New Risk • Jun 03
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: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.28b market cap, or US$39.0m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.13 (vs ฿0.087 in FY 2024) Full year 2025 results: EPS: ฿0.13 (up from ฿0.087 in FY 2024). Revenue: ฿1.94b (up 21% from FY 2024). Net income: ฿99.5m (up 50% from FY 2024). Profit margin: 5.1% (up from 4.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 28
Dividend increased to ฿0.055 Dividend of ฿0.055 is 38% higher than last year. Ex-date: 10th March 2026 Payment date: 30th April 2026 Dividend yield will be 3.1%, which is higher 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 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.6% EPS decline seen over the last 5 years. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: ฿0.034 (vs ฿0.036 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.034 (down from ฿0.036 in 3Q 2024). Revenue: ฿409.7m (down 3.3% from 3Q 2024). Net income: ฿26.0m (down 5.5% from 3Q 2024). Profit margin: 6.3% (down from 6.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year whereas the company’s share price has fallen by 37% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.029 (vs ฿0 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.029 (up from ฿0 in 2Q 2024). Revenue: ฿502.5m (up 53% from 2Q 2024). Net income: ฿22.0m (up ฿21.7m from 2Q 2024). Profit margin: 4.4% (up from 0.1% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2025 earnings released: ฿0.001 loss per share (vs ฿0.003 profit in 1Q 2024) First quarter 2025 results: ฿0.001 loss per share (down from ฿0.003 profit in 1Q 2024). Revenue: ฿300.0m (down 15% from 1Q 2024). Net loss: ฿998.0k (down 152% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿1.84, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 15x in the Construction industry in Thailand. Total loss to shareholders of 73% over the past three years. Annuncio • Apr 13
J.R.W. Utility Public Company Limited Approves Dividend, Payable on 30 April 2025 J.R.W. Utility Public Company Limited at its 2025 Annual General Meeting of Shareholders held on 10 April 2025, approved the payment of dividends to shareholders at the rate of THB 0.04 per share, totalling THB 30,400,000, shall be paid to the shareholders who are entitled to receive dividends appearing on the list on the record date for determining the right to receive dividends (Record Date) at 12 March 2025 and the dividend shall be paid to shareholders by 30 April 2025. Declared Dividend • Feb 28
Dividend of ฿0.04 announced Dividend of ฿0.04 is the same as last year. Ex-date: 11th March 2025 Payment date: 30th April 2025 Dividend yield will be 2.6%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5000x earnings) and 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 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 555,456% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.09 (vs ฿0.081 in FY 2023) Full year 2024 results: EPS: ฿0.09 (up from ฿0.081 in FY 2023). Revenue: ฿1.60b (down 18% from FY 2023). Net income: ฿66.2m (up 7.2% from FY 2023). Profit margin: 4.1% (up from 3.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 25 percentage points per year, which is a significant difference in performance. Annuncio • Feb 27
J.R.W. Utility Public Company Limited, Annual General Meeting, Apr 10, 2025 J.R.W. Utility Public Company Limited, Annual General Meeting, Apr 10, 2025, at 10:00 SE Asia Standard Time. Annuncio • Feb 26
J.R.W. Utility Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2024 to December 31, 2024, Payable on April 30, 2025 The board of directors of J.R.W. Utility Public Company Limited meeting held on February 26, 2025, proposed cash dividend of THB 0.04 per share for the operating period from January 1, 2024 to December 31, 2024. Ex-dividend date: March 11, 2025. Record date for the right to receive dividends: March 12, 2025. Payment date: April 30, 2025. Shareholder's meeting date: April 10, 2025. New Risk • Jan 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 10% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (0.0005% net profit margin). Market cap is less than US$100m (฿1.19b market cap, or US$35.2m). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.027 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.04 (up from ฿0.027 in 3Q 2023). Revenue: ฿423.9m (down 34% from 3Q 2023). Net income: ฿27.5m (up 36% from 3Q 2023). Profit margin: 6.5% (up from 3.1% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 4.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿2.43b market cap, or US$69.5m). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0 (vs ฿0.058 in 2Q 2023) Second quarter 2024 results: EPS: ฿0 (down from ฿0.058 in 2Q 2023). Revenue: ฿327.7m (down 33% from 2Q 2023). Net income: ฿311.0k (down 99% from 2Q 2023). Profit margin: 0.1% (down from 9.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿3.38, the stock trades at a trailing P/E ratio of 69.9x. Average trailing P/E is 18x in the Construction industry in Thailand. Total loss to shareholders of 52% over the past three years. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0.035 in 1Q 2023) First quarter 2024 results: EPS: ฿0.003 (down from ฿0.035 in 1Q 2023). Revenue: ฿353.6m (down 29% from 1Q 2023). Net income: ฿1.93m (down 93% from 1Q 2023). Profit margin: 0.5% (down from 5.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Annuncio • Apr 10
J.R.W. Utility Public Company Limited Approves Dividend, Payable on April 30, 2024 J.R.W. Utility Public Company Limited at its AGM held on 9 April 2024 approved that the payment of dividends to shareholders at the rate of THB 0.04 per share, totalling THB 30,400,000, shall be paid to the shareholders who are entitled to receive dividends appearing on the list on the record date for determining the right to receive dividends (Record Date) at 8 March 2024 and the dividend shall be paid to shareholders by 30 April 2024. Annuncio • Mar 12
J.R.W. Utility Public Company Limited, Annual General Meeting, Apr 09, 2024 J.R.W. Utility Public Company Limited, Annual General Meeting, Apr 09, 2024, at 10:00 SE Asia Standard Time. Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 30 April 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.2%). Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.20 in FY 2022) Full year 2023 results: EPS: ฿0.08 (down from ฿0.20 in FY 2022). Revenue: ฿1.96b (up 3.7% from FY 2022). Net income: ฿61.8m (down 59% from FY 2022). Profit margin: 3.1% (down from 7.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 16% per year. Annuncio • Feb 22
J.R.W. Utility Public Company Limited Approves Dividend for the Year 2023, Payable on April 30, 2024 J.R.W. Utility Public Company Limited proposed dividend payment from the net profits of the operating results of the year 2023 to the shareholders at the rate of THB 0.04 per share, totaling THB 30,400,000 by scheduling for March 8, 2024 as the record date to determine the lists of shareholders who are eligible to receive dividend and the date payable such dividend to the shareholders shall be within April 30, 2024. Ex-dividend date is March 7, 2024. New Risk • Feb 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.37b (US$93.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (5.3% net profit margin). Market cap is less than US$100m (฿3.37b market cap, or US$93.5m). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.035 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (down from ฿0.035 in 3Q 2022). Revenue: ฿643.9m (up 42% from 3Q 2022). Net income: ฿20.2m (down 24% from 3Q 2022). Profit margin: 3.1% (down from 5.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.074 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.06 (down from ฿0.074 in 2Q 2022). Revenue: ฿490.4m (down 6.9% from 2Q 2022). Net income: ฿44.3m (down 21% from 2Q 2022). Profit margin: 9.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿5.25, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 26x in the Construction industry in Thailand. Total loss to shareholders of 26% over the past year. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.09 per share at 1.4% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (1.9%). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director of Sales & Marketing Department and Executive Director Bandan Pongsastra was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿0.07 (vs ฿0.092 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.07 (down from ฿0.092 in 2Q 2021). Revenue: ฿526.5m (down 19% from 2Q 2021). Net income: ฿56.1m (down 19% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director of Sales & Marketing Department and Executive Director Bandan Pongsastra was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (1.8%). Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.29 (up from ฿0.17 in FY 2020). Revenue: ฿2.15b (up 68% from FY 2020). Net income: ฿217.0m (up 146% from FY 2020). Profit margin: 10% (up from 6.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) exceeded analyst estimates by 55%. Board Change • Jan 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Director of Sales & Marketing Department and Executive Director Bandan Pongsastra was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.06 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿492.9m (up 6.1% from 3Q 2020). Net income: ฿54.8m (up 62% from 3Q 2020). Profit margin: 11% (up from 7.3% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.092 (vs ฿0.035 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿648.2m (up 144% from 2Q 2020). Net income: ฿69.6m (up 258% from 2Q 2020). Profit margin: 11% (up from 7.3% in 2Q 2020). The increase in margin was driven by higher revenue. Executive Departure • Mar 03
Senior Deputy CEO & Director Chamnan Wongrusmeeduan has left the company On the 1st of March, Chamnan Wongrusmeeduan, was replaced as CEO by Jarun Wiwatjesadawut. We don't have any record of a personal shareholding under Chamnan's name. Chamnan is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS ฿0.17 (vs ฿0.17 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿1.28b (up 51% from FY 2019). Net income: ฿88.2m (up 45% from FY 2019). Profit margin: 6.9% (down from 7.2% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 55%. Over the next year, revenue is forecast to grow 104%, compared to a 12% growth forecast for the Construction industry in Thailand. 
