New Risk • Mar 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 7.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% 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 (฿2.29b market cap, or US$72.7m). Declared Dividend • Feb 28
Dividend increased to ฿0.24 Dividend of ฿0.24 is 500% higher than last year. Ex-date: 17th March 2026 Payment date: 22nd May 2026 Dividend yield will be 7.5%, which is higher than the industry average of 2.5%. Payout Ratios Payout ratio: 23%. Cash payout ratio: 12%. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.28 (vs ฿0.001 in FY 2024) Full year 2025 results: EPS: ฿0.28 (up from ฿0.001 in FY 2024). Revenue: ฿1.49b (up 83% from FY 2024). Net income: ฿210.8m (up ฿210.3m from FY 2024). Profit margin: 14% (up from 0.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 9.0% growth forecast for the Construction 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 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.083 (vs ฿0.018 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.083 (up from ฿0.018 in 3Q 2024). Revenue: ฿379.0m (up 30% from 3Q 2024). Net income: ฿62.1m (up 360% from 3Q 2024). Profit margin: 16% (up from 4.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Construction industry in Asia. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.42, the stock trades at a trailing P/E ratio of 21.9x. Average forward P/E is 14x in the Construction industry in Thailand. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.71 per share. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.078 (vs ฿0.009 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.078 (up from ฿0.009 loss in 2Q 2024). Revenue: ฿388.6m (up 143% from 2Q 2024). Net income: ฿58.8m (up ฿65.5m from 2Q 2024). Profit margin: 15% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ฿2.08. The fair value is estimated to be ฿1.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 414% in the next 2 years. Buy Or Sell Opportunity • May 30
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ฿2.10. The fair value is estimated to be ฿1.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 49% in 2 years. Earnings are forecast to grow by 414% in the next 2 years. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.024 (vs ฿0.002 in 1Q 2024) First quarter 2025 results: EPS: ฿0.024 (up from ฿0.002 in 1Q 2024). Revenue: ฿298.7m (up 45% from 1Q 2024). Net income: ฿18.2m (up ฿17.0m from 1Q 2024). Profit margin: 6.1% (up from 0.6% in 1Q 2024). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Apr 29
Pylon Public Company Limited Approves Dividend, Payable on May 23, 2025 Pylon Public Company Limited at the AGM held on April 29, 2025 approved the net profit appropriation and dividend payment Resolution: The Meeting approved the dividend payment from retained earnings at the rate of THB 0.04 per share, totaling THB 29,994,935.84 for the existing 749,873,396 ordinary shares. The dividend will be granted to the shareholders whose names appeared on the Record Date, 19 March 2025. The dividend is to be paid on 23 May 2025. Declared Dividend • Mar 02
Dividend reduced to ฿0.04 Dividend of ฿0.04 is 71% lower than last year. Ex-date: 18th March 2025 Payment date: 23rd May 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (278% earnings payout ratio) nor is it covered by cash flows (108% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 209% to bring the payout ratio under control. However, EPS has declined by 72% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 26
Pylon Public Company Limited Proposes Dividend for 2024, Payable May 23, 2025 Pylon Public Company Limited at its AGM to be held on 29 April 2025, proposed to consider appropriate to propose to the shareholders' meeting to approve the dividend payment from unappropriated retained earnings worth a total of THB 29,994,935.84 for 749,873,396 ordinary shares in cash at the rate of THB 0.04 per share. The dividend will be granted to the shareholders whose names appear in the Record date. The dividend is to be paid on May 23, 2025. The Company has not appropriated net profit as legal reserve in 2024 because the Company's legal reserve has been completely appropriated since 2015. However, the right to receive such dividends remains uncertain as it is subject to approval by the shareholders' meeting. Record date for the right to receive dividends is March 19, 2025 and Ex-dividend date is March 18, 2025. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿0.001 (vs ฿0.14 in FY 2023) Full year 2024 results: EPS: ฿0.001 (down from ฿0.14 in FY 2023). Revenue: ฿813.6m (down 45% from FY 2023). Net income: ฿501.2k (down 100% from FY 2023). Profit margin: 0.1% (down from 7.2% in FY 2023). Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 29% per year. Announcement • Feb 26
Pylon Public Company Limited, Annual General Meeting, Apr 29, 2025 Pylon Public Company Limited, Annual General Meeting, Apr 29, 2025, at 14:30 SE Asia Standard Time. Location: 252 spe tower, 14th floor, phaholyothin rd, sam sen nai subdistrict, phayathai district, bangkok 10400 Thailand Buy Or Sell Opportunity • Sep 05
Now 22% overvalued Over the last 90 days, the stock has fallen 3.7% to ฿2.10. 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 14% over the last 3 years. Earnings per share has grown by 6.5%. Revenue is forecast to grow by 62% in 2 years. Earnings are forecast to grow by 304% in the next 2 years. Reported Earnings • Aug 14
Second quarter 2024 earnings released: ฿0.009 loss per share (vs ฿0.015 profit in 2Q 2023) Second quarter 2024 results: ฿0.009 loss per share (down from ฿0.015 profit in 2Q 2023). Revenue: ฿160.0m (down 48% from 2Q 2023). Net loss: ฿6.72m (down 159% from profit in 2Q 2023). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to ฿2.14. The fair value is estimated to be ฿2.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 226% in the next 2 years. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.002 (vs ฿0.081 in 1Q 2023) First quarter 2024 results: EPS: ฿0.002 (down from ฿0.081 in 1Q 2023). Revenue: ฿206.0m (down 66% from 1Q 2023). Net income: ฿1.19m (down 98% from 1Q 2023). Profit margin: 0.6% (down from 10% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 24 May 2024. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (2.0%). Declared Dividend • Feb 29
Dividend reduced to ฿0.14 Dividend of ฿0.14 is 6.7% lower than last year. Ex-date: 19th March 2024 Payment date: 24th May 2024 Dividend yield will be 5.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (141% earnings payout ratio). However, it is well covered by cash flows (47% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.14 (vs ฿0.16 in FY 2022) Full year 2023 results: EPS: ฿0.14 (down from ฿0.16 in FY 2022). Revenue: ฿1.48b (up 29% from FY 2022). Net income: ฿106.3m (down 11% from FY 2022). Profit margin: 7.2% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.006 (vs ฿0.055 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.006 (down from ฿0.055 in 3Q 2022). Revenue: ฿237.4m (down 9.4% from 3Q 2022). Net income: ฿4.32m (down 90% from 3Q 2022). Profit margin: 1.8% (down from 16% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.015 (vs ฿0.072 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.015 (down from ฿0.072 in 2Q 2022). Revenue: ฿308.1m (down 30% from 2Q 2022). Net income: ฿11.4m (down 79% from 2Q 2022). Profit margin: 3.7% (down from 12% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.15 per share at 3.3% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 22 May 2023. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: ฿0.16 (vs ฿0.053 in FY 2021) Full year 2022 results: EPS: ฿0.16 (up from ฿0.053 in FY 2021). Revenue: ฿1.15b (up 46% from FY 2021). Net income: ฿119.8m (up 201% from FY 2021). Profit margin: 10% (up from 5.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 52% 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. Buying Opportunity • Jan 24
Now 21% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be ฿5.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Earnings per share has declined by 54%. Revenue is forecast to grow by 40% in 2 years. Earnings is forecast to grow by 76% in the next 2 years. 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. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chaipat Sahasakul was the last independent director to join the board, commencing their role in 2005. 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 • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.072 (vs ฿0.002 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.072 (up from ฿0.002 in 2Q 2021). Revenue: ฿441.7m (up 218% from 2Q 2021). Net income: ฿54.1m (up ฿52.9m from 2Q 2021). Profit margin: 12% (up from 0.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 43%, compared to a 19% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 56% 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. 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. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Chaipat Sahasakul was the last independent director to join the board, commencing their role in 2005. 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 11
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 23 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.8%). Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.05 (down from ฿0.24 in FY 2020). Revenue: ฿785.9m (down 45% from FY 2020). Net income: ฿39.8m (down 78% from FY 2020). Profit margin: 5.1% (down from 13% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 97%, compared to a 20% growth forecast for the industry in Thailand. 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 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.002 (vs ฿0.051 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿138.8m (down 47% from 2Q 2020). Net income: ฿1.24m (down 97% from 2Q 2020). Profit margin: 0.9% (down from 14% in 2Q 2020). 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 15% per year, which means it is performing significantly worse than earnings. Executive Departure • Aug 03
Director Suchat Boonbanjerdsri has left the company On the 23rd of July, Suchat Boonbanjerdsri's tenure as Director ended after 5.3 years in the role. As of March 2021, Suchat still personally held 15.29m shares (฿47m worth at the time). Suchat is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 10.58 years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.028 (vs ฿0.14 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿226.3m (down 69% from 1Q 2020). Net income: ฿21.0m (down 80% from 1Q 2020). Profit margin: 9.3% (down from 14% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 15
New 90-day high: ฿4.30 The company is up 7.0% from a price of ฿4.02 on 15 December 2020. Performed similarly to the Thai market which is up 7.0% over the last 90 days. Exceeded the Construction industry, which is up 1.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at ฿5.40 per share. Upcoming Dividend • Mar 12
Upcoming Dividend of ฿0.14 Per Share Will be paid on the 21st of May to those who are registered shareholders by the 19th of March. The trailing yield of 3.3% is below the top quartile of Thai dividend payers (5.4%), but it is higher than industry peers (2.5%). Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.24 (vs ฿0.37 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.42b (down 8.9% from FY 2019). Net income: ฿182.5m (down 34% from FY 2019). Profit margin: 13% (down from 18% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue misses expectations Revenue missed analyst estimates by 9.2%. Over the next year, revenue is forecast to grow 20%, compared to a 12% growth forecast for the Construction industry in Thailand. Is New 90 Day High Low • Dec 17
New 90-day high: ฿4.28 The company is up 7.0% from its price of ฿4.00 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.74 per share. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.017 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿159.6m (down 41% from 3Q 2019). Net income: ฿12.5m (down 79% from 3Q 2019). Profit margin: 7.8% (down from 22% 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 32% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 28
New 90-day low: ฿3.44 The company is down 24% from its price of ฿4.52 on 30 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.40 per share. Is New 90 Day High Low • Sep 30
New 90-day low: ฿3.56 The company is down 16% from its price of ฿4.22 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.43 per share.