Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.31 (vs ฿0.15 in 1Q 2025) First quarter 2026 results: EPS: ฿0.31 (up from ฿0.15 in 1Q 2025). Revenue: ฿419.1m (up 10% from 1Q 2025). Net income: ฿151.6m (up 101% from 1Q 2025). Profit margin: 36% (up from 20% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.36 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 14 May 2026. Payout ratio and cash payout ratio are on the higher end at 82% and 88% respectively. Trailing yield: 7.0%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (4.7%). Aankondiging • Feb 26
T.K.S. Technologies Public Company Limited Proposes Cash Dividend for the Operating Period from 01 July, 2025 to 31 December, 2025, Payable on May 14, 2026 T.K.S. Technologies Public Company Limited Board has agreed to propose to the Annual General Meeting of Shareholders to be held on 23 April, 2026 the approval of a dividend payment for the 2025 operating results in the amount of THB 225.15 million, equivalent to THB 0.46 per share. The dividend will be paid in cash. The Company previously paid an interim dividend of THB 0.10 per share on September 12, 2025. The remaining dividend of THB 0.38 per share will be distributed accordingly. The Company's legal reserve stands at THB 50.84 million, representing 10% of the registered capital, in compliance with the Company's regulations. Therefore, no additional allocation to the legal reserve is required for 2025. The list of shareholders entitled to receive the dividend (Record Date) is set for April 28, 2026, with the date of payment of the dividend within May 14, 2026. The right to receive the dividend is subject to approval at the 2026 Annual General Meeting of Shareholders. Ex-dividend date is 27 April 2026. paid from Operating period from 01 July, 2025 to 31 December, 2025 and Retained Earnings. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.56 (vs ฿0.11 loss in FY 2024) Full year 2025 results: EPS: ฿0.56 (up from ฿0.11 loss in FY 2024). Revenue: ฿1.47b (down 3.0% from FY 2024). Net income: ฿277.3m (up ฿332.9m from FY 2024). Profit margin: 19% (up from net loss in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 26
Final dividend of ฿0.36 announced Shareholders will receive a dividend of ฿0.36. Ex-date: 27th April 2026 Payment date: 14th May 2026 Dividend yield will be 6.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (213% earnings payout ratio). However, it is covered by cash flows (86% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 137% to bring the payout ratio under control, which is more than the 5.0% EPS growth achieved over the last 5 years. Aankondiging • Feb 25
T.K.S. Technologies Public Company Limited, Annual General Meeting, Apr 23, 2026 T.K.S. Technologies Public Company Limited, Annual General Meeting, Apr 23, 2026, at 15:00 SE Asia Standard Time. Location: mongkolsuthee auditorium, 4th floor, synnex (thailand) public company limited head offi, public company limited head office, Thailand New Risk • Nov 22
New major risk - Revenue and earnings growth Earnings have declined by 31% 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 Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (240% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (฿3.05b market cap, or US$94.0m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.15 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.17 (up from ฿0.15 in 3Q 2024). Revenue: ฿360.6m (down 2.5% from 3Q 2024). Net income: ฿86.7m (up 17% from 3Q 2024). Profit margin: 24% (up from 20% in 3Q 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 16
First half dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 26th August 2025 Payment date: 12th September 2025 Dividend yield will be 7.0%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (253% earnings payout ratio). However, it is covered by cash flows (70% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 181% to bring the payout ratio under control. EPS is expected to grow by 64% over the next year, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.29 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (up from ฿0.29 loss in 2Q 2024). Revenue: ฿370.4m (down 5.5% from 2Q 2024). Net income: ฿12.0m (up ฿156.4m from 2Q 2024). Profit margin: 3.2% (up from net loss in 2Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 14
T.K.S. Technologies Public Company Limited (SET:TKS) announces an Equity Buyback for 30,000,000 shares, representing 5.9% for THB 300 million. T.K.S. Technologies Public Company Limited (SET:TKS) announces a share repurchase program. Under the program, the company will repurchase up to 30,000,000 shares, representing 5.9% of its issued share capital, for THB 300 million. The repurchase price will not exceed the average closing price of five days, prior to each repurchase date plus 15% of such average closing price. The purpose of the program is to maximize benefit from the company’s excess liquidity management, to increase the chance of a return rate and to signal to investors on the strong financial position of the company. The program will run through February 28, 2026. As of March 17, 2025, the company had 508,448,439 shares in outstanding. Board Change • Jun 25
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Distat Hotrakitya was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.17 in 1Q 2024) First quarter 2025 results: EPS: ฿0.15 (down from ฿0.17 in 1Q 2024). Revenue: ฿387.1m (up 1.7% from 1Q 2024). Net income: ฿75.5m (down 15% from 1Q 2024). Profit margin: 20% (down from 23% in 1Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 24
T.K.S. Technologies Public Company Limited Approves Dividend Payment for the 2024, Payable on May 16, 2025 T.K.S. Technologies Public Company Limited announced that at the AGM held on April 23, 2025, It was unanimously resolved to approve the dividend payment for the 2024 operating results to shareholders in the amount of THB 222.99 million, equivalent to THB 0.45 per share. The company has already paid interim dividends for the first 6 months of 2024 on September 13, 2024, at the rate of THB 0.12 per share and will pay dividends for the rest of 2024 at the rate of THB 0.33 per share. The company has legal reserves of THB 50.84 million, which represents 10% of the registered capital, in accordance with the company's regulations. Therefore, there is no allocation of legal reserves from the net profit of the year 2024. Determine the list of shareholders entitled to receive the dividend (Record Date) on May 2, 2025, and the date of payment of the dividend within May 16, 2025. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.33 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 16 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 8.2%. Within top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (4.2%). New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 9.3% 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 Risk Earnings have declined by 9.3% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (฿2.85b market cap, or US$84.8m). Price Target Changed • Mar 01
Price target decreased by 38% to ฿6.25 Down from ฿10.10, the current price target is provided by 1 analyst. New target price is 9.6% above last closing price of ฿5.70. Stock is down 14% over the past year. The company is forecast to post earnings per share of ฿0.23 for next year compared to ฿0.56 last year. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.44b (US$99.2m) 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: Minor Risks Dividend is not well covered by earnings (176% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (฿3.44b market cap, or US$99.2m). Aankondiging • Aug 17
T.K.S. Technologies Public Company Limited Approves Interim Dividend for the First Six Months of 2024, Payable on or Before September 13, 2024 T.K.S. Technologies Public Company Limited at its board of directors meeting held on August 14, 2024, approved the payment of an interim dividend of THB 0.12 per share based on the Company's operating results for the first six months of 2024. The total number of shares eligible for the dividend is 496,984,956, amounting to a total dividend payment of THB 59,609,837. The record date for determining shareholders entitled to the dividend is August 28, 2024, and the dividend payment is scheduled to be made on or before September 13, 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.29 loss per share (vs ฿0.14 profit in 2Q 2023) Second quarter 2024 results: ฿0.29 loss per share (down from ฿0.14 profit in 2Q 2023). Revenue: ฿422.4m (up 12% from 2Q 2023). Net loss: ฿144.4m (down 306% from profit in 2Q 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • Jul 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.58b (US$99.4m) 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: Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Profit margins are more than 30% lower than last year (20% net profit margin). Market cap is less than US$100m (฿3.58b market cap, or US$99.4m). Board Change • Jun 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director, CFO and Director of Finance & Accounting Chokchawan Yangthaworntrakul was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.15 in 1Q 2023) First quarter 2024 results: EPS: ฿0.17 (up from ฿0.15 in 1Q 2023). Revenue: ฿387.2m (down 5.4% from 1Q 2023). Net income: ฿88.7m (up 17% from 1Q 2023). Profit margin: 23% (up from 19% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 13 May 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.6%). Declared Dividend • Feb 24
Final dividend reduced to ฿0.17 Dividend of ฿0.17 is 43% lower than last year. Ex-date: 19th March 2024 Payment date: 13th May 2024 Dividend yield will be 3.7%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (246% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Aankondiging • Feb 24
T.K.S. Technologies Public Company Limited Announces Sub-Committee Changes T.K.S. Technologies Public Company Limited notified the resolutions of the Board of Directors Meeting No. 1/2024 held on February 22, 2024 as follows: Approved the change of sub-committees, effective from February 23, 2024, with the following details: Appoint Mr. Chokchawan Yangthaworntrakul to hold the position of Risk Management Committee. Risk Management Committee, Consists of the following list: Mr. Areepong Bhoocha-oom- Chairman of the Risk Management Committee, Mr. Jutiphan Mongkolsuthree- Member of the Risk Management Committee, Mr. Parkpoom Pooudom- Member of the Risk Management Committee, Mr. Chokchawan Yangthaworntrakul-Member of the Risk Management Committee. Appoint Mr.Supant Mongkolsuthree to hold the position of Chairman of the Executive Committee and appoint Mr. Chokchawan Yangthaworntrakul to hold the position of the Executive Committee. The Executive Committee, Consists of the following list: Mr. Supant Mongkolsuthree-Chairman of the Executive Committee, Mr. Jutiphan Mongkolsuthree-Member of the Executive Committee, Mr.Parkpoom Pooudom-Member of the Executive Committee, Mr. Chokchawan Yangthaworntrakul-Member of the Executive Committee. Aankondiging • Feb 23
T.K.S. Technologies Public Company Limited, Annual General Meeting, Apr 23, 2024 T.K.S. Technologies Public Company Limited, Annual General Meeting, Apr 23, 2024, at 15:00 SE Asia Standard Time. Location: Synnex (Thailand), PCL.'s Head Office Bangkok Thailand Aankondiging • Feb 22
T.K.S. Technologies Public Company Limited Announces Cash Dividend for the Period from July 01, 2023 to December 31, 2023, Payable on May 13, 2024 T.K.S. Technologies Public Company Limited announced cash dividend of THB 0.17 per share for the period from July 01, 2023 to December 31, 2023. Ex-dividend date is March 19, 2024. Payment date is May 13, 2024. Record date for the right to receive dividends is March 20, 2024. Aankondiging • Feb 21
T.K.S. Technologies Public Company Limited Announces Chief Financial Officer Changes T.K.S. Technologies Public Company Limited announced Chief Financial Officer changes. Termination of Walaiporn Saengrungrojratsamee as Acting Chief Finance Officer and Appointment of Chokchawan Yangthaworntrakul as Chief Financial Officer. Effective Date; 20 February 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.63 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.15 (down from ฿0.63 in 3Q 2022). Revenue: ฿384.2m (down 4.4% from 3Q 2022). Net income: ฿76.9m (down 76% from 3Q 2022). Profit margin: 20% (down from 80% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Aankondiging • Nov 01
T.K.S. Technologies Public Company Limited Announces Executive Changes T.K.S. Technologies Public Company Limited announced change of chief finance officer. Termination of Mr. Pakpoom Kangsananont as chief finance officer. Effective date of termination is 31 October 2023. Appointment of Miss Walaiporn Saengrungrojratsamee as acting chief finance officer. Effective date of appointment is 1 November 2023. New Risk • Oct 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.69b (US$99.3m) 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 Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (203% cash payout ratio). Profit margins are more than 30% lower than last year (32% net profit margin). Market cap is less than US$100m (฿3.69b market cap, or US$99.3m). New Risk • Sep 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (203% cash payout ratio). Profit margins are more than 30% lower than last year (32% net profit margin). Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.08 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.9%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.14 (vs ฿0.29 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.14 (down from ฿0.29 in 2Q 2022). Revenue: ฿419.7m (up 7.7% from 2Q 2022). Net income: ฿70.1m (down 51% from 2Q 2022). Profit margin: 17% (down from 37% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 12
T.K.S. Technologies Public Company Limited Announces Interim Dividend for Operating Period from 01 January 2023 to 30 June 2023, Payable on 08 September 2023 T.K.S. Technologies Public Company Limited announced Interim dividend of THB 0.08 per share for operating period from 01 January 2023 to 30 June 2023. The dividend will paid on 08 September 2023 with record date of 25 August 2022 and ex-dividend date is 24 August 2022. Buying Opportunity • May 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be ฿12.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 8.6% in 2 years. Earnings is forecast to grow by 7.6% in the next 2 years. Buying Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ฿12.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has grown by 49%. Revenue is forecast to grow by 8.6% in 2 years. Earnings is forecast to grow by 7.6% in the next 2 years. Price Target Changed • Mar 31
Price target decreased by 14% to ฿13.70 Down from ฿16.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of ฿11.80. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿0.98 for next year compared to ฿1.32 last year. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.30 per share at 3.3% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 08 May 2023. Payout ratio is a comfortable 28% and the cash payout ratio is 94%. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.7%). In line with average of industry peers (3.4%). Major Estimate Revision • Dec 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿1.06 to ฿1.45. Revenue forecast unchanged at ฿1.54b. Net income forecast to shrink 5.3% next year vs 25% growth forecast for Commercial Services industry in Thailand . Consensus price target down from ฿16.00 to ฿14.90. Share price rose 9.7% to ฿12.40 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.63 (vs ฿1.67 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.63 (down from ฿1.67 in 3Q 2021). Revenue: ฿653.5m (up 56% from 3Q 2021). Net income: ฿319.4m (down 63% from 3Q 2021). Profit margin: 49% (down from 204% in 3Q 2021). Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Commercial Services industry in Asia are expected to grow by 13%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.5%). In line with average of industry peers (3.4%). Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.29 (vs ฿0.22 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.29 (up from ฿0.22 in 2Q 2021). Revenue: ฿389.7m (down 21% from 2Q 2021). Net income: ฿142.9m (up 26% from 2Q 2021). Profit margin: 37% (up from 23% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ฿13.60 Up from ฿12.00, the current price target is provided by 1 analyst. New target price is 11% above last closing price of ฿12.30. Stock is up 46% over the past year. The company is forecast to post earnings per share of ฿0.97 for next year compared to ฿2.34 last year. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿1.72b to ฿1.71b. EPS estimate rose from ฿0.85 to ฿0.97. Net income forecast to shrink 59% next year vs 22% growth forecast for Commercial Services industry in Thailand . Consensus price target up from ฿12.00 to ฿13.60. Share price fell 6.0% to ฿12.60 over the past week. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (2.9%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿2.58 (up from ฿0.49 in FY 2020). Revenue: ฿1.74b (down 8.9% from FY 2020). Net income: ฿1.19b (up 420% from FY 2020). Profit margin: 69% (up from 12% in FY 2020). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 18% share price gain to ฿18.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Commercial Services industry in Asia. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿14.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Commercial Services industry in Asia. Total returns to shareholders of 104% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 21% share price gain to ฿16.60, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Commercial Services industry in Asia. Total returns to shareholders of 164% over the past three years. Executive Departure • Dec 01
Acting Director of Accounting & Finance Cherdsakul Onmongkol has left the company On the 30th of November, Cherdsakul Onmongkol's tenure as Acting Director of Accounting & Finance ended after 1.1 years in the role. We don't have any record of a personal shareholding under Cherdsakul's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 1.13 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿1.84 (vs ฿0.15 in 3Q 2020) Third quarter 2021 results: Revenue: ฿418.0m (down 12% from 3Q 2020). Net income: ฿851.6m (up ฿781.4m from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 25 August 2021. Payment date: 07 September 2021. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (2.4%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.094 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿475.4m (down 4.5% from 1Q 2020). Net income: ฿105.9m (up 144% from 1Q 2020). Profit margin: 22% (up from 8.7% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Executive Departure • May 03
Independent Chairman of the Board Mongkon Ampornpisit has left the company On the 1st of May, Mongkon Ampornpisit's tenure as Independent Chairman of the Board ended after 12.0 years in the role. We don't have any record of a personal shareholding under Mongkon's name. A total of 4 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to ฿10.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Commercial Services industry in Asia. Total returns to shareholders of 40% over the past three years. Upcoming Dividend • Mar 08
Upcoming Dividend of ฿0.20 Per Share Will be paid on the 21st of May to those who are registered shareholders by the 15th of March. The trailing yield of 2.8% is below the top quartile of Thai dividend payers (5.6%), but is in line with industry peers (3.1%). Reported Earnings • Mar 07
Full year 2020 earnings released: EPS ฿0.49 (vs ฿0.83 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.91b (down 24% from FY 2019). Net income: ฿229.0m (down 41% from FY 2019). Profit margin: 12% (down from 15% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 04
New 90-day high: ฿8.35 The company is up 35% from its price of ฿6.20 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 18% share price gain to ฿8.35, the stock is trading at a trailing P/E ratio of 18.5x, up from the previous P/E ratio of 15.6x. This compares to an average P/E of 17x in the Commercial Services industry in Thailand. Total returns to shareholders over the past three years are 4.2%. Is New 90 Day High Low • Jan 29
New 90-day high: ฿6.65 The company is up 20% from its price of ฿5.55 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ฿6.45 The company is up 16% from its price of ฿5.55 on 18 September 2020. The Thai market is also up 16% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Commercial Services industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 30
New 90-day high: ฿6.15 The company is up 21% from its price of ฿5.10 on 01 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 4.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.15 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿476.0m (down 24% from 3Q 2019). Net income: ฿70.2m (up 38% from 3Q 2019). Profit margin: 15% (up from 8.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 24% per year. Is New 90 Day High Low • Oct 07
New 90-day high: ฿6.10 The company is up 22% from its price of ฿4.98 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 20% over the same period.