Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 15 May 2026. Payout ratio is on the higher end at 86%, however this is supported by cash flows. Trailing yield: 6.7%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.93 (vs ฿0.74 in FY 2024) Full year 2025 results: EPS: ฿0.93 (up from ฿0.74 in FY 2024). Revenue: ฿2.38b (up 16% from FY 2024). Net income: ฿319.9m (up 26% from FY 2024). Profit margin: 13% (up from 12% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Aankondiging • Feb 21
Siam Pan Group Public Company Limited announces Annual dividend, payable on May 15, 2026 Siam Pan Group Public Company Limited announced Annual dividend of THB 0.8000 per share payable on May 15, 2026, ex-date on March 19, 2026 and record date on March 20, 2026. Aankondiging • Feb 20
Siam Pan Group Public Company Limited, Annual General Meeting, Apr 22, 2026 Siam Pan Group Public Company Limited, Annual General Meeting, Apr 22, 2026, at 10:30 SE Asia Standard Time. Location: at the rachadramnern room of the royal princess-, hotel located on 269 larnluang road, pomprab, bangkok Thailand Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿13.00, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 9.0% over the past three years. Board Change • Feb 10
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Mom Luang Bunleang was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ฿0.14 (vs ฿0.13 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.14 (up from ฿0.13 in 3Q 2024). Revenue: ฿483.0m (up 30% from 3Q 2024). Net income: ฿48.7m (up 10.0% from 3Q 2024). Profit margin: 10% (down from 12% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Board Change • Oct 07
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Director Mom Luang Bunleang was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.19 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.28 (up from ฿0.19 in 2Q 2024). Revenue: ฿685.2m (up 31% from 2Q 2024). Net income: ฿97.0m (up 46% from 2Q 2024). Profit margin: 14% (up from 13% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿12.80, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿14.20, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 11x in the Chemicals industry in Thailand. Total loss to shareholders of 4.7% over the past three years. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.25 in 1Q 2024) First quarter 2025 results: EPS: ฿0.28 (up from ฿0.25 in 1Q 2024). Revenue: ฿628.3m (up 11% from 1Q 2024). Net income: ฿95.3m (up 12% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿14.20, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 6.4% over the past three years. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 12 March 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (3.5%). Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.74 (vs ฿1.05 in FY 2023) Full year 2024 results: EPS: ฿0.74 (down from ฿1.05 in FY 2023). Revenue: ฿2.11b (down 23% from FY 2023). Net income: ฿254.8m (down 30% from FY 2023). Profit margin: 12% (down from 13% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Declared Dividend • Feb 13
Dividend reduced to ฿0.40 Dividend of ฿0.40 is 50% lower than last year. Ex-date: 12th March 2025 Payment date: 19th May 2025 Dividend yield will be 3.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (180% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share remained steady over the last 5 years, which if continued should see the payout ratio remain close to the sustainable range. Aankondiging • Feb 12
Siam Pan Group Public Company Limited Recommends Annual Dividend Payment for the Fiscal Year Ended December 31, 2024, Payable on May 19, 2025 Siam Pan Group Public Company Limited at its AGM, to be held on April 22, 2025, recommended annual dividend payment for the fiscal year ended December 31, 2024 will be THB 0.40 per share from cumulative profit subject to 20% corporate income tax. The dividend will be payable on May 19, 2025. Record date for the right to receive dividends: March 13, 2025. Ex-dividend date is March 12, 2025. Aankondiging • Feb 11
Siam Pan Group Public Company Limited, Annual General Meeting, Apr 22, 2025 Siam Pan Group Public Company Limited, Annual General Meeting, Apr 22, 2025, at 10:30 SE Asia Standard Time. Location: at the rachadramnern room of the royal princess, hotel located on 269 larnluang road , pomprab, bangkok Thailand Board Change • Nov 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Executive Director Thakkhasit Jittivanich was the last director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.19 (vs ฿0.24 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.19 (down from ฿0.24 in 2Q 2023). Revenue: ฿535.1m (down 20% from 2Q 2023). Net income: ฿66.4m (down 20% from 2Q 2023). Profit margin: 12% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 1.1% 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 1.1% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). 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 6.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.25 (vs ฿0.29 in 1Q 2023) First quarter 2024 results: EPS: ฿0.25 (down from ฿0.29 in 1Q 2023). Revenue: ฿580.4m (down 26% from 1Q 2023). Net income: ฿85.2m (down 14% from 1Q 2023). Profit margin: 15% (up from 13% 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 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 12
Siam Pan Group Public Company Limited Approves Dividend for the Year 2023, Payable on May 9, 2024 Siam Pan Group Public Company Limited at its AGM held on April 2024 approved dividend of THB 0.80 per share for the year 2023 on May 9, 2024. Aankondiging • Mar 22
Siam Pan Group Public Company Limited Announces the Resignation of Paiboon Jittivanich as Director and Executive Director Siam Pan Group Public Company Limited announced that Mr. Paiboon Jittivanich has resigned from his position as a Director and Executive Director of the company, effective from March 19, 2024 onwards. And would like to cancel consideration of the election of Mr. Paiboon Jittivanich to return to the position of director for another term in the invitation to the 2024 Annual General Meeting of Shareholders, which will be held on April 11, 2024, as the Company has already.informed. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 09 May 2024. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿1.05 (vs ฿1.00 in FY 2022) Full year 2023 results: EPS: ฿1.05 (up from ฿1.00 in FY 2022). Revenue: ฿2.77b (down 4.2% from FY 2022). Net income: ฿361.8m (up 5.1% from FY 2022). Profit margin: 13% (up from 12% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 23
Dividend of ฿0.80 announced Dividend of ฿0.80 is the same as last year. Ex-date: 11th March 2024 Payment date: 9th May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 5.2% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.4% EPS decline seen over the last 5 years. Aankondiging • Feb 22
Siam Pan Group Public Company Limited, Annual General Meeting, Apr 11, 2024 Siam Pan Group Public Company Limited, Annual General Meeting, Apr 11, 2024, at 10:30 SE Asia Standard Time. Location: Rachadramnern Room of the Royal Princess Hotel located on 269 Larnluang Road , Pomprab Bangkok Thailand Agenda: To certify the minutes of 1/2023 the Ordinary general meeting of shareholders; to acknowledge the Company's operating results and the board of directors' report for the year 2023; to approve the audited Statement of financial position and Statement of comprehensive income for the year ended December 31, 2023; to consider and approve the appropriation of net profit for Dividend payments; to consider and appoint an auditor and fix the auditing fee for the year 2024; to consider the election of Directors in place of those vacating the office by Rotation; to consider and fix the directors' Remuneration for the year 2024; and to consider any other matters. Aankondiging • Feb 21
Siam Pan Group Public Company Limited Recommends Annual Dividend Payment for the Fiscal Year 2023, Payable on May 9, 2024 Siam Pan Group Public Company Limited at its AGM, to be held on April 11, 2024, recommended annual dividend payment for the fiscal year 2023 will be THB 0.80 per share from cumulative profit subject to 20% corporate income tax. The dividend will be payable on May 9, 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.19 (vs ฿0.19 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.19. Revenue: ฿628.4m (up 11% from 3Q 2022). Net income: ฿66.1m (flat on 3Q 2022). Profit margin: 11% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.28 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.24 (down from ฿0.28 in 2Q 2022). Revenue: ฿671.9m (down 5.2% from 2Q 2022). Net income: ฿83.2m (down 15% from 2Q 2022). Profit margin: 12% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Aug 11
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. 6 non-independent directors. 1st Executive Vice Chairman of the Board Orasri Thipayaboonthong was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.80 per share at 5.3% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (2.8%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.31 (vs ฿0.40 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.31 (down from ฿0.40 in 2Q 2021). Revenue: ฿786.9m (up 1.5% from 2Q 2021). Net income: ฿106.2m (down 23% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: ฿0.38 (vs ฿0.47 in 1Q 2021) First quarter 2022 results: EPS: ฿0.38 (down from ฿0.47 in 1Q 2021). Revenue: ฿928.4m (up 13% from 1Q 2021). Net income: ฿130.5m (down 19% from 1Q 2021). Profit margin: 14% (down from 19% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 11% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 17
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 24 March 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.3%). Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿1.33 (up from ฿1.08 in FY 2020). Revenue: ฿2.95b (up 13% from FY 2020). Net income: ฿460.0m (up 23% from FY 2020). Profit margin: 16% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 24 November 2021. Payment date: 07 December 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (2.5%). Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.24 (vs ฿0.21 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿621.5m (up 12% from 3Q 2020). Net income: ฿84.3m (up 17% from 3Q 2020). Profit margin: 14% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Aug 19
Second quarter 2021 earnings released: EPS ฿0.40 (vs ฿0.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿779.4m (up 13% from 2Q 2020). Net income: ฿137.3m (up 25% from 2Q 2020). Profit margin: 18% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.46 (vs ฿0.26 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿829.5m (up 21% from 1Q 2020). Net income: ฿160.4m (up 78% from 1Q 2020). Profit margin: 19% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿1.08 (vs ฿0.89 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿2.64b (down 11% from FY 2019). Net income: ฿372.9m (up 22% from FY 2019). Profit margin: 14% (up from 10% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 15% share price gain to ฿21.00, the stock is trading at a trailing P/E ratio of 19.1x, up from the previous P/E ratio of 16.6x. This compares to an average P/E of 13x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 31%. Is New 90 Day High Low • Jan 26
New 90-day high: ฿18.20 The company is up 40% from its price of ฿13.00 on 28 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 46% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ฿17.10 The company is up 37% from its price of ฿12.50 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 40% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ฿14.70 The company is up 14% from its price of ฿12.90 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 30% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿13.70 The company is up 4.0% from its price of ฿13.20 on 19 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.21 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿562.1m (down 14% from 3Q 2019). Net income: ฿71.8m (up 26% from 3Q 2019). Profit margin: 13% (up from 8.8% 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 8% per year whereas the company’s share price has fallen by 10% per year.