Reported Earnings • May 12
First quarter 2026 earnings released: EPS: ฿0.17 (vs ฿0.15 in 1Q 2025) First quarter 2026 results: EPS: ฿0.17 (up from ฿0.15 in 1Q 2025). Revenue: ฿318.3m (up 2.6% from 1Q 2025). Net income: ฿44.7m (up 14% from 1Q 2025). Profit margin: 14% (up from 13% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 7.5%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.6%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.53 (up from ฿0.44 in FY 2024). Revenue: ฿1.19b (down 7.8% from FY 2024). Net income: ฿136.7m (up 22% from FY 2024). Profit margin: 12% (up from 8.7% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Arrow Syndicate Public Company Limited Proposes Dividend for the Year 2025, Payable on May 22, 2026 The Board of Directors' Meeting of Arrow Syndicate Public Company Limited No. 1/2026 held on February 24, 2026, passed the important resolutions as follows: Propose the Shareholders' meeting to approve the dividend payment from the retained earnings and the 2025's performance at the rate of THB 0.40 per share for the total dividend amount of THB 102,758,761.60 which interim dividend has been paid at the rate of THB 0.10 per share on September 5, 2025. The remaining dividend to pay at THB 0.30 per share for dividend payment THB of 77,069,071.20 shall be paid from. The dividend of THB 0.036 per share, equal to THB 9,248,288.54 shall be paid from the retained earnings and net profit which has except the corporate income tax from BOI privilege. The dividend of THB 0.264 per share, equal to THB 67,820,782.66 shall be paid from the retained earnings and net profit which has paid corporate income tax 20% (Non-BOI). The Company will identify rightful shareholders who may receive a dividend on May 7, 2026 (Record Date). The dividend shall be paid on May 22, 2026. Declared Dividend • Feb 26
Dividend of ฿0.30 announced Shareholders will receive a dividend of ฿0.30. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 7.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 25
Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 23, 2026 Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 23, 2026, at 14:00 SE Asia Standard Time. Location: 163 mu.9, soi baring 68, sukhumvit 107 road, samrong naur, muang, samutprakarn, 10270 Thailand Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.17 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.16 (down from ฿0.17 in 3Q 2024). Revenue: ฿311.2m (down 12% from 3Q 2024). Net income: ฿40.1m (down 10% from 3Q 2024). Profit margin: 13% (in line with 3Q 2024). Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
First half dividend of ฿0.10 announced Dividend of ฿0.10 is the same as last year. Ex-date: 21st August 2025 Payment date: 5th September 2025 Dividend yield will be 7.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (139% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 45% over the next year. However, it would need to fall by 47% to increase the payout ratio to a potentially unsustainable range. New Risk • Aug 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (139% cash payout ratio). Market cap is less than US$100m (฿1.28b market cap, or US$39.7m). Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.084 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.13 (up from ฿0.084 in 2Q 2024). Revenue: ฿277.2m (down 6.1% from 2Q 2024). Net income: ฿33.1m (up 53% from 2Q 2024). Profit margin: 12% (up from 7.3% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.15 (up from ฿0.11 in 1Q 2024). Revenue: ฿310.2m (down 5.3% from 1Q 2024). Net income: ฿39.1m (up 37% from 1Q 2024). Profit margin: 13% (up from 8.7% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 22 May 2025. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (6.7%). Declared Dividend • Mar 01
Final dividend of ฿0.25 announced Dividend of ฿0.25 is the same as last year. Ex-date: 6th May 2025 Payment date: 22nd May 2025 Dividend yield will be 6.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 1.2% per year over the past 10 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 • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.15 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.17 (up from ฿0.15 in 3Q 2023). Revenue: ฿353.5m (up 3.4% from 3Q 2023). Net income: ฿44.6m (up 12% from 3Q 2023). Profit margin: 13% (up from 12% 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 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Announcement • Aug 09
Arrow Syndicate Public Company Limited Announces Interim Dividend for the Period Ended June 30, 2024, Payable on September 6, 2024 Arrow Syndicate Public Company Limited announced interim dividend for the period ended June 30, 2024 of THB 0.10 per share with the Ex-dividend date 21 August 2024 Record date for the right to receive dividends 22 August 2024 and Payment date 6 September 2024. Declared Dividend • Aug 09
First half dividend of ฿0.10 announced Dividend of ฿0.10 is the same as last year. Ex-date: 21st August 2024 Payment date: 6th September 2024 Dividend yield will be 6.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.8% EPS decline seen over the last 5 years. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.084 (vs ฿0.087 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.084 (down from ฿0.087 in 2Q 2023). Revenue: ฿295.2m (down 7.5% from 2Q 2023). Net income: ฿21.7m (down 3.0% from 2Q 2023). Profit margin: 7.3% (up from 7.0% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 14% per year. Buy Or Sell Opportunity • Jul 01
Now 20% overvalued Over the last 90 days, the stock has fallen 9.9% to ฿5.90. The fair value is estimated to be ฿4.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 19%. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.043 in 1Q 2023) First quarter 2024 results: EPS: ฿0.11 (up from ฿0.043 in 1Q 2023). Revenue: ฿327.5m (down 8.0% from 1Q 2023). Net income: ฿28.7m (up 160% from 1Q 2023). Profit margin: 8.7% (up from 3.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% 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. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.40 (up from ฿0.36 in FY 2022). Revenue: ฿1.34b (flat on FY 2022). Net income: ฿101.6m (up 9.7% from FY 2022). Profit margin: 7.6% (up from 6.9% in FY 2022). Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 20%. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 24
Final dividend of ฿0.25 announced Dividend of ฿0.25 is the same as last year. Ex-date: 8th May 2024 Payment date: 23rd May 2024 Dividend yield will be 5.4%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 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. Announcement • Feb 23
Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 24, 2024 Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 24, 2024, at 15:00 Singapore Standard Time. Location: 163 Mu.9, Soi Baring 68, Sukhumvit 107 Road Samrong Naur, Muang, Samutprakarn, 10270 Thailand Agenda: To consider and certify the minutes of AGM 1/2023 on April 27, 2023; to acknowledge the Company's operation performance of 2023 and operation plan for 2024; to consider and approve the Financial Statement as of December 31, 2023; to consider and approve the dividend payment from the Company's retained earnings and net profit of 2023; to consider the re-election of directors of the year 2024; to consider the new election of director for the year 2024; to consider and approve the remuneration of Directors for 2024; to consider and approve the appointment of an auditor and auditor fees of 2024; and to consider Other matters. Announcement • Feb 22
Arrow Syndicate Public Company Limited Proposes Dividend for the Year 2023, Payable on May 23, 2024 Arrow Syndicate Public Company Limited at its AGM to be held on April 24, 2024 proposed the dividend payment from the retained earnings and the 2023's performance at the rate of THB 0.35 per share for the total dividend amount of THB 89,913,916.40 which interim dividend has been paid at the rate of THB 0.10 per share on September 7, 203. The remaining dividend to pay at THB 0.25 per share for the amount of dividend payment of THB 64,224,226.00 shall be paid from the retained earnings and net profit which has paid corporate income tax 20% (Non-BOI). The company will identify rightful shareholders who may receive a dividend on May 9, 2024 (Record Date). The dividend shall be paid on May 23, 2024. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.054 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.15 (up from ฿0.054 in 3Q 2022). Revenue: ฿341.8m (down 2.6% from 3Q 2022). Net income: ฿39.8m (up 187% from 3Q 2022). Profit margin: 12% (up from 3.9% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.10 per share at 5.0% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 07 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.087 (vs ฿0.057 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.087 (up from ฿0.057 in 2Q 2022). Revenue: ฿319.2m (down 4.7% from 2Q 2022). Net income: ฿22.3m (up 52% from 2Q 2022). Profit margin: 7.0% (up from 4.4% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jul 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be ฿8.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 12% in a year. Earnings is forecast to grow by 77% in the next year. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.043 (vs ฿0.12 in 1Q 2022) First quarter 2023 results: EPS: ฿0.043 (down from ฿0.12 in 1Q 2022). Revenue: ฿356.0m (up 8.8% from 1Q 2022). Net income: ฿11.0m (down 64% from 1Q 2022). Profit margin: 3.1% (down from 9.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 03
Upcoming dividend of ฿0.25 per share at 4.9% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 26 May 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.7%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Chairman of the Board Vichai Thosuwanchinda was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.9%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (3.5%). Announcement • Aug 13
Arrow Syndicate Public Company Limited Announces Interim Dividend for the Period Ending June 30, 2022 Arrow Syndicate Public Company Limited announced interim dividend for the period ending June 30, 2022 of THB 0.10 per share with the Ex-dividend date 24 Aug. 2022 Record date for the right to receive dividends 25 Aug. 2022Payment date 09 Sep. 2022. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.06 (vs ฿0.23 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.06 (down from ฿0.23 in 2Q 2021). Revenue: ฿334.9m (up 18% from 2Q 2021). Net income: ฿14.7m (down 75% from 2Q 2021). Profit margin: 4.4% (down from 21% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 49% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.12 (down from ฿0.17 in 1Q 2021). Revenue: ฿327.0m (up 12% from 1Q 2021). Net income: ฿30.3m (down 29% from 1Q 2021). Profit margin: 9.3% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 3.8%. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • May 03
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 5.4%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.2%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Chairman of the Board Vichai Thosuwanchinda was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Feb 25
Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 26, 2022 Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 26, 2022, at 14:00 SE Asia Standard Time. Location: 163 Mu.9, Soi Baring 68, Sukhumvit 107 Road, Samrong Naur, Muang Samutprakan Thailand Agenda: To consider and certify the minutes of AGM 1/2021 on April 26, 2021; to acknowledge the company's operation performance of 2021 and operation plan for 2022; to consider and approve the Financial Statement as of December 31, 2021; to consider and approve the dividend payment from the company's retained earnings and net profit of 2021; to consider the re-election directors of the year 2022; to consider and approve the remuneration of Directors for 2022; to consider and approve the appointment of an auditor and auditor fees of 2022; to consider and approve the decrease of the company's registered capital; and others (if any). Announcement • Feb 24
Arrow Syndicate Public Company Limited Proposes Dividend for the Year 2021, Payable on May 25, 2022 Arrow Syndicate Public Company Limited proposed the Shareholders' meeting to approve the dividend payment from the retained earnings and the 2021's performance at the rate of THB 0.45 per share for the total dividend amount of THB 115,603,606.80 which interim dividend has been paid at the rate of THB 0.10 per share on December 9, 2021. Remaining dividend to pay at THB 0.35 per share for the amount of dividend payment of THB 89,913,916.40 shall be paid from the retained earnings and net profit which has paid corporate income tax 20% (Non-BOI). The Company will identify rightful shareholders who may receive dividend on May 11, 2022 (Record Date). The dividend shall be paid on May 25, 2022. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.50 (down from ฿0.66 in FY 2020). Revenue: ฿1.06b (down 18% from FY 2020). Net income: ฿128.7m (down 24% from FY 2020). Profit margin: 12% (down from 13% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 3.8%. Over the next year, revenue is forecast to grow 14%, compared to a 49% growth forecast for the 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 remained flat, which means it is well ahead of earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 09 December 2021. Trailing yield: 5.4%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (4.2%). Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.09 (vs ฿0.15 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿205.1m (down 35% from 3Q 2020). Net income: ฿21.8m (down 43% from 3Q 2020). Profit margin: 11% (down from 12% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.25 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿293.3m (down 18% from 1Q 2020). Net income: ฿42.8m (down 32% from 1Q 2020). Profit margin: 15% (down from 18% 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 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 04
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 25 May 2021. Trailing yield: 5.3%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 17% share price gain to ฿9.50, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total loss to shareholders of 6.2% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 23% share price gain to ฿9.05, the stock is trading at a trailing P/E ratio of 13.7x, up from the previous P/E ratio of 11.1x. This compares to an average P/E of 20x in the Electrical industry in Thailand. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Mar 09
New 90-day high: ฿8.20 The company is up 11% from its price of ฿7.40 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 12% over the same period. Announcement • Feb 24
Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 26, 2021 Arrow Syndicate Public Company Limited, Annual General Meeting, Apr 26, 2021, at 07:00 Coordinated Universal Time. Location: Meeting Room, 3rd floor ,163 Mu.9, Soi Baring 68, Sukhumvit 107 Road, Samrong Naur Samutprakarn Muang Thailand Agenda: To consider and certify the minutes of AGM 1/2020 on June 15, 2020; to acknowledge the company's operation performance of 2020 and operation plan for 2021; to consider and approve the financial statement as of December 31, 2020; to consider and approve the dividend payment from the company's retained earnings and net profit of 2020; to consider the re-election directors of the year 2021; to consider and approve the remuneration of directors for 2021; to consider and approve the appointment of an auditor and auditor fees of 2021; and to consider and approve the decrease of the company's registered capital. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.66 (vs ฿0.81 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.29b (down 11% from FY 2019). Net income: ฿169.0m (down 18% from FY 2019). Profit margin: 13% (down from 14% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.7%. Earnings per share (EPS) also missed analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 11%, compared to a 33% growth forecast for the Electrical industry in Thailand. Is New 90 Day High Low • Jan 07
New 90-day high: ฿7.65 The company is up 5.0% from its price of ฿7.30 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 10.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.15 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿313.8m (down 19% from 3Q 2019). Net income: ฿38.2m (down 44% from 3Q 2019). Profit margin: 12% (down from 18% 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 3% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 16
New 90-day low: ฿7.05 The company is down 1.0% from its price of ฿7.15 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 8.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: ฿7.80 The company is up 8.0% from its price of ฿7.25 on 24 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 8.0% over the same period.