New Risk • May 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk High level of debt (46% net debt to equity). Price Target Changed • May 22
Price target increased by 14% to ฿7.33 Up from ฿6.40, the current price target is an average from 4 analysts. New target price is 7.9% below last closing price of ฿7.95. Stock is up 41% over the past year. The company is forecast to post earnings per share of ฿0.28 for next year compared to ฿0.20 last year. Buy Or Sell Opportunity • May 22
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 57% to ฿7.95. The fair value is estimated to be ฿6.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.1% over the last 3 years. Earnings per share has grown by 7.9%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 79% in the next 2 years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.05 (vs ฿0.063 in 1Q 2025) First quarter 2026 results: EPS: ฿0.05 (down from ฿0.063 in 1Q 2025). Revenue: ฿29.8b (down 14% from 1Q 2025). Net income: ฿502.2m (down 17% from 1Q 2025). Profit margin: 1.7% (in line with 1Q 2025). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿6.05, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 15x in the Electronic industry in Thailand. Total returns to shareholders of 233% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.72 per share. Major Estimate Revision • Mar 27
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿155.3b to ฿149.0b. EPS estimate also fell from ฿0.32 per share to ฿0.285 per share. Net income forecast to grow 48% next year vs 23% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿6.63 to ฿6.40. Share price was steady at ฿4.72 over the past week. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿4.58, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electronic industry in Thailand. Total returns to shareholders of 143% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.39 per share. Reported Earnings • Mar 01
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ฿0.20 (down from ฿0.25 in FY 2024). Revenue: ฿139.4b (down 5.5% from FY 2024). Net income: ฿2.04b (down 22% from FY 2024). Profit margin: 1.5% (down from 1.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. お知らせ • Feb 26
Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2026 Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2026, at 08:30 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ฿5.75. The fair value is estimated to be ฿4.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. New Risk • Feb 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.7% 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 High level of debt (48% net debt to equity). Dividend is not well covered by earnings (96% payout ratio). Share price has been volatile over the past 3 months (5.7% average weekly change). Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.40, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 13x in the Electronic industry in Thailand. Total returns to shareholders of 175% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.52 per share. Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ฿136.7b to ฿138.4b. EPS estimate fell from ฿0.25 to ฿0.21 per share. Net income forecast to grow 40% next year vs 21% growth forecast for Electronic industry in Thailand. Consensus price target of ฿7.20 unchanged from last update. Share price fell 6.9% to ฿4.62 over the past week. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.07 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (down from ฿0.07 in 3Q 2024). Revenue: ฿36.2b (down 9.9% from 3Q 2024). Net income: ฿531.4m (down 22% from 3Q 2024). Profit margin: 1.5% (down from 1.7% in 3Q 2024). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 08
Now 23% undervalued Over the last 90 days, the stock has risen 3.5% to ฿5.85. The fair value is estimated to be ฿7.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. New Risk • Oct 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.1% 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 High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Buy Or Sell Opportunity • Sep 19
Now 22% undervalued Over the last 90 days, the stock has risen 20% to ฿6.00. The fair value is estimated to be ฿7.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Earnings per share has grown by 31%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Price Target Changed • Sep 05
Price target decreased by 11% to ฿7.55 Down from ฿8.45, the current price target is an average from 2 analysts. New target price is 30% above last closing price of ฿5.80. Stock is up 62% over the past year. The company is forecast to post earnings per share of ฿0.25 for next year compared to ฿0.25 last year. Declared Dividend • Aug 15
First half dividend of ฿0.07 announced Shareholders will receive a dividend of ฿0.07. Ex-date: 28th August 2025 Payment date: 12th September 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (89.7% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.05 (down from ฿0.071 in 2Q 2024). Revenue: ฿32.2b (down 8.2% from 2Q 2024). Net income: ฿480.2m (down 36% from 2Q 2024). Profit margin: 1.5% (down from 2.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.50, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 12x in the Electronic industry in Thailand. Total returns to shareholders of 221% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿8.89 per share. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.05 in 1Q 2024) First quarter 2025 results: EPS: ฿0.06 (up from ฿0.05 in 1Q 2024). Revenue: ฿34.7b (up 9.0% from 1Q 2024). Net income: ฿606.8m (up 9.1% from 1Q 2024). Profit margin: 1.7% (in line with 1Q 2024). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Electronic industry in Thailand. Total returns to shareholders of 246% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.36 per share. Buy Or Sell Opportunity • May 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿5.80. The fair value is estimated to be ฿7.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿5.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Electronic industry in Thailand. Total returns to shareholders of 141% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.52 per share. Buy Or Sell Opportunity • Mar 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 38% to ฿6.05. The fair value is estimated to be ฿7.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. New Risk • Mar 03
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: 3.2% 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risks High level of debt (48% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 01
Final dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 19th March 2025 Payment date: 20th May 2025 Dividend yield will be 3.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 1.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿5.85, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Electronic industry in Thailand. Total returns to shareholders of 166% over the past three years. お知らせ • Feb 27
Cal-Comp Electronics (Thailand) Public Company Limited Proposes Dividend for the Period from July to December 2024, Payable on May 20, 2025 Cal-Comp Electronics (Thailand) Public Company Limited at its Annual General Meeting of Shareholders No. 1/2025 shell be held on April 30, 2025, Approved the appropriation and retaining of the net profit THB 1,045 million as legal reserve and the declaration of dividend payment from the Company consolidated net profit for the period of July-December 2024 at THB of 0.13 per share. The total outstanding shares entitled for the dividend is 10,450,002,831 shares and total dividend amount is THB 1,358,500,368.03, the record date for the shareholders who have right to receive the dividend will be on March 20, 2025. The payment date of dividends is scheduled within May 20, 2025 from the Company consolidated net profit that still enjoys the tax exemption for corporate income tax under the BOI privileges, therefore, the dividend is not subject to withholding tax in Thailand. Meanwhile, the Company had paid the interim dividend payment at the rate of THB 0.07 per share for the period of January - June 2024 on September 12, 2024, therefore the total dividend payment for the year 2024 will be THB 0.20 per share, which is subject to the approval of the Annual General Meeting of Shareholders No. 1/2025. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿7.85, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Electronic industry in Thailand. Total returns to shareholders of 245% over the past three years. New Risk • Dec 16
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (13% average weekly change). New Risk • Nov 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks High level of debt (61% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ฿70.00 (vs ฿0.063 in 3Q 2023) Third quarter 2024 results: EPS: ฿70.00 (up from ฿0.063 in 3Q 2023). Revenue: ฿40.2b (up 12% from 3Q 2023). Net income: ฿684.1m (up 86% from 3Q 2023). Profit margin: 1.7% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risks High level of debt (42% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ฿7.00, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 21x in the Electronic industry in Thailand. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿4.54, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 21x in the Electronic industry in Thailand. Total returns to shareholders of 121% over the past three years. Declared Dividend • Aug 16
First half dividend of ฿0.07 announced Shareholders will receive a dividend of ฿0.07. Ex-date: 28th August 2024 Payment date: 12th September 2024 Dividend yield will be 4.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 4.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.07 (vs ฿0.064 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.07 (up from ฿0.064 in 2Q 2023). Revenue: ฿36.1b (down 5.4% from 2Q 2023). Net income: ฿745.4m (up 100% from 2Q 2023). Profit margin: 2.1% (up from 1.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿3.14, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿4.52, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 20x in the Electronic industry in Thailand. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿3.36, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total returns to shareholders of 40% over the past three years. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.047 in 1Q 2023) First quarter 2024 results: EPS: ฿0.05 (up from ฿0.047 in 1Q 2023). Revenue: ฿31.9b (down 14% from 1Q 2023). Net income: ฿556.4m (up 103% from 1Q 2023). Profit margin: 1.7% (up from 0.7% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. お知らせ • May 02
Cal-Comp Electronics (Thailand) Public Company Limited Approves Dividend for the Period from July 2023 to December 2023, Payable on May 20, 2024 Cal-Comp Electronics (Thailand) Public Company Limited at its AGM held on April 30,2024, approved dividend payment from the Company consolidated net profit for the period of July-December 2023 total not exceeding THB 783,750,212.33 with the following details and conditions; Payment in the form of cash dividend of THB 0.075 per share in the amount of not exceeding the total outstanding shares entitled for the dividend is 10,450,002,831 shares The payment of dividends will be paid from the Company consolidated net profit that still enjoys the tax exemption for corporate income tax under the BOI privileges, therefore, the dividend is not subject to withholding tax in Thailand. The Record Date for the shareholders who have right to receive the said dividends is on March 20, 2024 (Record Date). The payment of dividends shall be made to the shareholders within May 20, 2024. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.075 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.54, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 16x in the Electronic industry in Thailand. Total returns to shareholders of 44% over the past three years. お知らせ • Feb 28
Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 30, 2024 Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 30, 2024, at 08:30 SE Asia Standard Time. Agenda: To certify the Minutes of the Extraordinary General Meeting of Shareholders; to consider and approve the Audited Financial Statement of the year ended 2023; to consider and approve the appropriation of net profit as legal reserve and declaration of dividend payment for the year 2023; and to discuss other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.17 (vs ฿0.14 in FY 2022) Full year 2023 results: EPS: ฿0.17 (up from ฿0.14 in FY 2022). Revenue: ฿150.8b (down 12% from FY 2022). Net income: ฿1.12b (up 38% from FY 2022). Profit margin: 0.7% (up from 0.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. お知らせ • Feb 27
Cal-Comp Electronics (Thailand) Public Company Limited Proposes Dividend for the Period from July 2023 to December 2023, Payable on May 20, 2024 Cal-Comp Electronics (Thailand) Public Company Limited at its board meeting held on February 27, 2024 approved the appropriation and retaining of the net profit THB 1,045 million as legal reserve and the declaration of dividend payment from the Company consolidated net profit for the period of July-December 2023 at THB of 0.075 per share. The total outstanding shares entitled for the dividend is 10,450,002,831 shares and total dividend amount is THB 783,750,212.33, the record date for the shareholders who have right to receive the dividend will be on March 20, 2024. The payment date of dividends is scheduled within May 20, 2024 from the Company consolidated net profit that still enjoys the tax exemption for corporate income tax under the BOI privileges, therefore, the dividend is not subject to withholding tax in Thailand, in which the dividend payment will be subject to shareholder approval. The right to receive the dividend depends on the resolution of Annual General Meeting of Shareholders No.1/2024. Meanwhile, the Company had paid the interim dividend payment at the rate of THB 0.04 per share for the period of January - June 2023 on September 12, 2023, therefore the total dividend payment for the year 2023 will be THB 0.115 per share, which is subject to the approval of the Annual General Meeting of Shareholders to be held on April 30, 2024. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿2.90, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 19x in the Electronic industry in Thailand. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.38, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 19x in the Electronic industry in Thailand. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.34, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 19x in the Electronic industry in Thailand. Total returns to shareholders of 45% over the past three years. お知らせ • Dec 16
Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Jan 31, 2024 Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Jan 31, 2024. New Risk • Dec 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.3% 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 Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿1.91, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 15x in the Electronic industry in Thailand. Total returns to shareholders of 15% over the past three years. New Risk • Nov 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 79% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.056 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (up from ฿0.056 in 3Q 2022). Revenue: ฿36.0b (down 28% from 3Q 2022). Net income: ฿368.1m (up 12% from 3Q 2022). Profit margin: 1.0% (up from 0.7% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 23
Upcoming dividend of ฿0.04 per share at 1.4% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 12 September 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (0.8%). お知らせ • Aug 18
Cal-Comp Electronics (Thailand) Public Company Limited Approves Declaration of Interim Dividend for the First Half of the Year Ended June 30, 2023, Payable on September 12, 2023 Cal-Comp Electronics (Thailand) Public Company Limited announced that at its board meeting held on August 14, 2023, the Board of Directors approved the declaration of interim dividend payment for the first half of the year ended June 30, 2023 to shareholders of the Company for THB 0.04 per share. The record date for the shareholders who have the right to receive the interim dividend will be on August 30, 2023. The interim dividend will be paid on September 12, 2023 from the net profit that still enjoys the tax exemption for corporate income from BOI, therefore, the dividend is free for income tax. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.012 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.06 (up from ฿0.012 in 2Q 2022). Revenue: ฿38.2b (flat on 2Q 2022). Net income: ฿372.0m (up 430% from 2Q 2022). Profit margin: 1.0% (up from 0.2% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.046 in 1Q 2022) First quarter 2023 results: EPS: ฿0.05 (up from ฿0.046 in 1Q 2022). Revenue: ฿37.0b (down 4.5% from 1Q 2022). Net income: ฿273.8m (up 1.8% from 1Q 2022). Profit margin: 0.7% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: ฿0.15 (vs ฿0.051 in FY 2021) Full year 2022 results: EPS: ฿0.15 (up from ฿0.051 in FY 2021). Revenue: ฿172.0b (up 36% from FY 2021). Net income: ฿810.3m (up 197% from FY 2021). Profit margin: 0.5% (up from 0.2% in FY 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Hung-Mao Tien was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (1.1%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿0.01 (vs ฿0.012 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.01 (up from ฿0.012 loss in 2Q 2021). Revenue: ฿38.6b (up 36% from 2Q 2021). Net income: ฿70.2m (up ฿133.6m from 2Q 2021). Profit margin: 0.2% (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 17% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. お知らせ • Aug 11
Cal-Comp Electronics (Thailand) Public Company Limited Declares Interim Dividend for the First Half of the Year Ending June 30, 2022, Payable September 8, 2022 The Board of Directors of the Cal-Comp Electronics (Thailand) Public Company Limited approved the declaration of interim dividend payment for the first half of the year ending June 30, 2022 to shareholders of the Company for THB 0.02 per share. The total number of outstanding shares entitled to the dividend is 5,385,202,917 shares and the total dividend amount is THB 107,704,058.34. The record date for the shareholders who have the right to receive the interim dividend will be on August 25, 2022. The interim dividend will be paid on September 8, 2022 from the net profit that still enjoys the tax exemption for corporate income from BOI, therefore, the dividend is free for income tax. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.05 (up from ฿0.023 in 1Q 2021). Revenue: ฿38.7b (up 32% from 1Q 2021). Net income: ฿268.9m (up 116% from 1Q 2021). Profit margin: 0.7% (up from 0.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Hung-Mao Tien was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. お知らせ • Mar 04
Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2022 Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2022, at 01:30 Coordinated Universal Time. Location: Samut Sakhon Factory, of R&D Building 5th Floor 60 Moo 8, Sethakij Road, Tambon Klong Maduea, Amphoe Krathum Baen Samutsakhon Thailand Agenda: To certify the Minutes of the Annual General Meeting of Shareholders No. 1/2021; to consider and approve the Audited Financial Statement of the year ended 2021 and Annual Report of the Board of Directors; to consider and approve the appropriation of net profit as legal reserve and declaration of dividend payment for the year 2021; to consider and approve the reduction of registered capital and amendment of the Clause 4 in Memorandum of Association in respect of the reduction of registered capital; to consider and approve the increase of registered capital and the amendment of the Clause 4 in Memorandum of Association to correspond with the increased of registered capital to support the stock dividend payment and the right adjustment for the ESOP program (CCET-WC); and to consider other matters. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿0.06 (up from ฿0.042 in FY 2020). Revenue: ฿126.8b (up 21% from FY 2020). Net income: ฿273.0m (up 30% from FY 2020). Profit margin: 0.2% (in line with FY 2020). Revenue exceeded analyst estimates by 8.7%. Earnings per share (EPS) missed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.038 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿33.1b (up 14% from 3Q 2020). Net income: ฿503.7m (up 165% from 3Q 2020). Profit margin: 1.5% (up from 0.7% in 3Q 2020). The increase in margin 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 increased by 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 29% share price gain to ฿3.38, the stock trades at a trailing P/E ratio of 78.8x. Average trailing P/E is 33x in the Electronic industry in Thailand. Total returns to shareholders of 119% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (1.1%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.013 loss per share (vs ฿0.014 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿28.4b (up 24% from 2Q 2020). Net loss: ฿63.5m (loss narrowed 8.8% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿2.40, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 28x in the Electronic industry in Thailand. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿2.96, the stock trades at a trailing P/E ratio of 70.7x. Average trailing P/E is 29x in the Electronic industry in Thailand. Total returns to shareholders of 88% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.026 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿29.4b (up 32% from 1Q 2020). Net income: ฿124.7m (down 2.4% from 1Q 2020). Profit margin: 0.4% (down from 0.6% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. お知らせ • May 01
Cal-Comp Electronics (Thailand) Public Company Limited Approves Dividend, Payable Within May 17, 2021 Cal-Comp Electronics (Thailand) Public Company Limited at its AGM held on April 30, 2021 approved the cash dividend of THB 0.0094 per share in the amount of not exceeding the total outstanding shares entitled for the dividend is 4,554,765,675 shares, therefore, total cash dividend amount shall not exceeding THB 42,814,797.35. The Record Date for the shareholders who have right to receive the said dividends is on March 23, 2021 (Record Date). The payment date of dividends is scheduled within May 17, 2021. お知らせ • Apr 27
Cal-Comp Electronics (Thailand) Public Company Limited Recommends Dividend for the Year 2020, Payable on May 17, 2021 Cal-Comp Electronics (Thailand) Public Company Limited recommended cash dividend of THB 0.0094 per share in the amount of not exceeding the total outstanding shares entitled for the dividend is 4,554,765,675 shares, therefore, total cash dividend amount shall not exceeding THB 42,814,797.35. The payment of stock and cash dividend is subject to the approval of General shareholder meeting No.1/2021. It is proposed that the record date for shareholders who are entitled to receive the said dividends be determined on March 23, 2021. The payment date of dividends shall be scheduled by May 17, 2021. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.74, the stock trades at a trailing P/E ratio of 64.5x. Average trailing P/E is 32x in the Electronic industry in Thailand. Total returns to shareholders of 62% over the past three years. お知らせ • Mar 02
Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 30, 2021 Cal-Comp Electronics (Thailand) Public Company Limited, Annual General Meeting, Apr 30, 2021, at 08:30 SE Asia Standard Time. Location: 18th Floor, CTI Tower, Rachadapisek Road, Klongtoey Bangkok Thailand Agenda: To consider and approve the Audited Financial Statement of the year ended 2020 and Annual Report of the Board of Directors; to consider and approve the appropriation of net profit as legal reserve and declaration of dividend payment for the year 2020; to consider and approve the reduction of registered capital and amendment of the Clause 4 in Memorandum of Association in respect of the reduction of registered capital; to consider and approve the increase of registered capital and the amendment of the Caluse 4 in Memorandum of Association to correspond with the increased of registered capital to support the stock dividend payment and the right adjustment for the ESOP; and to consider any other matter. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.04 (vs ฿0.086 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿95.2b (down 7.5% from FY 2019). Net income: ฿188.6m (down 52% from FY 2019). Profit margin: 0.2% (down from 0.4% 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 26% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 20
New 90-day high: ฿2.50 The company is up 11% from its price of ฿2.26 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 133% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.042 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿29.0b (up 11% from 3Q 2019). Net income: ฿189.9m (down 16% from 3Q 2019). Profit margin: 0.7% (down from 0.9% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 14
New 90-day high: ฿2.60 The company is up 37% from its price of ฿1.90 on 16 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 83% over the same period. お知らせ • Oct 05
Cal-Comp Electronics (Thailand) Public Co. Ltd. to Report Fiscal Year 2009 Results on 02/12/2010 Cal-Comp Electronics (Thailand) Public Co. Ltd. announced that they will report fiscal year 2009 results on 02/12/2010 Is New 90 Day High Low • Sep 23
New 90-day high: ฿2.16 The company is up 41% from its price of ฿1.53 on 25 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 92% over the same period. 
