Reported Earnings • Mar 01
Full year 2025 earnings released: ฿1.01 loss per share (vs ฿0.79 loss in FY 2024) Full year 2025 results: ฿1.01 loss per share (further deteriorated from ฿0.79 loss in FY 2024). Revenue: ฿1.99b (down 47% from FY 2024). Net loss: ฿297.4m (loss widened 28% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Feb 26
CAZ (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2026 CAZ (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Location: caz (thailand) pcl , no. 239 huay pong-nong bon, road, huay pong subdistrict,mueang rayong district, rayong province, Thailand Reported Earnings • Nov 13
Third quarter 2025 earnings released: ฿1.33 loss per share (vs ฿0.031 profit in 3Q 2024) Third quarter 2025 results: ฿1.33 loss per share (down from ฿0.031 profit in 3Q 2024). Net loss: ฿391.2m (down ฿400.3m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.16 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (down from ฿0.16 in 2Q 2024). Revenue: ฿950.5m (down 4.8% from 2Q 2024). Net income: ฿26.6m (down 42% from 2Q 2024). Profit margin: 2.8% (down from 4.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • Jul 01
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 9.2% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.5% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (฿735.0m market cap, or US$22.7m). New Risk • May 14
New major risk - Revenue and earnings growth Earnings have declined by 6.5% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 6.5% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿611.5m market cap, or US$18.4m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.18 in 1Q 2024) First quarter 2025 results: EPS: ฿0.13 (down from ฿0.18 in 1Q 2024). Revenue: ฿823.8m (down 13% from 1Q 2024). Net income: ฿39.6m (down 24% from 1Q 2024). Profit margin: 4.8% (down from 5.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2024 earnings released: ฿0.79 loss per share (vs ฿0.73 profit in FY 2023) Full year 2024 results: ฿0.79 loss per share (down from ฿0.73 profit in FY 2023). Revenue: ฿3.73b (up 18% from FY 2023). Net loss: ฿231.7m (down 208% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 30% per year. Announcement • Feb 07
Caz (Thailand) Public Company Limited Announces Resignation of Porn-In Manmalai as Director CAZ (Thailand) Public Company Limited announced that Mr. Porn-in Manmalai Bo announced resignation of Porn-in Manmalai as director from his all position on the board of directors as following: Board of Director /Risk Management Committee (which a representing rom major shareholder, Takuni Group Public Company Limited). Due to other missions. The resignation effective from 5 February 2025 onwards. New Risk • Jan 21
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 6.4% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (฿646.8m market cap, or US$19.0m). Buy Or Sell Opportunity • Nov 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to ฿2.40. The fair value is estimated to be ฿3.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 10%. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.44, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 16x in the Construction industry in Thailand. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.08, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 13x in the Construction industry in Thailand. Total returns to shareholders of 25% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.16 (vs ฿0.16 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.16. Revenue: ฿998.1m (up 33% from 2Q 2023). Net income: ฿46.1m (down 1.0% from 2Q 2023). Profit margin: 4.6% (down from 6.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 23
Caz (Thailand) Public Company Limited Approves Dividend for the Operating Result of the Period 1 January 2023 to 31 December 2023 CAZ (Thailand) Public Company Limited announced that at the annual general meeting of shareholder held on 22 April 2024 approved appropriation of the company's net profit for the year 2023 and dividend payment for the operating result of the period 1 January - 31 December 2023 at the rate of THB 0.2114 per share, the total of dividend payment value is totaling of THB 62.17 Million. Reflecting to the dividend payout ratio of 30.70%. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.2%). Declared Dividend • Feb 29
Dividend increased to ฿0.21 Dividend of ฿0.21 is 5.7% higher than last year. Ex-date: 12th March 2024 Payment date: 20th May 2024 Dividend yield will be 5.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 16% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
CAZ (Thailand) Public Company Limited Proposes Dividend for the Year Ended 31 December 2023, Payable on 20 May 2024 CAZ (Thailand) Public Company Limited announced that at the board meeting held on 26 February 2024 approved to propose to the Annual General Meeting of Shareholders of 2024, for the appropriation of net profit and dividend payment from the operating result of the period 1 January 2023 to 31 December 2023 as dividends to shareholders at the rate of THB 0.2114 per share, the total of dividend payment value is totaling of THB 62.17 Million. The date to determination of dividend payment to shareholders is 20 May 2024. The list of shareholders who are entitled to receive dividends (Record Date) is 13 March 2024. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.73 (vs ฿0.69 in FY 2022) Full year 2023 results: EPS: ฿0.73 (up from ฿0.69 in FY 2022). Revenue: ฿3.16b (flat on FY 2022). Net income: ฿214.6m (up 6.5% from FY 2022). Profit margin: 6.8% (up from 6.4% in FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 31% per year. Announcement • Feb 27
CAZ (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2024 CAZ (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2024, at 13:30 SE Asia Standard Time. Location: Meeting Room A, Engineering Building of the Company at No. 239 Huaypong- Nongbon Rd, , Tambon Huaypong, Amphur Muangrayong, Rayong Province Thailand Agenda: To acknowledge the report of the Board of Directors on the results of operations for the year 2023; to consider and approve the financial statements for the year 2023 ended December 31, 2023; to consider and approve the appropriation of the Company' s net profit for the year 2023 and for dividend payment; to consider and approve the appointment of directors in replacement of those due to retire by rotation; to consider and approve remuneration for the Board of Directors for the year 2024; to consider and approve the appointment of the Company' s external auditor and the determination of audit fees for the year 2024; and to discuss other matters. Announcement • Jan 17
CAZ (Thailand) Public Company Limited Announces Management Changes, Effective 17 January 2024 Onward The Board of Directors of CAZ (Thailand) Public Company Limited No. 1/2024 on 16 January 2024 has resolved the resolution as follows; To acknowledge Mr. Somchai Kanbuakaew has resigned from Director (AuthorizedDirector)/Executive Committee Member/Risk Management Committee Member/Chairman of the Nomination and Remuneration Committee due to his other business engagement. The resignation letter has reached Chairmanof the Board of Directors on 12 January 2024 and an effective date for his resignation since 17 January 2024 onwards. To appoint Mr. Krittapong Orachaipunlap as a Director (Authorized Director)/Executive Committee Member/Risk Management Committee Member which effective from 17 January 2024 onward. To appoint Mr. Somyos Tiranawatananun as the Chairman of the Nomination and Remuneration Committee which effective 17 January 2024 onward. To appoint Mr. Porn-in Manmalai as a Director/Risk Management Committee Member with effective from 17 January 2024 to replace the available position. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.17 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.20 (up from ฿0.17 in 3Q 2022). Revenue: ฿762.1m (flat on 3Q 2022). Net income: ฿59.9m (up 18% from 3Q 2022). Profit margin: 7.9% (up from 6.7% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Nov 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿982.0m market cap, or US$27.3m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.16 (vs ฿0.19 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.16 (down from ฿0.19 in 2Q 2022). Revenue: ฿750.7m (down 3.2% from 2Q 2022). Net income: ฿46.6m (down 17% from 2Q 2022). Profit margin: 6.2% (down from 7.2% 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 44% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ฿0.19 (vs ฿0.21 in 1Q 2022) First quarter 2023 results: EPS: ฿0.19 (down from ฿0.21 in 1Q 2022). Revenue: ฿877.7k (down 100% from 1Q 2022). Net income: ฿55.7k (down 100% from 1Q 2022). Profit margin: 6.3% (down from 7.9% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿3.64, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 24x in the Construction industry in Thailand. Total returns to shareholders of 150% over the past three years. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.20 per share at 4.0% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (1.8%). Announcement • Jan 17
CAZ (Thailand) Public Company Limited Announces Board Changes CAZ (Thailand) Public Company Limited informed SET that Ms. Kanchana Rimpanichayakij has resigned from the position of member of Company's Director. The resignation is effective since 16 January 2023. In this regard, the Board of Directors No. 1/2023 on 16 January 2023 has appointed a new director to replace the resigned director with the resolutions as follows; Resolved to approve the appointment of Mr. Somyos Tiranawatananun to be the director ofthe Company to replace of Ms. Kanchana Rimpanichayakij, with effect from 17 January 2023. 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. 8 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Independent Director Natie Tabmanie was the last independent director to join the board, commencing their role in 2019. 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 • Aug 19
Investor sentiment improved over the past week After last week's 22% share price gain to ฿5.95, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 30x in the Construction industry in Thailand. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ฿5.40, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 26x in the Construction industry in Thailand. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 19% share price gain to ฿7.75, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 29x in the Construction industry in Thailand. Total returns to shareholders of 335% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 17% share price gain to ฿5.75, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 33x in the Construction industry in Thailand. Total returns to shareholders of 194% over the past three years. Board Change • Apr 27
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. 6 non-independent directors. Independent Director Natie Tabmanie was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 4.1% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Thai dividend payers (5.3%). Lower than average of industry peers (1.9%). Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 4.1% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Thai dividend payers (5.3%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 34% share price gain to ฿5.10, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 37x in the Construction industry in Thailand. Total returns to shareholders of 21% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.46 (up from ฿0.21 in FY 2020). Revenue: ฿2.19b (down 1.7% from FY 2020). Net income: ฿136.5m (up 122% from FY 2020). Profit margin: 6.2% (up from 2.8% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.065 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿510.2m (down 12% from 3Q 2020). Net income: ฿33.9m (up 77% from 3Q 2020). Profit margin: 6.6% (up from 3.3% in 3Q 2020). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 34% share price gain to ฿4.62, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 29x in the Construction industry in Thailand. Total returns to shareholders of 230% over the past year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 27% share price gain to ฿3.72, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 27x in the Construction industry in Thailand. Total returns to shareholders of 153% over the past year. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 25% share price gain to ฿2.96, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 26x in the Construction industry in Thailand. Total returns to shareholders of 103% over the past year. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS ฿0.18 (vs ฿0.046 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿955.3m (up 70% from 2Q 2020). Net income: ฿52.6m (up 289% from 2Q 2020). Profit margin: 5.5% (up from 2.4% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.068 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ฿467.1m (down 24% from 1Q 2020). Net income: ฿18.9m (down 5.6% from 1Q 2020). Profit margin: 4.0% (up from 3.3% in 1Q 2020). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 16% share price gain to ฿2.70, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 27x in the Construction industry in Thailand. Total returns to shareholders of 91% over the past year. Upcoming Dividend • Mar 10
Upcoming Dividend of ฿0.023 Per Share Will be paid on the 21st of May to those who are registered shareholders by the 17th of March. The trailing yield of 1.1% is below the top quartile of Thai dividend payers (5.5%), and is lower than industry peers (2.5%). Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.22 (vs ฿0.27 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿2.23b (up 9.8% from FY 2019). Net income: ฿61.5m (down 19% from FY 2019). Profit margin: 2.8% (down from 3.7% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 08
New 90-day high: ฿1.91 The company is up 28% from its price of ฿1.49 on 09 October 2020. The Thai market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ฿1.76 The company is up 13% from its price of ฿1.56 on 03 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 2.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.07 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿579.7m (up 17% from 3Q 2019). Net income: ฿19.2m (down 7.6% from 3Q 2019). Profit margin: 3.3% (down from 4.2% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Nov 10
New 90-day high: ฿1.64 The company is up 5.0% from its price of ฿1.56 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 13% over the same period. Is New 90 Day High Low • Oct 16
New 90-day low: ฿1.46 The company is down 17% from its price of ฿1.76 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 14% over the same period.