View ValuationDon Muang Tollway 향후 성장Future 기준 점검 0/6Don Muang Tollway (는) 각각 연간 1.3% 및 2.9% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 1.3% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 14.6% 로 예상됩니다.핵심 정보1.3%이익 성장률1.27%EPS 성장률Infrastructure 이익 성장22.6%매출 성장률2.9%향후 자기자본이익률14.65%애널리스트 커버리지Low마지막 업데이트10 Aug 2026최근 향후 성장 업데이트Major Estimate Revision • Jun 16Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿2.13b to ฿1.98b. EPS estimate also fell from ฿0.83 per share to ฿0.65 per share. Net income forecast to grow 170% next year vs 12% growth forecast for Infrastructure industry in Thailand. Consensus price target down from ฿18.06 to ฿17.00. Share price fell 6.1% to ฿10.70 over the past week.모든 업데이트 보기Recent updatesReported Earnings • May 15First quarter 2026 earnings released: EPS: ฿0.24 (vs ฿0.23 in 1Q 2025)First quarter 2026 results: EPS: ฿0.24 (up from ฿0.23 in 1Q 2025). Revenue: ฿683.4m (up 4.6% from 1Q 2025). Net income: ฿286.1m (up 4.9% from 1Q 2025). Profit margin: 42% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Reported Earnings • Feb 21Full year 2025 earnings released: EPS: ฿0.91 (vs ฿0.76 in FY 2024)Full year 2025 results: EPS: ฿0.91 (up from ฿0.76 in FY 2024). Revenue: ฿2.65b (up 7.2% from FY 2024). Net income: ฿1.07b (up 20% from FY 2024). Profit margin: 41% (up from 36% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.Declared Dividend • Feb 21Fourth quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 5th March 2026 Payment date: 27th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 43% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control, which is more than the 3.6% EPS growth achieved over the last 5 years.공고 • Feb 20Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time.Declared Dividend • Nov 15Third quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 26th November 2025 Payment date: 12th December 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.Reported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.24 (vs ฿0.23 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.24 (up from ฿0.23 in 3Q 2024). Revenue: ฿670.4m (up 8.0% from 3Q 2024). Net income: ฿278.6m (up 4.5% from 3Q 2024). Profit margin: 42% (down from 43% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Declared Dividend • Aug 10Second quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 21st August 2025 Payment date: 8th September 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.5% EPS decline seen over the last 5 years.Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.20 in 2Q 2024). Revenue: ฿626.7m (up 6.3% from 2Q 2024). Net income: ฿240.4m (up 2.1% from 2Q 2024). Profit margin: 38% (down from 40% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Reported Earnings • May 10First quarter 2025 earnings released: EPS: ฿0.23 (vs ฿0.23 in 1Q 2024)First quarter 2025 results: EPS: ฿0.23 (up from ฿0.23 in 1Q 2024). Revenue: ฿653.5m (up 5.7% from 1Q 2024). Net income: ฿272.6m (up 2.0% from 1Q 2024). Profit margin: 42% (down from 43% 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 2 years, compared to a 7.7% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.공고 • May 10Don Muang Tollway Public Company Limited to Report Q1, 2025 Results on May 09, 2025Don Muang Tollway Public Company Limited announced that they will report Q1, 2025 results on May 09, 2025Upcoming Dividend • Feb 27Upcoming dividend of ฿0.20 per shareEligible shareholders must have bought the stock before 06 March 2025. Payment date: 23 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.1%).Reported Earnings • Feb 21Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿0.76 (down from ฿0.85 in FY 2023). Revenue: ฿2.47b (up 6.2% from FY 2023). Net income: ฿897.4m (down 10% from FY 2023). Profit margin: 36% (down from 43% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.공고 • Feb 21Don Muang Tollway Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 23, 2025Don Muang Tollway Public Company Limited at its AGM to be held on April 25, 2025 proposed dividend of THB 0.20 per share for the year ended December 31, 2024. Ex-dividend date is March 6, 2025, Record date is March 7, 2025 and payment date is May 23, 2025. Date of Board resolution is February 20, 2025.공고 • Feb 20Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time.공고 • Dec 16Don Muang Tollway Public Company Limited Announces Management ChangesDon Muang Tollway Public Company Limited at its board of directors meeting held on December 13, 2024, approved the restructuring of the management in the Corporate Sustainability Development Line as stated in the attachment to be in line with the Sustainability Business Plan for 2025 - 2029 by changing the names of the Company's management positions as follows: From the original position of ‘First Senior Vice President’ to the new position of ‘Chief of Sustainable Development Officer’. From the original position of ‘Senior Vice President Risk Management and Safety’ to the new position of ‘Senior Executive Vice President - Risk and SHE’ effective Date 1 January 2025. Approved the appointment of Ms. Atchara Charoenporn, First Vice President- Business Sustainability Development, to the position of Chief of Sustainable Development Officer, in accordance with the Corporate Sustainability Development Line Structure to replace the First Senior Vice President position of Mr. Suthep Tharawas, who will retire on 31 December 2024. This appointment will also take effective from 1 January 2025.Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.22 (down from ฿0.23 in 3Q 2023). Revenue: ฿620.7m (up 5.2% from 3Q 2023). Net income: ฿266.7m (flat on 3Q 2023). Profit margin: 43% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Declared Dividend • Nov 14Second quarter dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 25th November 2024 Payment date: 12th December 2024 Dividend yield will be 6.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 85% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.Declared Dividend • Aug 11Second quarter dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 23rd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 105% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.Reported Earnings • Aug 10Second quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.20 (in line with 2Q 2023). Revenue: ฿589.5m (up 6.5% from 2Q 2023). Net income: ฿236.8m (up 1.6% from 2Q 2023). Profit margin: 40% (down from 42% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.공고 • Aug 10Don Muang Tollway Public Company Limited Approves Interim Cash Dividend Payment for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024Don Muang Tollway Public Company Limited declared an interim cash dividend of THB 0.21 for the Operating period from January 1, 2024 to June 30, 2024, Record date for the right to receive: August 26, 2024, Ex-dividend date: August 23, 2024 and Payment date: September 6, 2024.Declared Dividend • May 13Dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 24th May 2024 Payment date: 10th June 2024 Dividend yield will be 8.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range.공고 • May 12Don Muang Tollway Public Company Limited to Report Q1, 2024 Results on May 10, 2024Don Muang Tollway Public Company Limited announced that they will report Q1, 2024 results on May 10, 2024공고 • May 11Don Muang Tollway Public Company Limited Interim Dividend Payment for the Operating Result of the First 3 Months of 2024, Payable on 10 June 2024Don Muang Tollway Public Company Limited at its board meeting held on May 10, 2024 approved interim dividend payment for the operating result of the first 3 months of 2024 at the rate of THB 0.21 per share of the total number of registered and paid-up shares of 1,181,232,800 shares or the total dividends in the amount of THB 248,058,888 (Two hundred and forty-eight million Fifty-eight thousand Eight hundred eighty-eight baht only). The interim dividends for the operating results for the first 3 months of 2024, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 27 May 2024 and scheduled the payment date of the interim dividend within 10 June 2024.공고 • Apr 27Don Muang Tollway Public Company Limited Approves Dividend for the Year 2023, Payable on May 24, 2024Don Muang Tollway Public Company Limited at its Annual General Meeting of Shareholders held on April 25, 2024, approved dividend payment for the operating results of 2023 from the net profit for the operating results of 2023 as at December 31, 2023 to the Company's shareholders at the rate of THB 0.15 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, in the total amount of THB 177,184,920.00. And dividend payment for operating results of 2023 came from profits subjected to corporate income tax at the rate of 20%. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by 20/80 in accordance with the rules prescribed in Section 47 bis of the Revenue Code. In this regard, the dividend payment shall be paid on May 24, 2024, according to the list of shareholders appearing on the record date for the right to receive dividend payment on May 7, 2024.Upcoming Dividend • Apr 26Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 03 May 2024. Payment date: 24 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (0.9%).Declared Dividend • Feb 23Dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 3rd May 2024 Payment date: 24th May 2024 Dividend yield will be 10.0%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range.Reported Earnings • Feb 22Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: ฿0.85 (up from ฿0.66 in FY 2022). Revenue: ฿2.33b (up 27% from FY 2022). Net income: ฿1.00b (up 28% from FY 2022). Profit margin: 43% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Infrastructure industry in Thailand.공고 • Feb 21+ 1 more updateDon Muang Tollway Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on May 24, 2024Don Muang Tollway Public Company Limited at its AGM to be held on April 25, 2024 proposed dividend of THB 0.15 per share for the year ended December 31, 2023. Ex-dividend date is May 3, 2024, Record date is May 7, 2024 and payment date is May 24, 2024.Upcoming Dividend • Nov 16Upcoming dividend of ฿0.35 per share at 16% yieldEligible shareholders must have bought the stock before 23 November 2023. Payment date: 08 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.3%).Reported Earnings • Nov 10Third quarter 2023 earnings released: EPS: ฿0.23 (vs ฿0.18 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.23 (up from ฿0.18 in 3Q 2022). Revenue: ฿589.9m (up 18% from 3Q 2022). Net income: ฿268.6m (up 25% from 3Q 2022). Profit margin: 46% (up from 43% in 3Q 2022). The increase in margin was driven by higher revenue.공고 • Nov 09Don Muang Tollway Public Company Limited Approves Interim Dividend Payment of the First Nine Months of 2023, Payable on 8 December 2023Don Muang Tollway Public Company Limited at the Board meeting held on 9 November 2023, approved to pay the interim dividend payout for the operating result of the first nine months of 2023 for the remaining amount at the rate of THB 0.35 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, or total dividends amount of THB 413,431,480 from the net profit for the operating result of the first nine months of 2023 at the rate of THB 0.20 per share totaling THB 236,246,560 and paid from retained earnings at the rate of THB 0.15 per share, amounting to THB 177,184,920. The interim dividends for the operating results for the first 9 months of 2023, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 24 November 2023 and scheduled the payment date of the interim dividend on 8 December 2023.New Risk • Nov 01New major risk - Revenue and earnings growthEarnings have declined by 19% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 200% Cash payout ratio: 165% Earnings have declined by 19% per year over the past 5 years.Upcoming Dividend • Aug 17Upcoming dividend of ฿0.35 per share at 16% yieldEligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.7%).Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.16 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.20 (up from ฿0.16 in 2Q 2022). Revenue: ฿553.5m (up 31% from 2Q 2022). Net income: ฿233.0m (up 25% from 2Q 2022). Profit margin: 42% (down from 44% in 2Q 2022). The decrease in margin was driven by higher expenses.Upcoming Dividend • May 17Upcoming dividend of ฿0.35 per share at 4.9% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 09 June 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%).Upcoming Dividend • Apr 25Upcoming dividend of ฿0.50 per share at 5.0% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 25 May 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.5%).Upcoming Dividend • Feb 28Upcoming dividend of ฿0.38 per share at 4.7% yieldEligible shareholders must have bought the stock before 07 March 2023. Payment date: 20 March 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.5%). In line with average of industry peers (4.3%).Reported Earnings • Feb 24Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: ฿0.66 (up from ฿0.36 in FY 2021). Revenue: ฿1.83b (up 52% from FY 2021). Net income: ฿780.6m (up 93% from FY 2021). Profit margin: 43% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Infrastructure industry in Thailand.Valuation Update With 7 Day Price Move • Feb 22Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿13.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 24% over the past year.Valuation Update With 7 Day Price Move • Jan 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿12.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Infrastructure industry in Asia. Total returns to shareholders of 15% over the past year.Upcoming Dividend • Nov 18Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 25 November 2022. Payment date: 14 December 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 (5.6%). Higher than average of industry peers (4.2%).Board Change • Nov 16Less than half of directors are independentThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Suebsan Dardarananda was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.Upcoming Dividend • Aug 17Upcoming dividend of ฿0.10 per shareEligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.2%).공고 • Aug 12Don Muang Tollway Public Company Limited Approves Dividend Payment for the First Six Months of 2022, Payable on September 9 2022Don Muang Tollway Public Company Limited declares dividend payment of THB 0.10 per share for the first six months of 2022. Record date is 25 Aug. 2022, Payable on September 9 2022 and ex- dividend date is 24 August 2022.Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.06 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.16 (up from ฿0.06 in 2Q 2021). Revenue: ฿423.0m (up 68% from 2Q 2021). Net income: ฿186.2m (up 195% from 2Q 2021). Profit margin: 44% (up from 25% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 73%, compared to a 231% growth forecast for the industry in Thailand.공고 • Jul 02Don Muang Tollway Public Company Limited Announces Resignation of Pantip Sripimol from the Position of the Company's DirectorDon Muang Tollway Public Company Limited informed that Mrs. Pantip Sripimol, submitted her resignation letter to the Company to resign from the position of the Company's Director due to it was unable to perform such duties efficiently. The resignation is effective from July 1, 2022 onwards.Major Estimate Revision • Jun 16Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿2.13b to ฿1.98b. EPS estimate also fell from ฿0.83 per share to ฿0.65 per share. Net income forecast to grow 170% next year vs 12% growth forecast for Infrastructure industry in Thailand. Consensus price target down from ฿18.06 to ฿17.00. Share price fell 6.1% to ฿10.70 over the past week.Reported Earnings • May 15First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2022 results: EPS: ฿0.12. Revenue: ฿355.3m (down 7.3% from 1Q 2021). Net income: ฿144.2m (flat on 1Q 2021). Profit margin: 41% (up from 37% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 96%, compared to a 236% growth forecast for the industry in Thailand.공고 • May 14Don Muang Tollway Public Company Limited Announces Changing in CFO, Effective May 16, 2022Don Muang Tollway Public Company Limited announced that Miss Bongkodrat Tangchuku, Executive Vice President, is appointed as CFO in place of Mr. Sakda Panwai, with effect from May 16, 2022.Upcoming Dividend • Mar 01Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 08 March 2022. Payment date: 26 May 2022. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.3%).공고 • Feb 25Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022, at 10:00 SE Asia Standard Time. Agenda: To adopt the Minutes of the Annual General Meeting of Shareholders for 2021; to acknowledge the report of the Company's operating results for the year 2021; to consider and approve the Financial Statements and the Independent Auditor's Report for the year ended 31 December 2021; to consider and approve the allocation of profits as legal reserve and approve the dividend payment for the operating results of 2021; to consider the nomination for the appointment of Directors to replace those who retire by rotation; to consider the determination of remuneration for the Board of Directors, the Audit Committee, and Sub-committees for 2022 and gratuity for the operating results of 2021; to consider the appointment of the auditor and the fixing of the auditing fee for 2022; and to consider other businesses (if any).Reported Earnings • Feb 24Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: ฿0.36 (down from ฿0.76 in FY 2020). Revenue: ฿1.20b (down 41% from FY 2020). Net income: ฿404.3m (down 49% from FY 2020). Profit margin: 34% (down from 39% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 77%, compared to a 218% growth forecast for the industry in Thailand.공고 • Feb 24+ 1 more updateDon Muang Tollway Public Company Limited Approves Remaining Dividend for the Year 2021, Payable on May 26, 2022Don Muang Tollway Public Company Limited announced that at its board meeting held on February 22, 2022, approving dividend payment for the operating results of 2021 to the shareholders at the rate of THB 0.32 per share of the total number of registered and paid-up shares of 1,181,232,800 shares or the total amount of dividends in the amount of THB 377,994,496. In addition, the company has paid an interim dividend for the first 6 months of the operating results of 2021 at the rate of THB 0.07 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, or a total dividend amount of THB 82,686,296, which is an interim dividend payment according to the resolution of the Board of Directors Meeting No. 8/2021, which was already paid to shareholders in September 2021. Therefore, the company will pay the remaining dividend of THB 0.25 per share for the operating results of 2021 of the total number of registered and paid-up shares 1,181,232,800 shares, or total dividend amount THB 295,308,200. Set the date to determine the names of shareholders entitled to receive dividends (Record Date) is March 9, 2022 and scheduled the dividend payment date is May 26, 2022 (Granting the right to receive such dividends is still uncertain until it receives approval from the Annual General Meeting of Shareholders for 2022 on 26 April 2022).공고 • Jan 13Don Muang Tollway Public Company Limited Announces Temporary Road Closures for Structure Behavior Measurement and Load Test on Uttra Phimuk Elevated TollroadDon Muang Tollway Public Company Limited informed that the Company will perform Structure Behavior Measurement and Load Test on Uttraphimuk Elevated Tollroad for Din Daeng to Anusorn Satharn section which will be in compliance to the preventive maintenance plan. The test will be conducted by experienced personnel with expertise that includes STS Engineering Consultant Co. Ltd. and NorCiv Engineering Co. Ltd. responsible as project leaders. The above mentioned test requires, according to the structural engineering fundamental, the temporary closure of all lanes in both Inbound and Outbound directions for accurate and complete measurements. The detailed test plan is as follows;, 15 January 2022 at 23:00, Bridge Static Load Test at Location 1 from KM 16+155 to 16+185 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic from Din Daeng Toll Plaza to Bang Khen Toll Plaza (outbound) from 23:00 of, 15 January 2022 to 05:00 of, 16 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp, Lak Si (inbound) Toll Plaza and Chaeng Watthana Toll Plaza from 00:00 to 04:00 of, 16 January 2022 for the total duration of 4 hours. 22 January 2022 at 23:00, Bridge Static Load Test at Location 2 from KM 23+231 to 23+291 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic Bang Khen Toll Plaza to Anusorn Satharn Toll Plaza from 23:00 of, 22 January 2022 to 05:00 of, 23 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp and at U-Turn in front of Cargo Building to enter outbound elevated tollroad from 00:00 to 04:00 of, 23 January 2022 for the total duration of 4 hours. The Company and the contractor will perform the test with highest safety awareness for the road users by strictly following the road closure safety and work zone safety standards as well as traffic management to provide convenience to the road users by experienced personnel with expertise along with the Company and contractor's management staff to supervise the work.Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿182.9m (down 68% from 3Q 2020). Net income: ฿42.3m (down 81% from 3Q 2020). Profit margin: 23% (down from 40% in 3Q 2020). The decrease in margin was driven by lower revenue.Executive Departure • Oct 10Director Chumpol Rimsakorn has left the companyOn the 1st of October, Chumpol Rimsakorn's tenure as Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Chumpol's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.42 years.Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.08 in 2Q 2020)The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿251.4m (down 18% from 2Q 2020). Net income: ฿63.1m (down 20% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020).Reported Earnings • May 10First quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.23 in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿383.3m (down 37% from 1Q 2020). Net income: ฿143.1m (down 41% from 1Q 2020). Profit margin: 37% (down from 40% in 1Q 2020). The decrease in margin was driven by lower revenue.공고 • May 08Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion.Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion. Security Name: Common Shares Security Type: Common Stock Securities Offered: 140,000,000 Price\Range: THB 16 Transaction Features: ESOP Related Offering이익 및 매출 성장 예측SET:DMT - 애널리스트 향후 추정치 및 과거 재무 데이터 (THB Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20282,8971,1241,8931,936112/31/20272,8081,1051,8431,885112/31/20262,7231,0871,8711,90413/31/20262,6781,0871,7621,782N/A12/31/20252,6481,0731,7411,772N/A9/30/20252,5919201,6491,689N/A6/30/20252,5429061,6071,647N/A3/31/20252,5049031,6001,658N/A12/31/20242,4698971,5451,643N/A9/30/20242,4331,0161,4981,603N/A6/30/20242,4031,0181,3961,538N/A3/31/20242,3671,0151,3901,519N/A12/31/20232,3251,0011,4521,531N/A9/30/20232,2729901,4161,492N/A6/30/20232,1849361,4351,460N/A3/31/20232,0538891,3931,413N/A12/31/20221,8327811,1411,160N/A9/30/20221,6657011,0431,060N/A6/30/20221,346529719747N/A3/31/20221,174405425448N/A12/31/20211,202404464484N/A9/30/20211,389496599612N/A6/30/20211,768678812826N/A3/31/20211,8226949911,005N/A12/31/20202,0477911,1711,189N/A9/30/20202,1668481,3121,333N/A6/30/20202,3139061,4991,512N/A3/31/20202,6921,0711,6641,680N/A12/31/20192,8161,159N/A1,792N/A9/30/20192,8831,224N/A1,899N/A6/30/20192,9401,312N/A1,995N/A3/31/20192,9911,415N/A2,058N/A12/31/20183,0251,457N/A2,148N/A9/30/20183,0201,445N/A2,105N/A6/30/20183,0131,438N/A2,103N/A3/31/20183,0001,432N/A2,053N/A12/31/20172,9781,398N/A2,011N/A9/30/20172,9821,429N/A2,009N/A6/30/20172,9801,430N/A2,009N/A3/31/20172,9631,453N/A2,088N/A12/31/20162,9531,498N/A2,103N/A9/30/20162,9181,489N/A2,082N/A6/30/20162,8301,440N/A1,993N/A3/31/20162,7341,363N/A1,912N/A12/31/20152,6251,279N/A1,847N/A9/30/20152,4881,136N/A1,701N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: DMT 의 연간 예상 수익 증가율(1.3%)이 saving rate(2.3%) 미만입니다.수익 vs 시장: DMT 의 연간 수익(1.3%)이 TH 시장(11.4%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: DMT 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: DMT 의 수익(연간 2.9%)이 TH 시장(연간 8.4%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: DMT 의 수익(연간 2.9%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: DMT의 자본 수익률은 3년 후 14.6%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YTransportation 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/08/11 20:32종가2026/08/11 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 모델의 세부 정보는 당사의 GitHub 페이지에서 확인하실 수 있습니다. 또한 보고서 사용 방법에 대한 가이드와 YouTube 튜토리얼도 제공하고 있습니다.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 소스Don Muang Tollway Public Company Limited는 1명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Sansanee SrijamjureeTisco Securities Co. Ltd.
Major Estimate Revision • Jun 16Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿2.13b to ฿1.98b. EPS estimate also fell from ฿0.83 per share to ฿0.65 per share. Net income forecast to grow 170% next year vs 12% growth forecast for Infrastructure industry in Thailand. Consensus price target down from ฿18.06 to ฿17.00. Share price fell 6.1% to ฿10.70 over the past week.
Reported Earnings • May 15First quarter 2026 earnings released: EPS: ฿0.24 (vs ฿0.23 in 1Q 2025)First quarter 2026 results: EPS: ฿0.24 (up from ฿0.23 in 1Q 2025). Revenue: ฿683.4m (up 4.6% from 1Q 2025). Net income: ฿286.1m (up 4.9% from 1Q 2025). Profit margin: 42% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Reported Earnings • Feb 21Full year 2025 earnings released: EPS: ฿0.91 (vs ฿0.76 in FY 2024)Full year 2025 results: EPS: ฿0.91 (up from ฿0.76 in FY 2024). Revenue: ฿2.65b (up 7.2% from FY 2024). Net income: ฿1.07b (up 20% from FY 2024). Profit margin: 41% (up from 36% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
Declared Dividend • Feb 21Fourth quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 5th March 2026 Payment date: 27th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 43% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control, which is more than the 3.6% EPS growth achieved over the last 5 years.
공고 • Feb 20Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time.
Declared Dividend • Nov 15Third quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 26th November 2025 Payment date: 12th December 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.
Reported Earnings • Nov 14Third quarter 2025 earnings released: EPS: ฿0.24 (vs ฿0.23 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.24 (up from ฿0.23 in 3Q 2024). Revenue: ฿670.4m (up 8.0% from 3Q 2024). Net income: ฿278.6m (up 4.5% from 3Q 2024). Profit margin: 42% (down from 43% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Declared Dividend • Aug 10Second quarter dividend of ฿0.22 announcedShareholders will receive a dividend of ฿0.22. Ex-date: 21st August 2025 Payment date: 8th September 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.5% EPS decline seen over the last 5 years.
Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.20 in 2Q 2024). Revenue: ฿626.7m (up 6.3% from 2Q 2024). Net income: ฿240.4m (up 2.1% from 2Q 2024). Profit margin: 38% (down from 40% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Reported Earnings • May 10First quarter 2025 earnings released: EPS: ฿0.23 (vs ฿0.23 in 1Q 2024)First quarter 2025 results: EPS: ฿0.23 (up from ฿0.23 in 1Q 2024). Revenue: ฿653.5m (up 5.7% from 1Q 2024). Net income: ฿272.6m (up 2.0% from 1Q 2024). Profit margin: 42% (down from 43% 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 2 years, compared to a 7.7% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
공고 • May 10Don Muang Tollway Public Company Limited to Report Q1, 2025 Results on May 09, 2025Don Muang Tollway Public Company Limited announced that they will report Q1, 2025 results on May 09, 2025
Upcoming Dividend • Feb 27Upcoming dividend of ฿0.20 per shareEligible shareholders must have bought the stock before 06 March 2025. Payment date: 23 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.1%).
Reported Earnings • Feb 21Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿0.76 (down from ฿0.85 in FY 2023). Revenue: ฿2.47b (up 6.2% from FY 2023). Net income: ฿897.4m (down 10% from FY 2023). Profit margin: 36% (down from 43% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
공고 • Feb 21Don Muang Tollway Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 23, 2025Don Muang Tollway Public Company Limited at its AGM to be held on April 25, 2025 proposed dividend of THB 0.20 per share for the year ended December 31, 2024. Ex-dividend date is March 6, 2025, Record date is March 7, 2025 and payment date is May 23, 2025. Date of Board resolution is February 20, 2025.
공고 • Feb 20Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time.
공고 • Dec 16Don Muang Tollway Public Company Limited Announces Management ChangesDon Muang Tollway Public Company Limited at its board of directors meeting held on December 13, 2024, approved the restructuring of the management in the Corporate Sustainability Development Line as stated in the attachment to be in line with the Sustainability Business Plan for 2025 - 2029 by changing the names of the Company's management positions as follows: From the original position of ‘First Senior Vice President’ to the new position of ‘Chief of Sustainable Development Officer’. From the original position of ‘Senior Vice President Risk Management and Safety’ to the new position of ‘Senior Executive Vice President - Risk and SHE’ effective Date 1 January 2025. Approved the appointment of Ms. Atchara Charoenporn, First Vice President- Business Sustainability Development, to the position of Chief of Sustainable Development Officer, in accordance with the Corporate Sustainability Development Line Structure to replace the First Senior Vice President position of Mr. Suthep Tharawas, who will retire on 31 December 2024. This appointment will also take effective from 1 January 2025.
Reported Earnings • Nov 15Third quarter 2024 earnings: EPS and revenues miss analyst expectationsThird quarter 2024 results: EPS: ฿0.22 (down from ฿0.23 in 3Q 2023). Revenue: ฿620.7m (up 5.2% from 3Q 2023). Net income: ฿266.7m (flat on 3Q 2023). Profit margin: 43% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Declared Dividend • Nov 14Second quarter dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 25th November 2024 Payment date: 12th December 2024 Dividend yield will be 6.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 85% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.
Declared Dividend • Aug 11Second quarter dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 23rd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 105% over the next 3 years, which is sufficient to bring the dividend into a sustainable range.
Reported Earnings • Aug 10Second quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.20 (in line with 2Q 2023). Revenue: ฿589.5m (up 6.5% from 2Q 2023). Net income: ฿236.8m (up 1.6% from 2Q 2023). Profit margin: 40% (down from 42% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.
공고 • Aug 10Don Muang Tollway Public Company Limited Approves Interim Cash Dividend Payment for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024Don Muang Tollway Public Company Limited declared an interim cash dividend of THB 0.21 for the Operating period from January 1, 2024 to June 30, 2024, Record date for the right to receive: August 26, 2024, Ex-dividend date: August 23, 2024 and Payment date: September 6, 2024.
Declared Dividend • May 13Dividend of ฿0.21 announcedShareholders will receive a dividend of ฿0.21. Ex-date: 24th May 2024 Payment date: 10th June 2024 Dividend yield will be 8.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range.
공고 • May 12Don Muang Tollway Public Company Limited to Report Q1, 2024 Results on May 10, 2024Don Muang Tollway Public Company Limited announced that they will report Q1, 2024 results on May 10, 2024
공고 • May 11Don Muang Tollway Public Company Limited Interim Dividend Payment for the Operating Result of the First 3 Months of 2024, Payable on 10 June 2024Don Muang Tollway Public Company Limited at its board meeting held on May 10, 2024 approved interim dividend payment for the operating result of the first 3 months of 2024 at the rate of THB 0.21 per share of the total number of registered and paid-up shares of 1,181,232,800 shares or the total dividends in the amount of THB 248,058,888 (Two hundred and forty-eight million Fifty-eight thousand Eight hundred eighty-eight baht only). The interim dividends for the operating results for the first 3 months of 2024, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 27 May 2024 and scheduled the payment date of the interim dividend within 10 June 2024.
공고 • Apr 27Don Muang Tollway Public Company Limited Approves Dividend for the Year 2023, Payable on May 24, 2024Don Muang Tollway Public Company Limited at its Annual General Meeting of Shareholders held on April 25, 2024, approved dividend payment for the operating results of 2023 from the net profit for the operating results of 2023 as at December 31, 2023 to the Company's shareholders at the rate of THB 0.15 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, in the total amount of THB 177,184,920.00. And dividend payment for operating results of 2023 came from profits subjected to corporate income tax at the rate of 20%. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by 20/80 in accordance with the rules prescribed in Section 47 bis of the Revenue Code. In this regard, the dividend payment shall be paid on May 24, 2024, according to the list of shareholders appearing on the record date for the right to receive dividend payment on May 7, 2024.
Upcoming Dividend • Apr 26Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 03 May 2024. Payment date: 24 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (0.9%).
Declared Dividend • Feb 23Dividend of ฿0.15 announcedShareholders will receive a dividend of ฿0.15. Ex-date: 3rd May 2024 Payment date: 24th May 2024 Dividend yield will be 10.0%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range.
Reported Earnings • Feb 22Full year 2023 earnings: EPS misses analyst expectationsFull year 2023 results: EPS: ฿0.85 (up from ฿0.66 in FY 2022). Revenue: ฿2.33b (up 27% from FY 2022). Net income: ฿1.00b (up 28% from FY 2022). Profit margin: 43% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Infrastructure industry in Thailand.
공고 • Feb 21+ 1 more updateDon Muang Tollway Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on May 24, 2024Don Muang Tollway Public Company Limited at its AGM to be held on April 25, 2024 proposed dividend of THB 0.15 per share for the year ended December 31, 2023. Ex-dividend date is May 3, 2024, Record date is May 7, 2024 and payment date is May 24, 2024.
Upcoming Dividend • Nov 16Upcoming dividend of ฿0.35 per share at 16% yieldEligible shareholders must have bought the stock before 23 November 2023. Payment date: 08 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.3%).
Reported Earnings • Nov 10Third quarter 2023 earnings released: EPS: ฿0.23 (vs ฿0.18 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.23 (up from ฿0.18 in 3Q 2022). Revenue: ฿589.9m (up 18% from 3Q 2022). Net income: ฿268.6m (up 25% from 3Q 2022). Profit margin: 46% (up from 43% in 3Q 2022). The increase in margin was driven by higher revenue.
공고 • Nov 09Don Muang Tollway Public Company Limited Approves Interim Dividend Payment of the First Nine Months of 2023, Payable on 8 December 2023Don Muang Tollway Public Company Limited at the Board meeting held on 9 November 2023, approved to pay the interim dividend payout for the operating result of the first nine months of 2023 for the remaining amount at the rate of THB 0.35 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, or total dividends amount of THB 413,431,480 from the net profit for the operating result of the first nine months of 2023 at the rate of THB 0.20 per share totaling THB 236,246,560 and paid from retained earnings at the rate of THB 0.15 per share, amounting to THB 177,184,920. The interim dividends for the operating results for the first 9 months of 2023, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 24 November 2023 and scheduled the payment date of the interim dividend on 8 December 2023.
New Risk • Nov 01New major risk - Revenue and earnings growthEarnings have declined by 19% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 200% Cash payout ratio: 165% Earnings have declined by 19% per year over the past 5 years.
Upcoming Dividend • Aug 17Upcoming dividend of ฿0.35 per share at 16% yieldEligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.7%).
Reported Earnings • Aug 11Second quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.16 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.20 (up from ฿0.16 in 2Q 2022). Revenue: ฿553.5m (up 31% from 2Q 2022). Net income: ฿233.0m (up 25% from 2Q 2022). Profit margin: 42% (down from 44% in 2Q 2022). The decrease in margin was driven by higher expenses.
Upcoming Dividend • May 17Upcoming dividend of ฿0.35 per share at 4.9% yieldEligible shareholders must have bought the stock before 24 May 2023. Payment date: 09 June 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%).
Upcoming Dividend • Apr 25Upcoming dividend of ฿0.50 per share at 5.0% yieldEligible shareholders must have bought the stock before 02 May 2023. Payment date: 25 May 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.5%).
Upcoming Dividend • Feb 28Upcoming dividend of ฿0.38 per share at 4.7% yieldEligible shareholders must have bought the stock before 07 March 2023. Payment date: 20 March 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.5%). In line with average of industry peers (4.3%).
Reported Earnings • Feb 24Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2022 results: EPS: ฿0.66 (up from ฿0.36 in FY 2021). Revenue: ฿1.83b (up 52% from FY 2021). Net income: ฿780.6m (up 93% from FY 2021). Profit margin: 43% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Infrastructure industry in Thailand.
Valuation Update With 7 Day Price Move • Feb 22Investor sentiment improves as stock rises 17%After last week's 17% share price gain to ฿13.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 24% over the past year.
Valuation Update With 7 Day Price Move • Jan 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to ฿12.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Infrastructure industry in Asia. Total returns to shareholders of 15% over the past year.
Upcoming Dividend • Nov 18Upcoming dividend of ฿0.15 per shareEligible shareholders must have bought the stock before 25 November 2022. Payment date: 14 December 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 (5.6%). Higher than average of industry peers (4.2%).
Board Change • Nov 16Less than half of directors are independentThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Suebsan Dardarananda was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity.
Upcoming Dividend • Aug 17Upcoming dividend of ฿0.10 per shareEligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.2%).
공고 • Aug 12Don Muang Tollway Public Company Limited Approves Dividend Payment for the First Six Months of 2022, Payable on September 9 2022Don Muang Tollway Public Company Limited declares dividend payment of THB 0.10 per share for the first six months of 2022. Record date is 25 Aug. 2022, Payable on September 9 2022 and ex- dividend date is 24 August 2022.
Reported Earnings • Aug 12Second quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.06 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.16 (up from ฿0.06 in 2Q 2021). Revenue: ฿423.0m (up 68% from 2Q 2021). Net income: ฿186.2m (up 195% from 2Q 2021). Profit margin: 44% (up from 25% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 73%, compared to a 231% growth forecast for the industry in Thailand.
공고 • Jul 02Don Muang Tollway Public Company Limited Announces Resignation of Pantip Sripimol from the Position of the Company's DirectorDon Muang Tollway Public Company Limited informed that Mrs. Pantip Sripimol, submitted her resignation letter to the Company to resign from the position of the Company's Director due to it was unable to perform such duties efficiently. The resignation is effective from July 1, 2022 onwards.
Major Estimate Revision • Jun 16Consensus EPS estimates fall by 22%The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿2.13b to ฿1.98b. EPS estimate also fell from ฿0.83 per share to ฿0.65 per share. Net income forecast to grow 170% next year vs 12% growth forecast for Infrastructure industry in Thailand. Consensus price target down from ฿18.06 to ฿17.00. Share price fell 6.1% to ฿10.70 over the past week.
Reported Earnings • May 15First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2022 results: EPS: ฿0.12. Revenue: ฿355.3m (down 7.3% from 1Q 2021). Net income: ฿144.2m (flat on 1Q 2021). Profit margin: 41% (up from 37% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 96%, compared to a 236% growth forecast for the industry in Thailand.
공고 • May 14Don Muang Tollway Public Company Limited Announces Changing in CFO, Effective May 16, 2022Don Muang Tollway Public Company Limited announced that Miss Bongkodrat Tangchuku, Executive Vice President, is appointed as CFO in place of Mr. Sakda Panwai, with effect from May 16, 2022.
Upcoming Dividend • Mar 01Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 08 March 2022. Payment date: 26 May 2022. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.3%).
공고 • Feb 25Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022, at 10:00 SE Asia Standard Time. Agenda: To adopt the Minutes of the Annual General Meeting of Shareholders for 2021; to acknowledge the report of the Company's operating results for the year 2021; to consider and approve the Financial Statements and the Independent Auditor's Report for the year ended 31 December 2021; to consider and approve the allocation of profits as legal reserve and approve the dividend payment for the operating results of 2021; to consider the nomination for the appointment of Directors to replace those who retire by rotation; to consider the determination of remuneration for the Board of Directors, the Audit Committee, and Sub-committees for 2022 and gratuity for the operating results of 2021; to consider the appointment of the auditor and the fixing of the auditing fee for 2022; and to consider other businesses (if any).
Reported Earnings • Feb 24Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behindFull year 2021 results: EPS: ฿0.36 (down from ฿0.76 in FY 2020). Revenue: ฿1.20b (down 41% from FY 2020). Net income: ฿404.3m (down 49% from FY 2020). Profit margin: 34% (down from 39% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 77%, compared to a 218% growth forecast for the industry in Thailand.
공고 • Feb 24+ 1 more updateDon Muang Tollway Public Company Limited Approves Remaining Dividend for the Year 2021, Payable on May 26, 2022Don Muang Tollway Public Company Limited announced that at its board meeting held on February 22, 2022, approving dividend payment for the operating results of 2021 to the shareholders at the rate of THB 0.32 per share of the total number of registered and paid-up shares of 1,181,232,800 shares or the total amount of dividends in the amount of THB 377,994,496. In addition, the company has paid an interim dividend for the first 6 months of the operating results of 2021 at the rate of THB 0.07 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, or a total dividend amount of THB 82,686,296, which is an interim dividend payment according to the resolution of the Board of Directors Meeting No. 8/2021, which was already paid to shareholders in September 2021. Therefore, the company will pay the remaining dividend of THB 0.25 per share for the operating results of 2021 of the total number of registered and paid-up shares 1,181,232,800 shares, or total dividend amount THB 295,308,200. Set the date to determine the names of shareholders entitled to receive dividends (Record Date) is March 9, 2022 and scheduled the dividend payment date is May 26, 2022 (Granting the right to receive such dividends is still uncertain until it receives approval from the Annual General Meeting of Shareholders for 2022 on 26 April 2022).
공고 • Jan 13Don Muang Tollway Public Company Limited Announces Temporary Road Closures for Structure Behavior Measurement and Load Test on Uttra Phimuk Elevated TollroadDon Muang Tollway Public Company Limited informed that the Company will perform Structure Behavior Measurement and Load Test on Uttraphimuk Elevated Tollroad for Din Daeng to Anusorn Satharn section which will be in compliance to the preventive maintenance plan. The test will be conducted by experienced personnel with expertise that includes STS Engineering Consultant Co. Ltd. and NorCiv Engineering Co. Ltd. responsible as project leaders. The above mentioned test requires, according to the structural engineering fundamental, the temporary closure of all lanes in both Inbound and Outbound directions for accurate and complete measurements. The detailed test plan is as follows;, 15 January 2022 at 23:00, Bridge Static Load Test at Location 1 from KM 16+155 to 16+185 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic from Din Daeng Toll Plaza to Bang Khen Toll Plaza (outbound) from 23:00 of, 15 January 2022 to 05:00 of, 16 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp, Lak Si (inbound) Toll Plaza and Chaeng Watthana Toll Plaza from 00:00 to 04:00 of, 16 January 2022 for the total duration of 4 hours. 22 January 2022 at 23:00, Bridge Static Load Test at Location 2 from KM 23+231 to 23+291 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic Bang Khen Toll Plaza to Anusorn Satharn Toll Plaza from 23:00 of, 22 January 2022 to 05:00 of, 23 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp and at U-Turn in front of Cargo Building to enter outbound elevated tollroad from 00:00 to 04:00 of, 23 January 2022 for the total duration of 4 hours. The Company and the contractor will perform the test with highest safety awareness for the road users by strictly following the road closure safety and work zone safety standards as well as traffic management to provide convenience to the road users by experienced personnel with expertise along with the Company and contractor's management staff to supervise the work.
Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.22 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿182.9m (down 68% from 3Q 2020). Net income: ฿42.3m (down 81% from 3Q 2020). Profit margin: 23% (down from 40% in 3Q 2020). The decrease in margin was driven by lower revenue.
Executive Departure • Oct 10Director Chumpol Rimsakorn has left the companyOn the 1st of October, Chumpol Rimsakorn's tenure as Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Chumpol's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.42 years.
Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.08 in 2Q 2020)The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿251.4m (down 18% from 2Q 2020). Net income: ฿63.1m (down 20% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020).
Reported Earnings • May 10First quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.23 in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿383.3m (down 37% from 1Q 2020). Net income: ฿143.1m (down 41% from 1Q 2020). Profit margin: 37% (down from 40% in 1Q 2020). The decrease in margin was driven by lower revenue.
공고 • May 08Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion.Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion. Security Name: Common Shares Security Type: Common Stock Securities Offered: 140,000,000 Price\Range: THB 16 Transaction Features: ESOP Related Offering