Upcoming Dividend • Feb 06
Upcoming dividend of ฿1.22 per share at 4.2% yield Eligible shareholders must have bought the stock before 13 February 2023. Payment date: 22 February 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (4.6%). Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: ฿1.32 (vs ฿1.42 in FY 2021) Full year 2022 results: EPS: ฿1.32 (down from ฿1.42 in FY 2021). Revenue: ฿80.6b (up 21% from FY 2021). Net income: ฿3.12b (down 7.1% from FY 2021). Profit margin: 3.9% (down from 5.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. お知らせ • Jan 27
Total Access Communication Public Company Limited Announces Interim Cash Dividend, Payable on February 22, 2023 Total Access Communication Public Company Limited announced interim cash dividend of THB 1.22 per share with Ex-dividend date February 13, 2023, Record date for the right to receive dividends February 14, 2023 and Payment date to be February 22, 2023. お知らせ • Dec 14
Total Access Communication Public Company Limited to Report Q4, 2022 Results on Jan 31, 2023 Total Access Communication Public Company Limited announced that they will report Q4, 2022 results at 4:45 PM, SE Asia Standard Time on Jan 31, 2023 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. 6 non-independent directors. Independent Director Pratana Mongkolkul 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. Major Estimate Revision • Nov 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿1.38 to ฿1.24 per share. Revenue forecast steady at ฿81.2b. Net income forecast to grow 29% next year vs 7.1% growth forecast for Wireless Telecom industry in Thailand. Consensus price target broadly unchanged at ฿53.37. Share price was steady at ฿45.00 over the past week. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿0.21 (down from ฿0.35 in 3Q 2021). Revenue: ฿20.0b (up 29% from 3Q 2021). Net income: ฿488.0m (down 41% from 3Q 2021). Profit margin: 2.4% (down from 5.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Wireless Telecom industry in Asia. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Jul 20
Upcoming dividend of ฿0.85 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 15 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (5.0%). Reported Earnings • Jul 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.42 (down from ฿0.65 in 2Q 2021). Revenue: ฿16.3b (flat on 2Q 2021). Net income: ฿1.00b (down 34% from 2Q 2021). Profit margin: 6.2% (down from 9.4% in 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 25%, compared to a 5.5% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ฿0.31 (down from ฿0.35 in 1Q 2021). Revenue: ฿16.4b (down 3.3% from 1Q 2021). Net income: ฿726.4m (down 12% from 1Q 2021). Profit margin: 4.4% (down from 4.9% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 24%, compared to a 6.2% growth forecast for the industry in Thailand. 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 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Pratana Mongkolkul was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Feb 04
Upcoming dividend of ฿1.05 per share Eligible shareholders must have bought the stock before 11 February 2022. Payment date: 20 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (4.3%). Reported Earnings • Jan 30
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿1.42 (down from ฿2.16 in FY 2020). Revenue: ฿66.7b (flat on FY 2020). Net income: ฿3.36b (down 34% from FY 2020). Profit margin: 5.0% (down from 7.6% in FY 2020). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 22%, compared to a 5.0% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Dec 16
Price target increased to ฿46.61 Up from ฿43.27, the current price target is an average from 16 analysts. New target price is approximately in line with last closing price of ฿44.75. The company is forecast to post earnings per share of ฿1.69 for next year compared to ฿2.16 last year. Price Target Changed • Nov 26
Price target increased to ฿42.22 Up from ฿39.32, the current price target is an average from 16 analysts. New target price is 6.7% below last closing price of ฿45.25. The company is forecast to post earnings per share of ฿1.68 for next year compared to ฿2.16 last year. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 15% share price gain to ฿41.25, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the Wireless Telecom industry in Asia. Total returns to shareholders of 9.0% over the past three years. Reported Earnings • Oct 27
Third quarter 2021 earnings released: EPS ฿0.35 (vs ฿0.61 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿15.5b (down 3.0% from 3Q 2020). Net income: ฿832.0m (down 42% from 3Q 2020). Profit margin: 5.4% (down from 9.0% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Executive Departure • Oct 10
Chief Business Officer Rajiv Bawa has left the company On the 1st of October, Rajiv Bawa's tenure as Chief Business Officer ended after 4.0 years in the role. We don't have any record of a personal shareholding under Rajiv's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.38 years. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 16% share price gain to ฿37.75, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Wireless Telecom industry in Asia. Total returns to shareholders of 8.2% over the past three years. Upcoming Dividend • Jul 23
Upcoming dividend of ฿1.05 per share Eligible shareholders must have bought the stock before 30 July 2021. Payment date: 16 August 2021. Trailing yield: 9.7%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.8%). Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS ฿0.65 (vs ฿0.80 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: ฿16.4b (flat on 2Q 2020). Net income: ฿1.53b (down 19% from 2Q 2020). Profit margin: 9.4% (down from 12% in 2Q 2020). 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 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 17
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿78.4b to ฿80.1b. EPS estimate fell from ฿1.82 to ฿1.56 per share. Net income forecast to shrink 3.8% next year vs 9.3% growth forecast for Wireless Telecom industry in Thailand . Consensus price target reaffirmed at ฿37.63. Share price was steady at ฿29.75 over the past week. Reported Earnings • May 03
First quarter 2021 earnings released: EPS ฿0.35 (vs ฿0.63 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿16.9b (down 2.9% from 1Q 2020). Net income: ฿822.1m (down 45% from 1Q 2020). Profit margin: 4.9% (down from 8.6% in 1Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 11
New 90-day low: ฿32.25 The company is down 4.0% from its price of ฿33.50 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿105 per share. Major Estimate Revision • Feb 05
Analysts lower EPS estimates to ฿1.64 The 2021 consensus revenue estimate was lowered from ฿79.3b to ฿77.8b. Earning per share (EPS) estimate was also lowered from ฿1.99 to ฿1.64 for the same period. Net income is expected to shrink by 23% next year compared to 2.8% growth forecast for the Wireless Telecom industry in Thailand . The consensus price target was lowered from ฿41.86 to ฿39.43. Share price is up 3.1% to ฿33.50 over the past week. Upcoming Dividend • Feb 04
Upcoming Dividend of ฿2.12 Per Share Will be paid on the 20th of April to those who are registered shareholders by the 11th of February. The trailing yield of 9.0% is in the top quartile of Thai dividend payers (6.3%), and it is higher than industry peers (3.9%). Reported Earnings • Jan 30
Full year 2020 earnings released: EPS ฿2.16 (vs ฿2.29 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿78.8b (up 9.5% from FY 2019). Net income: ฿5.11b (down 5.8% from FY 2019). Profit margin: 6.5% (down from 7.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to stay flat compared to a 1.9% growth forecast for the Wireless Telecom industry in Thailand. Is New 90 Day High Low • Dec 14
New 90-day high: ฿38.50 The company is up 12% from its price of ฿34.50 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Wireless Telecom industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿82.33 per share. Is New 90 Day High Low • Oct 21
New 90-day low: ฿31.00 The company is down 23% from its price of ฿40.50 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿69.32 per share. Analyst Estimate Surprise Post Earnings • Oct 17
Third-quarter earnings released: Earnings beat expectations Earnings per share (EPS) surpassed analyst estimates by 2.0% at ฿0.61. Revenue is forecast to grow 4.1% over the next year, compared to a 2.8% growth forecast for the Wireless Telecom industry in Thailand. Is New 90 Day High Low • Oct 02
New 90-day low: ฿31.25 The company is down 21% from its price of ฿39.50 on 03 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 Wireless Telecom industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿68.37 per share.