Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 20x in the Electrical industry in Asia. Total loss to shareholders of 4.4% over the past three years. Buy Or Sell Opportunity • Jul 15
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ฿7.15. The fair value is estimated to be ฿5.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.4% over the last 3 years. Earnings per share has declined by 2.8%. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 54% in the next year. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.11 (vs ฿0.13 in 1Q 2025) First quarter 2026 results: EPS: ฿0.11 (down from ฿0.13 in 1Q 2025). Revenue: ฿307.9m (up 16% from 1Q 2025). Net income: ฿25.7m (down 17% from 1Q 2025). Profit margin: 8.3% (down from 12% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 26 May 2026. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (6.0%). Reported Earnings • Feb 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.55 (down from ฿0.78 in FY 2024). Revenue: ฿1.12b (down 6.8% from FY 2024). Net income: ฿126.9m (down 30% from FY 2024). Profit margin: 11% (down from 15% in FY 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% 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 Risks Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks High level of debt (60% net debt to equity). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.39b market cap, or US$44.8m). Declared Dividend • Feb 22
Dividend of ฿0.26 announced Shareholders will receive a dividend of ฿0.26. Ex-date: 19th March 2026 Payment date: 26th May 2026 Dividend yield will be 7.1%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 3 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Kijcharoen Engineering Electric Public Company Limited, Annual General Meeting, Apr 28, 2026 Kijcharoen Engineering Electric Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Location: hybrid meeting company`s meeting room, no. 61-, and 61/5 moo 8 soi wiroonrat, setthakit road, thamai sub-district,kratumban distrcit, samut -, province, thailand, Thailand Reported Earnings • Nov 08
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ฿0.17 (down from ฿0.19 in 3Q 2024). Revenue: ฿287.8m (down 1.2% from 3Q 2024). Net income: ฿38.8m (down 11% from 3Q 2024). Profit margin: 14% (down from 15% in 3Q 2024). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Asia. Declared Dividend • Aug 11
First half dividend increased to ฿0.19 Dividend of ฿0.19 is 12% higher than last year. Ex-date: 21st August 2025 Payment date: 8th September 2025 Dividend yield will be 8.3%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 28% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ฿0.21 (down from ฿0.22 in 2Q 2024). Revenue: ฿308.7m (up 3.3% from 2Q 2024). Net income: ฿48.7m (down 2.8% from 2Q 2024). Profit margin: 16% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Asia. Reported Earnings • May 11
First quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2025 results: EPS: ฿0.13 (down from ฿0.15 in 1Q 2024). Revenue: ฿264.9m (down 6.9% from 1Q 2024). Net income: ฿30.9m (down 11% from 1Q 2024). Profit margin: 12% (in line with 1Q 2024). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Electrical industry in Asia. Announcement • Apr 24
Kijcharoen Engineering Electric Public Company Limited Approves the Dividend Payment for the Performance for the Year 2024 Kijcharoen Engineering Electric Public Company Limited AT ITS 2025 Annual General Meeting of Shareholders on 23rd April 2025, approved the dividend payment for the Company's performance for the year 2024 shall be THB 0.35 per share for the 231,997,800 shares, amounting to a total of THB 81,199,230. Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (6.4%). Announcement • Mar 06
Kijcharoen Engineering Electric Public Company Limited Announces Change in Chief Accountant Kijcharoen Engineering Electric Public Company Limited announced change in Chief Accountant. The company announced the termination of Mookmanee Rojrungruangkit as Accounting Department Manager (Position of Chief Accountant) and appointed Tossapol Lertlamlerpong as Accounting Department Manager (Position of Chief Accountant), effective 03 Mar. 2025. Declared Dividend • Feb 22
Final dividend increased to ฿0.35 Dividend of ฿0.35 is 17% higher than last year. Ex-date: 13th March 2025 Payment date: 7th May 2025 Dividend yield will be 7.5%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 22% per year over the past 2 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 21
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.78 (up from ฿0.66 in FY 2023). Revenue: ฿1.20b (up 11% from FY 2023). Net income: ฿181.4m (up 19% from FY 2023). Profit margin: 15% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) exceeded analyst estimates by 4.0%. Price Target Changed • Jan 30
Price target decreased by 15% to ฿9.90 Down from ฿11.70, the current price target is provided by 1 analyst. New target price is 42% above last closing price of ฿6.95. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿0.75 for next year compared to ฿0.66 last year. Reported Earnings • Nov 13
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ฿0.19 (down from ฿0.21 in 3Q 2023). Revenue: ฿291.2m (up 3.6% from 3Q 2023). Net income: ฿43.4m (down 11% from 3Q 2023). Profit margin: 15% (down from 17% in 3Q 2023). 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 5.6%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Asia. Declared Dividend • Aug 10
First half dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 9.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.22 (up from ฿0.17 in 2Q 2023). Revenue: ฿298.9m (up 4.0% from 2Q 2023). Net income: ฿50.1m (up 26% from 2Q 2023). Profit margin: 17% (up from 14% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Electrical industry in Asia. Announcement • Aug 08
Kijcharoen Engineering Electric Public Company Limited Declares Cash Dividend for the Operating Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024 Kijcharoen Engineering Electric Public Company Limited declared Cash dividend payment of THB 0.17 per share, Operating period from January 1, 2024 to June 30, 2024. Ex-dividend date: August 22, 2024, Payment date September 6, 2024. Announcement • May 09
Kijcharoen Engineering Electric Public Company Limited Announces Resignation of Walaiporn Pornjirattikal as Chief Accountant Kijcharoen Engineering Electric Public Company Limited announced resignation of Miss Walaiporn Pornjirattikal as Chief Accountant, Position of Chief Accountant: Accounting Department Manager. Effective date of termination is 03 May, 2024. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.14 in 1Q 2023) First quarter 2024 results: EPS: ฿0.15 (up from ฿0.14 in 1Q 2023). Revenue: ฿284.5m (up 19% from 1Q 2023). Net income: ฿34.6m (up 2.9% from 1Q 2023). Profit margin: 12% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 15
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 7.6%. Within top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (5.1%). Declared Dividend • Feb 25
Final dividend of ฿0.30 announced Shareholders will receive a dividend of ฿0.30. Ex-date: 22nd March 2024 Payment date: 10th May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (70% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿0.66. Revenue: ฿1.08b (up 6.0% from FY 2022). Net income: ฿152.5m (up 16% from FY 2022). Profit margin: 14% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Price Target Changed • Jan 16
Price target decreased by 12% to ฿10.90 Down from ฿12.40, the current price target is provided by 1 analyst. New target price is 35% above last closing price of ฿8.05. Stock is up 8.1% over the past year. The company is forecast to post earnings per share of ฿0.65 for next year compared to ฿0.73 last year. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿0.52 (up from ฿0.19 in 3Q 2022). Revenue: ฿808.2m (up 217% from 3Q 2022). Net income: ฿121.8m (up 275% from 3Q 2022). Profit margin: 15% (up from 13% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Asia. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share at 3.6% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (4.3%). Announcement • Aug 11
Kijcharoen Engineering Electric Public Company Limited Declares Cash Dividend for the Operating Period from January 1, 2023 to June 30, 2023, Payable on September 5, 2023 Kijcharoen Engineering Electric Public Company Limited declared Cash dividend payment of THB 0.15 per share, Operating period from January 1, 2023 to June 30, 2023. Ex-dividend date: August 24, 2023, Payment date September 5, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.16 in 1Q 2022) First quarter 2023 results: EPS: ฿0.15. Revenue: ฿239.6m (down 1.9% from 1Q 2022). Net income: ฿33.7m (up 20% from 1Q 2022). Profit margin: 14% (up from 12% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Asia. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿10.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Electrical industry in Asia. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ฿11.30, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Electrical industry in Asia. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to ฿16.70, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 19x in the Electrical industry in Asia. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿20.70, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Electrical industry in Asia. Reported Earnings • Nov 23
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ฿0.38. Net income: ฿32.4m (up ฿32.4m from 3Q 2021). 
