Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ฿0.16 (vs ฿0.15 in 1Q 2025) First quarter 2026 results: EPS: ฿0.16 (up from ฿0.15 in 1Q 2025). Revenue: ฿86.5m (up 5.0% from 1Q 2025). Net income: ฿36.7m (up 9.0% from 1Q 2025). Profit margin: 42% (up from 41% in 1Q 2025). 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 but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 13
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 17 March 2026. Payment date: 15 May 2026. Payout ratio and cash payout ratio are on the higher end at 91% and 84% respectively. Trailing yield: 7.1%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.7%). Board Change • Mar 05
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Anukool Tuntimas was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Feb 27
TQR Public Company Limited Proposes Dividend for Operating Period from 01 January 2025 to 31 December 2025, Payable on May 16, 2026 TQR Public Company Limited proposed that the meeting of shareholders approve a dividend payment at the rate of THB 0.40 per share, totaling THB 92.00 million. As the interim dividend of THB 0.184 per share, amounting to approximately THB 42.32 million, was distributed to the shareholders on September 6, 2024, the shareholders will then be paid the remaining dividend of THB 0.216 per share, amounting to approximately THB 49.68 million, from the 2024 net profit, which is subject to corporate income tax at the rate of 20%. The Record Date for determining shareholders entitled to receive the dividend is March 18, 2026. The dividend payment shall be made on May 16, 2026. Ex-dividend date is March 17, 2026. Paid from: Operating period from 01 January 2025 to 31 December 2025. Shareholder's meeting date is 23 April 2026. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.44 (vs ฿0.44 in FY 2024) Full year 2025 results: EPS: ฿0.44 (up from ฿0.44 in FY 2024). Revenue: ฿279.0m (up 7.8% from FY 2024). Net income: ฿101.1m (flat on FY 2024). Profit margin: 36% (down from 39% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Final dividend of ฿0.23 announced Shareholders will receive a dividend of ฿0.23. Ex-date: 17th March 2026 Payment date: 15th May 2026 Dividend yield will be 7.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (91% earnings payout ratio). However, it is covered by cash flows (82% cash payout ratio). The dividend has increased by an average of 95% per year over the past 5 years and payments have been stable during that time. Earnings per share declined by 20% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Annuncio • Feb 25
TQR Public Company Limited, Annual General Meeting, Apr 23, 2026 TQR Public Company Limited, Annual General Meeting, Apr 23, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.10 (vs ฿0.099 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.10. Revenue: ฿64.4m (up 7.9% from 3Q 2024). Net income: ฿22.4m (down 1.1% from 3Q 2024). Profit margin: 35% (down from 38% in 3Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿5.55, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 10x in the Insurance industry in Thailand. Total loss to shareholders of 43% over the past three years. Declared Dividend • Aug 10
First half dividend reduced to ฿0.17 Dividend of ฿0.17 is 4.9% lower than last year. Ex-date: 22nd August 2025 Payment date: 5th September 2025 Dividend yield will be 7.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (85% cash payout ratio). The dividend has increased by an average of 131% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 3.6% to bring the payout ratio under control. However, EPS has declined by 36% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.10 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (down from ฿0.10 in 2Q 2024). Revenue: ฿65.3m (up 19% from 2Q 2024). Net income: ฿20.1m (down 16% from 2Q 2024). Profit margin: 31% (down from 44% 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 7% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.13 in 1Q 2024) First quarter 2025 results: EPS: ฿0.15 (up from ฿0.13 in 1Q 2024). Revenue: ฿82.4m (up 2.2% from 1Q 2024). Net income: ฿33.7m (up 9.6% from 1Q 2024). Profit margin: 41% (up from 38% in 1Q 2024). The increase in margin was primarily driven by lower expenses. 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 26% per year, which means it is significantly lagging earnings. Annuncio • Apr 25
Tqr Public Company Limited Approves Dividend for the Year 2024, Payable on May 16, 2025 TQR Public Company Limited at its meeting held on April 24, 2025 approved dividend payment at the rate of THB 0.40 per share, totaling THB 92.00 million . As the interim dividend of THB 0.184 per share amounting to approximately THB 42.32 million was distributed to the shareholders on September 6, 2024, the shareholders will then be paid the remaining dividend of THB 0.216 per share amounting to approximately THB 49.68 million from the 2024 net profit, which is subject to corporate income tax at the rate of 20%. The Record Date for determining shareholders entitled to receive the dividend is March 18, 2025. The dividend payment shall be made on May 16, 2025. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 17 March 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.9%). New Risk • Feb 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 92% Dividend yield: 7.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (92% payout ratio). Market cap is less than US$100m (฿1.18b market cap, or US$35.2m). Declared Dividend • Feb 24
Final dividend reduced to ฿0.22 Dividend of ฿0.22 is 4.4% lower than last year. Ex-date: 17th March 2025 Payment date: 16th May 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 133% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 1.6% to shift the payout ratio to a potentially unsustainable range, which is less than the 32% EPS decline seen over the last 5 years. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: ฿0.44 (vs ฿0.44 in FY 2023) Full year 2024 results: EPS: ฿0.44 (up from ฿0.44 in FY 2023). Revenue: ฿258.9m (up 3.6% from FY 2023). Net income: ฿100.4m (flat on FY 2023). Profit margin: 39% (down from 40% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.084 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.10 (up from ฿0.084 in 3Q 2023). Revenue: ฿59.7m (up 7.6% from 3Q 2023). Net income: ฿22.7m (up 17% from 3Q 2023). Profit margin: 38% (up from 35% 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 1% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued Over the last 90 days, the stock has risen 11% to ฿6.30. The fair value is estimated to be ฿7.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.6% over the last 3 years. Earnings per share has declined by 5.6%. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 06 September 2024. Payout ratio and cash payout ratio are on the higher end at 91% and 75% respectively. Trailing yield: 6.8%. Lower than top quartile of Thai dividend payers (7.0%). Higher than average of industry peers (4.7%). Annuncio • Aug 09
TQR Public Company Limited Approves Interim Cash Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024 On August 7, 2024, the board of directors of TQR Public Company Limited approved the interim cash dividend payment based on the operation from January 1, 2024 to June 30, 2024 to the common shareholders of the Company at the rate of THB 0.184 per share. Ex-dividend date is August 22, 2024. Record date for the right to receive dividends is August 23, 2024. Payment date is September 6, 2024. Declared Dividend • Aug 09
First half dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (89.7% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 206% per year over the past 3 years and payments have been stable during that time. Earnings per share declined by 31% over the last 5 years, which if continued should see the payout ratio increase to a potentially unsustainable range. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.11 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.10 (down from ฿0.11 in 2Q 2023). Revenue: ฿60.8m (down 5.0% from 2Q 2023). Net income: ฿23.9m (down 4.6% from 2Q 2023). Profit margin: 39% (in line with 2Q 2023). 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 28% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.12 in 1Q 2023) First quarter 2024 results: EPS: ฿0.13 (up from ฿0.12 in 1Q 2023). Revenue: ฿80.7m (up 22% from 1Q 2023). Net income: ฿30.7m (up 15% from 1Q 2023). Profit margin: 38% (down from 40% 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 15% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 17 May 2024. Payout ratio and cash payout ratio are on the higher end at 92% and 99% respectively. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (4.1%). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.44 (vs ฿0.43 in FY 2022) Full year 2023 results: EPS: ฿0.44 (up from ฿0.43 in FY 2022). Revenue: ฿249.9m (up 2.6% from FY 2022). Net income: ฿100.3m (up 2.1% from FY 2022). Profit margin: 40% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 23
Dividend reduced to ฿0.23 Dividend of ฿0.23 is 9.6% lower than last year. Ex-date: 15th March 2024 Payment date: 17th May 2024 Dividend yield will be 5.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio) nor is it adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 212% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 9.8% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.083 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.08. Revenue: ฿55.4m (up 3.6% from 3Q 2022). Net income: ฿19.3m (flat on 3Q 2022). Profit margin: 35% (in line with 3Q 2022). Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.17 per share at 4.9% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio and cash payout ratio are on the higher end at 99% and 89% respectively. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.12 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.11 (down from ฿0.12 in 2Q 2022). Revenue: ฿64.0m (down 2.3% from 2Q 2022). Net income: ฿25.1m (down 6.9% from 2Q 2022). Profit margin: 39% (down from 41% in 2Q 2022). Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿10.30, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 15x in the Insurance industry in Thailand. Total loss to shareholders of 13% over the past year. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.12 (up from ฿0.11 in 1Q 2022). Revenue: ฿66.4m (up 18% from 1Q 2022). Net income: ฿26.7m (up 8.6% from 1Q 2022). Profit margin: 40% (down from 44% in 1Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.25 per share at 3.3% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 19 May 2023. Payout ratio and cash payout ratio are on the higher end at 91% and 83% respectively. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (4.5%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿0.43 (vs ฿0.44 in FY 2021) Full year 2022 results: EPS: ฿0.43. Revenue: ฿243.5m (up 6.3% from FY 2021). Net income: ฿98.2m (flat on FY 2021). Profit margin: 40% (down from 43% in FY 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.12 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.08 (down from ฿0.12 in 3Q 2021). Revenue: ฿53.5m (down 16% from 3Q 2021). Net income: ฿19.2m (down 33% from 3Q 2021). Profit margin: 36% (down from 45% in 3Q 2021). The decrease in margin was driven by lower revenue. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.12 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.08 (down from ฿0.12 in 3Q 2021). Revenue: ฿53.5m (down 16% from 3Q 2021). Net income: ฿19.2m (down 33% from 3Q 2021). Profit margin: 36% (down from 45% in 3Q 2021). The decrease in margin was driven by lower revenue. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.4%). Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.12 (vs ฿0.25 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.12 (down from ฿0.25 in 2Q 2021). Revenue: ฿65.5m (flat on 2Q 2021). Net income: ฿26.9m (down 53% from 2Q 2021). Profit margin: 41% (down from 86% in 2Q 2021). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 23% share price gain to ฿16.30, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 22x in the Insurance industry in Thailand. Total loss to shareholders of 12% over the past year. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.11 (up from ฿0.06 in 1Q 2021). Revenue: ฿56.2m (up 30% from 1Q 2021). Net income: ฿24.6m (up 107% from 1Q 2021). Profit margin: 44% (up from 28% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 309%. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 16 March 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿11.50, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 18x in the Insurance industry in Thailand. Total loss to shareholders of 33% over the past year. Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.44 (down from ฿1.31 in FY 2020). Revenue: ฿256.4m (up 31% from FY 2020). Net income: ฿97.5m (up 32% from FY 2020). Profit margin: 38% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 309%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿16.70, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 21x in the Insurance industry in Thailand. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.92 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿63.5m (up 7.2% from 3Q 2020). Net income: ฿28.6m (up 24% from 3Q 2020). Profit margin: 45% (up from 39% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 08 September 2021. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.5%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿2.46 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿93.3m (up 33% from 2Q 2020). Net income: ฿57.0m (up 55% from 2Q 2020). Profit margin: 61% (up from 53% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 22% share price gain to ฿22.70, the stock trades at a forward P/E ratio of 63x. Average forward P/E is 11x in the Insurance industry in Asia. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿2.94 (vs ฿2.94 in FY 2019) The company reported a mediocre full year result with flat earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿132.5m (flat on FY 2019). Net income: ฿44.0m (flat on FY 2019). Profit margin: 33% (in line with FY 2019). Analyst Estimate Surprise Post Earnings • Feb 20
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 33%. Earnings per share (EPS) exceeded analyst estimates by 37%. Over the next year, revenue is forecast to grow 60% compared to a 16% decline forecast for the Insurance industry in Thailand.