New Risk • May 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Apr 16
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 23 April 2026. Payment date: 07 May 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Thai dividend payers (7.4%). In line with average of industry peers (6.2%). Reported Earnings • Feb 23
Full year 2025 earnings released: EPS: ฿1.02 (vs ฿0.89 in FY 2024) Full year 2025 results: EPS: ฿1.02 (up from ฿0.89 in FY 2024). Revenue: ฿30.3b (up 10% from FY 2024). Net income: ฿1.88b (up 14% from FY 2024). Profit margin: 6.2% (up from 6.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 21
Dividend of ฿0.26 announced Shareholders will receive a dividend of ฿0.26. Ex-date: 23rd April 2026 Payment date: 7th May 2026 Dividend yield will be 6.3%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (36% 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 increased by an average of 16% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
North East Rubber Public Company Limited, Annual General Meeting, Apr 10, 2026 North East Rubber Public Company Limited, Annual General Meeting, Apr 10, 2026, at 10:30 SE Asia Standard Time. Location: hybrid meeting, at the company`s headquarters meeting room, no. 39, moo 4, khok ma subdistrict, prakhon chai district, buriram province 31140, Thailand Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.18 (down from ฿0.20 in 3Q 2024). Revenue: ฿6.73b (up 9.0% from 3Q 2024). Net income: ฿326.6m (down 9.5% from 3Q 2024). Profit margin: 4.9% (down from 5.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 10%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 11
Price target decreased by 9.8% to ฿6.13 Down from ฿6.79, the current price target is an average from 4 analysts. New target price is 36% above last closing price of ฿4.50. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of ฿0.94 for next year compared to ฿0.89 last year. Declared Dividend • Aug 10
First half dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 22nd August 2025 Payment date: 5th September 2025 Dividend yield will be 7.9%, which is about the same as the industry average. 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 increased by an average of 19% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.30 (vs ฿0.26 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.30 (up from ฿0.26 in 2Q 2024). Revenue: ฿7.59b (up 31% from 2Q 2024). Net income: ฿554.0m (up 16% from 2Q 2024). Profit margin: 7.3% (down from 8.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Auto Components industry in Thailand. 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 8% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to ฿4.18. The fair value is estimated to be ฿5.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 6.6%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Buy Or Sell Opportunity • May 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.0% to ฿4.38. The fair value is estimated to be ฿5.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 6.6%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 34% in the next 2 years. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.33 (vs ฿0.24 in 1Q 2024) First quarter 2025 results: EPS: ฿0.33 (up from ฿0.24 in 1Q 2024). Revenue: ฿8.70b (up 33% from 1Q 2024). Net income: ฿608.8m (up 34% from 1Q 2024). Profit margin: 7.0% (up from 6.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ฿4.16. The fair value is estimated to be ฿5.26, 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. Earnings per share has declined by 9.4%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Announcement • Apr 11
North East Rubber Public Company Limited Approves Cash Dividends for the Year 2024, Payable on May 9, 2025 North East Rubber Public Company Limited at its 2025 Annual General Meeting of Shareholders held on April 10, 2025, approved cash dividend payment for the fiscal year 2024 is at the rate of THB 0.36 per share, totaling approximately THB 665.20 million. After deducting the interim dividend for the first six months of 2024 at the rate of THB 0.05 per share, amounting to THB 92.39 million, which was paid on September 6, 2024, the remaining dividend to be paid this time is at the rate of THB 0.31 per share, amounting to THB 572.81 million. The Company has set the Record Date for shareholders entitled to receive dividends on April 25, 2025, and the dividend payment date is set for May 9, 2025. Buy Or Sell Opportunity • Apr 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ฿4.16. The fair value is estimated to be ฿5.33, 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. Earnings per share has declined by 9.4%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Feb 21
Final dividend increased to ฿0.31 Dividend of ฿0.31 is 6.9% higher than last year. Ex-date: 24th April 2025 Payment date: 9th May 2025 Dividend yield will be 7.3%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (40% 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 increased by an average of 19% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
North East Rubber Public Company Limited Proposes Cash Dividends for the Year 2024, Payable on May 9, 2025 North East Rubber Public Company Limited at the meeting of the Board of Directors held on February 19, 2025 resolved to propose to the Annual General Meeting of Shareholders to be held on March 11, 2025 payment of cash dividends for the operating results for the year 2024 at the rate of THB 0.36 per share, totaling approximately THB 665.20 million. After deducting the interim dividend for the first six months of 2024 at the rate of THB 0.05 per share, totaling THB 92.39 million, paid on September 6, 2024, the remaining dividend to be paid this time is THB 0.31 per share, totaling THB 572.81 million. The dividend payment for the operating results for the year 2024 represents a dividend payout ratio of 40.26% of the net profit after deducting legal reserves. In accordance with the company's dividend policy, the dividend is paid from net profit exempted from tax under the investment promotion privileges (BOI), and therefore, tax credits cannot be applied. The Company has set the record date for shareholders entitled to receive dividends on April 25, 2025, and the dividend payment date on May 9, 2025. Reported Earnings • Feb 20
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ฿0.89 (up from ฿0.84 in FY 2023). Revenue: ฿27.5b (up 9.6% from FY 2023). Net income: ฿1.65b (up 6.9% from FY 2023). Profit margin: 6.0% (down from 6.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Announcement • Feb 20
North East Rubber Public Company Limited, Annual General Meeting, Apr 10, 2025 North East Rubber Public Company Limited, Annual General Meeting, Apr 10, 2025, at 13:00 SE Asia Standard Time. Location: at the company`s headquarters meeting, room, no. 398, moo 4, khok ma subdistrict, prakhon chai district, buriram province 31140, in a hybrid meeting format (hybrid meeting), where shareholders Thailand Price Target Changed • Jan 16
Price target increased by 7.6% to ฿6.96 Up from ฿6.47, the current price target is an average from 5 analysts. New target price is 42% above last closing price of ฿4.90. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of ฿0.93 for next year compared to ฿0.84 last year. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.17 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.20 (up from ฿0.17 in 3Q 2023). Revenue: ฿6.27b (up 11% from 3Q 2023). Net income: ฿360.8m (up 16% from 3Q 2023). Profit margin: 5.8% (up from 5.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 13% per year. Buy Or Sell Opportunity • Oct 04
Now 20% overvalued Over the last 90 days, the stock has fallen 4.7% to ฿5.10. The fair value is estimated to be ฿4.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Buy Or Sell Opportunity • Sep 16
Now 24% overvalued Over the last 90 days, the stock has fallen 1.9% to ฿5.30. The fair value is estimated to be ฿4.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 7.6%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Declared Dividend • Aug 11
First half dividend of ฿0.05 announced Dividend of ฿0.05 is the same as last year. Ex-date: 23rd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.2%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (dividend approximately 21x free cash flows). The dividend has increased by an average of 21% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 9.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.26 (up from ฿0.25 in 2Q 2023). Revenue: ฿5.81b (down 11% from 2Q 2023). Net income: ฿478.7m (up 4.7% from 2Q 2023). Profit margin: 8.2% (up from 7.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Auto Components industry in Thailand. 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 15% per year, which means it is performing significantly worse than earnings. Announcement • Aug 10
North East Rubber Public Company Limited Announces Interim Dividend for the Period January 1, 2024 to June 30, 2024, Payable on September 6, 2024 North East Rubber Public Company Limited announced interim dividend of THB 0.05 per share for the period January 1, 2024 to June 30, 2024. Record date for the right to receive: August 26, 2024, Ex-dividend date August 23, 2024. Payable on September 6, 2024. Buy Or Sell Opportunity • Jul 26
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to ฿4.72. The fair value is estimated to be ฿3.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 3.8%. Revenue is forecast to grow by 7.4% in a year. Earnings are forecast to grow by 19% in the next year. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.17 in 1Q 2023) First quarter 2024 results: EPS: ฿0.24 (up from ฿0.17 in 1Q 2023). Revenue: ฿6.54b (up 4.6% from 1Q 2023). Net income: ฿453.6m (up 44% from 1Q 2023). Profit margin: 6.9% (up from 5.0% in 1Q 2023). 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 9.0% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 5% per year. Announcement • May 11
Northeast Rubber Public Company Limited Announces Committee Changes Northeast Rubber Public Company Limited announced that at the Board of Directors' meeting, held on May 9, 2024, a resolution was passed to appoint new sub-committees to replace the existing sub-directors. The company appointed Mr. Chanitr Charnchainaron as Chairman of the Corporate Governance and Sustainable Development Committee (Independent Director). Effective from 10 May 2024 onwards. The Nomination and Sustainability Development Committee consists of directors. Mrs. Chanatip Weerasubpong, Chairman of the Nomination and Sustainability Development Committee (Independent Director); Mr. Ronachit Jinadit, Member of the Nomination and Sustainability Development Committee (Independent Director) and Mr. Chuwit Jungtanasomboon, Member of the Nomination and Sustainability Development Committee. The Nomination and Remuneration Committee consists of directors. Mrs. Chanatip Weerasubpong, Chairman of the Nomination and Remuneration Committee (Independent Director); Mr. Ronachit Jinadit, Member of the Nomination and Remuneration Committee (Independent Director) and Mr. Chuwit Jungtanasomboon, Member of the Nomination and Remuneration Committee. The Corporate Governance and Sustainable Development Committee consists of directors. Mr. Chanitr Charnchainarong, Chairman of the Corporate Governance and Sustainable Development Committee (Independent Director); Mr. Ronachit Jinadit, Member of the Corporate Governance and Sustainable Development Committee (Independent Director); Mrs. Chanatip Weerasubpong, Member of the Corporate Governance and Sustainable Development Committee (Independent Director) and Mr. Chuwit Jungtanasomboon, Member of the Corporate Governance and Sustainable Development Committee. Price Target Changed • Apr 28
Price target decreased by 7.7% to ฿6.58 Down from ฿7.13, the current price target is an average from 2 analysts. New target price is 25% above last closing price of ฿5.25. Stock is up 6.3% over the past year. The company is forecast to post earnings per share of ฿0.96 for next year compared to ฿0.84 last year. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.29 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (6.4%). Declared Dividend • Feb 29
Final dividend reduced to ฿0.29 Dividend of ฿0.29 is 6.5% lower than last year. Ex-date: 22nd April 2024 Payment date: 9th May 2024 Dividend yield will be 5.8%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 21% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 28
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: ฿0.84 (down from ฿0.96 in FY 2022). Revenue: ฿25.1b (flat on FY 2022). Net income: ฿1.55b (down 12% from FY 2022). Profit margin: 6.2% (down from 6.9% in FY 2022). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Buy Or Sell Opportunity • Feb 12
Now 21% undervalued Over the last 90 days, the stock has risen 18% to ฿5.30. The fair value is estimated to be ฿6.68, 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 13%. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to grow by 17% in the next year. Price Target Changed • Feb 06
Price target increased by 12% to ฿6.53 Up from ฿5.85, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿5.40. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿0.83 for next year compared to ฿0.96 last year. Buying Opportunity • Nov 24
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿5.85, 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 13%. Revenue is forecast to grow by 8.1% in a year. Earnings is forecast to grow by 18% in the next year. Announcement • Nov 07
North East Rubber Public Company Limited Announces Executive Changes North East Rubber Public Company Limited announced changing of chief accountant. Termination of Miss Nongyao Seekiew as chief accountant (Accounting Controller). Effective date of termination is 6 November 2023. Appointment of Miss Rungtiwa Yamchoo as chief accountant (Accounting Controller). Effective date of appointment is 6 November 2023. New Risk • Nov 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 (17% operating cash flow to total debt). 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 (5.7% net profit margin). Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.29 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.17 (down from ฿0.29 in 3Q 2022). Revenue: ฿5.64b (down 22% from 3Q 2022). Net income: ฿312.3m (down 41% from 3Q 2022). Profit margin: 5.5% (down from 7.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Auto Components 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 only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 20
Price target decreased by 7.6% to ฿6.05 Down from ฿6.55, the current price target is an average from 2 analysts. New target price is 29% above last closing price of ฿4.68. Stock is down 19% over the past year. The company is forecast to post earnings per share of ฿0.83 for next year compared to ฿0.96 last year. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.05 per share at 7.8% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Thai dividend payers (6.3%). In line with average of industry peers (8.5%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.25 (vs ฿0.21 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.25 (up from ฿0.21 in 2Q 2022). Revenue: ฿6.56b (up 24% from 2Q 2022). Net income: ฿457.2m (up 20% from 2Q 2022). Profit margin: 7.0% (down from 7.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
North East Rubber Public Company Limited Announces Interim Dividend for the Period January 1, 2023 to June 30, 2023, Payable on September 8, 2023 North East Rubber Public Company Limited announced interim dividend of THB 0.05 per share for the period January 1, 2023 to June 30, 2023. Record date for the right to receive: August 28, 2023, Ex-dividend date August 25, 2023. Payable on September 8, 2023. Buying Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be ฿6.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 33% in the next 2 years. Upcoming Dividend • Apr 13
Upcoming dividend of ฿0.31 per share at 6.3% yield Eligible shareholders must have bought the stock before 20 April 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 39% and the cash payout ratio is 83%. Trailing yield: 6.3%. Within top quartile of Thai dividend payers (5.9%). In line with average of industry peers (6.4%). Reported Earnings • Feb 23
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ฿0.96 (down from ฿1.13 in FY 2021). Revenue: ฿25.2b (up 3.2% from FY 2021). Net income: ฿1.75b (down 5.5% from FY 2021). Profit margin: 6.9% (down from 7.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.0%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 40% per year. Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from ฿26.1b to ฿24.9b. EPS estimate also fell from ฿1.14 per share to ฿0.99 per share. Net income forecast to grow 6.0% next year vs 8.8% growth forecast for Auto Components industry in Thailand. Consensus price target down from ฿9.30 to ฿9.00. Share price rose 3.9% to ฿6.60 over the past week. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.29 (up from ฿0.27 in 3Q 2021). Revenue: ฿7.22b (up 1.0% from 3Q 2021). Net income: ฿528.9m (up 20% from 3Q 2021). Profit margin: 7.3% (up from 6.2% in 3Q 2021). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 31
Price target decreased to ฿9.30 Down from ฿10.20, the current price target is an average from 2 analysts. New target price is 60% above last closing price of ฿5.80. Stock is down 23% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.13 last year. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (9.3%). Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: ฿0.21 (vs ฿0.28 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.21 (down from ฿0.28 in 2Q 2021). Revenue: ฿5.27b (down 16% from 2Q 2021). Net income: ฿382.2m (down 13% from 2Q 2021). Profit margin: 7.2% (up from 7.0% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 13%, compared to a 3.3% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
North East Rubbers Public Company Limited Announces Interim Dividend for the period from 01 January, 2022 to 30 June, 2022, Payable on September 07, 2022 North East Rubbers Public Company Limited announced interim Cash dividend payment (baht per share) for the period from 01 January, 2022 to 30 June, 2022 of THB 0.07 Derived from profit under non-BOI privilege of which THB 0.00 Derived from profit under BOI privilege (baht per share) of THB 0.07 for Par value THB 0.50 Payment date to be September 07, 2022. Record date for the right to receive dividends is August 24, 2022 and Ex-dividend date is August 23, 2022. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.27 (up from ฿0.23 in 1Q 2021). Revenue: ฿5.59b (up 13% from 1Q 2021). Net income: ฿468.9m (up 28% from 1Q 2021). Profit margin: 8.4% (up from 7.4% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 12%, compared to a 4.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 46% per year whereas the company’s share price has increased by 45% per year. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.36 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.2%). Announcement • Apr 09
North East Rubbers Public Company Limited Proposes the Dividend Payment for the Year 2021, Payable on May 6, 2022 North East Rubbers Public Company Limited at its AGM to be held on April 7, 2022, proposed the dividend payment for the year 2021 performance at the rate of THB 0.43 per share, which equivalents a total dividend amount of THB 749.00 million. Which when deducting the interim dividends for the results of the first nine months of 2021 at THB 0.07 per share, equivalent to THB 115.17 million which was paid to shareholders on September 6, 2021, the company will pay dividends at THB 0.36 per share or THB 633.83 million. The dividend payout ratio is 40.49% of net profit for the year 2021 after deducting legal reserve fund. The dividend will be paid from the net profit with exemption of tax due to privileges received from the Board of Investment (BOI). Thus, this dividend amount is not entitled for tax credit. The record date which the shareholders have the right to receive the dividend payment will be on April 20, 2022. The dividend payment date will be on May 6, 2022. Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿1.13 (up from ฿0.56 in FY 2020). Revenue: ฿24.4b (up 49% from FY 2020). Net income: ฿1.85b (up 116% from FY 2020). Profit margin: 7.6% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 14%, compared to a 7.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 43% per year. Price Target Changed • Nov 29
Price target increased to ฿10.95 Up from ฿10.10, the current price target is provided by 1 analyst. New target price is 46% above last closing price of ฿7.50. Stock is up 74% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿0.56 last year. Price Target Changed • Nov 18
Price target increased to ฿10.35 Up from ฿9.50, the current price target is provided by 1 analyst. New target price is 34% above last closing price of ฿7.70. Stock is up 85% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿0.56 last year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.27 (vs ฿0.099 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿7.15b (up 65% from 3Q 2020). Net income: ฿440.3m (up 189% from 3Q 2020). Profit margin: 6.2% (up from 3.5% 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 28% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Sep 30
Price target increased to ฿10.10 Up from ฿9.35, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ฿7.80. Stock is up 157% over the past year. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 06 September 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS ฿0.30 (vs ฿0.15 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿6.31b (up 134% from 2Q 2020). Net income: ฿438.8m (up 95% from 2Q 2020). Profit margin: 6.9% (down from 8.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Major Estimate Revision • Jul 14
Consensus revenue estimates increase to ฿24.1b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿19.7b to ฿24.1b. EPS estimate increased from ฿0.74 to ฿1.00 per share. Net income forecast to grow 49% next year vs 36% growth forecast for Chemicals industry in Thailand. Consensus price target up from ฿6.75 to ฿9.35. Share price rose 9.3% to ฿7.65 over the past week. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 16% share price gain to ฿7.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Chemicals industry in Thailand. Total returns to shareholders of 186% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.039 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿4.99b (up 69% from 1Q 2020). Net income: ฿366.5m (up ฿306.6m from 1Q 2020). Profit margin: 7.3% (up from 2.0% in 1Q 2020). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 16
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 07 May 2021. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%). Major Estimate Revision • Feb 25
Analysts increase EPS estimates to ฿0.77 The 2021 consensus revenue estimate increased from ฿20.4b to ฿22.1b. The earnings per share estimate also received an upgrade from ฿0.68 to ฿0.77 for the same period. Net income is expected to grow by 45% next year compared to 23% growth forecast for the Chemicals industry in Thailand. The consensus price target increased from ฿5.40 to ฿6.10. Share price is up 11% to ฿5.65 over the past week. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.56 (vs ฿0.35 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿16.4b (up 26% from FY 2019). Net income: ฿858.7m (up 59% from FY 2019). Profit margin: 5.2% (up from 4.1% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 25%, compared to a 12% growth forecast for the Chemicals industry in Thailand. Announcement • Feb 19
North East Rubbers Public Company Limited, Annual General Meeting, Apr 08, 2021 North East Rubbers Public Company Limited, Annual General Meeting, Apr 08, 2021, at 03:00 Coordinated Universal Time. Location: The Emerald Hotel, 99/1 Ratchadapisek Road Dindaeng, Dindaeng Bangkok Thailand Agenda: To consider and adopt the minutes of the Annual General Meeting of Shareholder for year 2020; to acknowledge the company's operating result for the year 2020; to consider and approve the financial statements for the year ended December 31, 2020; To consider and approved the allocation of the net profit as legal reserve fund and the dividend payment from the company's operation result for the year ended December 31, 2020 and acknowledge the interim dividend payment; to consider and approve the Company's capital decrease by eliminating 154,000,000 ordinary shares from the general mandate for offering to specific investors (Private Placement). And to amend Clause 4. of Memorandum of Association to reflect the capital decrease; and to consider other matters. Is New 90 Day High Low • Feb 15
New 90-day high: ฿5.35 The company is up 30% from its price of ฿4.12 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 28% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: ฿5.05 The company is up 17% from its price of ฿4.32 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 45% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS ฿0.099 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿4.34b (up 42% from 3Q 2019). Net income: ฿152.3m (up 3.2% from 3Q 2019). Profit margin: 3.5% (down from 4.8% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Oct 28
New 90-day high: ฿4.98 The company is up 84% from its price of ฿2.70 on 30 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 9.0% over the same period. Announcement • Oct 27
North East Rubbers Public Company Limited Announces Resignation of Mrs.Siriraks Khawchaimaha from Director, Executive Committee, and Chief Business Development Officer North East Rubbers Public Company Limited announced the resignation of Mrs. Siriraks Khawchaimaha from Director, Executive Committee, and Chief Business Development Officer of the Company which effective on October 21, 2020. Valuation Update With 7 Day Price Move • Oct 23
Market bids up stock over the past week After last week's 16% share price gain to ฿4.76, the stock is trading at a trailing P/E ratio of 13.2x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 11x in the Chemicals industry in Thailand. Total returns to shareholders over the past year are 107%. Valuation Update With 7 Day Price Move • Oct 21
Market bids up stock over the past week After last week's 17% share price gain to ฿4.84, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 11x in the Chemicals industry in Thailand. Total returns to shareholders over the past year are 103%. Is New 90 Day High Low • Oct 12
New 90-day high: ฿4.20 The company is up 62% from its price of ฿2.60 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 9.0% over the same period. 
