Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿45.00, the stock trades at a trailing P/E ratio of 38x. Average trailing P/E is 12x in the Luxury industry in Thailand. Total returns to shareholders of 1.7% over the past three years. Declared Dividend • Jun 12
Final dividend increased to ฿1.70 Dividend of ฿1.70 is 13% higher than last year. Ex-date: 24th June 2026 Payment date: 21st August 2026 Dividend yield will be 7.2%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (346% earnings payout ratio). However, it is well covered by cash flows (32% 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 285% to bring the payout ratio under control, which is more than the 58% EPS growth achieved over the last 5 years. Announcement • Jun 11
Toray Textiles (Thailand) Public Company Limited Proposes Cash Dividend for the Operating Period from 1 October 2025 to 31 March 2026, Payable on 21 August 2026 Toray Textiles (Thailand) Public Company Limited at its AGM to be held on July 24, 2026, proposed cash dividend of THB 1.70 per share for the operating period from 1 October 2025 to 31 March 2026. Ex-dividend date: 24 June 2026, Record date for the right to receive dividends: 25 June 2026, Payment date: 21 August 2026. Announcement • Jun 10
Toray Textiles (Thailand) Public Company Limited, Annual General Meeting, Jul 24, 2026 Toray Textiles (Thailand) Public Company Limited, Annual General Meeting, Jul 24, 2026, at 10:00 SE Asia Standard Time. Location: eastin grand hotel sathorn bangkok, surasak 1 room, 11th floor, south sathorn road, yannawa, sathorn, bangkok Thailand Reported Earnings • May 31
Full year 2026 earnings released: EPS: ฿1.18 (vs ฿6.17 in FY 2025) Full year 2026 results: EPS: ฿1.18 (down from ฿6.17 in FY 2025). Revenue: ฿7.74b (down 15% from FY 2025). Net income: ฿68.5m (down 81% from FY 2025). Profit margin: 0.9% (down from 3.9% in FY 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ฿0.26 (vs ฿0.59 in 3Q 2025) Third quarter 2026 results: EPS: ฿0.26 (down from ฿0.59 in 3Q 2025). Revenue: ฿1.92b (down 16% from 3Q 2025). Net income: ฿15.1m (down 56% from 3Q 2025). Profit margin: 0.8% (down from 1.5% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Dec 25
First half dividend of ฿1.50 announced Shareholders will receive a dividend of ฿1.50. Ex-date: 5th January 2026 Payment date: 20th January 2026 Dividend yield will be 6.1%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 39% to bring the payout ratio under control, which is less than the 69% EPS growth achieved over the last 5 years. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ฿0.94 (vs ฿1.90 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.94 (down from ฿1.90 in 2Q 2025). Revenue: ฿1.98b (down 16% from 2Q 2025). Net income: ฿54.2m (down 51% from 2Q 2025). Profit margin: 2.7% (down from 4.7% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (฿2.91b market cap, or US$89.5m). Reported Earnings • Aug 17
First quarter 2026 earnings released: ฿1.42 loss per share (vs ฿2.58 profit in 1Q 2025) First quarter 2026 results: ฿1.42 loss per share (down from ฿2.58 profit in 1Q 2025). Revenue: ฿1.97b (down 16% from 1Q 2025). Net loss: ฿82.1m (down 155% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 11
Final dividend of ฿1.50 announced Shareholders will receive a dividend of ฿1.50. Ex-date: 20th June 2025 Payment date: 27th August 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 9.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 03
Full year 2025 earnings released: EPS: ฿6.17 (vs ฿4.70 in FY 2024) Full year 2025 results: EPS: ฿6.17 (up from ฿4.70 in FY 2024). Revenue: ฿9.13b (down 4.1% from FY 2024). Net income: ฿357.0m (up 31% from FY 2024). Profit margin: 3.9% (up from 2.9% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Mar 21
Toray Textiles (Thailand) Public Company Limited Announces Change of Chairman of the Board, Effective Date is April 1, 2025 Toray Textiles (Thailand) Public Company Limited announced that Mr. HIROSHI YAMADA as Chairman, resigned from position due to in order to comply with the criteria for holding the status of a listed company in the Stock Exchange. Effective Date is 12 May 2023 and Expire Date is 1 April 2025. Also appoints Mr. Ekchai Chansue as Chairman of the Board, Effective Date is April 1, 2025. Ekchai Chansue still holding the position of Independent Director and Chairman of Audit Committee. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ฿0.59 (vs ฿1.83 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.59 (down from ฿1.83 in 3Q 2024). Revenue: ฿2.28b (down 9.7% from 3Q 2024). Net income: ฿34.1m (down 68% from 3Q 2024). Profit margin: 1.5% (down from 4.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Dec 23
First half dividend of ฿1.30 announced Shareholders will receive a dividend of ฿1.30. Ex-date: 2nd January 2025 Payment date: 17th January 2025 Dividend yield will be 4.6%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 21
Toray Textiles (Thailand) Public Company Limited Announces Interim Dividend for the Operation from April 1, 2024 to September 30, 2024, Payable on January 17, 2025 Toray Textiles (Thailand) Public Company Limited announced interim cash dividend of THB 1.30 per share for the operation from April 1, 2024 to September 30, 2024. Payment date is January 17, 2025, record date for the right to receive dividend is January 03, 2025 and ex-dividend date is January 2, 2025. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ฿2.58 (vs ฿0.41 loss in 1Q 2024) First quarter 2025 results: EPS: ฿2.58 (up from ฿0.41 loss in 1Q 2024). Revenue: ฿2.35b (up 8.0% from 1Q 2024). Net income: ฿149.4m (up ฿173.1m from 1Q 2024). Profit margin: 6.4% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Jun 10
Final dividend of ฿1.25 announced Shareholders will receive a dividend of ฿1.25. Ex-date: 20th June 2024 Payment date: 28th August 2024 Dividend yield will be 4.2%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 21% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.8% EPS decline seen over the last 5 years. Announcement • Jun 08
Toray Textiles (Thailand) Public Company Limited Announces Dividend for the Operation from 1 October 2023 to 31 March 2024, Payable on August 28, 2024 Toray Textiles (Thailand) Public Company Limited announced Payment for Cash dividend (baht per share) is 1.25, Par value (baht) is 10.00, from 1 October 2023 to 31 March 2024. Record date for the right to receive is 21-Jun-2024, dividends Ex-dividend date is 20-Jun-2024, Payment date is 28 Aug-2024, Dividend is paid from Retained Earnings. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ฿4.70 (vs ฿1.49 in FY 2023) Full year 2024 results: EPS: ฿4.70 (up from ฿1.49 in FY 2023). Revenue: ฿9.53b (down 3.9% from FY 2023). Net income: ฿272.0m (up 215% from FY 2023). Profit margin: 2.9% (up from 0.9% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: ฿1.83 (vs ฿0.27 in 3Q 2023) Third quarter 2024 results: EPS: ฿1.83 (up from ฿0.27 in 3Q 2023). Revenue: ฿2.53b (down 3.9% from 3Q 2023). Net income: ฿105.8m (up ฿90.0m from 3Q 2023). Profit margin: 4.2% (up from 0.6% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 27
Upcoming dividend of ฿0.90 per share at 3.9% yield Eligible shareholders must have bought the stock before 03 January 2024. Payment date: 17 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.7%). In line with average of industry peers (3.9%). Announcement • Dec 20
Toray Textiles (Thailand) Public Company Limited Announces Interim Cash Dividend for the Operation from April 1, 2023 to September 30, 2023, Payable on January 17, 2024 Toray Textiles (Thailand) Public Company Limited announced interim cash dividend of THB 0.90 per share for the operation from April 1, 2023 to September 30, 2023. Payment date is January 17, 2024, record date for the right to receive dividend is January 04, 2024 and ex-dividend date is January 3, 2024. Reported Earnings • Nov 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿2.43b (down 8.9% from 2Q 2023). Net income: ฿88.6m (down 15% from 2Q 2023). Profit margin: 3.7% (down from 3.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
First quarter 2024 earnings released: ฿0.41 loss per share (vs ฿0.049 profit in 1Q 2023) First quarter 2024 results: ฿0.41 loss per share (down from ฿0.049 profit in 1Q 2023). Revenue: ฿2.18b (down 2.4% from 1Q 2023). Net loss: ฿23.7m (down ฿26.5m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 20
Upcoming dividend of ฿0.75 per share at 3.0% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 23 August 2023. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (6.3%). In line with average of industry peers (3.3%). Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ฿1.49 (vs ฿0.099 in FY 2022) Full year 2023 results: EPS: ฿1.49 (up from ฿0.099 in FY 2022). Revenue: ฿9.92b (up 20% from FY 2022). Net income: ฿86.4m (up ฿80.6m from FY 2022). Profit margin: 0.9% (up from 0.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Third quarter 2023 earnings released: EPS: ฿0.27 (vs ฿0.81 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.27 (up from ฿0.81 loss in 3Q 2022). Revenue: ฿2.63b (up 35% from 3Q 2022). Net income: ฿15.8m (up ฿62.6m from 3Q 2022). Profit margin: 0.6% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Dec 29
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 20 January 2023. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (3.4%). Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: ฿1.81 (vs ฿0.63 in 2Q 2022) Second quarter 2023 results: EPS: ฿1.81 (up from ฿0.63 in 2Q 2022). Revenue: ฿2.66b (up 30% from 2Q 2022). Net income: ฿104.4m (up 185% from 2Q 2022). Profit margin: 3.9% (up from 1.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 4 independent directors (8 non-independent directors). CFO, Chief Accounting Officer, GM of Administration Division & Director Akinori Iwakura was the last director to join the board, commencing their role in 2022. 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 18
First quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.55 in 1Q 2022) First quarter 2023 results: EPS: ฿0.05 (down from ฿0.55 in 1Q 2022). Revenue: ฿2.23b (up 15% from 1Q 2022). Net income: ฿2.82m (down 91% from 1Q 2022). Profit margin: 0.1% (down from 1.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 16
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 23 June 2022. Payment date: 22 August 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.2%). Reported Earnings • Jun 05
Full year 2022 earnings released: EPS: ฿0.10 (vs ฿9.81 loss in FY 2021) Full year 2022 results: EPS: ฿0.10 (up from ฿9.81 loss in FY 2021). Revenue: ฿8.27b (up 28% from FY 2021). Net income: ฿5.75m (up ฿573.3m from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 4 independent directors (8 non-independent directors). CFO, Chief Accounting Officer, GM of Administration Division & Director Akinori Iwakura was the last director to join the board, commencing their role in 2022. 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 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ฿0.81 loss per share (up from ฿1.39 loss in 3Q 2021). Revenue: ฿1.94b (up 1.7% from 3Q 2021). Net loss: ฿46.7m (loss narrowed 42% from 3Q 2021). Revenue was in line with analyst estimates. Upcoming Dividend • Dec 30
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 21 January 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.5%). Reported Earnings • Nov 17
Second quarter 2022 earnings released: EPS ฿0.63 (vs ฿2.42 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ฿2.05b (up 30% from 2Q 2021). Net income: ฿36.6m (up ฿176.8m from 2Q 2021). Profit margin: 1.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ฿0.55 (vs ฿3.41 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ฿1.95b (up 72% from 1Q 2021). Net income: ฿31.6m (up ฿228.9m from 1Q 2021). Profit margin: 1.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Upcoming Dividend • Jun 15
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 22 June 2021. Payment date: 27 August 2021. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (4.6%). Lower than average of industry peers (3.3%). Reported Earnings • Jun 06
Full year 2021 earnings released: ฿9.81 loss per share (vs ฿3.96 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: ฿6.47b (down 26% from FY 2020). Net loss: ฿567.6m (down 348% from profit in FY 2020). Is New 90 Day High Low • Mar 09
New 90-day low: ฿50.00 The company is down 8.0% from its price of ฿54.50 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is flat over the same period. Reported Earnings • Feb 13
Third quarter 2021 earnings released: ฿1.39 loss per share (vs ฿0.85 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: ฿1.91b (down 9.4% from 3Q 2020). Net loss: ฿80.2m (down 263% from profit in 3Q 2020). Is New 90 Day High Low • Feb 11
New 90-day low: ฿51.75 The company is down 2.0% from its price of ฿53.00 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 2.0% over the same period. Reported Earnings • Nov 19
Second quarter 2021 earnings released: ฿2.42 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ฿1.58b (down 27% from 2Q 2020). Net loss: ฿140.2m (down 315% from profit in 2Q 2020).