Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿7.00 (vs ฿0.025 in 1Q 2025) First quarter 2026 results: EPS: ฿7.00. Revenue: ฿205.9m (down 7.7% from 1Q 2025). Net income: ฿1.93m (down 69% from 1Q 2025). Profit margin: 0.9% (down from 2.8% in 1Q 2025). The decrease in margin was driven by lower revenue. Declared Dividend • Mar 04
Dividend of ฿0.12 announced Dividend of ฿0.12 is the same as last year. Ex-date: 13th March 2026 Payment date: 30th April 2026 Dividend yield will be 7.7%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 7.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.17 (vs ฿0.20 in FY 2024) Full year 2025 results: EPS: ฿0.17 (down from ฿0.20 in FY 2024). Revenue: ฿936.6m (down 11% from FY 2024). Net income: ฿43.1m (down 15% from FY 2024). Profit margin: 4.6% (down from 4.8% 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 53% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 03
Asian Marine Services Public Company Limited announces Annual dividend, payable on April 30, 2026 Asian Marine Services Public Company Limited announced Annual dividend of THB 0.1200 per share payable on April 30, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. Announcement • Mar 02
Asian Marine Services Public Company Limited, Annual General Meeting, Apr 03, 2026 Asian Marine Services Public Company Limited, Annual General Meeting, Apr 03, 2026, at 10:00 SE Asia Standard Time. Location: wassana room , golden tulip sovereign hotel, bangkok , 92 soi saengcham, rama 9 road, huai khwang, bangkok., Thailand Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.082 (vs ฿0.054 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.082 (up from ฿0.054 in 3Q 2024). Revenue: ฿255.9m (up 23% from 3Q 2024). Net income: ฿21.1m (up 51% from 3Q 2024). Profit margin: 8.3% (up from 6.7% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: ฿0.046 (vs ฿0.045 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.046 (up from ฿0.045 in 2Q 2024). Revenue: ฿250.3m (up 36% from 2Q 2024). Net income: ฿12.1m (up 3.4% from 2Q 2024). Profit margin: 4.8% (down from 6.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.025 (vs ฿0.025 in 1Q 2024) First quarter 2025 results: EPS: ฿0.025 (in line with 1Q 2024). Revenue: ฿223.0m (up 31% from 1Q 2024). Net income: ฿6.32m (down 1.4% from 1Q 2024). Profit margin: 2.8% (down from 3.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Apr 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿322.9m (US$9.28m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (฿322.9m market cap, or US$9.28m). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Mar 10
Asian Marine Services Public Company Limited Announces Chief Accounting Officer Changes Asian Marine Services Public Company Limited announced Chief Accounting officer changes. Mr. Somrid Tangsitthiseri Effective Date of Termination is February 28, 2025, Position of Chief Accountant is Finance and Accounting Manager. Mr. Peerayut Ngamploensin effective date of appointment is March 10, 2025. Position of Chief Accountant is Accounting Manager. Declared Dividend • Mar 06
Dividend increased to ฿0.12 Dividend of ฿0.12 is 50% higher than last year. Ex-date: 14th March 2025 Payment date: 2nd May 2025 Dividend yield will be 7.7%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 119% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 04
Asian Marine Services Public Company Limited Proposes Cash Dividend for the Year Ended 31 December 2024, Payable on 02 May 2025 Asian Marine Services Public Company Limited at the Annual General Meeting to be held on 03 April 2025 proposed cash dividend of THB 0.12 per share for the year 2024. Paid from: Operating period from 01 January 2024 to 31 December 2024. Record date for the right to receive dividends: 17 March 2025; Ex-dividend date: 14 March 2025; Payment date: 02 May 2025. Announcement • Mar 03
Asian Marine Services Public Company Limited, Annual General Meeting, Apr 03, 2025 Asian Marine Services Public Company Limited, Annual General Meeting, Apr 03, 2025, at 10:00 SE Asia Standard Time. Location: parichart room golden tulip sovereign hotel, bangkok , 92 soi saengcham, rama 9 road, huai khwang, bangkok., bangkok Thailand Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.20 (vs ฿0.068 in FY 2023) Full year 2024 results: EPS: ฿0.20 (up from ฿0.068 in FY 2023). Revenue: ฿1.05b (up 84% from FY 2023). Net income: ฿50.9m (up 190% from FY 2023). Profit margin: 4.8% (up from 3.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.045 (vs ฿0.042 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.045 (up from ฿0.042 loss in 2Q 2023). Revenue: ฿184.3m (up 55% from 2Q 2023). Net income: ฿11.7m (up ฿22.6m from 2Q 2023). Profit margin: 6.4% (up from net loss in 2Q 2023). The move to profitability was driven by higher 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 17% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.025 (vs ฿0.016 in 1Q 2023) First quarter 2024 results: EPS: ฿0.025 (up from ฿0.016 in 1Q 2023). Revenue: ฿170.9m (up 18% from 1Q 2023). Net income: ฿6.41m (up 51% from 1Q 2023). Profit margin: 3.8% (up from 2.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Apr 23
Asian Marine Services Public Company Limited Approves Annual Dividend Payment for the Fiscal Year 2023, Payable on May 21, 2024 Asian Marine Services Public Company Limited announced that at the Annual General Meeting 2024 held on April 22, 2024 approved the annual dividend payment for the fiscal year 2023 of THB 0.08 per share. The annual dividend payment for the fiscal year 2023 to shareholders listed on the Record date for the right to receive dividends on March 20, 2024. The dividend payment will be paid on May 21, 2024. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 21 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.3%). Declared Dividend • Mar 08
Dividend increased to ฿0.08 Dividend of ฿0.08 is 100% higher than last year. Ex-date: 19th March 2024 Payment date: 21st May 2024 Dividend yield will be 5.0%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, it is well covered by cash flows (8% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control. However, EPS has declined by 27% over the last 5 years so the company would need to reverse this trend. Announcement • Mar 07
Asian Marine Services Public Company Limited, Annual General Meeting, Apr 22, 2024 Asian Marine Services Public Company Limited, Annual General Meeting, Apr 22, 2024, at 10:00 SE Asia Standard Time. Location: Parichart Room, Golden Tulip Sovereign Hotel Bangkok, 92 Soi Saengcham, Rama 9 Road, Huai Khwang, Bangkok Thailand Agenda: To consider and certify the minutes of the 2023 Annual General Meeting' shareholders; to acknowledge the report on the company's operations for the year 2023; to approve the statement of financial for the year ended December 31, 2023; to consider and approve the allocation of net profit and dividend payment for the fiscal year 2023; to consider the election of the directors to replace those who are retired by rotation and the director remuneration for the year 2024; to approve the directors' remuneration for the year 2024; to approve the appointment of External Auditor and the audit fee for the year 2024; and to consider other matters (if any). Announcement • Mar 06
Asian Marine Services Public Company Limited Proposes Dividend Payment for 2023, Payable on May 21, 2024 Asian Marine Services Public Company Limited at its board meeting held on March 5, 2024, Resolved to approve the submission to the shareholders' meeting for approval of the fiscal year 2023 the payment of dividend at the rate of THB 0.08 per share, in the total amount of THB 20,663,287. Such Convening the Annual General Meeting 2024 April 22, 2024. Dividend Payment is May 21, 2024. Announcement • Feb 16
Asian Marine Services Public Company Limited Announces Change of Chief Accountant Asian Marine Services Public Company Limited announced the termination of Miss Pawinee Salam, Accounting Division Manager, as Chief Accountant, effective from 15-Feb-2024 and the appointment of Mr. Somrid Tangsitthiseri as, Finance and Accounting Manager, Chief Accountant,16-Feb-2024. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿1.73, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 19x in the Machinery industry in Thailand. Total returns to shareholders of 1.8% over the past three years. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.038 (vs ฿0.018 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.038 (up from ฿0.018 in 3Q 2022). Revenue: ฿167.0m (down 20% from 3Q 2022). Net income: ฿9.82m (up 107% from 3Q 2022). Profit margin: 5.9% (up from 2.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿353.9m (US$9.80m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 22% per year over the past 5 years. Market cap is less than US$10m (฿353.9m market cap, or US$9.80m). Minor Risks Dividend is not well covered by earnings (387% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Aug 18
Second quarter 2023 earnings released: ฿0.042 loss per share (vs ฿0.041 profit in 2Q 2022) Second quarter 2023 results: ฿0.042 loss per share (down from ฿0.041 profit in 2Q 2022). Revenue: ฿119.2m (down 33% from 2Q 2022). Net loss: ฿10.9m (down 203% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.04 per share at 5.6% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 03 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (4.8%). Announcement • Dec 01
Asian Marine Services Public Company Limited Announces Resignation of Bumroong Chinda as Independent Director and Member of Audit Committee, Effective January 1, 2023 The Board of Directors of Asian Marine Services PCL. at a meeting No.4/2022 held on November 29, 2022 has passed the resolution of Mr. Bumroong Chinda Independent Director and Member of Audit Committee to resign from the company due to other missions, unable to perform their duties fully, effective from January 1, 2023 onwards. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.018 (vs ฿0.04 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.018 (up from ฿0.04 loss in 3Q 2021). Revenue: ฿207.4m (up 124% from 3Q 2021). Net income: ฿4.75m (up ฿15.0m from 3Q 2021). Profit margin: 2.3% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Luckana Srisod was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 21
Second quarter 2022 earnings released: EPS: ฿0.041 (vs ฿0.046 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.041 (down from ฿0.046 in 2Q 2021). Revenue: ฿176.8m (up 16% from 2Q 2021). Net income: ฿10.5m (down 12% from 2Q 2021). Profit margin: 6.0% (down from 7.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: (down 100% from 1Q 2021). Net income: (down ฿14.8m from profit in 1Q 2021). Profit margin: (down from 9.5% in 1Q 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 19
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿2.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 43%. 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. 4 experienced directors. 7 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Luckana Srisod was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 15% share price gain to ฿2.44, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 21x in the Machinery industry in Thailand. Total returns to shareholders of 30% over the past three years. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 06 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.083 (down from ฿0.12 in FY 2020). Revenue: ฿528.2m (up 7.0% from FY 2020). Net income: ฿21.6m (down 30% from FY 2020). Profit margin: 4.1% (down from 6.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 21.1x. Average trailing P/E is 19x in the Machinery industry in Thailand. Total returns to shareholders of 18% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.046 (vs ฿0.015 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿152.2m (up 40% from 2Q 2020). Net income: ฿11.9m (up 213% from 2Q 2020). Profit margin: 7.8% (up from 3.5% in 2Q 2020). The increase in margin was driven by higher revenue. 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 1% per year. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.057 (vs ฿0.042 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿155.8m (up 17% from 1Q 2020). Net income: ฿14.8m (up 35% from 1Q 2020). Profit margin: 9.5% (up from 8.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.62, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 26x in the Machinery industry in Thailand. Total returns to shareholders of 1.4% over the past three years. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 19% share price gain to ฿2.56, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 21x in the Machinery industry in Thailand. Negligible returns to shareholders over past three years. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.12 (vs ฿0.004 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿493.7m (up 12% from FY 2019). Net income: ฿30.6m (up ฿29.6m from FY 2019). Profit margin: 6.2% (up from 0.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 63% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 25% share price gain to ฿2.32, the stock is trading at a trailing P/E ratio of 27.1x, up from the previous P/E ratio of 21.7x. This compares to an average P/E of 21x in the Machinery industry in Thailand. Total return to shareholders over the past three years is a loss of 12%. Is New 90 Day High Low • Mar 01
New 90-day high: ฿2.12 The company is up 39% from its price of ฿1.53 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 7.0% over the same period. Announcement • Feb 25
Asian Marine Services Public Company Limited, Annual General Meeting, Apr 01, 2021 Asian Marine Services Public Company Limited, Annual General Meeting, Apr 01, 2021, at 03:00 Coordinated Universal Time. Location: Rachavadee Room , Golden Tulip Sovereign Hotel Bangkok , 92 Soi Saengcham Rama 9 Road, Huai Khwang Bangkok Thailand Agenda: To consider and certify the minutes of the 2020 annual general meeting' shareholders; to acknowledge the report on the company's operations for the year 2020; to approve the statement of financial for the year ended December 31, 2020; to consider and approve the allocation of net profit and dividend payment for the fiscal year 2020; to consider the election of the directors to replace those who are retired by rotation and the director remuneration for the year 2021; and to consider other matter. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 31% share price gain to ฿2.00, the stock is trading at a trailing P/E ratio of 23.4x, up from the previous P/E ratio of 17.9x. This compares to an average P/E of 18x in the Machinery industry in Thailand. Total return to shareholders over the past three years is a loss of 25%. Is New 90 Day High Low • Jan 18
New 90-day high: ฿2.00 The company is up 46% from its price of ฿1.37 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 21
New 90-day high: ฿1.50 The company is up 8.0% from its price of ฿1.39 on 21 August 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 4.0% over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿123.6m (up 16% from 3Q 2019). Net income: ฿7.85m (up 25% from 3Q 2019). Profit margin: 6.3% (up from 5.9% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 71% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.