Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.59 (vs ฿0.48 in 1Q 2025) First quarter 2026 results: EPS: ฿0.59 (up from ฿0.48 in 1Q 2025). Revenue: ฿8.05b (down 4.5% from 1Q 2025). Net income: ฿352.9m (up 24% from 1Q 2025). Profit margin: 4.4% (up from 3.4% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿1.69 (vs ฿2.56 in FY 2024) Full year 2025 results: EPS: ฿1.69 (down from ฿2.56 in FY 2024). Revenue: ฿33.7b (up 121% from FY 2024). Net income: ฿1.00b (down 34% from FY 2024). Profit margin: 3.0% (down from 10.0% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 01
Final dividend of ฿1.00 announced Dividend of ฿1.00 is the same as last year. Ex-date: 13th March 2026 Payment date: 20th May 2026 Dividend yield will be 7.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio). However, it is covered by cash flows (58% 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. The company's earnings per share (EPS) would need to grow by 38% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.25 (vs ฿0.35 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.25 (down from ฿0.35 in 3Q 2024). Revenue: ฿8.37b (up 130% from 3Q 2024). Net income: ฿150.2m (down 28% from 3Q 2024). Profit margin: 1.8% (down from 5.7% 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 3% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 28
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 10th September 2025 Payment date: 24th September 2025 Dividend yield will be 7.4%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio) nor is it covered by cash flows (205% cash payout ratio). The dividend has increased by an average of 18% 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 21% to bring the payout ratio under control. However, EPS has declined by 6.9% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.44 (vs ฿0.41 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.44 (up from ฿0.41 in 2Q 2024). Revenue: ฿8.33b (up 122% from 2Q 2024). Net income: ฿258.9m (up 7.4% from 2Q 2024). Profit margin: 3.1% (down from 6.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Annuncio • Jul 25
Dhipaya Group Holdings Public Company Limited Announces Resignation of Vitai Ratanakorn as Director of the Board of Directors and as Member of the Executive Committee,Effective July 26, 2025 Dhipaya Group Holdings Public Company Limited informed that Mr. Vitai Ratanakorn, a director of the Company, has tendered resignation from the positions of a director of the Board of Directors and a member of the Executive Committee by reason of other engagement. The resignation will be effective from 26 July 2025 onwards. The Company has commenced the nomination process to identify a qualified person for replacement of the vacant positions and will inform you after the process is finalized. Annuncio • May 30
Dhipaya Group Holdings Public Company Limited Announces Resignation of Somchai Poolsvasdi as Independent Director of the Board, Member of Audit Committee, and Member of Nomination, Remuneration and Human Resources Management Committee, Effective June 1, 2025 Dhipaya Group Holdings Public Company Limited announced that Mr. Somchai Poolsvasdi, an independent director of the company, has tendered his resignation from the following positions: Independent director of the board, member of audit committee, and member of nomination, remuneration and human resources management committee, effective June 1, 2025. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.48 (vs ฿0.96 in 1Q 2024) First quarter 2025 results: EPS: ฿0.48 (down from ฿0.96 in 1Q 2024). Revenue: ฿8.54b (up 114% from 1Q 2024). Net income: ฿285.2m (down 50% from 1Q 2024). Profit margin: 3.3% (down from 14% in 1Q 2024). 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 33% per year, which means it is significantly lagging earnings. Annuncio • Apr 24
Dhipaya Group Holdings Public Company Limited Approves Dividend for the Year Ended 31 December 2024, Payable on 22 March 2025 Dhipaya Group Holdings Public Company Limited announced that at its AGM held on 24 April 2025, the shareholders approved the payment of dividend from the 2024 net profit and retained earnings as at the date of dividend payment at the rate of THB 2.60 per share, totaling the payment of cash dividend of THB 1,545,160,073.60 or 168.95% of the 2024 net profit. The company had made the interim dividend payment at the rate of THB 1.60 per share. The remaining dividend to additionally paid is at the rate of THB 1.00 per share, out of retained earnings, after deducting the corporate tax at the rate of 20%. Therefore, the payment of dividend for the tear ended 31 December 2024 is in accordance with the company’s dividend payment policy. The company will pay remaining dividend for the year 2024 to the shareholders who are entitled to receive dividends, as their names were listed on the record date for dividend entitlement on 11 March 2025. The dividend payment schedule on 22 March 2025. Upcoming Dividend • Mar 03
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 10 March 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (4.2%). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿2.56 (vs ฿2.96 in FY 2023) Full year 2024 results: EPS: ฿2.56 (down from ฿2.96 in FY 2023). Revenue: ฿15.2b (down 1.4% from FY 2023). Net income: ฿1.52b (down 14% from FY 2023). Profit margin: 10.0% (down from 11% in FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Annuncio • Jan 21
Dhipaya Group Holdings Public Company Limited Announces Resignation of Prapas Kong-Ied as Independent Director of the Board of Directors and the Chairman of the Corporate Government Committee Dhipaya Group Holdings Public Company Limited informed that Mr. Prapas Kong-Ied, an Independent Director, has tendered his resignation from the positions of independent director of the Board of Directors and the Chairman of the Corporate Government Committee by reason of other engagement. The resignation will be effective from 20 January 2025 onwards. The Company has commenced the nomination process to identify a qualified person for replacement of the vacant positions and will informed after the process is finalized. Please be informed accordingly. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.35 (vs ฿0.47 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.35 (down from ฿0.47 in 3Q 2023). Revenue: ฿3.64b (down 2.5% from 3Q 2023). Net income: ฿207.1m (down 27% from 3Q 2023). Profit margin: 5.7% (down from 7.6% in 3Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 29
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 10th September 2024 Payment date: 25th September 2024 Dividend yield will be 6.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not covered by cash flows (125% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Annuncio • Aug 27
Dhipaya Group Holdings Public Company Limited Announces Interim Cash Dividend, Payable on September 25, 2024 Dhipaya Group Holdings Public Company Limited announced interim cash dividend of THB 0.50 per share, par value THB 1.00. The dividend will be payable September 25, 2024 to common shareholders of record as of September 11, 2024 with ex-dividend date September 10, 2024. The dividend paid from retained earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.41 (vs ฿0.54 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.41 (down from ฿0.54 in 2Q 2023). Revenue: ฿3.76b (down 2.2% from 2Q 2023). Net income: ฿241.2m (down 25% from 2Q 2023). Profit margin: 6.4% (down from 8.4% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Upcoming Dividend • Jun 04
Upcoming dividend of ฿1.10 per share Eligible shareholders must have bought the stock before 11 June 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.1%). In line with average of industry peers (4.1%). Annuncio • May 29
Dhipaya Group Holdings Public Company Limited Announces Interim Dividend for the Period from 01-January-2024 to 31-March-2024, Payable on June 24, 2024 Dhipaya Group Holdings Public Company Limited announced interim dividend payment of THB 1.10 per share for the operating period from 01-January-2024 to 31-March-2024. Record date for the right to receive dividends on 12-June-2024 and Ex-dividend date is 11-June-2024. Payment date is 24-June-2024. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.97 (vs ฿1.08 in 1Q 2023) First quarter 2024 results: EPS: ฿0.97 (down from ฿1.08 in 1Q 2023). Revenue: ฿3.99b (up 1.7% from 1Q 2023). Net income: ฿573.8m (down 10% from 1Q 2023). Profit margin: 14% (down from 16% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿2.96 (vs ฿1.96 in FY 2022) Full year 2023 results: EPS: ฿2.96 (up from ฿1.96 in FY 2022). Revenue: ฿15.5b (up 1.9% from FY 2022). Net income: ฿1.76b (up 51% from FY 2022). Profit margin: 11% (up from 7.7% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Nov 15
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 Earnings have declined by 3.6% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risk Dividend is not well covered by cash flows (477% cash payout ratio). Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.47 (vs ฿0.77 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.47 (down from ฿0.77 in 3Q 2022). Revenue: ฿3.73b (up 2.3% from 3Q 2022). Net income: ฿282.0m (down 38% from 3Q 2022). Profit margin: 7.6% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 39% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 03
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿44.81, however this is not to be taken as a buy 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 declined by 20%. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.50 per share at 3.1% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (2.9%). New Risk • Aug 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Earnings have declined by 3.4% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 15x cash flows per share). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.54 (vs ฿0.53 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.54 (up from ฿0.53 loss in 2Q 2022). Revenue: ฿3.84b (up 3.2% from 2Q 2022). Net income: ฿321.4m (up ฿637.4m from 2Q 2022). Profit margin: 8.4% (up from net loss in 2Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 38% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿1.08 (vs ฿1.06 in 1Q 2022) First quarter 2023 results: EPS: ฿1.08 (up from ฿1.06 in 1Q 2022). Revenue: ฿3.92b (up 4.2% from 1Q 2022). Net income: ฿638.9m (up 1.1% from 1Q 2022). Profit margin: 16% (in line with 1Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.75 per share at 5.6% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 22 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (4.5%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.77 (vs ฿0.64 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.77 (up from ฿0.64 in 3Q 2021). Revenue: ฿3.64b (up 8.1% from 3Q 2021). Net income: ฿456.8m (up 21% from 3Q 2021). Profit margin: 13% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.77 (vs ฿0.64 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.77 (up from ฿0.64 in 3Q 2021). Revenue: ฿3.64b (up 8.1% from 3Q 2021). Net income: ฿456.8m (up 21% from 3Q 2021). Profit margin: 13% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Insurance industry in Asia. 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 29% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 28 September 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.0%). Annuncio • Aug 30
Dhipaya Group Holdings Public Company Limited Announces Interim Cash Dividend for Operating Period from January 1, 2022 to June 30, 2022, Payable on September 28, 2022 Dhipaya Group Holdings Public Company Limited announced interim cash dividend of THB 0.50 per share, par value THB 1.00 for operating period from January 1, 2022 to June 30, 2022. The dividend will be payable September 28, 2022 to common shareholders of record as of September 14, 2022 with Ex-dividend date September 13, 2022. Upcoming Dividend • Jun 07
Upcoming dividend of ฿1.30 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.3%). In line with average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 28% share price gain to ฿64.50, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 9x in the Insurance industry in Thailand. Total returns to shareholders of 217% over the past three years. Annuncio • Feb 26
Dhipaya Group Holdings Public Company Limited, Annual General Meeting, Apr 28, 2022 Dhipaya Group Holdings Public Company Limited, Annual General Meeting, Apr 28, 2022, at 07:00 Coordinated Universal Time. Agenda: To acknowledge the minutes of the 2021 annual general meeting of shareholders, which was convened on 26 April 2021; and to discuss other matters. Annuncio • Feb 25
Dhipaya Group Holdings Public Company Limited Propose Dividend Dhipaya Insurance Public Company Limited at the Board of Directors Meeting No. 2/2022 held on 23 February 2022, resolved to propose that the meeting of the shareholders of Dhipaya Insurance considers and approves payment of dividend to the shareholders at the rate of THB 1.50 per share. Annuncio • Feb 01
Dhipaya Group Holdings Public Company Limited Announces Executive Changes Dhipaya Group Holdings Public Company Limited announced termination of Mrs. Sujinna Meksakul as Assistant Chief Executive Officer of Accounting and Finance Department effective Jan. 31, 2022 and appointment of Mr. WiboonFuengparnitjarone as Acting Chief Executive Officer of Accounting and Finance Department effective Feb. 1, 2022. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 17% share price gain to ฿64.25, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 16x in the Insurance industry in Thailand. Total returns to shareholders of 238% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 18% share price gain to ฿50.50, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 15x in the Insurance industry in Thailand. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 23% share price gain to ฿43.50, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 12x in the Insurance industry in Thailand. Total returns to shareholders of 113% over the past three years. 
