Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿0.028 (vs ฿0.034 in FY 2024) Full year 2025 results: EPS: ฿0.028. Revenue: ฿1.16b (up 10% from FY 2024). Net income: ฿29.9m (up 60% from FY 2024). Profit margin: 2.6% (up from 1.8% in FY 2024). The increase in margin was driven by higher revenue. New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 95% Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (303% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (95% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (฿810.6m market cap, or US$25.6m). 공시 • Mar 02
Filter Vision Public Company Limited, Annual General Meeting, Apr 30, 2026 Filter Vision Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.005 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.013 (up from ฿0.005 loss in 3Q 2024). Revenue: ฿294.6m (up 11% from 3Q 2024). Net income: ฿13.0m (up ฿15.9m from 3Q 2024). Profit margin: 4.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. 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 33% per year, which means it is performing significantly worse than earnings. New Risk • Oct 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 303% 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 Risk Shareholders have been substantially diluted in the past year (303% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (฿985.9m market cap, or US$30.5m). 공시 • Sep 18
Filter Vision Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 812.865422 million. Filter Vision Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 812.865422 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,625,730,843
Price\Range: THB 0.5
Transaction Features: Rights Offering New Risk • Aug 20
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 7.3% 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 Risk Market cap is less than US$10m (฿231.7m market cap, or US$7.11m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.011 (vs ฿0.016 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.011 (down from ฿0.016 in 2Q 2024). Revenue: ฿276.0m (up 6.7% from 2Q 2024). Net income: ฿6.10m (down 28% from 2Q 2024). Profit margin: 2.2% (down from 3.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.025 (vs ฿0.015 in 1Q 2024) First quarter 2025 results: EPS: ฿0.025 (up from ฿0.015 in 1Q 2024). Revenue: ฿279.9m (up 10% from 1Q 2024). Net income: ฿13.5m (up 59% from 1Q 2024). Profit margin: 4.8% (up from 3.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. 공시 • Mar 24
Filter Vision Public Company Limited (SET:FVC) agreed to acquire World Industrial Estate Co., Ltd. from World Corporation Public Company Limited, Chirasak Jiyachan and Jettchanya Buncheliew for THB 370 million. Filter Vision Public Company Limited (SET:FVC) agreed to acquire World Industrial Estate Co., Ltd. from World Corporation Public Company Limited, Chirasak Jiyachan and Jettchanya Buncheliew for THB 370 million on March 21, 2025. A cash consideration of THB 370 million will be paid by Filter Vision Public Company Limited. As part of consideration, THB 370 million is paid towards common equity of World Industrial Estate Co., Ltd. The transaction will be financed through internal cash flow and capital increase.
For the period ending December 31, 2024, World Industrial Estate Co., Ltd. reported total revenue of THB 10.7 million, operating loss of THB 103.23 million and net loss of THB 105.36 million. As of December 31, 2024, World Industrial Estate Co., Ltd. reported total assets of THB 1.02 billion and total common equity of THB 193 million.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders, approval of offer by acquirer board and approval of offer by target shareholders. The expected completion of the transaction is March 24, 2025 to June 30, 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.034 (vs ฿0.17 in FY 2023) Full year 2024 results: EPS: ฿0.034 (down from ฿0.17 in FY 2023). Revenue: ฿1.05b (up 16% from FY 2023). Net income: ฿18.7m (down 80% from FY 2023). Profit margin: 1.8% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Dec 26
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 6.3% 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 Risk Market cap is less than US$10m (฿233.6m market cap, or US$6.83m). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. New Risk • Dec 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿342.2m (US$9.87m) This is considered a major 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 Market cap is less than US$10m (฿342.2m market cap, or US$9.87m). Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (6.4%). Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.016 (vs ฿0.001 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.016 (up from ฿0.001 in 2Q 2023). Revenue: ฿259.0m (up 18% from 2Q 2023). Net income: ฿8.48m (up ฿7.81m from 2Q 2023). Profit margin: 3.3% (up from 0.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. 공시 • May 03
Filter Vision Public Company Limited Approves Dividend for the Year 2023, Payable on May 30, 2024 Filter Vision Public Company Limited at its AGM held on April 30, 2024 approved the allocation of net profit as a legal reserve for the year 2023 in the amount of 1,590,000 baht and the allocation of net profit for the performance for the year to pay dividends at the rate of 0. 01 baht per share by determining the list of shareholders who are entitled to receive dividends (Record Date) on May 10, 2024. The total dividend payment will not exceed 5.65 million baht and the dividend payment will be scheduled on May 30, 2024. Upcoming Dividend • May 02
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 30 May 2024. Payout ratio is a comfortable 6.1% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (6.2%). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ฿0.17 (vs ฿0.059 in FY 2022) Full year 2023 results: EPS: ฿0.17 (up from ฿0.059 in FY 2022). Revenue: ฿969.2m (up 25% from FY 2022). Net income: ฿93.2m (up 178% from FY 2022). Profit margin: 9.6% (up from 4.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. 공시 • Dec 29
an unknown buyer acquired 99.9% stake in Hi Healthcare Center Co., Ltd. from Filter Vision Public Company Limited (SET:FVC). an unknown buyer acquired 99.99% stake in Hi Healthcare Center Co., Ltd. from Filter Vision Public Company Limited (SET:FVC) on December 25, 2023. Hi Healthcare Center Company Limited. Ceasing to be a subsidiary of Filter Vision Public Company Limited (SET:FVC).
an unknown buyer completed the acquisition of 99.99% stake in Hi Healthcare Center Co., Ltd. from Filter Vision Public Company Limited (SET:FVC) on December 25, 2023. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.008 (vs ฿0.017 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.008 (down from ฿0.017 in 3Q 2022). Revenue: ฿234.0m (up 27% from 3Q 2022). Net income: ฿4.51m (down 52% from 3Q 2022). Profit margin: 1.9% (down from 5.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (฿525.6m market cap, or US$14.8m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.001 (vs ฿0.01 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.001 (down from ฿0.01 in 2Q 2022). Revenue: ฿221.1m (up 21% from 2Q 2022). Net income: ฿674.0k (down 88% from 2Q 2022). Profit margin: 0.3% (down from 3.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.014 (vs ฿0.017 in 1Q 2022) First quarter 2023 results: EPS: ฿0.014 (down from ฿0.017 in 1Q 2022). Revenue: ฿216.3m (up 12% from 1Q 2022). Net income: ฿8.15m (down 14% from 1Q 2022). Profit margin: 3.8% (down from 4.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. 공시 • May 17
Filter Vision Public Company Limited Resolves to Appoint Ms. Panchit Chimpalee, Director, Executive Committee Member and Assistant General Manager (Accounting and Financial Department) as the Company Secretary Filter Vision Public Company Limited resolved to appoint Ms. Panchit Chimpalee, Director, Executive Committee Member and Assistant General Manager (Accounting and Financial Department) as the Company Secretary at the board meeting held on May 15, 2023. The appointment has become effective from May 15, 2023. 공시 • Dec 17
Filter Vision Public Company Limited Announces Appointment of Jirapat Janngam as Company Secretary Filter Vision Public Company Limited notified the resolution of the Board of Directors' Meeting No. 7/2022, which was held on December 16, 2022, that the meeting has resolved to appoint Ms. Jirapat Janngam, as the Company Secretary. The appointment has become effective from December 16, 2022. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿1.21, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Machinery industry in Thailand. Total returns to shareholders of 210% over the past three years. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.017 (vs ฿0.009 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.017 (up from ฿0.009 in 3Q 2021). Revenue: ฿184.8m (up 13% from 3Q 2021). Net income: ฿9.44m (up 81% from 3Q 2021). Profit margin: 5.1% (up from 3.2% in 3Q 2021). The increase in margin was 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 increased by 54% per year, which means it is tracking significantly ahead of earnings growth. 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. 1 experienced director. 7 highly experienced directors. Independent Chairman of the Board Witit Sujjapong 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. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.81, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 23x in the Machinery industry in Thailand. Total returns to shareholders of 277% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.01 (vs ฿0.009 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.01 (up from ฿0.009 in 2Q 2021). Revenue: ฿183.2m (up 20% from 2Q 2021). Net income: ฿5.55m (up 2.5% from 2Q 2021). Profit margin: 3.0% (down from 3.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.011 in 1Q 2021) First quarter 2022 results: EPS: ฿0.02 (up from ฿0.011 in 1Q 2021). Revenue: ฿192.5m (up 29% from 1Q 2021). Net income: ฿9.53m (up 57% from 1Q 2021). Profit margin: 5.0% (up from 4.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 1 experienced director. 7 highly experienced directors. Independent Chairman of the Board Witit Sujjapong 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. 공시 • Apr 13
Filter Vision Public Company Limited Announces Resignation of Rotjana Jamjan as Company Secretary, Effective April 19, 2022 Filter Vision Public Company Limited announced resignation of Rotjana Jamjan as Company Secretary effective from April 19, 2022. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improved over the past week After last week's 33% share price gain to ฿1.96, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total returns to shareholders of 134% over the past three years. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.061 (up from ฿0.021 loss in FY 2020). Revenue: ฿650.9m (up 16% from FY 2020). Net income: ฿34.4m (up ฿46.2m from FY 2020). Profit margin: 5.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. 공시 • Mar 01
Filter Vision Public Company Limited, Annual General Meeting, Apr 28, 2022 Filter Vision Public Company Limited, Annual General Meeting, Apr 28, 2022, at 14:00 SE Asia Standard Time. Agenda: To certify the minutes of the 2021 annual general meeting of shareholders that held on April 30, 2021; to acknowledge the board of directors' report on the company's operating results for 2021; and to discuss other matters. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 20x in the Machinery industry in Thailand. Total returns to shareholders of 85% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿163.2m (up 8.2% from 3Q 2020). Net income: ฿5.23m (up ฿11.1m from 3Q 2020). Profit margin: 3.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.009 (vs ฿0.02 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿152.9m (up 13% from 2Q 2020). Net income: ฿5.41m (up ฿16.6m from 2Q 2020). Profit margin: 3.5% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.011 (vs ฿0.012 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿148.9m (down 6.2% from 1Q 2020). Net income: ฿6.08m (up ฿12.7m from 1Q 2020). Profit margin: 4.1% (up from net loss in 1Q 2020). The move to profitability 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 61 percentage points per year, which is a significant difference in performance. 공시 • Feb 24
Filter Vision Public Company Limited, Annual General Meeting, Apr 30, 2021 Filter Vision Public Company Limited, Annual General Meeting, Apr 30, 2021, at 14:00 SE Asia Standard Time. Location: Filter Vision Public Company Limited, 2nd Floor Meeting Room Thai Raman Road, Sam Wa Tawan Tok, Khlong Sam Wa Bangkok Thailand Agenda: To certify the minutes of the 2020 Annual General Meeting of Share- holders; to acknowledge the Board of Directors' report on the Company's operating results for the Year 2020; to approve the audited financial statements for the year ended December 31, 2020; to approve no allocation of net profit as legal reserve and the omission of the dividend payment from the operating result for the Year 2020; to approve the appointment of directors to replace those who will retire by rotation; to approve the remuneration of the Company's directors and sub committees for the Year 2021; to approve the appointment of the Company's auditors and their remuneration for the Year 2021; to approve the reduction of the Company's registered capital; to approve the amendments of the Memorandum of Association in Clause 4 of the Company so as to reflect the company's registered capital reduction; and to the transfer of legal reserved and equity capital surplus to compensate its accumulated losses. Is New 90 Day High Low • Feb 17
New 90-day high: ฿0.58 The company is up 53% from its price of ฿0.38 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: ฿0.47 The company is up 24% from its price of ฿0.38 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 9.0% over the same period. 공시 • Dec 30
Filter Vision Public Company Limited Announces Executive Changes Filter Vision Public Company Limited announced resignation of Mr. Supanut Promsiripong as Accounting and Finance Manager and appointment of Miss Nungruthai Bunon as Accounting and Finance Manager, effective from December 29, 2020. Is New 90 Day High Low • Dec 15
New 90-day high: ฿0.42 The company is up 8.0% from its price of ฿0.39 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 9.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: ฿0.01 loss per share The company reported a soft third quarter result with weaker revenues and control over expenses, though losses reduced. Third quarter 2020 results: Revenue: ฿150.8m (down 21% from 3Q 2019). Net loss: ฿5.88m (loss narrowed 5.6% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 126% 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. 
