Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.007 (vs ฿0.017 in 1Q 2025) First quarter 2026 results: EPS: ฿0.007 (down from ฿0.017 in 1Q 2025). Revenue: ฿263.9m (down 2.4% from 1Q 2025). Net income: ฿3.98m (down 61% from 1Q 2025). Profit margin: 1.5% (down from 3.7% in 1Q 2025). 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 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 26
Dividend reduced to ฿0.03 Dividend of ฿0.03 is 40% lower than last year. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 4.0% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 21% EPS decline seen over the last 5 years. New Risk • Feb 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 3.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% 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. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (฿594.9m market cap, or US$19.2m). Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ฿0.04 (vs ฿0.063 in FY 2024) Full year 2025 results: EPS: ฿0.04 (down from ฿0.063 in FY 2024). Revenue: ฿1.02b (down 6.7% from FY 2024). Net income: ฿17.0m (down 54% from FY 2024). Profit margin: 1.7% (down from 3.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Annuncio • Feb 25
Salee Colour Public Company Limited (SET:COLOR) announces an Equity Buyback for 50,000,000 shares, representing 8.49% for THB 70 million. Salee Colour Public Company Limited (SET:COLOR) announces a share repurchase program. Under the program, the company will repurchase up to 50,000,000 shares, representing 8.48% of its issued share capital, for THB 70 million. The repurchase price must not exceed 15% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through August 31, 2026. As of March 11, 2025, the company had 588,965,082 shares in outstanding. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.011 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.01 (down from ฿0.011 in 3Q 2024). Revenue: ฿236.3m (down 23% from 3Q 2024). Net income: ฿5.72m (down 23% from 3Q 2024). Profit margin: 2.4% (in line with 3Q 2024). 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 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.011 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.011 in 2Q 2024). Revenue: ฿258.2m (up 4.6% from 2Q 2024). Net income: ฿6.04m (down 7.9% from 2Q 2024). Profit margin: 2.3% (down from 2.7% in 2Q 2024). 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 whereas the company’s share price has fallen by 14% per year. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.017 (vs ฿0 in 1Q 2024) First quarter 2025 results: EPS: ฿0.017 (up from ฿0 in 1Q 2024). Revenue: ฿270.4m (up 5.9% from 1Q 2024). Net income: ฿10.1m (up ฿9.92m from 1Q 2024). Profit margin: 3.7% (up from 0.1% in 1Q 2024). The increase in margin was driven by higher revenue. 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 15% per year. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.7%). Declared Dividend • Feb 27
Dividend increased to ฿0.05 Dividend of ฿0.05 is 67% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 5.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: ฿0.063 (vs ฿0.052 in FY 2023) Full year 2024 results: EPS: ฿0.063 (up from ฿0.052 in FY 2023). Revenue: ฿1.09b (down 7.6% from FY 2023). Net income: ฿37.1m (up 21% from FY 2023). Profit margin: 3.4% (up from 2.6% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 20% per year. New Risk • Nov 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 4.6% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (฿624.3m market cap, or US$18.0m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.011 (vs ฿0.023 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.011 (down from ฿0.023 in 2Q 2023). Revenue: ฿246.7m (down 14% from 2Q 2023). Net income: ฿6.55m (down 52% from 2Q 2023). Profit margin: 2.7% (down from 4.7% 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 26% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.22, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 37% over the past three years. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: Revenue: ฿255.3m (down 11% from 1Q 2023). Net income: ฿217.0k (up ฿5.86m from 1Q 2023). Profit margin: 0.1% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 25% 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 • Apr 30
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 58% and the cash payout ratio is 86%. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.052 (vs ฿0.10 in FY 2022) Full year 2023 results: EPS: ฿0.052 (down from ฿0.10 in FY 2022). Revenue: ฿1.18b (down 5.1% from FY 2022). Net income: ฿30.7m (down 48% from FY 2022). Profit margin: 2.6% (down from 4.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Feb 29
Salee Colour Public Company Limited Proposes Dividend for the Year 2023, Payable Within May 24, 2024 Salee Colour Public Company Limited at its board meeting held on February 28, 2024, passed a resolution to propose to the AnnualGeneral Meeting of shareholders to be held in April 26, 2024 to adopt a resolution to pay a dividend of THB 0.03 per share, to the shareholders in respect of the 2023 profit and its retained earnings. The record date to determine the names of shareholders who have the right to receive dividend will be on May 8, 2024 (Record Date) and dividend payment will be made within May 24, 2024. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.024 (vs ฿0.031 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.024 (down from ฿0.031 in 3Q 2022). Revenue: ฿290.3m (down 10.0% from 3Q 2022). Net income: ฿14.0m (down 23% from 3Q 2022). Profit margin: 4.8% (down from 5.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Aug 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Dividend is not well covered by earnings (124% payout ratio). Market cap is less than US$100m (฿848.1m market cap, or US$23.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.023 (vs ฿0.025 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.023 (down from ฿0.025 in 2Q 2022). Revenue: ฿286.4m (up 1.3% from 2Q 2022). Net income: ฿13.6m (down 7.3% from 2Q 2022). Profit margin: 4.7% (down from 5.2% in 2Q 2022). 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 increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.024 profit in 1Q 2022) First quarter 2023 results: ฿0.01 loss per share (down from ฿0.024 profit in 1Q 2022). Revenue: ฿285.8m (down 14% from 1Q 2022). Net loss: ฿5.64m (down 140% from profit in 1Q 2022). 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 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.08 per share at 4.8% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 25 May 2023. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (3.1%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.031 (vs ฿0.025 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.031 (up from ฿0.025 in 3Q 2021). Revenue: ฿322.4m (up 7.8% from 3Q 2021). Net income: ฿18.2m (up 26% from 3Q 2021). Profit margin: 5.6% (up from 4.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. 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 not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Chairman of the Board Somdhat Attanand was the last independent director to join the board, commencing their role in 2008. 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 • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.025 (vs ฿0.027 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.025 (down from ฿0.027 in 2Q 2021). Revenue: ฿282.7m (down 4.4% from 2Q 2021). Net income: ฿14.7m (down 7.4% from 2Q 2021). Profit margin: 5.2% (down from 5.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿1.66, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.2%). 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. 1 experienced director. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Chairman of the Board Somatat Attanan was the last independent director to join the board, commencing their role in 2008. 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 • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.097 (up from ฿0.094 in FY 2020). Revenue: ฿1.18b (up 19% from FY 2020). Net income: ฿57.4m (up 3.2% from FY 2020). Profit margin: 4.9% (down from 5.6% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.025 (vs ฿0.023 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿299.1m (up 24% from 3Q 2020). Net income: ฿14.4m (up 7.3% from 3Q 2020). Profit margin: 4.8% (down from 5.6% 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 41% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.48, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿2.02, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 15x in the Chemicals industry in Thailand. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿2.62, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 17x in the Chemicals industry in Thailand. Total returns to shareholders of 170% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.037 (vs ฿0.025 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿276.9m (up 8.0% from 1Q 2020). Net income: ฿21.9m (up 49% from 1Q 2020). Profit margin: 7.9% (up from 5.8% 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 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 15% share price gain to ฿1.98, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 21x in the Chemicals industry in Thailand. Total returns to shareholders of 84% over the past three years. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 25 May 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.8%). Is New 90 Day High Low • Feb 24
New 90-day high: ฿1.46 The company is up 21% from its price of ฿1.21 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 17% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: ฿1.26 The company is up 2.0% from its price of ฿1.24 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 32% over the same period. Is New 90 Day High Low • Dec 25
New 90-day low: ฿1.13 The company is down 10.0% from its price of ฿1.26 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 41% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: ฿1.16 The company is down 5.0% from its price of ฿1.22 on 03 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 25% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.023 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿241.0m (down 12% from 3Q 2019). Net income: ฿13.4m (up 79% from 3Q 2019). Profit margin: 5.6% (up from 2.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.