Reported Earnings • May 15
Second quarter 2026 earnings released: EPS: ฿0.022 (vs ฿0.007 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.022 (up from ฿0.007 in 2Q 2025). Revenue: ฿343.2m (up 6.9% from 2Q 2025). Net income: ฿13.5m (up 224% from 2Q 2025). Profit margin: 3.9% (up from 1.3% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 14
First quarter 2026 earnings released: EPS: ฿0.01 (vs ฿0.011 in 1Q 2025) First quarter 2026 results: EPS: ฿0.01. Revenue: ฿329.3m (down 2.4% from 1Q 2025). Net income: ฿6.69m (up 1.4% from 1Q 2025). Profit margin: 2.0% (in line with 1Q 2025). Upcoming Dividend • Jan 27
Upcoming dividend of ฿0.026 per share Eligible shareholders must have bought the stock before 03 February 2026. Payment date: 26 February 2026. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (7.8%). Lower than average of industry peers (6.3%). Declared Dividend • Nov 22
Dividend reduced to ฿0.026 Dividend of ฿0.026 is 57% lower than last year. Ex-date: 3rd February 2026 Payment date: 26th February 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (23% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.9% to bring the payout ratio under control. However, EPS has declined by 21% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Nov 21
Full year 2025 earnings released: EPS: ฿0.07 (vs ฿0.092 in FY 2024) Full year 2025 results: EPS: ฿0.07 (down from ฿0.092 in FY 2024). Revenue: ฿1.37b (down 9.5% from FY 2024). Net income: ฿40.4m (down 27% from FY 2024). Profit margin: 3.0% (down from 3.7% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Third quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.021 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.01 (down from ฿0.021 in 3Q 2024). Revenue: ฿346.3m (down 5.0% from 3Q 2024). Net income: ฿8.98m (down 29% from 3Q 2024). Profit margin: 2.6% (down from 3.5% in 3Q 2024). The decrease in margin was driven by lower revenue. 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 21% per year, which means it has not declined as severely as earnings. New Risk • May 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.0% Last year net profit margin: 4.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (฿1.45b market cap, or US$44.5m). Reported Earnings • May 15
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.02 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.02 in 2Q 2024). Revenue: ฿320.9m (down 11% from 2Q 2024). Net income: ฿4.17m (down 66% from 2Q 2024). Profit margin: 1.3% (down from 3.4% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. New Risk • Feb 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.5% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.5% net profit margin). Market cap is less than US$100m (฿1.71b market cap, or US$50.7m). Reported Earnings • Feb 15
First quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.019 in 1Q 2024) First quarter 2025 results: EPS: ฿0.01 (down from ฿0.019 in 1Q 2024). Revenue: ฿337.5m (down 15% from 1Q 2024). Net income: ฿6.60m (down 43% from 1Q 2024). Profit margin: 2.0% (down from 2.9% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jan 28
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 04 February 2025. Payment date: 25 February 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (7.3%). Lower than average of industry peers (4.0%). Reported Earnings • Nov 27
Full year 2024 earnings released: EPS: ฿0.09 (vs ฿0.19 in FY 2023) Full year 2024 results: EPS: ฿0.09 (down from ฿0.19 in FY 2023). Revenue: ฿1.51b (down 10% from FY 2023). Net income: ฿55.5m (down 51% from FY 2023). Profit margin: 3.7% (down from 6.7% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% 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. Declared Dividend • Nov 25
Dividend of ฿0.06 announced Shareholders will receive a dividend of ฿0.06. Ex-date: 4th February 2025 Payment date: 25th February 2025 Dividend yield will be 1.9%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 20% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 44% to shift the payout ratio to a potentially unsustainable range, which is more than the 19% EPS decline seen over the last 5 years. お知らせ • Nov 23
Stonehenge Inter Public Company Limited, Annual General Meeting, Jan 27, 2025 Stonehenge Inter Public Company Limited, Annual General Meeting, Jan 27, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Aug 15
Third quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.05 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.02 (down from ฿0.05 in 3Q 2023). Revenue: ฿364.4m (down 6.8% from 3Q 2023). Net income: ฿12.7m (down 54% from 3Q 2023). Profit margin: 3.5% (down from 7.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 16
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.06 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (down from ฿0.06 in 2Q 2023). Revenue: ฿359.7m (down 20% from 2Q 2023). Net income: ฿12.2m (down 63% from 2Q 2023). Profit margin: 3.4% (down from 7.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% 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 • Feb 13
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.08 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (down from ฿0.08 in 1Q 2023). Revenue: ฿398.4m (down 20% from 1Q 2023). Net income: ฿11.6m (down 76% from 1Q 2023). Profit margin: 2.9% (down from 9.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jan 26
Upcoming dividend of ฿0.10 per share at 3.5% yield Eligible shareholders must have bought the stock before 02 February 2024. Payment date: 23 February 2024. Payout ratio is a comfortable 71% and the cash payout ratio is 96%. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.058 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.04 (down from ฿0.058 in 3Q 2022). Revenue: ฿419.4m (up 2.3% from 3Q 2022). Net income: ฿23.9m (down 32% from 3Q 2022). Profit margin: 5.7% (down from 8.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.053 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.05 (down from ฿0.053 in 2Q 2022). Revenue: ฿390.9m (down 7.1% from 2Q 2022). Net income: ฿27.7m (down 13% from 2Q 2022). Profit margin: 7.1% (down from 7.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • May 03
Upcoming dividend of ฿0.17 per share at 3.4% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (3.3%). Price Target Changed • Feb 27
Price target increased by 21% to ฿7.00 Up from ฿5.80, the current price target is provided by 1 analyst. New target price is 16% above last closing price of ฿6.05. Stock is up 38% over the past year. The company is forecast to post earnings per share of ฿0.24 for next year compared to ฿0.24 last year. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.70, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Professional Services industry in Asia. Total returns to shareholders of 269% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 18% share price gain to ฿5.85, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Professional Services industry in Asia. Total returns to shareholders of 214% over the past three years. Price Target Changed • Nov 23
Price target increased to ฿5.80 Up from ฿4.49, the current price target is provided by 1 analyst. New target price is 21% above last closing price of ฿4.80. Stock is up 34% over the past year. The company is forecast to post earnings per share of ฿0.24 for next year compared to ฿0.24 last year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.053 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.06 (up from ฿0.053 in 3Q 2021). Revenue: ฿409.9m (down 5.8% from 3Q 2021). Net income: ฿35.1m (up 8.7% from 3Q 2021). Profit margin: 8.6% (up from 7.4% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Professional Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. 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. 8 experienced directors. 4 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Suparanan Tanviruch was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿420.7m (up 1.9% from 2Q 2021). Net income: ฿31.8m (up 3.3% from 2Q 2021). Profit margin: 7.6% (up from 7.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 17% growth forecast for the Professional Services industry in Thailand. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.05 (down from ฿0.067 in 1Q 2021). Revenue: ฿416.4m (down 9.0% from 1Q 2021). Net income: ฿30.1m (down 25% from 1Q 2021). Profit margin: 7.2% (down from 8.8% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 16%, compared to a 15% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 03
Upcoming dividend of ฿0.069 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 13% but the company is paying out more than the cash it is generating. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.1%). 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. 8 experienced directors. 4 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Director Suparanan Tanviruch was the last independent director to join the board, commencing their role in 2019. 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 • Mar 02
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.54 (down from ฿0.56 in FY 2020). Revenue: ฿1.74b (up 11% from FY 2020). Net income: ฿144.4m (down 3.2% from FY 2020). Profit margin: 8.3% (down from 9.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.17 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿435.2m (down 11% from 3Q 2020). Net income: ฿32.3m (down 28% from 3Q 2020). Profit margin: 7.4% (down from 9.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.15 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿412.9m (up 2.4% from 2Q 2020). Net income: ฿30.8m (down 22% from 2Q 2020). Profit margin: 7.5% (down from 9.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.10 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿457.5m (up 96% from 1Q 2020). Net income: ฿40.2m (up 47% from 1Q 2020). Profit margin: 8.8% (down from 12% in 1Q 2020). The decrease in margin was driven by higher expenses. Executive Departure • May 14
Chief Accountant has left the company On the 1st of May, Wanida Chusree's tenure in the role of Chief Accountant ended. We don't have any record of a personal shareholding under Wanida's name. Wanida is the only executive to leave the company over the last 12 months. Upcoming Dividend • May 04
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 28 May 2021. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (0.9%). Is New 90 Day High Low • Mar 01
New 90-day high: ฿8.15 The company is up 19% from its price of ฿6.85 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 7.0% over the same period. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.56 (vs ฿0.32 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿1.58b (up 118% from FY 2019). Net income: ฿149.2m (up 75% from FY 2019). Profit margin: 9.5% (down from 12% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Feb 25
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 19%, compared to a 11% growth forecast for the Professional Services industry in Thailand. Is New 90 Day High Low • Feb 05
New 90-day high: ฿8.10 The company is up 20% from its price of ฿6.75 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: ฿7.45 The company is up 12% from its price of ฿6.65 on 22 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 3.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.17 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿490.4m (up 158% from 3Q 2019). Net income: ฿44.7m (up 93% from 3Q 2019). Profit margin: 9.1% (down from 12% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Oct 15
New 90-day low: ฿6.80 The company is down 9.0% from its price of ฿7.45 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 17% over the same period.