Buy Or Sell Opportunity • May 20
Now 22% overvalued Over the last 90 days, the stock has fallen 13% to ฿11.00. The fair value is estimated to be ฿9.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.16 (vs ฿0.29 in 1Q 2025) First quarter 2026 results: EPS: ฿0.16 (down from ฿0.29 in 1Q 2025). Revenue: ฿1.46b (flat on 1Q 2025). Net income: ฿90.9m (down 44% from 1Q 2025). Profit margin: 6.2% (down from 11% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Mar 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 246% High level of non-cash earnings (22% accrual ratio). Declared Dividend • Feb 21
Dividend of ฿0.43 announced Shareholders will receive a dividend of ฿0.43. Ex-date: 4th March 2026 Payment date: 14th May 2026 Dividend yield will be 7.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio) nor is it covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 4.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Annuncio • Feb 20
Premier Marketing Public Company Limited, Annual General Meeting, Apr 22, 2026 Premier Marketing Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Location: room no.501, 5th floor, premier corporate park, no.1 soi premier 2, srinakarin road, nongbon, sub-district,prawet district, bangkok Thailand New Risk • Nov 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 108% Dividend yield: 8.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.38 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.27 (down from ฿0.38 in 3Q 2024). Revenue: ฿1.41b (up 6.8% from 3Q 2024). Net income: ฿151.2m (down 28% from 3Q 2024). Profit margin: 11% (down from 16% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% 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 • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.29 (vs ฿0.19 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.29 (up from ฿0.19 in 2Q 2024). Revenue: ฿1.55b (up 38% from 2Q 2024). Net income: ฿162.1m (up 55% from 2Q 2024). Profit margin: 11% (up from 9.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 09
First half dividend increased to ฿0.50 Dividend of ฿0.50 is 11% higher than last year. Ex-date: 21st August 2025 Payment date: 5th September 2025 Dividend yield will be 8.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (141% cash payout ratio). The dividend has increased by an average of 4.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.29 (vs ฿0.23 in 1Q 2024) First quarter 2025 results: EPS: ฿0.29 (up from ฿0.23 in 1Q 2024). Revenue: ฿1.48b (up 38% from 1Q 2024). Net income: ฿161.3m (up 28% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 23
Premier Marketing Public Company Limited Approves Cash Dividend from January 1, 2024, to December 31, 2024, Payable on May 14, 2025 Premier Marketing Public Company Limited approved the appropriation of the profit and the dividend payment to the Shareholders from the operating results of the year 2024 at the rate of THB 0.53 per share, totaling THB 295,803,600. The additional dividend when combined with the interim dividend paid to the shareholders at the rate of THB 0.45 per share (the total amount of THB 251,154,000) on 5 September 2024 will be THB 0.98 per share in total from the operational results for the year 2024, which amounts to THB 546,957,600. or 98.52 percent of the profit for the year 2024. Approved to determine the name of the shareholders entitling to receive the proposed dividend on Tuesday, March 4, 2025 and the dividend payment date to be on May 14, 2025. Declared Dividend • Feb 15
Final dividend increased to ฿0.53 Dividend of ฿0.53 is 253% higher than last year. Ex-date: 3rd March 2025 Payment date: 14th May 2025 Dividend yield will be 11%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ฿0.38 (vs ฿0.15 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.38 (up from ฿0.15 in 3Q 2023). Revenue: ฿1.32b (up 34% from 3Q 2023). Net income: ฿210.5m (up 157% from 3Q 2023). Profit margin: 16% (up from 8.3% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 10
First half dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 22nd August 2024 Payment date: 5th September 2024 Dividend yield will be 7.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 7.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.19 (vs ฿0.11 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.19 (up from ฿0.11 in 2Q 2023). Revenue: ฿1.13b (up 14% from 2Q 2023). Net income: ฿104.6m (up 76% from 2Q 2023). Profit margin: 9.2% (up from 6.0% in 2Q 2023). 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 fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 01 March 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (6.5%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 17
Full year 2023 earnings released: EPS: ฿0.71 (vs ฿0.51 in FY 2022) Full year 2023 results: EPS: ฿0.71 (up from ฿0.51 in FY 2022). Revenue: ฿4.28b (down 16% from FY 2022). Net income: ฿396.8m (up 39% from FY 2022). Profit margin: 9.3% (up from 5.6% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Feb 17
Final dividend reduced to ฿0.15 Dividend of ฿0.15 is 46% lower than last year. Ex-date: 1st March 2024 Payment date: 16th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is covered by cash flows (72% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control, which is more than the 2.9% EPS growth achieved over the last 5 years. Annuncio • Feb 16
Premier Marketing Public Company Limited, Annual General Meeting, Apr 23, 2024 Premier Marketing Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Location: Room No.501, 5th floor, Premier Corporate Park, No.1 Soi Premier 2 Srinakarin Road, Nongbon Sub-District Bangkok Thailand Agenda: To consider and adopt the minutes of the Annual General Meeting of shareholders for the year 2023; to acknowledge the report on the company's operating results of the year 2023; to consider and approve the company's financial statements for the year ended December 31, 2023; to consider and approve the appropriation of the profit and the dividend payment for the year 2023; to consider and approve the election of directors to replace those retiring by rotation; and to consider other matters. Annuncio • Feb 15
Premier Marketing Public Company Limited Proposes Dividend for the Year 2023, Payable on May 16, 2024 Premier Marketing Public Company Limited announced that at the board held on February 15, 2024 approved to propose to the shareholders dividend payment to the shareholders' meeting of the company to consider and approved for the year 2023 from the retained earnings after legal reserves at the rate of THB 0.15 per share. When combining such amount with the interim dividend paid to the shareholders of the company on 6 September 2023 at the rate of THB 0.35 per share, the total amount of the dividend payment shall be at the rate of THB 0.50 per share. Approved to determine the name of the shareholders entitling to receive the proposed dividend on March 4, 2024 and the dividend payment date to be May 16, 2024. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.14 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.15 (up from ฿0.14 in 3Q 2022). Revenue: ฿986.1m (down 23% from 3Q 2022). Net income: ฿82.0m (up 6.9% from 3Q 2022). Profit margin: 8.3% (up from 6.0% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.35 per share at 7.0% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 06 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.054 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.11 (up from ฿0.054 in 2Q 2022). Revenue: ฿994.8m (down 22% from 2Q 2022). Net income: ฿59.3m (up 95% from 2Q 2022). Profit margin: 6.0% (up from 2.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annuncio • Aug 09
Premier Marketing Public Company Limited Announces Cash Dividend for the Six Months Ended June 30, 2023, Payable on September 6, 2023 Premier Marketing Public Company Limited announced cash dividend of THB 0.35 per share for the six months ended June 30, 2023. Record date for the right to receive dividends is August 25, 2023 and Ex-Dividend date is August 24, 2023. Payment date is September 6, 2023. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.16 in 1Q 2022) First quarter 2023 results: EPS: ฿0.17 (up from ฿0.16 in 1Q 2022). Revenue: ฿1.11b (down 8.7% from 1Q 2022). Net income: ฿95.9m (up 9.5% from 1Q 2022). Profit margin: 8.6% (up from 7.2% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.28 per share at 4.5% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 16 May 2023. Payout ratio and cash payout ratio are on the higher end at 84% and 88% respectively. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: ฿0.51 (vs ฿0.64 in FY 2021) Full year 2022 results: EPS: ฿0.51 (down from ฿0.64 in FY 2021). Revenue: ฿5.07b (up 15% from FY 2021). Net income: ฿285.9m (down 19% from FY 2021). Profit margin: 5.6% (down from 8.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director PanaEk Warawit was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ฿0.14 (vs ฿0.14 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.14 (down from ฿0.14 in 3Q 2021). Revenue: ฿1.28b (up 21% from 3Q 2021). Net income: ฿76.7m (down 2.7% from 3Q 2021). Profit margin: 6.0% (down from 7.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 07 September 2022. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.054 (vs ฿0.067 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.054 (down from ฿0.067 in 2Q 2021). Revenue: ฿1.27b (up 20% from 2Q 2021). Net income: ฿30.4m (down 19% from 2Q 2021). Profit margin: 2.4% (down from 3.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: ฿0.16 (down from ฿0.23 in 1Q 2021). Revenue: ฿1.22b (up 5.5% from 1Q 2021). Net income: ฿87.5m (down 33% from 1Q 2021). Profit margin: 7.2% (down from 11% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director PanaEk Warawit was the last independent director to join the board, commencing their role in 2021. 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 • Feb 24
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 03 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 21
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.64 (down from ฿0.69 in FY 2020). Revenue: ฿4.39b (up 4.9% from FY 2020). Net income: ฿354.8m (down 12% from FY 2020). Profit margin: 8.1% (down from 9.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.20 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿1.06b (up 10% from 3Q 2020). Net income: ฿78.8m (down 33% from 3Q 2020). Profit margin: 7.4% (down from 12% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 08 September 2021. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to ฿15.50, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 29x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 91% over the past three years. Executive Departure • Aug 04
Deputy MD of Accounting & Finance Ragsagul Charoenwong has left the company On the 31st of July, Ragsagul Charoenwong's tenure as Deputy MD of Accounting & Finance ended. We don't have any record of a personal shareholding under Ragsagul's name. Ragsagul is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.00 years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 17% share price gain to ฿14.80, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 29x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 17% share price gain to ฿11.80, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 31x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 37% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.16b (up 14% from 1Q 2020). Net income: ฿130.3m (up 58% from 1Q 2020). Profit margin: 11% (up from 8.1% 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 1% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Feb 22
Upcoming Dividend of ฿0.40 Per Share Will be paid on the 11th of May to those who are registered shareholders by the 1st of March. The trailing yield of 5.6% is below the top quartile of Thai dividend payers (6.1%), but it is higher than industry peers (2.4%). Reported Earnings • Feb 11
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.18b (up 1.5% from FY 2019). Net income: ฿404.3m (up 46% from FY 2019). Profit margin: 9.7% (up from 6.7% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 13% per year. Is New 90 Day High Low • Feb 11
New 90-day high: ฿8.95 The company is up 7.0% from its price of ฿8.35 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: ฿8.75 The company is up 17% from its price of ฿7.50 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 13
New 90-day high: ฿8.35 The company is up 20% from its price of ฿6.95 on 14 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 5.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS ฿0.20 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿962.3m (down 2.7% from 3Q 2019). Net income: ฿118.1m (up 144% from 3Q 2019). Profit margin: 12% (up from 4.9% 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 17% per year whereas the company’s share price has fallen by 16% per year. Is New 90 Day High Low • Sep 29
New 90-day high: ฿8.05 The company is up 18% from its price of ฿6.85 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 7.0% over the same period.