View ValuationNeo 향후 성장Future 기준 점검 3/6Neo (는) 각각 연간 24.8% 및 6.1% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 24.7% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 11.8% 로 예상됩니다.핵심 정보24.8%이익 성장률24.68%EPS 성장률Personal Products 이익 성장15.6%매출 성장률6.1%향후 자기자본이익률11.85%애널리스트 커버리지Low마지막 업데이트20 May 2026최근 향후 성장 업데이트Major Estimate Revision • Oct 14Consensus EPS estimates fall by 20%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.26 to ฿1.81 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 32% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿27.50 to ฿22.75. Share price fell 7.4% to ฿20.10 over the past week.Price Target Changed • Oct 14Price target decreased by 11% to ฿26.08Down from ฿29.25, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿21.50. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.17 for next year compared to ฿3.60 last year.Major Estimate Revision • Aug 19Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.52 to ฿2.26 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 8.6% next year vs 26% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿29.25 to ฿27.50. Share price fell 12% to ฿21.20 over the past week.Major Estimate Revision • Jul 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.9b to ฿10.6b. EPS estimate also fell from ฿3.08 per share to ฿2.54 per share. Net income forecast to shrink 20% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿41.67 to ฿32.50. Share price fell 9.8% to ฿23.00 over the past week.Price Target Changed • Apr 11Price target decreased by 7.6% to ฿41.67Down from ฿45.08, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿30.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿2.99 for next year compared to ฿3.60 last year.모든 업데이트 보기Recent updatesNew Risk • May 17New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 101% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin).Buy Or Sell Opportunity • May 11Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 24% to ฿16.20. The fair value is estimated to be ฿20.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 9.8%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.Upcoming Dividend • Apr 28Upcoming dividend of ฿1.35 per shareEligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.3%).Declared Dividend • Feb 28Dividend of ฿1.35 announcedDividend of ฿1.35 is the same as last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 6.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Feb 27Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿1.87 (down from ฿3.60 in FY 2024). Revenue: ฿10.8b (up 6.6% from FY 2024). Net income: ฿561.7m (down 44% from FY 2024). Profit margin: 5.2% (down from 10.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Personal Products industry in Asia.공시 • Feb 26+ 1 more updateNeo Corporate Public Company Limited Proposes Dividend Payment for Operating Period from 01-Jan-2025 to 31-Dec-2025, Payable on May 21, 2026Neo Corporate Public Company Limited proposed to consider and approve the dividend payment for the fiscal year 2025 at the rate of THB 1.35 per share, totaling approximately THB 405,000,000, representing 78.76 per cent of the net profit for the year 2025 based on the Company's separate financial statements. This dividend payment is made in accordance with the Company's dividend policy. The record date for determining the shareholders entitled to receive the dividend shall be 6 May 2026, and the dividend payment shall be made on 21 May 2026. As the Company has already fulfilled its statutory reserve requirement in accordance with the law, no additional allocation of net profit to the statutory reserve is required. Ex-dividend date: May 5, 2026. Operating period from 01-Jan-2025 to 31-Dec-2025. Shareholder's meeting date: April 23, 2026.Buy Or Sell Opportunity • Jan 07Now 24% overvaluedOver the last 90 days, the stock has fallen 6.0% to ฿20.20. The fair value is estimated to be ฿16.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 1.3% in the next 2 years.New Risk • Nov 15New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.0% net profit margin).Reported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: ฿0.20 (down from ฿0.77 in 3Q 2024). Revenue: ฿2.64b (up 7.6% from 3Q 2024). Net income: ฿58.8m (down 75% from 3Q 2024). Profit margin: 2.2% (down from 9.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia.New Risk • Oct 14New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows.Major Estimate Revision • Oct 14Consensus EPS estimates fall by 20%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.26 to ฿1.81 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 32% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿27.50 to ฿22.75. Share price fell 7.4% to ฿20.10 over the past week.Price Target Changed • Oct 14Price target decreased by 11% to ฿26.08Down from ฿29.25, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿21.50. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.17 for next year compared to ฿3.60 last year.Major Estimate Revision • Aug 19Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.52 to ฿2.26 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 8.6% next year vs 26% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿29.25 to ฿27.50. Share price fell 12% to ฿21.20 over the past week.Reported Earnings • Aug 14Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: EPS: ฿0.27 (down from ฿0.90 in 2Q 2024). Revenue: ฿2.60b (up 3.3% from 2Q 2024). Net income: ฿80.4m (down 70% from 2Q 2024). Profit margin: 3.1% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 49%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia.Major Estimate Revision • Jul 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.9b to ฿10.6b. EPS estimate also fell from ฿3.08 per share to ฿2.54 per share. Net income forecast to shrink 20% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿41.67 to ฿32.50. Share price fell 9.8% to ฿23.00 over the past week.Reported Earnings • May 14First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: ฿0.85 (down from ฿1.21 in 1Q 2024). Revenue: ฿2.61b (up 5.1% from 1Q 2024). Net income: ฿256.1m (down 4.4% from 1Q 2024). Profit margin: 9.8% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Personal Products industry in Asia.Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿31.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Personal Products industry in Asia. Total loss to shareholders of 26% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿60.03 per share.Price Target Changed • Apr 11Price target decreased by 7.6% to ฿41.67Down from ฿45.08, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿30.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿2.99 for next year compared to ฿3.60 last year.New Risk • Feb 28New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% 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 High level of non-cash earnings (36% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows.Reported Earnings • Feb 26Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: ฿3.60. Revenue: ฿10.1b (up 6.5% from FY 2023). Net income: ฿1.01b (up 22% from FY 2023). Profit margin: 10.0% (up from 8.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 6.4% 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 26Neo Corporate Public Company Limited Proposes Dividend Payment for the Fiscal Year 2024 , Payable on May 21, 2025Neo Corporate Public Company Limited proposed to consider and approve the dividend payment for the fiscal year 2024 at the rate of THB 1.35 per share, totaling approximately THB 405,000,000, representing 45.86% of the net profit for the year 2024 based on the Company's consolidated financial statements. This dividend payment is made in accordance with the Company's dividend policy. The record date for determining the shareholders entitled to receive the dividend shall be 2 May 2025, and the dividend payment shall be made on 21 May 2025. As the Company has already fulfilled its statutory reserve requirement in accordance with the law, no additional allocation of net profit to the statutory reserve is required. Record date for the right to receive dividends: May 2, 2025, Ex-dividend date: April 30, 2025, Payment date: May 21, 2025 . Shareholder's meeting date: April 23, 2025.Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.77 (down from ฿1.58 in 3Q 2023). Revenue: ฿2.46b (down 1.0% from 3Q 2023). Net income: ฿231.2m (down 34% from 3Q 2023). Profit margin: 9.4% (down from 14% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia.New Risk • Aug 16New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 23% 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. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.90 (vs ฿0.70 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.90 (up from ฿0.70 in 2Q 2023). Revenue: ฿2.51b (up 9.2% from 2Q 2023). Net income: ฿268.7m (up 73% from 2Q 2023). Profit margin: 11% (up from 6.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Personal Products industry in Asia.공시 • Aug 03Neo Corporate Public Company Limited Announces CFO ChangesNeo Corporate Public Company Limited informed that Mrs. Nataya Tassanee has retired as a CFO of the Company, with her last working day on July 31st, 2024. In addition, Miss Patchanok Worasakyotin, who previously served as Deputy CFO and a successor, has been appointed as the new CFO, effective from August 1st, 2024 onwards.Valuation Update With 7 Day Price Move • May 21Investor sentiment improves as stock rises 29%After last week's 29% share price gain to ฿57.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Personal Products industry in Asia.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿1.21 (vs ฿0.76 in 1Q 2023)First quarter 2024 results: EPS: ฿1.21 (up from ฿0.76 in 1Q 2023). Revenue: ฿2.48b (up 8.2% from 1Q 2023). Net income: ฿267.9m (up 60% from 1Q 2023). Profit margin: 11% (up from 7.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia.이익 및 매출 성장 예측SET:NEO - 애널리스트 향후 추정치 및 과거 재무 데이터 (THB Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202812,956753-549617212/31/202712,130640-606467312/31/202611,335418-31465323/31/202610,955401-1,401775N/A12/31/202510,796562-1,577673N/A9/30/202510,525636-1,3481,269N/A6/30/202510,338808-1,3681,040N/A3/31/202510,258996-9891,162N/A12/31/202410,1311,008-6361,003N/A9/30/20249,917912-2571,030N/A6/30/20249,9431,031981,194N/A3/31/20249,709918-311,081N/A12/31/20239,5128303191,441N/A9/30/20239,3719462201,129N/A6/30/20238,9927353321,051N/A3/31/20238,660662323927N/A12/31/20228,323565122633N/A12/31/20217,4687207981,002N/A12/31/20206,7835969241,140N/A12/31/20196,174382N/A728N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: NEO 의 연간 예상 수익 증가율(24.8%)이 saving rate(2.2%)보다 높습니다.수익 vs 시장: NEO 의 연간 수익(24.8%)이 TH 시장(10.3%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: NEO 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: NEO 의 수익(연간 6.1%)이 TH 시장(연간 9.6%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: NEO 의 수익(연간 6.1%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: NEO의 자본 수익률은 3년 후 11.8%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YHousehold 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 19:46종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Neo Corporate Public Company Limited는 4명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Thanyatorn SongwuttiFSS International AdvisorySureeporn TeewasuwetFSS International AdvisorySirilak KonwaiKrungsri Securities Public Company Limited1명의 분석가 더 보기
Major Estimate Revision • Oct 14Consensus EPS estimates fall by 20%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.26 to ฿1.81 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 32% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿27.50 to ฿22.75. Share price fell 7.4% to ฿20.10 over the past week.
Price Target Changed • Oct 14Price target decreased by 11% to ฿26.08Down from ฿29.25, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿21.50. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.17 for next year compared to ฿3.60 last year.
Major Estimate Revision • Aug 19Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.52 to ฿2.26 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 8.6% next year vs 26% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿29.25 to ฿27.50. Share price fell 12% to ฿21.20 over the past week.
Major Estimate Revision • Jul 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.9b to ฿10.6b. EPS estimate also fell from ฿3.08 per share to ฿2.54 per share. Net income forecast to shrink 20% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿41.67 to ฿32.50. Share price fell 9.8% to ฿23.00 over the past week.
Price Target Changed • Apr 11Price target decreased by 7.6% to ฿41.67Down from ฿45.08, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿30.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿2.99 for next year compared to ฿3.60 last year.
New Risk • May 17New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 101% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Paying a dividend despite having no free cash flows. High level of non-cash earnings (25% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Profit margins are more than 30% lower than last year (3.7% net profit margin).
Buy Or Sell Opportunity • May 11Now 21% undervalued after recent price dropOver the last 90 days, the stock has fallen 24% to ฿16.20. The fair value is estimated to be ฿20.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 9.8%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 11% per annum over the same time period.
Upcoming Dividend • Apr 28Upcoming dividend of ฿1.35 per shareEligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.3%).
Declared Dividend • Feb 28Dividend of ฿1.35 announcedDividend of ฿1.35 is the same as last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 6.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Feb 27Full year 2025 earnings: EPS exceeds analyst expectationsFull year 2025 results: EPS: ฿1.87 (down from ฿3.60 in FY 2024). Revenue: ฿10.8b (up 6.6% from FY 2024). Net income: ฿561.7m (down 44% from FY 2024). Profit margin: 5.2% (down from 10.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Personal Products industry in Asia.
공시 • Feb 26+ 1 more updateNeo Corporate Public Company Limited Proposes Dividend Payment for Operating Period from 01-Jan-2025 to 31-Dec-2025, Payable on May 21, 2026Neo Corporate Public Company Limited proposed to consider and approve the dividend payment for the fiscal year 2025 at the rate of THB 1.35 per share, totaling approximately THB 405,000,000, representing 78.76 per cent of the net profit for the year 2025 based on the Company's separate financial statements. This dividend payment is made in accordance with the Company's dividend policy. The record date for determining the shareholders entitled to receive the dividend shall be 6 May 2026, and the dividend payment shall be made on 21 May 2026. As the Company has already fulfilled its statutory reserve requirement in accordance with the law, no additional allocation of net profit to the statutory reserve is required. Ex-dividend date: May 5, 2026. Operating period from 01-Jan-2025 to 31-Dec-2025. Shareholder's meeting date: April 23, 2026.
Buy Or Sell Opportunity • Jan 07Now 24% overvaluedOver the last 90 days, the stock has fallen 6.0% to ฿20.20. The fair value is estimated to be ฿16.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 1.3% in the next 2 years.
New Risk • Nov 15New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 53% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks High level of debt (53% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.0% net profit margin).
Reported Earnings • Nov 15Third quarter 2025 earnings: EPS misses analyst expectationsThird quarter 2025 results: EPS: ฿0.20 (down from ฿0.77 in 3Q 2024). Revenue: ฿2.64b (up 7.6% from 3Q 2024). Net income: ฿58.8m (down 75% from 3Q 2024). Profit margin: 2.2% (down from 9.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Personal Products industry in Asia.
New Risk • Oct 14New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 3.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. High level of non-cash earnings (39% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows.
Major Estimate Revision • Oct 14Consensus EPS estimates fall by 20%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.26 to ฿1.81 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 32% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿27.50 to ฿22.75. Share price fell 7.4% to ฿20.10 over the past week.
Price Target Changed • Oct 14Price target decreased by 11% to ฿26.08Down from ฿29.25, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿21.50. Stock is down 48% over the past year. The company is forecast to post earnings per share of ฿2.17 for next year compared to ฿3.60 last year.
Major Estimate Revision • Aug 19Consensus EPS estimates fall by 10%The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿2.52 to ฿2.26 per share. Revenue forecast steady at ฿10.6b. Net income forecast to shrink 8.6% next year vs 26% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿29.25 to ฿27.50. Share price fell 12% to ฿21.20 over the past week.
Reported Earnings • Aug 14Second quarter 2025 earnings: EPS and revenues miss analyst expectationsSecond quarter 2025 results: EPS: ฿0.27 (down from ฿0.90 in 2Q 2024). Revenue: ฿2.60b (up 3.3% from 2Q 2024). Net income: ฿80.4m (down 70% from 2Q 2024). Profit margin: 3.1% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 49%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Personal Products industry in Asia.
Major Estimate Revision • Jul 14Consensus EPS estimates fall by 18%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.9b to ฿10.6b. EPS estimate also fell from ฿3.08 per share to ฿2.54 per share. Net income forecast to shrink 20% next year vs 28% growth forecast for Personal Products industry in Thailand . Consensus price target down from ฿41.67 to ฿32.50. Share price fell 9.8% to ฿23.00 over the past week.
Reported Earnings • May 14First quarter 2025 earnings: EPS exceeds analyst expectationsFirst quarter 2025 results: EPS: ฿0.85 (down from ฿1.21 in 1Q 2024). Revenue: ฿2.61b (up 5.1% from 1Q 2024). Net income: ฿256.1m (down 4.4% from 1Q 2024). Profit margin: 9.8% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Personal Products industry in Asia.
Valuation Update With 7 Day Price Move • Apr 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿31.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Personal Products industry in Asia. Total loss to shareholders of 26% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿60.03 per share.
Price Target Changed • Apr 11Price target decreased by 7.6% to ฿41.67Down from ฿45.08, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿30.00. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿2.99 for next year compared to ฿3.60 last year.
New Risk • Feb 28New minor risk - Dividend sustainabilityThe dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% 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 High level of non-cash earnings (36% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows.
Reported Earnings • Feb 26Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: ฿3.60. Revenue: ฿10.1b (up 6.5% from FY 2023). Net income: ฿1.01b (up 22% from FY 2023). Profit margin: 10.0% (up from 8.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 6.4% 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 26Neo Corporate Public Company Limited Proposes Dividend Payment for the Fiscal Year 2024 , Payable on May 21, 2025Neo Corporate Public Company Limited proposed to consider and approve the dividend payment for the fiscal year 2024 at the rate of THB 1.35 per share, totaling approximately THB 405,000,000, representing 45.86% of the net profit for the year 2024 based on the Company's consolidated financial statements. This dividend payment is made in accordance with the Company's dividend policy. The record date for determining the shareholders entitled to receive the dividend shall be 2 May 2025, and the dividend payment shall be made on 21 May 2025. As the Company has already fulfilled its statutory reserve requirement in accordance with the law, no additional allocation of net profit to the statutory reserve is required. Record date for the right to receive dividends: May 2, 2025, Ex-dividend date: April 30, 2025, Payment date: May 21, 2025 . Shareholder's meeting date: April 23, 2025.
Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.77 (down from ฿1.58 in 3Q 2023). Revenue: ฿2.46b (down 1.0% from 3Q 2023). Net income: ฿231.2m (down 34% from 3Q 2023). Profit margin: 9.4% (down from 14% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 1.3%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia.
New Risk • Aug 16New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 23% 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. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 15Second quarter 2024 earnings released: EPS: ฿0.90 (vs ฿0.70 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.90 (up from ฿0.70 in 2Q 2023). Revenue: ฿2.51b (up 9.2% from 2Q 2023). Net income: ฿268.7m (up 73% from 2Q 2023). Profit margin: 11% (up from 6.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Personal Products industry in Asia.
공시 • Aug 03Neo Corporate Public Company Limited Announces CFO ChangesNeo Corporate Public Company Limited informed that Mrs. Nataya Tassanee has retired as a CFO of the Company, with her last working day on July 31st, 2024. In addition, Miss Patchanok Worasakyotin, who previously served as Deputy CFO and a successor, has been appointed as the new CFO, effective from August 1st, 2024 onwards.
Valuation Update With 7 Day Price Move • May 21Investor sentiment improves as stock rises 29%After last week's 29% share price gain to ฿57.75, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Personal Products industry in Asia.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿1.21 (vs ฿0.76 in 1Q 2023)First quarter 2024 results: EPS: ฿1.21 (up from ฿0.76 in 1Q 2023). Revenue: ฿2.48b (up 8.2% from 1Q 2023). Net income: ฿267.9m (up 60% from 1Q 2023). Profit margin: 11% (up from 7.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Personal Products industry in Asia.