New Risk • Jun 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Acting Head of Corporate Banking, Transaction Banking & Operations, President, CEO and Director Wut Thanittiraporn was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Apr 28
Now 25% undervalued Over the last 90 days, the stock has risen 27% to ฿0.57. The fair value is estimated to be ฿0.76, 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 17%. Announcement • Apr 22
CIMB Thai Bank Announces Executive Changes, Effective April 21, 2025 CIMB Holdings Berhad announced the appointment of Wutthawut Thanittiraporn as President of CIMB Thai Bank, effective April 21, 2025, following the completion of Paul Wong Chee Kin's four-year tenure in Thailand. Wut has extensive experience in both money and capital markets and is a leader with outstanding performance. He has been with CIMB Thai Bank for over 11 years, starting as Head of Investment Banking in February 2014 before being appointed as Head of Corporate Banking in 2017. Later in September 2019, he expanded his role to manage Transaction Finance as well, which is part of the organization's leadership development plan. Under Wut's leadership, he has created changes for the Corporate Banking and Transaction Finance, resulting in outstanding growth and great success. This is reflected in the trust that corporate clients in Thailand have chosen CIMB Thai Bank as their partner to take care of their businesses with comprehensive solutions to expand their businesses across countries and enter the ASEAN market. The appointment of Wut as the President of CIMB Thai Bank is in line with the strategy of CIMB Group, which recently announced its Forward30 vision, a 6-year roadmap (2025-2030) to accelerate growth and prepare for the future. Under Forward30, CIMB Thai Bank is ranked in the Growth Markets group. Wut will work with CIMB Group's Growth Markets Executive to drive CIMB Thai's transformation under the Forward30 strategy. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (6.9%). Reported Earnings • Apr 19
First quarter 2025 earnings released: EPS: ฿0.024 (vs ฿0.018 in 1Q 2024) First quarter 2025 results: EPS: ฿0.024 (up from ฿0.018 in 1Q 2024). Revenue: ฿2.76b (down 8.2% from 1Q 2024). Net income: ฿838.1m (up 34% from 1Q 2024). Profit margin: 30% (up from 21% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. New Risk • Mar 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Buy Or Sell Opportunity • Mar 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to ฿0.74. The fair value is estimated to be ฿0.60, however this is not to be taken as a sell 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 21%. 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: 5.8% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.082 (vs ฿0.046 in FY 2023) Full year 2024 results: EPS: ฿0.082 (up from ฿0.046 in FY 2023). Revenue: ฿12.4b (up 17% from FY 2023). Net income: ฿2.85b (up 78% from FY 2023). Profit margin: 23% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.16% (down from 2.49% in FY 2023). Non-performing loans: 2.66% (down from 3.37% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 28
CIMB Thai Bank Public Company Limited announces Annual dividend, payable on May 16, 2025 CIMB Thai Bank Public Company Limited announced Annual dividend of THB 0.0400 per share payable on May 16, 2025, ex-date on April 28, 2025 and record date on April 29, 2025. Announcement • Feb 27
CIMB Thai Bank Public Company Limited, Annual General Meeting, Apr 18, 2025 CIMB Thai Bank Public Company Limited, Annual General Meeting, Apr 18, 2025, at 14:00 SE Asia Standard Time. Announcement • Feb 26
Cimb Thai Bank Public Company Limited Announces Executive Changes CIMB Thai Bank Public Company Limited announced resignation of Miss Waewalai Wattana as Executive Vice President of Financial Control, effective from 21 February 2025. And appointment of Mr. Anuparp Leelaratsameephanit as Head of Financial Control, effective from 21 February 2025. Buy Or Sell Opportunity • Jan 22
Now 22% overvalued Over the last 90 days, the stock has fallen 22% to ฿0.43. The fair value is estimated to be ฿0.35, however this is not to be taken as a sell 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 21%. Announcement • Dec 18
CIMB Thai Bank Public Company Limited Announces Executive Changes, Effective January 1, 2025 CIMB Thai Bank Public Company Limited's Board of Directors at its meeting held on 16 December 2024, resolved to appoint Mrs. Rewadee Jantamaneechote as the Bank's Company Secretary in replacement of Mrs. Patima Jumpasut who is retiring. This shall take effect from 1 January 2025 onwards. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: ฿0.017 (vs ฿0.011 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.017 (up from ฿0.011 in 3Q 2023). Revenue: ฿3.04b (up 14% from 3Q 2023). Net income: ฿595.7m (up 62% from 3Q 2023). Profit margin: 20% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.015 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.019 (up from ฿0.015 in 2Q 2023). Revenue: ฿2.97b (up 6.8% from 2Q 2023). Net income: ฿668.5m (up 24% from 2Q 2023). Profit margin: 23% (up from 19% in 2Q 2023). The increase in margin was driven by higher revenue. 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 16% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Aug 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to ฿0.43. The fair value is estimated to be ฿0.55, 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 7.5%. Announcement • Jul 23
CIMB Thai Bank Public Company Limited Announces Board Changes CIMB Thai Bank Public Company Limited (the "Bank")'s Board of Directors at its special meeting held on 18 April 2024, resolved to appoint Tengku Azmil Zahruddin bin Raja Abdul Aziz to be Director /Board Chairman, replacing Mr. Niti Jungnitnirundr. The Bank later filed a request for the Bank of Thailand's approval of the appointment of Tengku Azmil Zahruddin bin Raja Abdul Aziz as Director /Board Chairman in accordance with the relevant requirements. The Bank of Thailand has already granted an approval of the above appointment as per its request. With such approval, the role of Tengku Azmil Zahruddin bin Raja Abdul Aziz as Director /Board Chairman is effective from 19 July 2024 onwards. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.015 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.019 (up from ฿0.015 in 2Q 2023). Revenue: ฿2.97b (up 6.8% from 2Q 2023). Net income: ฿668.5m (up 24% from 2Q 2023). Profit margin: 23% (up from 19% in 2Q 2023). The increase in margin was driven by higher revenue. 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 17% per year, which means it is performing significantly worse than earnings. Announcement • Jun 28
CIMB Thai Bank Public Company Limited Announces Resignation of Abdul Rahman Bin Ahmad as Director, Effective June 30, 2024 The Board of Directors of CIMB Thai Bank Plc. at its meeting held on 28 June 2024, acknowledged the resignation of Dato' Abdul Rahman Bin Ahmad, from his position as Director, with effect from 30 June 2024. New Risk • Jun 04
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: 2.2% 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: 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 (13% net profit margin). Announcement • Apr 27
CIMB Thai Bank Public Company Limited Appoint Anon Sirisaengtaksin to Be Acting Board Chairman The Annual General Meeting of Shareholders No. 30 of CIMB Thai Bank Public Company Limited held on 19 April 2024, acknowledged the intention of Dato' Robert Cheim Dau Meng, the Board Chairman and Alternate Chairman of the Nomination, Remuneration and Corporate Governance Committee, to not be re- elected as a director, which takes effect from 19 April 2024. Later, the Bank's Board of Directors' No. 4/2024, held on 25 April 2024, resolved to appoint Mr. Anon Sirisaengtaksin, Independent Director, to be Acting Board Chairman with effect from 25 April 2024. In this regard, the Bank is in process of recruiting a qualified person to be the Board Chairman, for which the Bank willnotify the result to the Stock Exchange of Thailand further. Reported Earnings • Apr 22
First quarter 2024 earnings released: EPS: ฿0.018 (vs ฿0.024 in 1Q 2023) First quarter 2024 results: EPS: ฿0.018 (down from ฿0.024 in 1Q 2023). Revenue: ฿2.98b (flat on 1Q 2023). Net income: ฿626.1m (down 25% from 1Q 2023). Profit margin: 21% (down from 28% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 28
Now 21% overvalued Over the last 90 days, the stock has fallen 4.8% to ฿0.59. The fair value is estimated to be ฿0.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Mar 13
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿0.59. The fair value is estimated to be ฿0.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 19%. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: ฿0.046 (vs ฿0.084 in FY 2022) Full year 2023 results: EPS: ฿0.046 (down from ฿0.084 in FY 2022). Revenue: ฿10.7b (down 7.3% from FY 2022). Net income: ฿1.61b (down 45% from FY 2022). Profit margin: 15% (down from 25% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 24
CIMB Thai Bank Public Company Limited, Annual General Meeting, Apr 19, 2024 CIMB Thai Bank Public Company Limited, Annual General Meeting, Apr 19, 2024, at 14:00 SE Asia Standard Time. Location: Auditorium Room, 9th floor, CIMB Thai Bank Public Company Limited, 44 Langsuan Road Lumpini, Patumwan Bangkok Thailand Announcement • Feb 23
Cimb Thai Bank Public Company Limited Announces Audit Committee Member Changes The Board of Directors' meeting of CIMB Thai Bank Public Company Limited, held on 23 February 2024, resolved to appoint Mr. Worapong Janyangyuen to be Member of Audit Committee replacin Mr. Anon Sirisaengtaksin, Independent Director. This appointment will be effective on 1 March 2024. The Audit Committee is consisted of: Chairperson of the Audit Committee Mrs. Oranuch Apisaksirikul; Member of the Audit Committee Mr. Natasak Rodjanapiches; Member of the Audit Committee Mr. Worapong Janyangyuen; Member of the Audit Committee Mr. Worapong Janyangyuen; Secretary of the Audit committee Ms. Siriporn Sanunpairaue. Announcement • Feb 16
CIMB Thai Bank Public Company Limited Announces Directorate Changes CIMB Thai Bank Public Company Limited resolved to appoint Mr. Worapong Janyangyuen to be an independent director, replacing Mr. Hafriz Bin Abdul Rahman. The Bank later filed a request for the Bank of Thailand's approvalof the appointment of Mr. Worapong Janyangyuen as the director in accordance with the relevant requirements. Please be informed that the Bank of Thailand has already approved the above appointment as per request. With such approval, the role of Mr. Worapong Janyangyuen as an independent director is effective from 14 February 2024 onwards. Reported Earnings • Jan 20
Full year 2023 earnings released: EPS: ฿0.046 (vs ฿0.084 in FY 2022) Full year 2023 results: EPS: ฿0.046 (down from ฿0.084 in FY 2022). Revenue: ฿10.7b (down 7.3% from FY 2022). Net income: ฿1.61b (down 45% from FY 2022). Profit margin: 15% (down from 25% in FY 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 21
Third quarter 2023 earnings released: EPS: ฿0.011 (vs ฿0.02 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.011 (down from ฿0.02 in 3Q 2022). Revenue: ฿2.66b (down 5.8% from 3Q 2022). Net income: ฿367.4m (down 47% from 3Q 2022). Profit margin: 14% (down from 25% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 25
Second quarter 2023 earnings released: EPS: ฿0.015 (vs ฿0.03 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.015 (down from ฿0.03 in 2Q 2022). Revenue: ฿2.78b (down 15% from 2Q 2022). Net income: ฿538.7m (down 49% from 2Q 2022). Profit margin: 19% (down from 32% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Aug 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Anon Sirisaengtaksin was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jul 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 30% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 22
Second quarter 2023 earnings released: EPS: ฿0.015 (vs ฿0.03 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.015 (down from ฿0.03 in 2Q 2022). Revenue: ฿2.78b (down 15% from 2Q 2022). Net income: ฿538.7m (down 49% from 2Q 2022). Profit margin: 19% (down from 32% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 13
CIMB Thai Bank Public Company Limited Announces Resignation of Niti Jungnitnirundr as Independent Director and Audit Committee Member CIMB Thai Bank Public Company Limited announced that Mr. Niti Jungnitnirundr, Independent Director, Member of Audit Committee, and Member of Nomination, Remuneration and Corporate Governance Committee has declared his intention to resign from his positions in the Board and Board Committee as abovementioned due to personal commitments. This is to be effective from 12 August 2023 onwards. Reported Earnings • Apr 24
First quarter 2023 earnings released: EPS: ฿0.024 (vs ฿0.03 in 1Q 2022) First quarter 2023 results: EPS: ฿0.024 (down from ฿0.03 in 1Q 2022). Revenue: ฿3.00b (down 3.9% from 1Q 2022). Net income: ฿830.1m (down 22% from 1Q 2022). Profit margin: 28% (down from 34% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of ฿0.011 per share at 1.4% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.022 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.02 (down from ฿0.022 in 3Q 2021). Revenue: ฿2.83b (up 1.9% from 3Q 2021). Net income: ฿696.0m (down 7.6% from 3Q 2021). Profit margin: 25% (down from 27% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 23
Third quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.022 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.02 (down from ฿0.022 in 3Q 2021). Revenue: ฿2.83b (flat on 3Q 2021). Net income: ฿696.0m (down 7.6% from 3Q 2021). Profit margin: 25% (down from 27% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Director Vera Handajani was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Director Vera Handajani was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.018 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.03 (up from ฿0.018 in 2Q 2021). Revenue: ฿3.28b (up 16% from 2Q 2021). Net income: ฿1.05b (up 72% from 2Q 2021). Profit margin: 32% (up from 22% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.03 (up from ฿0.01 in 1Q 2021). Revenue: ฿3.12b (up 25% from 1Q 2021). Net income: ฿1.06b (up 211% from 1Q 2021). Profit margin: 34% (up from 14% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President, CEO, Acting Head of Wholesale Banking & Acting Head of Commercial Banking and Director Paul Wong was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 10 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.6%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.07 (up from ฿0.037 in FY 2020). Revenue: ฿11.0b (up 5.4% from FY 2020). Net income: ฿2.44b (up 89% from FY 2020). Profit margin: 22% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Net interest margin (NIM): 3.17% (down from 3.32% in FY 2020). Non-performing loans: 3.74% (down from 4.61% in FY 2020). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 23
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.07 (up from ฿0.037 in FY 2020). Revenue: ฿11.0b (up 5.4% from FY 2020). Net income: ฿2.44b (up 89% from FY 2020). Profit margin: 22% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ฿0.022 (vs ฿0.002 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.83b (up 22% from 3Q 2020). Net income: ฿753.4m (up ฿671.7m from 3Q 2020). Profit margin: 27% (up from 3.5% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 31% share price gain to ฿1.10, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 11x in the Banks industry in Thailand. Total returns to shareholders of 30% over the past three years. Reported Earnings • Aug 30
Second quarter 2021 earnings released: EPS ฿0.018 (vs ฿0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.83b (up 6.4% from 2Q 2020). Net income: ฿613.4m (up 100% from 2Q 2020). Profit margin: 22% (up from 12% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS ฿0.018 (vs ฿0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.83b (up 6.4% from 2Q 2020). Net income: ฿613.4m (up 100% from 2Q 2020). Profit margin: 22% (up from 12% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.031 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.50b (down 31% from 1Q 2020). Net income: ฿341.3m (down 68% from 1Q 2020). Profit margin: 14% (down from 30% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.031 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.50b (down 31% from 1Q 2020). Net income: ฿341.3m (down 68% from 1Q 2020). Profit margin: 14% (down from 30% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ฿0.037 The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿10.5b (down 9.7% from FY 2019). Net income: ฿1.29b (down 14% from FY 2019). Profit margin: 12% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 14
New 90-day high: ฿0.63 The company is up 13% from its price of ฿0.56 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 23
New 90-day high: ฿0.60 The company is up 3.0% from its price of ฿0.58 on 25 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 19% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.002 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿2.32b (down 19% from 3Q 2019). Net income: ฿81.7m (down 73% from 3Q 2019). Profit margin: 3.5% (down from 10% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 27
New 90-day low: ฿0.53 The company is down 12% from its price of ฿0.60 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Banks industry, which is also down 12% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿1.97b, up 366% from the prior year. Total revenue was ฿11.9b over the last 12 months, up 16% from the prior year.