Buy Or Sell Opportunity • Jun 29
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿0.91. The fair value is estimated to be ฿0.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • May 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ฿0.85. The fair value is estimated to be ฿0.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.005 (vs ฿0.062 in 1Q 2025) First quarter 2026 results: EPS: ฿0.005 (down from ฿0.062 in 1Q 2025). Revenue: ฿333.2m (down 35% from 1Q 2025). Net income: ฿7.29m (down 92% from 1Q 2025). Profit margin: 2.2% (down from 18% 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 2% per year whereas the company’s share price has fallen by 3% per year. New Risk • May 11
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: 6.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (฿1.28b market cap, or US$39.5m). Upcoming Dividend • May 01
Upcoming dividend of ฿0.065 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.6%). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.13 (vs ฿0.19 in FY 2024) Full year 2025 results: EPS: ฿0.13 (down from ฿0.19 in FY 2024). Revenue: ฿1.92b (down 25% from FY 2024). Net income: ฿189.3m (down 32% from FY 2024). Profit margin: 9.9% (down from 11% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Dividend reduced to ฿0.065 Dividend of ฿0.065 is 35% lower than last year. Ex-date: 8th May 2026 Payment date: 22nd May 2026 Dividend yield will be 7.1%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.056 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.002 (down from ฿0.056 in 3Q 2024). Revenue: ฿364.8m (down 49% from 3Q 2024). Net income: ฿2.34m (down 97% from 3Q 2024). Profit margin: 0.6% (down from 12% 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 23% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.027 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.013 (down from ฿0.027 in 2Q 2024). Revenue: ฿424.7m (down 18% from 2Q 2024). Net income: ฿19.2m (down 51% from 2Q 2024). Profit margin: 4.5% (down from 7.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: ฿512.9m (up 13% from 1Q 2024). Net income: ฿91.5m (up 141% from 1Q 2024). Profit margin: 18% (up from 8.3% in 1Q 2024). Upcoming Dividend • May 06
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 9.3%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (6.6%). Announcement • Apr 29
Ekarat Engineering Public Company Limited Approves Dividend for the Year 2024, Payable by May 26, 2025 Ekarat Engineering Public Company Limited announced that at its AGM held on April 29, 2025, the shareholders approved the appropriate of the profit from operation of the year 2024 for legal reserve amount 13.96 million baht and approve the dividend payment at the rate of 0.10 baht per share with the total amount of 147.19 million baht. Such dividend payment will be paid from the Company's profits generated by the earnings under the Board of Investment promotion which is withholding tax exemption at the rate of 0.006 baht per share and from the net profit of businesses that are subject to corporate income tax at the rate of 20% at the rate of 0.094 baht per share. The date to determine the names of shareholders who entitle to receive dividend (Record Date) to be scheduled on May 14, 2025. The dividend payment will be scheduled on May 26, 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.19 (vs ฿0.15 in FY 2023) Full year 2024 results: EPS: ฿0.19 (up from ฿0.15 in FY 2023). Revenue: ฿2.57b (up 13% from FY 2023). Net income: ฿280.0m (up 27% from FY 2023). Profit margin: 11% (up from 9.7% 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 34% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Feb 28
Dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 13th May 2025 Payment date: 26th May 2025 Dividend yield will be 9.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (dividend approximately 48x free cash flows). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.056 (vs ฿0.039 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.056 (up from ฿0.039 in 3Q 2023). Revenue: ฿709.6m (up 39% from 3Q 2023). Net income: ฿81.7m (up 44% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.027 (vs ฿0.007 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.027 (up from ฿0.007 in 2Q 2023). Revenue: ฿519.8m (up 39% from 2Q 2023). Net income: ฿39.5m (up 287% from 2Q 2023). Profit margin: 7.6% (up from 2.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.026 (vs ฿0.042 in 1Q 2023) First quarter 2024 results: EPS: ฿0.026 (down from ฿0.042 in 1Q 2023). Revenue: ฿456.0m (down 31% from 1Q 2023). Net income: ฿38.0m (down 39% from 1Q 2023). Profit margin: 8.3% (down from 9.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Ekarat Engineering Public Company Limited Appoints Vinai Vittavasgarnvej as Chairman of the Audit Committee Ekarat Engineering Public Company Limited at its AGM held on April 25, 2024 appointed Vinai Vittavasgarnvej as Chairman of the audit committee which shall take an effect as of April 25, 2024. The audit committee is consisted of: Vinai Vittavasgarnvej, Wara Tongprasin, Aroon Sricharoon. Secretary of the audit committee Mr. Nuttavit Noisri. Announcement • Apr 26
Ekarat Engineering Public Company Limited Announces Profit Distribution for 2023, Payable on May 24, 2024 Ekarat Engineering Public Company Limited announced resolutions of the 2024 Annual General Meeting of Shareholders hold on April 25, 2024, Approved the appropriate of the profit from operation of the year 2023 for legal reserve amount 11,031,395 baht and approve the dividend payment at the rate of 0.08 baht per share with the total amount of 117,722,580 baht. In which the Company has already paid dividends at the rate of 0.015 baht per share in the interim dividend payment on December 8, 2023, the remaining dividend for the year 2023 at the rate of 0.065 baht per share. Such dividend payment will be paid from the Company's profits generated by the earnings under the Board of Investment promotion which is withholding tax exemption at the rate of 0.006 baht per share and from the net profit of businesses that are subject to corporate income tax at the rate of 20% at the rate of 0.059 baht per share. The date to determine the names of shareholders who entitle to receive dividend (Record Date) to be scheduled on May 10, 2024. The dividend payment will be scheduled on May 24, 2024. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.15 (vs ฿0.11 in FY 2022) Full year 2023 results: EPS: ฿0.15 (up from ฿0.11 in FY 2022). Revenue: ฿2.28b (up 8.5% from FY 2022). Net income: ฿220.5m (up 37% from FY 2022). Profit margin: 9.7% (up from 7.6% 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 23% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 01
Dividend increased to ฿0.065 Dividend of ฿0.065 is 44% higher than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 8.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 86% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.015 per share at 7.3% yield Eligible shareholders must have bought the stock before 27 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (4.3%). Announcement • Nov 15
Ekarat Engineering Public Company Limited Announces Interim Cash Dividend for the Period from 01-Jan-2023 to 30-Sep-2023, Payable on 08-Dec-2023 Ekarat Engineering Public Company Limited announced Interim cash dividend of THB 0.015 per share THB 0.80 Par value for the period from 01-Jan-2023 to 30-Sep-2023. Record date 28-Nov-2023, Ex-dividend date 27-Nov-2023 and Payment date 08-Dec-2023. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.039 (vs ฿0.022 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.039 (up from ฿0.022 in 3Q 2022). Revenue: ฿510.9m (up 9.2% from 3Q 2022). Net income: ฿56.9m (up 77% from 3Q 2022). Profit margin: 11% (up from 6.9% in 3Q 2022). The increase in margin was driven by higher revenue. 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.007 (vs ฿0.024 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.007 (down from ฿0.024 in 2Q 2022). Revenue: ฿374.9m (down 28% from 2Q 2022). Net income: ฿10.2m (down 72% from 2Q 2022). Profit margin: 2.7% (down from 7.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. MD & Director Rompissri Noichaiboon was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.036 (vs ฿0.014 in 1Q 2022) First quarter 2023 results: EPS: ฿0.036 (up from ฿0.014 in 1Q 2022). Revenue: ฿658.2m (up 87% from 1Q 2022). Net income: ฿53.6m (up 166% from 1Q 2022). Profit margin: 8.1% (up from 5.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 23% per year. Upcoming Dividend • May 04
Upcoming dividend of ฿0.045 per share at 9.2% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 9.2%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (3.7%). Announcement • Jan 04
Ekarat Engineering Public Company Limited Announces Executive Changes Ekarat Engineering Public Company Limited announced the termination of Mrs. Suwannee Sujaritvanichpong as Chief Financial Officer effective 31-Dec-2022. The company also appointed Mrs. Supaporn Chansuroj as Chief Financial Officer effective 01-Jan-2023. Upcoming Dividend • Oct 27
Upcoming dividend of ฿0.015 per share Eligible shareholders must have bought the stock before 03 November 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (3.6%). Announcement • Oct 21
Ekarat Engineering Public Company Limited Announces Interim Dividend for the Period from 01 January 2022 to 30 June 2022, Payable on 17 November 2022 Ekarat Engineering Public Company Limited announced interim Cash dividend of THB 0.015 per share, Par value THB 0.80 for the period from 01 January 2022 to 30 June 2022. Scheduled dates are as follows: Record date for the right to receive dividends 04 November 2022, Ex-dividend date 3 November 2022 and Payment date 17 November 2022. Upcoming Dividend • May 04
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 27 May 2022. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (3.2%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.063 (down from ฿0.073 in FY 2020). Revenue: ฿1.41b (down 4.9% from FY 2020). Net income: ฿89.9m (down 8.7% from FY 2020). Profit margin: 6.4% (down from 6.6% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 26
Ekarat Engineering Public Company Limited Proposes Dividend for the Year 2021, Payable by May 27, 2022 Ekarat Engineering Public Company Limited proposed dividend at the rate of THB 0.03 per share. The shareholders entitled to receive the said dividends be determined on May 12, 2022 (Record Date) and the dividends will payable by May 27, 2022. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.008 (vs ฿0.006 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿303.6m (down 7.2% from 2Q 2020). Net income: ฿11.8m (up 53% from 2Q 2020). Profit margin: 3.9% (up from 2.3% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.018 (vs ฿0.004 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿344.6m (down 7.6% from 1Q 2020). Net income: ฿23.7m (up ฿29.1m from 1Q 2020). Profit margin: 6.9% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 48% 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 • Apr 19
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.04, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 23x in the Electrical industry in Thailand. Total loss to shareholders of 1.2% over the past three years. Announcement • Mar 21
Ekarat Engineering Public Company Limited Announces Board and Committee Changes Ekarat Engineering Public Company Limited the resolution of the board of directors' meeting no. 3/2021 that was held on March 18, 2021 as follows: 1. Acknowledged of the resignation directors as follows: Mr. Danucha Noichaiboon has resigned from the position of Managing Director, Chairman of Risk Management Committee with effect from April 1, 2021 onwards. However, Mr. Danucha Noichaiboon still remains the Director and Nomination and Remuneration Committee. Mrs. Daranee Kantamara has resigned from the position of Director with effect from March 1, 2021 onwards. Approved to appoint directors to replace directors who resigned as follows: Miss Rompissri Noichaiboon as Managing Director to replace Mr. Danucha Noichaiboon with effect from April 1, 2021 onwards. Miss Rompissri Noichaiboon as Director to replace Mrs. Daranee Kantamara with effect from March 18, 2021 onwards. Mr. Thunya Siltorn as Chairman of Risk Management Committee to replace Mr. Danucha Noichaiboon with effect from April 1, 2021 onwards. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS ฿0.073 (vs ฿0.061 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿1.49b (down 8.7% from FY 2019). Net income: ฿98.4m (up 19% from FY 2019). Profit margin: 6.6% (up from 5.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Ekarat Engineering Public Company Limited, Annual General Meeting, Apr 29, 2021 Ekarat Engineering Public Company Limited, Annual General Meeting, Apr 29, 2021, at 10:00 SE Asia Standard Time. Location: Parichart Room, Golden Tulip Sovereign Hotel Bangkok Thailand Agenda: To consider and adopt the Minutes of the 2020 Annual General Meeting of Shareholders, held on June 30, 2020; to consider and elect the directors in replacement of those who retire by rotation; and to consider other matters. Is New 90 Day High Low • Feb 24
New 90-day high: ฿0.73 The company is up 46% from its price of ฿0.50 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 17% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: ฿0.70 The company is up 46% from its price of ฿0.48 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 30% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ฿0.63 The company is up 34% from its price of ฿0.47 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ฿0.53 The company is up 10.0% from its price of ฿0.48 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electrical industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿0.51 The company is up 13% from its price of ฿0.45 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 6.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.021 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿380.6m (down 6.0% from 3Q 2019). Net income: ฿27.9m (up 50% from 3Q 2019). Profit margin: 7.3% (up from 4.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings.