Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.56 (vs ฿0.56 in 1Q 2025) First quarter 2026 results: EPS: ฿0.56 (in line with 1Q 2025). Revenue: ฿10.7b (up 120% from 1Q 2025). Net income: ฿1.23b (flat on 1Q 2025). Profit margin: 12% (down from 25% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 07
Consensus revenue estimates increase by 32%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from ฿24.9b to ฿32.9b. EPS estimate fell from ฿3.76 to ฿3.27. Net income forecast to grow 13% next year vs 18% growth forecast for Renewable Energy industry in Thailand. Consensus price target of ฿33.48 unchanged from last update. Share price was steady at ฿30.00 over the past week. お知らせ • Mar 31
Ratch Group Public Company Limited (SET:RATCH) entered into a Share Purchase Agreement to acquire remaining 50% stake in Chubu Ratchaburi Electric Services Co., Ltd from Chubu Electric Power (Thailand) Co. Ltd. for THB 43.8 million. Ratch Group Public Company Limited (SET:RATCH) entered into a Share Purchase Agreement to acquire remaining 50% stake in Chubu Ratchaburi Electric Services Co., Ltd from Chubu Electric Power (Thailand) Co. Ltd. for THB 43.8 million on March 30, 2026. Upon completion, Ratch Group Public Company Limited will own 100% stake in Chubu Ratchaburi Electric Services Co., Ltd. Major Estimate Revision • Mar 06
Consensus revenue estimates decrease by 28%, EPS upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from ฿34.7b to ฿24.9b. EPS estimate increased from ฿3.08 to ฿3.76 per share. Net income forecast to grow 31% next year vs 27% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿32.69 to ฿33.40. Share price fell 6.5% to ฿29.00 over the past week. Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿2.86 (up from ฿2.82 in FY 2024). Revenue: ฿24.5b (down 21% from FY 2024). Net income: ฿6.22b (up 1.5% from FY 2024). Profit margin: 25% (up from 20% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 9.1%. Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. お知らせ • Jan 28
RATCH Group Public Company Limited Announces Executive Changes, Effective February 1, 2026 RATCH Group Public Company Limited reported that the Board of Directors at the meeting No. 1/2026 held on January 27, 2026, resolved to approve the appointment of Mr. Nawapol Disathien, Executive Vice President – Corporate Administration, to also serve as Company Secretary, replacing Miss Wanphen Chamkham who ceased to be Senior Vice President, Head of Company Secretary Office and Company Secretary due to early retirement according to the 2026 Mutual Separation Plan, effective from February 1, 2026, onward. Mr. Nawapol Disathien serves as Executive Vice President – Corporate Administration and has been appointed as Company Secretary. Miss Wanphen Chamkham was the Senior Vice President, Head of Company Secretary Office before her early retirement. お知らせ • Nov 28
Ratch Group Public Company Limited Announces Resignation of Kriengkrai Rukkulchon as Independent Director, Member of the Audit Committee and Other Positions in the Sub-Committees, Effective 29 November 2025 Ratch Group Public Company Limited announced that Mr. Kriengkrai Rukkulchon, an independent director, had declared his intention to resign from his positions as a director, a member of the Audit Committee and other positions in the Company's Sub-Committees effective from 29 November 2025. The Company will recruit director to replace the vacant independent director according to the Company's recruitment process and will report the progress in the next opportunity. Major Estimate Revision • Nov 19
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ฿41.3b to ฿37.1b. EPS estimate increased from ฿3.03 to ฿3.09 per share. Net income forecast to grow 20% next year vs 11% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿31.92. Share price was steady at ฿28.50 over the past week. お知らせ • Sep 24
Ratch Group Public Company Limited Announces Director Changes, Effective October 1, 2025 Ratch Group Public Company Limited announced that the Company's Board of Directors at the Meeting No. 10/2025 held on 23 September 2025 resolved as follows: acknowledge the resignation from the position as a director, and all other positions in the Company's Board of Directors of Mr. Methawat Phongradaphirom; approved the appointment of Mr. Narin Phoawanich as a Director in replacement of the resigned director and he shall remain in his office during the term which the director he replaced was entitled. Such resolutions are effective from 1 October 2025 onward. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.95 (vs ฿1.05 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.95 (down from ฿1.05 in 2Q 2024). Revenue: ฿6.20b (down 18% from 2Q 2024). Net income: ฿2.06b (down 10% from 2Q 2024). Profit margin: 33% (up from 30% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 15% per year. お知らせ • May 24
International Gateway Company Limited Entered into Share Purchase Agreement to acquire 51% stake in Smart Infranet Company Limited from Ratch Group Public Company Limited (SET:RATCH) International Gateway Company Limited Entered into Share Purchase Agreement to acquire 51% stake in Smart Infranet Company Limited from Ratch Group Public Company Limited (SET:RATCH) on May 23, 2025.
The expected completion of the transaction is June 2025. お知らせ • May 23
Ratch Group Public Company Limited Elects Warakorn Brahmopala, as the Chairman of the Board of Directors, Effective 20 May 2025 Ratch Group Public Company Limited reported that the Company's Board of Directors at the Meeting No. 6/2025 held on 20 May 2025 resolved to approve an election of Mr. Warakorn Brahmopala, director, as the Chairman of the Board of Directors. The election is effective from 20 May 2025 onward. Major Estimate Revision • May 21
Consensus revenue estimates increase by 26%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ฿51.7b to ฿65.1b. EPS estimate fell from ฿3.57 to ฿3.31. Net income forecast to grow 25% next year vs 8.4% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿33.76. Share price fell 2.8% to ฿26.50 over the past week. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.56 (vs ฿0.71 in 1Q 2024) First quarter 2025 results: EPS: ฿0.56 (down from ฿0.71 in 1Q 2024). Revenue: ฿5.37b (down 40% from 1Q 2024). Net income: ฿1.22b (down 21% from 1Q 2024). Profit margin: 23% (up from 17% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 27
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿67.7b to ฿52.6b. EPS estimate fell from ฿3.71 to ฿3.55 per share. Net income forecast to grow 26% next year vs 19% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿34.50. Share price was steady at ฿26.00 over the past week. Upcoming Dividend • Mar 13
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 17 March 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (3.7%). Declared Dividend • Feb 27
Final dividend of ฿0.80 announced Dividend of ฿0.80 is the same as last year. Ex-date: 17th March 2025 Payment date: 23rd May 2025 Dividend yield will be 6.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿2.82 (up from ฿2.38 in FY 2023). Revenue: ฿33.1b (down 20% from FY 2023). Net income: ฿6.13b (up 19% from FY 2023). Profit margin: 19% (up from 13% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 42%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. お知らせ • Feb 26
Ratch Group Public Company Limited, Annual General Meeting, Apr 24, 2025 Ratch Group Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. お知らせ • Feb 25
Ratch Group Public Company Limited Proposes Year End Dividend for 2024, Payable on May 23, 2025 Ratch Group Public Company Limited proposed Year End Dividend for 2024, Payable on May 23, 2025. For the period, the company reported year end dividend of THB 0.80 per share THB 1,740 million in total. The record date to determine the list of shareholders who are entitled to receive dividend payment will be on March 18, 2025. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ฿0.76 (vs ฿0.54 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.76 (up from ฿0.54 in 3Q 2023). Revenue: ฿8.92b (flat on 3Q 2023). Net income: ฿1.66b (up 40% from 3Q 2023). Profit margin: 19% (up from 13% in 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 24
First half dividend of ฿0.80 announced Dividend of ฿0.80 is the same as last year. Ex-date: 5th September 2024 Payment date: 20th September 2024 Dividend yield will be 5.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. お知らせ • Aug 22
Ratch Group Public Company Limited Announces Interim Cash Dividend for the Year 2024, Payable on 20 September 2024 Ratch Group Public Company Limited announced interim cash dividend of THB 0.80 per common shareholders for the year 2024. Payment date is 20 September 2024. Ex-dividend date is 05 September 2024. Record date for the right to receive dividends 06 September 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿1.05 (vs ฿0.98 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.05 (up from ฿0.98 in 2Q 2023). Revenue: ฿8.16b (down 22% from 2Q 2023). Net income: ฿2.29b (up 7.8% from 2Q 2023). Profit margin: 28% (up from 20% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • May 29
Price target increased by 8.3% to ฿36.83 Up from ฿34.00, the current price target is an average from 6 analysts. New target price is 29% above last closing price of ฿28.50. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿3.27 for next year compared to ฿2.38 last year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.71 (vs ฿0.79 in 1Q 2023) First quarter 2024 results: EPS: ฿0.71. Revenue: ฿9.46b (down 35% from 1Q 2023). Net income: ฿1.54b (up 6.2% from 1Q 2023). Profit margin: 16% (up from 10.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Thailand. お知らせ • Mar 22
RATCH Group Public Company Limited Approves the Appointment of Chayanan Pakdeejit as Member of the Audit Committee, Effective 22 March 2024 RATCH Group Public Company Limited at its meeting held on 21 March 2024 approved the appointment of Chayanan Pakdeejit as Member of the Audit Committee, effective from 22 March 2024. The Audit Committee consists of: Mr. Praphaisith Tankeyura- Chairman; Mr. Panuwat Triyangkulsri, Mrs. Chayanan Pakdeejit and Miss. Kamolkarn Hinviman-members. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (2.6%). Price Target Changed • Mar 05
Price target decreased by 9.4% to ฿36.40 Down from ฿40.19, the current price target is an average from 5 analysts. New target price is 27% above last closing price of ฿28.75. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿3.14 for next year compared to ฿2.38 last year. Major Estimate Revision • Mar 05
Consensus revenue estimates increase by 15%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿59.3b to ฿68.3b. EPS estimate fell from ฿3.66 to ฿3.48. Net income forecast to grow 33% next year vs 26% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿39.01 to ฿36.40. Share price was steady at ฿28.75 over the past week. Price Target Changed • Feb 29
Price target decreased by 11% to ฿37.50 Down from ฿42.11, the current price target is an average from 4 analysts. New target price is 27% above last closing price of ฿29.50. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿3.48 for next year compared to ฿2.38 last year. お知らせ • Feb 28
Ratch Group Public Company Limited, Annual General Meeting, Apr 23, 2024 Ratch Group Public Company Limited, Annual General Meeting, Apr 23, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the 2023 Shareholders' Annual General Meeting; to acknowledge the Board of Directors' annual report on the Company's performances in the previous year and other activities to be performed in the future; to consider and approve the financial statements for the year ended 31 December 2023; to consider and approve the appropriation of annual profit year 2023 and dividend payment; to consider the appointment of the Company's auditor and determination of the auditor's remuneration for the year 2024; to consider and determine the Director's remuneration; and to consider other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿2.38 (vs ฿3.15 in FY 2022) Full year 2023 results: EPS: ฿2.38 (down from ฿3.15 in FY 2022). Revenue: ฿43.7b (down 39% from FY 2022). Net income: ฿5.17b (down 11% from FY 2022). Profit margin: 12% (up from 8.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. お知らせ • Feb 05
Ratch Group Public Company Limited Announces Resignation of Nantika Thangsuphanich as Director Ratch Group Public Company Limited announced that Miss Nantika Thangsuphanich had declared her intention to resign from her position as a director and other positions in sub-committees of the Board of Directors on 5 February 2024. The Company will recruit director to replace the vacant position according to the Company's recruitment process and will report the progress in the next opportunity. お知らせ • Jan 23
Ratch Group Public Company Limited Announces the Resignation of Kulyos Audomvongseree from His Positions as Director and Other Positions in Sub-Committees of the Board of Directors on 22 January 2024 Ratch Group Public Company Limited reported that Mr. Kulyos Audomvongseree had declared his intention to resign from his positions as a director and other positions in sub-committees of the Board of Directors on 22 January 2024. お知らせ • Jan 02
Ratch Group Public Company Limited Announces Miss Niramarn Laisathit Intention to Resign as Director and Sub-Committees RATCH Group Public Company Limited announced that Miss Niramarn Laisathit had declared her intention to resign from her position as a director, and all other positions in the Company's Board of Directors and Sub-Committees. The resignation is effective from 29 December 2023 onward. お知らせ • Dec 05
Ratch Group Public Company Limited Announces Changing of Chief Accountant Ratch Group Public Company Limited announced changing of Chief Accountant. Position of Chief Accountant: Manager, Consolidated Accounting Division. Title: Miss, Name: Prapaporn, Surname: Sae-jew. Effective Date of Termination: December 04, 2023. Position of Chief Accountant: Vice President - Head of General Accounting Department, Title: Miss, Name: Anongnuch, Surname: Tangthanawatskul. Effective Date of Appointment: December 04, 2023. Price Target Changed • Nov 15
Price target decreased by 8.6% to ฿41.02 Down from ฿44.88, the current price target is an average from 6 analysts. New target price is 28% above last closing price of ฿32.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿3.02 for next year compared to ฿3.15 last year. Upcoming Dividend • Aug 25
Upcoming dividend of ฿0.80 per share at 4.4% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.8%). お知らせ • Aug 19
Ratch Group Public Company Limited Announces Interim Dividend for the Year 2023, Payable on 15 September 2023 Ratch Group Public Company Limited announced Interim Dividend of THB 0.80 per share for the Year 2023. Payment date: 15 September 2023. Ex-dividend date 01 September 2023. Record date for the right to receive dividends 04 September 2023. Major Estimate Revision • Aug 18
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿65.5b to ฿59.9b. EPS estimate also fell from ฿4.05 per share to ฿3.39 per share. Net income forecast to grow 48% next year vs 14% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿44.88. Share price was steady at ฿35.25 over the past week. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.98 (vs ฿1.20 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.98 (down from ฿1.20 in 2Q 2022). Revenue: ฿10.4b (down 33% from 2Q 2022). Net income: ฿2.12b (down 3.2% from 2Q 2022). Profit margin: 20% (up from 14% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.79 (vs ฿0.86 in 1Q 2022) First quarter 2023 results: EPS: ฿0.79 (down from ฿0.86 in 1Q 2022). Revenue: ฿15.1b (down 6.6% from 1Q 2022). Net income: ฿1.45b (down 8.3% from 1Q 2022). Profit margin: 9.6% (in line with 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.80 per share at 4.1% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (1.6%). Major Estimate Revision • Mar 07
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿44.1b to ฿51.3b. EPS estimate increased from ฿4.83 to ฿4.90 per share. Net income forecast to grow 83% next year vs 9.5% growth forecast for Renewable Energy industry in Thailand. Consensus price target of ฿50.40 unchanged from last update. Share price fell 3.7% to ฿39.25 over the past week. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: ฿3.15 (vs ฿5.36 in FY 2021) Full year 2022 results: EPS: ฿3.15 (down from ฿5.36 in FY 2021). Revenue: ฿74.7b (up 112% from FY 2021). Net income: ฿5.78b (down 26% from FY 2021). Profit margin: 7.7% (down from 22% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 29% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Kulyos Audomvongseree was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿1.20 (vs ฿1.46 in 2Q 2021) Second quarter 2022 results: EPS: ฿1.20. Revenue: ฿15.6b (up 91% from 2Q 2021). Net income: ฿2.20b (up 3.5% from 2Q 2021). Profit margin: 14% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 20% compared to a 22% growth forecast for the Renewable Energy industry in Thailand. お知らせ • Jul 13
The Central Intellectual Property and International Trade Court Dismisses Civil Case Against Ratch Group Public Company Limited The Central Intellectual Property and International Trade Court issued a judgement to dismiss the civil case between Thai-Lao Lignite Company Limited (the Plaintiff) and RATCH Group Public company limited on September 30, 2022, based on the rationale that the information claimed by the plaintiff had already ceased to be trade secrets. Therefore, the plaintiff was no longer considered as the owner of such trade secrets, according to Red Case No. TorPor. 121/2563. In this regard, on February 24, 2021, the Plaintiff filed an appeal against such judgement with the court of appeal for specialized cases. On July 12, 2022, the Central Intellectual Property and International Trade Court read the court of appeal for specialized cases judgement of which the court of appeal upheld the Central Intellectual Property and International Trade Court’s Judgement to dismiss the plaintiff’s Plaint. The company has no responsibility to the above legal dispute in the court of appeal. お知らせ • Jul 05
Ratch Group Public Company Limited Announces Executive Changes Ratch Group Public Company Limited announced termination of Titiporn Komsartra as Senior Vice President - Head of General Accounting Division, Effective Date of Termination 04-Jul-2022 and appointment of Suwanneee Sirisajjawat as Acting Executive Vice President - Financial, Effective Date of Appointment 04-Jul-2022. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿1.09 (down from ฿1.44 in 1Q 2021). Revenue: ฿16.9b (up 157% from 1Q 2021). Net income: ฿1.58b (down 24% from 1Q 2021). Profit margin: 9.3% (down from 32% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 9.7% compared to a 26% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to ฿48.14 Down from ฿52.75, the current price target is an average from 8 analysts. New target price is 8.8% above last closing price of ฿44.25. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿4.77 for next year compared to ฿5.36 last year. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Prasertsak Cherngchawano was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 10
Upcoming dividend of ฿1.35 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of Thai dividend payers (5.3%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿5.36 (up from ฿4.34 in FY 2020). Revenue: ฿37.3b (up 18% from FY 2020). Net income: ฿7.77b (up 24% from FY 2020). Profit margin: 21% (in line with FY 2020). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 7.5%, compared to a 34% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 11
Price target decreased to ฿47.20 Down from ฿52.75, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿46.00. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿4.85 for next year compared to ฿4.34 last year. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿1.00 (vs ฿1.19 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿9.14b (up 18% from 3Q 2020). Net income: ฿1.44b (down 17% from 3Q 2020). Profit margin: 16% (down from 22% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Executive Departure • Oct 12
CEO, Secretary & Representative Director Kijja Sripatthangkura has left the company On the 1st of October, Kijja Sripatthangkura was replaced as CEO by Choosri Kietkajornkul after 4.5 years in the role. We don't have any record of a personal shareholding under Kijja's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.75 years. Under Kijja's leadership, the company delivered a total shareholder return of 11%. Upcoming Dividend • Aug 31
Upcoming dividend of ฿1.15 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 23 September 2021. Trailing yield: 5.1%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿1.46 (vs ฿0.74 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿8.67b (up 8.0% from 2Q 2020). Net income: ฿2.12b (up 98% from 2Q 2020). Profit margin: 25% (up from 13% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 24
Price target decreased to ฿55.38 Down from ฿67.83, the current price target is an average from 8 analysts. New target price is 18% above last closing price of ฿47.00. Stock is down 26% over the past year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿1.44 (vs ฿0.94 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: ฿7.12b (down 20% from 1Q 2020). Net income: ฿2.09b (up 53% from 1Q 2020). Profit margin: 29% (up from 15% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿4.34 (vs ฿4.11 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿34.2b (down 3.5% from FY 2019). Net income: ฿6.29b (up 5.4% from FY 2019). Profit margin: 18% (up from 17% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 1% per year. Analyst Estimate Surprise Post Earnings • Feb 17
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates by 10%. Over the next year, revenue is forecast to grow 8.6%, compared to a 22% growth forecast for the Renewable Energy industry in Thailand. お知らせ • Feb 16
Ratch Group Public Company Limited, Annual General Meeting, Apr 05, 2021 Ratch Group Public Company Limited, Annual General Meeting, Apr 05, 2021, at 14:00 SE Asia Standard Time. Location: World ballroom, Level 23, the centara Grand & Bangkok Convention centre at central world hotel, No. 999/99 Rama 1 Road , Phathumwan District Bangkok Thailand Agenda: To consider and approve the minutes of the 2020 shareholder annual general meeting held on July 10, 2020; to consider acknowledge the board of director annual report on the company performances in the previous in the previous year and other activities to be performed in the future; to consider and approve statements of financial position and the statements of income for the fiscal year ended December 31, 2020; to consider and approve the appropriation of annual profit year 2020 and dividend payment; and to consider other things. Is New 90 Day High Low • Nov 27
New 90-day high: ฿57.00 The company is up 2.0% from its price of ฿56.00 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿40.87 per share. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿1.19 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿7.73b (down 4.3% from 3Q 2019). Net income: ฿1.72b (up 26% from 3Q 2019). Profit margin: 22% (up from 17% in 3Q 2019). The increase in margin 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 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 27
New 90-day low: ฿48.75 The company is down 20% from its price of ฿61.25 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Renewable Energy industry, which is also down 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿39.31 per share. お知らせ • Aug 28
Ratch Group Public Company Limited to Report Q2, 2020 Results on Aug 28, 2020 Ratch Group Public Company Limited announced that they will report Q2, 2020 results at 10:00 AM, SE Asia Standard Time on Aug 28, 2020 
