Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿5.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Chemicals industry in Thailand. Total returns to shareholders of 24% over the past year. Reported Earnings • May 17
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ฿0.19 (up from ฿0.19 in 1Q 2025). Revenue: ฿3.26b (down 6.8% from 1Q 2025). Net income: ฿265.7m (flat on 1Q 2025). Profit margin: 8.1% (up from 7.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Thailand. Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.61 (up from ฿0.48 in FY 2024). Revenue: ฿12.7b (down 4.7% from FY 2024). Net income: ฿850.6m (up 27% from FY 2024). Profit margin: 6.7% (up from 5.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand. Declared Dividend • Mar 02
Final dividend increased to ฿0.20 Dividend of ฿0.20 is 33% higher than last year. Ex-date: 12th March 2026 Payment date: 18th May 2026 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 24% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ฿4.48. The fair value is estimated to be ฿5.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 12% in the next year. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.081 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.15 (up from ฿0.081 in 3Q 2024). Revenue: ฿2.88b (down 14% from 3Q 2024). Net income: ฿209.5m (up 86% from 3Q 2024). Profit margin: 7.3% (up from 3.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Chemicals industry in Thailand. Declared Dividend • Sep 24
First half dividend of ฿0.08 announced Shareholders will receive a dividend of ฿0.08. Ex-date: 3rd October 2025 Payment date: 20th October 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 15% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 28
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.19 (up from ฿0.14 in 2Q 2024). Revenue: ฿3.37b (down 1.2% from 2Q 2024). Net income: ฿260.8m (up 30% from 2Q 2024). Profit margin: 7.7% (up from 5.9% in 2Q 2024). The increase in margin was driven by lower expenses. お知らせ • Apr 30
P.S.P.Specialties Public Company Limited Approves Annual Dividend for the Year 2024, Payable on May 16, 2025 P.S.P.Specialties Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 29, 2025 unanimously approved the payment of the annual dividend for the year 2024 from the unappropriated retained earnings at the rate of THB 0.20 per share, for a total of 1,400,000,000 shares, amounting to a total dividend of THB 280,000,000. This represents 44.6% of the net profit for the year 2024 based on the separate financial statements. After deducting the interim dividend payment of THB 70,000,000, or THB 0.05 per share, which was paid on October 25, 2024, the remaining dividend to be paid is THB 0.15 per share, totaling THB 210,000,000. This remaining dividend will be paid to shareholders whose names appear in the shareholder register on the record date of March 14, 2025, with the dividend payment scheduled for May 16, 2025. Declared Dividend • Mar 01
Final dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 13th March 2025 Payment date: 16th May 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (20% cash payout ratio). 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. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years. お知らせ • Feb 28
P.S.P. Specialties Public Company Limited to Approve Dividend Payment for the Fiscal Year 2024, Payable on May 16, 2025 The Board of Directors of P.S.P. Specialties Public Company Limited deemed it appropriate to propose to the 2025 AGM to be held on April 29, 2025 to approve the dividend payment for the fiscal year 2024 at THB 0.20 per share from retained earnings to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 280,000,000 or 44.6% of the net profit as reported in the separate financial statements. Since the company already paid an interim dividend on October 25, 2024, in the amount of THB 70,000,000 or THB 0.05 per share, it is proposed to pay the final dividend of THB 210,000,000 or THB 0.15 per share. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 14, 2025. The dividend payment date will be on May 16, 2025. Ex-dividend date is on March 13, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.48 (vs ฿0.38 in FY 2023) Full year 2024 results: EPS: ฿0.48 (up from ฿0.38 in FY 2023). Revenue: ฿13.4b (up 8.9% from FY 2023). Net income: ฿671.7m (up 57% from FY 2023). Profit margin: 5.0% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue. お知らせ • Feb 28
P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025 P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.08 (vs ฿0.12 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.08 (down from ฿0.12 in 3Q 2023). Revenue: ฿3.36b (up 6.9% from 3Q 2023). Net income: ฿112.9m (down 19% from 3Q 2023). Profit margin: 3.4% (down from 4.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Upcoming Dividend • Oct 03
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 10 October 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.9%). お知らせ • Sep 27
P.S.P. Specialties Public Company Limited Announces Interim Cash Dividend, Payable on 25 October, 2024 P.S.P. Specialties Public Company Limited announced interim cash dividend of THB 0.05, payable on 25 October, 2024; record date: 11 October, 2024; Ex- dividend date: 10 October, 2024. Date of Board resolution: September 27, 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.14 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.14 (up from ฿0.14 in 2Q 2023). Revenue: ฿3.41b (up 15% from 2Q 2023). Net income: ฿200.8m (up 40% from 2Q 2023). Profit margin: 5.9% (up from 4.8% in 2Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.094 in 1Q 2023) First quarter 2024 results: EPS: ฿0.13 (up from ฿0.094 in 1Q 2023). Revenue: ฿3.50b (up 16% from 1Q 2023). Net income: ฿184.5m (up 99% from 1Q 2023). Profit margin: 5.3% (up from 3.1% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿5.35, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Chemicals industry in Thailand. お知らせ • Mar 01
P.S.P. Specialties Public Company Limited Proposes Dividend for the Fiscal Year of 2023, Payable on May 20, 2024 The Board of Directors of P.S.P. Specialties Public Company Limited proposed to the 2024 AGM to approve the dividend payment for the fiscal year of 2023 at THB 0.15 per share from Retained Earnings (THB 0.1483 per share from NON-BOI portion and THB 0.0017 per share from BOI portion) to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 210,000,000 or 53.1% of the net profit of the separate financial statement. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 13, 2024. The dividend payment date will be on May 20, 2024. Ex-dividend date is 12 March 2024. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.38 (vs ฿1.11 in FY 2022) Full year 2023 results: EPS: ฿0.38 (down from ฿1.11 in FY 2022). Revenue: ฿12.3b (down 7.2% from FY 2022). Net income: ฿427.5m (down 20% from FY 2022). Profit margin: 3.5% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue. お知らせ • Feb 01
P.S.P. Specialties Public Company Limited Announces Resignation of Directors P.S.P. Specialties Public Company Limited informed that Mr. Pavares Boontanonda, Director and member of the Executive Committee, has resigned from the directorship and membership of the Executive Committee, and Mr. Permsak Kosolbhand, Director, has resigned from the directorship of the Company. Their resignations were effective from January 31, 2024 onwards. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿5.20, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 20x in the Chemicals industry in Thailand. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.12 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.12 in 3Q 2022). Revenue: ฿3.15b (down 1.7% from 3Q 2022). Net income: ฿139.5m (up 59% from 3Q 2022). Profit margin: 4.4% (up from 2.7% in 3Q 2022). The increase in margin was driven by lower expenses. Buying Opportunity • Oct 28
Now 37% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿5.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last year. Earnings per share has declined by 71%. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to ฿4.92, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 19x in the Chemicals industry in Thailand. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿8.55, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 22x in the Chemicals industry in Thailand. New Risk • Sep 05
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2021. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). Shares are highly illiquid. Reported Earnings • Aug 31
Full year 2022 earnings released: EPS: ฿1.11 (vs ฿1.73 in FY 2021) Full year 2022 results: EPS: ฿1.11. Revenue: ฿13.2b (up 22% from FY 2021). Net income: ฿537.3m (up 36% from FY 2021). Profit margin: 4.1% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. お知らせ • Aug 30
P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion. P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 350,000,000
Price\Range: THB 6.2
Transaction Features: Reserved Share Offering