Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.27 (vs ฿1.22 in 1Q 2025) First quarter 2026 results: EPS: ฿0.27 (down from ฿1.22 in 1Q 2025). Revenue: ฿1.97b (down 7.3% from 1Q 2025). Net income: ฿137.1m (down 77% from 1Q 2025). Profit margin: 7.0% (down from 28% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.70 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.2%). Declared Dividend • Feb 25
Dividend of ฿0.70 announced Shareholders will receive a dividend of ฿0.70. Ex-date: 7th May 2026 Payment date: 26th May 2026 Dividend yield will be 2.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (dividend approximately 31x free cash flows). The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 36% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Feb 24
I.C.C. International Public Company Limited announces Annual dividend, payable on May 26, 2026 I.C.C. International Public Company Limited announced Annual dividend of THB 0.7000 per share payable on May 26, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿1.59 (vs ฿1.97 in FY 2024) Full year 2025 results: EPS: ฿1.59 (down from ฿1.97 in FY 2024). Revenue: ฿8.34b (down 4.6% from FY 2024). Net income: ฿795.7m (down 19% from FY 2024). Profit margin: 9.5% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annuncio • Feb 21
I.C.C. International Public Company Limited, Annual General Meeting, Apr 27, 2026 I.C.C. International Public Company Limited, Annual General Meeting, Apr 27, 2026, at 14:15 SE Asia Standard Time. Location: the kingbridge hall 4th floor, kingbridge tower no. 989 rama 3 road, bangpongpang sub-district, yannawa district, bangkok 10120, bangkok Thailand Annuncio • Nov 22
I.C.C. International Public Company Limited Approves Board Changes, Effective from December 1, 2025 I.C.C. International Public Company Limited would like to report the resolutions of the Board of Directors' Meeting # 8/2568 held on November 21, 2025. Resolutions were passed to allow the company to conduct the following matters: To accept the resignation of Surat Wongrattanapassorn Ph.D. from the position of Director of the Board and Risk Management Committee Board due to other business engagements rendering him unable to perform such duties. This shall be effective on December 1, 2025 and a resolution was passed to appoint Mr. Yothin Suvannakate as Director of the Company to replace Surat Wongrattanapassorn Ph.D. who had resigned. Mr. Yothin Suvannakate tenure is effective from December 1, 2025 until the end of the remaining term of his predecessor. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.38 (vs ฿1.94 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.38 (down from ฿1.94 in 2Q 2024). Revenue: ฿1.95b (down 2.2% from 2Q 2024). Net income: ฿191.4m (down 80% from 2Q 2024). Profit margin: 9.8% (down from 49% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿22.80, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 12x in the Retail Distributors industry in Thailand. Total returns to shareholders of 39% over the past three years. New Risk • Jul 18
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 7.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿1.66 (vs ฿0.13 in 1Q 2024) First quarter 2025 results: EPS: ฿1.66 (up from ฿0.13 in 1Q 2024). Revenue: ฿2.13b (down 1.4% from 1Q 2024). Net income: ฿607.5m (up ฿542.3m from 1Q 2024). Profit margin: 28% (up from 3.0% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿25.92, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 15x in the Retail Distributors industry in Thailand. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.63 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.3%). Annuncio • Apr 28
I.C.C. International Public Company Limited Announces Board Elections I.C.C. International Public Company Limited at its AGM held on April 28, 2025 approved appointment of Miss Suthida Jongjenkit as director (replacing Ms. Munchusa Terapongpipat who declined to retake the position. Declared Dividend • Feb 26
Dividend of ฿0.63 announced Shareholders will receive a dividend of ฿0.63. Ex-date: 7th May 2025 Payment date: 27th May 2025 Dividend yield will be 2.0%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (34% 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 over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Feb 25
I.C.C. International Public Company Limited, Annual General Meeting, Apr 28, 2025 I.C.C. International Public Company Limited, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Location: kingbridge hall kingbridge tower no.989, rama 3 road, bangpongpang sub-district, yannawa district, bangkok 10120, bangkok Thailand Annuncio • Feb 24
I.C.C. International Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2024, Payable on May 27, 2025 I.C.C. International Public Company Limited announced that at its board meeting held on February 21, 2025, the board proposed to general meeting a cash dividend of THB 0.63013698631 per share, amounting to total dividend of THB 230,000,000. The date for determining the names of shareowners who have the right to receive dividends is on May 8, 2025, with payment scheduled for May 27, 2025. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: ฿2.69 (vs ฿2.45 in FY 2023) Full year 2024 results: EPS: ฿2.69 (up from ฿2.45 in FY 2023). Revenue: ฿8.73b (down 1.2% from FY 2023). Net income: ฿983.0m (up 9.9% from FY 2023). Profit margin: 11% (up from 10% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2024 earnings released: ฿0.14 loss per share (vs ฿0.013 loss in 3Q 2023) Third quarter 2024 results: ฿0.14 loss per share (further deteriorated from ฿0.013 loss in 3Q 2023). Revenue: ฿2.09b (down 6.4% from 3Q 2023). Net loss: ฿51.1m (loss widened ฿46.4m from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿2.66 (vs ฿0.66 in 2Q 2023) Second quarter 2024 results: EPS: ฿2.66 (up from ฿0.66 in 2Q 2023). Revenue: ฿2.00b (down 5.5% from 2Q 2023). Net income: ฿972.0m (up 305% from 2Q 2023). Profit margin: 49% (up from 11% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annuncio • Aug 01
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL). I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) agreed to acquire TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) for approximately THB 670 million on April 22, 2024. A cash consideration of THB 669.9 million will be paid by I.C.C. International Public Company Limited, Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited. As part of consideration, THB 669.9 million is paid towards common equity of TNLX Company Limited. The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) on July 31, 2024. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.22 (vs ฿1.80 in 1Q 2023) First quarter 2024 results: EPS: ฿0.22 (down from ฿1.80 in 1Q 2023). Revenue: ฿2.16b (down 1.5% from 1Q 2023). Net income: ฿65.1m (down 90% from 1Q 2023). Profit margin: 3.0% (down from 30% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 23
I.C.C. International Public Company Limited Approves Dividend Payment of 2023, Payable on 21 May 2024 I.C.C. International Public Company Limited at its AGM held on April 22, 2024, approved dividend payment of 2023 for business operation from January 1 - December 31, 2023 at THB 1.40 per share for the total of 290,633,730 shares. The date for dividend payment is scheduled for 21 May 2024. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿3.08 (vs ฿2.13 in FY 2022) Full year 2023 results: EPS: ฿3.08 (up from ฿2.13 in FY 2022). Revenue: ฿8.84b (up 4.3% from FY 2022). Net income: ฿894.2m (up 45% from FY 2022). Profit margin: 10% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 13
I.C.C. International Public Company Limited Announces Resignation of Nualphan Lamsam as Director I.C.C. International Public Company Limited at its board meeting held on January 12, 2024 accepted resignation of Mrs. Nualphan Lamsam from the position of Director of the company due to other engagement rendering her unable to perform the duties of company director, to be effective on December 31, 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.02 loss per share (vs ฿0.14 profit in 3Q 2022) Third quarter 2023 results: ฿0.02 loss per share (down from ฿0.14 profit in 3Q 2022). Revenue: ฿2.23b (up 4.8% from 3Q 2022). Net loss: ฿4.73m (down 111% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.83 (vs ฿0.75 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.83 (up from ฿0.75 in 2Q 2022). Revenue: ฿2.11b (flat on 2Q 2022). Net income: ฿240.3m (up 11% from 2Q 2022). Profit margin: 11% (up from 10% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿37.25, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 17x in the Retail Distributors industry in Thailand. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ฿48.25, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 17x in the Retail Distributors industry in Thailand. Total returns to shareholders of 45% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿2.26 (vs ฿0.077 loss in 1Q 2022) First quarter 2023 results: EPS: ฿2.26 (up from ฿0.077 loss in 1Q 2022). Revenue: ฿2.19b (up 14% from 1Q 2022). Net income: ฿657.1m (up ฿679.6m from 1Q 2022). Profit margin: 30% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ฿1.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (2.6%). 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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Anuchit Anuchitanukul was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.75 (vs ฿0.30 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.75 (up from ฿0.30 in 2Q 2021). Revenue: ฿2.10b (up 40% from 2Q 2021). Net income: ฿217.0m (up 148% from 2Q 2021). Profit margin: 10% (up from 5.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
First quarter 2022 earnings released: ฿0.077 loss per share (vs ฿0.027 profit in 1Q 2021) First quarter 2022 results: ฿0.077 loss per share (down from ฿0.027 profit in 1Q 2021). Revenue: ฿1.92b (up 7.3% from 1Q 2021). Net loss: ฿22.5m (down 391% from profit in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 27
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 03 May 2022. Payment date: 24 May 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (2.5%). 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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Anuchit Anuchitanukul was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.42 (up from ฿0.18 loss in FY 2020). Revenue: ฿6.80b (down 13% from FY 2020). Net income: ฿121.5m (up ฿173.9m from FY 2020). Profit margin: 1.8% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2021 earnings released: ฿0.52 loss per share (vs ฿0.28 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ฿1.76b (down 16% from 3Q 2020). Net loss: ฿137.6m (loss widened 71% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Executive Departure • Aug 24
VP of Accounting & Finance Division and Executive Director Nattapat Petchratanaporn has left the company On the 20th of August, Nattapat Petchratanaporn's tenure as VP of Accounting & Finance Division and Executive Director ended after 11.2 years in the role. We don't have any record of a personal shareholding under Nattapat's name. Nattapat is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 11.25 years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.30 (vs ฿0.36 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: ฿1.49b (up 7.5% from 2Q 2020). Net income: ฿87.5m (down 17% from 2Q 2020). Profit margin: 5.9% (down from 7.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Board Change • Jul 29
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Anuchit Anuchitanukul was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.41 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.86b (down 13% from 1Q 2020). Net income: ฿7.72m (up ฿125.6m from 1Q 2020). Profit margin: 0.4% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 25 May 2021. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.2%). Reported Earnings • Feb 20
Full year 2020 earnings released: ฿0.18 loss per share (vs ฿2.50 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿7.81b (down 31% from FY 2019). Net loss: ฿52.4m (down 107% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 05
New 90-day high: ฿30.00 The company is up 8.0% from its price of ฿27.75 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Retail Distributors industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: ฿29.25 The company is up 1.0% from its price of ฿29.00 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Retail Distributors industry, which is also up 1.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ฿0.28 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿2.66b (down 2.3% from 3Q 2019). Net loss: ฿80.6m (down 308% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 05
New 90-day low: ฿27.00 The company is down 11% from its price of ฿30.50 on 07 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 5.0% over the same period.