View ValuationTQM Alpha 将来の成長Future 基準チェック /16TQM Alphaは、9%と5.9%でそれぞれ年率9%で利益と収益が成長すると予測される一方、EPSはgrowで12.6%年率。主要情報9.0%収益成長率12.63%EPS成長率Insurance 収益成長6.4%収益成長率5.9%将来の株主資本利益率n/aアナリストカバレッジLow最終更新日20 May 2026今後の成長に関する最新情報Major Estimate Revision • Mar 03Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿4.27b to ฿3.99b. EPS estimate also fell from ฿1.44 per share to ฿1.28 per share. Net income forecast to grow 5.7% next year vs 12% growth forecast for Insurance industry in Thailand. Consensus price target up from ฿14.00 to ฿16.00. Share price rose 2.3% to ฿13.50 over the past week.Major Estimate Revision • Mar 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.19b to ฿4.04b. EPS estimate also fell from ฿1.60 per share to ฿1.41 per share. Net income forecast to grow 4.5% next year vs 9.8% growth forecast for Insurance industry in Thailand. Consensus price target down from ฿36.50 to ฿22.50. Share price fell 12% to ฿14.60 over the past week.Price Target Changed • Feb 28Price target decreased by 18% to ฿29.50Down from ฿36.00, the current price target is an average from 2 analysts. New target price is 93% above last closing price of ฿15.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.35 last year.Price Target Changed • Nov 24Price target decreased by 9.3% to ฿39.00Down from ฿43.00, the current price target is an average from 3 analysts. New target price is 38% above last closing price of ฿28.25. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.35 last year.Price Target Changed • Apr 27Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ฿25.50. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.Price Target Changed • Apr 01Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 37% above last closing price of ฿33.00. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.すべての更新を表示Recent updatesReported Earnings • May 18First quarter 2026 earnings released: EPS: ฿0.31 (vs ฿0.38 in 1Q 2025)First quarter 2026 results: EPS: ฿0.31 (down from ฿0.38 in 1Q 2025). Revenue: ฿1.02b (down 7.6% from 1Q 2025). Net income: ฿185.7m (down 19% from 1Q 2025). Profit margin: 18% (down from 21% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 1.7% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings.New Risk • May 17New major risk - Revenue and earnings growthEarnings have declined by 1.3% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (122% cash payout ratio).Major Estimate Revision • Mar 03Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿4.27b to ฿3.99b. EPS estimate also fell from ฿1.44 per share to ฿1.28 per share. Net income forecast to grow 5.7% next year vs 12% growth forecast for Insurance industry in Thailand. Consensus price target up from ฿14.00 to ฿16.00. Share price rose 2.3% to ฿13.50 over the past week.Declared Dividend • Mar 01Dividend of ฿0.60 announcedShareholders will receive a dividend of ฿0.60. Ex-date: 12th March 2026 Payment date: 15th May 2026 Dividend yield will be 7.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 30% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover.お知らせ • Feb 27TQM Alpha Public Company Limited, Annual General Meeting, Apr 29, 2026TQM Alpha Public Company Limited, Annual General Meeting, Apr 29, 2026, at 14:00 SE Asia Standard Time. Location: hybrid meeting, room of tqm alpha public company limited, 123 ladplakao road, jorakhaebua, ladprao, bangkok 10230, ThailandReported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.35 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.27 (down from ฿0.35 in 3Q 2024). Revenue: ฿891.8m (down 8.5% from 3Q 2024). Net income: ฿160.7m (down 24% from 3Q 2024). Profit margin: 18% (down from 22% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.Declared Dividend • Aug 16First half dividend of ฿0.50 announcedShareholders will receive a dividend of ฿0.50. Ex-date: 27th August 2025 Payment date: 9th September 2025 Dividend yield will be 6.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 37% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 15Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿962.3m (down 1.7% from 2Q 2024). Net income: ฿164.3m (down 16% from 2Q 2024). Profit margin: 17% (down from 20% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings.Valuation Update With 7 Day Price Move • Jun 19Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿12.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 71% over the past three years.Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.38 (vs ฿0.38 in 1Q 2024)First quarter 2025 results: EPS: ฿0.38 (up from ฿0.38 in 1Q 2024). Revenue: ฿1.11b (up 2.0% from 1Q 2024). Net income: ฿228.3m (up 1.2% from 1Q 2024). Profit margin: 21% (in line with 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings.Valuation Update With 7 Day Price Move • Apr 22Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿15.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Insurance industry in Asia. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿28.18 per share.New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (141% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change).Major Estimate Revision • Mar 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.19b to ฿4.04b. EPS estimate also fell from ฿1.60 per share to ฿1.41 per share. Net income forecast to grow 4.5% next year vs 9.8% growth forecast for Insurance industry in Thailand. Consensus price target down from ฿36.50 to ฿22.50. Share price fell 12% to ฿14.60 over the past week.Declared Dividend • Mar 01Final dividend of ฿0.50 announcedShareholders will receive a dividend of ฿0.50. Ex-date: 13th March 2025 Payment date: 9th May 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (127% cash payout ratio). The dividend has increased by an average of 35% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover.Price Target Changed • Feb 28Price target decreased by 18% to ฿29.50Down from ฿36.00, the current price target is an average from 2 analysts. New target price is 93% above last closing price of ฿15.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.35 last year.お知らせ • Feb 27+ 1 more updateTQM Alpha Public Company Limited, Annual General Meeting, Apr 25, 2025TQM Alpha Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Location: tqm, ThailandBuy Or Sell Opportunity • Feb 24Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 29% to ฿17.30. The fair value is estimated to be ฿21.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 22% in the next 2 years.Valuation Update With 7 Day Price Move • Feb 05Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿16.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.86 per share.Buy Or Sell Opportunity • Jan 17Now 25% undervalued after recent price dropOver the last 90 days, the stock has fallen 24% to ฿19.50. The fair value is estimated to be ฿25.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 23% in the next 2 years.お知らせ • Dec 26TQM Alpha Public Company Limited (SET:TQM) announces an Equity Buyback for 30,000,000 shares, representing 5% for THB 700 million.TQM Alpha Public Company Limited (SET:TQM) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 5% of its issued share capital for a total of THB 700 million. The repurchase price must not exceed 115% of the average share closing price for five business days prior to the share repurchase date. The purpose of the program is to ensure the company’s excess liquidity management is conducted for the utmost benefit, to increase the return on equity and the earnings per share, to ensure company is certain in its capability to generate future income and to prove the company’s strong financial position. The program will expire on June 30, 2025.New Risk • Nov 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change).Valuation Update With 7 Day Price Move • Oct 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿31.75, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Insurance industry in Asia. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.57 per share.Buy Or Sell Opportunity • Oct 04Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to ฿31.25. The fair value is estimated to be ฿25.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 21% in the next 2 years.お知らせ • Aug 17TQM Alpha Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01 January 2024 to 30 June, 2024, Payable on 10 September, 2024TQM Alpha Public Company Limited announced interim cash dividend of THB 0.45 per share for the Operating period from 01 January 2024 to 30 June 2024. Record date for the right to receive dividends is 29 August, 2024. Ex-dividend date is 28 August, 2024. Payment date is 10 September 2024.Declared Dividend • Aug 16First half dividend of ฿0.45 announcedShareholders will receive a dividend of ฿0.45. Ex-date: 28th August 2024 Payment date: 10th September 2024 Dividend yield will be 3.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 46% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 8.2% over the next year, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.33 (vs ฿0.33 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.33. Revenue: ฿979.4m (up 7.6% from 2Q 2023). Net income: ฿196.2m (flat on 2Q 2023). Profit margin: 20% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 1.4% growth forecast for the Insurance industry in Asia.お知らせ • May 17TQM Alpha Public Company Limited Approves Dividend for the Year 2023, Payable on 10 May 2024TQM Alpha Public Company Limited at its Annual General Meeting of Shareholders held on April 24, 2024, approved a dividend payment from net profit and retained earnings of 2023 at THB 0.50 per share for 600 million shares, totaling THB 300 million, on 10 May 2024.Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.38 (vs ฿0.33 in 1Q 2023)First quarter 2024 results: EPS: ฿0.38 (up from ฿0.33 in 1Q 2023). Revenue: ฿1.08b (up 8.7% from 1Q 2023). Net income: ฿225.5m (up 16% from 1Q 2023). Profit margin: 21% (up from 20% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings.Upcoming Dividend • Mar 05Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 12 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (4.9%).お知らせ • Mar 01TQM Alpha Public Company Limited Proposes Dividend for the Year 2023, Payable on 10 May 2024TQM Alpha Public Company Limited announced that at its board meeting held on 27 February 2024, approved to propose to the Shareholders' Meeting for approval of dividend payment from the company's 2023's retained earnings in the amount of THB 0.50 per share, with a total of 600 million shares. It is proposed that the determining date the shareholders entitled to receive the dividend (record date) shall be on 13 March 2024. The payment is scheduled on 10 May 2024. The final dividend payment is subject to shareholders' approval at 2024 Annual General Meeting.Reported Earnings • Mar 01Full year 2023 earnings released: EPS: ฿1.36 (vs ฿1.35 in FY 2022)Full year 2023 results: EPS: ฿1.36 (up from ฿1.35 in FY 2022). Revenue: ฿3.72b (up 1.1% from FY 2022). Net income: ฿816.3m (flat on FY 2022). Profit margin: 22% (in line with FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. 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 24% per year, which means it is significantly lagging earnings.New Risk • Dec 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change).Price Target Changed • Nov 24Price target decreased by 9.3% to ฿39.00Down from ฿43.00, the current price target is an average from 3 analysts. New target price is 38% above last closing price of ฿28.25. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.35 last year.Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.34 (vs ฿0.34 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.34. Revenue: ฿907.7m (down 1.5% from 3Q 2022). Net income: ฿206.9m (flat on 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat.Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿29.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Insurance industry in Asia. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿26.15 per share.Upcoming Dividend • Aug 21Upcoming dividend of ฿0.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%).Reported Earnings • Aug 16Second quarter 2023 earnings released: EPS: ฿0.33 (vs ฿0.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.33 (up from ฿0.30 in 2Q 2022). Revenue: ฿910.2m (up 5.0% from 2Q 2022). Net income: ฿196.9m (up 9.5% from 2Q 2022). Profit margin: 22% (in line with 2Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.Reported Earnings • May 18First quarter 2023 earnings released: EPS: ฿0.32 (vs ฿0.36 in 1Q 2022)First quarter 2023 results: EPS: ฿0.32 (down from ฿0.36 in 1Q 2022). Revenue: ฿991.3m (up 5.0% from 1Q 2022). Net income: ฿194.8m (down 8.8% from 1Q 2022). Profit margin: 20% (down from 23% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.Price Target Changed • Apr 27Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ฿25.50. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.Valuation Update With 7 Day Price Move • Apr 25Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿26.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿22.72 per share.Price Target Changed • Apr 01Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 37% above last closing price of ฿33.00. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.Price Target Changed • Mar 21Price target decreased by 7.7% to ฿47.67Down from ฿51.67, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ฿33.25. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿1.55 for next year compared to ฿1.35 last year.Upcoming Dividend • Mar 07Upcoming dividend of ฿0.50 per share at 3.3% yieldEligible shareholders must have bought the stock before 13 March 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (4.5%).Price Target Changed • Dec 06Price target decreased to ฿52.67Down from ฿57.50, the current price target is an average from 4 analysts. New target price is 35% above last closing price of ฿39.00. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿1.45 for next year compared to ฿1.48 last year.Board Change • Nov 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Thana Thienachariya was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Upcoming Dividend • Aug 19Upcoming dividend of ฿0.70 per shareEligible shareholders must have bought the stock before 26 August 2022. Payment date: 09 September 2022. Payout ratio and cash payout ratio are on the higher end at 84% and 98% respectively. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.4%).Price Target Changed • May 20Price target decreased to ฿61.63Down from ฿67.13, the current price target is an average from 4 analysts. New target price is 40% above last closing price of ฿44.00. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿0.36 (up from ฿0.34 in 1Q 2021). Revenue: ฿887.5m (up 5.7% from 1Q 2021). Net income: ฿213.6m (up 5.9% from 1Q 2021). Profit margin: 24% (in line with 1Q 2021). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 27% compared to a 15% decline forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth.Price Target Changed • Apr 27Price target decreased to ฿67.13Down from ฿73.91, the current price target is an average from 4 analysts. New target price is 42% above last closing price of ฿47.25. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Thana Thienachariya was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.Upcoming Dividend • Mar 17Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 24 March 2022. Payment date: 12 May 2022. Payout ratio and cash payout ratio are on the higher end at 83% and 92% respectively. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (3.2%).Upcoming Dividend • Mar 03Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 10 March 2022. Payment date: 12 May 2022. Payout ratio and cash payout ratio are on the higher end at 83% and 92% respectively. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.2%).Price Target Changed • Feb 28Price target decreased to ฿67.16Down from ฿72.53, the current price target is an average from 4 analysts. New target price is 48% above last closing price of ฿45.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.Reported Earnings • Feb 27Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: ฿1.48 (up from ฿1.17 in FY 2020). Revenue: ฿3.34b (up 7.6% from FY 2020). Net income: ฿891.8m (up 27% from FY 2020). Profit margin: 27% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 21% compared to a 21% decline forecast for the insurance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth.Buying Opportunity • Jan 13Now 36% undervalued after recent price dropOver the last 90 days, the stock is down 54%. The fair value is estimated to be ฿76.40, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% per annum over the last 3 years. Earnings per share has grown by 20% per annum over the last 3 years.Reported Earnings • Nov 16Third quarter 2021 earnings released: EPS ฿0.81 (vs ฿0.57 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿782.7m (up 1.1% from 3Q 2020). Net income: ฿242.9m (up 43% from 3Q 2020). Profit margin: 31% (up from 22% in 3Q 2020). The increase in margin was primarily driven by lower expenses.Upcoming Dividend • Aug 19Upcoming dividend of ฿1.45 per shareEligible shareholders must have bought the stock before 26 August 2021. Payment date: 09 September 2021. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.5%).Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.74 (vs ฿0.54 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿850.4m (up 16% from 2Q 2020). Net income: ฿221.6m (up 36% from 2Q 2020). Profit margin: 26% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue.Reported Earnings • May 15First quarter 2021 earnings released: EPS ฿0.67 (vs ฿0.60 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿839.7m (up 2.0% from 1Q 2020). Net income: ฿201.7m (up 12% from 1Q 2020). Profit margin: 24% (up from 22% in 1Q 2020).Reported Earnings • Feb 24Full year 2020 earnings released: EPS ฿2.34 (vs ฿1.69 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.10b (up 11% from FY 2019). Net income: ฿702.0m (up 38% from FY 2019). Profit margin: 23% (up from 18% in FY 2019). The increase in margin was driven by higher revenue.Analyst Estimate Surprise Post Earnings • Feb 24Revenue behind estimatesRevenue missed analyst estimates by 3.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 18% compared to a 17% decline forecast for the Insurance industry in Thailand.Is New 90 Day High Low • Feb 17New 90-day high: ฿136The company is up 17% from its price of ฿117 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 Insurance industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿27.33 per share.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.57The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿773.9m (up 12% from 3Q 2019). Net income: ฿169.7m (up 33% from 3Q 2019). Profit margin: 22% (up from 19% in 3Q 2019). The increase in margin was driven by higher revenue.Is New 90 Day High Low • Oct 19New 90-day low: ฿115The company is down 16% from its price of ฿138 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.34 per share.業績と収益の成長予測SET:TQM - アナリストの将来予測と過去の財務データ ( )THB Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/20274,227819N/A1,096212/31/20264,084790N/A1,11623/31/20263,798694683727N/A12/31/20253,894737582629N/A9/30/20253,8687301,3331,387N/A6/30/20253,9587821,3451,390N/A3/31/20253,982814578614N/A12/31/20243,959811427463N/A9/30/20243,922852-1324N/A6/30/20243,866846-62-13N/A3/31/20243,815847635701N/A12/31/20233,732816685776N/A9/30/20233,777808589686N/A6/30/20233,784807253348N/A3/31/20233,730790232311N/A12/31/20223,679809358418N/A9/30/20223,635824721771N/A6/30/20223,560861840886N/A3/31/20223,637902937984N/A12/31/20213,576890878918N/A9/30/20213,456856634691N/A6/30/20213,377783769822N/A3/31/20213,168724497554N/A12/31/20203,100702628697N/A9/30/20203,040663651702N/A6/30/20202,954620673722N/A3/31/20202,884580782825N/A12/31/20192,740507N/A494N/A9/30/20192,724484N/A433N/A6/30/20192,643450N/A393N/A3/31/20192,583422N/A335N/A12/31/20182,525404N/A246N/A9/30/20182,448331N/A283N/A6/30/20182,387301N/A284N/A3/31/20182,339282N/A232N/A12/31/20172,282268N/A223N/A12/31/20162,28947N/A248N/A12/31/20152,2370N/A231N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: TQMの予測収益成長率 (年間9% ) は 貯蓄率 ( 2.2% ) を上回っています。収益対市場: TQMの収益 ( 9% ) TH市場 ( 10.5% ) よりも低い成長が予測されています。高成長収益: TQMの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: TQMの収益 ( 5.9% ) TH市場 ( 9.7% ) よりも低い成長が予測されています。高い収益成長: TQMの収益 ( 5.9% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: TQMの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YInsurance 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/23 16:10終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋TQM Alpha Public Company Limited 2 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。3 アナリスト機関Anakepong PutthapibalBualuang Securities PCLThaninee SatirareungchaiDBS Bank LtdTrin SittisawadYuanta Securities (Thailand) Company Limited
Major Estimate Revision • Mar 03Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿4.27b to ฿3.99b. EPS estimate also fell from ฿1.44 per share to ฿1.28 per share. Net income forecast to grow 5.7% next year vs 12% growth forecast for Insurance industry in Thailand. Consensus price target up from ฿14.00 to ฿16.00. Share price rose 2.3% to ฿13.50 over the past week.
Major Estimate Revision • Mar 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.19b to ฿4.04b. EPS estimate also fell from ฿1.60 per share to ฿1.41 per share. Net income forecast to grow 4.5% next year vs 9.8% growth forecast for Insurance industry in Thailand. Consensus price target down from ฿36.50 to ฿22.50. Share price fell 12% to ฿14.60 over the past week.
Price Target Changed • Feb 28Price target decreased by 18% to ฿29.50Down from ฿36.00, the current price target is an average from 2 analysts. New target price is 93% above last closing price of ฿15.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.35 last year.
Price Target Changed • Nov 24Price target decreased by 9.3% to ฿39.00Down from ฿43.00, the current price target is an average from 3 analysts. New target price is 38% above last closing price of ฿28.25. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.35 last year.
Price Target Changed • Apr 27Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ฿25.50. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.
Price Target Changed • Apr 01Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 37% above last closing price of ฿33.00. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.
Reported Earnings • May 18First quarter 2026 earnings released: EPS: ฿0.31 (vs ฿0.38 in 1Q 2025)First quarter 2026 results: EPS: ฿0.31 (down from ฿0.38 in 1Q 2025). Revenue: ฿1.02b (down 7.6% from 1Q 2025). Net income: ฿185.7m (down 19% from 1Q 2025). Profit margin: 18% (down from 21% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 1.7% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings.
New Risk • May 17New major risk - Revenue and earnings growthEarnings have declined by 1.3% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Dividend is not well covered by cash flows (122% cash payout ratio).
Major Estimate Revision • Mar 03Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿4.27b to ฿3.99b. EPS estimate also fell from ฿1.44 per share to ฿1.28 per share. Net income forecast to grow 5.7% next year vs 12% growth forecast for Insurance industry in Thailand. Consensus price target up from ฿14.00 to ฿16.00. Share price rose 2.3% to ฿13.50 over the past week.
Declared Dividend • Mar 01Dividend of ฿0.60 announcedShareholders will receive a dividend of ฿0.60. Ex-date: 12th March 2026 Payment date: 15th May 2026 Dividend yield will be 7.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 30% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next year, which should provide support to the dividend and adequate earnings cover.
お知らせ • Feb 27TQM Alpha Public Company Limited, Annual General Meeting, Apr 29, 2026TQM Alpha Public Company Limited, Annual General Meeting, Apr 29, 2026, at 14:00 SE Asia Standard Time. Location: hybrid meeting, room of tqm alpha public company limited, 123 ladplakao road, jorakhaebua, ladprao, bangkok 10230, Thailand
Reported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.35 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.27 (down from ฿0.35 in 3Q 2024). Revenue: ฿891.8m (down 8.5% from 3Q 2024). Net income: ฿160.7m (down 24% from 3Q 2024). Profit margin: 18% (down from 22% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings.
Declared Dividend • Aug 16First half dividend of ฿0.50 announcedShareholders will receive a dividend of ฿0.50. Ex-date: 27th August 2025 Payment date: 9th September 2025 Dividend yield will be 6.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 37% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 15Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿962.3m (down 1.7% from 2Q 2024). Net income: ฿164.3m (down 16% from 2Q 2024). Profit margin: 17% (down from 20% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings.
Valuation Update With 7 Day Price Move • Jun 19Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿12.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 71% over the past three years.
Reported Earnings • May 16First quarter 2025 earnings released: EPS: ฿0.38 (vs ฿0.38 in 1Q 2024)First quarter 2025 results: EPS: ฿0.38 (up from ฿0.38 in 1Q 2024). Revenue: ฿1.11b (up 2.0% from 1Q 2024). Net income: ฿228.3m (up 1.2% from 1Q 2024). Profit margin: 21% (in line with 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings.
Valuation Update With 7 Day Price Move • Apr 22Investor sentiment improves as stock rises 18%After last week's 18% share price gain to ฿15.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Insurance industry in Asia. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿28.18 per share.
New Risk • Apr 10New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (141% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change).
Major Estimate Revision • Mar 06Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.19b to ฿4.04b. EPS estimate also fell from ฿1.60 per share to ฿1.41 per share. Net income forecast to grow 4.5% next year vs 9.8% growth forecast for Insurance industry in Thailand. Consensus price target down from ฿36.50 to ฿22.50. Share price fell 12% to ฿14.60 over the past week.
Declared Dividend • Mar 01Final dividend of ฿0.50 announcedShareholders will receive a dividend of ฿0.50. Ex-date: 13th March 2025 Payment date: 9th May 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (127% cash payout ratio). The dividend has increased by an average of 35% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
Price Target Changed • Feb 28Price target decreased by 18% to ฿29.50Down from ฿36.00, the current price target is an average from 2 analysts. New target price is 93% above last closing price of ฿15.30. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.35 last year.
お知らせ • Feb 27+ 1 more updateTQM Alpha Public Company Limited, Annual General Meeting, Apr 25, 2025TQM Alpha Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Location: tqm, Thailand
Buy Or Sell Opportunity • Feb 24Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 29% to ฿17.30. The fair value is estimated to be ฿21.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 22% in the next 2 years.
Valuation Update With 7 Day Price Move • Feb 05Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿16.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.86 per share.
Buy Or Sell Opportunity • Jan 17Now 25% undervalued after recent price dropOver the last 90 days, the stock has fallen 24% to ฿19.50. The fair value is estimated to be ฿25.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 23% in the next 2 years.
お知らせ • Dec 26TQM Alpha Public Company Limited (SET:TQM) announces an Equity Buyback for 30,000,000 shares, representing 5% for THB 700 million.TQM Alpha Public Company Limited (SET:TQM) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 5% of its issued share capital for a total of THB 700 million. The repurchase price must not exceed 115% of the average share closing price for five business days prior to the share repurchase date. The purpose of the program is to ensure the company’s excess liquidity management is conducted for the utmost benefit, to increase the return on equity and the earnings per share, to ensure company is certain in its capability to generate future income and to prove the company’s strong financial position. The program will expire on June 30, 2025.
New Risk • Nov 06New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change).
Valuation Update With 7 Day Price Move • Oct 07Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿31.75, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Insurance industry in Asia. Total loss to shareholders of 35% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.57 per share.
Buy Or Sell Opportunity • Oct 04Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to ฿31.25. The fair value is estimated to be ฿25.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 21% in the next 2 years.
お知らせ • Aug 17TQM Alpha Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01 January 2024 to 30 June, 2024, Payable on 10 September, 2024TQM Alpha Public Company Limited announced interim cash dividend of THB 0.45 per share for the Operating period from 01 January 2024 to 30 June 2024. Record date for the right to receive dividends is 29 August, 2024. Ex-dividend date is 28 August, 2024. Payment date is 10 September 2024.
Declared Dividend • Aug 16First half dividend of ฿0.45 announcedShareholders will receive a dividend of ฿0.45. Ex-date: 28th August 2024 Payment date: 10th September 2024 Dividend yield will be 3.6%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (71% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 46% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 8.2% over the next year, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.33 (vs ฿0.33 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.33. Revenue: ฿979.4m (up 7.6% from 2Q 2023). Net income: ฿196.2m (flat on 2Q 2023). Profit margin: 20% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 1.4% growth forecast for the Insurance industry in Asia.
お知らせ • May 17TQM Alpha Public Company Limited Approves Dividend for the Year 2023, Payable on 10 May 2024TQM Alpha Public Company Limited at its Annual General Meeting of Shareholders held on April 24, 2024, approved a dividend payment from net profit and retained earnings of 2023 at THB 0.50 per share for 600 million shares, totaling THB 300 million, on 10 May 2024.
Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.38 (vs ฿0.33 in 1Q 2023)First quarter 2024 results: EPS: ฿0.38 (up from ฿0.33 in 1Q 2023). Revenue: ฿1.08b (up 8.7% from 1Q 2023). Net income: ฿225.5m (up 16% from 1Q 2023). Profit margin: 21% (up from 20% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Mar 05Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 12 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (4.9%).
お知らせ • Mar 01TQM Alpha Public Company Limited Proposes Dividend for the Year 2023, Payable on 10 May 2024TQM Alpha Public Company Limited announced that at its board meeting held on 27 February 2024, approved to propose to the Shareholders' Meeting for approval of dividend payment from the company's 2023's retained earnings in the amount of THB 0.50 per share, with a total of 600 million shares. It is proposed that the determining date the shareholders entitled to receive the dividend (record date) shall be on 13 March 2024. The payment is scheduled on 10 May 2024. The final dividend payment is subject to shareholders' approval at 2024 Annual General Meeting.
Reported Earnings • Mar 01Full year 2023 earnings released: EPS: ฿1.36 (vs ฿1.35 in FY 2022)Full year 2023 results: EPS: ฿1.36 (up from ฿1.35 in FY 2022). Revenue: ฿3.72b (up 1.1% from FY 2022). Net income: ฿816.3m (flat on FY 2022). Profit margin: 22% (in line with FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, while revenues in the Insurance industry in Asia are expected to remain flat. 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 24% per year, which means it is significantly lagging earnings.
New Risk • Dec 07New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (102% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change).
Price Target Changed • Nov 24Price target decreased by 9.3% to ฿39.00Down from ฿43.00, the current price target is an average from 3 analysts. New target price is 38% above last closing price of ฿28.25. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.35 last year.
Reported Earnings • Nov 15Third quarter 2023 earnings released: EPS: ฿0.34 (vs ฿0.34 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.34. Revenue: ฿907.7m (down 1.5% from 3Q 2022). Net income: ฿206.9m (flat on 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat.
Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to ฿29.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Insurance industry in Asia. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿26.15 per share.
Upcoming Dividend • Aug 21Upcoming dividend of ฿0.50 per share at 4.3% yieldEligible shareholders must have bought the stock before 28 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%).
Reported Earnings • Aug 16Second quarter 2023 earnings released: EPS: ฿0.33 (vs ฿0.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.33 (up from ฿0.30 in 2Q 2022). Revenue: ฿910.2m (up 5.0% from 2Q 2022). Net income: ฿196.9m (up 9.5% from 2Q 2022). Profit margin: 22% (in line with 2Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, while revenues in the Insurance industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.
Reported Earnings • May 18First quarter 2023 earnings released: EPS: ฿0.32 (vs ฿0.36 in 1Q 2022)First quarter 2023 results: EPS: ฿0.32 (down from ฿0.36 in 1Q 2022). Revenue: ฿991.3m (up 5.0% from 1Q 2022). Net income: ฿194.8m (down 8.8% from 1Q 2022). Profit margin: 20% (down from 23% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Insurance industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
Price Target Changed • Apr 27Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 77% above last closing price of ฿25.50. Stock is down 47% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.
Valuation Update With 7 Day Price Move • Apr 25Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿26.00, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Insurance industry in Asia. Total loss to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿22.72 per share.
Price Target Changed • Apr 01Price target decreased by 11% to ฿45.25Down from ฿50.67, the current price target is an average from 4 analysts. New target price is 37% above last closing price of ฿33.00. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿1.54 for next year compared to ฿1.35 last year.
Price Target Changed • Mar 21Price target decreased by 7.7% to ฿47.67Down from ฿51.67, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ฿33.25. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿1.55 for next year compared to ฿1.35 last year.
Upcoming Dividend • Mar 07Upcoming dividend of ฿0.50 per share at 3.3% yieldEligible shareholders must have bought the stock before 13 March 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (4.5%).
Price Target Changed • Dec 06Price target decreased to ฿52.67Down from ฿57.50, the current price target is an average from 4 analysts. New target price is 35% above last closing price of ฿39.00. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿1.45 for next year compared to ฿1.48 last year.
Board Change • Nov 16Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Thana Thienachariya was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Upcoming Dividend • Aug 19Upcoming dividend of ฿0.70 per shareEligible shareholders must have bought the stock before 26 August 2022. Payment date: 09 September 2022. Payout ratio and cash payout ratio are on the higher end at 84% and 98% respectively. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.4%).
Price Target Changed • May 20Price target decreased to ฿61.63Down from ฿67.13, the current price target is an average from 4 analysts. New target price is 40% above last closing price of ฿44.00. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.
Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2022 results: EPS: ฿0.36 (up from ฿0.34 in 1Q 2021). Revenue: ฿887.5m (up 5.7% from 1Q 2021). Net income: ฿213.6m (up 5.9% from 1Q 2021). Profit margin: 24% (in line with 1Q 2021). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 27% compared to a 15% decline forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth.
Price Target Changed • Apr 27Price target decreased to ฿67.13Down from ฿73.91, the current price target is an average from 4 analysts. New target price is 42% above last closing price of ฿47.25. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.
Board Change • Apr 27Insufficient new directorsThere is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Thana Thienachariya was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.
Upcoming Dividend • Mar 17Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 24 March 2022. Payment date: 12 May 2022. Payout ratio and cash payout ratio are on the higher end at 83% and 92% respectively. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (3.2%).
Upcoming Dividend • Mar 03Upcoming dividend of ฿0.50 per shareEligible shareholders must have bought the stock before 10 March 2022. Payment date: 12 May 2022. Payout ratio and cash payout ratio are on the higher end at 83% and 92% respectively. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.2%).
Price Target Changed • Feb 28Price target decreased to ฿67.16Down from ฿72.53, the current price target is an average from 4 analysts. New target price is 48% above last closing price of ฿45.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.48 last year.
Reported Earnings • Feb 27Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: ฿1.48 (up from ฿1.17 in FY 2020). Revenue: ฿3.34b (up 7.6% from FY 2020). Net income: ฿891.8m (up 27% from FY 2020). Profit margin: 27% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 21% compared to a 21% decline forecast for the insurance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth.
Buying Opportunity • Jan 13Now 36% undervalued after recent price dropOver the last 90 days, the stock is down 54%. The fair value is estimated to be ฿76.40, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% per annum over the last 3 years. Earnings per share has grown by 20% per annum over the last 3 years.
Reported Earnings • Nov 16Third quarter 2021 earnings released: EPS ฿0.81 (vs ฿0.57 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿782.7m (up 1.1% from 3Q 2020). Net income: ฿242.9m (up 43% from 3Q 2020). Profit margin: 31% (up from 22% in 3Q 2020). The increase in margin was primarily driven by lower expenses.
Upcoming Dividend • Aug 19Upcoming dividend of ฿1.45 per shareEligible shareholders must have bought the stock before 26 August 2021. Payment date: 09 September 2021. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.5%).
Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.74 (vs ฿0.54 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿850.4m (up 16% from 2Q 2020). Net income: ฿221.6m (up 36% from 2Q 2020). Profit margin: 26% (up from 22% in 2Q 2020). The increase in margin was driven by higher revenue.
Reported Earnings • May 15First quarter 2021 earnings released: EPS ฿0.67 (vs ฿0.60 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿839.7m (up 2.0% from 1Q 2020). Net income: ฿201.7m (up 12% from 1Q 2020). Profit margin: 24% (up from 22% in 1Q 2020).
Reported Earnings • Feb 24Full year 2020 earnings released: EPS ฿2.34 (vs ฿1.69 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.10b (up 11% from FY 2019). Net income: ฿702.0m (up 38% from FY 2019). Profit margin: 23% (up from 18% in FY 2019). The increase in margin was driven by higher revenue.
Analyst Estimate Surprise Post Earnings • Feb 24Revenue behind estimatesRevenue missed analyst estimates by 3.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 18% compared to a 17% decline forecast for the Insurance industry in Thailand.
Is New 90 Day High Low • Feb 17New 90-day high: ฿136The company is up 17% from its price of ฿117 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 Insurance industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿27.33 per share.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.57The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿773.9m (up 12% from 3Q 2019). Net income: ฿169.7m (up 33% from 3Q 2019). Profit margin: 22% (up from 19% in 3Q 2019). The increase in margin was driven by higher revenue.
Is New 90 Day High Low • Oct 19New 90-day low: ฿115The company is down 16% from its price of ฿138 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.34 per share.