Major Estimate Revision • May 21
Consensus revenue estimates increase by 12% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿39.0b to ฿43.7b. EPS estimate increased from ฿1.12 to ฿1.28 per share. Net income forecast to grow 0.9% next year vs 14% growth forecast for Specialty Retail industry in Thailand. Consensus price target up from ฿19.87 to ฿20.67. Share price rose 5.9% to ฿14.40 over the past week. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.56 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿12.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Specialty Retail industry in Thailand. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.80 per share. New Risk • Mar 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (37% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿1.09 (up from ฿0.85 in FY 2024). Revenue: ฿39.9b (up 22% from FY 2024). Net income: ฿1.46b (up 29% from FY 2024). Profit margin: 3.7% (up from 3.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend increased to ฿0.56 Dividend of ฿0.56 is 33% higher than last year. Ex-date: 30th April 2026 Payment date: 21st May 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (42% 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 74% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿15.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿15.06 per share. Board Change • Dec 24
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Suwinai Wattanakom was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.20 (up from ฿0.15 in 3Q 2024). Revenue: ฿10.3b (up 33% from 3Q 2024). Net income: ฿261.5m (up 28% from 3Q 2024). Profit margin: 2.5% (in line with 3Q 2024). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.27 (up from ฿0.26 in 2Q 2024). Revenue: ฿8.83b (up 19% from 2Q 2024). Net income: ฿362.5m (up 5.2% from 2Q 2024). Profit margin: 4.1% (down from 4.7% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.8%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • May 16
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.30 (up from ฿0.21 in 1Q 2024). Revenue: ฿8.86b (up 9.9% from 1Q 2024). Net income: ฿398.4m (up 45% from 1Q 2024). Profit margin: 4.5% (up from 3.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Specialty Retail industry in Thailand. Annonce • Apr 24
Aurora Design Public Company Limited Approves Cash Dividend for the Year 2024 According to the 2025 Annual General Meeting of Shareholder of Aurora Design Public Company Limited held on 22 April 2025. The Meeting resolved, approved the allocation of net profits from the 2024 operating results as a legal reserve amounting to THB 28,246,000 and approve the payment of dividend at the rate of THB 0.42 per share per share, totaling an amount not exceeding THB 560,280,000. This represents 50.48% of the net profit from the Company's separate financial statements. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.42 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (8.1%). Lower than average of industry peers (3.7%). Price Target Changed • Mar 10
Price target increased by 16% to ฿20.15 Up from ฿17.35, the current price target is an average from 2 analysts. New target price is 24% above last closing price of ฿16.30. Stock is up 13% over the past year. The company is forecast to post earnings per share of ฿0.97 for next year compared to ฿0.85 last year. Declared Dividend • Mar 02
Dividend increased to ฿0.42 Dividend of ฿0.42 is 35% higher than last year. Ex-date: 30th April 2025 Payment date: 19th May 2025 Dividend yield will be 3.0%, which is higher than the industry average of 2.5%. 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 97% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.85 (up from ฿0.64 in FY 2023). Revenue: ฿33.2b (up 12% from FY 2023). Net income: ฿1.13b (up 34% from FY 2023). Profit margin: 3.4% (up from 2.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 3.0%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. Annonce • Mar 01
Aurora Design Public Company Limited, Annual General Meeting, Apr 22, 2025 Aurora Design Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Annonce • Feb 28
Aurora Design Public Company Limited Proposes Dividend for the Year 2024, Payable on 19 May 2025 Aurora Design Public Company Limited at its board of directors meeting held on February 28, 2025, proposed dividend at the rate of THB 0.42 per share for the year 2024, totaling an amount not exceeding THB 560,280,000, representing 50.48% of the net profit according to the company's consolidated financial statements which is the company's payment policy by comparing the dividend payment information for the annual operating results for 2024, the Board of Directors set a record date for determining the shareholders who are entitled to receive the dividends on 2 May 2025 and set the dividend payment date on 19 May 2025. Ex-dividend date: 30 April, 2025. However, the rights to receive such dividends remain uncertain as it requires the approval from the 2025 Annual General Meeting of Shareholders to be held on 22 April 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: ฿0.15 (up from ฿0.11 in 3Q 2023). Revenue: ฿7.88b (up 19% from 3Q 2023). Net income: ฿204.9m (up 45% from 3Q 2023). Profit margin: 2.6% (up from 2.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.26 (up from ฿0.15 in 2Q 2023). Revenue: ฿7.52b (flat on 2Q 2023). Net income: ฿344.7m (up 73% from 2Q 2023). Profit margin: 4.6% (up from 2.6% in 2Q 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 3.7%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. Price Target Changed • Jul 31
Price target increased by 7.1% to ฿17.35 Up from ฿16.20, the current price target is an average from 2 analysts. New target price is 20% above last closing price of ฿14.50. Stock is down 15% over the past year. The company is forecast to post earnings per share of ฿0.76 for next year compared to ฿0.64 last year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿13.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Specialty Retail industry in Thailand. Total loss to shareholders of 7.2% over the past year. Annonce • Jun 08
Aurora Design Public Company Limited Announces CFO Changes, Effective 07 June 2024 Aurora Design Public Company Limited announced Changing of CFO. The person assuring overall responsibility in accounting and finance (CFO): Position of CFO - Senior Vice President Finance and Accounting (Acting), Aniwat, Srirungthum. Effective Date of Termination is 07 June 2024. The person assuring overall responsibility in accounting and finance (CFO): Position of CFO - Chief Financial Officer, Miss Pijittra Trirattanathada. Effective date of appointment is 07 June 2024. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.21 (vs ฿0.20 in 1Q 2023) First quarter 2024 results: EPS: ฿0.21 (up from ฿0.20 in 1Q 2023). Revenue: ฿8.16b (up 10% from 1Q 2023). Net income: ฿274.6m (up 2.7% from 1Q 2023). Profit margin: 3.4% (down from 3.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Specialty Retail industry in Thailand. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.31 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.8%). New Risk • Mar 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (20% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Mar 02
Dividend increased to ฿0.31 Dividend of ฿0.31 is 288% higher than last year. Ex-date: 2nd May 2024 Payment date: 21st May 2024 Dividend yield will be 2.2%, which is lower than the industry average of 2.5%. Annonce • Mar 01
Aurora Design Public Company Limited Proposes Dividend for 2023, Payable on 21 May 2024 Aurora Design Public Company Limited held the Board of Directors' Meeting on 28 February 2024, Approved to propose that the 2024 Annual General Meeting of Shareholders consider and approve the dividend payment from the Company's 2023 operating performance, after setting aside the net profit for legal reserve, at the rate of THB 0.31 per share to the Company's shareholders, totaling THB 413,540,000.00. In this respect, the Board of Directors set a record date for determining the shareholders who are entitled to receive the dividends on 3 May 2024 and set the dividend payment date on 21 May 2024. However, the rights to receive such dividends remain uncertain as it requires the approval from the 2024 Annual General Meeting of Shareholders and any shareholders who are disqualified to receive dividends pursuant to the applicable laws shall not be entitles to receive such dividends. Ex-dividend date is April 30, 2024. Annonce • Feb 29
Aurora Design Public Company Limited Announces Resignation of Boonchai Pritivichakant as Director Aurora Design Public Company Limited announced that Mr. Boonchai Pritivichakant, the director who do not wish to renew his term of office. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.64 (vs ฿0.68 in FY 2022) Full year 2023 results: EPS: ฿0.64. Revenue: ฿29.9b (up 1.8% from FY 2022). Net income: ฿850.0m (up 20% from FY 2022). Profit margin: 2.8% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Thailand. New Risk • Nov 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (26% accrual ratio). Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.11. Revenue: ฿6.71b (down 3.0% from 3Q 2022). Net income: ฿141.6m (up 26% from 3Q 2022). Profit margin: 2.1% (up from 1.6% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Thailand. Annonce • Sep 19
Aurora Design Public Company Limited Announces the Changes of Secretary to the Audit Committee and Company Secretary Aurora Design Public Company Limited announced the changes of: at the Audit Committee meeting no. 5/2023 on 11 August 2023, it was resolved to appoint Acting Sub Lt. Haripong Junya as a secretary of the Audit Committee, with the effective date of 11 August 2023 onwards. At the Board of Directors' meeting no. 4/2023 on 15 August 2023, it was resolved to appoint Ms. Sumana Puangperksuk as a Company Secretary, with the effective date of 15 August 2023 onwards. Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ฿0.15 (down from ฿0.24 in 2Q 2022). Revenue: ฿7.62b (down 2.9% from 2Q 2022). Net income: ฿199.5m (down 17% from 2Q 2022). Profit margin: 2.6% (down from 3.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.24 in 1Q 2022) First quarter 2023 results: EPS: ฿0.20. Revenue: ฿7.47b (down 4.7% from 1Q 2022). Net income: ฿267.3m (up 12% from 1Q 2022). Profit margin: 3.6% (up from 3.1% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Thailand. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to ฿19.80, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 22x in the Specialty Retail industry in Thailand. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Net income: ฿112.5m (up ฿112.5m from 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand.