Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.12 (vs ฿0.069 in 1Q 2025) First quarter 2026 results: EPS: ฿0.12 (up from ฿0.069 in 1Q 2025). Revenue: ฿4.69b (up 3.9% from 1Q 2025). Net income: ฿102.1m (up 70% from 1Q 2025). Profit margin: 2.2% (up from 1.3% in 1Q 2025). 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 40 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 09
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 30 April 2026. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.34, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 11x in the Metals and Mining industry in Thailand. Total loss to shareholders of 55% over the past three years. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ฿0.11 (vs ฿0.05 loss in FY 2024) Full year 2025 results: EPS: ฿0.11 (up from ฿0.05 loss in FY 2024). Revenue: ฿17.6b (down 8.5% from FY 2024). Net income: ฿99.8m (up ฿143.1m from FY 2024). Profit margin: 0.6% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. New Risk • Feb 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 0% Dividend yield: 3.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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). Earnings have declined by 48% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Market cap is less than US$100m (฿2.51b market cap, or US$80.9m). Aankondiging • Feb 21
TMT Steel Public Company Limited, Annual General Meeting, Apr 03, 2026 TMT Steel Public Company Limited, Annual General Meeting, Apr 03, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.16 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.01 (up from ฿0.16 loss in 3Q 2024). Revenue: ฿4.46b (down 12% from 3Q 2024). Net income: ฿12.3m (up ฿147.7m from 3Q 2024). Profit margin: 0.3% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.048 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03 (down from ฿0.048 in 2Q 2024). Revenue: ฿4.30b (down 9.3% from 2Q 2024). Net income: ฿29.7m (down 29% from 2Q 2024). Profit margin: 0.7% (down from 0.9% in 2Q 2024). The decrease in margin was driven by lower 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. Buy Or Sell Opportunity • Aug 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to ฿3.38. The fair value is estimated to be ฿2.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jul 17
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to ฿3.14. The fair value is estimated to be ฿2.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.095 in 1Q 2024) First quarter 2025 results: EPS: ฿0.07 (down from ฿0.095 in 1Q 2024). Revenue: ฿4.52b (down 9.7% from 1Q 2024). Net income: ฿60.2m (down 27% from 1Q 2024). Profit margin: 1.3% (down from 1.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to ฿3.32. The fair value is estimated to be ฿2.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 22
Full year 2024 earnings released: ฿0.05 loss per share (vs ฿0.38 profit in FY 2023) Full year 2024 results: ฿0.05 loss per share (down from ฿0.38 profit in FY 2023). Revenue: ฿19.3b (down 3.7% from FY 2023). Net loss: ฿43.3m (down 113% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Aankondiging • Feb 22
TMT Steel Public Company Limited, Annual General Meeting, Apr 03, 2025 TMT Steel Public Company Limited, Annual General Meeting, Apr 03, 2025, at 14:00 SE Asia Standard Time. Aankondiging • Feb 21
TMT Steel Public Company Limited Omits Dividend Payment for the Operating Period from 01 Jul. 2024 to 31 Dec. 2024 TMT Steel Public Company Limited omitted dividend payment for the operating period from 01 Jul. 2024 to 31 Dec. 2024. Date of Board resolution is 21 Feb. 2025. New Risk • Dec 11
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 6.4% 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 (0.6x net interest cover). Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 159x earnings per share). Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.006% net profit margin). Market cap is less than US$100m (฿2.84b market cap, or US$83.8m). New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 111x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.007% net profit margin). Market cap is less than US$100m (฿3.27b market cap, or US$94.3m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: ฿0.16 loss per share (vs ฿0.092 profit in 3Q 2023) Third quarter 2024 results: ฿0.16 loss per share (down from ฿0.092 profit in 3Q 2023). Revenue: ฿5.05b (flat on 3Q 2023). Net loss: ฿135.4m (down 268% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Nov 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.41b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 4.6% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.41b market cap, or US$99.5m). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿4.94, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 16x in the Metals and Mining industry in Thailand. Total loss to shareholders of 41% over the past three years. Declared Dividend • Aug 11
First half dividend reduced to ฿0.05 Dividend of ฿0.05 is 67% lower than last year. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 4.5%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is not covered by earnings (123% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 36% to bring the payout ratio under control. However, EPS has declined by 7.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.04 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05 (up from ฿0.04 in 2Q 2023). Revenue: ฿4.74b (down 4.0% from 2Q 2023). Net income: ฿41.9m (up 20% from 2Q 2023). Profit margin: 0.9% (up from 0.7% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Aankondiging • Aug 10
TMT Steel Public Company Limited Announces Interim Cash Dividend for the Period from January 01, 2024 to June 30, 2024, Payable on 06 September 2024 TMT Steel Public Company Limited announced interim cash dividend payment of THB 0.05 per share for the common shareholders for the operating period from 01 January 2024 to 30 June 2024. Record date for the right to receive dividends 23 August 2024, ex-dividend date of 22 August 2024 and payment date of 06 September 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.23 in 1Q 2023) First quarter 2024 results: EPS: ฿0.10 (down from ฿0.23 in 1Q 2023). Revenue: ฿5.00b (down 8.5% from 1Q 2023). Net income: ฿82.9m (down 60% from 1Q 2023). Profit margin: 1.7% (down from 3.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Aankondiging • Apr 04
TMT Steel Public Company Limited Announces Board Changes TMT Steel Public Company Limited at its AGM held on April 2, 2024 approved appointment of Mr. Prawas Sontawakul as a Director in replacement of Mr. Soon Tarasansombat, whose term has expired, effective from April 2, 2024, onwards. Aankondiging • Apr 03
TMT Steel Public Company Limited Approves Dividend the Year 2023, Payable April 30, 2024 TMT Steel Public Company Limited at its AGM held on April 2, 2024, approved the dividend payment from the operating result of the year 2023 at the rate of THB 0.30 (thirty satangs) per share, totaling THB 261,227,410 which the Company already paid an interim dividend on September 8, 2023, at the rate of THB 0.15 (fifteen satangs) per share, therefore, the remaining dividends to be paid are at the rate of THB 0.15 (fifteen satangs) per share to the shareholders of the Company. The date of determining the right to receive dividends (Record Date) will be on April 10, 2024, and the dividend payment date will be on April 30, 2024,. Upcoming Dividend • Apr 02
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 09 April 2024. Payment date: 30 April 2024. Payout ratio is on the higher end at 79%, and the cash payout ratio is above 100%. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.8%). In line with average of industry peers (5.1%). Declared Dividend • Feb 24
Final dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 9th April 2024 Payment date: 30th April 2024 Dividend yield will be 5.0%, which is lower than the industry average of 6.6%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but not covered by cash flows (212% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 19% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.9% EPS decline seen over the last 5 years. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: ฿0.38 (vs ฿0.28 in FY 2022) Full year 2023 results: EPS: ฿0.38 (up from ฿0.28 in FY 2022). Revenue: ฿20.0b (down 9.9% from FY 2022). Net income: ฿332.7m (up 37% from FY 2022). Profit margin: 1.7% (up from 1.1% 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 46% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.09 (vs ฿0.098 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.09 (up from ฿0.098 loss in 3Q 2022). Revenue: ฿5.10b (down 6.2% from 3Q 2022). Net income: ฿80.4m (up ฿165.6m from 3Q 2022). Profit margin: 1.6% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share at 4.3% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (6.6%). New Risk • Aug 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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 (2.2x net interest cover). Minor Risks Dividend is not well covered by earnings (137% payout ratio). Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.19 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.04 (down from ฿0.19 in 2Q 2022). Revenue: ฿4.94b (down 13% from 2Q 2022). Net income: ฿35.0m (down 79% from 2Q 2022). Profit margin: 0.7% (down from 2.9% 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 14% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Aankondiging • Aug 12
TMT Steel Public Company Limited Announces Interim Dividend for the Period from January 01, 2023 to June 30, 2023, Payable on 08 September 20223 TMT Steel Public Company Limited announced interim dividend payment of THB 0.15 per share for the common shareholders for the operating period from 01 January 2023 to 30 June 2023. Record date for the right to receive dividends 25 August 2023, ex-dividend date of 24 August 2023 and payment date of 08 September 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.15 in 1Q 2022) First quarter 2023 results: EPS: ฿0.24 (up from ฿0.15 in 1Q 2022). Revenue: ฿5.47b (down 13% from 1Q 2022). Net income: ฿204.8m (up 61% from 1Q 2022). Profit margin: 3.7% (up from 2.0% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.15 per share at 3.9% yield Eligible shareholders must have bought the stock before 17 April 2023. Payment date: 03 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (5.9%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: ฿0.098 loss per share (vs ฿0.39 profit in 3Q 2021) Third quarter 2022 results: ฿0.098 loss per share (down from ฿0.39 profit in 3Q 2021). Revenue: ฿5.43b (down 3.8% from 3Q 2021). Net loss: ฿85.1m (down 125% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. 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. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ratanavalee Gorsanan was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Nov 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be ฿9.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 57%. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (7.7%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.19 (vs ฿0.69 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.19 (down from ฿0.69 in 2Q 2021). Revenue: ฿5.68b (up 8.8% from 2Q 2021). Net income: ฿164.7m (down 73% from 2Q 2021). Profit margin: 2.9% (down from 12% 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 57% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.15 (down from ฿0.49 in 1Q 2021). Revenue: ฿6.25b (up 23% from 1Q 2021). Net income: ฿126.9m (down 70% from 1Q 2021). Profit margin: 2.0% (down from 8.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. 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. No experienced directors. 7 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Ratanavalee Gorsanan was the last independent director to join the board, commencing their role in 2010. 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 11
Upcoming dividend of ฿0.70 per share Eligible shareholders must have bought the stock before 18 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (6.9%). Reported Earnings • Feb 21
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿1.76 (up from ฿0.62 in FY 2020). Revenue: ฿21.6b (up 48% from FY 2020). Net income: ฿1.53b (up 185% from FY 2020). Profit margin: 7.1% (up from 3.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.39 (vs ฿0.18 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿5.64b (up 50% from 3Q 2020). Net income: ฿341.3m (up 119% from 3Q 2020). Profit margin: 6.0% (up from 4.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (4.4%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.69 (vs ฿0.098 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿5.22b (up 47% from 2Q 2020). Net income: ฿604.7m (up ฿519.5m from 2Q 2020). Profit margin: 12% (up from 2.4% 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 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.49 (vs ฿0.14 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿5.11b (up 44% from 1Q 2020). Net income: ฿423.2m (up 243% from 1Q 2020). Profit margin: 8.3% (up from 3.5% 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 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 25% share price gain to ฿12.40, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 19x in the Metals and Mining industry in Thailand. Total returns to shareholders of 91% over the past three years. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 30 April 2021. Trailing yield: 5.1%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (4.1%). Is New 90 Day High Low • Feb 24
New 90-day high: ฿7.60 The company is up 36% from its price of ฿5.60 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 28% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿14.6b (down 12% from FY 2019). Net income: ฿537.9m (up 134% from FY 2019). Profit margin: 3.7% (up from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 33% 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. Is New 90 Day High Low • Dec 25
New 90-day high: ฿7.10 The company is up 50% from its price of ฿4.74 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 31% over the same period. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 15% share price gain to ฿6.80, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 13.3x. This compares to an average P/E of 17x in the Metals and Mining industry in Thailand. Total returns to shareholders over the past three years were flat. Is New 90 Day High Low • Dec 04
New 90-day high: ฿5.75 The company is up 20% from its price of ฿4.78 on 03 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 Metals and Mining industry, which is up 9.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.18 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿3.77b (down 10.0% from 3Q 2019). Net income: ฿155.8m (up 487% from 3Q 2019). Profit margin: 4.1% (up from 0.6% 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 34% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day high: ฿4.98 The company is up 17% from its price of ฿4.26 on 07 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 6.0% over the same period. Is New 90 Day High Low • Oct 15
New 90-day high: ฿4.88 The company is up 17% from its price of ฿4.16 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 3.0% over the same period.