View ValuationP.S.P. Specialties 향후 성장Future 기준 점검 1/6P.S.P. Specialties은 연간 수입과 매출이 각각 10.2%와 8.6% 증가할 것으로 예상되고 EPS는 연간 10%만큼 증가할 것으로 예상됩니다.핵심 정보10.2%이익 성장률9.96%EPS 성장률Chemicals 이익 성장70.0%매출 성장률8.6%향후 자기자본이익률n/a애널리스트 커버리지Low마지막 업데이트13 May 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updatesReported Earnings • 4hFirst quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: ฿0.19 (up from ฿0.19 in 1Q 2025). Revenue: ฿3.26b (down 6.8% from 1Q 2025). Net income: ฿265.7m (flat on 1Q 2025). Profit margin: 8.1% (up from 7.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Thailand.Reported Earnings • Mar 02Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2025 results: EPS: ฿0.61 (up from ฿0.48 in FY 2024). Revenue: ฿12.7b (down 4.7% from FY 2024). Net income: ฿850.6m (up 27% from FY 2024). Profit margin: 6.7% (up from 5.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand.Declared Dividend • Mar 02Final dividend increased to ฿0.20Dividend of ฿0.20 is 33% higher than last year. Ex-date: 12th March 2026 Payment date: 18th May 2026 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 24% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover.공시 • Feb 27+ 1 more updateP.S.P. Specialties Public Company Limited Proposes Final Cash Dividend Payment on Common Shares for the Fiscal Year 2025 , Payable on May 18, 2026P.S.P. Specialties Public Company Limited at its AGM, to be held on April 29, 2026, proposed to approve the cash dividend payment on common shares for the fiscal year 2025 at THB 0.28 per share from Retained Earnings to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 392,000,000 or 54.8% of the net profit as reported in the separate financial statements. Since the company already paid an interim dividend on October 20, 2025, in the amount of THB 112,000,000 or THB 0.08 per share, it is proposed to pay the final dividend of THB 280,000,000 or THB 0.20 per share. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 13, 2026. The dividend payment date will be on May 18, 2026. The aforesaid right to receive the dividends remains uncertain and shall be subject to approval at the 2026 Annual General Meeting of Shareholders. Ex-dividend date is March 12, 2026.Buy Or Sell Opportunity • Dec 22Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.9% to ฿4.48. The fair value is estimated to be ฿5.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 12% in the next year.Reported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.081 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.15 (up from ฿0.081 in 3Q 2024). Revenue: ฿2.88b (down 14% from 3Q 2024). Net income: ฿209.5m (up 86% from 3Q 2024). Profit margin: 7.3% (up from 3.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Chemicals industry in Thailand.Declared Dividend • Sep 24First half dividend of ฿0.08 announcedShareholders will receive a dividend of ฿0.08. Ex-date: 3rd October 2025 Payment date: 20th October 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 15% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover.New Risk • Aug 28New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company.Reported Earnings • Aug 14Second quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.14 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.19 (up from ฿0.14 in 2Q 2024). Revenue: ฿3.37b (down 1.2% from 2Q 2024). Net income: ฿260.8m (up 30% from 2Q 2024). Profit margin: 7.7% (up from 5.9% in 2Q 2024). The increase in margin was driven by lower expenses.공시 • Apr 30P.S.P.Specialties Public Company Limited Approves Annual Dividend for the Year 2024, Payable on May 16, 2025P.S.P.Specialties Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 29, 2025 unanimously approved the payment of the annual dividend for the year 2024 from the unappropriated retained earnings at the rate of THB 0.20 per share, for a total of 1,400,000,000 shares, amounting to a total dividend of THB 280,000,000. This represents 44.6% of the net profit for the year 2024 based on the separate financial statements. After deducting the interim dividend payment of THB 70,000,000, or THB 0.05 per share, which was paid on October 25, 2024, the remaining dividend to be paid is THB 0.15 per share, totaling THB 210,000,000. This remaining dividend will be paid to shareholders whose names appear in the shareholder register on the record date of March 14, 2025, with the dividend payment scheduled for May 16, 2025.Declared Dividend • Mar 01Final dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 13th March 2025 Payment date: 16th May 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (20% cash payout ratio). 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. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years.공시 • Feb 28P.S.P. Specialties Public Company Limited to Approve Dividend Payment for the Fiscal Year 2024, Payable on May 16, 2025The Board of Directors of P.S.P. Specialties Public Company Limited deemed it appropriate to propose to the 2025 AGM to be held on April 29, 2025 to approve the dividend payment for the fiscal year 2024 at THB 0.20 per share from retained earnings to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 280,000,000 or 44.6% of the net profit as reported in the separate financial statements. Since the company already paid an interim dividend on October 25, 2024, in the amount of THB 70,000,000 or THB 0.05 per share, it is proposed to pay the final dividend of THB 210,000,000 or THB 0.15 per share. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 14, 2025. The dividend payment date will be on May 16, 2025. Ex-dividend date is on March 13, 2025.Reported Earnings • Feb 28Full year 2024 earnings released: EPS: ฿0.48 (vs ฿0.38 in FY 2023)Full year 2024 results: EPS: ฿0.48 (up from ฿0.38 in FY 2023). Revenue: ฿13.4b (up 8.9% from FY 2023). Net income: ฿671.7m (up 57% from FY 2023). Profit margin: 5.0% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue.공시 • Feb 28P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time.Reported Earnings • Nov 14Third quarter 2024 earnings released: EPS: ฿0.08 (vs ฿0.12 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.08 (down from ฿0.12 in 3Q 2023). Revenue: ฿3.36b (up 6.9% from 3Q 2023). Net income: ฿112.9m (down 19% from 3Q 2023). Profit margin: 3.4% (down from 4.4% in 3Q 2023). The decrease in margin was driven by higher expenses.Upcoming Dividend • Oct 03Upcoming dividend of ฿0.05 per shareEligible shareholders must have bought the stock before 10 October 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.9%).공시 • Sep 27P.S.P. Specialties Public Company Limited Announces Interim Cash Dividend, Payable on 25 October, 2024P.S.P. Specialties Public Company Limited announced interim cash dividend of THB 0.05, payable on 25 October, 2024; record date: 11 October, 2024; Ex- dividend date: 10 October, 2024. Date of Board resolution: September 27, 2024.Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.14 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.14 (up from ฿0.14 in 2Q 2023). Revenue: ฿3.41b (up 15% from 2Q 2023). Net income: ฿200.8m (up 40% from 2Q 2023). Profit margin: 5.9% (up from 4.8% in 2Q 2023). The increase in margin was driven by higher revenue.Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.094 in 1Q 2023)First quarter 2024 results: EPS: ฿0.13 (up from ฿0.094 in 1Q 2023). Revenue: ฿3.50b (up 16% from 1Q 2023). Net income: ฿184.5m (up 99% from 1Q 2023). Profit margin: 5.3% (up from 3.1% in 1Q 2023). The increase in margin was driven by higher revenue.Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿5.35, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Chemicals industry in Thailand.공시 • Mar 01P.S.P. Specialties Public Company Limited Proposes Dividend for the Fiscal Year of 2023, Payable on May 20, 2024The Board of Directors of P.S.P. Specialties Public Company Limited proposed to the 2024 AGM to approve the dividend payment for the fiscal year of 2023 at THB 0.15 per share from Retained Earnings (THB 0.1483 per share from NON-BOI portion and THB 0.0017 per share from BOI portion) to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 210,000,000 or 53.1% of the net profit of the separate financial statement. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 13, 2024. The dividend payment date will be on May 20, 2024. Ex-dividend date is 12 March 2024.Reported Earnings • Feb 29Full year 2023 earnings released: EPS: ฿0.38 (vs ฿1.11 in FY 2022)Full year 2023 results: EPS: ฿0.38 (down from ฿1.11 in FY 2022). Revenue: ฿12.3b (down 7.2% from FY 2022). Net income: ฿427.5m (down 20% from FY 2022). Profit margin: 3.5% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue.공시 • Feb 01P.S.P. Specialties Public Company Limited Announces Resignation of DirectorsP.S.P. Specialties Public Company Limited informed that Mr. Pavares Boontanonda, Director and member of the Executive Committee, has resigned from the directorship and membership of the Executive Committee, and Mr. Permsak Kosolbhand, Director, has resigned from the directorship of the Company. Their resignations were effective from January 31, 2024 onwards.Valuation Update With 7 Day Price Move • Jan 26Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿5.20, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 20x in the Chemicals industry in Thailand.Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.12 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.12 in 3Q 2022). Revenue: ฿3.15b (down 1.7% from 3Q 2022). Net income: ฿139.5m (up 59% from 3Q 2022). Profit margin: 4.4% (up from 2.7% in 3Q 2022). The increase in margin was driven by lower expenses.Buying Opportunity • Oct 28Now 37% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be ฿5.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last year. Earnings per share has declined by 71%.Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorates as stock falls 39%After last week's 39% share price decline to ฿4.92, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 19x in the Chemicals industry in Thailand.Valuation Update With 7 Day Price Move • Sep 15Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿8.55, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 22x in the Chemicals industry in Thailand.New Risk • Sep 05New major risk - Financial data availabilityThe company's latest financial reports are more than a year old. Last reported fiscal period ended December 2021. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). Shares are highly illiquid.Reported Earnings • Aug 31Full year 2022 earnings released: EPS: ฿1.11 (vs ฿1.73 in FY 2021)Full year 2022 results: EPS: ฿1.11. Revenue: ฿13.2b (up 22% from FY 2021). Net income: ฿537.3m (up 36% from FY 2021). Profit margin: 4.1% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue.공시 • Aug 30P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion.P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 350,000,000 Price\Range: THB 6.2 Transaction Features: Reserved Share Offering이익 및 매출 성장 예측SET:PSP - 애널리스트 향후 추정치 및 과거 재무 데이터 (THB Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202714,6131,028N/AN/A112/31/202614,067981N/AN/A13/31/202612,4918521,0991,294N/A12/31/202512,730851674886N/A9/30/202512,832910399623N/A6/30/202513,310813554776N/A3/31/202513,350752537749N/A12/31/202413,351672702930N/A9/30/202413,3416019581,181N/A6/30/202413,1266281,2371,485N/A3/31/202412,6865701,5091,742N/A12/31/202312,2574281,4181,703N/A9/30/202312,2073879391,214N/A6/30/202312,450360-20542N/A3/31/202312,880398-17781N/A12/31/202213,204537-16915N/A12/31/202110,784394-541-458N/A12/31/20206,986300N/AN/AN/A12/31/20198,523296N/AN/AN/A12/31/201810,031247N/AN/AN/A더 보기애널리스트 향후 성장 전망수입 대 저축률: PSP 의 연간 예상 수익 증가율(10.2%)이 saving rate(2.2%)보다 높습니다.수익 vs 시장: PSP 의 연간 수익(10.2%)이 TH 시장(10.4%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: PSP 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: PSP 의 수익(연간 8.6%)이 TH 시장(연간 9.6%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: PSP 의 수익(연간 8.6%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: PSP의 자본 수익률이 3년 후 높을 것으로 예상되는지 판단하기에 데이터가 부족합니다.성장 기업 찾아보기7D1Y7D1Y7D1YMaterials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/17 02:00종가2026/05/15 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 소스P.S.P. Specialties Public Company Limited는 2명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Theethanat JindaratYuanta Securities (Thailand) Company LimitedParinth NikornkittikosolYuanta Securities (Thailand) Company Limited
Reported Earnings • 4hFirst quarter 2026 earnings: EPS exceeds analyst expectationsFirst quarter 2026 results: EPS: ฿0.19 (up from ฿0.19 in 1Q 2025). Revenue: ฿3.26b (down 6.8% from 1Q 2025). Net income: ฿265.7m (flat on 1Q 2025). Profit margin: 8.1% (up from 7.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Thailand.
Reported Earnings • Mar 02Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2025 results: EPS: ฿0.61 (up from ฿0.48 in FY 2024). Revenue: ฿12.7b (down 4.7% from FY 2024). Net income: ฿850.6m (up 27% from FY 2024). Profit margin: 6.7% (up from 5.0% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand.
Declared Dividend • Mar 02Final dividend increased to ฿0.20Dividend of ฿0.20 is 33% higher than last year. Ex-date: 12th March 2026 Payment date: 18th May 2026 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 24% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
공시 • Feb 27+ 1 more updateP.S.P. Specialties Public Company Limited Proposes Final Cash Dividend Payment on Common Shares for the Fiscal Year 2025 , Payable on May 18, 2026P.S.P. Specialties Public Company Limited at its AGM, to be held on April 29, 2026, proposed to approve the cash dividend payment on common shares for the fiscal year 2025 at THB 0.28 per share from Retained Earnings to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 392,000,000 or 54.8% of the net profit as reported in the separate financial statements. Since the company already paid an interim dividend on October 20, 2025, in the amount of THB 112,000,000 or THB 0.08 per share, it is proposed to pay the final dividend of THB 280,000,000 or THB 0.20 per share. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 13, 2026. The dividend payment date will be on May 18, 2026. The aforesaid right to receive the dividends remains uncertain and shall be subject to approval at the 2026 Annual General Meeting of Shareholders. Ex-dividend date is March 12, 2026.
Buy Or Sell Opportunity • Dec 22Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.9% to ฿4.48. The fair value is estimated to be ฿5.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to grow by 12% in the next year.
Reported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.081 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.15 (up from ฿0.081 in 3Q 2024). Revenue: ฿2.88b (down 14% from 3Q 2024). Net income: ฿209.5m (up 86% from 3Q 2024). Profit margin: 7.3% (up from 3.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Chemicals industry in Thailand.
Declared Dividend • Sep 24First half dividend of ฿0.08 announcedShareholders will receive a dividend of ฿0.08. Ex-date: 3rd October 2025 Payment date: 20th October 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 15% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next year, which should provide support to the dividend and adequate earnings cover.
New Risk • Aug 28New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company.
Reported Earnings • Aug 14Second quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.14 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.19 (up from ฿0.14 in 2Q 2024). Revenue: ฿3.37b (down 1.2% from 2Q 2024). Net income: ฿260.8m (up 30% from 2Q 2024). Profit margin: 7.7% (up from 5.9% in 2Q 2024). The increase in margin was driven by lower expenses.
공시 • Apr 30P.S.P.Specialties Public Company Limited Approves Annual Dividend for the Year 2024, Payable on May 16, 2025P.S.P.Specialties Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 29, 2025 unanimously approved the payment of the annual dividend for the year 2024 from the unappropriated retained earnings at the rate of THB 0.20 per share, for a total of 1,400,000,000 shares, amounting to a total dividend of THB 280,000,000. This represents 44.6% of the net profit for the year 2024 based on the separate financial statements. After deducting the interim dividend payment of THB 70,000,000, or THB 0.05 per share, which was paid on October 25, 2024, the remaining dividend to be paid is THB 0.15 per share, totaling THB 210,000,000. This remaining dividend will be paid to shareholders whose names appear in the shareholder register on the record date of March 14, 2025, with the dividend payment scheduled for May 16, 2025.
Declared Dividend • Mar 01Final dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 13th March 2025 Payment date: 16th May 2025 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (20% cash payout ratio). 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. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years.
공시 • Feb 28P.S.P. Specialties Public Company Limited to Approve Dividend Payment for the Fiscal Year 2024, Payable on May 16, 2025The Board of Directors of P.S.P. Specialties Public Company Limited deemed it appropriate to propose to the 2025 AGM to be held on April 29, 2025 to approve the dividend payment for the fiscal year 2024 at THB 0.20 per share from retained earnings to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 280,000,000 or 44.6% of the net profit as reported in the separate financial statements. Since the company already paid an interim dividend on October 25, 2024, in the amount of THB 70,000,000 or THB 0.05 per share, it is proposed to pay the final dividend of THB 210,000,000 or THB 0.15 per share. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 14, 2025. The dividend payment date will be on May 16, 2025. Ex-dividend date is on March 13, 2025.
Reported Earnings • Feb 28Full year 2024 earnings released: EPS: ฿0.48 (vs ฿0.38 in FY 2023)Full year 2024 results: EPS: ฿0.48 (up from ฿0.38 in FY 2023). Revenue: ฿13.4b (up 8.9% from FY 2023). Net income: ฿671.7m (up 57% from FY 2023). Profit margin: 5.0% (up from 3.5% in FY 2023). The increase in margin was driven by higher revenue.
공시 • Feb 28P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025P.S.P. Specialties Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:00 SE Asia Standard Time.
Reported Earnings • Nov 14Third quarter 2024 earnings released: EPS: ฿0.08 (vs ฿0.12 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.08 (down from ฿0.12 in 3Q 2023). Revenue: ฿3.36b (up 6.9% from 3Q 2023). Net income: ฿112.9m (down 19% from 3Q 2023). Profit margin: 3.4% (down from 4.4% in 3Q 2023). The decrease in margin was driven by higher expenses.
Upcoming Dividend • Oct 03Upcoming dividend of ฿0.05 per shareEligible shareholders must have bought the stock before 10 October 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.9%).
공시 • Sep 27P.S.P. Specialties Public Company Limited Announces Interim Cash Dividend, Payable on 25 October, 2024P.S.P. Specialties Public Company Limited announced interim cash dividend of THB 0.05, payable on 25 October, 2024; record date: 11 October, 2024; Ex- dividend date: 10 October, 2024. Date of Board resolution: September 27, 2024.
Reported Earnings • Aug 14Second quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.14 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.14 (up from ฿0.14 in 2Q 2023). Revenue: ฿3.41b (up 15% from 2Q 2023). Net income: ฿200.8m (up 40% from 2Q 2023). Profit margin: 5.9% (up from 4.8% in 2Q 2023). The increase in margin was driven by higher revenue.
Reported Earnings • May 16First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.094 in 1Q 2023)First quarter 2024 results: EPS: ฿0.13 (up from ฿0.094 in 1Q 2023). Revenue: ฿3.50b (up 16% from 1Q 2023). Net income: ฿184.5m (up 99% from 1Q 2023). Profit margin: 5.3% (up from 3.1% in 1Q 2023). The increase in margin was driven by higher revenue.
Valuation Update With 7 Day Price Move • May 15Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿5.35, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 16x in the Chemicals industry in Thailand.
공시 • Mar 01P.S.P. Specialties Public Company Limited Proposes Dividend for the Fiscal Year of 2023, Payable on May 20, 2024The Board of Directors of P.S.P. Specialties Public Company Limited proposed to the 2024 AGM to approve the dividend payment for the fiscal year of 2023 at THB 0.15 per share from Retained Earnings (THB 0.1483 per share from NON-BOI portion and THB 0.0017 per share from BOI portion) to shareholders. With a total of 1,400,000,000 shares, total dividend payment will be THB 210,000,000 or 53.1% of the net profit of the separate financial statement. The record date to determine name of shareholders who have the right to receive dividend payment will be on March 13, 2024. The dividend payment date will be on May 20, 2024. Ex-dividend date is 12 March 2024.
Reported Earnings • Feb 29Full year 2023 earnings released: EPS: ฿0.38 (vs ฿1.11 in FY 2022)Full year 2023 results: EPS: ฿0.38 (down from ฿1.11 in FY 2022). Revenue: ฿12.3b (down 7.2% from FY 2022). Net income: ฿427.5m (down 20% from FY 2022). Profit margin: 3.5% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue.
공시 • Feb 01P.S.P. Specialties Public Company Limited Announces Resignation of DirectorsP.S.P. Specialties Public Company Limited informed that Mr. Pavares Boontanonda, Director and member of the Executive Committee, has resigned from the directorship and membership of the Executive Committee, and Mr. Permsak Kosolbhand, Director, has resigned from the directorship of the Company. Their resignations were effective from January 31, 2024 onwards.
Valuation Update With 7 Day Price Move • Jan 26Investor sentiment improves as stock rises 15%After last week's 15% share price gain to ฿5.20, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 20x in the Chemicals industry in Thailand.
Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.12 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.12 (up from ฿0.12 in 3Q 2022). Revenue: ฿3.15b (down 1.7% from 3Q 2022). Net income: ฿139.5m (up 59% from 3Q 2022). Profit margin: 4.4% (up from 2.7% in 3Q 2022). The increase in margin was driven by lower expenses.
Buying Opportunity • Oct 28Now 37% undervaluedThe stock has been flat over the last 90 days. The fair value is estimated to be ฿5.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last year. Earnings per share has declined by 71%.
Valuation Update With 7 Day Price Move • Oct 26Investor sentiment deteriorates as stock falls 39%After last week's 39% share price decline to ฿4.92, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 19x in the Chemicals industry in Thailand.
Valuation Update With 7 Day Price Move • Sep 15Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to ฿8.55, the stock trades at a trailing P/E ratio of 33.2x. Average trailing P/E is 22x in the Chemicals industry in Thailand.
New Risk • Sep 05New major risk - Financial data availabilityThe company's latest financial reports are more than a year old. Last reported fiscal period ended December 2021. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). Shares are highly illiquid.
Reported Earnings • Aug 31Full year 2022 earnings released: EPS: ฿1.11 (vs ฿1.73 in FY 2021)Full year 2022 results: EPS: ฿1.11. Revenue: ฿13.2b (up 22% from FY 2021). Net income: ฿537.3m (up 36% from FY 2021). Profit margin: 4.1% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue.
공시 • Aug 30P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion.P.S.P. Specialties Public Company Limited has completed an IPO in the amount of THB 2.17 billion. Security Name: Ordinary Shares Security Type: Common Stock Securities Offered: 350,000,000 Price\Range: THB 6.2 Transaction Features: Reserved Share Offering