Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.082 (vs ฿0.059 in 1Q 2025) First quarter 2026 results: EPS: ฿0.082 (up from ฿0.059 in 1Q 2025). Revenue: ฿179.3m (up 34% from 1Q 2025). Net income: ฿33.0m (up 41% from 1Q 2025). Profit margin: 18% (in line with 1Q 2025). Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (4.7%). New Risk • Mar 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (฿1.35b market cap, or US$43.1m). New Risk • Feb 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (฿1.24b market cap, or US$39.9m). Reported Earnings • Feb 24
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿0.21 (down from ฿0.41 in FY 2024). Revenue: ฿549.5m (down 1.9% from FY 2024). Net income: ฿83.2m (down 50% from FY 2024). Profit margin: 15% (down from 30% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.0%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Commercial Services industry in Asia. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿2.98, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Commercial Services industry in Asia. Total loss to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.72, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Commercial Services industry in Asia. Total loss to shareholders of 53% over the past year. New Risk • Jan 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (฿1.04b market cap, or US$33.4m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.23 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (down from ฿0.23 in 3Q 2024). Revenue: ฿124.8m (up 2.2% from 3Q 2024). Net income: ฿12.0m (down 87% from 3Q 2024). Profit margin: 9.6% (down from 75% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Commercial Services industry in Asia. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.28, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Commercial Services industry in Asia. Total loss to shareholders of 56% over the past year. New Risk • Sep 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.0% 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 9.0% per year for the foreseeable future. High level of non-cash earnings (53% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.59b market cap, or US$49.2m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.065 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.05 (down from ฿0.065 in 2Q 2024). Revenue: ฿129.2m (down 11% from 2Q 2024). Net income: ฿18.8m (down 28% from 2Q 2024). Profit margin: 14% (down from 18% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Buy Or Sell Opportunity • Jul 31
Now 25% overvalued Over the last 90 days, the stock has fallen 13% to ฿4.42. The fair value is estimated to be ฿3.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has grown by 84%. Revenue is forecast to grow by 55% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Buy Or Sell Opportunity • Jun 17
Now 23% overvalued Over the last 90 days, the stock has fallen 11% to ฿4.80. The fair value is estimated to be ฿3.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last year. Earnings per share has grown by 84%. Revenue is forecast to grow by 55% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.06 (down from ฿0.062 in 1Q 2024). Revenue: ฿133.9m (down 12% from 1Q 2024). Net income: ฿23.4m (down 5.5% from 1Q 2024). Profit margin: 18% (up from 16% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Commercial Services industry in Asia. Price Target Changed • May 04
Price target decreased by 9.1% to ฿6.68 Down from ฿7.35, the current price target is an average from 3 analysts. New target price is 31% above last closing price of ฿5.10. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.26 for next year compared to ฿0.41 last year. Announcement • Apr 10
Jenkongklai Public Company Limited Approves Dividend for the Year 2024, Payable on 28 April 2025 Jenkongklai Public Company Limited announced that at its AGM held on 10 April 2025, approval of the appropriation of legal reserves and dividends payment for the year 2024 by appropriating the annual net profit of THB 8,321,895, which is more than 5% of the annual net profit of 2024, as legal reserves. The Company will have legal reserves of THB 20,000,000, which is 10% of the registered capital and approved the payment of dividends for the year 2024 (derived from net profit of 2024) at the rate of THB 0.05 per share, totaling THB 20,000,000, to shareholders entitled to receive dividends as shown in the list of shareholders entitled to receive dividends (Record Date) on 7 March 2025 and the dividend payment date is set for 28 April 2025. Announcement • Apr 02
Jenkongklai Public Company Limited Announces Resignation of Kanjana Kampapat as Chief Accountant Jenkongklai Public Company Limited announced resignation of Miss Kanjana Kampapat as Chief Accountant. Effective Date of Termination is March 31, 2025. Upcoming Dividend • Feb 27
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 06 March 2025. Payment date: 28 April 2025. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (7.6%). Lower than average of industry peers (3.0%). Price Target Changed • Feb 24
Price target decreased by 9.3% to ฿7.35 Down from ฿8.10, the current price target is an average from 3 analysts. New target price is 36% above last closing price of ฿5.40. Stock is down 24% over the past year. The company is forecast to post earnings per share of ฿0.30 for next year compared to ฿0.41 last year. New Risk • Feb 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% 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 Risks Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. High level of non-cash earnings (62% accrual ratio). Minor Risk Market cap is less than US$100m (฿2.22b market cap, or US$66.4m). Announcement • Feb 22
Jenkongklai Public Company Limited announces Annual dividend, payable on April 28, 2025 Jenkongklai Public Company Limited announced Annual dividend of THB 0.0500 per share payable on April 28, 2025, ex-date on March 06, 2025 and record date on March 07, 2025. Reported Earnings • Feb 21
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.41 (up from ฿0.21 in FY 2023). Revenue: ฿559.9m (down 2.3% from FY 2023). Net income: ฿164.9m (up 164% from FY 2023). Profit margin: 30% (up from 11% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 24%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Announcement • Feb 21
Jenkongklai Public Company Limited, Annual General Meeting, Apr 10, 2025 Jenkongklai Public Company Limited, Annual General Meeting, Apr 10, 2025, at 10:00 SE Asia Standard Time. Location: the mitr-ting room, samyan mitrtown hall building, Thailand Price Target Changed • Feb 05
Price target decreased by 7.7% to ฿7.89 Down from ฿8.55, the current price target is an average from 4 analysts. New target price is 38% above last closing price of ฿5.70. Stock is down 14% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.21 last year. Major Estimate Revision • Nov 18
Consensus EPS estimates increase by 34%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from ฿694.7m to ฿660.0m. EPS estimate rose from ฿0.247 to ฿0.33. Net income forecast to shrink 20% next year vs 22% growth forecast for Commercial Services industry in Thailand . Consensus price target broadly unchanged at ฿8.45. Share price fell 9.3% to ฿6.35 over the past week. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.23 (vs ฿0.076 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.23 (up from ฿0.076 in 3Q 2023). Revenue: ฿122.2m (down 28% from 3Q 2023). Net income: ฿91.5m (up 312% from 3Q 2023). Profit margin: 75% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿6.35, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Commercial Services industry in Asia. Total returns to shareholders of 28% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿6.57 per share. Buy Or Sell Opportunity • Nov 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to ฿8.05. The fair value is estimated to be ฿6.64, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has declined by 20%. Revenue is forecast to grow by 59% in 2 years. Earnings are forecast to grow by 95% in the next 2 years. Buy Or Sell Opportunity • Oct 21
Now 20% undervalued Over the last 90 days, the stock has risen 22% to ฿7.75. The fair value is estimated to be ฿9.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has declined by 20%. Revenue is forecast to grow by 59% in 2 years. Earnings are forecast to grow by 95% in the next 2 years. Price Target Changed • Oct 08
Price target increased by 15% to ฿8.55 Up from ฿7.43, the current price target is an average from 4 analysts. New target price is 19% above last closing price of ฿7.20. Stock is up 80% over the past year. The company is forecast to post earnings per share of ฿0.25 for next year compared to ฿0.21 last year. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.06 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.06 (in line with 2Q 2023). Revenue: ฿145.5m (up 2.5% from 2Q 2023). Net income: ฿25.9m (up 50% from 2Q 2023). Profit margin: 18% (up from 12% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Commercial Services industry in Asia. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ฿6.15, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 13x in the Commercial Services industry in Asia. Buy Or Sell Opportunity • Jul 01
Now 3.9% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to ฿8.15. The fair value is estimated to be ฿7.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last year. Earnings per share has declined by 99%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿8.65, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 13x in the Commercial Services industry in Asia. Buy Or Sell Opportunity • Jun 25
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to ฿8.65. The fair value is estimated to be ฿6.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last year. Earnings per share has declined by 99%. Revenue is forecast to grow by 43% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.15, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 14x in the Commercial Services industry in Asia. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.056 in 1Q 2023) First quarter 2024 results: EPS: ฿0.06 (up from ฿0.056 in 1Q 2023). Revenue: ฿152.2m (up 20% from 1Q 2023). Net income: ฿24.8m (up 78% from 1Q 2023). Profit margin: 16% (up from 11% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Buy Or Sell Opportunity • May 07
Now 20% overvalued Over the last 90 days, the stock has fallen 3.8% to ฿6.35. The fair value is estimated to be ฿5.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last year. Earnings per share has declined by 100%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Announcement • Apr 10
Jenkongklai Public Company Limited Approves Dividend for the Year 2023, Payable on May 7, 2024 Jenkongklai Public Company Limited at its Annual General Meeting of Shareholders for the year 2024 held on April 10, 2024, approved the appropriation of legal reserve and dividends payment for the year 2023 by appropriating a legal reserve of THB 5,706,790, which accounted for more than 5% of the net profit for the year 2023 as required by law. As a result, the Company has an accumulated legal reserve of THB 11,678,105, equivalent to 5.84% of the registered capital, and pays the 2023 remaining dividends at the rate of THB 0.0375 per share for 400,000,000 shares, totaling THB 15,000,000 to shareholders who have the rights to receive dividends as per the list of the shareholders exist on 22 April 2024 (the record date) and dividend payment date shall be on 7 May 2024. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.50, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Commercial Services industry in Asia. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿0.21. Revenue: ฿573.1m (up 27% from FY 2022). Net income: ฿62.6m (up 14% from FY 2022). Profit margin: 11% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Announcement • Feb 24
Jenkongklai Public Company Limited, Annual General Meeting, Apr 10, 2024 Jenkongklai Public Company Limited, Annual General Meeting, Apr 10, 2024, at 10:00 SE Asia Standard Time. Location: THE MITR-TING ROOM Samyan Mitrtown Hall Building Thailand Agenda: To consider and endorse the minutes of the Extraordinary General Meeting of Shareholders No.1/2023 held on April 18, 2023; to acknowledge the 2023 results of the operation of the Company; to consider and approve the financial statements for the year ended December 31, 2023, and acknowledge the auditor's report; to consider and approve the appropriation of legal reserve and dividend payment for the year 2023; to consider and approve the appointment of the Company's auditors and set audit fee for the year 2024; to consider and approve the appointment of directors to replace the directors who will retire by rotation for the year 2024; to consider and approve the directors' remuneration for the year 2024; and to consider other issues. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿7.85, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 13x in the Commercial Services industry in Asia. Simply Wall St's valuation model estimates the intrinsic value at ฿10.19 per share. Announcement • Jan 25
Jenkongklai Public Company Limited Announces Management Changes Jenkongklai Public Company Limited announced that with reference to JPARK 205/2023 dated 9 November 2023, Mr. Tai Chong-Yih has resigned from being a director of the company, an audit committee, and the chairman of the Nomination and Remuneration Committee. In the meeting of the Board of Directors No. 1 /2024 on 24 January 2024, a resolution approving the appointment of Mr. Pakorn Penparkkul as a director of the company, an audit committee and the chairman of the Nomination and Remuneration Committee to replace the director who resigned. The term of office will be according to the remaining term of the resigned director, effective from 24 January 2024 onwards. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿6.45, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 15x in the Consumer Services industry in Asia. Simply Wall St's valuation model estimates the intrinsic value at ฿9.27 per share. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿6.05, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Consumer Services industry in Asia. Simply Wall St's valuation model estimates the intrinsic value at ฿9.92 per share. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ฿0.08. Net income: ฿22.2m (up ฿22.2m from 3Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Services industry in Asia. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.52, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Consumer Services industry in Asia. 
