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Siam Makro

BST:MAOA
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MAOA
BST
฿164B
Market Cap
  1. Home
  2. DE
  3. Consumer Retailing
Company description

Siam Makro Public Company Limited operates cash and carry trade centers under the Makro name in Thailand. The last earnings update was 58 days ago. More info.


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MAOA Share Price and Events
7 Day Returns
0.3%
BST:MAOA
-0.5%
Europe Consumer Retailing
2.4%
DE Market
1 Year Returns
-23.9%
BST:MAOA
0.9%
Europe Consumer Retailing
-6.2%
DE Market
MAOA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Siam Makro (MAOA) 0.3% -7.2% -0.6% -23.9% 5.6% 30.2%
Europe Consumer Retailing -0.5% -0.5% 2.2% 0.9% -4.5% -8.5%
DE Market 2.4% 3% 7.4% -6.2% 9.6% 14.1%
1 Year Return vs Industry and Market
  • MAOA underperformed the Consumer Retailing industry which returned 0.9% over the past year.
  • MAOA underperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
MAOA
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Siam Makro's competitors could be found in our database.

Value

 Is Siam Makro undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Siam Makro to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Siam Makro.

BST:MAOA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:MAOA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.465 (1 + (1- 20%) (6.86%))
0.659
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.8 * 5.96%)
5%

Discounted Cash Flow Calculation for BST:MAOA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Siam Makro is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

BST:MAOA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (THB, Millions) Source Present Value
Discounted (@ 5%)
2019 6,121.90 Analyst x3 5,830.61
2020 4,240.75 Analyst x5 3,846.77
2021 3,769.87 Analyst x2 3,256.93
2022 3,462.00 Est @ -8.17% 2,848.63
2023 3,266.47 Est @ -5.65% 2,559.85
2024 3,139.55 Est @ -3.89% 2,343.32
2025 3,056.32 Est @ -2.65% 2,172.65
2026 3,001.68 Est @ -1.79% 2,032.28
2027 2,966.18 Est @ -1.18% 1,912.68
2028 2,943.65 Est @ -0.76% 1,807.83
Present value of next 10 years cash flows ฿28,611.55
BST:MAOA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= ฿2,943.65 × (1 + 0.23%) ÷ (5% – 0.23%)
฿61,878.31
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ฿61,878.31 ÷ (1 + 5%)10
฿38,002.39
BST:MAOA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ฿28,611.55 + ฿38,002.39
฿66,613.94
Equity Value per Share
(THB)
= Total value / Shares Outstanding
= ฿66,613.94 / 4,800.00
฿13.88
BST:MAOA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:MAOA represents 0.02688x of SET:MAKRO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.02688x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (THB) x Listing Adjustment Factor
= ฿ 13.88 x 0.02688
€0.37
Value per share (EUR) From above. €0.37
Current discount Discount to share price of €0.92
= -1 x (€0.92 - €0.37) / €0.37
-146.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Siam Makro is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Siam Makro's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Siam Makro's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:MAOA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in THB ฿1.24
SET:MAKRO Share Price ** SET (2019-04-18) in THB ฿34.25
Europe Consumer Retailing Industry PE Ratio Median Figure of 32 Publicly-Listed Consumer Retailing Companies 19.38x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.67x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Siam Makro.

BST:MAOA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SET:MAKRO Share Price ÷ EPS (both in THB)

= 34.25 ÷ 1.24

27.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siam Makro is overvalued based on earnings compared to the Europe Consumer Retailing industry average.
  • Siam Makro is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Siam Makro's expected growth come at a high price?
Raw Data
BST:MAOA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 27.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
8.6%per year
Europe Consumer Retailing Industry PEG Ratio Median Figure of 24 Publicly-Listed Consumer Retailing Companies 1.71x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

BST:MAOA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 27.67x ÷ 8.6%

3.24x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siam Makro is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Siam Makro's assets?
Raw Data
BST:MAOA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in THB ฿3.90
SET:MAKRO Share Price * SET (2019-04-18) in THB ฿34.25
Europe Consumer Retailing Industry PB Ratio Median Figure of 41 Publicly-Listed Consumer Retailing Companies 1.58x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.85x
BST:MAOA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SET:MAKRO Share Price ÷ Book Value per Share (both in THB)

= 34.25 ÷ 3.90

8.78x

* Primary Listing of Siam Makro.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Siam Makro is overvalued based on assets compared to the Europe Consumer Retailing industry average.
X
Value checks
We assess Siam Makro's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Retailing industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Retailing industry average (and greater than 0)? (1 check)
  5. Siam Makro has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Siam Makro expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Siam Makro expected to grow at an attractive rate?
  • Siam Makro's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Siam Makro's earnings growth is positive but not above the Germany market average.
  • Siam Makro's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
BST:MAOA Future Growth Rates Data Sources
Data Point Source Value (per year)
BST:MAOA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 8.6%
BST:MAOA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 9.2%
Europe Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 12%
Europe Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:MAOA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in THB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:MAOA Future Estimates Data
Date (Data in THB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 8,806
2022-12-31 7,811
2021-12-31 252,154 12,846 8,235 2
2020-12-31 223,641 10,883 7,097 6
2019-12-31 203,260 12,230 6,246 5
BST:MAOA Past Financials Data
Date (Data in THB Millions) Revenue Cash Flow Net Income *
2018-12-31 191,997 6,012 5,942
2018-09-30 189,565 6,520 5,976
2018-06-30 188,447 9,471 6,065
2018-03-31 187,520 11,148 6,183
2017-12-31 185,804 11,928 6,178
2017-09-30 181,952 10,817 5,918
2017-06-30 178,337 9,138 5,879
2017-03-31 176,035 9,276 5,781
2016-12-31 172,093 9,071 5,413
2016-09-30 167,744 7,819 5,218
2016-06-30 162,968 7,106 5,057
2016-03-31 158,000 6,008 5,093

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Siam Makro's earnings are expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).
  • Siam Makro's revenue is expected to grow by 9.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:MAOA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Siam Makro Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:MAOA Future Estimates Data
Date (Data in THB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.60 2.00 1.29 4.00
2020-12-31 1.44 1.75 1.22 8.00
2019-12-31 1.27 1.40 1.20 7.00
BST:MAOA Past Financials Data
Date (Data in THB Millions) EPS *
2018-12-31 1.24
2018-09-30 1.24
2018-06-30 1.26
2018-03-31 1.29
2017-12-31 1.29
2017-09-30 1.23
2017-06-30 1.22
2017-03-31 1.20
2016-12-31 1.13
2016-09-30 1.09
2016-06-30 1.05
2016-03-31 1.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Siam Makro is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Siam Makro's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Siam Makro has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Siam Makro performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Siam Makro's growth in the last year to its industry (Consumer Retailing).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Siam Makro's year on year earnings growth rate has been positive over the past 5 years.
  • Siam Makro's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Siam Makro's 1-year earnings growth is negative, it can't be compared to the Europe Consumer Retailing industry average.
Earnings and Revenue History
Siam Makro's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Siam Makro Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:MAOA Past Revenue, Cash Flow and Net Income Data
Date (Data in THB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 191,996.84 5,941.99 15,416.34
2018-09-30 189,565.02 5,975.73 15,202.96
2018-06-30 188,447.13 6,065.18 14,904.90
2018-03-31 187,520.40 6,183.44 14,584.64
2017-12-31 185,803.96 6,178.13 14,347.09
2017-09-30 181,951.92 5,918.06 13,657.49
2017-06-30 178,336.77 5,879.38 13,107.30
2017-03-31 176,035.44 5,780.60 12,544.08
2016-12-31 172,092.57 5,412.52 12,026.46
2016-09-30 167,744.06 5,218.26 11,802.15
2016-06-30 162,968.37 5,057.19 11,534.35
2016-03-31 157,999.95 5,093.38 11,198.49
2015-12-31 155,217.33 5,378.48 10,929.86
2015-09-30 152,903.52 5,472.41 10,664.69
2015-06-30 149,383.92 5,307.88 10,243.09
2015-03-31 146,045.28 5,190.92 9,871.32
2014-12-31 141,828.36 4,922.23 9,385.97
2014-09-30 139,054.73 4,710.27 9,153.66
2014-06-30 136,555.89 4,651.90 8,927.54
2014-03-31 133,546.47 4,559.39 8,800.30
2013-12-31 129,643.90 4,298.58 8,597.80
2013-09-30 125,514.59 4,155.75 8,332.91
2013-06-30 122,040.67 3,882.70 8,124.48
2013-03-31 118,405.96 3,668.66 7,775.04
2012-12-31 114,890.55 3,533.69 7,418.66
2012-09-30 111,366.63 3,048.78 6,994.68
2012-06-30 107,939.64 2,966.76 6,692.11

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Siam Makro has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Siam Makro used its assets more efficiently than the Europe Consumer Retailing industry average last year based on Return on Assets.
  • Siam Makro's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Siam Makro's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Retailing industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Siam Makro has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Siam Makro's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Siam Makro's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Siam Makro's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Siam Makro's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Siam Makro's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Siam Makro Company Filings, last reported 3 months ago.

BST:MAOA Past Debt and Equity Data
Date (Data in THB Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 19,256.63 11,283.19 5,095.65
2018-09-30 17,333.24 13,159.86 3,109.56
2018-06-30 18,015.73 11,264.16 2,520.67
2018-03-31 19,530.04 8,429.64 3,572.61
2017-12-31 18,010.81 9,156.50 4,363.51
2017-09-30 16,114.02 11,598.13 2,413.83
2017-06-30 16,537.65 12,399.19 1,663.70
2017-03-31 17,546.74 10,399.01 2,218.36
2016-12-31 15,741.64 8,268.59 2,550.13
2016-09-30 14,106.45 9,556.34 926.73
2016-06-30 14,433.47 9,007.60 931.02
2016-03-31 15,460.99 7,904.19 2,576.09
2015-12-31 14,206.95 7,219.12 2,229.53
2015-09-30 12,807.91 7,413.52 895.19
2015-06-30 13,478.67 6,364.13 1,259.60
2015-03-31 14,326.19 5,774.08 3,973.46
2014-12-31 12,786.71 5,765.17 4,564.23
2014-09-30 11,306.94 6,188.36 2,781.45
2014-06-30 11,904.39 4,533.57 2,282.00
2014-03-31 12,292.61 3,521.52 4,388.48
2013-12-31 11,021.40 3,360.03 5,010.82
2013-09-30 12,117.15 2,325.82 4,099.11
2013-06-30 11,090.86 2,221.85 2,541.22
2013-03-31 11,871.67 2,237.75 7,286.50
2012-12-31 10,862.59 2,227.68 6,055.83
2012-09-30 9,913.11 2,292.95 2,450.55
2012-06-30 9,993.17 2,333.17 4,611.30
  • Siam Makro's level of debt (58.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (30.5% vs 58.6% today).
  • Debt is well covered by operating cash flow (53.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 25.7x coverage).
X
Financial health checks
We assess Siam Makro's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Siam Makro has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Siam Makro's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.8%
Current annual income from Siam Makro dividends. Estimated to be 3.08% next year.
If you bought €2,000 of Siam Makro shares you are expected to receive €56 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Siam Makro's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Siam Makro's dividend is below the markets top 25% of dividend payers in Germany (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:MAOA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
Europe Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 34 Stocks 3.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:MAOA Future Dividends Estimate Data
Date (Data in ฿) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.14 5.00
2020-12-31 1.09 10.00
2019-12-31 0.97 9.00
BST:MAOA Past Annualized Dividends Data
Date (Data in ฿) Dividend per share (annual) Avg. Yield (%)
2019-02-20 0.960 2.644
2018-08-08 0.960 2.836
2018-02-20 0.960 2.206
2017-08-08 0.890 2.427
2017-02-21 0.850 2.446
2016-02-19 0.850 2.512
2016-01-15 0.850 2.489
2015-02-17 0.770 2.037
2015-02-16 0.770 2.088
2014-08-06 0.650 1.701
2014-02-19 0.800 2.267
2013-02-27 0.625 1.924
2012-11-05 0.538 2.397
2012-04-30 0.525 2.836
2011-11-10 0.438 3.228
2011-08-10 0.325 2.889
2011-04-21 0.350 3.607
2010-11-11 0.300 4.021
2010-08-06 0.288 4.302
2010-02-26 0.288 5.699
2009-11-09 0.275 6.450
2009-08-11 0.275 7.372
2009-04-20 0.325 9.070

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Siam Makro's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess Siam Makro's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Siam Makro afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Siam Makro has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Siam Makro's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Suchada Ithijarukul
AGE 65
TENURE AS CEO 9.3 years
CEO Bio

Mrs. Suchada Ithijarukul has been the Chief Executive Officer of Siam Makro Public Company Limited since 2010. Mrs. Ithijarukul served as Chief Operation Officer of International Business at Siam Makro Public Company Limited and served as its President. Mrs. Suchada Ithijarukul served as President of Siam Makro plc since 2010. She serves as the Chairman of Executive Board at Siam Makro Public Company Limited. Mrs. Ithijarukul has been Second Vice Chairman and Executive Director of Siam Makro Public Company Limited since July 12, 2013 and since August 29, 1996 respectively. She holds Certificate in Director Accreditation Program from Thai Institute of Directors and Bachelor Degree in Accountancy from the Chulalongkom University.

CEO Compensation
  • Insufficient data for Suchada to compare compensation growth.
  • Insufficient data for Suchada to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Siam Makro management team in years:

2.1
Average Tenure
54
Average Age
  • The tenure for the Siam Makro management team is about average.
Management Team

Suchada Ithijarukul

TITLE
Second Vice Chairman & Group CEO
AGE
65
TENURE
9.3 yrs

Saowaluck Thithapant

TITLE
Group Chief Financial Officer & Director
AGE
62
TENURE
9.3 yrs

Tom Hammer

TITLE
COO of Sales and Operations
AGE
63
TENURE
1.6 yrs

Paul Howe

TITLE
Group Chief Information Officer
AGE
52
TENURE
2.1 yrs

Siriporn Dechsingha

TITLE
Chief Marketing Officer
AGE
49
TENURE
1.6 yrs

Vatcharachai Lawsup

TITLE
Human Resource Director
AGE
61
TENURE
5.8 yrs

Ricardo Augusto De Oliveira Boarotto

TITLE
Chief Commercial Officer
AGE
46
TENURE
1.6 yrs

Louis Lin

TITLE
Chief Executive Officer of Food Service
AGE
54
TENURE
2.1 yrs

Siriporn Withannititam

TITLE
Company Secretary
AGE
42
TENURE
1.6 yrs
Board of Directors Tenure

Average tenure and age of the Siam Makro board of directors in years:

15.9
Average Tenure
69
Average Age
  • The average tenure for the Siam Makro board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Arsa Sarasin

TITLE
Chairman
AGE
82
TENURE
20.3 yrs

Suchada Ithijarukul

TITLE
Second Vice Chairman & Group CEO
AGE
65
TENURE
5.8 yrs

Korsak Chairasmisak

TITLE
First Vice Chairman
AGE
65

Saowaluck Thithapant

TITLE
Group Chief Financial Officer & Director
AGE
62
TENURE
14.3 yrs

Athaporn Khaimarn

TITLE
Independent Director
AGE
73
TENURE
19.4 yrs

Thira Wipuchanin

TITLE
Independent Director
AGE
69
TENURE
15.9 yrs

Chaiyawat Wibulswasdi

TITLE
Independent Director
AGE
71
TENURE
5.8 yrs

Prasert Jarupanich

TITLE
Director
AGE
69
TENURE
30.9 yrs

Chavalit Uttasart

TITLE
Independent Director
AGE
69
TENURE
19.4 yrs

Pittaya Jearavisitkul

TITLE
Director
AGE
62
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Siam Makro's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Siam Makro has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Siam Makro Public Company Limited operates cash and carry trade centers under the Makro name in Thailand. The company’s trade centers sells food and non-food products to registered members, including small and medium size businesses, retailers, caterers, professional sectors, and institutions. It also imports, exports, trades in, and distributes food products; and provides freight, delivery, rental, and storage services. As of December 31, 2018, it operated 122 Makro stores and 7 frozen shops. The company was founded in 1988 and is headquartered in Bangkok, Thailand. Siam Makro Public Company Limited is a subsidiary of CP ALL Public Company Limited.

Details
Name: Siam Makro Public Company Limited
MAOA
Exchange: BST
Founded: 1988
฿4,594,106,851
4,800,000,000
Website: http://www.siammakro.co.th
Address: Siam Makro Public Company Limited
1468 Phatthanakan Road,
Suan Luang Sub District,
Bangkok,
10250,
Thailand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SET MAKRO Ordinary Shares The Stock Exchange of Thailand TH THB 23. Aug 1994
BST MAOA SHS FGN REGS NEW Boerse-Stuttgart DE EUR 10. Oct 1994
SET MAKRO-R NON VTG DEP RCPR REP 1 ORD THB10 The Stock Exchange of Thailand TH THB 20. Aug 2001
THAMSE MAKRO-F SHS FGN REGS NEW Bangkok-Alien Market Stock Exchange TH THB 10. Oct 1994
Number of employees
Current staff
Staff numbers
0
Siam Makro employees.
Industry
Hypermarkets and Super Centers
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 20:47
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/20
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.