Board Change • Jun 09
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Limly Thipphongpraphas was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿4.17 (vs ฿13.08 in 1Q 2025) First quarter 2026 results: EPS: ฿4.17 (down from ฿13.08 in 1Q 2025). Revenue: ฿1.69b (down 5.9% from 1Q 2025). Net income: ฿30.9m (down 68% from 1Q 2025). Profit margin: 1.8% (down from 5.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Apr 21
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Chanapun Juangroongruangkit was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.40b market cap, or US$44.0m). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿33.74 (vs ฿20.90 in FY 2024) Full year 2025 results: EPS: ฿33.74 (up from ฿20.90 in FY 2024). Revenue: ฿6.63b (down 1.5% from FY 2024). Net income: ฿249.7m (up 61% from FY 2024). Profit margin: 3.8% (up from 2.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 01
Dividend increased to ฿8.00 Dividend of ฿8.00 is 8.1% higher than last year. Ex-date: 30th April 2026 Payment date: 21st May 2026 Dividend yield will be 3.8%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but 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. Earnings per share has grown by 71% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 26
Goodyear (Thailand) Public Company Limited announces Annual dividend, payable on May 21, 2026 Goodyear (Thailand) Public Company Limited announced Annual dividend of THB 5.1500 per share payable on May 21, 2026, ex-date on April 30, 2026 and record date on May 05, 2026. Announcement • Feb 25
Goodyear (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2026 Goodyear (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2026, at 10:00 SE Asia Standard Time. Location: studio r6, 4th fl., renaissance bangkok ratchaprasong hotel, bangkok Thailand Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: ฿11.89 (vs ฿13.64 in 3Q 2024) Third quarter 2025 results: EPS: ฿11.89 (down from ฿13.64 in 3Q 2024). Revenue: ฿1.61b (down 10% from 3Q 2024). Net income: ฿88.0m (down 13% from 3Q 2024). Profit margin: 5.5% (down from 5.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿7.14 (vs ฿6.46 in 2Q 2024) Second quarter 2025 results: EPS: ฿7.14 (up from ฿6.46 in 2Q 2024). Revenue: ฿1.71b (up 4.4% from 2Q 2024). Net income: ฿52.9m (up 11% from 2Q 2024). Profit margin: 3.1% (up from 2.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿13.08 (vs ฿0.64 in 1Q 2024) First quarter 2025 results: EPS: ฿13.08 (up from ฿0.64 in 1Q 2024). Revenue: ฿1.79b (up 9.0% from 1Q 2024). Net income: ฿96.8m (up ฿92.1m from 1Q 2024). Profit margin: 5.4% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Apr 25
Goodyear (Thailand) Public Company Limited Approves Dividend for the Year Ended December 31, 2024 Goodyear (Thailand) Public Company Limited at its Annual General Meeting of Shareholders, held on 24 April 2025, approved the declaration of the dividend payment for the year ended of 31 December 2024 in the amount of THB 7.4 per share (derived from profit under non-BOI in the amount of THB 5.11 per share and derived from profit under BOI in the amount of THB 2.29 per share), in total THB 54,760,000. Upcoming Dividend • Apr 23
Upcoming dividend of ฿7.40 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (8.0%). Lower than average of industry peers (7.7%). Declared Dividend • Feb 25
Dividend increased to ฿7.40 Dividend of ฿7.40 is 5.7% higher than last year. Ex-date: 30th April 2025 Payment date: 21st May 2025 Dividend yield will be 4.1%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but 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. Earnings per share has grown by 67% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Feb 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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 (2.4x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.32b market cap, or US$39.5m). Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿20.90 (vs ฿8.98 in FY 2023) Full year 2024 results: EPS: ฿20.90 (up from ฿8.98 in FY 2023). Revenue: ฿6.73b (up 7.8% from FY 2023). Net income: ฿154.7m (up 133% from FY 2023). Profit margin: 2.3% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 20
Goodyear (Thailand) Public Company Limited Announces Board Changes Goodyear (Thailand) Public Company Limited announced the appointment of Ms. Justyna Gebska as director replacing Mr. Kee Leng Hanson Tan, the resigned Director. Effective Date: February 20, 2025. Mr. Cesar Silva appointed as Director replacing Ms. Shyen Sook Wong, the resigned Director. Effective Date: February 20, 2025. Date of board resolution: February 20, 2025. Announcement • Feb 04
Goodyear (Thailand) Public Company Limited Announces Resignation as Randeep Singh Kanwar and Kee Leng Hanson Tan as Director Goodyear (Thailand) Public Company Limited informed that Mr. Randeep Singh Kanwar and Mr. Kee Leng Hanson Tan have resigned from the position of the director of the Company, with effect from 31 January 2025. Consequently, the Company will proceed with the Nomination process and appointment of the suitable and qualified person to replace the vacancy. The Company will further disclosre such information to the Stock Exchange of Thailand subsequently. Announcement • Jan 02
Goodyear (Thailand) Public Company Limited Announces Resignation of Shyen Sook Wong as Director Goodyear (Thailand) Public Company Limited announced that Ms. Shyen Sook Wong has resigned form the position of the director of the company with effect from 31 December 2024. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿6.46 (vs ฿10.29 in 2Q 2023) Second quarter 2024 results: EPS: ฿6.46 (down from ฿10.29 in 2Q 2023). Revenue: ฿1.64b (flat on 2Q 2023). Net income: ฿47.8m (down 37% from 2Q 2023). Profit margin: 2.9% (down from 4.7% in 2Q 2023). 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 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.64 (vs ฿1.76 in 1Q 2023) First quarter 2024 results: EPS: ฿0.64 (down from ฿1.76 in 1Q 2023). Revenue: ฿1.64b (up 9.1% from 1Q 2023). Net income: ฿4.72m (down 64% from 1Q 2023). Profit margin: 0.3% (down from 0.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Goodyear (Thailand) Public Company Limited Approves Dividend for the Year Ended December 31, 2023 Goodyear (Thailand) Public Company Limited announced at annual general meeting held on April 23, 2024, the shareholders approved the declaration of the dividend payment for the year ended of 31 December 2023 in the amount of THB 7 per share (derived from profit under non-BOI in the amount of THB 3.95 per share and derived from profit under BOI in the amount of THB 3.05 per share), in total THB 51,800,000. Upcoming Dividend • Apr 23
Upcoming dividend of ฿7.00 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 21 May 2024. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (6.7%). New Risk • Mar 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.33b market cap, or US$37.3m). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿8.98 (vs ฿3.82 in FY 2022) Full year 2023 results: EPS: ฿8.98 (up from ฿3.82 in FY 2022). Revenue: ฿6.25b (up 11% from FY 2022). Net income: ฿66.4m (up 148% from FY 2022). Profit margin: 1.1% (up from 0.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 19
Goodyear (Thailand) Public Company Limited Announces Resignation of Patcharee Maneetamwong, Company Secretary Goodyear (Thailand) Public Company Limited announced that Ms. Patcharee Maneetamwong has resigned from the position of the Company Secretary, effective from 1 January 2024 onwards. The Company is in the process of sourcing and selecting a new Company Secretary and will notify The Stock Exchange of Thailand when the board of directors appoints a new Company Secretary. Announcement • Nov 12
Goodyear (Thailand) Public Company Limited Announces Board Changes Goodyear (Thailand) Public Company Limited at the Board of Directors' Meeting held on 9 November 2023 resolved to approve the appointment of Mr. Kristian David Hoeh as the Director, replacing Mr. Michael Dreyer, the resigned Director, effective from 9 November 2023 onwards, with the same term of office as the remaining term of the resigned Director (term expired in 2024). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿2.15 (vs ฿2.49 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿2.15 (up from ฿2.49 loss in 3Q 2022). Revenue: ฿1.64b (up 5.8% from 3Q 2022). Net income: ฿15.9m (up ฿34.3m from 3Q 2022). Profit margin: 1.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Oct 05
Goodyear (Thailand) Public Company Limited Informs Resignation of Michael Lee Dreyer as Director Goodyear (Thailand) Public Company Limited informed that Mr. Michael Lee Dreyer has resigned from the position of the Director of the Company due to his decision to pursue other career opportunities, with effect from 30 September 2023. Reported Earnings • Aug 18
Second quarter 2023 earnings released: EPS: ฿10.29 (vs ฿2.88 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿10.29 (up from ฿2.88 loss in 2Q 2022). Revenue: ฿1.63b (up 23% from 2Q 2022). Net income: ฿76.2m (up ฿97.4m from 2Q 2022). Profit margin: 4.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿209, the stock trades at a trailing P/E ratio of 59.3x. Average trailing P/E is 11x in the Auto Components industry in Thailand. Negligible returns to shareholders over past three years. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Chanapun Juangroongruangkit was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿1.86 (vs ฿2.95 in 1Q 2021) First quarter 2022 results: EPS: ฿1.86 (down from ฿2.95 in 1Q 2021). Revenue: ฿1.13b (up 14% from 1Q 2021). Net income: ฿13.7m (down 37% from 1Q 2021). Profit margin: 1.2% (down from 2.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. 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. 6 non-independent directors. Independent Director Chanapun Juangroongruangkit was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿4.39 loss per share (up from ฿23.77 loss in FY 2020). Revenue: ฿4.09b (up 19% from FY 2020). Net loss: ฿32.5m (loss narrowed 82% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿9.49 loss per share (vs ฿9.72 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: ฿841.6m (down 6.8% from 3Q 2020). Net loss: ฿70.2m (loss narrowed 2.3% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Board Change • Sep 22
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. 6 non-independent directors. Independent Director Chanapun Juangroongruangkit was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
Second quarter 2021 earnings released: ฿1.03 loss per share (vs ฿23.74 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿1.06b (up 97% from 2Q 2020). Net loss: ฿7.64m (loss narrowed 96% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Executive Departure • Jun 05
MD & Executive Director Luca Crepaccioli has left the company On the 1st of June, Luca Crepaccioli's tenure as MD & Executive Director of the company ended after 2.8 years in the role. We don't have any record of a personal shareholding under Luca's name. Luca is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.83 years. Under Luca's leadership, the company delivered a total shareholder return of -34%. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿2.95 (vs ฿4.44 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿989.6m (up 4.4% from 1Q 2020). Net income: ฿21.9m (down 34% from 1Q 2020). Profit margin: 2.2% (down from 3.5% in 1Q 2020). 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 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿23.77 loss per share (vs ฿8.19 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿3.45b (down 12% from FY 2019). Net loss: ฿175.9m (loss widened 190% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Third quarter 2020 earnings released: ฿9.72 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ฿903.5m (down 6.5% from 3Q 2019). Net loss: ฿71.9m (loss widened 1.2% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 114% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. 
