Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.14 (vs ฿0.15 in 1Q 2025) First quarter 2026 results: EPS: ฿0.14 (down from ฿0.15 in 1Q 2025). Revenue: ฿895.1m (down 1.1% from 1Q 2025). Net income: ฿172.6m (down 13% from 1Q 2025). Profit margin: 19% (down from 22% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 04
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 26 May 2026. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.3%). Board Change • Mar 31
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 Prasert Tapaneeyangkul was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 19
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at ฿8.80. The fair value is estimated to be ฿11.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 7.0%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Mar 04
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ฿8.75. The fair value is estimated to be ฿11.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 7.0%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Declared Dividend • Mar 02
Fourth quarter dividend of ฿0.11 announced Dividend of ฿0.11 is the same as last year. Ex-date: 11th May 2026 Payment date: 26th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.55 (up from ฿0.53 in FY 2024). Revenue: ฿3.48b (up 8.7% from FY 2024). Net income: ฿706.7m (up 4.2% from FY 2024). Profit margin: 20% (in line with FY 2024). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Feb 27
Karmarts Public Company Limited, Annual General Meeting, Apr 27, 2026 Karmarts Public Company Limited, Annual General Meeting, Apr 27, 2026, at 14:00 SE Asia Standard Time. Location: physical meeting, at the mekha ballroom, grande centre point surawong bangkok, located at 299 surawong road, bang rak district, bangkok 10500, Thailand Declared Dividend • Nov 14
Third quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 26th November 2025 Payment date: 11th December 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (106% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to ฿8.05. The fair value is estimated to be ฿10.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Declared Dividend • Aug 15
Second quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 27th August 2025 Payment date: 12th September 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.041 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (up from ฿0.041 in 2Q 2024). Revenue: ฿823.5m (up 12% from 2Q 2024). Net income: ฿146.8m (up 181% from 2Q 2024). Profit margin: 18% (up from 7.1% in 2Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 27
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ฿7.35. The fair value is estimated to be ฿9.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Buy Or Sell Opportunity • Jun 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿7.40. The fair value is estimated to be ฿9.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Buy Or Sell Opportunity • May 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ฿7.60. The fair value is estimated to be ฿9.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 73% in the next 2 years. Declared Dividend • May 24
Dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 27th May 2025 Payment date: 12th June 2025 Dividend yield will be 5.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) nor is it covered by cash flows (284% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 7.1% to bring the payout ratio under control. EPS is expected to grow by 74% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.23 in 1Q 2024) First quarter 2025 results: EPS: ฿0.15 (down from ฿0.23 in 1Q 2024). Revenue: ฿905.2m (up 15% from 1Q 2024). Net income: ฿198.6m (down 33% from 1Q 2024). Profit margin: 22% (down from 38% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 01
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 23 May 2025. Payout ratio is on the higher end at 78%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (4.8%). 공시 • Apr 24
Karmarts Public Company Limited Approves Dividend for the Year 2024, Payable on May 23, 2025 Karmarts Public Company Limited at its AGM held on April 24, 2025, approved of the allocation of the net profit for the year 2024 for the dividend payment to the ordinary shareholders at the THB 0.41 per share or not exceeding THB 507.83 million in total. Taking into account, this round of the dividend payment when deducted with the interim dividend payments of THB 0.30 per share, equivalent to THB 366.67 million, the total remaining dividend payments of the year 2024 amounts to THB 0.11 per share or not exceeding THB 141.16 million. The dividend payment will be subject to withholding tax in accordance with applicable tax laws. The record date to determine the list of shareholders entitled to receive dividends is set for May 9, 2025, in accordance with Section 225 of the Securities and Exchange Act B.E. 2535 (1992). The dividend payment is scheduled for May 23, 2025. Declared Dividend • Feb 26
Fourth quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 8th May 2025 Payment date: 23rd May 2025 Dividend yield will be 4.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (270% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 48% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.53. Revenue: ฿3.20b (up 31% from FY 2023). Net income: ฿678.0m (up 2.6% from FY 2023). Profit margin: 21% (down from 27% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 5.4%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Personal Products industry in Asia. 공시 • Feb 24
Karmarts Public Company Limited, Annual General Meeting, Apr 24, 2025 Karmarts Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: at the grand ballroom, u sathorn bangkok, located at 105, 105/1 soi ngam duphli, thung maha mek sub-district, sathorn district, bangkok 10120 Thailand Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿9.95, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Personal Products industry in Asia. Total returns to shareholders of 269% over the past three years. New Risk • Dec 12
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 High level of non-cash earnings (26% accrual ratio). Minor Risks Dividend is not well covered by cash flows (287% cash payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.14 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.14. Revenue: ฿804.5m (up 26% from 3Q 2023). Net income: ฿174.4m (up 22% from 3Q 2023). Profit margin: 22% (in line with 3Q 2023). Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.8%). In line with average of industry peers (3.3%). New Risk • Aug 16
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 6.9% 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 High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (154% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Declared Dividend • Aug 16
Second quarter dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 28th August 2024 Payment date: 12th September 2024 Dividend yield will be 3.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (154% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.041 (vs ฿0.13 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.041 (down from ฿0.13 in 2Q 2023). Revenue: ฿754.8m (up 30% from 2Q 2023). Net income: ฿52.3m (down 60% from 2Q 2023). Profit margin: 6.9% (down from 22% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. 공시 • Jun 01
Karmarts Public Company Limited Announces Executive Appointments In line with the significant expansion of Karmarts Public Company Limited's business, the Board of Directors presented the following information to the shareholders at the 2024 Annual Shareholders' Meeting on April 26, 2024 to implement strategic changes to the composition of management team. The Company announces the appointments of its executives as follow: Mr. Wongwiwat Theekhakhirikul - Managing Director. This appointment will be effective June 18, 2024. Additionally, to support the expansion, the Board of Directors has also appointed additional executives as follow: Mrs. Chonthida Sathawornwichit Deputy Managing Director of Marketing Division, Mr. Pongwiwat Theekhakhirikul Deputy Managing Director of Marketing Communication and Creative, Ms. Suwannee Tharacheevin- Deputy Managing Director of Accounting Division, Mrs. Aunruen Arunvisavakul- Deputy Managing Director of Warehouse and Logistic Division, and Mrs. Somsri Viriya- Assistant Managing Director of Accounting Division. These appointments will be effective June 1, 2024. New Risk • May 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (25% increase in shares outstanding). Declared Dividend • May 15
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 27th May 2024 Payment date: 12th June 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.27 (vs ฿0.15 in 1Q 2023) First quarter 2024 results: EPS: ฿0.27 (up from ฿0.15 in 1Q 2023). Revenue: ฿786.4m (up 35% from 1Q 2023). Net income: ฿298.2m (up 89% from 1Q 2023). Profit margin: 38% (up from 27% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. 공시 • May 11
Karmarts Public Company Limited Appoints Chavapas Ongmahatmongkol as Director Karmarts Public Company Limited at the Annual General Meeting of Shareholders approved to increase number of members of the Board of Directors from 9 to 10 and appoint Mr. Chavapas Ongmahatmongkol as a director. 공시 • Apr 27
Karmarts Public Company Limited Approves Dividend for the Year 2023, Payment of the Dividend Is Scheduled for May 24, 2024 Karmarts Public Company Limited at its AGM held on April 26, 2024, approved of the allocation of the net profit for the year 2023 for the dividend payment to the ordinary shareholders at the THB 0.36 per share or not exceeding THB 358.60 million in total. Taking into account, this round of the dividend payment when deducted with the interim dividend payments worth THB 0.26 per share or THB 248 .60 million the total remaining dividendpayments of the year 2023 amounts to THB 0.10 per share or not exceeding THB 110.00 million dividend payment will be subject to Withholding Tax according to the taxation law. The stated dividend distribution shall be disbursed to shareholders listed in the record as of May 13, 2024, in accordance with Section 225 of the Securities and Exchange Act B.E. 2535. Payment of the dividend is scheduled for May 24, 2024. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿13.50, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 26x in the Personal Products industry in Thailand. Total returns to shareholders of 268% over the past three years. 공시 • Mar 01
Karmarts Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 24, 2024 Karmarts Public Company Limited announced that a proposal was made for consideration and approval by the shareholders' meeting regarding the allocation of net profits for the fiscal year 2023 to pay dividends to ordinary shareholders at a rate of THB 0.36 per share, with the total payout not exceeding THB 358.60 million. After deducting the interim dividend payment at a rate of THB 0.26 per share, and amounting to THB 248.60 million, the remaining dividend to be paid in this round is at a rate of THB 0.10 per share, totaling not more than THB 110.00 million. The list of shareholders entitled to receive dividends will be determined on May 13, 2024, as per Section 225 of the Securities and Exchange Act of 2535 B.E. (1992). The dividend payment is scheduled for May 24, 2024. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.71 (vs ฿0.37 in FY 2022) Full year 2023 results: EPS: ฿0.71 (up from ฿0.37 in FY 2022). Revenue: ฿2.46b (up 31% from FY 2022). Net income: ฿661.0m (up 102% from FY 2022). Profit margin: 27% (up from 17% 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 45% per year whereas the company’s share price has increased by 49% per year. Declared Dividend • Mar 01
Fourth quarter dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 10th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 3.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. 공시 • Feb 29
Karmarts Public Company Limited, Annual General Meeting, Apr 26, 2024 Karmarts Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Location: Sakuntala Ballroom, The Peninsula Bangkok, located at 333 Charoen Nakhon Road, Khlong Ton Sai, Khlong San, Bangkok 10600 Bangkok Thailand Agenda: To consider the Approval of the Minutes of the Ordinary Shareholders' Meeting No.1/2023; to acknowledge the Company's operational performance report for the year 2023; to consider the approval of the financial statements including the profit and loss statement as of December 31, 2023; to consider the approval of the allocation of profits for the operating results of the fiscal year 2023 and dividend distribution; to consider the approval of allocating retained earnings of the Company to pay dividends in the form of dividend shares and cash dividends; to consider the approval of the issuance of common shares to support dividend payments; and to consider other matters. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿17.10, the stock trades at a trailing P/E ratio of 34.1x. Average trailing P/E is 28x in the Personal Products industry in Thailand. Total returns to shareholders of 376% over the past three years. 공시 • Nov 15
Karmarts Public Company Limited Announces Cash Dividend for the Operating Period from 01 July 2023 to 30 September 2023, Payable on December 12, 2023 Karmarts Public Company Limited announced cash dividend of THB 0.09 per share for the operating period from 01 July 2023 to 30 September 2023. Record date for the right to receive dividends 28-Nov-2023. Ex-dividend date is 27 November 2023. Payment date is on December 12, 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.16 (vs ฿0.10 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.16 (up from ฿0.10 in 3Q 2022). Revenue: ฿637.5m (up 26% from 3Q 2022). Net income: ฿143.5m (up 64% from 3Q 2022). Profit margin: 23% (up from 17% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿11.80, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 24x in the Personal Products industry in Thailand. Total returns to shareholders of 296% over the past three years. New Risk • Oct 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor 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 Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). 공시 • Oct 13
Karmarts Public Company Limited announced that it has received THB 1.595014355 billion in funding from Wellsiam Company Limited and another investor On October 11, 2023, Public Company Limited closed the transaction. 공시 • Aug 19
Karmarts Public Company Limited Announces Changes to Its Board Karmarts Public Company Limited Announced appointment of directors Name: Ms. Eiko Shirai Title: Director Nationalily: Japanese Age: 49 years old Education: School of Education, Department of Social Studies-Social Science Major, Waseda University Amount of Shares: - Portion of Shares: - Working Experience: 2022 Present General Manager, Marubeni Corporation 2018 2022 Corporate Officer, ARUHI Corporation 2012 2018 Corporate Officer, ASAHI TEC Corporation 2006 2012 Manager, HOYA Corporation 2003 2006 Manager, Industrial Revitalization Corporation of Japa 1998 2003 Analyst, Corporate Directions Inc. 1996 1998 Associate, CSK Venture Capital Company (transferred to CSK Corporation, parent company of CSK-VC) 2. Mr. Chavapas Ongmahutmongkol is the Company's Director Personal profile Name: Mr. Chavapas Ongmahutmongkol Title: Director and Independent Director Nationalily: Thai Age: 46 years old Education: MBA, Harvard Business School M.Sc, Industrial and Operations Engineering, University of Michigan, Ann Arbor B.Eng., Industrial Engineering, Sirindhorn International Institute of Technology, Thammasat University Amount of Shares: - Portion of Shares: - Working Experience: 2023 Present Director, QPE Fund 1 Limited (Hong Kong). 2019 Present Managing Partner and Chief Investment Officer, Quadriga Private Equity Co. Ltd. 2018 Present Director and Chief Investment Officer, B52 Capital (Public) Co. Ltd. 2018 Present Chairman of the Risk Committee, Audit Committee, Independent Director, Jakpaisan Estate (Public) Co. Ltd. 2014 Present Co-Founder and Director, Sasin Bangkok Venture Club. 2009 2019 Co-Founder and Managing Director, PrimeStreet Advisory and PrimeStreet Consulting. 3. Mr. Kattanant Yaphanich has resigned from the position of the Director of Karmarts Public Company Limited. with effective from August 11, 2023, onwards. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.09 per share at 1.9% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (3.2%). 공시 • Aug 11
Karmarts Public Company Limited Announces Cash Dividend for the Operating Period from 01 April 2023 to 31 June 2023, Payable on September 8, 2023 Karmarts Public Company Limited announced cash dividend of THB 0.09 per share for the operating period from 01 April 2023 to 31 June 2023. Dividend payable on September 8, 2023, Ex-dividend date 24 August 2023. Record date for the right to receive dividends 25 August 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.056 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.15 (up from ฿0.056 in 2Q 2022). Revenue: ฿580.8m (up 38% from 2Q 2022). Net income: ฿128.9m (up 160% from 2Q 2022). Profit margin: 22% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.3% p.a. on average during the next 2 years, while revenues in the Personal Products industry in Asia are expected to grow by 8.9%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. 공시 • May 24
Karmarts Public Company Limited announced that it expects to receive THB 132.001188 million in funding from Wellsiam Company Limited Karmarts Public Company Limited announced a private placement of 220,001,980 common shares at a price of THB 0.60 per share for gross proceeds of THB 132,001,188 on May 22, 2023. The transaction will include participation from new investor Wellsiam Company Limited for 198,001,782 shares and 18% stake in the company and QPE Fund 1 Limited for 22,000,198 shares and 2% stake in the company. The transaction has been approved by the board of directors of the company. The transaction is subject to approval from the shareholders of the company. The transaction is subject to approval from the Office of Securities and Exchange Commission as specified in the Notification TorJor. 28/2565 and subject to approval from the Stock Exchange of Thailand. Upcoming Dividend • May 18
Upcoming dividend of ฿0.08 per share at 2.1% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 55% and the cash payout ratio is 93%. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ฿11.20, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 23x in the Personal Products industry in Asia. Total returns to shareholders of 336% over the past three years. Upcoming Dividend • May 02
Upcoming dividend of ฿0.08 per share at 3.2% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 70% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.90, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 23x in the Personal Products industry in Asia. Total returns to shareholders of 360% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿7.00, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Personal Products industry in Asia. Total returns to shareholders of 130% over the past three years. Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 28 November 2022. Payment date: 13 December 2022. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.6%). In line with average of industry peers (3.4%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.10 (vs ฿0.20 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.10 (down from ฿0.20 in 3Q 2021). Revenue: ฿506.2m (up 99% from 3Q 2021). Net income: ฿87.6m (down 50% from 3Q 2021). Profit margin: 17% (down from 68% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Personal Products industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target increased to ฿6.20 Up from ฿4.80, the current price target is provided by 1 analyst. New target price is 11% below last closing price of ฿7.00. Stock is up 79% over the past year. The company is forecast to post earnings per share of ฿0.26 for next year compared to ฿0.33 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Director Kattanant Yaphanich was the last 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. Insufficient board refreshment. 공시 • Nov 15
Karmarts Public Company Limited Announces Interim Dividend Payment, Payable 13-December-2022 Karmarts Public Company Limited announces Cash dividend payment, Ex-dividend date 28-November-2022, Payment for Common shareholders: Cash dividend payment (baht per share) THB 0.07, Par value THB 0.60, Record date for the right to receive dividends 29-November-2022, Payment date 13-December-2022. Buying Opportunity • Oct 03
Now 21% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be ฿6.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 2.7%. Revenue is forecast to grow by 22% in a year. Earnings is forecast to decline by 29% in the next year. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 24% share price gain to ฿6.20, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 21x in the Personal Products industry in Asia. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: Net income: ฿49.6m (up 219% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. 공시 • Aug 13
Karmarts Public Company Limited Announces Cash Dividend for the Operating Period from April 1, 2022 to June 30, 2022, Payable on September 09, 2022 Karmarts Public Company Limited announced cash dividend of THB 0.05 per share for the operating period from April 1, 2022 to June 30, 2022, payable on September 09, 2022 with record date for the right to receive dividends is August 26, 2022 and ex-dividend date is August 25, 2022. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to ฿4.94, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Personal Products industry in Asia. Total returns to shareholders of 37% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.078 (vs ฿0.049 in 1Q 2021) First quarter 2022 results: EPS: ฿0.078 (up from ฿0.049 in 1Q 2021). Revenue: ฿418.1m (up 22% from 1Q 2021). Net income: ฿69.0m (up 61% from 1Q 2021). Profit margin: 17% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 10% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.5%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Director Kattanant Yaphanich was the last 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. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.82, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 43x in the Personal Products industry in Thailand. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 22% share price gain to ฿4.16, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 44x in the Personal Products industry in Thailand. Total returns to shareholders of 30% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ฿1.50b (up 13% from FY 2020). Net income: ฿292.9m (up 121% from FY 2020). Profit margin: 20% (up from 10.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 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 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 09 December 2021. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.044 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿254.4m (down 26% from 3Q 2020). Net income: ฿173.3m (up 346% from 3Q 2020). Profit margin: 68% (up from 11% in 3Q 2020). The increase in margin was driven by lower expenses. 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 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 10 September 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (2.6%). Upcoming Dividend • May 21
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 27 May 2021. Payment date: 11 June 2021. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.4%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.049 (vs ฿0.037 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: ฿341.9m (down 5.4% from 1Q 2020). Net income: ฿43.0m (up 32% from 1Q 2020). Profit margin: 13% (up from 9.0% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. 공시 • May 14
Karmarts Public Company Limited Approves the Interim Dividend Payment, Payment Date Is June 11, 2021 Karmarts Public Company Limited approves The Interim dividend payment, type of dividend is cash dividend baht per share 0.04, per value 0.60 baht,payment date is June 11,2021. payment record date is MAy 28, 2021, ex-dividend date is May 27, 2021 . Paid from Operating period from 01-Jan-2021 to 31-Mar-2021, payment for common shareholders. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 21 May 2021. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.15 (vs ฿0.30 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.33b (down 13% from FY 2019). Net income: ฿132.8m (down 49% from FY 2019). Profit margin: 10.0% (down from 17% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 18% per year. Is New 90 Day High Low • Feb 04
New 90-day high: ฿4.40 The company is up 33% from its price of ฿3.30 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: ฿4.24 The company is up 29% from its price of ฿3.28 on 21 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ฿4.20 The company is up 43% from its price of ฿2.94 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: ฿3.98 The company is up 42% from its price of ฿2.80 on 01 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 8.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.044 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿344.8m (down 6.9% from 3Q 2019). Net income: ฿38.9m (down 31% from 3Q 2019). Profit margin: 11% (down from 15% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 16
Market pulls back on stock over the past week After last week's 16% share price decline to ฿3.20, the stock is trading at a trailing P/E ratio of 15.6x, down from the previous P/E ratio of 18.6x. This compares to an average P/E of 29x in the Personal Products industry in Thailand. Total return to shareholders over the past three years is a loss of 53%. Is New 90 Day High Low • Oct 05
New 90-day high: ฿3.54 The company is up 19% from its price of ฿2.98 on 07 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is down 2.0% over the same period. 
