Annuncio • May 23
CH. Karnchang Public Company Limited to Report Q1, 2026 Results on May 22, 2026 CH. Karnchang Public Company Limited announced that they will report Q1, 2026 results on May 22, 2026 Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.20 (vs ฿0.17 in 1Q 2025) First quarter 2026 results: EPS: ฿0.20 (up from ฿0.17 in 1Q 2025). Revenue: ฿12.3b (up 2.7% from 1Q 2025). Net income: ฿329.1m (up 17% from 1Q 2025). Profit margin: 2.7% (up from 2.4% in 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Mar 04
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: 3.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. 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 (6.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿1.98 (up from ฿0.85 in FY 2024). Revenue: ฿46.4b (up 23% from FY 2024). Net income: ฿3.33b (up 130% from FY 2024). Profit margin: 7.2% (up from 3.8% in FY 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 5.5%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ฿1.30 to ฿1.43. Revenue forecast steady at ฿45.6b. Net income forecast to shrink 4.9% next year vs 15% growth forecast for Construction industry in Thailand . Consensus price target up from ฿20.26 to ฿21.13. Share price rose 11% to ฿17.60 over the past week. New Risk • Feb 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿14.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Construction industry in Asia. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.68 per share. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿13.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Construction industry in Asia. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.46 per share. Major Estimate Revision • Jan 14
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿42.7b to ฿43.6b. EPS estimate increased from ฿1.42 to ฿1.72 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿19.87. Share price fell 6.5% to ฿11.60 over the past week. New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 9.8% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿1.05 to ฿1.28. Revenue forecast steady at ฿42.5b. Net income forecast to shrink 20% next year vs 20% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿20.27. Share price was steady at ฿12.70 over the past week. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future. Declared Dividend • Aug 16
First half dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 27th August 2025 Payment date: 11th September 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.51 (up from ฿0.29 in 2Q 2024). Revenue: ฿11.3b (up 21% from 2Q 2024). Net income: ฿862.8m (up 77% from 2Q 2024). Profit margin: 7.7% (up from 5.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction 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 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ฿11.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Construction industry in Thailand. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.74 per share. Reported Earnings • May 17
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.17 (up from ฿0.071 in 1Q 2024). Revenue: ฿12.1b (up 27% from 1Q 2024). Net income: ฿282.2m (up 133% from 1Q 2024). Profit margin: 2.3% (up from 1.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 89%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction 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 10% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.85 (down from ฿0.89 in FY 2023). Revenue: ฿38.8b (up 5.3% from FY 2023). Net income: ฿1.45b (down 3.7% from FY 2023). Profit margin: 3.7% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction 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 fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 28
Price target decreased by 9.6% to ฿23.23 Down from ฿25.69, the current price target is an average from 12 analysts. New target price is 68% above last closing price of ฿13.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.89 last year. Annuncio • Nov 29
CH. Karnchang Public Company Limited to Report Q4, 2024 Results on Feb 26, 2025 CH. Karnchang Public Company Limited announced that they will report Q4, 2024 results on Feb 26, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ฿0.59 (up from ฿0.38 in 3Q 2023). Revenue: ฿10.4b (up 15% from 3Q 2023). Net income: ฿1.01b (up 57% from 3Q 2023). Profit margin: 9.7% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.21 to ฿1.04 per share. Revenue forecast steady at ฿37.9b. Net income forecast to grow 35% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.27. Share price was steady at ฿19.30 over the past week. Declared Dividend • Aug 16
Dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 27th August 2024 Payment date: 11th September 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.071 (vs ฿0.13 in 1Q 2023) First quarter 2024 results: EPS: ฿0.071 (down from ฿0.13 in 1Q 2023). Revenue: ฿9.67b (up 2.0% from 1Q 2023). Net income: ฿121.0m (down 44% from 1Q 2023). Profit margin: 1.3% (down from 2.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction 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 only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.3%). Reported Earnings • Mar 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.89 (up from ฿0.67 in FY 2022). Revenue: ฿38.0b (up 107% from FY 2022). Net income: ฿1.50b (up 36% from FY 2022). Profit margin: 4.0% (down from 6.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Construction 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 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Final dividend increased to ฿0.15 Dividend of ฿0.15 is 50% higher than last year. Ex-date: 13th March 2024 Payment date: 2nd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.5%. Annuncio • Mar 02
CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024 CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024, at 14:00 SE Asia Standard Time. Location: 4th Floor, No. 587 Viriyathavorn Building, Sutthisan Winitchai Road Ratchadaphisek Subdistrict, Dindaeng District Bangkok Thailand Agenda: To consider and approve the Minutes of the 2023 Annual Ordinary General Meeting of Shareholders; to consider and acknowledge the Company's operational results for the year 2023; to consider and approve the statement of financial position and the statement of comprehensive income for the year ended December 31, 2023; to consider and approve the allocation of profit and dividend payment; To consider and elect directors to replace those due to retire by rotation and appointment of additional director; to consider and determine remuneration for directors; To consider and appoint auditor and determine remuneration for the year 2024; and to consider other matters (if any). Annuncio • Mar 01
Ch. Karnchang Public Company Limited Proposes Cash Dividend for the Year 2023, Payable on May 2, 2024 CH. Karnchang Public Company Limited hereby informs the resolutions of the Board of Directors' Meeting No. 1/2024 which was held on February 29, 2024 as follows: It was deemed to propose that the Shareholders' Meeting approve the allocation of profit by making dividend payment from the retained earnings to the Shareholders at the rate of THB 0.15 per share in a total amount not exceeding THB 254,084,530.80. as a result, when combined with the interim dividend payment for the first half period of 2023 at the rate of THB 0.15 per share, the dividends for 2023 are equal to THB 0.30 per share, in the total amount not exceeding THB 508,169,061.60. For the right to receive dividend payment (the XM, or the date on which a purchaser will not be entitled to attend in the 2024 AGM and the XD, or the date on which a purchaser will not be entitled to receive the dividend, will be on March 13, 2024) which the right to receive such dividend is still uncertain due to having to wait for approval from the 2024 AGM. In this regard, should the Annual Ordinary General Meeting of Shareholders approve the dividend payment, the Company would schedule to pay such dividend on May 2, 2024. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.38 (up from ฿0.34 in 3Q 2022). Revenue: ฿9.01b (up 142% from 3Q 2022). Net income: ฿641.0m (up 12% from 3Q 2022). Profit margin: 7.1% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 31
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿30.2b to ฿34.3b. EPS estimate unchanged at ฿0.917. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.02. Share price was steady at ฿23.00 over the past week. Major Estimate Revision • Aug 22
Consensus revenue estimates increase by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿25.5b to ฿30.2b. EPS estimate unchanged at ฿0.908. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.75. Share price rose 4.5% to ฿23.00 over the past week. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.15 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.1%). New Risk • Aug 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: ฿0.29 (up from ฿0.18 in 2Q 2022). Revenue: ฿9.76b (up 177% from 2Q 2022). Net income: ฿486.2m (up 62% from 2Q 2022). Profit margin: 5.0% (down from 8.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.073 in 1Q 2022) First quarter 2023 results: EPS: ฿0.13 (up from ฿0.073 in 1Q 2022). Revenue: ฿9.69b (up 36% from 1Q 2022). Net income: ฿217.5m (up 79% from 1Q 2022). Profit margin: 2.2% (up from 1.7% in 1Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.10 per share at 1.0% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.9%). Price Target Changed • Dec 27
Price target increased to ฿28.40 Up from ฿26.13, the current price target is an average from 11 analysts. New target price is 19% above last closing price of ฿23.90. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.55 last year. Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.34 (up from ฿0.17 in 3Q 2021). Revenue: ฿4.12b (up 60% from 3Q 2021). Net income: ฿571.4m (up 108% from 3Q 2021). Profit margin: 14% (up from 11% in 3Q 2021). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿17.0b to ฿17.6b. EPS estimate increased from ฿0.67 to ฿0.76 per share. Net income forecast to grow 71% next year vs 16% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.03. Share price was steady at ฿23.50 over the past week. 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 Patarut Dardarananda 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. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿17.6b to ฿16.8b. EPS estimate also fell from ฿0.87 per share to ฿0.68 per share. Net income forecast to grow 75% next year vs 28% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿24.38. Share price was steady at ฿20.60 over the past week. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (1.9%). Reported Earnings • Aug 17
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.18 (down from ฿0.19 in 2Q 2021). Net income: ฿299.6m (down 5.9% from 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has fallen by 41% 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. Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.073 (down from ฿0.13 in 1Q 2021). Revenue: ฿7.11b (up 137% from 1Q 2021). Net income: ฿121.4m (down 42% from 1Q 2021). Profit margin: 1.7% (down from 6.9% in 1Q 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 35%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • May 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿19.6b to ฿21.6b. EPS estimate reaffirmed at ฿0.74. Net income forecast to grow 40% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target of ฿25.01 unchanged from last update. Share price rose 6.5% to ฿19.60 over the past week. Board Change • Apr 27
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 not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Pavich Tongroach was the last independent director to join the board, commencing their role in 2007. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.8%). Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.55 (up from ฿0.36 in FY 2020). Revenue: ฿14.4b (down 15% from FY 2020). Net income: ฿905.7m (up 48% from FY 2020). Profit margin: 6.3% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 15%, compared to a 21% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿18.7b to ฿17.5b. EPS estimate rose from ฿0.76 to ฿0.84. Net income forecast to grow 68% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.26. Share price was steady at ฿20.80 over the past week. Price Target Changed • Nov 23
Price target increased to ฿24.95 Up from ฿23.29, the current price target is an average from 12 analysts. New target price is 11% above last closing price of ฿22.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of ฿0.55 for next year compared to ฿0.37 last year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.47 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.58b (down 33% from 3Q 2020). Net income: ฿275.2m (down 65% from 3Q 2020). Profit margin: 11% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.038 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿3.81b (down 5.6% from 2Q 2020). Net income: ฿318.2m (up 399% from 2Q 2020). Profit margin: 8.4% (up from 1.6% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Major Estimate Revision • May 28
Consensus revenue estimates fall to ฿16.0b The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿17.9b to ฿16.0b. EPS estimate fell from ฿0.59 to ฿0.53 per share. Net income forecast to grow 21% next year vs 75% growth forecast for Construction industry in Thailand. Consensus price target up from ฿19.96 to ฿20.77. Share price was steady at ฿19.20 over the past week. Reported Earnings • May 18
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.067 loss 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: ฿3.54b (down 35% from 1Q 2020). Net income: ฿207.7m (up ฿321.3m from 1Q 2020). Profit margin: 5.9% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 04
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (2.0%). Major Estimate Revision • Mar 08
Analysts lower EPS estimates to ฿0.78 The 2021 consensus revenue estimate was lowered from ฿20.8b to ฿19.8b. Earning per share (EPS) estimate was also lowered from ฿0.89 to ฿0.78 for the same period. Net income is expected to grow by 116% next year compared to 31% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿21.26 to ฿21.24. Share price is up 7.1% to ฿16.60 over the past week. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.36 (vs ฿1.05 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿18.4b (down 21% from FY 2019). Net income: ฿612.2m (down 66% from FY 2019). Profit margin: 3.3% (down from 7.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings miss expectations Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the next year, revenue is forecast to grow 14%, compared to a 14% growth forecast for the Construction industry in Thailand. Is New 90 Day High Low • Feb 22
New 90-day low: ฿15.00 The company is down 18% from its price of ฿18.30 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.73 per share. Major Estimate Revision • Jan 01
Analysts update estimates The 2020 consensus revenue estimate was lowered from ฿18.6b to ฿17.8b. Earnings per share (EPS) increased from ฿0.54 to ฿0.61 for the same period. Net income is expected to grow by 43% next year compared to 40% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿22.16 to ฿22.09. Share price stayed mostly flat at ฿16.60 over the past week. Is New 90 Day High Low • Dec 17
New 90-day high: ฿18.80 The company is up 7.0% from its price of ฿17.60 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction 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 ฿64.15 per share. Major Estimate Revision • Nov 20
Analysts update estimates The 2020 consensus revenue estimate was lowered from ฿20.2b to ฿17.7b. Earning per share (EPS) estimate received an upgrade, with analysts raising their estimates from ฿0.50 to ฿0.54 for the same period. Net income is expected to grow by 35% next year compared to 26% growth forecast for the Construction industry in Thailand. The consensus price target increased from ฿22.10 to ฿22.18. Share price is up 4.0% to ฿18.30 over the past week. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 20%, compared to a 3.3% growth forecast for the Construction industry in Thailand. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.47 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿4.53b (down 7.4% from 3Q 2019). Net income: ฿774.5m (up 277% from 3Q 2019). Profit margin: 17% (up from 4.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 14% per year. Is New 90 Day High Low • Oct 19
New 90-day low: ฿15.10 The company is down 23% from its price of ฿19.50 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.18 per share. Is New 90 Day High Low • Sep 24
New 90-day low: ฿16.90 The company is down 15% from its price of ฿20.00 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.16 per share.