Buy Or Sell Opportunity • May 08
Now 24% undervalued Over the last 90 days, the stock has risen 1.9% to ฿164. The fair value is estimated to be ฿215, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 26%. Upcoming Dividend • May 01
Upcoming dividend of ฿8.50 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 26 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.0%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.6%). Declared Dividend • Mar 14
Dividend reduced to ฿8.50 Dividend of ฿8.50 is 29% lower than last year. Ex-date: 8th May 2026 Payment date: 26th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (108% earnings payout ratio) and 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 9.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control, which is more than the 2.5% EPS growth achieved over the last 5 years. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿10.93 (vs ฿18.01 in FY 2024) Full year 2025 results: EPS: ฿10.93 (down from ฿18.01 in FY 2024). Revenue: ฿634.0m (down 18% from FY 2024). Net income: ฿86.0m (down 39% from FY 2024). Profit margin: 14% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿3.77 (vs ฿4.42 in 3Q 2024) Third quarter 2025 results: EPS: ฿3.77 (down from ฿4.42 in 3Q 2024). Revenue: ฿159.6m (down 17% from 3Q 2024). Net income: ฿29.6m (down 15% from 3Q 2024). Profit margin: 19% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2025 earnings released: ฿0.66 loss per share (vs ฿1.18 profit in 1Q 2024) First quarter 2025 results: ฿0.66 loss per share (down from ฿1.18 profit in 1Q 2024). Revenue: ฿98.7m (down 28% from 1Q 2024). Net loss: ฿5.19m (down 156% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. お知らせ • Apr 25
Far East Fame Line DDB Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 22, 2025 Far East Fame Line DDB Public Company Limited at its meeting held on April 24, 2025 approved the dividend at the rate of THB 12.00 per share, from the total shares of 7,870,000 shares, the total amount of THB 94,440,000.00. Dividend payment will be paid from profits for which the Company has already paid corporate income tax, wherein individual shareholders shall be entitled to Dividend Tax Credit under Section 47 bis of the Revenue Code. The detail are as follows: Paid from profit with already paid tax at the rate of 20% at THB 11.71 per share, Paid from profit with already paid tax at the rate of 30% at THB 0.29 per share. The shareholders being eligible to receive the dividend would be those with their names appearing on the record date of shareholders entitled to receive dividend on 6 May 2025 . The dividend payment date is set on 22 May 2025. Upcoming Dividend • Apr 25
Upcoming dividend of ฿12.00 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿219, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 23x in the Media industry in Thailand. Total returns to shareholders of 35% over the past three years. Declared Dividend • Mar 13
Dividend increased to ฿12.00 Dividend of ฿12.00 is 41% higher than last year. Ex-date: 2nd May 2025 Payment date: 22nd May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. お知らせ • Mar 12
Far East Fame Line DDB Public Company Limited, Annual General Meeting, Apr 24, 2025 Far East Fame Line DDB Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:30 SE Asia Standard Time. Location: main conference room of the company office at, 465/1-467 si ayutthaya road, thung phaya thai subdistrict, ratchathewi district, bangkok 10400 Thailand Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿181, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 23x in the Media industry in Thailand. Total returns to shareholders of 4.8% over the past three years. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿18.00 (vs ฿11.13 in FY 2023) Full year 2024 results: EPS: ฿18.00 (up from ฿11.13 in FY 2023). Revenue: ฿772.7m (up 12% from FY 2023). Net income: ฿141.7m (up 62% from FY 2023). Profit margin: 18% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿7.07 (vs ฿4.81 in 2Q 2023) Second quarter 2024 results: EPS: ฿7.07 (up from ฿4.81 in 2Q 2023). Revenue: ฿211.7m (up 3.9% from 2Q 2023). Net income: ฿55.7m (up 47% from 2Q 2023). Profit margin: 26% (up from 19% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿190, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 21x in the Media industry in Thailand. Total returns to shareholders of 11% over the past year. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ฿146, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 25x in the Media industry in Thailand. Total loss to shareholders of 15% over the past three years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿1.18 (vs ฿1.32 loss in 1Q 2023) First quarter 2024 results: EPS: ฿1.18 (up from ฿1.32 loss in 1Q 2023). Revenue: ฿136.8m (up 31% from 1Q 2023). Net income: ฿9.25m (up ฿19.7m from 1Q 2023). Profit margin: 6.8% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. お知らせ • May 11
Far East Fame Line Ddb Public Company Limited Announces Resignation of Rintr Vivorakij as Independent Director, Effective from May 12, 2024 Far East Fame Line DDB Public Company Limited ("the Company") would like to informed that Miss Rintr Vivorakij has requested to resign from her position as an Independent Director of the Company due to personal matters, effective from May 12, 2024 onwards. The Nomination and Remuneration Committee will select a suitable candidate to propose at the next Board of Directors' meeting to be appointed as an Independent Director to fill the vacant position. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿200, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 26x in the Media industry in Thailand. Total returns to shareholders of 8.7% over the past three years. Declared Dividend • Apr 24
Dividend increased to ฿8.50 Dividend of ฿8.50 is 143% higher than last year. Ex-date: 8th May 2024 Payment date: 23rd May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not covered by cash flows (152% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 15% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.6% EPS decline seen over the last 5 years. New Risk • Mar 19
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 152% 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 Risks Shares are highly illiquid. Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (152% cash payout ratio). Market cap is less than US$100m (฿1.49b market cap, or US$41.2m). Declared Dividend • Mar 14
Dividend increased to ฿8.50 Dividend of ฿8.50 is 143% higher than last year. Ex-date: 8th May 2024 Payment date: 23rd May 2024 Dividend yield will be 4.9%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.6% EPS decline seen over the last 5 years. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿11.13 (vs ฿4.10 in FY 2022) Full year 2023 results: EPS: ฿11.13 (up from ฿4.10 in FY 2022). Revenue: ฿688.6m (up 39% from FY 2022). Net income: ฿87.6m (up 171% from FY 2022). Profit margin: 13% (up from 6.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿2.38 (vs ฿0.31 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿2.38 (up from ฿0.31 loss in 3Q 2022). Revenue: ฿177.1m (up 59% from 3Q 2022). Net income: ฿18.8m (up ฿21.2m from 3Q 2022). Profit margin: 11% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ฿171, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 28x in the Media industry in Thailand. Total loss to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improved over the past week After last week's 29% share price gain to ฿220, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 28x in the Media industry in Thailand. Total returns to shareholders of 23% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿1.45 (vs ฿0.011 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿1.45 (up from ฿0.011 loss in 2Q 2021). Revenue: ฿133.9m (up 67% from 2Q 2021). Net income: ฿11.4m (up ฿11.5m from 2Q 2021). Profit margin: 8.5% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
First quarter 2022 earnings released: ฿0.82 loss per share (vs ฿0.23 profit in 1Q 2021) First quarter 2022 results: ฿0.82 loss per share (down from ฿0.23 profit in 1Q 2021). Revenue: ฿86.7m (up 16% from 1Q 2021). Net loss: ฿6.47m (down 462% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿5.50 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 24% share price gain to ฿220, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 40x in the Media industry in Thailand. Total returns to shareholders of 11% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿7.45 (down from ฿8.65 in FY 2020). Revenue: ฿408.7m (down 31% from FY 2020). Net income: ฿58.7m (down 14% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 30% share price gain to ฿240, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 27x in the Media industry in Thailand. Total returns to shareholders of 44% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿1.53 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿89.8m (down 24% from 1Q 2020). Net income: ฿1.78m (up ฿13.8m from 1Q 2020). Profit margin: 2.0% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 05
Upcoming dividend of ฿7.50 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.2%). お知らせ • Apr 29
Far East Fame Line Ddb Public Company Limited Approves Dividend for 2020, Payable on May 25, 2021 Far East Fame Line DDB Public Company Limited announced that at the AGM held on 28 April 2021, the company approved to pay the dividend at the rate of THB 7.50 per share, for the total shares of 7,870,000 shares, the total amount of THB 59,025,000.00. The shareholders being eligible to receive the dividend would be those with their names appearing on the record date for shareholders to be entitled to receive dividend payment on May 11, 2021. The payment date is set on May 25, 2021. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿8.65 (vs ฿12.27 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿588.9m (down 18% from FY 2019). Net income: ฿68.1m (down 29% from FY 2019). Profit margin: 12% (down from 13% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorated over the past week After last week's 26% share price decline to ฿141, the stock is trading at a trailing P/E ratio of 13.3x, down from the previous P/E ratio of 18x. This compares to an average P/E of 18x in the Media industry in Thailand. Total return to shareholders over the past three years is a loss of 26%. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿2.31 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿150.2m (down 2.2% from 3Q 2019). Net income: ฿18.2m (down 1.9% from 3Q 2019). Profit margin: 12% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 
