Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.4%). Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: ฿0.15 (vs ฿0.055 in FY 2024) Full year 2025 results: EPS: ฿0.15 (up from ฿0.055 in FY 2024). Revenue: ฿1.06b (up 7.6% from FY 2024). Net income: ฿67.0m (up 178% from FY 2024). Profit margin: 6.3% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. 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 28% per year, which means it is significantly lagging earnings. New Risk • Feb 27
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: 3.9% 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 have declined by 25% per year over the past 5 years. 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 (฿800.8m market cap, or US$25.8m). Declared Dividend • Feb 23
Dividend increased to ฿0.07 Dividend of ฿0.07 is 105% higher than last year. Ex-date: 19th March 2026 Payment date: 22nd May 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.6%. Payout Ratios Payout ratio: 24%. Cash payout ratio: 17%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.002 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (up from ฿0.002 loss in 3Q 2024). Revenue: ฿265.9m (up 9.0% from 3Q 2024). Net income: ฿22.0m (up ฿22.8m from 3Q 2024). Profit margin: 8.3% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.026 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03 (up from ฿0.026 in 2Q 2024). Revenue: ฿279.1m (up 4.7% from 2Q 2024). Net income: ฿15.0m (up 29% from 2Q 2024). Profit margin: 5.4% (up from 4.4% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. New Risk • Jul 21
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 7.3% 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: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿994.4m market cap, or US$30.7m). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.36, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 9x in the Commercial Services industry in Thailand. Total loss to shareholders of 50% over the past three years. New Risk • Jun 20
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 7.7% 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: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (฿959.2m market cap, or US$29.2m). Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.015 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (up from ฿0.015 in 1Q 2024). Revenue: ฿263.1m (up 9.3% from 1Q 2024). Net income: ฿19.5m (up 201% from 1Q 2024). Profit margin: 7.4% (up from 2.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Apr 25
Shrinkflex (Thailand) Public Company Limited Approves Cash Dividend for the Year Ended 31 December 2024, Payable on 23 May 2025 Shrinkflex (Thailand) Public Company Limited at its AGM held on 25 April 2025, approved the payment of dividend from profits of the Company for the year ended 31 December 2024 at the rate of THB 0.0341 per share for the total amount of dividends not exceed THB 15,004,000 to the shareholders whose names appear in the share register book at the Record Date for which the shareholders have the right to receive dividend, i.e. on 18 March 2025. The dividends will be paid on 23 May 2025. In this regard, the Company has fully appropriate its profits as the legal reserve in the amount of THB 22,000,000, which is equal to 10 percent of the registered capital of the Company. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.40, the stock trades at a trailing P/E ratio of 43.7x. Average trailing P/E is 12x in the Commercial Services industry in Thailand. Total loss to shareholders of 52% over the past three years. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.034 per share Eligible shareholders must have bought the stock before 17 March 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.0%). Declared Dividend • Feb 26
Dividend reduced to ฿0.034 Dividend of ฿0.034 is 25% lower than last year. Ex-date: 17th March 2025 Payment date: 23rd May 2025 Dividend yield will be 1.7%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (87% 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 decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 3.7% to shift the payout ratio to a potentially unsustainable range, which is less than the 30% EPS decline seen over the last 5 years. New Risk • Jan 08
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 6.7% 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: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (฿950.4m market cap, or US$27.4m). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.16, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 12x in the Commercial Services industry in Thailand. Total loss to shareholders of 66% over the past three years. Reported Earnings • Nov 16
Third quarter 2024 earnings released: ฿0.002 loss per share (vs ฿0.018 profit in 3Q 2023) Third quarter 2024 results: ฿0.002 loss per share (down from ฿0.018 profit in 3Q 2023). Revenue: ฿243.8m (up 10% from 3Q 2023). Net loss: ฿780.0k (down 110% from profit in 3Q 2023). 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 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.03 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (in line with 2Q 2023). Revenue: ฿266.5m (up 8.4% from 2Q 2023). Net income: ฿11.6m (down 12% from 2Q 2023). Profit margin: 4.4% (down from 5.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.008 in 1Q 2023) First quarter 2024 results: EPS: ฿0.01 (up from ฿0.008 in 1Q 2023). Revenue: ฿240.7m (up 3.2% from 1Q 2023). Net income: ฿6.48m (up 95% from 1Q 2023). Profit margin: 2.7% (up from 1.4% 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 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Apr 27
Shrinkflex (Thailand) Public Company Limited Approves Dividend for the Year Ended 31 December 2023, Payable on 23 May 2024 Shrinkflex (Thailand) Public Company Limited at its AGM held on April 26, 2024, approved the payment of dividend from profits of the Company for the year ended 31 December 2023 at the rate of THB 0.0455 per share for the total amount of dividends not exceed THB 20,020,000 to the shareholders whose names appear in the share register book at the Record Date for which the shareholders have the right to receive dividend, on 13 March 2024. The dividends will be paid on 23 May 2024. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (1.6%). Announcement • Feb 20
Shrinkflex (Thailand) Public Company Limited, Annual General Meeting, Apr 26, 2024 Shrinkflex (Thailand) Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Location: Swissôtel Bangkok Ratchada Bangkok Thailand Agenda: To consider and approve the minutes of 2023 Annual General Shareholders Meeting; to consider and approve the Company's operating results report of the year 2023; to consider and approve the Statement of Financial Position and Statement of Comprehensive Income for the fiscal year ended 31 December 2023; to consider and approve the dividend payment for the fiscal year 2023; to consider and approve the appointment of the Company's directors to replace those who retire by rotation; and to consider any other matters. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: ฿0.07 (vs ฿0.14 in FY 2022) Full year 2023 results: EPS: ฿0.07 (down from ฿0.14 in FY 2022). Revenue: ฿924.4m (up 7.4% from FY 2022). Net income: ฿30.2m (down 52% from FY 2022). Profit margin: 3.3% (down from 7.3% in FY 2022). The decrease in margin was driven by higher expenses. 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 6% per year, which means it has not declined as severely as earnings. Announcement • Feb 20
Shrinkflex (Thailand) Public Company Limited Proposes Dividend for the Fiscal Year Ended 31 December 2023, Payable on 23 May 2024 Shrinkflex (Thailand) Public Company Limited notified the resolutions of the Board of Directors' Meeting No.1/2024 which was held on 19 February 2024, Proposed to the Annual General Shareholders' Meeting to consider and approve the dividend payment from profits of the operation results for the fiscal year ended 31 December 2023 of THB 0.0455 per share, totaling not exceed THB 20,020,000 and approved to schedule the date to determine the shareholders' name who are entitled to receive dividend on 13 March 2024 (Record Date) and the dividend payment date on 23 May 2024. In this regard, the Company has fully allocate net profits as legal reserves in an amount of THB 22,000,000 or equivalent to 10% of the registered capital of the Company. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.053 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.02 (down from ฿0.053 in 3Q 2022). Revenue: ฿221.0m (down 4.2% from 3Q 2022). Net income: ฿7.87m (down 66% from 3Q 2022). Profit margin: 3.6% (down from 10.0% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.053 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.053 in 2Q 2022). Revenue: ฿245.8m (up 11% from 2Q 2022). Net income: ฿13.3m (down 43% from 2Q 2022). Profit margin: 5.4% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.038 in 1Q 2022) First quarter 2023 results: EPS: ฿0.01 (down from ฿0.038 in 1Q 2022). Revenue: ฿233.2m (up 16% from 1Q 2022). Net income: ฿3.33m (down 80% from 1Q 2022). Profit margin: 1.4% (down from 8.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.07 per share at 1.4% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿0.14 (vs ฿0.25 in FY 2021) Full year 2022 results: EPS: ฿0.14 (down from ฿0.25 in FY 2021). Revenue: ฿860.9m (up 8.1% from FY 2021). Net income: ฿63.1m (down 44% from FY 2021). Profit margin: 7.3% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.05 (vs ฿0.075 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.05 (down from ฿0.075 in 3Q 2021). Revenue: ฿230.7m (up 12% from 3Q 2021). Net income: ฿23.1m (down 30% from 3Q 2021). Profit margin: 10.0% (down from 16% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: ฿0.05 (vs ฿0.084 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.05 (down from ฿0.084 in 2Q 2021). Revenue: ฿221.1m (up 2.2% from 2Q 2021). Net income: ฿23.2m (down 38% from 2Q 2021). Profit margin: 11% (down from 17% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: ฿0.04 (vs ฿0.065 in 1Q 2021) First quarter 2022 results: EPS: ฿0.04 (down from ฿0.065 in 1Q 2021). Revenue: ฿200.3m (up 5.8% from 1Q 2021). Net income: ฿16.7m (down 41% from 1Q 2021). Profit margin: 8.3% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.0%). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.25 (down from ฿0.27 in FY 2020). Revenue: ฿796.7m (up 18% from FY 2020). Net income: ฿111.8m (up 43% from FY 2020). Profit margin: 14% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿5.35, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 20x in the Commercial Services industry in Thailand. Total returns to shareholders of 9.8% over the past year. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.068 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿205.8m (up 23% from 3Q 2020). Net income: ฿33.0m (up 53% from 3Q 2020). Profit margin: 16% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.08 (vs ฿0.074 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿224.1m (up 35% from 2Q 2020). Net income: ฿37.2m (up 115% from 2Q 2020). Profit margin: 17% (up from 10% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.088 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿189.4m (up 15% from 1Q 2020). Net income: ฿28.4m (up 61% from 1Q 2020). Profit margin: 15% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 16% share price gain to ฿6.20, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 21x in the Commercial Services industry in Thailand. Is New 90 Day High Low • Mar 05
New 90-day high: ฿5.30 The company is up 10.0% from its price of ฿4.84 on 04 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 20% over the same period.