Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.014 (vs ฿0.052 in 1Q 2025) First quarter 2026 results: EPS: ฿0.014 (down from ฿0.052 in 1Q 2025). Revenue: ฿602.0m (up 35% from 1Q 2025). Net income: ฿11.2m (down 75% from 1Q 2025). Profit margin: 1.9% (down from 9.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 21 May 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (0.4%). New Risk • Apr 22
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 7.7% 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 Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (฿1.30b market cap, or US$40.4m). Reported Earnings • Mar 01
Full year 2025 earnings released: ฿0.07 loss per share (vs ฿0.19 loss in FY 2024) Full year 2025 results: ฿0.07 loss per share (improved from ฿0.19 loss in FY 2024). Revenue: ฿2.17b (up 2.8% from FY 2024). Net loss: ฿60.1m (loss narrowed 63% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Declared Dividend • Mar 01
Dividend reduced to ฿0.03 Dividend of ฿0.03 is 25% lower than last year. Ex-date: 30th April 2026 Payment date: 21st May 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (222% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. New Risk • Nov 14
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. 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 Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (฿959.9m market cap, or US$29.7m). Reported Earnings • Nov 08
Third quarter 2025 earnings released: ฿0.06 loss per share (vs ฿0.093 loss in 3Q 2024) Third quarter 2025 results: ฿0.06 loss per share (improved from ฿0.093 loss in 3Q 2024). Revenue: ฿564.3m (up 14% from 3Q 2024). Net loss: ฿48.2m (loss narrowed 39% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 08
Second quarter 2025 earnings released: ฿0.055 loss per share (vs ฿0.075 loss in 2Q 2024) Second quarter 2025 results: ฿0.055 loss per share (improved from ฿0.075 loss in 2Q 2024). Revenue: ฿460.9m (down 5.8% from 2Q 2024). Net loss: ฿45.0m (loss narrowed 29% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. New Risk • Jun 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 4.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿919.2m market cap, or US$28.0m). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.034 in 1Q 2024) First quarter 2025 results: EPS: ฿0.05 (up from ฿0.034 in 1Q 2024). Revenue: ฿543.5m (up 5.4% from 1Q 2024). Net income: ฿43.7m (up 52% from 1Q 2024). Profit margin: 8.0% (up from 5.6% 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 37 percentage points per year, which is a significant difference in performance. New Risk • May 09
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 9.9% 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 Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (฿1.22b market cap, or US$37.0m). Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 20 May 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 21
Full year 2024 earnings released: ฿0.19 loss per share (vs ฿0.28 profit in FY 2023) Full year 2024 results: ฿0.19 loss per share (down from ฿0.28 profit in FY 2023). Revenue: ฿2.12b (down 19% from FY 2023). Net loss: ฿164.5m (down 170% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Aankondiging • Feb 21
Stars Microelectronics (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025 Stars Microelectronics (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: at magic 2 room, 2nd floor, miracle, grand convention hotel, viphavadee road, laksi, donmuang, bangkok Thailand Aankondiging • Feb 20
Stars Microelectronics (Thailand) Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on 20 May 2025 Stars Microelectronics (Thailand) Public Company Limited announced that at its board meeting held on 20 February 2025, had approved the dividend payment for the year 2024 and convened the Annual General Meeting of shareholders of year 2025. The meeting adopted the following resolution as follows: Resolved to approve the dividend payment from the unappropriated retain earning at December 31, 2024 of THB 0.04 per share payable from retain earning under BOI privilege which are tax exempt of THB 0.04 per share for the total amount not exceeding of THB 32,816,271. Determining the shareholder entitled to receive the dividends on 2 May 2025 (Record date) and the dividend payment will be made on 20 May 2025 However, this matter shall be submitted to the Annual General Meeting of shareholders for fiscal year 2025 for approval. Buy Or Sell Opportunity • Jan 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to ฿1.39. The fair value is estimated to be ฿1.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 13
Third quarter 2024 earnings released: ฿0.09 loss per share (vs ฿0.097 profit in 3Q 2023) Third quarter 2024 results: ฿0.09 loss per share (down from ฿0.097 profit in 3Q 2023). Revenue: ฿499.2m (down 30% from 3Q 2023). Net loss: ฿78.5m (down 196% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Oct 10
Now 20% overvalued Over the last 90 days, the stock has fallen 21% to ฿2.10. The fair value is estimated to be ฿1.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Sep 24
Now 22% overvalued Over the last 90 days, the stock has fallen 31% to ฿2.14. The fair value is estimated to be ฿1.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Sep 05
Now 22% overvalued Over the last 90 days, the stock has fallen 20% to ฿2.14. The fair value is estimated to be ฿1.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ฿2.08, the stock trades at a trailing P/E ratio of 41.2x. Average trailing P/E is 21x in the Electronic industry in Thailand. Total loss to shareholders of 65% over the past three years. Buy Or Sell Opportunity • Aug 13
Now 33% undervalued after recent price drop Over the last 90 days, the stock has fallen 54% to ฿1.17. The fair value is estimated to be ฿1.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.07 loss per share (vs ฿0.10 profit in 2Q 2023) Second quarter 2024 results: ฿0.07 loss per share (down from ฿0.10 profit in 2Q 2023). Revenue: ฿496.2m (down 31% from 2Q 2023). Net loss: ฿63.2m (down 174% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.77, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total loss to shareholders of 72% over the past three years. New Risk • Jul 19
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 6.9% 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 (6.9% average weekly change). Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿1.99b market cap, or US$54.8m). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.16, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 19x in the Electronic industry in Thailand. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.58, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 19x in the Electronic industry in Thailand. Total loss to shareholders of 60% over the past three years. Aankondiging • May 30
Stars Microelectronics (Thailand) Public Company Limited Appoints Miss Jiratha Lamsomwang as Chief Accountant Stars Microelectronics (Thailand) Public Company Limited appointed Miss Jiratha Lamsomwang as Chief Accountant, effective from May 1, 2024. New Risk • May 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.7% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Profit margins are more than 30% lower than last year (7.7% net profit margin). Market cap is less than US$100m (฿2.30b market cap, or US$62.4m). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.087 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (down from ฿0.087 in 1Q 2023). Revenue: ฿518.0m (down 21% from 1Q 2023). Net income: ฿28.8m (down 61% from 1Q 2023). Profit margin: 5.6% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 07
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 14 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (1.2%). Aankondiging • Apr 27
Stars Microelectronics (Thailand) Public Company Limited Approves Dividend for the Period from January 1, 2023 to December 31, 2023 Stars Microelectronics (Thailand) Public Company Limited at its AGM held on April 25, 2024 approved the allocation of net profit as legal reserves for the amount of THB 11,400,000 and approved omitting the dividend payment from the operating result of year 2023 period of January 1, 2023 to December 31, 2023 of THB 0.07 per share which are tax exempt of THB 0.07 per share and payable from Non-BOI of THB 0 per share. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.76, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Electronic industry in Thailand. Total loss to shareholders of 33% over the past three years. Declared Dividend • Feb 25
Dividend increased to ฿0.07 Dividend of ฿0.07 is 17% higher than last year. Ex-date: 14th May 2024 Payment date: 21st May 2024 Dividend yield will be 2.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has increased by an average of 9.5% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 29% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.28 (down from ฿0.36 in FY 2022). Revenue: ฿2.65b (down 7.1% from FY 2022). Net income: ฿235.3m (down 23% from FY 2022). Profit margin: 8.9% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ฿3.28. The fair value is estimated to be ฿4.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 3.0% in the next 2 years. New Risk • Nov 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.49b (US$97.0m) 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 Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (฿3.49b market cap, or US$97.0m). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.12 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.10 (down from ฿0.12 in 3Q 2022). Revenue: ฿713.6m (down 12% from 3Q 2022). Net income: ฿82.1m (down 20% from 3Q 2022). Profit margin: 12% (down from 13% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electronic industry in Thailand. 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 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿5.35, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Electronic industry in Thailand. Total returns to shareholders of 116% over the past three years. New Risk • Aug 22
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 6.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 04
Second quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.085 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.10 (up from ฿0.085 in 2Q 2022). Revenue: ฿724.4m (up 5.7% from 2Q 2022). Net income: ฿85.3m (up 20% from 2Q 2022). Profit margin: 12% (up from 10% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. 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 21% per year, which means it is significantly lagging earnings growth. New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.50b (US$98.5m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ฿0.09 (vs ฿0.068 in 1Q 2022) First quarter 2023 results: EPS: ฿0.09. Revenue: ฿665.1k (down 100% from 1Q 2022). Net income: ฿73.8k (down 100% from 1Q 2022). Profit margin: 11% (up from 9.6% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Upcoming Dividend • May 02
Upcoming dividend of ฿0.06 per share at 1.5% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.1%). Aankondiging • Jan 06
Stars Microelectronics (Thailand) Public Company Limited Announces Executive Changes Stars Microelectronics (Thailand) Public Company Limited announced termination of Chotisak Promwas as Chief Finance Officer effective from 6 January 2023. The company appointed Mr. Chaiyot Thaveeratitham as Chief Finance Officer, effective from 6 January 2023. 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. 5 experienced directors. 1 highly experienced director. 3 independent directors (4 non-independent directors). Company Secretary & Executive Director Yunyong Sawasdi was the last director to join the board, commencing their role in 2020. 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 • Nov 05
Third quarter 2022 earnings released: EPS: ฿0.12 (vs ฿0.068 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.12 (up from ฿0.068 in 3Q 2021). Revenue: ฿850.3m (up 57% from 3Q 2021). Net income: ฿102.8m (up 81% from 3Q 2021). Profit margin: 12% (up from 10% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 70% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.09 (vs ฿0.067 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.09 (up from ฿0.067 in 2Q 2021). Revenue: ฿693.1m (up 14% from 2Q 2021). Net income: ฿71.1m (up 28% from 2Q 2021). Profit margin: 10% (up from 9.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 34%, compared to a 81% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.07 (up from ฿0.061 in 1Q 2021). Revenue: ฿600.9m (up 9.7% from 1Q 2021). Net income: ฿56.8m (up 11% from 1Q 2021). Profit margin: 9.5% (in line with 1Q 2021). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 34%, compared to a 107% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.07 (up from ฿0.061 in 1Q 2021). Revenue: ฿600.9m (up 9.7% from 1Q 2021). Net income: ฿56.8m (up 11% from 1Q 2021). Profit margin: 9.5% (in line with 1Q 2021). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 34%, compared to a 107% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 27 May 2022. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.4%). Price Target Changed • Apr 27
Price target decreased to ฿7.20 Down from ฿8.40, the current price target is provided by 1 analyst. New target price is 43% above last closing price of ฿5.05. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.25 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Company Secretary & Executive Director Yunyong Sawasdi was the last director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 20
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.25 (up from ฿0.097 in FY 2020). Revenue: ฿2.23b (up 16% from FY 2020). Net income: ฿209.7m (up 158% from FY 2020). Profit margin: 9.4% (up from 4.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 36%, compared to a 84% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿5.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the Electronic industry in Thailand. Total returns to shareholders of 162% over the past three years. Buying Opportunity • Jan 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be ฿6.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.052 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿549.4m (up 8.5% from 3Q 2020). Net income: ฿56.7m (up 31% from 3Q 2020). Profit margin: 10% (up from 8.5% 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 80% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿615.9m (up 24% from 2Q 2020). Net income: ฿55.7m (up 52% from 2Q 2020). Profit margin: 9.0% (up from 7.4% 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 92% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 35% share price gain to ฿6.95, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 31x in the Electronic industry in Thailand. Total returns to shareholders of 163% over the past three years. Reported Earnings • May 10
First quarter 2021 earnings released: EPS ฿0.061 (vs ฿0.037 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿556.0m (up 41% from 1Q 2020). Net income: ฿51.3m (up ฿82.0m from 1Q 2020). Profit margin: 9.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿4.16, the stock is trading at a trailing P/E ratio of 42.8x, down from the previous P/E ratio of 51x. This compares to an average P/E of 22x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 49%. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.097 (vs ฿0.047 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.95b (up 8.4% from FY 2019). Net income: ฿81.4m (up ฿120.8m from FY 2019). Profit margin: 4.2% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 07
New 90-day high: ฿3.34 The company is up 9.0% from its price of ฿3.06 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 122% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: ฿2.54 The company is down 18% from its price of ฿3.10 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 89% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.052 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿513.0m (up 35% from 3Q 2019). Net income: ฿43.1m (up ฿90.7m from 3Q 2019). Profit margin: 8.4% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 04
New 90-day high: ฿3.12 The company is up 25% from its price of ฿2.50 on 06 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 37% over the same period. 
