Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.04 (vs ฿0.002 in 1Q 2025) First quarter 2026 results: EPS: ฿0.04 (up from ฿0.002 in 1Q 2025). Revenue: ฿366.5m (up 7.2% from 1Q 2025). Net income: ฿29.7m (up ฿28.5m from 1Q 2025). Profit margin: 8.1% (up from 0.4% in 1Q 2025). 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 30% per year, which means it has not declined as severely as earnings. Announcement • Apr 22
Rich Sport Public Company Limited Approves Omission of Dividend for the Year 2025 Rich Sport Public Company Limited resolved to unanimously approve the omission of dividend payment for the operating results of the year 2025 due to the Company's operating results did not meet the targets set and the omission of the allocation of net profits as legal reserve, as the Company has already appropriated THB 74.3 million as a legal reserve, representing 10% of the registered capital of the Company, at the AGM held on April 21, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released Full year 2025 results: Revenue: ฿1.31b (down 17% from FY 2024). Net loss: ฿36.2m (down 127% from profit in FY 2024). Announcement • Feb 27
Rich Sport Public Company Limited, Annual General Meeting, Apr 21, 2026 Rich Sport Public Company Limited, Annual General Meeting, Apr 21, 2026, at 10:00 SE Asia Standard Time. New Risk • Aug 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (234% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (฿884.2m market cap, or US$27.3m). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.021 loss per share (vs ฿0.021 profit in 2Q 2024) Second quarter 2025 results: ฿0.021 loss per share (down from ฿0.021 profit in 2Q 2024). Revenue: ฿318.7m (down 10% from 2Q 2024). Net loss: ฿15.7m (down 202% from profit in 2Q 2024). 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 24% per year, which means it is performing significantly worse than earnings. New Risk • May 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (151% payout ratio). Large one-off items impacting financial results. Market cap is less than US$100m (฿951.0m market cap, or US$29.1m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.063 in 1Q 2024) First quarter 2025 results: EPS: ฿0.002 (down from ฿0.063 in 1Q 2024). Revenue: ฿341.8m (down 5.1% from 1Q 2024). Net income: ฿1.23m (down 97% from 1Q 2024). Profit margin: 0.4% (down from 13% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Rich Sport Public Company Limited Approves Dividend for the Fiscal Year 2024, Payable on 20 May 2025 Rich Sport Public Company Limited informed the resolution of the 2025 Annual General Meeting of Shareholders, held on 22 April 2025, resolved to unanimously approve the allocation of profit as a legal reserve, total amount is THB 0.29 million, and the payment of dividends in respect of the Company's operating results for the fiscal year 2024 to the shareholders at THB 0.18 per share, totaling THB 133.74 million, by fixing the date for determining the list of shareholders who are entitled to receive dividends by 30 April 2025 (Record Date) and dividend payment to shareholders is scheduled within 20 May 2025. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 20 May 2025. The company is paying out more than 100% of its profits and is paying out 82% of its cash flow. Trailing yield: 11%. Within top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (5.4%). Declared Dividend • Feb 28
Dividend increased to ฿0.18 Dividend of ฿0.18 is 38% higher than last year. Ex-date: 29th April 2025 Payment date: 20th May 2025 Dividend yield will be 10%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (60% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 3.8% to bring the payout ratio under control. However, EPS has declined by 1.9% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.18 (vs ฿0.14 in FY 2023) Full year 2024 results: EPS: ฿0.18 (up from ฿0.14 in FY 2023). Revenue: ฿1.57b (up 3.3% from FY 2023). Net income: ฿133.7m (up 29% from FY 2023). Profit margin: 8.5% (up from 6.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 27
Rich Sport Public Company Limited Proposes Dividend Payment from the Operating Period January 01, 2024 to December 31, 2024, Payable on May 20, 2025 The Meeting of the Board of Directors of Rich Sport Public Company Limited held on February 26, 2025 has resolution on the dividend payment as follows: the dividend payment from the Operating period from January 01, 2024 to December 31, 2024 and Retained Earnings and Cash dividend payment of THB 0.18 per share to propose to the 2025 AGM for further consideration and approval. Record date for the right to receive dividends: April 30, 2025. Ex-dividend date: April 29, 2025. Par value: THB 1.00. Payment date: May 20, 2025. Announcement • Feb 26
Rich Sport Public Company Limited, Annual General Meeting, Apr 22, 2025 Rich Sport Public Company Limited, Annual General Meeting, Apr 22, 2025, at 10:00 SE Asia Standard Time. New Risk • Dec 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 111% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.1% net profit margin). Market cap is less than US$100m (฿1.43b market cap, or US$41.9m). New Risk • Dec 06
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: 6.6% Last year net profit margin: 10% 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (6.6% net profit margin). Market cap is less than US$100m (฿1.43b market cap, or US$42.0m). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.021 (vs ฿0.012 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.021 (up from ฿0.012 in 2Q 2023). Revenue: ฿367.6m (down 1.5% from 2Q 2023). Net income: ฿15.4m (up 80% from 2Q 2023). Profit margin: 4.2% (up from 2.3% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.063 (vs ฿0.077 in 1Q 2023) First quarter 2024 results: EPS: ฿0.063 (down from ฿0.077 in 1Q 2023). Revenue: ฿404.2m (up 3.5% from 1Q 2023). Net income: ฿46.5m (down 19% from 1Q 2023). Profit margin: 12% (down from 15% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Payout ratio is on the higher end at 93% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.8%). Declared Dividend • Mar 01
Dividend reduced to ฿0.13 Dividend of ฿0.13 is 38% lower than last year. Ex-date: 29th April 2024 Payment date: 15th May 2024 Dividend yield will be 5.5%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.8% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.3% to bring the payout ratio under control. However, EPS has declined by 7.4% 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 ฿0.15 in FY 2022) Full year 2023 results: EPS: ฿0.14 (down from ฿0.15 in FY 2022). Revenue: ฿1.52b (up 18% from FY 2022). Net income: ฿103.7m (down 7.4% from FY 2022). Profit margin: 6.8% (down from 8.7% in FY 2022). 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 8% per year, which means it is significantly lagging earnings growth. Announcement • Nov 29
Rich Sport Public Company Limited Announces Resignation of Mr. Somroj Sirisophana, as Director, Effective from 30 November 2023 Onward Rich Sport Public Company Limited informed that Mr. Somroj Sirisophana, a director of the company, has tendered resignation from the position of a director. The resignation will be effective from 30 November 2023 onward. New Risk • Nov 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Paying a dividend despite having no free cash flows. Earnings have declined by 10% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (฿1.69b market cap, or US$48.2m). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.053 (vs ฿0.012 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.053 (up from ฿0.012 in 3Q 2022). Revenue: ฿354.8m (up 12% from 3Q 2022). Net income: ฿39.4m (up 327% from 3Q 2022). Profit margin: 11% (up from 2.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.012 (vs ฿0.018 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.012 (down from ฿0.018 in 2Q 2022). Revenue: ฿386.6m (up 29% from 2Q 2022). Net income: ฿8.59m (down 34% from 2Q 2022). Profit margin: 2.2% (down from 4.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.077 (vs ฿0.049 in 1Q 2022) First quarter 2023 results: EPS: ฿0.077 (up from ฿0.049 in 1Q 2022). Revenue: ฿408.9m (up 49% from 1Q 2022). Net income: ฿57.1m (up 57% from 1Q 2022). Profit margin: 14% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.21 per share at 7.0% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 18 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (3.5%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.012 (vs ฿0.024 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.012 (up from ฿0.024 loss in 3Q 2021). Revenue: ฿315.7m (up 144% from 3Q 2021). Net income: ฿9.21m (up ฿27.0m from 3Q 2021). Profit margin: 2.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% 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 • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Chief Account & Financial Officer and Director Nimit Supornprasert was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 17% share price gain to ฿3.14, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 19x in the Luxury industry in Thailand. Total loss to shareholders of 5.1% over the past three years. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Chief Account & Financial Officer and Director Nimit Supornprasert was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 45% share price gain to ฿2.74, the stock trades at a trailing P/E ratio of 68.9x. Average trailing P/E is 20x in the Luxury industry in Thailand. Total loss to shareholders of 10% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ฿0.04 (up from ฿0.006 in FY 2020). Revenue: ฿920.8m (down 4.8% from FY 2020). Net income: ฿29.6m (up ฿25.3m from FY 2020). Profit margin: 3.2% (up from 0.4% in FY 2020). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 8.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released: ฿0.024 loss per share (vs ฿0.005 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿129.2m (down 51% from 3Q 2020). Net loss: ฿17.8m (down ฿21.2m from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.021 (vs ฿0.038 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿243.4m (up 4.0% from 1Q 2020). Net income: ฿15.7m (up ฿44.2m from 1Q 2020). Profit margin: 6.5% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.006 (vs ฿0.20 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿967.5m (down 26% from FY 2019). Net income: ฿4.29m (down 97% from FY 2019). Profit margin: 0.4% (down from 12% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 64% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations Revenue exceeded analyst estimates by 8.6%. Over the next year, revenue is forecast to grow 13%, compared to a 18% growth forecast for the Luxury industry in Thailand. Is New 90 Day High Low • Jan 13
New 90-day high: ฿1.88 The company is up 16% from its price of ฿1.62 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is flat over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ฿1.74 The company is up 5.0% from its price of ฿1.66 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Luxury industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ฿1.72 The company is up 8.0% from its price of ฿1.60 on 28 August 2020. The Thai market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Luxury industry, which is up 5.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.005 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿263.4m (down 15% from 3Q 2019). Net income: ฿3.43m (down 90% from 3Q 2019). Profit margin: 1.3% (down from 11% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 39% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 26
New 90-day low: ฿1.55 The company is down 14% from its price of ฿1.80 on 24 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 Luxury industry, which is up 5.0% over the same period.