Reported Earnings • May 19
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.09. Revenue: ฿495.5m (flat on 1Q 2025). Net income: ฿61.7m (down 5.3% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 27%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Packaging industry in Asia. Annuncio • May 15
Starflex Public Company Limited (SET:SFLEX) announces an Equity Buyback for 16,000,000 shares, representing 2.15% for THB 45 million. Starflex Public Company Limited (SET:SFLEX) announces a share repurchase program. Under the program, the company will repurchase up to 16,000,000 shares, representing 2.15% of its issued share capital for THB 45 million. The shares will be repurchased at a price not exceeding the average closing price of 5 days, prior to each repurchase date plus 115% of such average closing price. The repurchases will be funded from cash from operations. The purpose of the program is to increase the return on equity, earnings per share and book value per share; maximize the benefits of the company’s excess liquidity and to conduct confidence to company’s shareholders. The repurchase program will expire on November 17, 2026. As of May 6, 2026, the company had 820,005,152 issued shares including 77,525,300 treasury shares Board Change • Apr 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Director Chairit Simaroj was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿0.357 to ฿0.31. Revenue forecast unchanged from ฿2.13b at last update. Net income forecast to grow 3.2% next year vs 24% growth forecast for Packaging industry in Thailand. Consensus price target of ฿3.60 unchanged from last update. Share price fell 10% to ฿3.18 over the past week. Declared Dividend • Feb 28
Final dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 12th March 2026 Payment date: 8th May 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 7.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.32 (down from ฿0.36 in FY 2024). Revenue: ฿1.99b (up 4.7% from FY 2024). Net income: ฿243.2m (down 13% from FY 2024). Profit margin: 12% (down from 15% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annuncio • Dec 05
Starflex Public Company Limited (SET:SFLEX) announces an Equity Buyback for 14,476,707 shares, representing 1.77% for THB 45 million. Starflex Public Company Limited (SET:SFLEX) announces a share repurchase program. Under the program, the company will repurchase up to 14,476,707 shares, representing 1.77% of its issued share capital for THB 45 million. The shares will be repurchased at a price not exceeding the average closing price of 5 days, prior to each repurchase date plus 115% of such average closing price. The repurchases will be funded from cash from operations and dividends. The purpose of the program is to increase the return on equity, earnings per share and book value per share; maximize the benefits of the company’s excess liquidity and to conduct confidence to company’s shareholders. The repurchase program will expire on May 7, 2026. As of November 24, 2025, the company had 820,005,072 issued and outstanding shares. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.08 (down from ฿0.097 in 3Q 2024). Revenue: ฿515.4m (up 6.7% from 3Q 2024). Net income: ฿62.5m (down 17% from 3Q 2024). Profit margin: 12% (down from 16% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 15
First half dividend of ฿0.12 announced Shareholders will receive a dividend of ฿0.12. Ex-date: 27th August 2025 Payment date: 12th September 2025 Dividend yield will be 6.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 3.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.069 (down from ฿0.083 in 2Q 2024). Revenue: ฿473.0m (up 3.3% from 2Q 2024). Net income: ฿53.2m (down 19% from 2Q 2024). Profit margin: 11% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.083 (vs ฿0.08 in 1Q 2024) First quarter 2025 results: EPS: ฿0.083 (up from ฿0.08 in 1Q 2024). Revenue: ฿496.6m (up 1.2% from 1Q 2024). Net income: ฿65.2m (up 2.6% from 1Q 2024). Profit margin: 13% (in line with 1Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annuncio • Apr 24
Starflex Public Company Limited Approves Dividend Payment for the Fiscal Year Ended 31 December 2024 Starflex Public Company Limited in its annual general meeting of shareholders held on April 24, 2025 approved the dividend payment from profits of the operation results for the fiscal year ended 31 December 2024 at THB 0.133 per share, totaling THB 103.25 Million. Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.323 to ฿0.36. Revenue forecast unchanged at ฿1.97b. Net income forecast to grow 4.5% next year vs 30% growth forecast for Packaging industry in Thailand. Consensus price target down from ฿4.91 to ฿4.51. Share price was steady at ฿2.82 over the past week. Price Target Changed • Feb 28
Price target decreased by 8.1% to ฿4.51 Down from ฿4.91, the current price target is an average from 3 analysts. New target price is 70% above last closing price of ฿2.66. Stock is down 19% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.36 last year. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿0.36 (up from ฿0.23 in FY 2023). Revenue: ฿1.90b (up 4.3% from FY 2023). Net income: ฿280.8m (up 52% from FY 2023). Profit margin: 15% (up from 10% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Annuncio • Feb 26
Starflex Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2024, Payable on May 23, 2025 Starflex Public Company Limited of the Board of Directors' Meeting which was held on 26 February 2025, the board proposed to the Annual General Shareholders' Meeting to consider and approve a full year 2024 dividend payment at the rate THB 0.133 per share for total amount of approximately THB 103.25 Million, of which THB 0.06 per share totaling THB 46.58 Million was paid as an interim dividend on 10 September 2024. The final payment will be THB 0.073 per share totaling THB 56.67 Million, and approved to schedule the date to determine the shareholders' name, entitled to receive the dividend on 14 March 2025 (Record Date). The granting of such rights remains uncertain pending approval at the Annual General shareholders' Meeting. The dividend payment date is scheduled on 23 May 2025. Buy Or Sell Opportunity • Sep 26
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to ฿3.32. The fair value is estimated to be ฿4.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 37% and the cash payout ratio is 80%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (6.9%). In line with average of industry peers (3.2%). Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ฿0.083 (up from ฿0.064 in 2Q 2023). Revenue: ฿457.6m (down 2.3% from 2Q 2023). Net income: ฿65.2m (up 29% from 2Q 2023). Profit margin: 14% (up from 11% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (53% net debt to equity). Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿3.09b market cap, or US$87.9m). Price Target Changed • Jul 08
Price target decreased by 8.6% to ฿4.80 Down from ฿5.25, the current price target is an average from 3 analysts. New target price is 41% above last closing price of ฿3.40. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿0.27 for next year compared to ฿0.23 last year. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.54, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 36% over the past three years. Reported Earnings • May 17
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ฿0.08 (up from ฿0.05 in 1Q 2023). Revenue: ฿490.9m (up 2.9% from 1Q 2023). Net income: ฿63.5m (up 56% from 1Q 2023). Profit margin: 13% (up from 8.5% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Packaging industry in Thailand. 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 19% per year, which means it is significantly lagging earnings. Annuncio • Apr 12
Starflex Public Company Limited Approves Dividend Payment for the Fiscal Year Ended 31 December 2023 Starflex Public Company Limited at its AGM held on April 11, 2024 approved dividend payment from profits of the operation results for the fiscal year ended 31 December 2023 at THB 0.045 per share, totaling THB 35.63 Million. Annuncio • Mar 27
Starflex Public Company Limited (SET:SFLEX) announces an Equity Buyback for 19,000,000 shares, representing 2.32% for THB 50 million. Starflex Public Company Limited (SET:SFLEX) announces a share repurchase program. Under the program, the company will repurchase up to 19,000,000 shares, representing 2.32% of its issued share capital for THB 50 million. The shares will be repurchased at a price not exceeding the average closing price of 5 days, prior to each repurchase date plus 115% of such average closing price. The purpose of the program is to increase the return on equity, earnings per share and book value per share; maximize the benefits of the company’s excess liquidity and to conduct confidence to company’s shareholders. The repurchase program will expire on September 27, 2024. As of March 15, 2024, the company had 820,005,059 issued and outstanding shares. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (3.0%). Annuncio • Feb 29
Starflex Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2023, Payable on May 9, 2024 Starflex Public Company Limited notified the resolutions of the Board of Directors' Meeting held on 26 February 2024, Propose to the Annual General Shareholders' Meeting to consider and approve a full year 2023 dividend payment at the rate THB 0.09 per share for total amount of approximately THB 72 Million, of which THB 0.045 per share totaling THB 35.63 Million was paid as an interim dividend on 7 December 2023. The final payment will be THB 0.045 per share totaling THB 35.63 Million, and approved to schedule the date to determine the shareholders' name, entitled to receive the dividend on 15 March 2024 (Record Date). The granting of such rights remains uncertain pending approval at the Annual General shareholders' Meeting to be held on April 11, 2024. The dividend payment date is scheduled on 9 May 2024. Ex-dividend date is 14 March 2024. Reported Earnings • Feb 28
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿0.23 (up from ฿0.07 in FY 2022). Revenue: ฿1.82b (up 7.2% from FY 2022). Net income: ฿184.3m (up 235% from FY 2022). Profit margin: 10% (up from 3.2% in FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 4.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% 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 27
Starflex Public Company Limited, Annual General Meeting, Apr 11, 2024 Starflex Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Location: Room 211-213 Bangkok International Trade & Exhibition Centre BITEC 88 Debaratna road, Bangna Tai, Bangna Bangkok Thailand Agenda: To consider and approve the payment of dividend; to consider and approve the Company's operating results report of year 2023; to consider and approve the appropriation of profits and dividend payment; to consider and approve the appointment of the auditors and determine the audit fees; to consider and approve the election of the Company's directors to replace those who retire by rotation; to consider and approve the directors' remuneration of year 2024; and to consider any other matters. Buying Opportunity • Jan 08
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be ฿4.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 44% in the next 2 years. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.045 per share at 2.5% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (2.8%). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.062 (vs ฿0.006 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.062 (up from ฿0.006 in 3Q 2022). Revenue: ฿428.9m (up 1.2% from 3Q 2022). Net income: ฿48.9m (up ฿43.9m from 3Q 2022). Profit margin: 11% (up from 1.2% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Packaging industry in Thailand. 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 15% per year. Annuncio • Nov 09
Starflex Public Company Limited Announces Interim Dividend for Operating Period from 1 January 2023 to 30 June 2023 , Payable on December 7,2023 Starflex Public Company Limited announced interim dividend for Operating Period from 1 January 2023 to 30 June 2023 THB 0.045 per share. Record date of 23 November 2023, and the dividend payment date is on December 7,2023. Ex dividend date is 22 November 2023. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.064 (up from ฿0.004 in 2Q 2022). Revenue: ฿468.2m (up 14% from 2Q 2022). Net income: ฿50.4m (up ฿46.9m from 2Q 2022). Profit margin: 11% (up from 0.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 14
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.19 to ฿0.215. Revenue forecast unchanged at ฿1.88b. Net income forecast to grow 123% next year vs 30% growth forecast for Packaging industry in Thailand. Consensus price target up from ฿5.05 to ฿5.25. Share price was steady at ฿4.42 over the past week. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.18, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 9x in the Packaging industry in Thailand. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.08 per share. New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (฿3.23b market cap, or US$92.8m). Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.03 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 26
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: ฿0.07 (down from ฿0.18 in FY 2021). Revenue: ฿1.70b (down 1.8% from FY 2021). Net income: ฿55.1m (down 63% from FY 2021). Profit margin: 3.2% (down from 8.7% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Packaging industry in Thailand. 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 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.76, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 10x in the Packaging industry in Thailand. Total returns to shareholders of 59% over the past three years. Price Target Changed • Nov 16
Price target decreased to ฿2.82 Down from ฿4.12, the current price target is provided by 1 analyst. New target price is 11% below last closing price of ฿3.18. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿0.06 for next year compared to ฿0.18 last year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Sompote Valyasevi was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 54% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿1.72b to ฿1.68b. EPS estimate also fell from ฿0.13 per share to ฿0.06 per share. Net income forecast to shrink 15% next year vs 11% growth forecast for Packaging industry in Thailand . Consensus price target down from ฿4.12 to ฿2.82. Share price rose 3.4% to ฿3.62 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿0.004 (vs ฿0.047 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.004 (down from ฿0.047 in 2Q 2021). Revenue: ฿412.0m (down 3.9% from 2Q 2021). Net income: ฿3.50m (down 91% from 2Q 2021). Profit margin: 0.8% (down from 9.1% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 2.2%, compared to a 7.0% growth forecast for the industry in Thailand. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.016 (down from ฿0.047 in 1Q 2021). Revenue: ฿428.0m (flat on 1Q 2021). Net income: ฿13.4m (down 65% from 1Q 2021). Profit margin: 3.1% (down from 8.9% in 1Q 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Over the next year, revenue is forecast to grow 14%, compared to a 9.6% growth forecast for the industry in Thailand. Buying Opportunity • May 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ฿4.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 59% in 2 years. Earnings is forecast to grow by 44% in the next 2 years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Sompote Valyasevi was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 11
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 18 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (2.2%). Annuncio • Apr 09
Starflex Public Company Limited Approves Dividend for the Year Ended December 31, 2021 Starflex Public Company Limited announced at annual general meeting held on April 7, 2021, the shareholders approved the legal reserve allocation at amount of THB 1.85 million and dividend payment from profits of the operation results for the fiscal year ended 31 December 2021 at THB 0.045 per share, totaling THB 36.90 million. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.18 (up from ฿0.17 in FY 2020). Revenue: ฿1.73b (up 22% from FY 2020). Net income: ฿149.4m (up 4.6% from FY 2020). Profit margin: 8.7% (down from 10% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Over the next year, revenue is forecast to grow 16%, compared to a 11% growth forecast for the industry in Thailand. Price Target Changed • Nov 15
Price target decreased to ฿6.30 Down from ฿7.03, the current price target is provided by 1 analyst. New target price is 22% above last closing price of ฿5.15. Stock is up 1.0% over the past year. The company is forecast to post earnings per share of ฿0.19 for next year compared to ฿0.17 last year. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 09 September 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (1.6%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.047 (vs ฿0.037 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿428.7m (up 32% from 2Q 2020). Net income: ฿38.8m (up 29% from 2Q 2020). Profit margin: 9.1% (down from 9.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 06 May 2021. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.0%). Is New 90 Day High Low • Jan 18
New 90-day high: ฿6.15 The company is up 11% from its price of ฿5.55 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.96 per share. Is New 90 Day High Low • Nov 16
New 90-day low: ฿5.10 The company is down 15% from its price of ฿6.00 on 18 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is down 2.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.046 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿377.0m (up 18% from 3Q 2019). Net income: ฿37.5m (up 130% from 3Q 2019). Profit margin: 10.0% (up from 5.1% in 3Q 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 16% share price gain to ฿6.20, the stock is trading at a trailing P/E ratio of 39.3x, up from the previous P/E ratio of 34x. This compares to an average P/E of 12x in the Packaging industry in Thailand. Is New 90 Day High Low • Oct 02
New 90-day low: ฿5.15 The company is down 21% from its price of ฿6.55 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 17% over the same period.