Q 2024) First quarter 2025 results: EPS: ฿110 (up from ฿0.065 in 1Q 2024). Revenue: ฿691.6m (up 15% from 1Q 2024). Net income: ฿53.6m (up 74% from 1Q 2024). Profit margin: 7.8% (up from 5.1% in 1Q 2024). The increase in margin was driven by higher 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 29% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (5.0%). Annonce • Apr 24
Siamrajathanee Public Company Limited Approves Cash Dividend Payment for the 2024, Payable on May 21, 2025 Siamrajathanee Public Company Limited at its Annual General Meeting of the Shareholders, held on April 23, 2025, approved dividend payment for the 2024 operating results at the rate of THB 0.18 per share, the Company has determined May 7, 2025 as the date to record the names of the shareholders who are entitled to dividend payment. The Company shall distribute the cash dividends on May 21, 2025. New Risk • Feb 25
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: 4.6% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿2.00b market cap, or US$59.4m). Declared Dividend • Feb 22
Final dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 6th May 2025 Payment date: 21st May 2025 Dividend yield will be 4.4%, which is higher than the industry average of 2.9%. Payout Ratios Payout ratio: 71%. Cash payout ratio: 2%. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.32 (vs ฿0.39 in FY 2023) Full year 2024 results: EPS: ฿0.32 (down from ฿0.39 in FY 2023). Revenue: ฿2.58b (up 9.5% from FY 2023). Net income: ฿153.4m (down 16% from FY 2023). Profit margin: 5.9% (down from 7.8% in FY 2023). The decrease in margin was driven by higher expenses. 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 32% per year, which means it is performing significantly worse than earnings. Annonce • Jan 24
Siamrajathanee Public Company Limited Appoints Weidt Nuchjalearn as Member of the Audit Committee The Board of Directors meeting/shareholders meeting of Siamrajathanee Public Company Limited No. 1/2025 held on January 20, 2025 resolved the appointment of Mr. Weidt Nuchjalearn as Member of the audit committee, effective January 20, 2025. The audit committee is consisted of: Chairman of the audit committee, Mr. Udomsak Rojviboonchai remaining term in office 2 years 3 month, Member of the audit committee, Mr. Nattakit Tangpoonsinthana remaining term in office 2 month 17 day, Member of the audit committee, Mr. Weidt Nuchjalearn remaining term in office 2 years 3 month and Secretary of the audit committee, Nittaya Boonprakobchok. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.09 (vs ฿0.087 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.09 (up from ฿0.087 in 3Q 2023). Revenue: ฿669.6m (up 14% from 3Q 2023). Net income: ฿42.0m (up 1.0% from 3Q 2023). Profit margin: 6.3% (down from 7.1% in 3Q 2023). The decrease in margin was driven by higher expenses. 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 20% per year, which means it is performing significantly worse than earnings. Annonce • Sep 18
Siamrajathanee Public Company Limited Approves Cash Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on October 16, 2024 Siamrajathanee Public Company Limited announced that at its EGM held on September 18, 2024, the shareholders approved cash dividend at the rate of THB 0.007407407623 per share, equivalent to the dividend payment of THB 3,306,604.67 for the period from January 1, 2024 to June 30, 2024. In this regard, the company has scheduled September 25, 2024 as the record date to determine the list of shareholders entitled to dividend payment. The company shall distribute the cash dividends on October 16, 2024. Annonce • Aug 10
Siamrajathanee Public Company Limited Announces Cash Dividend Payment for the Operating Period from January 1, 2024 to June 30, 2024, Payable on October 16, 2024 The board of directors of Siamrajathanee Public Company Limited in its meeting held on August 8, 2024 proposed cash dividend payment for the operating results from January 1, 2024 to June 30, 2024. The board proposed to pay cash dividend at the rate of THB 0.007407407623 per share, equivalent to the dividend payment of THB 3,306,604.67. Record date is September 24, 2024, Payment date is October 16, 2024. New Risk • Aug 09
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: 5.5% Last year net profit margin: 8.6% 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: Minor Risks Dividend is not well covered by earnings (137% payout ratio). Profit margins are more than 30% lower than last year (5.5% net profit margin). Market cap is less than US$100m (฿2.01b market cap, or US$57.0m). Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.14 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05 (down from ฿0.14 in 2Q 2023). Revenue: ฿605.3m (up 3.2% from 2Q 2023). Net income: ฿21.8m (down 64% from 2Q 2023). Profit margin: 3.6% (down from 10% in 2Q 2023). 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 22% per year, which means it is significantly lagging earnings. Annonce • Aug 07
Siamrajathanee Public Company Limited Announces Resignation of Jirayut Srupsrisopa as Independent Director Siamrajathanee Public Company Limited announced that Mr. Jirayut Srupsrisopa has resigned from the position of the Independent Director of the Company due to his other business engagement caused him unable to perform any acts in such positions with effect from August 6, 2024 onwards. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.10 in 1Q 2023) First quarter 2024 results: EPS: ฿0.07 (down from ฿0.10 in 1Q 2023). Revenue: ฿602.2m (up 3.5% from 1Q 2023). Net income: ฿30.8m (down 32% from 1Q 2023). Profit margin: 5.1% (down from 7.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Apr 26
Siamrajathanee Public Company Limited Approves Dividend for the Year 2023, Payable on May 21, 2024 Siamrajathanee Public Company Limited announced that at the AGM held on April 24, 2024, approved dividend payment for the 2023 operating results at the rate of 0.20 baht per share, the Company has determined May 7, 2024 as the date to record the names of the shareholders who are entitled to dividend payment. The Company shall distribute the cash dividends on May 21, 2024 and acknowledge the interim dividend payment (rate 0.20 baht per share). Declared Dividend • Feb 24
Final dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 3rd May 2024 Payment date: 21st May 2024 Dividend yield will be 5.5%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 22% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 5.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Feb 23
Siamrajathanee Public Company Limited, Annual General Meeting, Apr 24, 2024 Siamrajathanee Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and certify the minutes of the Extraordinary General Meeting of the Shareholders No. 1/2023; to consider and acknowledge the Company's operating results of the year 2023; to consider and approve the financial statements for the fiscal year ending December 31, 2023; and to transact such other business matters. Annonce • Feb 22
Siamrajathanee Public Company Limited Proposes Dividend for 2023, Payable on May 21, 2024 Siamrajathanee Public Company Limited proposed dividend payment for the 2023 operating results at THB 0.40 per share (Which is the total dividend payment rate of the year 2023), or approximately THB 178,555,286.80. However, after deducting the interim dividends for the first 6-month of 2023 operating results that were paid to shareholders on September 8, 2023 (THB 0.20 per share, or approximately THB 89,277,643.40), the remaining dividends to be paid for the last 6-month of 2023 operating results would be at THB 0.20 per share, or approximately THB 89,277,643.40. Such dividends will be paid to the shareholders whose names appear in the list for determining the names of shareholders entitled to receive dividends (Record Date) on May 7, 2024 . The dividend payment, for the last 6-month of 2023 operating results, will be made of May 21, 2024 . (The entitlement of such dividends still subjects to the approval of AGM) and; Acknowledging the interim dividend payment for the first 6-month of 2023 operating results at THB 0.20 baht per share, or approximatelyTHB 89,277,643.40. This dividend was paid from the unappropriated retained earnings as of June 30, 2023, which was already paid on September 8, 2023. Reported Earnings • Nov 11
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ฿589.4m (up 4.4% from 3Q 2022). Net income: ฿41.6m (up 20% from 3Q 2022). Profit margin: 7.1% (up from 6.1% in 3Q 2022). Buying Opportunity • Oct 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be ฿9.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.20 per share at 4.9% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.1%). Annonce • Aug 11
Siamrajathanee Public Company Limited Announces Cash Dividend Payment for the Operating Period from 01 January 2023 to 30 June 2023, Payable on September 8 2023 Siamrajathanee Public Company Limited announced cash dividend payment of THB 0.20 for the operating period from 01 January 2023 to 30 June 2023. Ex-dividend date is August 24, 2023, record date for the right to receive dividends is August 25, 2023 and payment date is September 8 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.14 (vs ฿0.083 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.14 (up from ฿0.083 in 2Q 2022). Revenue: ฿596.9m (up 6.1% from 2Q 2022). Net income: ฿60.4m (up 63% from 2Q 2022). Profit margin: 10% (up from 6.6% in 2Q 2022). Annonce • Jun 30
Siamrajathanee Public Company Limited Announces Appointment of Krailuck Asawachatroj as New Director Siamrajathanee Public Company Limited at its AGM held on June 28, 2023, announced the appointment of Mr. Krailuck Asawachatroj as a new director of the Company. New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.53b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (฿3.53b market cap, or US$99.1m). Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.20 per share at 3.8% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 17 May 2023. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿0.38 (vs ฿0.38 in FY 2021) Full year 2022 results: EPS: ฿0.38 (up from ฿0.38 in FY 2021). Revenue: ฿2.32b (up 11% from FY 2021). Net income: ฿168.8m (flat on FY 2021). Profit margin: 7.3% (down from 8.0% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
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. 7 non-independent directors. Independent Director Jirayut Srupsrisopa was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.097 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.08 (down from ฿0.097 in 3Q 2021). Revenue: ฿569.8m (up 8.9% from 3Q 2021). Net income: ฿34.6m (down 20% from 3Q 2021). Profit margin: 6.1% (down from 8.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿9.40, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 21x in the Professional Services industry in Asia. Total loss to shareholders of 11% over the past year. Buying Opportunity • Sep 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ฿12.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last year. Earnings per share has declined by 9.9%. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.1%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.098 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.08 (down from ฿0.098 in 2Q 2021). Revenue: ฿564.4m (up 11% from 2Q 2021). Net income: ฿37.1m (down 15% from 2Q 2021). Profit margin: 6.6% (down from 8.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.4%, compared to a 16% growth forecast for the Professional Services industry in Thailand. Annonce • Aug 11
Siamrajathanee Public Company Limited Approves Interim Dividend for the Six Months Ended June 30, 2022, Payable on September 9, 2022 Siamrajathanee Public Company Limited informed that the Board of Directors Meeting held on August 10, 2022, resolved to approve the interimdividend payment from the operating results for the first half of the year according to the financial statements for the six months period ended June 30, 2022, to the Company's shareholders at the rate of THB 0.15 per share totaling THB 66,958,742.55. The date to determine the names of shareholders entitled to receive the interim dividend (Record Date) is scheduled for August 24,2022 and the interim dividend payment is scheduled for September 9, 2022. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.09. Revenue: ฿554.9m (up 9.5% from 1Q 2021). Net income: ฿38.9m (down 1.1% from 1Q 2021). Profit margin: 7.0% (down from 7.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 8.3%, compared to a 15% growth forecast for the industry in Thailand. Board Change • Apr 27
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 Jirayut Srupsrisopa was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 20 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to ฿19.80, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the Professional Services industry in Asia. Total returns to shareholders of 133% over the past year. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to ฿19.80, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 19x in the Professional Services industry in Asia. Total returns to shareholders of 133% over the past year. Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.45 (down from ฿0.47 in FY 2020). Revenue: ฿2.11b (up 3.4% from FY 2020). Net income: ฿168.3m (up 21% from FY 2020). Profit margin: 8.0% (up from 6.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 7.8%, compared to a 15% growth forecast for the industry in Thailand. Buying Opportunity • Jan 24
Now 21% undervalued Over the last 90 days, the stock is up 41%. The fair value is estimated to be ฿22.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% per annum over the last 3 years. Earnings per share has grown by 9.8% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 27% share price gain to ฿18.70, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 26x in the Professional Services industry in Asia. Total returns to shareholders of 106% over the past year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.15 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿528.1m (up 4.0% from 3Q 2020). Net income: ฿43.1m (up 3.2% from 3Q 2020). Profit margin: 8.2% (in line with 3Q 2020). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to ฿13.10, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 23x in the Professional Services industry in Asia. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 10 September 2021. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.094 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿508.0m (up 3.7% from 2Q 2020). Net income: ฿43.9m (up 73% from 2Q 2020). Profit margin: 8.6% (up from 5.2% in 2Q 2020). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 16% share price gain to ฿11.70, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 17% share price gain to ฿10.30, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Professional Services industry in Asia. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.13 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿509.8m (down 4.7% from 1Q 2020). Net income: ฿39.3m (up 17% from 1Q 2020). Profit margin: 7.7% (up from 6.3% in 1Q 2020). The increase in margin was driven by lower expenses. Annonce • Apr 29
Siamrajathanee Public Company Limited Approves Dividend Siamrajathanee Public Company Limited announced that the AGM held on April 9, 2021,the company approved dividend will be paid in cash at the rate of THB 0.20 per share. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to ฿10.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Professional Services industry in Asia. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.022 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 07 May 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (0.8%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.57 (vs ฿0.48 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.07b (up 6.9% from FY 2019). Net income: ฿139.6m (up 28% from FY 2019). Profit margin: 6.8% (up from 5.6% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 25
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.6%. Earnings per share (EPS) exceeded analyst estimates by 42%. Over the next year, revenue is forecast to grow 5.8%, compared to a 11% growth forecast for the Professional Services industry in Thailand. Annonce • Feb 25
Siamrajathanee Public Company Limited, Annual General Meeting, Apr 09, 2021 Siamrajathanee Public Company Limited, Annual General Meeting, Apr 09, 2021, at 06:00 Coordinated Universal Time. Location: True Digital Park Bangkok Thailand Agenda: To consider and adopt the minutes of the Extraordinary General Meeting of the Shareholders No. 2/2020; to consider and acknowledge the Company's business operation for year 2020; to consider and approve the statements of financial position and profit and loss statement for the fiscal year ending on December 31, 2020; to consider approving the declaration of dividend payments from the Company's business operation for the year 2020; to consider approving the Amendment of Clause 4 of the Memorandum of Association of the Company to be in line with the Company's registered capital increase; and to consider other matters. Is New 90 Day High Low • Feb 23
New 90-day high: ฿12.10 The company is up 51% from its price of ฿8.00 on 25 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 16% share price gain to ฿11.80, the stock is trading at a trailing P/E ratio of 20x, up from the previous P/E ratio of 17.3x. This compares to an average P/E of 23x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 16% share price gain to ฿11.00, the stock is trading at a trailing P/E ratio of 18.6x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 23x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 17% share price gain to ฿11.10, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 23x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Dec 04
Market bids up stock over the past week After last week's 20% share price gain to ฿9.50, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 23x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 16% share price gain to ฿8.40, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 24x in the Professional Services industry in Asia. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 17% share price gain to ฿7.10, the stock is trading at a trailing P/E ratio of 12x, up from the previous P/E ratio of 10.2x. This compares to an average P/E of 24x in the Professional Services industry in Asia. Annonce • Nov 11
Siamrajathanee Public Company Limited Announces Board Changes Siamrajathanee Public Company Limited announced that at its board meeting held on November 10, 2020, it was resolved to appoint Mr. Supachai Parchariyanon to replace of Mr. Pongnimit Dusitnitsakul which he has resigned since August 14, 2020. In this regard, Mr. Supachai Parchariyanon will take the position of company's Director, Independent Director and Audit Committee from November 10, 2020 onwards. The term of service of appointed director shall be equal to the remaining term of resigned director. Moreover, the meeting was resolved to acknowledge the resignation of Mr. Pawoot Pongvitayapanu a company's Director and Audit Committee member as Mr. Pawoot Pongvitayapanu has a lot of businesses which, therefore, may affect the effectiveness of work at the company. The resignation will effective on November 10, 2020 onwards. It was resolved to appoint Miss Kanthima Jangwansook as the Risk Management Committee replacing the resigned director. Reported Earnings • Oct 16
First half earnings released Over the last 12 months the company has reported total profits of ฿120.0m, up 19% from the prior year. Total revenue was ฿2.03b over the last 12 months, up 8.9% from the prior year.