Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.09 (vs ฿0.093 in 1Q 2025) First quarter 2026 results: EPS: ฿0.09 (down from ฿0.093 in 1Q 2025). Revenue: ฿1.29b (down 6.7% from 1Q 2025). Net income: ฿43.7m (down 8.3% from 1Q 2025). Profit margin: 3.4% (down from 3.5% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 20% per year. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to ฿8.95. The fair value is estimated to be ฿11.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. New Risk • Mar 01
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: 4.8% Last year net profit margin: 7.0% 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: Minor Risks Dividend is not well covered by earnings (133% payout ratio). Profit margins are more than 30% lower than last year (4.8% net profit margin). Declared Dividend • Mar 01
Final dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 16th March 2026 Payment date: 13th May 2026 Dividend yield will be 5.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 47% to bring the payout ratio under control, which is more than the 7.3% EPS growth achieved over the last 5 years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.23 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.16 (down from ฿0.23 in 3Q 2024). Revenue: ฿1.42b (down 12% from 3Q 2024). Net income: ฿79.5m (down 33% from 3Q 2024). Profit margin: 5.6% (down from 7.3% 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 12% per year whereas the company’s share price has fallen by 16% per year. Declared Dividend • Aug 15
First half dividend reduced to ฿0.05 Dividend of ฿0.05 is 50% lower than last year. Ex-date: 28th August 2025 Payment date: 12th September 2025 Dividend yield will be 7.7%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (126% earnings payout ratio). However, it is covered by cash flows (53% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 40% to bring the payout ratio under control, which is more than the 16% EPS growth achieved over the last 5 years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.17 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.07 (down from ฿0.17 in 2Q 2024). Revenue: ฿1.32b (down 8.9% from 2Q 2024). Net income: ฿36.3m (down 59% from 2Q 2024). Profit margin: 2.7% (down from 6.1% 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 6% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.18 in 1Q 2024) First quarter 2025 results: EPS: ฿0.09 (down from ฿0.18 in 1Q 2024). Revenue: ฿1.38b (down 4.1% from 1Q 2024). Net income: ฿47.7m (down 49% from 1Q 2024). Profit margin: 3.5% (down from 6.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. お知らせ • Apr 24
S&P Syndicate Public Company Limited Approves Cash Dividend for the Period from 1 July 2024 to 31 December 2024, Payable on 13 May 2025 S&P Syndicate Public Company Limited at its AGM held on April 22, 2025, approved the dividend payment of the year 2024 at the rate of THB 0.80 per share. Whereas, the Board of Directors' meeting, held on 13 August 2024, had resolved to pay the interim dividend payment of THB 0.10 per share for 514,710,383 shares, totaling THB 51,471,038.30 (Derived from the operating result as of 1 January 2024 to 30 June 2024). The interim dividend payment has been paid on 10 September 2024, remaining this dividend
payment (Derived from the operating result as of 1 July 2024 to 31 December 2024) at the rate of THB 0.70 per share for 512,564,983 shares, totaling THB 358,795,488.10. The dividend payout shall be paid to the shareholders whose name listed on the record date to receive dividend payout on 14 March 2025 and scheduled to pay the dividend on 13 May 2025. Declared Dividend • Feb 28
Final dividend reduced to ฿0.70 Dividend of ฿0.70 is 6.7% lower than last year. Ex-date: 13th March 2025 Payment date: 13th May 2025 Dividend yield will be 7.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is covered by cash flows (51% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control, which is more than the 5.4% EPS growth achieved over the last 5 years. お知らせ • Feb 27
S&P Syndicate Public Company Limited Proposes Cash Dividend for the Year 2024, Payable on May 13, 2025 S&P Syndicate Public Company Limited announced at the AGM to be held on April 22, 2025, dividend from operation performance for year 2024 at the rate of THB 0.80 per share. Whereas, the Board of Directors' meeting, held on 13 August 2024, had resolved to pay the interim dividend payment of THB 0.10 per share totaling THB 51,471,038.30 (from the operating result as of 1 January 2024 - 30 June 2024) remaining this cash dividend payment at the rate of THB 0.70 per share. Record date: 14 March, 2025; Payment date: 13 May 2025. Shareholder's meeting date is 22-Apr-2025. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.83 (vs ฿0.94 in FY 2023) Full year 2024 results: EPS: ฿0.83 (down from ฿0.94 in FY 2023). Revenue: ฿6.14b (down 1.4% from FY 2023). Net income: ฿426.9m (down 12% from FY 2023). Profit margin: 7.0% (down from 7.8% in FY 2023). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. お知らせ • Feb 27
S&P Syndicate Public Company Limited, Annual General Meeting, Apr 22, 2025 S&P Syndicate Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Location: sukhumvit 26, Thailand Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.23 (vs ฿0.32 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.23 (down from ฿0.32 in 3Q 2023). Revenue: ฿1.62b (down 2.9% from 3Q 2023). Net income: ฿117.9m (down 28% from 3Q 2023). Profit margin: 7.3% (down from 9.9% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 15
First half dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 27th August 2024 Payment date: 10th September 2024 Dividend yield will be 6.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control, which is more than the 5.3% EPS growth achieved over the last 5 years. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.17 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.17. Revenue: ฿1.45b (flat on 2Q 2023). Net income: ฿89.1m (flat on 2Q 2023). Profit margin: 6.1% (in line with 2Q 2023). Buy Or Sell Opportunity • May 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to ฿15.20. The fair value is estimated to be ฿19.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.18 (vs ฿0.20 in 1Q 2023) First quarter 2024 results: EPS: ฿0.18 (down from ฿0.20 in 1Q 2023). Revenue: ฿1.44b (flat on 1Q 2023). Net income: ฿93.3m (down 11% from 1Q 2023). Profit margin: 6.5% (down from 7.3% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. お知らせ • May 03
S&P Syndicate Public Company Limited (SET:SNP) acquired the remaining 50% stake in MSC Thai Cuisine Co., Ltd. from Minor Food Group Plc for THB 18.02 million S&P Syndicate Public Company Limited (SET:SNP) acquired the remaining 50% stake in MSC Thai Cuisine Co., Ltd. from Minor Food Group Plc for THB 18.02 million on May 1, 2024.
S&P Syndicate Public Company Limited (SET:SNP) completed the acquisition of the remaining 50% stake in MSC Thai Cuisine Co., Ltd. from Minor Food Group Plc on May 1, 2024. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.75 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 13 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.3%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.9%). Declared Dividend • Feb 22
Final dividend increased to ฿0.75 Dividend of ฿0.75 is 7.1% higher than last year. Ex-date: 11th March 2024 Payment date: 13th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (106% earnings payout ratio). However, it is covered by cash flows (63% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control, which is more than the 2.9% EPS growth achieved over the last 5 years. お知らせ • Feb 21
S&P Syndicate Public Company Limited, Annual General Meeting, Apr 23, 2024 S&P Syndicate Public Company Limited, Annual General Meeting, Apr 23, 2024, at 11:00 SE Asia Standard Time. Agenda: To consider adoption of the minutes of the 2023 Annual General Meeting of Shareholders; to consider acknowledgement of the Company's operation results of 2023; to consider approval of the Statement of Financial Position and Statement of Comprehensive Income ending 31 December 2023; to consider approval for the 2023 annual dividend payment; and to consider other matters. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.94 (vs ฿0.90 in FY 2022) Full year 2023 results: EPS: ฿0.94 (up from ฿0.90 in FY 2022). Revenue: ฿6.22b (up 9.0% from FY 2022). Net income: ฿485.2m (up 5.4% from FY 2022). Profit margin: 7.8% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is significantly lagging earnings growth. お知らせ • Feb 20
S&P Syndicate Public Company Limited Proposes Dividend for the Year 2023, Payable on May 13, 2024 S&P Syndicate Public Company Limited announced at the AGM to be held on April 23, 2024, proposed the payment of dividends to shareholders from Retained Earnings and the Operating results of the year 2023 at the rate of THB 1.00 per share. As the Company paid the interim dividend at the rate of THB 0.25 per share (for the period of 1st January 2023 30th June 2023) on 8 September 2023; therefore, the balance of the dividend to be paid is THB 0.75 per share. Which will be paid to shareholders on 13th May 2024. However, the right to receive such dividends remains uncertain until it is approved by the 2024 Annual General Meeting of Shareholders. Ex-dividend date is March 11, 2024. Buy Or Sell Opportunity • Feb 12
Now 20% overvalued Over the last 90 days, the stock has fallen 6.5% to ฿15.80. The fair value is estimated to be ฿13.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.32 (vs ฿0.31 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.32 (up from ฿0.31 in 3Q 2022). Revenue: ฿1.67b (up 8.0% from 3Q 2022). Net income: ฿164.8m (up 4.5% from 3Q 2022). Profit margin: 9.9% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.25 per share at 5.5% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.16 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.17 (up from ฿0.16 in 2Q 2022). Revenue: ฿1.46b (up 12% from 2Q 2022). Net income: ฿88.7m (up 7.3% from 2Q 2022). Profit margin: 6.1% (down from 6.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.17 in 1Q 2022) First quarter 2023 results: EPS: ฿0.20 (up from ฿0.17 in 1Q 2022). Revenue: ฿1.44b (up 12% from 1Q 2022). Net income: ฿104.8m (up 20% from 1Q 2022). Profit margin: 7.3% (up from 6.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.70 per share at 3.7% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 19 May 2023. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (1.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.31 (vs ฿0.19 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.31 (up from ฿0.19 in 3Q 2021). Revenue: ฿1.55b (up 30% from 3Q 2021). Net income: ฿157.7m (up 66% from 3Q 2021). Profit margin: 10% (up from 8.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Piya Sosothikul was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 19
Now 20% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be ฿19.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has grown by 9.2%. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.089 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.16 (up from ฿0.089 in 2Q 2021). Revenue: ฿1.30b (up 23% from 2Q 2021). Net income: ฿82.7m (up 90% from 2Q 2021). Profit margin: 6.4% (up from 4.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.17 (vs ฿0.16 in 1Q 2021) First quarter 2022 results: EPS: ฿0.17 (up from ฿0.16 in 1Q 2021). Revenue: ฿1.29b (up 11% from 1Q 2021). Net income: ฿87.5m (up 10% from 1Q 2021). Profit margin: 6.8% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Piya Sosothikul was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.58 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 19 May 2022. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (0.8%). Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.69 (up from ฿0.37 in FY 2020). Revenue: ฿4.82b (down 7.3% from FY 2020). Net income: ฿340.0m (up 86% from FY 2020). Profit margin: 7.1% (up from 3.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.31 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.26b (down 9.3% from 3Q 2020). Net income: ฿94.7m (down 38% from 3Q 2020). Profit margin: 7.5% (down from 11% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% 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. Upcoming Dividend • Aug 23
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 10 September 2021. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.1%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.054 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.16b (down 21% from 1Q 2020). Net income: ฿79.3m (up ฿105.8m from 1Q 2020). Profit margin: 6.8% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.37 (vs ฿0.64 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.20b (down 29% from FY 2019). Net income: ฿183.0m (down 42% from FY 2019). Profit margin: 3.5% (down from 4.3% 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 36% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 21% share price gain to ฿15.20, the stock is trading at a trailing P/E ratio of 46x, up from the previous P/E ratio of 38.2x. This compares to an average P/E of 43x in the Hospitality industry in Thailand. Total return to shareholders over the past three years is a loss of 21%. Is New 90 Day High Low • Jan 06
New 90-day high: ฿13.60 The company is up 36% from its price of ฿10.00 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 29% share price gain to ฿12.00, the stock is trading at a trailing P/E ratio of 36.3x, up from the previous P/E ratio of 28.2x. This compares to an average P/E of 43x in the Hospitality industry in Thailand. Total return to shareholders over the past three years is a loss of 38%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.31 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.39b (down 30% from 3Q 2019). Net income: ฿153.8m (up 9.2% from 3Q 2019). Profit margin: 11% (up from 7.1% 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 30% per year whereas the company’s share price has fallen by 26% per year. Is New 90 Day High Low • Nov 11
New 90-day low: ฿9.00 The company is down 12% from its price of ฿10.20 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ฿9.75 The company is down 7.0% from its price of ฿10.50 on 24 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 15% over the same period. Is New 90 Day High Low • Oct 10
New 90-day low: ฿9.95 The company is down 5.0% from its price of ฿10.50 on 10 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 8.0% over the same period.