View ValuationCH. Karnchang 将来の成長Future 基準チェック /06CH. Karnchangの収益は年間8.1%で減少すると予測されていますが、年間収益は年間4.2%で増加すると予測されています。EPS は年間 減少すると予測されています。自己資本利益率は 3 年後に8.2% 8.3%なると予測されています。主要情報-8.1%収益成長率-8.27%EPS成長率Construction 収益成長13.5%収益成長率4.2%将来の株主資本利益率8.21%アナリストカバレッジGood最終更新日22 May 2026今後の成長に関する最新情報Major Estimate Revision • Feb 28Consensus EPS estimates increase by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ฿1.30 to ฿1.43. Revenue forecast steady at ฿45.6b. Net income forecast to shrink 4.9% next year vs 15% growth forecast for Construction industry in Thailand . Consensus price target up from ฿20.26 to ฿21.13. Share price rose 11% to ฿17.60 over the past week.Major Estimate Revision • Jan 14Consensus EPS estimates increase by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿42.7b to ฿43.6b. EPS estimate increased from ฿1.42 to ฿1.72 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿19.87. Share price fell 6.5% to ฿11.60 over the past week.Major Estimate Revision • Nov 25Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿1.05 to ฿1.28. Revenue forecast steady at ฿42.5b. Net income forecast to shrink 20% next year vs 20% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿20.27. Share price was steady at ฿12.70 over the past week.Price Target Changed • Feb 28Price target decreased by 9.6% to ฿23.23Down from ฿25.69, the current price target is an average from 12 analysts. New target price is 68% above last closing price of ฿13.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.89 last year.Major Estimate Revision • Aug 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.21 to ฿1.04 per share. Revenue forecast steady at ฿37.9b. Net income forecast to grow 35% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.27. Share price was steady at ฿19.30 over the past week.Major Estimate Revision • Aug 31Consensus revenue estimates increase by 14%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿30.2b to ฿34.3b. EPS estimate unchanged at ฿0.917. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.02. Share price was steady at ฿23.00 over the past week.すべての更新を表示Recent updatesお知らせ • May 23CH. Karnchang Public Company Limited to Report Q1, 2026 Results on May 22, 2026CH. Karnchang Public Company Limited announced that they will report Q1, 2026 results on May 22, 2026Reported Earnings • May 20First quarter 2026 earnings released: EPS: ฿0.20 (vs ฿0.17 in 1Q 2025)First quarter 2026 results: EPS: ฿0.20 (up from ฿0.17 in 1Q 2025). Revenue: ฿12.3b (up 2.7% from 1Q 2025). Net income: ฿329.1m (up 17% from 1Q 2025). Profit margin: 2.7% (up from 2.4% in 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.New Risk • Mar 04New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results.Reported Earnings • Mar 02Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿1.98 (up from ฿0.85 in FY 2024). Revenue: ฿46.4b (up 23% from FY 2024). Net income: ฿3.33b (up 130% from FY 2024). Profit margin: 7.2% (up from 3.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Major Estimate Revision • Feb 28Consensus EPS estimates increase by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ฿1.30 to ฿1.43. Revenue forecast steady at ฿45.6b. Net income forecast to shrink 4.9% next year vs 15% growth forecast for Construction industry in Thailand . Consensus price target up from ฿20.26 to ฿21.13. Share price rose 11% to ฿17.60 over the past week.お知らせ • Feb 27+ 1 more updateCH. Karnchang Public Company Limited Proposes Dividend for the Second Half of 2025, Payable on April 28, 2026CH. Karnchang Public Company Limited proposed at the Meeting of Shareholders to approve the dividend. It was deemed appropriate to propose that the Meeting of Shareholders approve the allocation of profit by paying dividends for the second half of 2025 at a rate of THB 0.25 per share, in an amount not exceeding THB 420,088,918 (less 13,541,200 repurchased shares, which are not eligible for dividends). Such dividends will be distributed from the Company's net profit and retained earnings. As a result, when combined with the interim dividend payment for the first half of 2025 at a rate of THB 0.20 per share, the dividend for 2025 will be equal to THB 0.45 per share, in a total amount not exceeding THB 756,160,052.40. The entitlement to receive such dividends remains uncertain, due to the pending approval of the 2026 Annual Ordinary General Meeting of Shareholders. The dividend is payable on April 28, 2026 of record date March 12, 2026. Ex-dividend date is March 11, 2026.New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results.Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿14.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Construction industry in Asia. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.68 per share.Valuation Update With 7 Day Price Move • Jan 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿13.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Construction industry in Asia. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.46 per share.Major Estimate Revision • Jan 14Consensus EPS estimates increase by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿42.7b to ฿43.6b. EPS estimate increased from ฿1.42 to ฿1.72 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿19.87. Share price fell 6.5% to ฿11.60 over the past week.New Risk • Nov 29New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 9.8% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results.Major Estimate Revision • Nov 25Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿1.05 to ฿1.28. Revenue forecast steady at ฿42.5b. Net income forecast to shrink 20% next year vs 20% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿20.27. Share price was steady at ฿12.70 over the past week.New Risk • Nov 16New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 7.1% 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future.Declared Dividend • Aug 16First half dividend of ฿0.20 announcedShareholders will receive a dividend of ฿0.20. Ex-date: 27th August 2025 Payment date: 11th September 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 15Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿0.51 (up from ฿0.29 in 2Q 2024). Revenue: ฿11.3b (up 21% from 2Q 2024). Net income: ฿862.8m (up 77% from 2Q 2024). Profit margin: 7.7% (up from 5.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction 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 12% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • Jun 19Investor sentiment deteriorates as stock falls 22%After last week's 22% share price decline to ฿11.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Construction industry in Thailand. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.74 per share.Reported Earnings • May 17First quarter 2025 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2025 results: EPS: ฿0.17 (up from ฿0.071 in 1Q 2024). Revenue: ฿12.1b (up 27% from 1Q 2024). Net income: ฿282.2m (up 133% from 1Q 2024). Profit margin: 2.3% (up from 1.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 89%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction 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 10% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 01Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿0.85 (down from ฿0.89 in FY 2023). Revenue: ฿38.8b (up 5.3% from FY 2023). Net income: ฿1.45b (down 3.7% from FY 2023). Profit margin: 3.7% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.Price Target Changed • Feb 28Price target decreased by 9.6% to ฿23.23Down from ฿25.69, the current price target is an average from 12 analysts. New target price is 68% above last closing price of ฿13.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.89 last year.お知らせ • Feb 27+ 2 more updatesCH. Karnchang Public Company Limited, Annual General Meeting, Apr 11, 2025CH. Karnchang Public Company Limited, Annual General Meeting, Apr 11, 2025, at 14:00 SE Asia Standard Time. Location: with a place controlling the meeting system, at supunnika room on the 4th floor, no. 587-, viriyathavorn building, sutthisan winitchai road, ratchadaphisek subdistrict, dindaeng district, Thailandお知らせ • Nov 29CH. Karnchang Public Company Limited to Report Q4, 2024 Results on Feb 26, 2025CH. Karnchang Public Company Limited announced that they will report Q4, 2024 results on Feb 26, 2025Reported Earnings • Nov 17Third quarter 2024 earnings: EPS exceeds analyst expectationsThird quarter 2024 results: EPS: ฿0.59 (up from ฿0.38 in 3Q 2023). Revenue: ฿10.4b (up 15% from 3Q 2023). Net income: ฿1.01b (up 57% from 3Q 2023). Profit margin: 9.7% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.Major Estimate Revision • Aug 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.21 to ฿1.04 per share. Revenue forecast steady at ฿37.9b. Net income forecast to grow 35% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.27. Share price was steady at ฿19.30 over the past week.Declared Dividend • Aug 16Dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 27th August 2024 Payment date: 11th September 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • May 17First quarter 2024 earnings released: EPS: ฿0.071 (vs ฿0.13 in 1Q 2023)First quarter 2024 results: EPS: ฿0.071 (down from ฿0.13 in 1Q 2023). Revenue: ฿9.67b (up 2.0% from 1Q 2023). Net income: ฿121.0m (down 44% from 1Q 2023). Profit margin: 1.3% (down from 2.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction 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 only increased by 6% per year, which means it is significantly lagging earnings growth.お知らせ • Apr 17+ 1 more updateCH. Karnchang Public Company Limited Approves the Appointment of Don Pramudwinai to Serve as an Additional Director (Independent Director)CH. Karnchang Public Company Limited approved the appointment of Mr. Don Pramudwinai to serve as an additional director (independent director), at its AGM held on April 17, 2024.Upcoming Dividend • Mar 06Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 13 March 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.3%).Reported Earnings • Mar 02Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: ฿0.89 (up from ฿0.67 in FY 2022). Revenue: ฿38.0b (up 107% from FY 2022). Net income: ฿1.50b (up 36% from FY 2022). Profit margin: 4.0% (down from 6.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.Declared Dividend • Mar 02Final dividend increased to ฿0.15Dividend of ฿0.15 is 50% higher than last year. Ex-date: 13th March 2024 Payment date: 2nd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.5%.お知らせ • Mar 02CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024, at 14:00 SE Asia Standard Time. Location: 4th Floor, No. 587 Viriyathavorn Building, Sutthisan Winitchai Road Ratchadaphisek Subdistrict, Dindaeng District Bangkok Thailand Agenda: To consider and approve the Minutes of the 2023 Annual Ordinary General Meeting of Shareholders; to consider and acknowledge the Company's operational results for the year 2023; to consider and approve the statement of financial position and the statement of comprehensive income for the year ended December 31, 2023; to consider and approve the allocation of profit and dividend payment; To consider and elect directors to replace those due to retire by rotation and appointment of additional director; to consider and determine remuneration for directors; To consider and appoint auditor and determine remuneration for the year 2024; and to consider other matters (if any).お知らせ • Mar 01Ch. Karnchang Public Company Limited Proposes Cash Dividend for the Year 2023, Payable on May 2, 2024CH. Karnchang Public Company Limited hereby informs the resolutions of the Board of Directors' Meeting No. 1/2024 which was held on February 29, 2024 as follows: It was deemed to propose that the Shareholders' Meeting approve the allocation of profit by making dividend payment from the retained earnings to the Shareholders at the rate of THB 0.15 per share in a total amount not exceeding THB 254,084,530.80. as a result, when combined with the interim dividend payment for the first half period of 2023 at the rate of THB 0.15 per share, the dividends for 2023 are equal to THB 0.30 per share, in the total amount not exceeding THB 508,169,061.60. For the right to receive dividend payment (the XM, or the date on which a purchaser will not be entitled to attend in the 2024 AGM and the XD, or the date on which a purchaser will not be entitled to receive the dividend, will be on March 13, 2024) which the right to receive such dividend is still uncertain due to having to wait for approval from the 2024 AGM. In this regard, should the Annual Ordinary General Meeting of Shareholders approve the dividend payment, the Company would schedule to pay such dividend on May 2, 2024.Reported Earnings • Nov 16Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: EPS: ฿0.38 (up from ฿0.34 in 3Q 2022). Revenue: ฿9.01b (up 142% from 3Q 2022). Net income: ฿641.0m (up 12% from 3Q 2022). Profit margin: 7.1% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.Major Estimate Revision • Aug 31Consensus revenue estimates increase by 14%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿30.2b to ฿34.3b. EPS estimate unchanged at ฿0.917. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.02. Share price was steady at ฿23.00 over the past week.Major Estimate Revision • Aug 22Consensus revenue estimates increase by 18%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿25.5b to ฿30.2b. EPS estimate unchanged at ฿0.908. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.75. Share price rose 4.5% to ฿23.00 over the past week.Upcoming Dividend • Aug 21Upcoming dividend of ฿0.15 per share at 1.1% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.1%).New Risk • Aug 18New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding).Reported Earnings • Aug 16Second quarter 2023 earnings: Revenues and EPS in line with analyst expectationsSecond quarter 2023 results: EPS: ฿0.29 (up from ฿0.18 in 2Q 2022). Revenue: ฿9.76b (up 177% from 2Q 2022). Net income: ฿486.2m (up 62% from 2Q 2022). Profit margin: 5.0% (down from 8.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 17First quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.073 in 1Q 2022)First quarter 2023 results: EPS: ฿0.13 (up from ฿0.073 in 1Q 2022). Revenue: ฿9.69b (up 36% from 1Q 2022). Net income: ฿217.5m (up 79% from 1Q 2022). Profit margin: 2.2% (up from 1.7% in 1Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.10 per share at 1.0% yieldEligible shareholders must have bought the stock before 13 March 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.9%).Price Target Changed • Dec 27Price target increased to ฿28.40Up from ฿26.13, the current price target is an average from 11 analysts. New target price is 19% above last closing price of ฿23.90. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.55 last year.Reported Earnings • Nov 18Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: EPS: ฿0.34 (up from ฿0.17 in 3Q 2021). Revenue: ฿4.12b (up 60% from 3Q 2021). Net income: ฿571.4m (up 108% from 3Q 2021). Profit margin: 14% (up from 11% in 3Q 2021). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.Major Estimate Revision • Nov 17Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿17.0b to ฿17.6b. EPS estimate increased from ฿0.67 to ฿0.76 per share. Net income forecast to grow 71% next year vs 16% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.03. Share price was steady at ฿23.50 over the past week.Board Change • Nov 16Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Director Patarut Dardarananda was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Major Estimate Revision • Aug 24Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿17.6b to ฿16.8b. EPS estimate also fell from ฿0.87 per share to ฿0.68 per share. Net income forecast to grow 75% next year vs 28% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿24.38. Share price was steady at ฿20.60 over the past week.Upcoming Dividend • Aug 19Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 26 August 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (1.9%).Reported Earnings • Aug 17Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: EPS: ฿0.18 (down from ฿0.19 in 2Q 2021). Net income: ฿299.6m (down 5.9% from 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.Reported Earnings • May 20First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿0.073 (down from ฿0.13 in 1Q 2021). Revenue: ฿7.11b (up 137% from 1Q 2021). Net income: ฿121.4m (down 42% from 1Q 2021). Profit margin: 1.7% (down from 6.9% in 1Q 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 35%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% 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.Major Estimate Revision • May 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿19.6b to ฿21.6b. EPS estimate reaffirmed at ฿0.74. Net income forecast to grow 40% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target of ฿25.01 unchanged from last update. Share price rose 6.5% to ฿19.60 over the past week.Board Change • Apr 27Less than half of directors are independentThere 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. 5 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Pavich Tongroach was the last independent director to join the board, commencing their role in 2007. 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 • Mar 07Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 14 March 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.8%).Reported Earnings • Mar 02Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿0.55 (up from ฿0.36 in FY 2020). Revenue: ฿14.4b (down 15% from FY 2020). Net income: ฿905.7m (up 48% from FY 2020). Profit margin: 6.3% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 15%, compared to a 21% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.Major Estimate Revision • Mar 01Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿18.7b to ฿17.5b. EPS estimate rose from ฿0.76 to ฿0.84. Net income forecast to grow 68% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.26. Share price was steady at ฿20.80 over the past week.Price Target Changed • Nov 23Price target increased to ฿24.95Up from ฿23.29, the current price target is an average from 12 analysts. New target price is 11% above last closing price of ฿22.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of ฿0.55 for next year compared to ฿0.37 last year.Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.47 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.58b (down 33% from 3Q 2020). Net income: ฿275.2m (down 65% from 3Q 2020). Profit margin: 11% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.038 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿3.81b (down 5.6% from 2Q 2020). Net income: ฿318.2m (up 399% from 2Q 2020). Profit margin: 8.4% (up from 1.6% in 2Q 2020). 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 9% per year, which means it has not declined as severely as earnings.Major Estimate Revision • May 28Consensus revenue estimates fall to ฿16.0bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿17.9b to ฿16.0b. EPS estimate fell from ฿0.59 to ฿0.53 per share. Net income forecast to grow 21% next year vs 75% growth forecast for Construction industry in Thailand. Consensus price target up from ฿19.96 to ฿20.77. Share price was steady at ฿19.20 over the past week.Reported Earnings • May 18First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.067 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: ฿3.54b (down 35% from 1Q 2020). Net income: ฿207.7m (up ฿321.3m from 1Q 2020). Profit margin: 5.9% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.Upcoming Dividend • May 04Upcoming dividend of ฿0.20 per shareEligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (2.0%).Major Estimate Revision • Mar 08Analysts lower EPS estimates to ฿0.78The 2021 consensus revenue estimate was lowered from ฿20.8b to ฿19.8b. Earning per share (EPS) estimate was also lowered from ฿0.89 to ฿0.78 for the same period. Net income is expected to grow by 116% next year compared to 31% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿21.26 to ฿21.24. Share price is up 7.1% to ฿16.60 over the past week.Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.36 (vs ฿1.05 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿18.4b (down 21% from FY 2019). Net income: ฿612.2m (down 66% from FY 2019). Profit margin: 3.3% (down from 7.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.Analyst Estimate Surprise Post Earnings • Mar 03Revenue and earnings miss expectationsRevenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the next year, revenue is forecast to grow 14%, compared to a 14% growth forecast for the Construction industry in Thailand.Is New 90 Day High Low • Feb 22New 90-day low: ฿15.00The company is down 18% from its price of ฿18.30 on 24 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 Construction 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 ฿15.73 per share.Major Estimate Revision • Jan 01Analysts update estimatesThe 2020 consensus revenue estimate was lowered from ฿18.6b to ฿17.8b. Earnings per share (EPS) increased from ฿0.54 to ฿0.61 for the same period. Net income is expected to grow by 43% next year compared to 40% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿22.16 to ฿22.09. Share price stayed mostly flat at ฿16.60 over the past week.Is New 90 Day High Low • Dec 17New 90-day high: ฿18.80The company is up 7.0% from its price of ฿17.60 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿64.15 per share.Major Estimate Revision • Nov 20Analysts update estimatesThe 2020 consensus revenue estimate was lowered from ฿20.2b to ฿17.7b. Earning per share (EPS) estimate received an upgrade, with analysts raising their estimates from ฿0.50 to ฿0.54 for the same period. Net income is expected to grow by 35% next year compared to 26% growth forecast for the Construction industry in Thailand. The consensus price target increased from ฿22.10 to ฿22.18. Share price is up 4.0% to ฿18.30 over the past week.Analyst Estimate Surprise Post Earnings • Nov 14Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 20%, compared to a 3.3% growth forecast for the Construction industry in Thailand.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.47The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿4.53b (down 7.4% from 3Q 2019). Net income: ฿774.5m (up 277% from 3Q 2019). Profit margin: 17% (up from 4.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 14% per year.Is New 90 Day High Low • Oct 19New 90-day low: ฿15.10The company is down 23% from its price of ฿19.50 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 Construction industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.18 per share.Is New 90 Day High Low • Sep 24New 90-day low: ฿16.90The company is down 15% from its price of ฿20.00 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.16 per share.業績と収益の成長予測SET:CK - アナリストの将来予測と過去の財務データ ( )THB Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202850,4802,8122,9973,396612/31/202745,8312,4493,6962,9831012/31/202643,5582,3933,6011,96263/31/202644,5733,37511,25811,743N/A12/31/202544,3653,3288,0308,437N/A9/30/202543,3542,7131,3971,671N/A6/30/202541,8011,98211,94412,235N/A3/31/202540,2571,6077,6538,010N/A12/31/202437,8061,4465,1045,547N/A9/30/202437,2991,7737,0947,654N/A6/30/202436,8411,406-5,961-5,148N/A3/31/202436,8441,405-5,342-4,479N/A12/31/202336,8051,501-9,230-8,334N/A9/30/202331,8171,457-10,683-9,787N/A6/30/202326,5261,387-9,433-8,800N/A3/31/202320,7611,201-7,968-7,440N/A12/31/202218,3671,105-3,420-3,032N/A9/30/202217,9811,097-2,575-2,317N/A6/30/202216,839801-3,165-2,922N/A3/31/202216,580819-5,080-4,453N/A12/31/202112,459906-2,537-1,879N/A9/30/202112,507689-2,952-2,337N/A6/30/202113,7911,188-4,017-3,373N/A3/31/202114,554933-5,049-4,841N/A12/31/202017,005612-7,232-6,640N/A9/30/202018,619981-5,330-4,699N/A6/30/202019,645412-3,013-2,000N/A3/31/202021,1671,309501,655N/A12/31/201923,2761,778N/A3,428N/A9/30/201925,1801,889N/A6,118N/A6/30/201927,5812,968N/A7,475N/A3/31/201929,6582,548N/A8,012N/A12/31/201829,5642,494N/A7,164N/A9/30/201829,3142,341N/A4,902N/A6/30/201830,8521,683N/A2,951N/A3/31/201835,4801,810N/A1,872N/A12/31/201736,1261,810N/A2,219N/A9/30/201736,7971,938N/A6,388N/A6/30/201736,5251,641N/A19,889N/A3/31/201744,9592,000N/A19,520N/A12/31/201645,8642,002N/A18,362N/A9/30/201647,3601,478N/A9,787N/A6/30/201647,5561,434N/A-6,867N/A3/31/201635,3722,060N/A-7,438N/A12/31/201534,9122,193N/A-9,983N/A9/30/201533,5802,792N/A-7,763N/A6/30/201532,7743,710N/A-7,296N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: CKの収益は今後 3 年間で減少すると予測されています (年間-8.1% )。収益対市場: CKの収益は今後 3 年間で減少すると予測されています (年間-8.1% )。高成長収益: CKの収益は今後 3 年間で減少すると予測されています。収益対市場: CKの収益 ( 4.2% ) TH市場 ( 9.9% ) よりも低い成長が予測されています。高い収益成長: CKの収益 ( 4.2% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: CKの 自己資本利益率 は、3年後には低くなると予測されています ( 8.2 %)。成長企業の発掘7D1Y7D1Y7D1YCapital-goods 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/28 16:14終値2026/05/28 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋CH. Karnchang Public Company Limited 10 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。17 アナリスト機関Phoowadol PhoosodngernBualuang Securities PCLSuppata SrisukBualuang Securities PCLKasem PrunratanamalaCGS International14 その他のアナリストを表示
Major Estimate Revision • Feb 28Consensus EPS estimates increase by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ฿1.30 to ฿1.43. Revenue forecast steady at ฿45.6b. Net income forecast to shrink 4.9% next year vs 15% growth forecast for Construction industry in Thailand . Consensus price target up from ฿20.26 to ฿21.13. Share price rose 11% to ฿17.60 over the past week.
Major Estimate Revision • Jan 14Consensus EPS estimates increase by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿42.7b to ฿43.6b. EPS estimate increased from ฿1.42 to ฿1.72 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿19.87. Share price fell 6.5% to ฿11.60 over the past week.
Major Estimate Revision • Nov 25Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿1.05 to ฿1.28. Revenue forecast steady at ฿42.5b. Net income forecast to shrink 20% next year vs 20% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿20.27. Share price was steady at ฿12.70 over the past week.
Price Target Changed • Feb 28Price target decreased by 9.6% to ฿23.23Down from ฿25.69, the current price target is an average from 12 analysts. New target price is 68% above last closing price of ฿13.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.89 last year.
Major Estimate Revision • Aug 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.21 to ฿1.04 per share. Revenue forecast steady at ฿37.9b. Net income forecast to grow 35% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.27. Share price was steady at ฿19.30 over the past week.
Major Estimate Revision • Aug 31Consensus revenue estimates increase by 14%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿30.2b to ฿34.3b. EPS estimate unchanged at ฿0.917. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.02. Share price was steady at ฿23.00 over the past week.
お知らせ • May 23CH. Karnchang Public Company Limited to Report Q1, 2026 Results on May 22, 2026CH. Karnchang Public Company Limited announced that they will report Q1, 2026 results on May 22, 2026
Reported Earnings • May 20First quarter 2026 earnings released: EPS: ฿0.20 (vs ฿0.17 in 1Q 2025)First quarter 2026 results: EPS: ฿0.20 (up from ฿0.17 in 1Q 2025). Revenue: ฿12.3b (up 2.7% from 1Q 2025). Net income: ฿329.1m (up 17% from 1Q 2025). Profit margin: 2.7% (up from 2.4% in 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
New Risk • Mar 04New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results.
Reported Earnings • Mar 02Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿1.98 (up from ฿0.85 in FY 2024). Revenue: ฿46.4b (up 23% from FY 2024). Net income: ฿3.33b (up 130% from FY 2024). Profit margin: 7.2% (up from 3.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Feb 28Consensus EPS estimates increase by 10%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ฿1.30 to ฿1.43. Revenue forecast steady at ฿45.6b. Net income forecast to shrink 4.9% next year vs 15% growth forecast for Construction industry in Thailand . Consensus price target up from ฿20.26 to ฿21.13. Share price rose 11% to ฿17.60 over the past week.
お知らせ • Feb 27+ 1 more updateCH. Karnchang Public Company Limited Proposes Dividend for the Second Half of 2025, Payable on April 28, 2026CH. Karnchang Public Company Limited proposed at the Meeting of Shareholders to approve the dividend. It was deemed appropriate to propose that the Meeting of Shareholders approve the allocation of profit by paying dividends for the second half of 2025 at a rate of THB 0.25 per share, in an amount not exceeding THB 420,088,918 (less 13,541,200 repurchased shares, which are not eligible for dividends). Such dividends will be distributed from the Company's net profit and retained earnings. As a result, when combined with the interim dividend payment for the first half of 2025 at a rate of THB 0.20 per share, the dividend for 2025 will be equal to THB 0.45 per share, in a total amount not exceeding THB 756,160,052.40. The entitlement to receive such dividends remains uncertain, due to the pending approval of the 2026 Annual Ordinary General Meeting of Shareholders. The dividend is payable on April 28, 2026 of record date March 12, 2026. Ex-dividend date is March 11, 2026.
New Risk • Feb 24New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results.
Valuation Update With 7 Day Price Move • Feb 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿14.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Construction industry in Asia. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.68 per share.
Valuation Update With 7 Day Price Move • Jan 19Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿13.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Construction industry in Asia. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.46 per share.
Major Estimate Revision • Jan 14Consensus EPS estimates increase by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿42.7b to ฿43.6b. EPS estimate increased from ฿1.42 to ฿1.72 per share. Net income forecast to shrink 13% next year vs 19% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿19.87. Share price fell 6.5% to ฿11.60 over the past week.
New Risk • Nov 29New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 39% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings are forecast to decline by an average of 9.8% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results.
Major Estimate Revision • Nov 25Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿1.05 to ฿1.28. Revenue forecast steady at ฿42.5b. Net income forecast to shrink 20% next year vs 20% growth forecast for Construction industry in Thailand . Consensus price target broadly unchanged at ฿20.27. Share price was steady at ฿12.70 over the past week.
New Risk • Nov 16New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 7.1% 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future.
Declared Dividend • Aug 16First half dividend of ฿0.20 announcedShareholders will receive a dividend of ฿0.20. Ex-date: 27th August 2025 Payment date: 11th September 2025 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 15Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: ฿0.51 (up from ฿0.29 in 2Q 2024). Revenue: ฿11.3b (up 21% from 2Q 2024). Net income: ฿862.8m (up 77% from 2Q 2024). Profit margin: 7.7% (up from 5.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction 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 12% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • Jun 19Investor sentiment deteriorates as stock falls 22%After last week's 22% share price decline to ฿11.10, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Construction industry in Thailand. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.74 per share.
Reported Earnings • May 17First quarter 2025 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2025 results: EPS: ฿0.17 (up from ฿0.071 in 1Q 2024). Revenue: ฿12.1b (up 27% from 1Q 2024). Net income: ฿282.2m (up 133% from 1Q 2024). Profit margin: 2.3% (up from 1.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 89%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction 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 10% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 01Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: ฿0.85 (down from ฿0.89 in FY 2023). Revenue: ฿38.8b (up 5.3% from FY 2023). Net income: ฿1.45b (down 3.7% from FY 2023). Profit margin: 3.7% (down from 4.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.
Price Target Changed • Feb 28Price target decreased by 9.6% to ฿23.23Down from ฿25.69, the current price target is an average from 12 analysts. New target price is 68% above last closing price of ฿13.80. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿0.89 last year.
お知らせ • Feb 27+ 2 more updatesCH. Karnchang Public Company Limited, Annual General Meeting, Apr 11, 2025CH. Karnchang Public Company Limited, Annual General Meeting, Apr 11, 2025, at 14:00 SE Asia Standard Time. Location: with a place controlling the meeting system, at supunnika room on the 4th floor, no. 587-, viriyathavorn building, sutthisan winitchai road, ratchadaphisek subdistrict, dindaeng district, Thailand
お知らせ • Nov 29CH. Karnchang Public Company Limited to Report Q4, 2024 Results on Feb 26, 2025CH. Karnchang Public Company Limited announced that they will report Q4, 2024 results on Feb 26, 2025
Reported Earnings • Nov 17Third quarter 2024 earnings: EPS exceeds analyst expectationsThird quarter 2024 results: EPS: ฿0.59 (up from ฿0.38 in 3Q 2023). Revenue: ฿10.4b (up 15% from 3Q 2023). Net income: ฿1.01b (up 57% from 3Q 2023). Profit margin: 9.7% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Aug 28Consensus EPS estimates fall by 14%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.21 to ฿1.04 per share. Revenue forecast steady at ฿37.9b. Net income forecast to grow 35% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.27. Share price was steady at ฿19.30 over the past week.
Declared Dividend • Aug 16Dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 27th August 2024 Payment date: 11th September 2024 Dividend yield will be 1.7%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • May 17First quarter 2024 earnings released: EPS: ฿0.071 (vs ฿0.13 in 1Q 2023)First quarter 2024 results: EPS: ฿0.071 (down from ฿0.13 in 1Q 2023). Revenue: ฿9.67b (up 2.0% from 1Q 2023). Net income: ฿121.0m (down 44% from 1Q 2023). Profit margin: 1.3% (down from 2.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction 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 only increased by 6% per year, which means it is significantly lagging earnings growth.
お知らせ • Apr 17+ 1 more updateCH. Karnchang Public Company Limited Approves the Appointment of Don Pramudwinai to Serve as an Additional Director (Independent Director)CH. Karnchang Public Company Limited approved the appointment of Mr. Don Pramudwinai to serve as an additional director (independent director), at its AGM held on April 17, 2024.
Upcoming Dividend • Mar 06Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 13 March 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.3%).
Reported Earnings • Mar 02Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: ฿0.89 (up from ฿0.67 in FY 2022). Revenue: ฿38.0b (up 107% from FY 2022). Net income: ฿1.50b (up 36% from FY 2022). Profit margin: 4.0% (down from 6.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
Declared Dividend • Mar 02Final dividend increased to ฿0.15Dividend of ฿0.15 is 50% higher than last year. Ex-date: 13th March 2024 Payment date: 2nd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.5%.
お知らせ • Mar 02CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024CH. Karnchang Public Company Limited, Annual General Meeting, Apr 17, 2024, at 14:00 SE Asia Standard Time. Location: 4th Floor, No. 587 Viriyathavorn Building, Sutthisan Winitchai Road Ratchadaphisek Subdistrict, Dindaeng District Bangkok Thailand Agenda: To consider and approve the Minutes of the 2023 Annual Ordinary General Meeting of Shareholders; to consider and acknowledge the Company's operational results for the year 2023; to consider and approve the statement of financial position and the statement of comprehensive income for the year ended December 31, 2023; to consider and approve the allocation of profit and dividend payment; To consider and elect directors to replace those due to retire by rotation and appointment of additional director; to consider and determine remuneration for directors; To consider and appoint auditor and determine remuneration for the year 2024; and to consider other matters (if any).
お知らせ • Mar 01Ch. Karnchang Public Company Limited Proposes Cash Dividend for the Year 2023, Payable on May 2, 2024CH. Karnchang Public Company Limited hereby informs the resolutions of the Board of Directors' Meeting No. 1/2024 which was held on February 29, 2024 as follows: It was deemed to propose that the Shareholders' Meeting approve the allocation of profit by making dividend payment from the retained earnings to the Shareholders at the rate of THB 0.15 per share in a total amount not exceeding THB 254,084,530.80. as a result, when combined with the interim dividend payment for the first half period of 2023 at the rate of THB 0.15 per share, the dividends for 2023 are equal to THB 0.30 per share, in the total amount not exceeding THB 508,169,061.60. For the right to receive dividend payment (the XM, or the date on which a purchaser will not be entitled to attend in the 2024 AGM and the XD, or the date on which a purchaser will not be entitled to receive the dividend, will be on March 13, 2024) which the right to receive such dividend is still uncertain due to having to wait for approval from the 2024 AGM. In this regard, should the Annual Ordinary General Meeting of Shareholders approve the dividend payment, the Company would schedule to pay such dividend on May 2, 2024.
Reported Earnings • Nov 16Third quarter 2023 earnings: EPS and revenues miss analyst expectationsThird quarter 2023 results: EPS: ฿0.38 (up from ฿0.34 in 3Q 2022). Revenue: ฿9.01b (up 142% from 3Q 2022). Net income: ฿641.0m (up 12% from 3Q 2022). Profit margin: 7.1% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
Major Estimate Revision • Aug 31Consensus revenue estimates increase by 14%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿30.2b to ฿34.3b. EPS estimate unchanged at ฿0.917. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.02. Share price was steady at ฿23.00 over the past week.
Major Estimate Revision • Aug 22Consensus revenue estimates increase by 18%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿25.5b to ฿30.2b. EPS estimate unchanged at ฿0.908. Net income forecast to grow 27% next year vs 40% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.75. Share price rose 4.5% to ฿23.00 over the past week.
Upcoming Dividend • Aug 21Upcoming dividend of ฿0.15 per share at 1.1% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.1%).
New Risk • Aug 18New minor risk - Earnings qualityThe company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.2% increase in shares outstanding).
Reported Earnings • Aug 16Second quarter 2023 earnings: Revenues and EPS in line with analyst expectationsSecond quarter 2023 results: EPS: ฿0.29 (up from ฿0.18 in 2Q 2022). Revenue: ฿9.76b (up 177% from 2Q 2022). Net income: ฿486.2m (up 62% from 2Q 2022). Profit margin: 5.0% (down from 8.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 17First quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.073 in 1Q 2022)First quarter 2023 results: EPS: ฿0.13 (up from ฿0.073 in 1Q 2022). Revenue: ฿9.69b (up 36% from 1Q 2022). Net income: ฿217.5m (up 79% from 1Q 2022). Profit margin: 2.2% (up from 1.7% in 1Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.10 per share at 1.0% yieldEligible shareholders must have bought the stock before 13 March 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.9%).
Price Target Changed • Dec 27Price target increased to ฿28.40Up from ฿26.13, the current price target is an average from 11 analysts. New target price is 19% above last closing price of ฿23.90. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.55 last year.
Reported Earnings • Nov 18Third quarter 2022 earnings: EPS and revenues exceed analyst expectationsThird quarter 2022 results: EPS: ฿0.34 (up from ฿0.17 in 3Q 2021). Revenue: ฿4.12b (up 60% from 3Q 2021). Net income: ฿571.4m (up 108% from 3Q 2021). Profit margin: 14% (up from 11% in 3Q 2021). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
Major Estimate Revision • Nov 17Consensus EPS estimates increase by 14%The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿17.0b to ฿17.6b. EPS estimate increased from ฿0.67 to ฿0.76 per share. Net income forecast to grow 71% next year vs 16% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿26.03. Share price was steady at ฿23.50 over the past week.
Board Change • Nov 16Less than half of directors are independentFollowing 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. 6 non-independent directors. Independent Director Patarut Dardarananda was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Major Estimate Revision • Aug 24Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿17.6b to ฿16.8b. EPS estimate also fell from ฿0.87 per share to ฿0.68 per share. Net income forecast to grow 75% next year vs 28% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿24.38. Share price was steady at ฿20.60 over the past week.
Upcoming Dividend • Aug 19Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 26 August 2022. Payment date: 12 September 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (1.9%).
Reported Earnings • Aug 17Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: EPS: ฿0.18 (down from ฿0.19 in 2Q 2021). Net income: ฿299.6m (down 5.9% from 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings.
Reported Earnings • May 20First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿0.073 (down from ฿0.13 in 1Q 2021). Revenue: ฿7.11b (up 137% from 1Q 2021). Net income: ฿121.4m (down 42% from 1Q 2021). Profit margin: 1.7% (down from 6.9% in 1Q 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 35%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% 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.
Major Estimate Revision • May 18Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿19.6b to ฿21.6b. EPS estimate reaffirmed at ฿0.74. Net income forecast to grow 40% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target of ฿25.01 unchanged from last update. Share price rose 6.5% to ฿19.60 over the past week.
Board Change • Apr 27Less than half of directors are independentThere 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. 5 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Pavich Tongroach was the last independent director to join the board, commencing their role in 2007. 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 • Mar 07Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 14 March 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.8%).
Reported Earnings • Mar 02Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿0.55 (up from ฿0.36 in FY 2020). Revenue: ฿14.4b (down 15% from FY 2020). Net income: ฿905.7m (up 48% from FY 2020). Profit margin: 6.3% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 15%, compared to a 21% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • Mar 01Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿18.7b to ฿17.5b. EPS estimate rose from ฿0.76 to ฿0.84. Net income forecast to grow 68% next year vs 69% growth forecast for Construction industry in Thailand. Consensus price target broadly unchanged at ฿25.26. Share price was steady at ฿20.80 over the past week.
Price Target Changed • Nov 23Price target increased to ฿24.95Up from ฿23.29, the current price target is an average from 12 analysts. New target price is 11% above last closing price of ฿22.50. Stock is up 23% over the past year. The company is forecast to post earnings per share of ฿0.55 for next year compared to ฿0.37 last year.
Reported Earnings • Nov 17Third quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.47 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.58b (down 33% from 3Q 2020). Net income: ฿275.2m (down 65% from 3Q 2020). Profit margin: 11% (down from 20% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.038 in 2Q 2020)The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿3.81b (down 5.6% from 2Q 2020). Net income: ฿318.2m (up 399% from 2Q 2020). Profit margin: 8.4% (up from 1.6% in 2Q 2020). 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 9% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • May 28Consensus revenue estimates fall to ฿16.0bThe consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿17.9b to ฿16.0b. EPS estimate fell from ฿0.59 to ฿0.53 per share. Net income forecast to grow 21% next year vs 75% growth forecast for Construction industry in Thailand. Consensus price target up from ฿19.96 to ฿20.77. Share price was steady at ฿19.20 over the past week.
Reported Earnings • May 18First quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.067 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: ฿3.54b (down 35% from 1Q 2020). Net income: ฿207.7m (up ฿321.3m from 1Q 2020). Profit margin: 5.9% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings.
Upcoming Dividend • May 04Upcoming dividend of ฿0.20 per shareEligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (2.0%).
Major Estimate Revision • Mar 08Analysts lower EPS estimates to ฿0.78The 2021 consensus revenue estimate was lowered from ฿20.8b to ฿19.8b. Earning per share (EPS) estimate was also lowered from ฿0.89 to ฿0.78 for the same period. Net income is expected to grow by 116% next year compared to 31% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿21.26 to ฿21.24. Share price is up 7.1% to ฿16.60 over the past week.
Reported Earnings • Mar 03Full year 2020 earnings released: EPS ฿0.36 (vs ฿1.05 in FY 2019)The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿18.4b (down 21% from FY 2019). Net income: ฿612.2m (down 66% from FY 2019). Profit margin: 3.3% (down from 7.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings.
Analyst Estimate Surprise Post Earnings • Mar 03Revenue and earnings miss expectationsRevenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 38%. Over the next year, revenue is forecast to grow 14%, compared to a 14% growth forecast for the Construction industry in Thailand.
Is New 90 Day High Low • Feb 22New 90-day low: ฿15.00The company is down 18% from its price of ฿18.30 on 24 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 Construction 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 ฿15.73 per share.
Major Estimate Revision • Jan 01Analysts update estimatesThe 2020 consensus revenue estimate was lowered from ฿18.6b to ฿17.8b. Earnings per share (EPS) increased from ฿0.54 to ฿0.61 for the same period. Net income is expected to grow by 43% next year compared to 40% growth forecast for the Construction industry in Thailand. The consensus price target was lowered from ฿22.16 to ฿22.09. Share price stayed mostly flat at ฿16.60 over the past week.
Is New 90 Day High Low • Dec 17New 90-day high: ฿18.80The company is up 7.0% from its price of ฿17.60 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿64.15 per share.
Major Estimate Revision • Nov 20Analysts update estimatesThe 2020 consensus revenue estimate was lowered from ฿20.2b to ฿17.7b. Earning per share (EPS) estimate received an upgrade, with analysts raising their estimates from ฿0.50 to ฿0.54 for the same period. Net income is expected to grow by 35% next year compared to 26% growth forecast for the Construction industry in Thailand. The consensus price target increased from ฿22.10 to ฿22.18. Share price is up 4.0% to ฿18.30 over the past week.
Analyst Estimate Surprise Post Earnings • Nov 14Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 20%, compared to a 3.3% growth forecast for the Construction industry in Thailand.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.47The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿4.53b (down 7.4% from 3Q 2019). Net income: ฿774.5m (up 277% from 3Q 2019). Profit margin: 17% (up from 4.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 14% per year.
Is New 90 Day High Low • Oct 19New 90-day low: ฿15.10The company is down 23% from its price of ฿19.50 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 Construction industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.18 per share.
Is New 90 Day High Low • Sep 24New 90-day low: ฿16.90The company is down 15% from its price of ฿20.00 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.16 per share.