Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.094 (vs ฿0.12 in 1Q 2025) First quarter 2026 results: EPS: ฿0.094 (down from ฿0.12 in 1Q 2025). Revenue: ฿326.6m (down 6.5% from 1Q 2025). Net income: ฿30.2m (down 19% from 1Q 2025). Profit margin: 9.3% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 50% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (4.8%). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.58 (vs ฿0.80 in FY 2024) Full year 2025 results: EPS: ฿0.58 (down from ฿0.80 in FY 2024). Revenue: ฿1.85b (up 13% from FY 2024). Net income: ฿186.2m (down 27% from FY 2024). Profit margin: 10% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. 공시 • Feb 27
Primo Service Solutions Public Company Limited, Annual General Meeting, Apr 28, 2026 Primo Service Solutions Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.21 (vs ฿0.22 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.21 (down from ฿0.22 in 3Q 2024). Revenue: ฿573.7m (up 37% from 3Q 2024). Net income: ฿65.8m (down 7.0% from 3Q 2024). Profit margin: 12% (down from 17% in 3Q 2024). The decrease in margin was driven by higher expenses. New Risk • Nov 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (36% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (฿1.50b market cap, or US$46.4m). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.22 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.16 (down from ฿0.22 in 2Q 2024). Revenue: ฿433.4m (up 17% from 2Q 2024). Net income: ฿51.1m (down 26% from 2Q 2024). Profit margin: 12% (down from 19% in 2Q 2024). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 20
Upcoming dividend of ฿0.31 per share Eligible shareholders must have bought the stock before 27 May 2025. Payment date: 16 June 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 26%. Within top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (5.9%). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.25 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (down from ฿0.25 in 1Q 2024). Revenue: ฿349.4m (down 16% from 1Q 2024). Net income: ฿37.4m (down 53% from 1Q 2024). Profit margin: 11% (down from 19% in 1Q 2024). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿6.30, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 11x in the Real Estate industry in Thailand. Total loss to shareholders of 60% over the past year. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.80 (vs ฿1.14 in FY 2023) Full year 2024 results: EPS: ฿0.80 (down from ฿1.14 in FY 2023). Revenue: ฿1.64b (down 15% from FY 2023). Net income: ฿255.8m (down 30% from FY 2023). Profit margin: 16% (down from 19% in FY 2023). The decrease in margin was driven by lower revenue. New Risk • Feb 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 148% Cash payout ratio: 121% Minor Risk Market cap is less than US$100m (฿1.60b market cap, or US$46.9m). Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.38 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 12 December 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (4.6%). New Risk • Oct 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.20b (US$95.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 313% High level of non-cash earnings (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (฿3.20b market cap, or US$95.6m). Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿11.30, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 11x in the Real Estate industry in Thailand. Total loss to shareholders of 58% over the past year. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿8.70, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 11x in the Real Estate industry in Thailand. Total loss to shareholders of 68% over the past year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.22 (vs ฿0.29 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.22 (down from ฿0.29 in 2Q 2023). Revenue: ฿370.7m (down 17% from 2Q 2023). Net income: ฿69.2m (down 25% from 2Q 2023). Profit margin: 19% (down from 21% in 2Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿11.10, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total loss to shareholders of 61% over the past year. New Risk • May 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.46b (US$93.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 125% Cash payout ratio: 375% High level of non-cash earnings (47% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (฿3.46b market cap, or US$93.9m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿12.40, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total loss to shareholders of 59% over the past year. Buy Or Sell Opportunity • May 08
Now 22% overvalued Over the last 90 days, the stock has fallen 28% to ฿15.00. The fair value is estimated to be ฿12.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Earnings per share has grown by 18%. Board Change • Apr 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Boonyarit Kalayanamit was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Apr 27
Primo Service Solutions Public Company Limited Announces Board Changes Primo Service Solutions Public Company Limited announced that at the AGM held on April 23, 2024, approved the appointment of new director, in addition, as Mr. Sumeth Ratanasrikul has resigned from the position of Director of the Company, by appointing Mr. Niwat Lomunphan as a new additional director of the Company. Upcoming Dividend • Mar 06
Upcoming dividend of ฿1.03 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (4.6%). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿1.14 (vs ฿1.45 in FY 2022) Full year 2023 results: EPS: ฿1.14. Revenue: ฿1.92b (up 110% from FY 2022). Net income: ฿365.2m (up 52% from FY 2022). Profit margin: 19% (down from 26% in FY 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.32 (vs ฿0.34 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.32. Revenue: ฿503.9m (up 115% from 3Q 2022). Net income: ฿101.1m (up 69% from 3Q 2022). Profit margin: 20% (down from 25% in 3Q 2022). The decrease in margin was driven by higher expenses. 공시 • Sep 12
Primo Service Solutions Public Company Limited Announces Executive Changes Primo Service Solutions Public Company Limited announced termination of Miss Umarin Auyananon as Position of Chief Accountant: Accounting Manager, effective date: 8 September 2023. Company also appointed Miss Thamonwan Yanarat as Chief accountant: Senior Accounting Officer, effective 8 September 2023. 공시 • Aug 18
Primo Service Solutions Public Company Limited Announces Executive Changes Primo Service Solutions Public Company Limited notify the resolutions of the Board of Directors' Meeting No. 6/2023 convened on 14 August 2023 resolved to acknowledge the resignation of the director of the Company, provided that there was one (1) director who resigned from the position, namely, Mr. Sumeth Ratanasrikul. The resignation will be effective on 14 August 2023 onwards. Approved the appointment of Mr. Boonyarit Kalayanamit as the Risk Management Committee in place of Mr. Marote Vananan. The appointment will be effective on 14 August 2023 onwards. The aforementioned matters were considered by the Nomination and Remuneration Committee. New Risk • Aug 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 124% Dividend yield: 2.8% 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 (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.29 (vs ฿0.41 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.29. Revenue: ฿446.0m (up 162% from 2Q 2022). Net income: ฿91.7m (up 107% from 2Q 2022). Profit margin: 21% (down from 26% in 2Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿29.25, the stock trades at a trailing P/E ratio of 33x. Average forward P/E is 8x in the Real Estate industry in Thailand. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿36.75, the stock trades at a trailing P/E ratio of 41.5x. Average forward P/E is 8x in the Real Estate industry in Thailand. 공시 • May 30
Primo Service Solutions Public Company Limited Approves Board Changes Primo Service Solutions Public Company Limited at its Board of Director meeting held on May 12, 2023 approved the resignation of Mr. Theinruj Toranavikrai as Independent Director and Member of Audit Committee, effective May 12, 2023. The company approved the appointment of Mr. Boonyarit Kalayanamit as Independent Director and Member of Audit Committee, effective May 12, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.27 (vs ฿0.41 in 1Q 2022) First quarter 2023 results: EPS: ฿0.27. Revenue: ฿395.9m (up 132% from 1Q 2022). Net income: ฿87.9m (up 98% from 1Q 2022). Profit margin: 22% (down from 26% in 1Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿38.00, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 11x in the Real Estate industry in Thailand. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿35.50, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 10x in the Real Estate industry in Thailand. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ฿0.34. Net income: ฿59.7m (up ฿59.7m from 3Q 2021).