Reported Earnings • May 17
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿0.12 (down from ฿0.14 in 1Q 2025). Revenue: ฿604.9m (up 14% from 1Q 2025). Net income: ฿95.0m (down 13% from 1Q 2025). Profit margin: 16% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Annuncio • Apr 22
Triple i Logistics Public Company Limited Approves Dividend for the Year Ended December 31, 2025, Payable on May 15, 2026 Triple i Logistics Public Company Limited at its AGM held on April 21, 2026, approved the payment of dividend for the year ended December 31, 2025 of another THB 0.15 per share at a total dividend amount of THB 115,277,973.00, which shall be paid from the Company's net profit for the year 2025 and retained earnings, and acknowledge the interim dividend payment paid from the operating results between 1 January 2025 to 30 June 2025 and retained earnings to the shareholders on 4 September 2025 in the amount of THB 0.10 per share with the total interim dividend amount of THB 76,851,572.00. The Company has determined the record date for shareholders who have the right to receive dividend to be on 29 April 2026 and the dividend payment date on 15 May 2026. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.7%). Reported Earnings • Mar 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿0.51 (down from ฿0.56 in FY 2024). Revenue: ฿2.48b (up 3.3% from FY 2024). Net income: ฿393.6m (down 11% from FY 2024). Profit margin: 16% (down from 18% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.9%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 35% per year whereas the company’s share price has fallen by 32% per year. Declared Dividend • Mar 01
Final dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 28th April 2026 Payment date: 15th May 2026 Dividend yield will be 6.0%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (172% cash payout ratio). The dividend has increased by an average of 14% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Feb 28
Triple I Logistics Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2025 to December 31, 2025, Payable on May 15, 2026 Triple i Logistics Public Company Limited at its AGM going to be held on April 21, 2026 proposed cash dividend of THB 0.15 per share for the operating period from January 1, 2025 to December 31, 2025, Payable on May 15, 2026. Ex-dividend date is April 28, 2026 and record date is April 29, 2026. Annuncio • Feb 26
Triple i Logistics Public Company Limited, Annual General Meeting, Apr 21, 2026 Triple i Logistics Public Company Limited, Annual General Meeting, Apr 21, 2026, at 14:00 SE Asia Standard Time. Location: physical meeting, siam hall, 6th floor, eastin grand hotel phayathai, 18 phaya thai road, thung phaya thai sub-district, ratchathewi district, bangkok 10400, Thailand New Risk • Dec 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.07b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (177% cash payout ratio). Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (฿3.07b market cap, or US$98.6m). Price Target Changed • Nov 07
Price target decreased by 29% to ฿6.50 Down from ฿9.20, the current price target is an average from 2 analysts. New target price is 47% above last closing price of ฿4.42. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.53 for next year compared to ฿0.56 last year. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.13 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.13. Revenue: ฿614.0m (down 3.9% from 3Q 2024). Net income: ฿101.2m (flat on 3Q 2024). Profit margin: 17% (in line with 3Q 2024). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Logistics industry in Asia. Major Estimate Revision • Aug 12
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.42b to ฿2.39b. EPS estimate also fell from ฿0.678 per share to ฿0.53 per share. Net income forecast to grow 24% next year vs 19% growth forecast for Logistics industry in Thailand. Consensus price target down from ฿9.20 to ฿8.83. Share price rose 8.8% to ฿5.05 over the past week. Declared Dividend • Aug 08
First half dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 19th August 2025 Payment date: 4th September 2025 Dividend yield will be 5.9%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (489% cash payout ratio). The dividend has increased by an average of 16% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
Second quarter 2025 earnings released: EPS: ฿0.095 (vs ฿0.13 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.095 (down from ฿0.13 in 2Q 2024). Revenue: ฿642.6m (up 19% from 2Q 2024). Net income: ฿73.5m (down 28% from 2Q 2024). Profit margin: 11% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.14 (down from ฿0.15 in 1Q 2024). Revenue: ฿531.3m (up 6.3% from 1Q 2024). Net income: ฿108.6m (down 6.9% from 1Q 2024). Profit margin: 20% (down from 23% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Logistics industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Annuncio • Apr 24
Triple I Logistics Public Company Limited Approves Cash Dividend for the Year 2024, Payable on 16 May 2025 Triple i Logistics Public Company Limited has held the 2025 Annual General Meeting of Shareholders on 22 April 2025. The shareholders' meeting resolved to approve the payment of dividend for the year ended 2024 of another THB 0.20 per share at a total dividend amount of THB 156,550,624.00, which shall be paid from the Company's net profit for the year 2024, and acknowledge the interim dividend payment paid from the operating results between 1 January 2024 to 30 June 2024 to the shareholders on 5 September 2024 in the amount of THB 0.12 per share with the total interim dividend amount of THB 93,929,642.40. The Company has determined the record date for shareholders who has the right to receive dividend to be on 30 April 2025 and the dividend payment date on 16 May 2025. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (5.4%). Major Estimate Revision • Feb 26
Consensus revenue estimates increase by 19%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ฿2.21b to ฿2.64b. EPS estimate fell from ฿0.668 to ฿0.62. Net income forecast to grow 14% next year vs 39% growth forecast for Logistics industry in Thailand. Consensus price target of ฿9.28 unchanged from last update. Share price fell 2.2% to ฿4.94 over the past week. Declared Dividend • Feb 21
Final dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 29th April 2025 Payment date: 16th May 2025 Dividend yield will be 6.4%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (199% cash payout ratio). The dividend has increased by an average of 16% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.56 (down from ฿1.11 in FY 2023). Revenue: ฿2.40b (up 36% from FY 2023). Net income: ฿441.4m (down 49% from FY 2023). Profit margin: 18% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Logistics 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 31% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: ฿0.13 (down from ฿0.20 in 3Q 2023). Revenue: ฿639.2m (up 61% from 3Q 2023). Net income: ฿101.9m (down 36% from 3Q 2023). Profit margin: 16% (down from 40% in 3Q 2023). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 09
Consensus revenue estimates increase by 13%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿1.94b to ฿2.19b. EPS estimate fell from ฿0.64 to ฿0.55. Net income forecast to shrink 36% next year vs 5.5% growth forecast for Logistics industry in Thailand . Consensus price target down from ฿10.87 to ฿10.28. Share price rose 4.1% to ฿6.30 over the past week. Declared Dividend • Aug 09
First half dividend reduced to ฿0.12 Dividend of ฿0.12 is 40% lower than last year. Ex-date: 20th August 2024 Payment date: 5th September 2024 Dividend yield will be 5.7%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (230% cash payout ratio). The dividend has increased by an average of 23% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 15% over the next 3 years. However, it would need to fall by 58% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.20 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.13 (down from ฿0.20 in 2Q 2023). Revenue: ฿538.4m (up 22% from 2Q 2023). Net income: ฿102.7m (down 33% from 2Q 2023). Profit margin: 19% (down from 35% in 2Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Logistics 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 fallen by 24% per year, which means it is significantly lagging earnings. Annuncio • Aug 07
Triple I Logistics Public Company Limited Announces Interim Cash Dividend for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 5, 2024 Triple i Logistics Public Company Limited announced interim cash dividend of THB 0.12 per share for operating period from January 1, 2024 to June 30, 2024, Payable on September 5, 2024. Ex-dividend date is August 20, 2024. Record date for the right to receive dividends is August 21, 2024. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.6% 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 Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (351% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿5.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Logistics industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.20 in 1Q 2023) First quarter 2024 results: EPS: ฿0.15 (down from ฿0.20 in 1Q 2023). Revenue: ฿499.7m (up 14% from 1Q 2023). Net income: ฿116.6m (down 22% from 1Q 2023). Profit margin: 23% (down from 34% in 1Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annuncio • Apr 30
Triple I Logistics Public Company Limited Announces Appointment of Directors of Sub-Committees The Board of Directors' meeting of Triple i Logistics Public Company Limited held on Tuesday 30 April 2024, has reached important resolutions which can be summarized as follows: Resolved to appoint the following directors as the directors of the Company's sub- committees: Mr. Vipoota Trakulhoon: Member of the Audit Committee /Chairman of the Nomination and Remuneration Committee /Member of the Investment Committee, Mr. Viraj Nobnomtham: Member of the Management Committee /Member of the Investment Committee /Member of the Nomination and Remuneration Committee /Member of the Corporate Governance and Sustainable Development Committee. Mr. Thanut Thatayanon: Member of Management Committee /Member of the Investment Committee /Member of the Corporate Governance and Sustainable Development Committee. Mr. Jirod Panacharas: Member of Management Committee /Member of the Corporate Governance and Sustainable Development Committee. In this regard, the above appointment of Directors of the Company's sub-committees shall be effective from 30 April 2024 onwards. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 34% 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 (6.0%). Higher than average of industry peers (2.3%). Major Estimate Revision • Feb 28
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿2.63b to ฿2.07b. EPS estimate fell from ฿0.83 to ฿0.735 per share. Net income forecast to shrink 33% next year vs 33% growth forecast for Logistics industry in Thailand . Consensus price target down from ฿13.92 to ฿11.80. Share price was steady at ฿9.50 over the past week. Price Target Changed • Feb 25
Price target decreased by 7.3% to ฿13.22 Down from ฿14.26, the current price target is an average from 5 analysts. New target price is 38% above last closing price of ฿9.60. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.72 for next year compared to ฿1.11 last year. Declared Dividend • Feb 23
Final dividend reduced to ฿0.18 Dividend of ฿0.18 is 55% lower than last year. Ex-date: 30th April 2024 Payment date: 16th May 2024 Dividend yield will be 3.9%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but not covered by cash flows (359% cash payout ratio). The dividend has increased by an average of 23% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 19% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Annuncio • Feb 22
Triple i Logistics Public Company Limited, Annual General Meeting, Apr 23, 2024 Triple i Logistics Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Location: Grand Ballroom 1, 1st Floor, Grand Hyatt Erawan Bangkok Hotel, 494 Rajdamri Road Lumpini Sub-district, Pathumwan District, Bangkok Thailand Agenda: To consider Chairman's Report; to acknowledge the minutes of the 2023 Annual General Meeting of Shareholders held on 18 April 2023; to acknowledge the operating result of the Company for the year ended 2023; to consider and approve the statement of financial position and statement of comprehensive income for the year ended 31 December 2023; to consider and approve the dividend payment for the year ended 2023 and to acknowledge the interim dividend payment; to consider and approve the appointment of new directors in replacement of the directors who were retired by rotation; to consider and approve the remuneration of directors for the year 2024; and to consider other businesses (if any). Reported Earnings • Feb 22
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿1.11. Revenue: ฿1.76b (down 37% from FY 2022). Net income: ฿866.2m (up 8.9% from FY 2022). Profit margin: 49% (up from 28% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 31%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in Thailand. Annuncio • Feb 21
Triple i Logistics Public Company Limited Proposes Dividend for the Year 2023, Payable on May 16, 2024 Triple i Logistics Public Company Limited announced that at the Annual General Meeting of Shareholders to be held on 23 April 2024, proposed the annual dividend payment of the year 2023 to shareholders at the rate of Baht 0.38 per share, totaling Baht 301,622,645.60. The Company also had distributed an interim dividend payment from operational performance during period between 1 January 2023 - 30 June 2023 at the rate of Baht 0.20 per share, totaling Baht 160,727,084.00 on 8 September 2023. Therefore, there shall be dividend payable to be proposed at the 2024 Annual General Meeting of Shareholders to consider and approve additionally at the rate of Baht 0.18 to be paid out of the net profits for the year 2023 totaling Baht 140,895,561.60. The date to determine the shareholders who will be entitled to receive the dividend (Record Date) will be on 2 May 2024 and the dividend payment date will be on 16 May 2024. Such dividend payment of the Company however was uncertain and shall be subject to the approval of the shareholders' meeting. Price Target Changed • Jan 31
Price target decreased by 8.1% to ฿13.92 Down from ฿15.14, the current price target is an average from 5 analysts. New target price is 44% above last closing price of ฿9.70. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿0.90 for next year compared to ฿1.25 last year. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.23 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.20. Revenue: ฿398.2m (down 47% from 3Q 2022). Net income: ฿160.3m (up 9.6% from 3Q 2022). Profit margin: 40% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Logistics industry in Thailand. Buying Opportunity • Oct 18
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be ฿13.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to decline by 24% in the next 2 years. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.20 per share at 4.6% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (8.8%). New Risk • Aug 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (175% cash payout ratio). Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • Aug 10
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.21 (up from ฿0.17 in 2Q 2022). Revenue: ฿441.3m (down 39% from 2Q 2022). Net income: ฿163.4m (up 49% from 2Q 2022). Profit margin: 37% (up from 15% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 2.0%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (148% cash payout ratio). Shareholders have been diluted in the past year (26% increase in shares outstanding). Price Target Changed • Jul 22
Price target decreased by 12% to ฿15.10 Down from ฿17.23, the current price target is an average from 4 analysts. New target price is 30% above last closing price of ฿11.60. Stock is down 15% over the past year. The company is forecast to post earnings per share of ฿0.86 for next year compared to ฿1.25 last year. Reported Earnings • May 18
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: ฿0.20 (up from ฿0.18 in 1Q 2022). Revenue: ฿437.0m (down 41% from 1Q 2022). Net income: ฿149.3m (up 32% from 1Q 2022). Profit margin: 34% (up from 15% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 4.8%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 02
Consensus revenue estimates decrease by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿3.50b to ฿2.93b. EPS estimate unchanged at ฿0.81 per share. Net income forecast to shrink 24% next year vs 14% growth forecast for Logistics industry in Thailand . Consensus price target of ฿17.93 unchanged from last update. Share price fell 3.3% to ฿11.90 over the past week. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.40 per share at 4.0% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 44% and the cash payout ratio is 85%. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (5.9%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿1.25 (vs ฿0.62 in FY 2021) Full year 2022 results: EPS: ฿1.25 (up from ฿0.62 in FY 2021). Revenue: ฿2.79b (down 5.1% from FY 2021). Net income: ฿795.7m (up 111% from FY 2021). Profit margin: 28% (up from 13% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Logistics industry in Thailand. Over the last 3 years on average, earnings per share has increased by 55% per year and the company’s share price has also increased by 55% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Apichart Chirabandhu was the last independent director to join the board, commencing their role in 2017. 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 • Nov 10
Third quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.16 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.23 (up from ฿0.16 in 3Q 2021). Revenue: ฿744.0m (up 23% from 3Q 2021). Net income: ฿146.3m (up 46% from 3Q 2021). Profit margin: 20% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 21
Price target decreased to ฿18.30 Down from ฿20.55, the current price target is an average from 4 analysts. New target price is 46% above last closing price of ฿12.50. Stock is up 13% over the past year. The company is forecast to post earnings per share of ฿0.73 for next year compared to ฿0.62 last year. Buying Opportunity • Aug 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ฿16.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 40%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 62% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.19 (up from ฿0.14 in 2Q 2021). Revenue: ฿721.8m (up 13% from 2Q 2021). Net income: ฿119.1m (up 39% from 2Q 2021). Profit margin: 17% (up from 13% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to stay flat compared to a 2.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ฿16.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 34% in the next 2 years. Buying Opportunity • Jul 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be ฿16.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.18 (up from ฿0.13 in 1Q 2021). Revenue: ฿754.6m (up 19% from 1Q 2021). Net income: ฿112.7m (up 46% from 1Q 2021). Profit margin: 15% (up from 12% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 2.8%, compared to a 6.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 39% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Apichart Chirabandhu was the last independent director to join the board, commencing their role in 2017. 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 19
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (2.7%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.62 (up from ฿0.27 in FY 2020). Revenue: ฿2.94b (up 83% from FY 2020). Net income: ฿377.3m (up 132% from FY 2020). Profit margin: 13% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 1.8%, compared to a 11% growth forecast for the 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 increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.096 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿666.3m (up 99% from 3Q 2020). Net income: ฿100.2m (up 76% from 3Q 2020). Profit margin: 15% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • Sep 28
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 21 October 2021. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.1%). Price Target Changed • Sep 24
Price target increased to ฿14.48 Up from ฿13.35, the current price target is an average from 4 analysts. New target price is 22% above last closing price of ฿11.90. Stock is up 195% over the past year. Major Estimate Revision • Aug 17
Consensus revenue estimates increase to ฿2.53b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿2.26b to ฿2.53b. EPS estimate increased from ฿0.41 to ฿0.54 per share. Net income forecast to grow 26% next year vs 26% growth forecast for Logistics industry in Thailand. Consensus price target up from ฿10.60 to ฿12.88. Share price fell 7.1% to ฿11.70 over the past week. Price Target Changed • Aug 12
Price target increased to ฿11.47 Up from ฿10.60, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿12.00. Stock is up 151% over the past year. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.057 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿647.7m (up 87% from 2Q 2020). Net income: ฿85.7m (up 147% from 2Q 2020). Profit margin: 13% (up from 10.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 17% share price gain to ฿9.40, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 28x in the Logistics industry in Thailand. Total returns to shareholders of 92% over the past three years. Price Target Changed • May 22
Price target increased to ฿9.58 Up from ฿8.83, the current price target is an average from 4 analysts. New target price is 19% above last closing price of ฿8.05. Stock is up 79% over the past year. Major Estimate Revision • May 18
Consensus revenue estimates increase to ฿2.14b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿1.80b to ฿2.14b. EPS estimate increased from ฿0.30 to ฿0.33 per share. Net income forecast to grow 1.0% next year vs 8.8% growth forecast for Logistics industry in Thailand. Consensus price target up from ฿8.83 to ฿9.08. Share price rose 6.4% to ฿8.30 over the past week. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.037 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿633.1m (up 55% from 1Q 2020). Net income: ฿77.5m (up 244% from 1Q 2020). Profit margin: 12% (up from 5.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 18 May 2021. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (1.5%). Price Target Changed • Apr 10
Price target increased to ฿8.20 Up from ฿7.45, the current price target is an average from 2 analysts. New target price is 8.6% above last closing price of ฿7.55. Stock is up 76% over the past year. Major Estimate Revision • Mar 02
Analysts increase EPS estimates to ฿0.29 The 2021 consensus revenue estimate increased from ฿1.63b to ฿1.77b. The earnings per share estimate also received an upgrade from ฿0.26 to ฿0.29 for the same period. Net income is expected to grow by 13% next year compared to 21% growth forecast for the Logistics industry in Thailand. The consensus price target increased from ฿7.45 to ฿7.75. Share price is down by 1.4% to ฿7.15 over the past week. Is New 90 Day High Low • Feb 25
New 90-day high: ฿7.40 The company is up 59% from its price of ฿4.66 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.89 per share. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.27 (vs ฿0.27 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: ฿1.80b (down 34% from FY 2019). Net income: ฿162.5m (down 1.2% from FY 2019). Profit margin: 9.0% (up from 6.1% in FY 2019). The increase in margin was driven by lower expenses. 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 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is expected to shrink by 9.2% compared to a 19% growth forecast for the Logistics industry in Thailand. Is New 90 Day High Low • Feb 09
New 90-day high: ฿6.80 The company is up 55% from its price of ฿4.40 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 Logistics industry, which is up 33% over the same period. Price Target Changed • Jan 13
Price target raised to ฿6.40 Up from ฿5.80, the current price target is provided by 1 analyst. The new target price is close to the current share price of ฿6.60. As of last close, the stock is up 33% over the past year. Is New 90 Day High Low • Jan 06
New 90-day high: ฿6.65 The company is up 59% from its price of ฿4.18 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 22% share price gain to ฿5.70, the stock is trading at a trailing P/E ratio of 24.2x, up from the previous P/E ratio of 19.8x. This compares to an average P/E of 21x in the Logistics industry in Thailand. Total return to shareholders over the past three years is a loss of 26%. Is New 90 Day High Low • Dec 02
New 90-day high: ฿5.05 The company is up 13% from its price of ฿4.48 on 03 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 5.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 04
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 141%. Over the next year, revenue is expected to shrink by 7.8% compared to a 16% growth forecast for the Logistics industry in Thailand. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ฿0.096 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿335.6m (down 50% from 3Q 2019). Net income: ฿57.0m (up 33% from 3Q 2019). Profit margin: 17% (up from 6.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 14
Analysts update estimates The 2020 consensus revenue estimate was lowered from ฿1.87b to ฿1.50b. Earning per share (EPS) estimate was unchanged from the last update at ฿0.18. The Logistics industry in Thailand is expected to see an average net income growth of 12% next year. The consensus price target of ฿5.80 was unchanged from the last update. Share price is up 1.9% to ฿4.22 over the past week. Is New 90 Day High Low • Sep 30
New 90-day low: ฿3.96 The company is down 10.0% from its price of ฿4.40 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 23% over the same period.