Reported Earnings • May 12
First quarter 2026 earnings released: EPS: ฿0.17 (vs ฿0.12 in 1Q 2025) First quarter 2026 results: EPS: ฿0.17 (up from ฿0.12 in 1Q 2025). Revenue: ฿640.0m (up 20% from 1Q 2025). Net income: ฿99.7m (up 36% from 1Q 2025). Profit margin: 16% (up from 14% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 22 April 2026. Payment date: 06 May 2026. Payout ratio and cash payout ratio are on the higher end at 84% and 100% respectively. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (5.6%). New Risk • Mar 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.24b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Market cap is less than US$100m (฿3.24b market cap, or US$98.6m). お知らせ • Mar 05
T.A.C. Consumer Public Company Limited Approves Cash Dividend for the Operating Period from January 1, 2025 to December 31, 2025, Payable on May 6, 2026 T.A.C. Consumer Public Company Limited at its Annual General Meeting of Shareholders to be held on April 10, 2026, approved cash dividend of THB 0.21 per share for the operating period from January 1, 2025 to December 31, 2025. Payment date is May 6, 2026. Record date for the right to receive dividends is April 23, 2026. Ex-dividend date is April 22, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.50 (vs ฿0.41 in FY 2024) Full year 2025 results: EPS: ฿0.50 (up from ฿0.41 in FY 2024). Revenue: ฿2.41b (up 22% from FY 2024). Net income: ฿299.2m (up 21% from FY 2024). Profit margin: 12% (in line with FY 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Feb 13
Price target increased by 9.1% to ฿6.77 Up from ฿6.20, the current price target is an average from 3 analysts. New target price is 19% above last closing price of ฿5.70. Stock is up 39% over the past year. The company is forecast to post earnings per share of ฿0.52 for next year compared to ฿0.41 last year. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.10 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.15 (up from ฿0.10 in 3Q 2024). Revenue: ฿620.9m (up 28% from 3Q 2024). Net income: ฿90.0m (up 48% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Food industry in Thailand. 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 10
First half dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 22nd August 2025 Payment date: 5th September 2025 Dividend yield will be 8.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not covered by cash flows (129% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.12 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.13 (up from ฿0.12 in 2Q 2024). Revenue: ฿579.7m (up 16% from 2Q 2024). Net income: ฿79.1m (up 15% from 2Q 2024). Profit margin: 14% (in line with 2Q 2024). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • May 14
Price target decreased by 12% to ฿6.05 Down from ฿6.86, the current price target is an average from 2 analysts. New target price is 32% above last closing price of ฿4.58. Stock is down 8.0% over the past year. The company is forecast to post earnings per share of ฿0.48 for next year compared to ฿0.41 last year. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.10 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (up from ฿0.10 in 1Q 2024). Revenue: ฿533.3m (up 16% from 1Q 2024). Net income: ฿73.1m (up 20% from 1Q 2024). Profit margin: 14% (in line with 1Q 2024). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 21 May 2025. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 8.6%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.1%). お知らせ • Apr 02
T.A.C. Consumer Public Company Limited Announces Retirement of Suphot Leenanurak as Director; Risk Management Committee and Executive Committee, Effective from 22 April 2021 T.A.C. Consumer Public Company Limited announced retirement of Mr. SUPHOT LEENANURAK as director; Risk Management Committee and Executive Committee. Expire date: 01 April 2025. Effective Date: 22 April 2021. Price Target Changed • Mar 12
Price target increased by 11% to ฿7.60 Up from ฿6.86, the current price target is provided by 1 analyst. New target price is 79% above last closing price of ฿4.24. Stock is down 12% over the past year. The company posted earnings per share of ฿0.41 last year. Declared Dividend • Mar 02
Final dividend of ฿0.19 announced Dividend of ฿0.19 is the same as last year. Ex-date: 6th May 2025 Payment date: 21st May 2025 Dividend yield will be 9.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) nor is it covered by cash flows (109% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 4.5% to bring the payout ratio under control. EPS is expected to grow by 20% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 01
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿0.41 (up from ฿0.34 in FY 2023). Revenue: ฿1.97b (up 14% from FY 2023). Net income: ฿247.3m (up 20% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.2%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.085 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.10 (up from ฿0.085 in 3Q 2023). Revenue: ฿484.0m (up 13% from 3Q 2023). Net income: ฿61.0m (up 18% from 3Q 2023). Profit margin: 13% (in line with 3Q 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Thailand. 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 15% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 10
First half dividend increased to ฿0.20 Dividend of ฿0.20 is 18% higher than last year. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 8.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not adequately covered by earnings (90.4% earnings payout ratio) nor is it covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 21% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 28% over the next 3 years, which should maintain adequate earnings cover for the dividend. お知らせ • Aug 10
T.A.C. Consumer Public Company Limited Announces Cash Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on September 06, 2024 T.A.C. Consumer Public Company Limited announced cash dividend of THB 0.20 for the period from January 1, 2024 to June 30, 2024. Payment date is September 06, 2024. Ex-dividend date is August 22, 2024. Record date for the right to receive dividends is August 23, 2024. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.12 (vs ฿0.089 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.12 (up from ฿0.089 in 2Q 2023). Revenue: ฿500.4m (up 12% from 2Q 2023). Net income: ฿68.9m (up 28% from 2Q 2023). Profit margin: 14% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Food industry in Thailand. 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 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 13
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿1.82b to ฿1.90b. EPS estimate increased from ฿0.365 to ฿0.405 per share. Net income forecast to grow 13% next year vs 23% growth forecast for Food industry in Thailand. Consensus price target down from ฿6.86 to ฿6.64. Share price was steady at ฿4.76 over the past week. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.07 in 1Q 2023) First quarter 2024 results: EPS: ฿0.10 (up from ฿0.07 in 1Q 2023). Revenue: ฿460.5m (up 21% from 1Q 2023). Net income: ฿60.9m (up 43% from 1Q 2023). Profit margin: 13% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Food industry in Thailand. 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 11% per year, which means it is significantly lagging earnings. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Independent Director Trithip Sivakriskul was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Mar 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 106% Cash payout ratio: 145% High level of non-cash earnings (36% accrual ratio). Minor Risk Market cap is less than US$100m (฿2.82b market cap, or US$79.4m). Declared Dividend • Mar 02
Final dividend of ฿0.19 announced Dividend of ฿0.19 is the same as last year. Ex-date: 7th May 2024 Payment date: 20th May 2024 Dividend yield will be 7.4%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (114% earnings payout ratio) nor is it covered by cash flows (145% cash payout ratio). The dividend has increased by an average of 21% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 26% to bring the payout ratio under control. EPS is expected to grow by 38% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. お知らせ • Mar 02
T.A.C. Consumer Public Company Limited, Annual General Meeting, Apr 26, 2024 T.A.C. Consumer Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and adopt the Minutes of 2023 Annual General Meeting of shareholders held on April 27, 2023; to consider and acknowledge the operating result for the year 2023; to consider and approve the financial statement for the year ended December 31, 2023; to consider approving the appropriation of net profits for the year 2023 operating results and the dividend payment; to consider and elect the directors' to succeed the directors completing their term for the year 2024; to consider and approve the increase in the number of director and election of a new director; to consider and fix the directors' remunerations for the year 2024; to consider and appoint the auditors for the year 2024 and fix the auditing fee; and to transact other business. Price Target Changed • Feb 17
Price target increased by 11% to ฿7.35 Up from ฿6.62, the current price target is an average from 3 analysts. New target price is 61% above last closing price of ฿4.56. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.39 last year. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.085 (vs ฿0.10 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.085 (down from ฿0.10 in 3Q 2022). Revenue: ฿428.2m (up 12% from 3Q 2022). Net income: ฿51.8m (down 17% from 3Q 2022). Profit margin: 12% (down from 16% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 13
Price target decreased by 18% to ฿6.60 Down from ฿8.08, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ฿4.62. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.39 last year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.17 per share at 7.2% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.2%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.9%). New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 146% High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (฿3.00b market cap, or US$85.1m). お知らせ • Aug 12
T.A.C. Consumer Public Company Limited (SET:TACC) announces an Equity Buyback for 11,000,000 shares, representing 1.81% for THB 50 million. T.A.C. Consumer Public Company Limited (SET:TACC) announces a share repurchase program. Under the program, the company will repurchase up to 11,000,000 shares, representing 1.81% of its issued share capital, for THB 50 million. The repurchase price should not exceed 115% of the average closing price of 5 trading days prior to the share repurchase date. The purpose of the share repurchases is to maximize the benefit from the company's excess liquid management and increase the return on equity and earnings per share. The program will be valid until February 16, 2024. As of August 10, 2023, the company has 608,000,000 shares are issued and outstanding. お知らせ • Aug 11
T.A.C. Consumer Public Company Limited Announces Interim Cash Dividend from January 1, 2023 to June 30, 2023, Payable on September 8, 2023 T.A.C. Consumer Public Company Limited announced Interim cash dividend payment of THB 0.17 for period from January 1, 2023 to June 30, 2023. Record date for the right to receive dividends is 25 August 2023; Ex-dividend date is 24 August 2023. Payment date is 08 September, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.089 (vs ฿0.11 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.089 (down from ฿0.11 in 2Q 2022). Revenue: ฿448.7m (up 17% from 2Q 2022). Net income: ฿53.9m (down 21% from 2Q 2022). Profit margin: 12% (down from 18% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ฿6.30, 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 grown by 11%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Major Estimate Revision • May 20
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.42 to ฿0.36 per share. Revenue forecast steady at ฿1.71b. Net income forecast to grow 9.1% next year vs 16% growth forecast for Food industry in Thailand. Consensus price target down from ฿9.02 to ฿8.08. Share price was steady at ฿5.35 over the past week. Price Target Changed • May 15
Price target decreased by 12% to ฿8.08 Down from ฿9.15, the current price target is an average from 3 analysts. New target price is 48% above last closing price of ฿5.45. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿0.41 for next year compared to ฿0.39 last year. Buying Opportunity • May 12
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ฿7.16, 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 grown by 14%. Revenue is forecast to grow by 23% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. Upcoming Dividend • May 02
Upcoming dividend of ฿0.19 per share at 6.4% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 23 May 2023. Payout ratio and cash payout ratio are on the higher end at 93% and 84% respectively. Trailing yield: 6.4%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: ฿0.10 (up from ฿0.092 in 3Q 2021). Revenue: ฿383.1m (up 23% from 3Q 2021). Net income: ฿62.2m (up 11% from 3Q 2021). Profit margin: 16% (down from 18% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Sep 13
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿8.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 18% in a year. Earnings is forecast to grow by 8.4% in the next year. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. Payout ratio and cash payout ratio are on the higher end at 88% and 88% respectively. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.11 (vs ฿0.089 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.11 (up from ฿0.089 in 2Q 2021). Revenue: ฿385.3m (up 8.9% from 2Q 2021). Net income: ฿68.4m (up 27% from 2Q 2021). Profit margin: 18% (up from 15% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 8.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.10 (up from ฿0.077 in 1Q 2021). Revenue: ฿338.8m (up 4.0% from 1Q 2021). Net income: ฿60.1m (up 29% from 1Q 2021). Profit margin: 18% (up from 14% in 1Q 2021). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 20%, compared to a 7.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Buying Opportunity • Apr 29
Now 20% undervalued Over the last 90 days, the stock is up 4.2%. The fair value is estimated to be ฿9.32, 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 grown by 29%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 19 May 2022. Payout ratio and cash payout ratio are on the higher end at 94% and 94% respectively. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.3%). Buying Opportunity • Mar 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be ฿9.54, 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 grown by 29% per annum over the last 3 years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.35 (up from ฿0.31 in FY 2020). Revenue: ฿1.35b (up 2.2% from FY 2020). Net income: ฿214.2m (up 14% from FY 2020). Profit margin: 16% (up from 14% in FY 2020). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Over the next year, revenue is forecast to grow 14%, compared to a 6.0% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 10 September 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.089 (vs ฿0.079 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿353.9m (up 9.8% from 2Q 2020). Net income: ฿53.9m (up 13% from 2Q 2020). Profit margin: 15% (in line with 2Q 2020). 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 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 20% share price gain to ฿7.25, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Food industry in Thailand. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.45 per share. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.077 (vs ฿0.07 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ฿325.9m (flat on 1Q 2020). Net income: ฿46.7m (up 9.5% from 1Q 2020). Profit margin: 14% (up from 13% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 13 May 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿7.50, the stock is trading at a trailing P/E ratio of 24.2x, down from the previous P/E ratio of 28.7x. This compares to an average P/E of 16x in the Food industry in Thailand. Total returns to shareholders over the past three years are 87%. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS ฿0.31 (vs ฿0.27 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿1.32b (down 14% from FY 2019). Net income: ฿188.4m (up 16% from FY 2019). Profit margin: 14% (up from 11% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue behind estimates Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 28%, compared to a 1.6% growth forecast for the Food industry in Thailand. Is New 90 Day High Low • Feb 17
New 90-day high: ฿8.35 The company is up 27% from its price of ฿6.60 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.73 per share. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 21% share price gain to ฿7.75, the stock is trading at a trailing P/E ratio of 25.9x, up from the previous P/E ratio of 21.4x. This compares to an average P/E of 17x in the Food industry in Thailand. Total returns to shareholders over the past three years are 71%. Is New 90 Day High Low • Jan 28
New 90-day high: ฿7.20 The company is up 9.0% from its price of ฿6.60 on 30 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food 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 ฿4.63 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 3.4% growth forecast for the Food industry in Thailand. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.077 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿345.8m (down 6.7% from 3Q 2019). Net income: ฿46.7m (up 13% from 3Q 2019). Profit margin: 14% (up from 11% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 04
New 90-day high: ฿7.00 The company is up 16% from its price of ฿6.05 on 06 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.63 per share. Price Target Changed • Oct 10
Price target raised to ฿7.57 Up from ฿6.70, the current price target is an average from 3 analysts. The new target price is 13% above the current share price of ฿6.70. As of last close, the stock is up 39% over the past year. Is New 90 Day High Low • Oct 07
New 90-day high: ฿6.90 The company is up 24% from its price of ฿5.55 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.63 per share. 
