New Risk • May 08
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 8.2% 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (฿1.44b market cap, or US$44.7m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.20, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 10x in the Construction industry in Thailand. Total loss to shareholders of 6.8% over the past three years. New Risk • Mar 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.05b market cap, or US$33.0m). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.076 (vs ฿0.049 in FY 2024) Full year 2025 results: EPS: ฿0.076 (up from ฿0.049 in FY 2024). Revenue: ฿7.45b (up 22% from FY 2024). Net income: ฿78.0m (up 56% from FY 2024). Profit margin: 1.0% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 01
Dividend increased to ฿0.05 Dividend of ฿0.05 is 25% higher than last year. Ex-date: 16th March 2026 Payment date: 7th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (37% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Feb 28
Christiani & Nielsen (Thai) Public Company Limited announces Annual dividend, payable on May 07, 2026 Christiani & Nielsen (Thai) Public Company Limited announced Annual dividend of THB 0.0500 per share payable on May 07, 2026, ex-date on March 16, 2026 and record date on March 17, 2026. New Risk • Nov 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿1.11b market cap, or US$34.2m). New Risk • Nov 14
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: 1.0% Last year net profit margin: 1.5% 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 High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿1.11b market cap, or US$34.3m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.022 (vs ฿0.017 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.022 (up from ฿0.017 in 3Q 2024). Revenue: ฿2.06b (up 24% from 3Q 2024). Net income: ฿23.1m (up 33% from 3Q 2024). Profit margin: 1.1% (up from 1.0% 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 101% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.008 (vs ฿0.019 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.008 (down from ฿0.019 in 2Q 2024). Revenue: ฿1.69b (up 22% from 2Q 2024). Net income: ฿7.79m (down 61% from 2Q 2024). Profit margin: 0.5% (down from 1.4% 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 94% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • May 17
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.06b market cap, or US$31.7m). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.032 (vs ฿0.003 in 1Q 2024) First quarter 2025 results: EPS: ฿0.032 (up from ฿0.003 in 1Q 2024). Revenue: ฿1.76b (up 39% from 1Q 2024). Net income: ฿32.7m (up ฿29.4m from 1Q 2024). Profit margin: 1.9% (up from 0.3% in 1Q 2024). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings. Announcement • Apr 26
Christiani & Nielsen (Thai) Public Company Limited Approves Dividend for the Year 2024 Christiani & Nielsen (Thai) Public Company Limited at its Annual General Meeting of Shareholders held on 23 April 2025, approved the allocation of profits and the payment of dividends for the year 2024. At the rate of THB 0.04 per share, amounting to a total of THB 41,116,165.76. New Risk • Mar 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.07b market cap, or US$31.7m). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.04, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 12x in the Construction industry in Thailand. Total loss to shareholders of 42% over the past three years. Announcement • Mar 03
Christiani & Nielsen (Thai) Public Company Limited, Annual General Meeting, Apr 23, 2025 Christiani & Nielsen (Thai) Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:30 SE Asia Standard Time. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.049 (vs ฿0.028 in FY 2023) Full year 2024 results: EPS: ฿0.049 (up from ฿0.028 in FY 2023). Revenue: ฿6.11b (down 16% from FY 2023). Net income: ฿49.9m (up 72% from FY 2023). Profit margin: 0.8% (up from 0.4% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Christiani & Nielsen (Thai) Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 7, 2025 Christiani & Nielsen (Thai) Public Company Limited proposed dividend payment for the year 2024 to shareholders for the performance period from 1 January 2024 31 December 2024, at the rate of THB 0.04 per share, representing 36% of net profit per share (THB 0.11) from the Separate Financial Statements, totaling THB 41,116,165.76. The Record Date to determine the shareholders eligible for the dividend is set for 17 March 2025, and the dividend payment is scheduled for 7 May 2025. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 16x in the Construction industry in Thailand. Total loss to shareholders of 33% over the past three years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.001 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.019 (up from ฿0.001 loss in 2Q 2023). Revenue: ฿1.38b (down 38% from 2Q 2023). Net income: ฿20.0m (up ฿21.4m from 2Q 2023). Profit margin: 1.4% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. 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 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ฿1.34, the stock trades at a trailing P/E ratio of 42x. Average trailing P/E is 18x in the Construction industry in Thailand. Total loss to shareholders of 31% over the past three years. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0 in 1Q 2023) First quarter 2024 results: EPS: ฿0.003 (up from ฿0 in 1Q 2023). Revenue: ฿1.26b (down 28% from 1Q 2023). Net income: ฿3.25m (up ฿3.74m from 1Q 2023). Profit margin: 0.3% (up from 0% 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 27% 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. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ฿1.40, the stock trades at a trailing P/E ratio of 49.6x. Average trailing P/E is 22x in the Construction industry in Thailand. Total loss to shareholders of 4.8% over the past three years. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.028 (vs ฿0.21 loss in FY 2022) Full year 2023 results: EPS: ฿0.028 (up from ฿0.21 loss in FY 2022). Revenue: ฿7.25b (up 36% from FY 2022). Net income: ฿29.0m (up ฿242.4m from FY 2022). Profit margin: 0.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% 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. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings have declined by 2.1% 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 2.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿976.5m market cap, or US$27.7m). Reported Earnings • Nov 17
Third quarter 2023 earnings released: ฿0.011 loss per share (vs ฿0.006 profit in 3Q 2022) Third quarter 2023 results: ฿0.011 loss per share (down from ฿0.006 profit in 3Q 2022). Revenue: ฿1.83b (up 24% from 3Q 2022). Net loss: ฿11.6m (down 295% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. New Risk • Nov 08
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 6.2% 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿1.13b market cap, or US$31.8m). New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Market cap is less than US$100m (฿1.33b market cap, or US$37.5m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: ฿0.001 loss per share (vs ฿0.005 loss in 2Q 2022) Second quarter 2023 results: ฿0.001 loss per share (improved from ฿0.005 loss in 2Q 2022). Revenue: ฿2.25b (up 75% from 2Q 2022). Net loss: ฿1.43m (loss narrowed 73% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0 (vs ฿0.012 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0 (improved from ฿0.012 loss in 1Q 2022). Revenue: ฿1.76b (up 42% from 1Q 2022). Net loss: ฿490.0k (loss narrowed 96% from 1Q 2022). Profit margin: 0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Board Change • Feb 14
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. 8 highly experienced directors. Independent Director Renuka Sharma was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: ฿0.005 loss per share (vs ฿0.003 loss in 2Q 2021) Second quarter 2022 results: ฿0.005 loss per share (down from ฿0.003 loss in 2Q 2021). Revenue: ฿1.29b (down 25% from 2Q 2021). Net loss: ฿5.20m (loss widened 83% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 10% 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. 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. 8 highly experienced directors. 5 independent directors (6 non-independent directors). Independent Director Suriyon Tuchinda 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. Reported Earnings • Mar 01
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: ฿0.13 loss per share (down from ฿0.073 profit in FY 2020). Revenue: ฿6.20b (down 18% from FY 2020). Net loss: ฿128.9m (down 271% from profit in FY 2020). Revenue exceeded analyst estimates by 2.5%. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.042 loss per share (vs ฿0.014 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿1.36b (down 27% from 3Q 2020). Net loss: ฿43.7m (down 410% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.02 (vs ฿0.028 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿3.52b (up 95% from 2Q 2020). Net income: ฿20.2m (down 30% from 2Q 2020). Profit margin: 0.6% (down from 1.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 19% share price gain to ฿2.38, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 31x in the Construction industry in Thailand. Total returns to shareholders of 1.5% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.006 (vs ฿0.01 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.73b (down 8.1% from 1Q 2020). Net income: ฿6.59m (down 35% from 1Q 2020). Profit margin: 0.4% (down from 0.5% 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 69% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 31% share price gain to ฿2.28, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 27x in the Construction industry in Thailand. Total loss to shareholders of 1.2% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.71, the stock trades at a trailing P/E ratio of 23.3x. Average trailing P/E is 22x in the Construction industry in Thailand. Total loss to shareholders of 29% over the past three years. Is New 90 Day High Low • Mar 09
New 90-day high: ฿1.39 The company is up 9.0% from its price of ฿1.28 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 3.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.07 (vs ฿0.071 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿7.54b (up 4.1% from FY 2019). Net income: ฿75.5m (up 3.3% from FY 2019). Profit margin: 1.0% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 06
New 90-day high: ฿1.31 The company is up 11% from its price of ฿1.18 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: ฿1.30 The company is up 7.0% from its price of ฿1.22 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 15% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.014 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.87b (down 6.5% from 3Q 2019). Net income: ฿14.1m (up 23% from 3Q 2019). Profit margin: 0.8% (up from 0.6% 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 3% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿1.18 The company is down 4.0% from its price of ฿1.23 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 14% over the same period. 
