Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: ฿0.11 (vs ฿0.034 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.11 (up from ฿0.034 in 2Q 2025). Revenue: ฿395.5m (down 6.4% from 2Q 2025). Net income: ฿21.4m (up 221% from 2Q 2025). Profit margin: 5.4% (up from 1.6% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.08 (vs ฿0.045 in 1Q 2025) First quarter 2026 results: EPS: ฿0.08 (up from ฿0.045 in 1Q 2025). Revenue: ฿361.6m (down 11% from 1Q 2025). Net income: ฿16.5m (up 87% from 1Q 2025). Profit margin: 4.6% (up from 2.2% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. New Risk • Apr 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿322.0m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (฿322.0m market cap, or US$9.95m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.62, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 40% After last week's 40% share price gain to ฿2.22, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.79, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 62% over the past three years. Upcoming Dividend • Feb 17
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 24 February 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.9%). Reported Earnings • Feb 14
Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.10 loss in FY 2024) Full year 2025 results: EPS: ฿0.19 (up from ฿0.10 loss in FY 2024). Revenue: ฿1.71b (up 24% from FY 2024). Net income: ฿36.9m (up ฿56.8m from FY 2024). Profit margin: 2.2% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Feb 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 52% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿429.4m market cap, or US$13.8m). Aankondiging • Feb 11
Multibax Public Company Limited Proposes Dividend for the Period January 1, 2025 to December 31, 2025 Multibax Public Company Limited proposed dividend for the period January 1, 2025 to December 31, 2025. For the period, the company reported dividend of THB 0.10 per share with record date of February 25, 2026 and ex-dividend date of February 24, 2026. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ฿1.77, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 63% over the past three years. Aankondiging • Feb 10
Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026 Multibax Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Location: chao praya room, 3 rd floor, monthien riverside hotel, Thailand New Risk • Dec 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 52% per year over the past 5 years. Market cap is less than US$10m (฿288.2m market cap, or US$9.17m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.085 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.085 loss in 3Q 2024). Revenue: ฿450.7m (up 28% from 3Q 2024). Net income: ฿11.6m (up ฿28.3m from 3Q 2024). Profit margin: 2.6% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.032 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03. Revenue: ฿426.4m (up 28% from 2Q 2024). Net income: ฿6.68m (up 4.5% from 2Q 2024). Profit margin: 1.6% (down from 1.9% in 2Q 2024). The decrease in margin was driven by higher expenses. New Risk • Jun 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (฿308.1m market cap, or US$9.45m). Minor Risk Share price has been volatile over the past 3 months (8.0% average weekly change). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.019 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (up from ฿0.019 in 1Q 2024). Revenue: ฿412.3m (up 38% from 1Q 2024). Net income: ฿8.87m (up 141% from 1Q 2024). Profit margin: 2.2% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Feb 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿339.9m (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.06x net interest cover). Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (฿339.9m market cap, or US$9.95m). Aankondiging • Feb 06
Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025 Multibax Public Company Limited, Annual General Meeting, Apr 03, 2025, at 14:00 SE Asia Standard Time. Location: at vimarnthip room, 5th floor, monthien riverside hotel, Thailand Aankondiging • Feb 04
Multibax Public Company Limited Appoints Kitja Huayyam as Executive Director Multibax Public Company Limited has appointed Miss. Kitja Huayyam to assume the position of Executive Director. The effective date is February 1, 2025. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 55% over the past three years. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ฿0.08 loss per share (vs ฿0.024 loss in 3Q 2023) Third quarter 2024 results: ฿0.08 loss per share (further deteriorated from ฿0.024 loss in 3Q 2023). Revenue: ฿353.5m (up 23% from 3Q 2023). Net loss: ฿16.8m (loss widened 262% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.10 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.10 loss in 2Q 2023). Revenue: ฿334.5m (up 44% from 2Q 2023). Net income: ฿6.39m (up ฿26.8m from 2Q 2023). Profit margin: 1.9% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.16 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (up from ฿0.16 loss in 1Q 2023). Revenue: ฿301.4m (up 9.1% from 1Q 2023). Net income: ฿3.68m (up ฿34.6m from 1Q 2023). Profit margin: 1.2% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 15
Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024 Multibax Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Location: Vimarnthip Room, 5th Floor, Monthien Riverside Hotel, No. 372 Rama III Road, Khwang Bangklo, Khet Bangkorlaem, Bangkok Thailand Agenda: To consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the business operating results of the Company for the fiscal year 2023; to consider and approve the Audited Financial Statement as of 31 December 2023 and the Profit and Loss Statement for the fiscal year ended 31 December 2023; to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023; to consider the election of directors to replace those who will leave office according to the office term; to consider fixing the remuneration for the directors for the fiscal year 2024; to consider the appointment of Auditors and fix the Auditors' Fee for fiscal year 2024; and to consider other matters (if any). Aankondiging • Feb 14
Multibax Public Company Limited Proposes to Refrain from Dividend Payments for the Operating Results from the Fiscal Year 2023 Multibax Public Company Limited at 2024 Annual General Meeting of Shareholders be held on 11th April 2024 proposed to consider and approve refraining from dividend payments for the Company's operating results from the fiscal year 2023. Reported Earnings • Feb 14
Full year 2023 earnings released: ฿0.20 loss per share (vs ฿0.64 profit in FY 2022) Full year 2023 results: ฿0.20 loss per share (down from ฿0.64 profit in FY 2022). Revenue: ฿1.13b (down 43% from FY 2022). Net loss: ฿38.2m (down 131% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 02
Multibax Public Company Limited Announces the Appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance Director Multibax Public Company Limited announced the appointment of Mr. Wanchai Limthawornwatthana as Engineering and Maintenance Director. The effective date is February 1, 2024. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 7.2% 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 7.2% per year over the past 5 years. Minor Risks High level of debt (102% net debt to equity). Paying a dividend despite being loss-making. Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿642.5m market cap, or US$18.1m). Aankondiging • Oct 26
Multibax Public Company Limited Announces Board Changes, Effective November 1, 2023 Multibax Public Company Limited at it Board of Directors' Meeting No.10/2566 on October 24, 2023 announced that 1. Mr. Surachai Atsawakaewmongkhon has resigned from his position as a Chairman of the Board but still holding Director, effective from November 1, 2023, onwards. 2. Approved the appointment of Mr. Kowate Limtrakul, an Independent Director to be the Chairman of the Board effective from November 1, 2023, onwards. 3. Approved the appointment of Mr. Thanadol Thongsukh, an Independent Director to be the Vice- Chairman of the Board effective from November 1, 2023, onwards. The Company has 10 directors who has the positions of Director and Subcommittee as follows: 1. Mr. Kowate Limtrakul, Chairman of the Board and Independent Director 2. Mr. Thanadol Thongsukh, Vice-Chairman of the Board, Independent Director, Member of the Audit Committee, Chairman of the Nomination and Remuneration Committee 3. Mr. Surachai Atsawakaewmongkhon, Executive chairman, Managing Director, Member of the Risk Management Committee and Acting Production Director 4. Mr. Adirek Sriwatanawongsa, Independent Director and Chairman of the Audit Committee 5. Mr. Pisuth Lertvilai, Director, Deputy Managing Director, Executive Director, Chairman of the Risk Management Committee, Member of the Nomination and Remuneration Committee, Administrative Director 6. Miss Benjawan Sinkunakorn, Independent Director, Member of the Audit Committee and Member of the Nomination and Remuneration Committee 7. Mr. Prakit Seksarn, Director 8. Mr. Nopparoch Chotchintanathat, Director 9. Mr. Vichien Tangudtaisuk, Director, Member of the Risk Management Committee 10. Miss Suwanna Teerapapthamkul Director, Executive Director and Accounting and Finance Director. New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 6x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Market cap is less than US$100m (฿749.6m market cap, or US$20.8m). Aankondiging • Aug 11
Multibax Public Company Limited Omits Cash Dividend for the Period from January 1, 2023 to June 30, 2023 Multibax Public Company Limited Omitted dividend payment for the Period from January 1, 2023 to June 30, 2023. New Risk • Aug 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 8x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (฿761.7m market cap, or US$21.7m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: ฿0.10 loss per share (vs ฿0.22 profit in 2Q 2022) Second quarter 2023 results: ฿0.10 loss per share (down from ฿0.22 profit in 2Q 2022). Revenue: ฿235.9m (down 54% from 2Q 2022). Net loss: ฿20.4m (down 148% from profit in 2Q 2022). 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 15% per year, which means it has not declined as severely as earnings. Aankondiging • Jun 30
Multibax Public Company Limited Announces Board Changes, Effective July 1, 2023 Onwards Multibax Public Company Limited announced the resolution of the Board of Directors' Meeting No.6/2566 on June 27, 2023 as follows: Mr. Prakit Seksarn has resigned from his position as the Chairman of the Board of Directors but still holding the Director position, effective from July 1, 2023 onwards, approved the appointment of Mr.Surachai Atsawakaewmongkhon, Vice-Chairman of the Board of Directors to be the Chairman of the Board of Directors, effective from July 1, 2023 onwards, Mr. Sawat Kengchon has resigned from his position as the Director from the reason of the expansion of his own business that requires more of his time effective from July 1, 2023 onwards. Therefore, the Company Board of Directors will comprise of 10 Directors who hold the positions of Directors and Subcommittee Directors as follows: Mr. Surachai Atsawakaewmongkhon - Chairman of the Board/Executive chairman/Managing Director/Risk Management Committee/Acting Production, Director, Mr. Prakit Seksarn - Director, Mr. Adirek Sriwatanawongsa - Director/Deputy Managing Director/Executive Director/Chairman of the Risk Management Committee/Member of the Nomination and Remuneration Committee, Mr. Thanadol Thongsukh - Independent Director/Member of the Audit Committee/Chairman of the Nomination and Remuneration Committee, Miss Benjawan Sinkunakorn - Independent Director/Member of the Audit Committee/Member of the Nomination and Remuneration Committee, Mr. Nopparoch Chotchintanathat - Director, Mr. Vichien Tangudtaisuk- Director/Risk Management Committee, Miss Suwanna Teerapapthamkul - Director/Executive Director/Accounting and Finance Director, Mr. Kowate Limtrakul - Independent Director. Reported Earnings • May 13
First quarter 2023 earnings released: ฿0.16 loss per share (vs ฿0.09 profit in 1Q 2022) First quarter 2023 results: ฿0.16 loss per share (down from ฿0.09 profit in 1Q 2022). Revenue: ฿279.4k (down 100% from 1Q 2022). Net loss: ฿31.0k (down 100% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.38 per share at 14% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 02 May 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 83% respectively. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: ฿0.64 (vs ฿0.33 in FY 2021) Full year 2022 results: EPS: ฿0.64 (up from ฿0.33 in FY 2021). Revenue: ฿1.97b (up 35% from FY 2021). Net income: ฿122.6m (up 97% from FY 2021). Profit margin: 6.2% (up from 4.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (4.7%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.009 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.22 (up from ฿0.009 loss in 2Q 2021). Revenue: ฿513.1m (up 75% from 2Q 2021). Net income: ฿42.7m (up ฿44.4m from 2Q 2021). Profit margin: 8.3% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 31% share price gain to ฿6.75, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 120% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.046 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.09 (up from ฿0.046 loss in 1Q 2021). Revenue: ฿374.6m (up 15% from 1Q 2021). Net income: ฿17.4m (up ฿26.2m from 1Q 2021). Profit margin: 4.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Kowate Limtrakul was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 92%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (4.2%). Reported Earnings • Feb 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.33 (down from ฿0.92 in FY 2020). Revenue: ฿1.46b (down 23% from FY 2020). Net income: ฿62.4m (down 65% from FY 2020). Profit margin: 4.3% (down from 9.4% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.05 loss per share (vs ฿0.17 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿326.9m (down 19% from 1Q 2020). Net loss: ฿8.87m (down 126% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ฿5.95, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 21x in the Chemicals industry in Thailand. Total returns to shareholders of 90% over the past three years. Upcoming Dividend • Apr 14
Upcoming dividend of ฿0.56 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 07 May 2021. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 18
Full year 2020 earnings released: EPS ฿0.92 (vs ฿0.27 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.89b (up 32% from FY 2019). Net income: ฿176.1m (up 245% from FY 2019). Profit margin: 9.3% (up from 3.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 17
New 90-day low: ฿6.60 The company is down 8.0% from its price of ฿7.20 on 19 November 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 28% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.31 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿560.5m (up 61% from 3Q 2019). Net income: ฿60.1m (up ฿56.3m from 3Q 2019). Profit margin: 11% (up from 1.1% in 3Q 2019). The increase in margin was driven by higher revenue. 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 17% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Market pulls back on stock over the past week After last week's 16% share price decline to ฿7.10, the stock is trading at a trailing P/E ratio of 10.8x, down from the previous P/E ratio of 12.9x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 90%. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 15% share price gain to ฿8.60, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 12x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 119%. Is New 90 Day High Low • Oct 29
New 90-day high: ฿8.00 The company is up 57% from its price of ฿5.10 on 31 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 Chemicals industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 02
New 90-day high: ฿6.80 The company is up 55% from its price of ฿4.40 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 14% over the same period.