New Risk • May 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 101% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin). Buy Or Sell Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ฿16.20. The fair value is estimated to be ฿20.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 9.8%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • Apr 28
Upcoming dividend of ฿1.35 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.3%). Declared Dividend • Feb 28
Dividend of ฿1.35 announced Dividend of ฿1.35 is the same as last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 6.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (64% 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 company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿1.87 (down from ฿3.60 in FY 2024). Revenue: ฿10.8b (up 6.6% from FY 2024). Net income: ฿561.7m (down 44% from FY 2024). Profit margin: 5.2% (down from 10.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Personal Products industry in Asia. Buy Or Sell Opportunity • Jan 07
Now 24% overvalued Over the last 90 days, the stock has fallen 6.0% to ฿20.20. The fair value is estimated to be ฿16.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 1.3% in the next 2 years. New Risk • Nov 15
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.0% net profit margin). Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.20 (down from ฿0.77 in 3Q 2024). Revenue: ฿2.64b (up 7.6% from 3Q 2024). Net income: ฿58.8m (down 75% from 3Q 2024). Profit margin: 2.2% (down from 9.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia. New Risk • Oct 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% 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 Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Major Estimate Revision • Oct 14
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.26 to ฿1.81 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 32% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿27.50 to ฿22.75. Share price fell 7.4% to ฿20.10 over the past week. Price Target Changed • Oct 14
Price target decreased by 11% to ฿26.08 Down from ฿29.25, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿21.50. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.17 for next year compared to ฿3.60 last year. Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.52 to ฿2.26 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 8.6% next year vs 26% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿29.25 to ฿27.50. Share price fell 12% to ฿21.20 over the past week. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.90 in 2Q 2024). Revenue: ฿2.60b (up 3.3% from 2Q 2024). Net income: ฿80.4m (down 70% from 2Q 2024). Profit margin: 3.1% (down from 11% in 2Q 2024). 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 49%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Major Estimate Revision • Jul 14
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.9b to ฿10.6b. EPS estimate also fell from ฿3.08 per share to ฿2.54 per share. Net income forecast to shrink 20% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿41.67 to ฿32.50. Share price fell 9.8% to ฿23.00 over the past week. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.85 (down from ฿1.21 in 1Q 2024). Revenue: ฿2.61b (up 5.1% from 1Q 2024). Net income: ฿256.1m (down 4.4% from 1Q 2024). Profit margin: 9.8% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Personal Products industry in Asia. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿31.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Personal Products industry in Asia. Total loss to shareholders of 26% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿60.03 per share. Price Target Changed • Apr 11
Price target decreased by 7.6% to ฿41.67 Down from ฿45.08, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿30.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿2.99 for next year compared to ฿3.60 last year. New Risk • Feb 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk High level of non-cash earnings (36% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿3.60. Revenue: ฿10.1b (up 6.5% from FY 2023). Net income: ฿1.01b (up 22% from FY 2023). Profit margin: 10.0% (up from 8.7% in FY 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 5.5%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Personal Products industry in Asia. お知らせ • Feb 26
Neo Corporate Public Company Limited Proposes Dividend Payment for the Fiscal Year 2024 , Payable on May 21, 2025 Neo Corporate Public Company Limited proposed to consider and approve the dividend payment for the fiscal year 2024 at the rate of THB 1.35 per share, totaling approximately THB 405,000,000, representing 45.86% of the net profit for the year 2024 based on the Company's consolidated financial statements. This dividend payment is made in accordance with the Company's dividend policy. The record date for determining the shareholders entitled to receive the dividend shall be 2 May 2025, and the dividend payment shall be made on 21 May 2025. As the Company has already fulfilled its statutory reserve requirement in accordance with the law, no additional allocation of net profit to the statutory reserve is required. Record date for the right to receive dividends: May 2, 2025, Ex-dividend date: April 30, 2025, Payment date: May 21, 2025 . Shareholder's meeting date: April 23, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.77 (down from ฿1.58 in 3Q 2023). Revenue: ฿2.46b (down 1.0% from 3Q 2023). Net income: ฿231.2m (down 34% from 3Q 2023). Profit margin: 9.4% (down from 14% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia. New Risk • Aug 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.90 (vs ฿0.70 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.90 (up from ฿0.70 in 2Q 2023). Revenue: ฿2.51b (up 9.2% from 2Q 2023). Net income: ฿268.7m (up 73% from 2Q 2023). Profit margin: 11% (up from 6.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Personal Products industry in Asia. お知らせ • Aug 03
Neo Corporate Public Company Limited Announces CFO Changes Neo Corporate Public Company Limited informed that Mrs. Nataya Tassanee has retired as a CFO of the Company, with her last working day on July 31st, 2024. In addition, Miss Patchanok Worasakyotin, who previously served as Deputy CFO and a successor, has been appointed as the new CFO, effective from August 1st, 2024 onwards. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿57.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Personal Products industry in Asia. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿1.21 (vs ฿0.76 in 1Q 2023) First quarter 2024 results: EPS: ฿1.21 (up from ฿0.76 in 1Q 2023). Revenue: ฿2.48b (up 8.2% from 1Q 2023). Net income: ฿267.9m (up 60% from 1Q 2023). Profit margin: 11% (up from 7.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia.