Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 22 April 2026. Payment date: 07 May 2026. Payout ratio and cash payout ratio are on the higher end at 82% and 88% respectively. Trailing yield: 6.0%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (4.6%). Declared Dividend • Feb 28
Final dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 22nd April 2026 Payment date: 7th May 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% 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 exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.46 (down from ฿0.49 in FY 2024). Revenue: ฿70.6b (down 2.8% from FY 2024). Net income: ฿6.01b (down 7.6% from FY 2024). Profit margin: 8.5% (down from 9.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 2.4%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail 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 19% per year, which means it is performing significantly worse than earnings. Annuncio • Feb 26
Home Product Center Public Company Limited Proposes Cash Dividend for the Operating Period from 01 July 2025 to 31 December 2025, Payable on 07 May 2026 Home Product Center Public Company Limited proposed cash dividend of THB 0.22 per share for the operating period from 01 July 2025 to 31 December 2025. Record date for the right to receive dividends is 23 April 2026. Ex-dividend date is 22 April 2026. Payment date is 07 May 2026. Shareholder's meeting date 09 April 2026. Annuncio • Feb 25
Home Product Center Public Company Limited, Annual General Meeting, Apr 09, 2026 Home Product Center Public Company Limited, Annual General Meeting, Apr 09, 2026, at 10:00 SE Asia Standard Time. Annuncio • Jan 28
Home Product Center Public Company Limited (SET:HMPRO) announces an Equity Buyback for 394,500,000 shares, representing 3% for THB 2,959 million. Home Product Center Public Company Limited (SET:HMPRO) announces a share repurchase program. Under the program, the company will repurchase up to 394,500,000 shares, representing 3% of its share capital, for THB 2,959 million. The share repurchase price shall not exceed 115 percent of the average closing price over the past 5 trading working days prior to the share repurchase date. The purpose of the program is to optimize the company’s excess liquidity management that is conducted for the utmost benefit an to increase the Return on Equity (ROE) ratio and Earning per Share (EPS) ratio, which will enable the future share price to reflect the true value of The company. The program will expire on August 31, 2026. As of March 11, 2026, the company had 13,151,198,025 shares in its share capital. Buy Or Sell Opportunity • Jan 28
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to ฿7.00. The fair value is estimated to be ฿5.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Reported Earnings • Oct 29
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: ฿0.10 (down from ฿0.11 in 3Q 2024). Revenue: ฿16.7b (down 1.7% from 3Q 2024). Net income: ฿1.30b (down 9.6% from 3Q 2024). Profit margin: 7.8% (down from 8.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 28
First half dividend of ฿0.16 announced Shareholders will receive a dividend of ฿0.16. Ex-date: 10th September 2025 Payment date: 24th September 2025 Dividend yield will be 5.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 24
Now 20% overvalued Over the last 90 days, the stock has fallen 8.4% to ฿7.05. The fair value is estimated to be ฿5.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 4.7% per annum over the same time period. Buy Or Sell Opportunity • Aug 06
Now 21% overvalued Over the last 90 days, the stock has fallen 8.3% to ฿7.15. The fair value is estimated to be ฿5.93, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 4.8% per annum over the same time period. New Risk • Jul 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 56% 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 (56% net debt to equity). Dividend is not well covered by cash flows (110% cash payout ratio). Reported Earnings • Jul 30
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.12 in 2Q 2024). Revenue: ฿17.5b (down 5.8% from 2Q 2024). Net income: ฿1.40b (down 14% from 2Q 2024). Profit margin: 8.0% (down from 8.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 4.3%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿7.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Specialty Retail industry in Thailand. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.49 per share. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿6.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Specialty Retail industry in Thailand. Total loss to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.11 per share. Buy Or Sell Opportunity • May 23
Now 21% overvalued Over the last 90 days, the stock has fallen 10% to ฿7.70. The fair value is estimated to be ฿6.38, however this is not to be taken as a sell 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 3.8%. Revenue is forecast to grow by 4.8% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Reported Earnings • Apr 30
First quarter 2025 earnings: EPS in line with expectations, revenues disappoint First quarter 2025 results: EPS: ฿0.13 (in line with 1Q 2024). Revenue: ฿18.7b (flat on 1Q 2024). Net income: ฿1.71b (flat on 1Q 2024). Profit margin: 9.2% (up from 9.1% in 1Q 2024). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. 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 17% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 22 April 2025. Payment date: 08 May 2025. Payout ratio and cash payout ratio are on the higher end at 87% and 84% respectively. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (3.8%). Annuncio • Apr 10
Home Product Center Public Company Limited Approves Dividend for the Period of July 2024 to December 2024. Payable on May 8, 2025 Home Product Center Public Company Limited approved the dividend payment for the operation results of the second half of the year 2024 (July 2024 — December 2024) as per separate financial statement by cash at the rate of THB 0.25 per share, or not exceeding in total of THB 3,287.80 Million. The total of the cash dividend payment for the whole year shall be equivalent to the rate of THB 0.43 per share which the total amount was calculated to be approximately THB 5,655.02 Million, or at payout ratio of 81.55% of net profit according to the separate financial statement. Such rate of dividend payment is in accordance with the dividend payment policy of the Company. All dividends shall be deducted for the withholding tax at the rate stipulated by law. According to the dividend payment mentioned above, the Company will pay such from the net profit arising from the Company's operation result of July 2024 - December 2024 in which the Company is required to pay for corporate income tax at the rate 20%. The Shareholders, who are individuals can obtain tax credits due to the dividend payment in accordance with Section 47 bis of the Revenue Code. The list of shareholders who are entitled to receive the dividend (Record Date) will be issued on 23rd April 2025, and the dividend will be paid on 8th May 2025. Buy Or Sell Opportunity • Apr 09
Now 23% overvalued Over the last 90 days, the stock has fallen 4.4% to ฿8.60. The fair value is estimated to be ฿6.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 5.2%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Annuncio • Mar 27
Home Product Center Public Company Limited (SET:HMPRO) announces an Equity Buyback for 800,000,000 shares, representing 6.08% for THB 7,000 million. Home Product Center Public Company Limited (SET:HMPRO) announces a share repurchase program. Under the program, the company will repurchase up to 800,000,000 shares, representing 6.08% of its share capital, for THB 7,000 million. The share repurchase price shall not exceed 115 percent of the average closing price over the past 5 trading working days prior to the share repurchase date. The purpose of the program is to optimize the company’s excess liquidity management that is conducted for the utmost benefit an to increase the Return on Equity (ROE) ratio and Earning per Share (EPS) ratio, which will enable the future share price to reflect the true value of The company. The program will expire on September 30, 2025. As of March 13, 2025, the company had 13,151,198,025 shares in its share capital. Buy Or Sell Opportunity • Mar 21
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to ฿8.20. The fair value is estimated to be ฿6.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 5.2%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Declared Dividend • Feb 27
Final dividend of ฿0.25 announced Shareholders will receive a dividend of ฿0.25. Ex-date: 22nd April 2025 Payment date: 8th May 2025 Dividend yield will be 5.1%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Feb 26
Home Product Center Public Company Limited, Annual General Meeting, Apr 10, 2025 Home Product Center Public Company Limited, Annual General Meeting, Apr 10, 2025, at 10:00 SE Asia Standard Time. Reported Earnings • Feb 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.49 (in line with FY 2023). Revenue: ฿72.6b (flat on FY 2023). Net income: ฿6.50b (up 1.0% from FY 2023). Profit margin: 9.0% (up from 8.8% in FY 2023). Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 2.3%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. 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 19% per year, which means it is significantly lagging earnings. Annuncio • Feb 26
Home Product Center Public Company Limited Proposes Cash Dividend for the Period from 01 July 2024 to 31 December 2024, Payable on 08 May 2025 The Board of Directors of Home Product Center Public Company Limited has approved to propose the shareholders' meeting to consider and approve the dividend payment for the year 2024 at the rate THB 0.43 per share, totaling THB 5,655.02 million or at a payout ratio of 81.55% of the net profit of the separate financial statement after deducting the interim dividend of THB 0.18 per share that was paid on September 24, 2024. The outstanding dividend will be distributed at a rate of THB 0.25 per share, for a total of THB 3,287.80 million. Record date for the right to receive dividends 23 April 2025. Ex-dividend date is 22 April 2025. Payment date is 08 May 2025. Paid from Operating period from 01 July 2024 to 31 December 2024. Buy Or Sell Opportunity • Feb 12
Now 24% overvalued Over the last 90 days, the stock has fallen 11% to ฿8.45. The fair value is estimated to be ฿6.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 6.7%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 1.8% per annum over the same time period. Annuncio • Feb 05
Home Product Center Public Company Limited NVDR SHARES Depositary Receipts to Be Deleted from OTC Equity Home Product Center Public Company Limited NVDR SHARES Depositary Receipts will be deleted from OTC Equity effective February 04, 2025, due to Inactive Security. Buy Or Sell Opportunity • Jan 15
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to ฿8.75. The fair value is estimated to be ฿7.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 6.7%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 1.8% per annum over the same time period. Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ฿0.11 (down from ฿0.12 in 3Q 2023). Revenue: ฿17.0b (down 2.7% from 3Q 2023). Net income: ฿1.44b (down 5.9% from 3Q 2023). Profit margin: 8.5% (down from 8.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.7%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. 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 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿10.70, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Specialty Retail industry in Thailand. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.82 per share. Declared Dividend • Aug 29
First half dividend of ฿0.18 announced Dividend of ฿0.18 is the same as last year. Ex-date: 10th September 2024 Payment date: 24th September 2024 Dividend yield will be 4.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (83% cash payout ratio). The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Aug 27
Home Product Center Public Company Limited Announces Cash Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on September 24, 2024 Home Product Center Public Company Limited announced cash dividend payment of THB 0.18 per share for the period from January 1, 2024 to June 30, 2024. Ex-dividend date is September 10, 2024. The dividend payable is September 24, 2024. Record date for the right to receive dividends is September 11, 2024. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿9.75, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Specialty Retail industry in Thailand. Total loss to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.76 per share. New Risk • Jul 31
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). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 01
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: ฿18.8b (up 2.9% from 1Q 2023). Net income: ฿1.71b (up 6.3% from 1Q 2023). Profit margin: 9.1% (up from 8.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail 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 fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 08 May 2024. Payout ratio and cash payout ratio are on the higher end at 82% and 99% respectively. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (2.7%). Annuncio • Apr 10
Home Product Center Public Company Limited Approves Dividend for the Second Half Year Ended 31 December 2023, Payable on 8 May 2024 Home Product Center Public Company Limited at its Annual General Meeting of Shareholders for the year 2024 held on 10 April 2024, approved the dividend payment for the operation results of the second half of the year 2023 (July 2023 - December 2023) as per separate financial statement by cash at the rate of THB 0.22 per share, or not exceeding in total of THB 2,893.27 Million. The total of the cash dividend payment for the whole year shall be equivalent to the rate of THB 0.40 per share which the total amount was calculated to be approximately THB 5,260.49 Million, or at payout ratio of 85.19 % of net profit according to the separate financial statement. Such rate of dividend payment is in accordance with the dividend payment policy of the Company. All dividends shall be deducted for the withholding tax at the rate stipulated by law. According to the dividend payment mentioned above, the Company will pay such from the net profit arising from the Company's operation result of July 2023 - December 2023 in which the Company is required to pay for corporate income tax at the rate 20%. The Shareholders who are individuals can obtain tax credits due to the dividend payment in accordance with Section 47 bis of the Revenue Code. The list of shareholders who are entitled to receive the dividend (Record Date) will be issued on 23 April 2024, and the dividend will be paid on 8 May 2024. Declared Dividend • Feb 29
Final dividend increased to ฿0.22 Dividend of ฿0.22 is 4.8% higher than last year. Ex-date: 22nd April 2024 Payment date: 8th May 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Feb 28
Home Product Center Public Company Limited, Annual General Meeting, Apr 10, 2024 Home Product Center Public Company Limited, Annual General Meeting, Apr 10, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider the approval of the minutes of The Annual General Meeting of the Shareholders for the year 2023; to consider for acknowledgment the Company's Operation Result of the year 2023; to consider the approval of the Statements of Financial Position and Statements of Comprehensive Income, including the Auditor's Report for the year ended 31st December 2023; to consider the approval of the dividend payment for the year 2023; to consider the approval the appointment of the Company's directors in place of the directors who are retired by rotation; to consider the approval the remuneration of directors for the year 2024; to consider the approval the payment of directors' bonus for the year 2023; to consider the approval the appointment of auditors and determination the auditing fee for the year 2024; to consider the approval the amendment to the Memorandum of Association, Section 3 (Company's objectives). Reported Earnings • Feb 28
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: ฿0.49 (up from ฿0.47 in FY 2022). Revenue: ฿72.8b (up 4.9% from FY 2022). Net income: ฿6.44b (up 3.6% from FY 2022). Profit margin: 8.8% (down from 9.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail 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 fallen by 8% per year, which means it is significantly lagging earnings. Annuncio • Feb 27
Home Product Center Public Company Limited Proposes Dividend for the Second Half Year Ended 31 December 2023, Payable on 8 May 2024 Home Product Center Public Company Limited announced that at its board meeting held on 27 February 2024, to propose the Shareholders' Meeting for consideration of approval of the dividend payment for the company's operation result from 1 January 2023 to 31 December 2023. The details are as follows: For the company's operation result of the second half of the year 2023 (July 2023 to December 2023). On 27 February 2024, the board of directors' Meeting no. 2/2024 approved to propose the Annual General Meeting of Shareholders for consideration and approval the dividend payment in cash at the rate of THB 0.22 per share or not exceeding in total amount of THB 2,893.27 million. The total of dividend payment in cash for the whole year shall be equivalent to the rate of THB 0.40 per share which the total amount was calculated to be approximately THB 5,260.49 million or at payout ratio of 85.19% of net profit according to the separate financial statement. The name list of shareholders who are eligible to receive the dividend payment will be specified on 23 April 2024 (record date) and the payment of dividend will be made on 8 May 2024. Reported Earnings • Nov 01
Third quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2023 results: EPS: ฿0.12 (in line with 3Q 2022). Revenue: ฿17.5b (up 3.2% from 3Q 2022). Net income: ฿1.53b (flat on 3Q 2022). Profit margin: 8.8% (down from 9.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail 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 fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 05
Upcoming dividend of ฿0.18 per share at 2.9% yield Eligible shareholders must have bought the stock before 12 September 2023. Payment date: 27 September 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (2.1%). New Risk • Jul 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% 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 (45% net debt to equity). Dividend is not well covered by cash flows (102% cash payout ratio). Reported Earnings • Jul 26
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.12 (up from ฿0.12 in 2Q 2022). Revenue: ฿18.9b (up 9.2% from 2Q 2022). Net income: ฿1.62b (up 6.6% from 2Q 2022). Profit margin: 8.6% (down from 8.8% in 2Q 2022). 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 5.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. 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 3% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 28
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: ฿0.12 (up from ฿0.12 in 1Q 2022). Revenue: ฿18.3b (up 9.5% from 1Q 2022). Net income: ฿1.61b (up 6.6% from 1Q 2022). Profit margin: 8.8% (down from 9.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.21 per share at 2.7% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 03 May 2023. Payout ratio and cash payout ratio are on the higher end at 80% and 89% respectively. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿0.47 (up from ฿0.41 in FY 2021). Revenue: ฿69.4b (up 8.5% from FY 2021). Net income: ฿6.22b (up 14% from FY 2021). Profit margin: 9.0% (up from 8.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% 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. 2 experienced directors. 9 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Pornwut Sarasin was the last independent director to join the board, commencing their role in 2015. 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 • Oct 26
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.12 (up from ฿0.066 in 3Q 2021). Revenue: ฿16.9b (up 23% from 3Q 2021). Net income: ฿1.53b (up 76% from 3Q 2021). Profit margin: 9.1% (up from 6.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.5%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail 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 7% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 27 September 2022. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.8%). Reported Earnings • Jul 27
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: ฿0.12 (up from ฿0.11 in 2Q 2021). Revenue: ฿17.3b (up 2.1% from 2Q 2021). Net income: ฿1.52b (up 6.1% from 2Q 2021). Profit margin: 8.8% (up from 8.4% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 5.4%, compared to a 7.5% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • May 01
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: ฿0.11 (up from ฿0.10 in 1Q 2021). Revenue: ฿16.7b (up 5.3% from 1Q 2021). Net income: ฿1.51b (up 11% from 1Q 2021). Profit margin: 9.1% (up from 8.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 4.5%, compared to a 13% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. 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. 3 experienced directors. 8 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Pornwut Sarasin was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 20 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.41 (up from ฿0.39 in FY 2020). Revenue: ฿63.9b (up 3.5% from FY 2020). Net income: ฿5.44b (up 5.5% from FY 2020). Profit margin: 8.5% (up from 8.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 4.7%, compared to a 11% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has remained flat. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS ฿0.066 (vs ฿0.11 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿13.8b (down 14% from 3Q 2020). Net income: ฿870.4m (down 38% from 3Q 2020). Profit margin: 6.3% (down from 8.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Board Change • Sep 04
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. 3 experienced directors. 7 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Pornwut Sarasin was the last independent director to join the board, commencing their role in 2015. 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 • Apr 29
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.096 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿15.8b (up 3.3% from 1Q 2020). Net income: ฿1.36b (up 7.6% from 1Q 2020). Profit margin: 8.6% (up from 8.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 06 May 2021. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.1%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.39 (vs ฿0.47 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿61.7b (down 8.4% from FY 2019). Net income: ฿5.15b (down 17% from FY 2019). Profit margin: 8.3% (down from 9.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue behind estimates Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 3.2%, compared to a 13% growth forecast for the Specialty Retail industry in Thailand. Is New 90 Day High Low • Feb 23
New 90-day low: ฿13.20 The company is down 13% from its price of ฿15.20 on 25 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail 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 ฿5.96 per share. Is New 90 Day High Low • Feb 04
New 90-day low: ฿13.30 The company is down 6.0% from its price of ฿14.20 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 Specialty Retail industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.18 per share. Is New 90 Day High Low • Nov 24
New 90-day high: ฿15.60 The company is up 1.0% from its price of ฿15.40 on 26 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Specialty Retail industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.96 per share. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿5.36b, down 12% from the prior year. Total revenue was ฿62.7b over the last 12 months, down 7.3% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 28
Third-quarter earnings released: Earnings beat expectations, revenue disappoints Third-quarter revenue missed analyst estimates by 0.3% at ฿15.1b. Earnings per share (EPS) exceeded analyst estimates by 8.9% at ฿0.11. Revenue is forecast to grow 1.9% over the next year, compared to a 3.5% growth forecast for the Specialty Retail industry in Thailand. Is New 90 Day High Low • Oct 19
New 90-day low: ฿13.10 The company is down 17% from its price of ฿15.70 on 21 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 Specialty Retail industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.15 per share.