Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (6.3%). Declared Dividend • Mar 02
Dividend of ฿0.12 announced Dividend of ฿0.12 is the same as last year. Ex-date: 7th May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.9%, which is lower than the industry average of 7.1%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 1.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 3.3% to shift the payout ratio to a potentially unsustainable range, which is similar to the EPS decline seen over the last 5 years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.039 (vs ฿0.056 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.039 (down from ฿0.056 in 3Q 2024). Revenue: ฿307.1m (down 11% from 3Q 2024). Net income: ฿22.6m (down 31% from 3Q 2024). Profit margin: 7.4% (down from 9.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.039 (vs ฿0.031 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.039 (up from ฿0.031 in 2Q 2024). Revenue: ฿302.6m (up 8.0% from 2Q 2024). Net income: ฿22.6m (up 25% from 2Q 2024). Profit margin: 7.5% (up from 6.5% 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 2% per year whereas the company’s share price has fallen by 2% per year. Board Change • Aug 06
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. 4 non-independent directors. Independent Chairman Pichet Sithi-Amnuai was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.027 (vs ฿0.03 in 1Q 2024) First quarter 2025 results: EPS: ฿0.027 (down from ฿0.03 in 1Q 2024). Revenue: ฿309.7m (up 13% from 1Q 2024). Net income: ฿15.9m (down 8.3% from 1Q 2024). Profit margin: 5.1% (down from 6.3% 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 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 23 May 2025. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (9.4%). Announcement • Apr 24
Harn Engineering Solutions Public Company Limited Approves Dividend Payment for the 2024, Payable on May 23, 2025 Harn Engineering Solutions Public Company Limited at its AGM held on April 24, 2025, approved the dividend payment for the 2024 operating results at the rate of THB 0.12 per share, to be paid in cash totaling THB 70.14 million, is approximately 85.71% of the net profit according to the separated financial statements which in accordance with the dividend policy. The record date for determining the shareholders who are entitled to dividend payment was scheduled on May 6, 2025 and the dividend payment is approved to be made on May 23, 2025. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.15 (vs ฿0.20 in FY 2023) Full year 2024 results: EPS: ฿0.15 (down from ฿0.20 in FY 2023). Revenue: ฿1.27b (down 4.1% from FY 2023). Net income: ฿87.6m (down 23% from FY 2023). Profit margin: 6.9% (down from 8.6% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: ฿0.056 (vs ฿0.05 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.056 (up from ฿0.05 in 3Q 2023). Revenue: ฿345.1m (flat on 3Q 2023). Net income: ฿32.6m (up 12% from 3Q 2023). Profit margin: 9.5% (up from 8.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.031 (vs ฿0.052 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.031 (down from ฿0.052 in 2Q 2023). Revenue: ฿280.3m (down 16% from 2Q 2023). Net income: ฿18.1m (down 41% from 2Q 2023). Profit margin: 6.5% (down from 9.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.04 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (down from ฿0.04 in 1Q 2023). Revenue: ฿275.3m (down 13% from 1Q 2023). Net income: ฿17.3m (down 27% from 1Q 2023). Profit margin: 6.3% (down from 7.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Apr 30
Harn Engineering Solutions Public Company Limited Approves Dividend Payment for the Year 2023, Payable on May 17, 2024 Harn Engineering Solutions Public Company Limited announced that at the AGM was held on April 29, 2024, the company approved the dividend payment for the 2023 operating results according to the separated financial statements on May 17, 2024 at a rate of THB 0.15 per share of 584,500,000 shares, totaling payment THB 87,675,000 is approximately 76.16% of the net profit, which in accordance with the dividend policy. The record date for determining the shareholders who are entitled to dividend payment was scheduled on March 26, 2024. Upcoming Dividend • Mar 18
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 25 March 2024. Payment date: 17 May 2024. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 6.4%. Within top quartile of Thai dividend payers (5.8%). In line with average of industry peers (6.8%). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.20 (vs ฿0.15 in FY 2022) Full year 2023 results: EPS: ฿0.20 (up from ฿0.15 in FY 2022). Revenue: ฿1.33b (up 6.8% from FY 2022). Net income: ฿114.0m (up 28% from FY 2022). Profit margin: 8.6% (up from 7.1% 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 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 29
Harn Engineering Solutions Public Company Limited Proposes Dividend, Payable on May 17, 2024 The Board of Directors of Harn Engineering Solutions Public Company Limited deemed it appropriate to propose that the shareholders' meeting approve the dividend payment form the performance results from January 1, 2023 to December 31, 2023 according to the separated financial statements in cash to shareholders at the rate of THB 0.15 per share, proximately THB 87,675,000, accounted to 76.16% of net profit according to the separated financial statements. The Company sets the record date to determine the name of shareholders who are entitled to attend and vote in the AGM and receive the dividend on March 26, 2024 and set to pay the dividend on May 17, 2024.The dividend payment as above will be paid from the net profit after the deduction of income tax at the rate of 20% which ordinary shareholders that are individuals may request income tax credit at a rate of 20/80 of dividend pursuant to the criteria set forth in Section 47 bis of the Revenue Code. The rights of receiving dividend payment remain uncertain as it is subject to the approval of the 2024 Annual General Meeting of Shareholders. Announcement • Jan 16
Harn Engineering Solutions Public Company Limited, Annual General Meeting, Apr 23, 2024 Harn Engineering Solutions Public Company Limited, Annual General Meeting, Apr 23, 2024, at 07:00 Coordinated Universal Time. Location: HALL 31-32, 3rd floor, Harn Engineering Solutions Public Company 559 Soi Soonvijai 4, Rama 9 Road, Bangkapi, Huaykwang, Bangkok Bangkok Thailand Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.049 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.05 (up from ฿0.049 in 3Q 2022). Revenue: ฿342.7m (up 3.2% from 3Q 2022). Net income: ฿29.2m (up 3.0% from 3Q 2022). Profit margin: 8.5% (in line with 3Q 2022). Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Trade Distributors industry in Asia. 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 2% per year. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. 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 (฿1.24b market cap, or US$34.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.052 (vs ฿0.039 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.052 (up from ฿0.039 in 2Q 2022). Revenue: ฿333.8m (up 10% from 2Q 2022). Net income: ฿30.4m (up 33% from 2Q 2022). Profit margin: 9.1% (up from 7.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Trade Distributors industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.028 in 1Q 2022) First quarter 2023 results: EPS: ฿0.04 (up from ฿0.028 in 1Q 2022). Revenue: ฿314.8m (up 5.9% from 1Q 2022). Net income: ฿23.6m (up 47% from 1Q 2022). Profit margin: 7.5% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, while revenues in the Trade Distributors industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • May 08
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 an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Prasert Deejongkit was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.13 per share at 4.4% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (6.6%). Price Target Changed • Dec 09
Price target decreased to ฿2.43 Down from ฿2.66, the current price target is provided by 1 analyst. New target price is 11% above last closing price of ฿2.18. Stock is down 8.4% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.12 last year. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.049 (vs ฿0.017 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.049 (up from ฿0.017 in 3Q 2021). Revenue: ฿331.9m (up 38% from 3Q 2021). Net income: ฿28.4m (up 178% from 3Q 2021). Profit margin: 8.6% (up from 4.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, while revenues in the Trade Distributors industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.039 (vs ฿0.032 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.039 (up from ฿0.032 in 2Q 2021). Revenue: ฿303.2m (up 15% from 2Q 2021). Net income: ฿22.9m (up 23% from 2Q 2021). Profit margin: 7.5% (up from 7.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 8.5% compared to a 4.2% decline forecast for the industry in Thailand. 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 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.03 (down from ฿0.039 in 1Q 2021). Revenue: ฿297.2m (up 10% from 1Q 2021). Net income: ฿16.1m (down 30% from 1Q 2021). Profit margin: 5.4% (down from 8.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 11% while the industry in Thailand is not expected to grow. 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 1% 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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Prasert Deejongkit was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 13 May 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.4%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.3%). Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.12 (down from ฿0.17 in FY 2020). Revenue: ฿1.05b (down 11% from FY 2020). Net income: ฿72.3m (down 28% from FY 2020). Profit margin: 6.9% (down from 8.6% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 19%, compared to a 4.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.017 (vs ฿0.031 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿240.9m (down 17% from 3Q 2020). Net income: ฿10.2m (down 43% from 3Q 2020). Profit margin: 4.2% (down from 6.2% in 3Q 2020). 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 only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.039 (vs ฿0.06 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿269.3m (down 13% from 1Q 2020). Net income: ฿23.1m (down 34% from 1Q 2020). Profit margin: 8.6% (down from 11% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 22% share price gain to ฿2.86, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Trade Distributors industry in Asia. Total returns to shareholders of 22% over the past three years. Executive Departure • May 03
Independent Director has left the company On the 23rd of April, Sothitorn Mallikamas' tenure as Independent Director ended after 8.6 years in the role. We don't have any record of a personal shareholding under Sothitorn's name. Sothitorn is the only executive to leave the company over the last 12 months. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.1%. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 17%, compared to a 14% growth forecast for the Trade Distributors industry in Thailand. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.17 (vs ฿0.26 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.17b (down 16% from FY 2019). Net income: ฿101.0m (down 33% from FY 2019). Profit margin: 8.6% (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 2% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 24
New 90-day high: ฿2.32 The company is up 8.0% from its price of ฿2.14 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: ฿2.30 The company is up 10.0% from its price of ฿2.10 on 14 October 2020. The Thai market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Trade Distributors industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: ฿2.18 The company is up 4.0% from its price of ฿2.10 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 8.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.031 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿290.7m (down 12% from 3Q 2019). Net income: ฿17.9m (down 51% from 3Q 2019). Profit margin: 6.2% (down from 11% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 12
New 90-day low: ฿2.08 The company is down 1.0% from its price of ฿2.10 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 14% over the same period. 
