Buy Or Sell Opportunity • May 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to ฿2.12. The fair value is estimated to be ฿1.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 7.6%. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.072 (vs ฿0.046 in 1Q 2025) First quarter 2026 results: EPS: ฿0.072 (up from ฿0.046 in 1Q 2025). Revenue: ฿421.5m (up 30% from 1Q 2025). Net income: ฿47.8m (up 57% from 1Q 2025). Profit margin: 11% (up from 9.4% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 8.3%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (6.4%). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.19 (vs ฿0.18 in FY 2024) Full year 2025 results: EPS: ฿0.19 (up from ฿0.18 in FY 2024). Revenue: ฿1.39b (up 3.7% from FY 2024). Net income: ฿123.0m (up 5.8% from FY 2024). Profit margin: 8.8% (up from 8.7% 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 10% per year whereas the company’s share price has increased by 7% per year. Declared Dividend • Feb 28
Dividend reduced to ฿0.09 Dividend of ฿0.09 is 25% lower than last year. Ex-date: 5th May 2026 Payment date: 22nd May 2026 Dividend yield will be 8.7%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio). However, it is covered by cash flows (76% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 17% to bring the payout ratio under control, which is more than the 11% EPS growth achieved over the last 5 years. Announcement • Feb 27
Firetrade Engineering Public Company Limited Proposes Dividend for the Operating Results from July 1, 2025 to December 31, 2025, Payable on May 22, 2026 The Board of Directors Meeting of Firetrade Engineering Public Company Limited held on February 25, 2026 resolved dividends will be paid to shareholders in cash at the rate of THB 0.17 per share, totaling THB 112,199,987. 08, calculated as 97.03% of net profit after deducting legal reserves (Separate financial statements) which are by the dividend payment policy that is set to be not less than 40% of net profit after deducting legal reserves. However, when deducting 1 interim dividend payment in the year 2025 as the interim dividend payment of THB 52,799,993.92, the Company still has remaining dividends to be paid from the operating results from July 1, 2025 to December 31, 2025 in cash in the amount of THB 59,399,993.16, calculated as an additional dividend payment rate of THB 0.09 per share. However, the payment of such additional dividends is still uncertain due to having to wait for approval from the General Meeting of Shareholders for the year 2026 on April 24, 2026. The Company sets the names of shareholders who are entitled to receive dividends (Record Date) on May 6, 2026, and plans to pay dividends on May 22, 2026. Buy Or Sell Opportunity • Feb 26
Now 24% undervalued Over the last 90 days, the stock has risen 7.4% to ฿1.88. The fair value is estimated to be ฿2.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 17%. Announcement • Feb 26
Firetrade Engineering Public Company Limited, Annual General Meeting, Apr 24, 2026 Firetrade Engineering Public Company Limited, Annual General Meeting, Apr 24, 2026, at 13:30 SE Asia Standard Time. Location: meeting room, 6th floor, no. 1198/5, rama 9 road, phatthanakan sub-district, suan luang district, bangkok 10250, bangkok Thailand Buy Or Sell Opportunity • Jan 09
Now 20% undervalued Over the last 90 days, the stock has risen 8.0% to ฿1.89. The fair value is estimated to be ฿2.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.049 (vs ฿0.085 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.049 (down from ฿0.085 in 3Q 2024). Revenue: ฿366.3m (down 3.9% from 3Q 2024). Net income: ฿32.3m (down 43% from 3Q 2024). Profit margin: 8.8% (down from 15% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.052 (vs ฿0.016 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.052 (up from ฿0.016 in 2Q 2024). Revenue: ฿326.9m (up 24% from 2Q 2024). Net income: ฿34.5m (up 224% from 2Q 2024). Profit margin: 11% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.046 (vs ฿0.032 in 1Q 2024) First quarter 2025 results: EPS: ฿0.046 (up from ฿0.032 in 1Q 2024). Revenue: ฿324.7m (up 11% from 1Q 2024). Net income: ฿30.5m (up 44% from 1Q 2024). Profit margin: 9.4% (up from 7.3% 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 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 8.7%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (7.6%). Announcement • Apr 25
Firetrade Engineering Public Company Limited Approves Cash Dividend for 2024 Firetrade Engineering Public Company Limited announced that at its AGM held on April 24, 2025, approved to refrain from allocating net profits for the year 2024 as a legal reserve fund, because the Company has complete reserves as required by law, and approved the dividend payment for 2024 in cash at the rate of THB 0.16 per share for 659,999,924 ordinary shares, totaling THB 105,599,987.84, representing the dividend payment ratio of 83.34 % of net profit. The Company had already paid interim dividends from the operating results from January 1, 2024 to June 30, 2024 at the rate of THB 0.04 per share. The remaining dividend payment that must be paid was THB 0.12 per share, totaling THB 79,199,990.88. Declared Dividend • Feb 28
Final dividend increased to ฿0.12 Dividend of ฿0.12 is 20% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 10%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but not covered by cash flows (157% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 7 years. However, payments have been volatile during that time. 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 27
Firetrade Engineering Public Company Limited, Annual General Meeting, Apr 24, 2025 Firetrade Engineering Public Company Limited, Annual General Meeting, Apr 24, 2025, at 13:30 SE Asia Standard Time. Location: at the company`s meeting room, 6th floor,no.1198/5, rama 9 road, phatthanakan sub-district, suan luang, -district, bangkok Thailand Announcement • Feb 26
Firetrade Engineering Public Company Limited Proposes Dividend for the Operating Period from 1 July 2024 to 31 December 2024, Payable on 23 May 2025 Firetrade Engineering Public Company Limited proposed Cash Dividend Payment of THB 0.12 per share for the Operating period from 1 July 2024 to 31 December 2024. Date of Board resolution is 26 February 2025. Record date for the right to receive dividends is 7 May 2025. Ex-dividend date is 06 May 2025. Payment date is 23 May 2025. Shareholder's meeting date: April 24, 2025. Declared Dividend • Aug 15
First half dividend of ฿0.04 announced Shareholders will receive a dividend of ฿0.04. Ex-date: 27th August 2024 Payment date: 12th September 2024 Dividend yield will be 10%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio) nor is it covered by cash flows (156% cash payout ratio). The dividend has increased by an average of 6.7% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 37% to bring the payout ratio under control. However, EPS has declined by 6.3% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.016 (vs ฿0.04 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.016 (down from ฿0.04 in 2Q 2023). Revenue: ฿263.0m (down 2.9% from 2Q 2023). Net income: ฿10.6m (down 60% from 2Q 2023). Profit margin: 4.0% (down from 9.8% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.032 (vs ฿0.049 in 1Q 2023) First quarter 2024 results: EPS: ฿0.032 (down from ฿0.049 in 1Q 2023). Revenue: ฿291.4m (up 2.3% from 1Q 2023). Net income: ฿21.1m (down 34% from 1Q 2023). Profit margin: 7.3% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 23 May 2024. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 12%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (6.2%). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.18 (vs ฿0.12 in FY 2022) Full year 2023 results: EPS: ฿0.18 (up from ฿0.12 in FY 2022). Revenue: ฿1.14b (up 5.1% from FY 2022). Net income: ฿117.7m (up 46% from FY 2022). Profit margin: 10% (up from 7.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 29
Final dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 2nd May 2024 Payment date: 23rd May 2024 Dividend yield will be 10%, which is higher than the industry average of 5.7%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 23% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.0% EPS decline seen over the last 5 years. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.041 (vs ฿0.024 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.041 (up from ฿0.024 in 3Q 2022). Revenue: ฿295.0m (up 1.4% from 3Q 2022). Net income: ฿26.8m (up 71% from 3Q 2022). Profit margin: 9.1% (up from 5.4% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.07 per share at 8.3% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 14 September 2023. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 8.3%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (5.3%). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.029 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.04 (up from ฿0.029 in 2Q 2022). Revenue: ฿270.8m (up 14% from 2Q 2022). Net income: ฿26.6m (up 38% from 2Q 2022). Profit margin: 9.8% (up from 8.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.049 (vs ฿0.01 in 1Q 2022) First quarter 2023 results: EPS: ฿0.049 (up from ฿0.01 in 1Q 2022). Revenue: ฿284.8m (up 21% from 1Q 2022). Net income: ฿32.1m (up 377% from 1Q 2022). Profit margin: 11% (up from 2.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 12
Upcoming dividend of ฿0.06 per share at 7.1% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 09 May 2023. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (5.2%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.024 (vs ฿0.017 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.024 (up from ฿0.017 in 3Q 2021). Revenue: ฿291.0m (up 16% from 3Q 2021). Net income: ฿15.7m (up 36% from 3Q 2021). Profit margin: 5.4% (up from 4.6% in 3Q 2021). The increase in margin was driven by higher revenue. 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 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 25 November 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.6%). In line with average of industry peers (4.5%). Board Change • Nov 16
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. 5 non-independent directors. Independent Chairman of the Board Pornsak Limboonyaprasert was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.029 (vs ฿0.022 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.029 (up from ฿0.022 in 2Q 2021). Revenue: ฿236.8m (down 5.3% from 2Q 2021). Net income: ฿19.3m (up 34% from 2Q 2021). Profit margin: 8.2% (up from 5.8% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.01 (down from ฿0.019 in 1Q 2021). Revenue: ฿236.2m (down 9.6% from 1Q 2021). Net income: ฿6.74m (down 46% from 1Q 2021). Profit margin: 2.9% (down from 4.8% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Chairman of the Board Pornsak Limboonyaprasert 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 • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.073 (down from ฿0.10 in FY 2020). Revenue: ฿1.01b (up 11% from FY 2020). Net income: ฿44.0m (down 27% from FY 2020). Profit margin: 4.4% (down from 6.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. 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 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.019 (vs ฿0.021 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿251.1m (up 14% from 3Q 2020). Net income: ฿11.5m (down 10% from 3Q 2020). Profit margin: 4.6% (down from 5.8% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.024 (vs ฿0.024 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿250.1m (up 16% from 2Q 2020). Net income: ฿14.4m (down 1.1% from 2Q 2020). Profit margin: 5.8% (down from 6.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 29% 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. Executive Departure • Jun 08
COO & Executive Director Monnarit Tharaphongsawas has left the company On the 1st of June, Monnarit Tharaphongsawas' tenure as COO & Executive Director ended. We don't have any record of a personal shareholding under Monnarit's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.02 (vs ฿0.02 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ฿261.6m (up 16% from 1Q 2020). Net income: ฿12.5m (up 4.7% from 1Q 2020). Profit margin: 4.8% (down from 5.3% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% 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 • May 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿1.83, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 26x in the Machinery industry in Thailand. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 21% share price gain to ฿2.16, the stock trades at a trailing P/E ratio of 21.4x. Average trailing P/E is 27x in the Machinery industry in Thailand. Total loss to shareholders of 7.2% over the past three years. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 16 April 2021. Payment date: 30 April 2021. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (3.6%). Executive Departure • Apr 09
Director has left the company On the 6th of April, Suwanee Chenchitkhachorn's tenure as Director ended after 5.0 years in the role. We don't have any record of a personal shareholding under Suwanee's name. Suwanee is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Mar 11
New 90-day high: ฿1.80 The company is up 12% from its price of ฿1.61 on 09 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 13% over the same period. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.10 (vs ฿0.19 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿907.2m (down 12% from FY 2019). Net income: ฿60.5m (down 47% from FY 2019). Profit margin: 6.7% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 19% per year. Is New 90 Day High Low • Feb 08
New 90-day high: ฿1.77 The company is up 14% from its price of ฿1.55 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 22
New 90-day high: ฿1.63 The company is up 7.0% from its price of ฿1.52 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 Machinery industry, which is up 11% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.026 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿225.6m (down 9.6% from 3Q 2019). Net income: ฿12.9m (down 47% from 3Q 2019). Profit margin: 5.7% (down from 9.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings.