New Risk • Jun 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 38% 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 47% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.61b market cap, or US$48.3m). Board Change • Jun 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Suchart Laopreeda was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.02 (vs ฿0.03 in 1Q 2025) First quarter 2026 results: EPS: ฿0.02 (down from ฿0.03 in 1Q 2025). Revenue: ฿327.0m (down 5.4% from 1Q 2025). Net income: ฿53.8m (down 16% from 1Q 2025). Profit margin: 17% (down from 18% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 28% per year. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.02 (vs ฿0.24 loss in FY 2024) Full year 2025 results: EPS: ฿0.02 (up from ฿0.24 loss in FY 2024). Revenue: ฿1.30b (up 5.7% from FY 2024). Net income: ฿46.7m (up ฿547.9m from FY 2024). Profit margin: 3.6% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 42% per year, which means it has not declined as severely as earnings. お知らせ • Feb 27
Thai Solar Energy Public Company Limited, Annual General Meeting, Apr 10, 2026 Thai Solar Energy Public Company Limited, Annual General Meeting, Apr 10, 2026, at 14:00 SE Asia Standard Time. お知らせ • Dec 16
BBL Asset Management Co., Ltd. acquired 28.90% stake in Thai Solar Energy Public Company Limited (SET:TSE) from Cathleen Maleenont. BBL Asset Management Co., Ltd. acquired 28.90% stake in Thai Solar Energy Public Company Limited (SET:TSE) from Cathleen Maleenont on December 12, 2025.
BBL Asset Management Co., Ltd. completed the acquisition of 28.90% stake in Thai Solar Energy Public Company Limited (SET:TSE) from Cathleen Maleenont on December 12, 2025. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.03 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.01 (down from ฿0.03 in 3Q 2024). Revenue: ฿326.9m (up 3.3% from 3Q 2024). Net income: ฿22.8m (down 68% from 3Q 2024). Profit margin: 7.0% (down from 23% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. New Risk • Oct 15
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 10% 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 Interest payments are not well covered by earnings (0.3x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 51% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.02b market cap, or US$31.2m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.04 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.006 (down from ฿0.04 in 2Q 2024). Revenue: ฿340.9m (up 5.9% from 2Q 2024). Net income: ฿14.1m (down 84% from 2Q 2024). Profit margin: 4.1% (down from 27% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿30.00 (vs ฿0.046 in 1Q 2024) First quarter 2025 results: EPS: ฿30.00. Revenue: ฿345.5m (up 11% from 1Q 2024). Net income: ฿63.7m (down 35% from 1Q 2024). Profit margin: 18% (down from 31% in 1Q 2024). Reported Earnings • Feb 28
Full year 2024 earnings released: ฿0.24 loss per share (vs ฿0.49 loss in FY 2023) Full year 2024 results: ฿0.24 loss per share (improved from ฿0.49 loss in FY 2023). Revenue: ฿1.23b (down 2.6% from FY 2023). Net loss: ฿501.2m (loss narrowed 52% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. New Risk • Feb 27
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 9.4% 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 (9.4% average weekly change). Earnings have declined by 43% per year over the past 5 years. Minor Risks High level of debt (91% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (฿951.8m market cap, or US$28.1m). Board Change • Jan 02
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Prasert Patradhilok was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ฿316.4m (down 43% from 3Q 2023). Net income: ฿71.6m (down 41% from 3Q 2023). Profit margin: 23% (up from 22% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.072 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.04 (down from ฿0.072 in 2Q 2023). Revenue: ฿321.9m (down 33% from 2Q 2023). Net income: ฿86.5m (down 43% from 2Q 2023). Profit margin: 27% (down from 32% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. お知らせ • Jul 02
Thai Solar Energy Public Company Limited (SET:TSE) announces an Equity Buyback for 160,000,000 shares, representing 7.56% for THB 200 million. Thai Solar Energy Public Company Limited (SET:TSE) announces a share repurchase program. Under the program, the company will repurchase up to 160,000,000 shares, representing 7.56% of its issued share capital, for THB 200 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share. The program will run through January 3, 2025. As of March 14, 2024, the company had 2,117,716,281 shares in outstanding. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 44% to ฿1.13. The fair value is estimated to be ฿1.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.11 in 1Q 2023) First quarter 2024 results: EPS: ฿0.05 (down from ฿0.11 in 1Q 2023). Revenue: ฿311.8m (down 9.9% from 1Q 2023). Net income: ฿97.3m (down 58% from 1Q 2023). Profit margin: 31% (down from 67% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 44% to ฿1.14. The fair value is estimated to be ฿1.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 47% to ฿1.14. The fair value is estimated to be ฿1.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.3% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 6.8%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.7%). New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings have declined by 4.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 4.8% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.80b market cap, or US$78.0m). お知らせ • Mar 02
Thai Solar Energy Public Company Limited, Annual General Meeting, Apr 29, 2024 Thai Solar Energy Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and certification of the minutes of the 2023 Annual General of shareholders held on 25 April 2023; to consider and acknowledgement of the operating result and annual report for the year 2023; to consider and approval of the audited financial statements for the year ending 31 December 2023; to consider and approval of the dividend for the year 2023 and acknowledge the interim dividend payment; and to consider other matters. Board Change • Mar 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Prasert Patradhilok was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jan 25
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 6.4% 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 Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). 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 ฿2.04, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 15x in the Renewable Energy industry in Thailand. Total loss to shareholders of 17% over the past three years. お知らせ • Dec 28
Thai Solar Energy Public Company Limited Announces Resignation of Somphop Prompanapitak as Director, Members of Sub-Committees, Chief Operating Officer and Company Secretary, Effective 29 December 2023 Thai Solar Energy Public Company Limited announced that Mr. Somphop Prompanapitak has resigned from his position Director, Members of Sub-Committees, Chief Operating Officer and Company Secretary due to having lots of missions, effective until 29 December 2023. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.06 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (in line with 3Q 2022). Revenue: ฿559.4m (up 68% from 3Q 2022). Net income: ฿120.6m (flat on 3Q 2022). Profit margin: 22% (down from 37% in 3Q 2022). 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 10% per year, which means it is significantly lagging earnings. New Risk • Oct 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.64b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.64b market cap, or US$99.7m). New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.072 (vs ฿0.08 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.072 (down from ฿0.08 in 2Q 2022). Revenue: ฿483.2m (up 47% from 2Q 2022). Net income: ฿152.2m (down 11% from 2Q 2022). Profit margin: 32% (down from 52% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.56, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 14x in the Renewable Energy industry in Thailand. Total loss to shareholders of 4.0% over the past three years. Upcoming Dividend • May 17
Upcoming dividend of ฿0.09 per share at 3.2% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.7%). お知らせ • Jan 09
Thai Solar Energy Public Company Limited Announces Chief Financial Officer Changes Thai Solar Energy Public Company Limited announced the Termination of Miss Cathleen Maleenont as Acting Chief Financial Officer. Effective Date of Termination: January 09, 2023 and also announced the appointment of Mrs. Angkanee Rerksirisuk as Chief Financial Officer. Effective Date of Appointment: January 09, 2023. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Prasert Patradhilok was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.098 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.06 (down from ฿0.098 in 3Q 2021). Revenue: ฿332.9m (down 20% from 3Q 2021). Net income: ฿121.5m (down 42% from 3Q 2021). Profit margin: 37% (down from 50% in 3Q 2021). 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 5% per year. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.08 (vs ฿0.08 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.08 (vs ฿0.08 in 2Q 2021). Revenue: ฿329.0m (down 22% from 2Q 2021). Net income: ฿170.7m (down 6.3% from 2Q 2021). Profit margin: 52% (up from 43% in 2Q 2021). 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 7% per year, which means it is significantly lagging earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Prasert Patradhilok was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.16 (up from ฿0.10 in 1Q 2021). Revenue: ฿335.2m (down 9.7% from 1Q 2021). Net income: ฿338.9m (up 67% from 1Q 2021). Revenue exceeded analyst estimates by 99%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Prasert Patradhilok was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.035 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 22 April 2022. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.23 (up from ฿0.20 in FY 2020). Revenue: ฿1.52b (flat on FY 2020). Net income: ฿492.7m (up 17% from FY 2020). Profit margin: 32% (up from 28% in FY 2020). Revenue exceeded analyst estimates by 99%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.03 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿414.0m (up 1.3% from 3Q 2020). Net income: ฿208.4m (up 193% from 3Q 2020). Profit margin: 50% (up from 17% in 3Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 12 October 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.7%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.003 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ฿371.4m (flat on 1Q 2020). Net income: ฿202.6m (up ฿196.0m from 1Q 2020). Profit margin: 55% (up from 1.8% in 1Q 2020). 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 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 22
New 90-day low: ฿2.40 The company is down 8.0% from its price of ฿2.62 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 4.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿408.5m (up 13% from 3Q 2019). Net income: ฿71.1m (down 65% from 3Q 2019). Profit margin: 17% (down from 57% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿2.40 The company is down 20% from its price of ฿3.00 on 21 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 Renewable Energy industry, which is down 19% over the same period.