Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.026 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.6%). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.11 (vs ฿0.15 in FY 2024) Full year 2025 results: EPS: ฿0.11 (down from ฿0.15 in FY 2024). Revenue: ฿1.01b (down 13% from FY 2024). Net income: ฿80.0m (down 30% from FY 2024). Profit margin: 7.9% (down from 9.8% in FY 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 but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 01
Final dividend reduced to ฿0.026 Dividend of ฿0.026 is 53% lower than last year. Ex-date: 30th April 2026 Payment date: 20th May 2026 Dividend yield will be 4.7%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 15% 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 23% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.3% EPS decline seen over the last 5 years. Announcement • Feb 28
Pioneer Motor Public Company Limited Proposes Dividend for the Period from 1 July 2025 to 31 December 2025, Payable on May 20, 2026 Pioneer Motor Public Company Limited informed that the Board of Directors of the Company No.1/2026, held on February 26, 2026, resolved to approve the allocation of net profits as dividends for the year 2025 at the rate of THB 0.049 per share, accounting for the total dividend payment THB 35,909,256. The company has already paid interim dividends at the rate of THB 0.023 per share, totaling THB 16,855,365, with remaining dividends from operating results from 1 July 2025 to 31 December 2025 at the rate of THB 0.026 per share, totaling THB 19,053,891. The Company determines the names of shareholders who are entitled to receive dividends on May 5, 2026 (Record date) and determines the dividend payment on May 20, 2026. The Company will present it to the 2026 Annual General Meeting of Shareholders to be held on April 23, 2026 to consider approving the dividends. will continue to pay dividends. However, the granting of such rights is still uncertain. Due to having to wait for approval from the shareholder meeting. Announcement • Feb 26
Pioneer Motor Public Company Limited, Annual General Meeting, Apr 23, 2026 Pioneer Motor Public Company Limited, Annual General Meeting, Apr 23, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.023 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (up from ฿0.023 in 3Q 2024). Revenue: ฿258.2m (down 9.0% from 3Q 2024). Net income: ฿23.9m (up 38% from 3Q 2024). Profit margin: 9.3% (up from 6.1% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Declared Dividend • Aug 09
First half dividend of ฿0.023 announced Shareholders will receive a dividend of ฿0.023. Ex-date: 21st August 2025 Payment date: 4th September 2025 Dividend yield will be 7.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but not covered by cash flows (150% cash payout ratio). The dividend has increased by an average of 19% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 6.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 08
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: 7.3% Last year net profit margin: 11% 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 Dividend is not well covered by cash flows (150% cash payout ratio). Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (฿798.8m market cap, or US$24.7m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.045 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (down from ฿0.045 in 2Q 2024). Revenue: ฿240.1m (down 15% from 2Q 2024). Net income: ฿17.6m (down 48% from 2Q 2024). Profit margin: 7.3% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.053 in 1Q 2024) First quarter 2025 results: EPS: ฿0.03 (down from ฿0.053 in 1Q 2024). Revenue: ฿261.6m (down 17% from 1Q 2024). Net income: ฿21.0m (down 48% from 1Q 2024). Profit margin: 8.0% (down from 13% 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 12% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Announcement • Apr 25
Pioneer Motor Public Company Limited Approves the Dividend Payment for the Period from July 1, 2024 to December 31, 2024, Payable on May 20, 2025 Pioneer Motor Public Company Limited at the AGM held on April 24, 2025 approved the dividend payment for the year 2024 shall be distributed at the rate of THB 0.055 per share, which is equal to THB 41.70 million in aggregate. The Company will pay the dividend for the operating performance from July 1, 2024 to December 31, 2024. The date for determination of the list of Shareholders entitled to dividends (Record Date) would be May 6, 2025, and the dividend payment shall be paid on May 20, 2025. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.055 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 7.9%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (6.7%). Announcement • Feb 27
Pioneer Motor Public Company Limited (SET:PIMO) announces an Equity Buyback for 24,793,388 shares, representing 3.27% for THB 30 million. Pioneer Motor Public Company Limited (SET:PIMO) announces a share repurchase program. Under the program, the company will repurchase up to 24,793,388 shares, representing 3.27% of its issued share capital, for THB 30 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and increase the return on equity (ROE) and earning per share (EPS) and to demonstrate the company's confidence in its revenue and profit-generating potential in the future, as well as its strong financial position. The program will run through August 27, 2025. As of March 14, 2024, the company had 757,635,269 shares in outstanding. Declared Dividend • Feb 27
Final dividend increased to ฿0.055 Dividend of ฿0.055 is 83% higher than last year. Ex-date: 2nd May 2025 Payment date: 20th May 2025 Dividend yield will be 6.0%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.15 (vs ฿0.10 in FY 2023) Full year 2024 results: EPS: ฿0.15 (up from ฿0.10 in FY 2023). Revenue: ฿1.16b (up 21% from FY 2023). Net income: ฿113.6m (up 54% from FY 2023). Profit margin: 9.8% (up from 7.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Feb 26
Pioneer Motor Public Company Limited Proposes Cash Dividend Payment for the Operating Results from July 1, 2024 to December 31, 2024, Payable on May 20, 2025 Pioneer Motor Public Company Limited at its AGM to be held on 24 April 2025, proposed a cash dividend payment for the operating results from July 1, 2024 to December 31, 2024. The dividend is set at THB 0.055 per share, to be paid to common shareholders. The record date for the right to receive dividends is May 6, 2025, and the ex-dividend date is May 2, 2025. The payment date is scheduled for May 20, 2025. This dividend is in addition to an interim dividend of THB 0.02 per share that was paid from the operating results from January 1, 2024, to June 30, 2024. Date of Board resolution is February 25, 2025. Announcement • Feb 25
Pioneer Motor Public Company Limited, Annual General Meeting, Apr 24, 2025 Pioneer Motor Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: at the conference room, 1st floor, pioneer motor public company limited. no. 78,78/4, 78/5 moo 3 dontoom nakornchaisri rd, donfaek, nakornchaisri, nakornpathom province 73120 hybrid meeting, Thailand Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.37, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 12x in the Electrical industry in Thailand. Total loss to shareholders of 60% over the past three years. Declared Dividend • Aug 15
First half dividend of ฿0.02 announced Shareholders will receive a dividend of ฿0.02. Ex-date: 27th August 2024 Payment date: 11th September 2024 Dividend yield will be 3.1%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.045 (vs ฿0.025 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.045 (up from ฿0.025 in 2Q 2023). Revenue: ฿283.3m (up 15% from 2Q 2023). Net income: ฿33.9m (up 90% from 2Q 2023). Profit margin: 12% (up from 7.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.58, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 13x in the Electrical industry in Thailand. Total loss to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.06, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 13x in the Electrical industry in Thailand. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.85, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 13x in the Electrical industry in Thailand. Total loss to shareholders of 43% over the past three years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.053 (vs ฿0.022 in 1Q 2023) First quarter 2024 results: EPS: ฿0.053 (up from ฿0.022 in 1Q 2023). Revenue: ฿315.3m (up 25% from 1Q 2023). Net income: ฿40.3m (up 172% from 1Q 2023). Profit margin: 13% (up from 5.9% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Apr 27
Pioneer Motor Public Company Limited Approves Dividend for the Period from July 1, 2023 to December 31, 2023, Payable on May 21, 2024 Pioneer Motor Public Company Limited at the AGM held on April 25, 2024 approved the dividends payment for the Company's operating performance of 2023 and the allocation of net profit as a legal reserve as follows: The dividend payment for the year 2023 shall be distributed at the rate of THB 0.03 per share, which is equal to THB 22.73 million in aggregate. The Company will pay the dividend for the operating performance from July 1, 2023 to December 31, 2023. The date for determination of the list of Shareholders entitled to dividends (Record Date) would be May 7, 2024, and the dividend payment shall be paid on May 21, 2024. Declared Dividend • Feb 29
Final dividend reduced to ฿0.03 Dividend of ฿0.03 is 29% lower than last year. Ex-date: 3rd May 2024 Payment date: 21st May 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 13% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.10 (vs ฿0.16 in FY 2022) Full year 2023 results: EPS: ฿0.10 (down from ฿0.16 in FY 2022). Revenue: ฿958.9m (down 20% from FY 2022). Net income: ฿73.6m (down 30% from FY 2022). Profit margin: 7.7% (down from 8.8% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.74, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 15x in the Electrical industry in Thailand. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.50, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 14x in the Electrical industry in Thailand. Total loss to shareholders of 30% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.028 (vs ฿0.044 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.028 (down from ฿0.044 in 3Q 2022). Revenue: ฿225.2m (down 23% from 3Q 2022). Net income: ฿21.5m (down 26% from 3Q 2022). Profit margin: 9.6% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.01 per share at 3.3% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (4.2%). Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.01 per share at 3.9% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (4.3%). Announcement • Aug 09
Pioneer Motor Public Company Limited Declares Dividend from January 1, 2023 to June 30, 2023, Payable on September 5, 2023 Pioneer Motor Public Company Limited announced Cash dividend payment (baht per share) 0.01 for the Operating period from January 1, 2023 to June 30, 2023. Ex-dividend date is August 18, 2023. Payment date is September 5, 2023. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.025 (vs ฿0.048 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.025 (down from ฿0.048 in 2Q 2022). Revenue: ฿247.3m (down 20% from 2Q 2022). Net income: ฿17.9m (down 42% from 2Q 2022). Profit margin: 7.2% (down from 9.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 19% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.022 (vs ฿0.052 in 1Q 2022) First quarter 2023 results: EPS: ฿0.022 (down from ฿0.052 in 1Q 2022). Revenue: ฿252.9m (down 26% from 1Q 2022). Net income: ฿14.8m (down 55% from 1Q 2022). Profit margin: 5.9% (down from 9.6% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.042 per share at 3.4% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.0%). In line with average of industry peers (3.6%). Major Estimate Revision • Mar 22
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿1.61b to ฿1.34b. EPS estimate fell from ฿0.19 to ฿0.14 per share. Net income forecast to grow 6.4% next year vs 40% growth forecast for Electrical industry in Thailand. Consensus price target down from ฿5.05 to ฿3.75. Share price was steady at ฿2.00 over the past week. Price Target Changed • Mar 21
Price target decreased by 26% to ฿3.75 Down from ฿5.08, the current price target is an average from 2 analysts. New target price is 88% above last closing price of ฿2.00. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.16 last year. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Electrical industry in Asia. Total returns to shareholders of 136% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: ฿0.044 (down from ฿0.05 in 3Q 2021). Revenue: ฿292.4m (up 16% from 3Q 2021). Net income: ฿28.9m (down 5.7% from 3Q 2021). Profit margin: 9.9% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 2.0%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 37% per year. 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. No highly experienced directors. 3 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Aug 15
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (3.4%). 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. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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: Revenues exceed analyst expectations Full year 2021 results: Revenue: ฿990.9m (up 25% from FY 2020). Net income: ฿102.1m (up 28% from FY 2020). Profit margin: 10% (in line with FY 2020). Revenue exceeded analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.018 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 08 September 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (4.6%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.038 (vs ฿0.017 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿254.1m (up 59% from 2Q 2020). Net income: ฿24.5m (up 127% from 2Q 2020). Profit margin: 9.6% (up from 6.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.032 (vs ฿0.032 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: ฿214.8m (up 20% from 1Q 2020). Net income: ฿19.9m (up 1.1% from 1Q 2020). Profit margin: 9.3% (down from 11% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.034 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 25 May 2021. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 37% share price gain to ฿4.78, the stock trades at a trailing P/E ratio of 37.1x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 15% share price gain to ฿3.60, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 19x in the Electrical industry in Asia. Total returns to shareholders of 53% over the past three years. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 2.0%, compared to a 33% growth forecast for the Electrical industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.13 (vs ฿0.049 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿795.8m (up 23% from FY 2019). Net income: ฿79.4m (up 179% from FY 2019). Profit margin: 10.0% (up from 4.4% in FY 2019). The increase in margin was driven by higher 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 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 28% share price gain to ฿3.00, the stock is trading at a trailing P/E ratio of 27x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 15x in the Electrical industry in Thailand. Total returns to shareholders over the past three years are 72%. Is New 90 Day High Low • Feb 07
New 90-day high: ฿2.68 The company is up 1.0% from its price of ฿2.66 on 09 November 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 22% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.052 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿233.1m (up 33% from 3Q 2019). Net income: ฿32.2m (up 158% from 3Q 2019). Profit margin: 14% (up from 7.2% in 3Q 2019). 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 8% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Nov 04
New 90-day high: ฿2.68 The company is up 91% from its price of ฿1.40 on 06 August 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 5.0% over the same period. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 19% share price gain to ฿2.50, the stock is trading at a trailing P/E ratio of 31.6x, up from the previous P/E ratio of 26.6x. This compares to an average P/E of 11x in the Electrical industry in Thailand. Total returns to shareholders over the past three years are 19%. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 15% share price gain to ฿2.44, the stock is trading at a trailing P/E ratio of 30.9x, up from the previous P/E ratio of 26.8x. This compares to an average P/E of 11x in the Electrical industry in Thailand. Total returns to shareholders over the past three years are 14%. Is New 90 Day High Low • Oct 12
New 90-day high: ฿2.44 The company is up 81% from its price of ฿1.35 on 14 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 9.0% over the same period.