Reported Earnings • May 15
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ฿0.15 (up from ฿0.11 in 1Q 2025). Revenue: ฿8.79b (up 4.5% from 1Q 2025). Net income: ฿802.6m (up 29% from 1Q 2025). Profit margin: 9.1% (up from 7.4% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 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 fallen by 14% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. 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 ฿5.45, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Specialty Retail industry in Thailand. Total loss to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.74 per share. Board Change • Feb 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Pairoj Juarprathoom was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.74 per share. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: ฿0.073 (up from ฿0.067 in 3Q 2024). Revenue: ฿7.60b (up 5.3% from 3Q 2024). Net income: ฿392.2m (up 7.8% from 3Q 2024). Profit margin: 5.2% (up from 5.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿7.75, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.24 per share. Buy Or Sell Opportunity • Aug 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to ฿6.25. The fair value is estimated to be ฿5.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Reported Earnings • Jul 30
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.096 (down from ฿0.14 in 2Q 2024). Revenue: ฿8.22b (down 6.1% from 2Q 2024). Net income: ฿520.4m (down 32% from 2Q 2024). Profit margin: 6.3% (down from 8.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.4%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 17
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to ฿6.00. The fair value is estimated to be ฿4.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 3.9% per annum over the same time period. Annonce • Jul 02
Siam Global House Public Company Limited(SET:GLOBAL) dropped from SET 50 Index Siam Global House Public Company Limited has been dropped from the SET 50 Index. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿5.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Specialty Retail industry in Thailand. Total loss to shareholders of 67% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.42 per share. Price Target Changed • Jun 04
Price target decreased by 11% to ฿7.55 Down from ฿8.50, the current price target is an average from 14 analysts. New target price is 37% above last closing price of ฿5.50. Stock is down 66% over the past year. The company is forecast to post earnings per share of ฿0.42 for next year compared to ฿0.44 last year. New Risk • May 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% 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. Share price has been volatile over the past 3 months (8.5% average weekly change). Price Target Changed • Apr 29
Price target decreased by 9.2% to ฿8.69 Down from ฿9.57, the current price target is an average from 14 analysts. New target price is 28% above last closing price of ฿6.80. Stock is down 56% over the past year. The company is forecast to post earnings per share of ฿0.42 for next year compared to ฿0.44 last year. Reported Earnings • Apr 29
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.12 (down from ฿0.13 in 1Q 2024). Revenue: ฿8.59b (down 2.5% from 1Q 2024). Net income: ฿621.9m (down 14% from 1Q 2024). Profit margin: 7.2% (down from 8.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.7%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿7.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.91 per share. Annonce • Apr 08
Siam Global House Public Company Limited Approves Dividend for the Year 2024, Payable on May 7, 2025 Siam Global House Public Company Limited at its AGM held on April 8, 2025, approved to pay dividend from net profit of the year 2024 in cash dividend at the rate of THB 0.1842735043 (10 decimal) per share or not exceeding in total of THB 958,565,085.70 The total of the stock dividend and the cash dividend payment in a whole year shall be equivalent to the rate of THB 0.2227350427 (10 decimal) per share which can be calculated as in the total amount of approximately THB 1,158,636,647.70 or 54.79% of net profit in 2024. All dividends shall be deducted for the withholding tax at the rate stipulated by law. By specifying the list of shareholders who are entitled to receive the whole dividend on February 28, 2025, and fixing the date of dividend payment on May 7, 2025. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿35.4b to ฿34.4b. EPS estimate also fell from ฿0.563 per share to ฿0.485 per share. Net income forecast to grow 5.4% next year vs 15% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿14.61 to ฿11.72. Share price rose 3.8% to ฿8.25 over the past week. Declared Dividend • Feb 15
Dividend increased to ฿0.18 Dividend of ฿0.18 is 5.6% higher than last year. Ex-date: 27th February 2025 Payment date: 7th May 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 34% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.46 (down from ฿0.51 in FY 2023). Revenue: ฿33.0b (up 1.0% from FY 2023). Net income: ฿2.38b (down 11% from FY 2023). Profit margin: 7.2% (down from 8.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Feb 04
Price target decreased by 7.8% to ฿15.02 Down from ฿16.29, the current price target is an average from 13 analysts. New target price is 60% above last closing price of ฿9.40. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.48 for next year compared to ฿0.51 last year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿10.00, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.28 per share. Buy Or Sell Opportunity • Dec 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to ฿14.70. The fair value is estimated to be ฿18.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿33.9b to ฿32.8b. EPS estimate also fell from ฿0.557 per share to ฿0.489 per share. Net income forecast to grow 23% next year vs 19% growth forecast for Specialty Retail industry in Thailand. Consensus price target broadly unchanged at ฿16.92. Share price rose 2.6% to ฿16.00 over the past week. Reported Earnings • Nov 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.07 (down from ฿0.10 in 3Q 2023). Revenue: ฿7.32b (flat on 3Q 2023). Net income: ฿363.7m (down 31% from 3Q 2023). Profit margin: 5.0% (down from 7.1% in 3Q 2023). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Oct 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿16.80. The fair value is estimated to be ฿13.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.7%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Buy Or Sell Opportunity • Oct 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ฿16.30. The fair value is estimated to be ฿13.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.7%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿14.40, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Specialty Retail industry in Thailand. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿13.47 per share. Reported Earnings • Jul 26
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.15 (up from ฿0.14 in 2Q 2023). Revenue: ฿8.92b (up 4.3% from 2Q 2023). Net income: ฿764.6m (up 8.7% from 2Q 2023). Profit margin: 8.6% (up from 8.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year and the company’s share price has also fallen by 8% per year. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.17 in 1Q 2023) First quarter 2024 results: EPS: ฿0.14 (down from ฿0.17 in 1Q 2023). Revenue: ฿8.98b (flat on 1Q 2023). Net income: ฿725.3m (down 18% from 1Q 2023). Profit margin: 8.1% (down from 9.8% in 1Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Annonce • Apr 11
Siam Global House Public Company Limited Approves Cash Dividend, Payable on 10 May 2024 Siam Global House Public Company Limited at its AGM held on 10 April 2024, approved cash dividend at the rate of THB 0.1744444444 per share or not exceeding in total of THB 872,536,721.77. By specifying the list of shareholders who are entitled to receive the whole dividend on 27 February 2024 and fixing the date of dividend payment on 10 May 2024. Upcoming Dividend • Feb 16
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (2.7%). Declared Dividend • Feb 14
Dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 23rd February 2024 Payment date: 10th May 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 40% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.53 (down from ฿0.70 in FY 2022). Revenue: ฿32.7b (down 8.3% from FY 2022). Net income: ฿2.67b (down 23% from FY 2022). Profit margin: 8.2% (down from 9.8% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 1.0%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 29
Now 23% overvalued Over the last 90 days, the stock has fallen 2.5% to ฿15.40. The fair value is estimated to be ฿12.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Annonce • Nov 29
Siam Global House Public Company Limited Announces Change of the Member of the Sub-Committee Siam Global House Public Company Limited announced that the Board of Director's meeting held on 24 November 2023 has passed the resolution to appoint Pol.Gen.Kawee Supanun as a member of the Sustainability and Corporate Governance Committee in place of Miss Chutikan Srisaengchan, effective from 25 November 2023 onwards. Consequently, the Sustainability and Corporate Governance Committee consist of 3 members as follows: Dr. Boonchai Pitugdamrongkija Chairman (Independent director), Mr. Kriangkai Suriyawanakul Member, Pol.Gen. Kawee Supanun Member (Independent director). Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.10 (down from ฿0.15 in 3Q 2022). Revenue: ฿7.51b (down 8.6% from 3Q 2022). Net income: ฿525.1m (down 32% from 3Q 2022). Profit margin: 7.0% (down from 9.4% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿35.6b to ฿35.1b. EPS estimate also fell from ฿0.678 per share to ฿0.60 per share. Net income forecast to grow 17% next year vs 16% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿19.74 to ฿19.31. Share price was steady at ฿16.40 over the past week. New Risk • Jul 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 28
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.14 (down from ฿0.21 in 2Q 2022). Revenue: ฿8.55b (down 7.8% from 2Q 2022). Net income: ฿703.4m (down 32% from 2Q 2022). Profit margin: 8.2% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: ฿0.18 (vs ฿0.23 in 1Q 2022) First quarter 2023 results: EPS: ฿0.18 (down from ฿0.23 in 1Q 2022). Revenue: ฿9.10b (down 7.2% from 1Q 2022). Net income: ฿882.6m (down 24% from 1Q 2022). Profit margin: 9.7% (down from 12% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿0.73 (up from ฿0.70 in FY 2021). Revenue: ฿36.0b (up 6.2% from FY 2021). Net income: ฿3.49b (up 4.3% from FY 2021). Profit margin: 9.7% (in line with FY 2021). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 4.9%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Pairoj Juarprathoom was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: ฿0.16 (up from ฿0.14 in 3Q 2021). Revenue: ฿8.35b (up 5.7% from 3Q 2021). Net income: ฿774.5m (up 18% from 3Q 2021). Profit margin: 9.3% (up from 8.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.5%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.21 (up from ฿0.20 in 2Q 2021). Revenue: ฿9.42b (up 3.9% from 2Q 2021). Net income: ฿1.03b (up 5.8% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.3%, compared to a 9.6% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.24 (up from ฿0.20 in 1Q 2021). Revenue: ฿9.81b (up 11% from 1Q 2021). Net income: ฿1.16b (up 20% from 1Q 2021). Profit margin: 12% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Over the next year, revenue is forecast to grow 8.0%, compared to a 12% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Pairoj Juarprathoom was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 18
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.7%). Reported Earnings • Feb 15
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.73 (up from ฿0.42 in FY 2020). Revenue: ฿34.1b (up 26% from FY 2020). Net income: ฿3.34b (up 71% from FY 2020). Profit margin: 9.8% (up from 7.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 7.2%, compared to a 17% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.099 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿7.90b (up 18% from 3Q 2020). Net income: ฿659.1m (up 45% from 3Q 2020). Profit margin: 8.3% (up from 6.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS ฿0.21 (vs ฿0.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿9.07b (up 42% from 2Q 2020). Net income: ฿972.3m (up 92% from 2Q 2020). Profit margin: 11% (up from 7.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 15% share price gain to ฿23.60, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿11.15 per share. Major Estimate Revision • May 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿31.5b to ฿32.4b. EPS estimate fell from ฿0.74 to ฿0.64 per share. Net income forecast to grow 28% next year vs 33% growth forecast for Specialty Retail industry in Thailand. Consensus price target up from ฿22.69 to ฿23.80. Share price was steady at ฿23.30 over the past week. Reported Earnings • May 02
First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿8.83b (up 17% from 1Q 2020). Net income: ฿965.8m (up 57% from 1Q 2020). Profit margin: 11% (up from 8.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 12
New 90-day high: ฿21.50 The company is up 30% from its price of ฿16.55 on 09 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.44 per share. Is New 90 Day High Low • Mar 03
New 90-day high: ฿21.00 The company is up 23% from its price of ฿17.12 on 03 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.95 per share. Is New 90 Day High Low • Feb 27
New 90-day high: ฿20.70 The company is up 24% from its price of ฿16.64 on 27 November 2020. The Thai market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.07 per share. Upcoming Dividend • Feb 17
Upcoming Dividend of ฿0.19 Per Share Will be paid on the 7th of May to those who are registered shareholders by the 24th of February. The trailing yield of 0.9% is below the top quartile of Thai dividend payers (6.2%), and is lower than industry peers (1.6%). Reported Earnings • Feb 13
Full year 2020 earnings released: EPS ฿0.44 (vs ฿0.48 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿27.2b (down 4.6% from FY 2019). Net income: ฿1.96b (down 6.6% from FY 2019). Profit margin: 7.2% (down from 7.4% in FY 2019). The decrease in margin was driven by lower revenue. 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 11% per year. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.5%. Earnings per share (EPS) also missed analyst estimates by 8.8%. Over the next year, revenue is forecast to grow 14%, compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Price Target Changed • Feb 02
Price target raised to ฿20.91 Up from ฿19.19, the current price target is an average from 10 analysts. The new target price is close to the current share price of ฿20.50. As of last close, the stock is up 52% over the past year. Is New 90 Day High Low • Jan 21
New 90-day high: ฿19.10 The company is up 4.0% from its price of ฿18.40 on 22 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿18.41 per share. Reported Earnings • Nov 02
Third quarter 2020 earnings released: EPS ฿0.10 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿6.68b (down 1.1% from 3Q 2019). Net income: ฿455.5m (up 4.0% from 3Q 2019). Profit margin: 6.8% (up from 6.5% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 02
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 10%, compared to a 4.5% growth forecast for the Specialty Retail industry in Thailand. Is New 90 Day High Low • Oct 29
New 90-day low: ฿17.20 The company is down 9.0% from its price of ฿19.00 on 31 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 Specialty Retail industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.97 per share. Major Estimate Revision • Oct 07
Analysts increase EPS estimates to ฿0.50 The 2020 consensus revenue estimate increased from ฿27.3b to ฿27.9b. The earnings per share estimate also received an upgrade from ฿0.45 to ฿0.50 for the same period. Net income is expected to grow by 8.2% next year compared to 9.2% growth forecast for the Specialty Retail industry in Thailand. The consensus price target increased from ฿18.99 to ฿19.15. Share price is down by 2.0% to ฿19.80 over the past week.