Reported Earnings • May 16
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿0.10 (down from ฿0.14 in 1Q 2025). Revenue: ฿3.17b (down 38% from 1Q 2025). Net income: ฿1.51b (down 27% from 1Q 2025). Profit margin: 48% (up from 41% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 46%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • May 05
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.8%). Declared Dividend • Mar 01
Final dividend increased to ฿0.14 Dividend of ฿0.14 is 16% higher than last year. Ex-date: 11th May 2026 Payment date: 28th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (215% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 9.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Feb 27
WHA Corporation Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2025, Payable on May 28, 2026 WHA Corporation Public Company Limited at its AGM to be held on 28 April 2026 proposed cash dividend payment from 2025 operating performance for the year ended December 31, 2025 at THB 0.1438 per share in the amount not exceeding THB 2,150 million. The Company has determined the Record Date for the shareholders' right to receive the dividend on May 12, 2026 and the dividend payment date shall be on May 28, 2026. However, the right to receive the dividend is uncertain as it is subject to the approval of this Annual General Meeting of Shareholders. Ex-dividend date is 11 May 2026. Annuncio • Feb 26
WHA Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026 WHA Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.94, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 7x in the Real Estate industry in Thailand. Total returns to shareholders of 16% over the past three years. Declared Dividend • Nov 16
Dividend of ฿0.067 announced Shareholders will receive a dividend of ฿0.067. Ex-date: 27th November 2025 Payment date: 12th December 2025 Dividend yield will be 6.1%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Aug 09
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ฿0.066 (down from ฿0.09 in 2Q 2024). Revenue: ฿3.33b (up 14% from 2Q 2024). Net income: ฿980.1m (down 24% from 2Q 2024). Profit margin: 29% (down from 44% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 04
Price target decreased by 8.6% to ฿4.25 Down from ฿4.65, the current price target is an average from 15 analysts. New target price is 22% above last closing price of ฿3.48. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.29 last year. Reported Earnings • May 10
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.14 (up from ฿0.091 in 1Q 2024). Revenue: ฿4.70b (up 36% from 1Q 2024). Net income: ฿2.08b (up 52% from 1Q 2024). Profit margin: 44% (up from 40% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 65% and the cash payout ratio is 97%. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (5.8%). Annuncio • Apr 24
WHA Corporation Public Company Limited Approves Dividend for the Year 2024, Payable on May 23, 2025 WHA Corporation Public Company Limited announced that at its AGM held on April 24, 2025, the meeting acknowledged the interim dividend payment and approved the additional dividend payment from the 2024 operating performance at THB 0.1237 per share in the amount not exceeding THB 1,850 million; and it is not necessary to allocate its net profit for legal reserve because the legal reserve had fully been allocated as required by law. The Record Date for the shareholders' right to receive the dividend shall be on May 8, 2025 and the dividend payment date shall be on May 23, 2025. New Risk • Apr 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Dividend is not well covered by cash flows (97% cash payout ratio). Buy Or Sell Opportunity • Apr 10
Now 24% overvalued Over the last 90 days, the stock has fallen 45% to ฿2.84. The fair value is estimated to be ฿2.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 3.7% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.94, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 2.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.53 per share. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿3.44, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.03 per share. Declared Dividend • Feb 26
Final dividend increased to ฿0.12 Dividend of ฿0.12 is 5.7% higher than last year. Ex-date: 7th May 2025 Payment date: 23rd May 2025 Dividend yield will be 5.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 24
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 7.0% 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: Major Risk Debt is not well covered by operating cash flow (6.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Feb 22
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.29 (down from ฿0.30 in FY 2023). Revenue: ฿11.3b (down 31% from FY 2023). Net income: ฿4.36b (down 1.5% from FY 2023). Profit margin: 39% (up from 27% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 6.0%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 11
Dividend of ฿0.067 announced Shareholders will receive a dividend of ฿0.067. Ex-date: 21st November 2024 Payment date: 6th December 2024 Dividend yield will be 3.3%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 6.0% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.031 (down from ฿0.042 in 3Q 2023). Revenue: ฿2.05b (down 17% from 3Q 2023). Net income: ฿459.2m (down 26% from 3Q 2023). Profit margin: 22% (down from 25% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 36%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.09 (up from ฿0.058 in 2Q 2023). Revenue: ฿2.32b (down 18% from 2Q 2023). Net income: ฿1.29b (up 49% from 2Q 2023). Profit margin: 56% (up from 30% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.8%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.091 (vs ฿0.035 in 1Q 2023) First quarter 2024 results: EPS: ฿0.091 (up from ฿0.035 in 1Q 2023). Revenue: ฿3.28b (up 41% from 1Q 2023). Net income: ฿1.36b (up 161% from 1Q 2023). Profit margin: 42% (up from 23% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 26
WHA Corporation Public Company Limited Approves Dividend, Payable on May 24, 2024 WHA Corporation Public Company Limited held the 2024 Annual General Meeting of Shareholders on April 25, 2024, the Meeting acknowledged the interim dividend and approved the additional dividend payment from 2023 operating performance at THB 0.1170 per share in the amount of not exceeding THB 1,750 million; and did not allocate its net profit for legal reserve because the legal reserve had fully been allocated as required by law. The Record Date for the shareholders' right to receive the dividend shall be on May 10, 2024 and the dividend payment date shall be on May 24, 2024. Declared Dividend • Feb 25
Final dividend increased to ฿0.12 Dividend of ฿0.12 is 17% higher than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 3.9%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 43% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.30 (up from ฿0.27 in FY 2022). Revenue: ฿14.9b (up 3.9% from FY 2022). Net income: ฿4.43b (up 9.4% from FY 2022). Profit margin: 30% (up from 28% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 24
WHA Corporation Public Company Limited, Annual General Meeting, Apr 25, 2024 WHA Corporation Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the Company's 2023 operating performance and the management discussion and analysis (MD&A); to consider and approve the Company's financial statements for the fiscal year ended December 31, 2023 audited by the certified public accountant; to consider and approve the dividend payment for the 2023 performance and legal reserve allocation; to consider and approve the appointment of directors to replace the directors who are due to retire by rotation; to consider and approve the directors' remuneration for 2024; to consider and approve the appointment of auditors and the auditor's fee for 2024; and to consider other business (if any). Annuncio • Feb 23
WHA Corporation Public Company Limited Declares Dividend, Payable on May 10, 2024 The board of directors of WHA Corporation Public Company Limited at its meeting held on February 23, 2024, Approved to propose the 2024 Annual General Meeting of Shareholders to consider approving the additional dividend payment from the 2023 operating performance at the rate of THB 0.1170 per share, amounting to not more than THB 1,750 million approximately. The Record Date for the shareholders' right to receive the dividend shall be May 10, 2024 and the dividend payment date shall be on May 24, 2024. However, the right to receive the dividend is uncertain as it is subject to the approval from the Annual General Meeting of Shareholders to be held on April 25, 2024. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.067 per share at 3.3% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (4.3%). Annuncio • Nov 10
Wha Corporation Public Company Limited Announces Dividend for the Operating Period from 01-Jan-2023 to 30-Sep-2023, Payable on 08-Dec-2023 WHA Corporation Public Company Limited announced cash dividend of 0.0669 baht per share for the operating period from 01-Jan-2023 to 30-Sep-2023. Ex-dividend date 22-Nov-2023, Record date for the right to receive dividends 23-Nov-2023 and Payment date 08-Dec-2023. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.042 (vs ฿0.017 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.042 (up from ฿0.017 in 3Q 2022). Revenue: ฿2.12b (up 22% from 3Q 2022). Net income: ฿622.8m (up 141% from 3Q 2022). Profit margin: 29% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ฿0.058 (up from ฿0.019 in 2Q 2022). Revenue: ฿2.67b (up 49% from 2Q 2022). Net income: ฿866.1m (up 199% from 2Q 2022). Profit margin: 32% (up from 16% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 48%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 04
Upcoming dividend of ฿0.10 per share at 3.8% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (4.1%). Reported Earnings • Feb 27
Full year 2022 earnings released: EPS: ฿0.27 (vs ฿0.17 in FY 2021) Full year 2022 results: EPS: ฿0.27 (up from ฿0.17 in FY 2021). Revenue: ฿13.7b (up 28% from FY 2021). Net income: ฿4.05b (up 56% from FY 2021). Profit margin: 30% (up from 24% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.067 per share Eligible shareholders must have bought the stock before 25 November 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 65% and the cash payout ratio is 83%. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (3.2%). Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Ajarin Pattanapanchai was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿0.017 (up from ฿0.011 in 3Q 2021). Revenue: ฿1.98b (up 78% from 3Q 2021). Net income: ฿258.6m (up 61% from 3Q 2021). Profit margin: 13% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.019 (up from ฿0.017 in 2Q 2021). Revenue: ฿1.79b (up 9.0% from 2Q 2021). Net income: ฿289.6m (up 11% from 2Q 2021). Profit margin: 16% (in line with 2Q 2021). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 15%. Over the next year, revenue is forecast to stay flat compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Major Estimate Revision • May 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿8.58b to ฿11.0b. EPS estimate unchanged from ฿0.23 at last update. Real Estate industry in Thailand expected to see average net income growth of 19% next year. Consensus price target broadly unchanged at ฿4.08. Share price fell 2.5% to ฿3.10 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.044 (up from ฿0.009 in 1Q 2021). Revenue: ฿1.58b (up 58% from 1Q 2021). Net income: ฿656.1m (up 387% from 1Q 2021). Profit margin: 42% (up from 14% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 76%. Over the next year, revenue is expected to shrink by 1.6% compared to a 18% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.073 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (3.1%). Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kritsana Sukboonyasatit was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kritsana Sukboonyasatit was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kritsana Sukboonyasatit was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.17 (up from ฿0.17 in FY 2020). Revenue: ฿10.4b (up 28% from FY 2020). Net income: ฿2.59b (up 2.6% from FY 2020). Profit margin: 25% (down from 31% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 1.4%, compared to a 21% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.027 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 09 December 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.3%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿0.011 (vs ฿0.029 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿1.11b (up 5.2% from 3Q 2020). Net income: ฿160.3m (down 63% from 3Q 2020). Profit margin: 14% (down from 41% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% 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 • Aug 11
Second quarter 2021 earnings released: EPS ฿0.023 (vs ฿0.036 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿2.18b (up 26% from 2Q 2020). Net income: ฿260.2m (down 52% from 2Q 2020). Profit margin: 12% (down from 31% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% 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 • May 14
First quarter 2021 earnings released: EPS ฿0.009 (vs ฿0.007 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.04b (up 12% from 1Q 2020). Net income: ฿134.7m (up 36% from 1Q 2020). Profit margin: 13% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.064 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%). Lower than average of industry peers (3.8%). Executive Departure • Apr 29
Independent Director has left the company On the 26th of April, Somsak Pratomsrimek's tenure as Independent Director ended after 9.0 years in the role. We don't have any record of a personal shareholding under Somsak's name. A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Mar 09
New 90-day high: ฿3.50 The company is up 12% from its price of ฿3.12 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.18 per share. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings miss expectations Revenue missed analyst estimates by 22%. Earnings per share (EPS) also missed analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 51%, compared to a 12% growth forecast for the Real Estate industry in Thailand. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.17 (vs ฿0.22 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: ฿6.91b (down 44% from FY 2019). Net income: ฿2.52b (down 22% from FY 2019). Profit margin: 37% (up from 26% in FY 2019). 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 only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 09
New 90-day high: ฿3.34 The company is up 18% from its price of ฿2.82 on 11 November 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.05 per share. Is New 90 Day High Low • Nov 29
New 90-day high: ฿3.22 The company is up 1.0% from its price of ฿3.20 on 31 August 2020. The Thai market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.97 per share. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.029 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿1.05b (down 49% from 3Q 2019). Net income: ฿428.6m (down 25% from 3Q 2019). Profit margin: 41% (up from 27% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 18% share price gain to ฿2.82, the stock is trading at a trailing P/E ratio of 17.3x, up from the previous P/E ratio of 14.8x. This compares to an average P/E of 10x in the Real Estate industry in Thailand. Total return to shareholders over the past three years is a loss of 23%. Is New 90 Day High Low • Oct 16
New 90-day low: ฿2.72 The company is down 12% from its price of ฿3.10 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.85 per share. Is New 90 Day High Low • Sep 22
New 90-day low: ฿2.82 The company is down 16% from its price of ฿3.34 on 24 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.80 per share.