Upcoming Dividend • Apr 23
Upcoming dividend of ฿1.65 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (3.9%). New Risk • Mar 02
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: 3.3% 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: Minor Risks High level of debt (82% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Feb 28
Dividend increased to ฿1.65 Dividend of ฿1.65 is 22% higher than last year. Ex-date: 30th April 2026 Payment date: 22nd May 2026 Dividend yield will be 3.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 6.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿3.10 (up from ฿2.77 in FY 2024). Revenue: ฿1.02t (up 3.5% from FY 2024). Net income: ฿27.7b (up 12% from FY 2024). Profit margin: 2.7% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 1.1%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Cp All Public Company Limited Proposes Cash Dividend for Operating Period from 01 January, 2025 to 31 December,2025, Payable on May 22, 2026 Cp All Public Company Limited proposed Cash Dividend for Operating Period from 01 January, 2025 to 31 December,2025. The the period the company announced dividend of Cash dividend payment THB 1.65 per share, Payment date; May 22, 2026. Record date for the right to receive dividends; 05 May-2026, Ex-dividend date; 30-April-2026.
. Announcement • Feb 25
CP ALL Public Company Limited, Annual General Meeting, Apr 24, 2026 CP ALL Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 13
Third quarter 2025 earnings: Revenues in line with analyst expectations Third quarter 2025 results: Revenue: ฿250.5b (up 3.9% from 3Q 2024). Net income: ฿6.60b (up 20% from 3Q 2024). Profit margin: 2.6% (up from 2.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Consumer Retailing industry in Asia. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ฿0.74 (up from ฿0.68 in 2Q 2024). Revenue: ฿256.6b (up 3.6% from 2Q 2024). Net income: ฿6.77b (up 8.5% from 2Q 2024). Profit margin: 2.6% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.83 (up from ฿0.69 in 1Q 2024). Revenue: ฿252.9b (up 5.0% from 1Q 2024). Net income: ฿7.59b (up 25% from 1Q 2024). Profit margin: 3.0% (up from 2.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿1.35 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (2.9%). Announcement • Apr 26
CP ALL Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 23, 2025 CP ALL Public Company Limited ats its AGM held on April 25, 2025, approved the dividend payment distributed from the operating results for the year 2024 at THB 1.35 per share for shareholders holding 8,983,101,348 shares, total dividend payment in the amount of THB 12,127,186,819.80 or equal to 56% of net profit after income tax from separate financial statements. The above dividend payment complies with stipulated dividend payment policy of the Company. The Company has scheduled the record date on May 7, 2025 to determine the shareholders entitled to receive the dividend. The dividend payment will be made on May 23, 2025. Declared Dividend • Feb 27
Dividend increased to ฿1.35 Dividend of ฿1.35 is 35% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 5.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿2.77 (up from ฿2.01 in FY 2023). Revenue: ฿987.7b (up 7.3% from FY 2023). Net income: ฿25.3b (up 41% from FY 2023). Profit margin: 2.6% (up from 2.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.4%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Cp All Public Company Limited Proposes Cash Dividend for the Year End December 31, 2024, Payable on 23 May, 2025 CP ALL Public Company Limited proposed cash dividend of THB 1.35 per share for the year end December 31, 2024. Record date for the right to receive dividends 7 May, 2025. Ex-dividend date is 6 May, 2025, Payment date 23 May, 2025. Announcement • Feb 25
CP ALL Public Company Limited, Annual General Meeting, Apr 25, 2025 CP ALL Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Location: application system, Thailand Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿47.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Consumer Retailing industry in Asia. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿88.07 per share. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.61 (vs ฿0.48 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.61 (up from ฿0.48 in 3Q 2023). Revenue: ฿241.3b (up 6.7% from 3Q 2023). Net income: ฿5.61b (up 30% from 3Q 2023). Profit margin: 2.3% (up from 1.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ฿65.50. The fair value is estimated to be ฿54.42, 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 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Sep 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ฿65.25. The fair value is estimated to be ฿54.37, 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 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Announcement • Aug 23
CP All Public Company Limited Appoints Somboon Ngamlak as Independent Director and Member of Audit Committee, Effective September 1, 2024 CP All Public Company Limited announced that the Board of Directors Meeting held on August 23, 2024 had a resolution to appoint Mr. Somboon Ngamlak to be an Independent Director and the Audit Committee to replace the director who resigned which will be effective from September 1, 2024 onwards, and will be in office only for the remaining term of the director who has been replaced. Announcement • Aug 16
CP ALL Public Company Limited Announces Resignation of Pridi Boonyoung as Independent Director and Member of the Audit Committee, Effective from September 1, 2024 CP All Public Company Limited (the Company) informed that Mr. Pridi Boonyoung who is an Independent Director and Member of the Audit Committee of the Company would like to resign according to health condition. This will be effective from September 1, 2024 onwards. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.68 (up from ฿0.48 in 2Q 2023). Revenue: ฿247.9b (up 6.9% from 2Q 2023). Net income: ฿6.24b (up 44% from 2Q 2023). Profit margin: 2.5% (up from 1.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.0%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 08
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿56.50. The fair value is estimated to be ฿46.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 10.0% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.69 (vs ฿0.45 in 1Q 2023) First quarter 2024 results: EPS: ฿0.69 (up from ฿0.45 in 1Q 2023). Revenue: ฿241.0b (up 8.6% from 1Q 2023). Net income: ฿6.32b (up 58% from 1Q 2023). Profit margin: 2.6% (up from 1.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
Cp All Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 24, 2024 CP All Public Company Limited at its AGM held on April 26, 2024 Company. And approved the dividend payment distributed from the operating results for the year 2023 at THB 1.00 per share (One Baht) for Shareholders holding 8,983,101,348 shares, total dividend payment in amount of THB 8,983,101,348 or equal to 58% of net profit after income tax from separate financial statements. The above dividend payment is complied with stipulated dividend payment policy of the Company. The Company has scheduled the record date on May 8, 2024 to determine the shareholdersentitled to receive the dividend. The dividend payment will be made on May 24, 2024. Declared Dividend • Feb 28
Dividend increased to ฿1.00 Dividend of ฿1.00 is 33% higher than last year. Ex-date: 7th May 2024 Payment date: 24th May 2024 Dividend yield will be 1.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ฿2.01 (up from ฿1.39 in FY 2022). Revenue: ฿920.8b (up 8.0% from FY 2022). Net income: ฿18.5b (up 48% from FY 2022). Profit margin: 2.0% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.7%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. 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 1% per year, which means it is significantly lagging earnings. Announcement • Feb 24
CP ALL Public Company Limited, Annual General Meeting, Apr 26, 2024 CP ALL Public Company Limited, Annual General Meeting, Apr 26, 2024, at 07:00 Coordinated Universal Time. Agenda: To consider the Board of Directors' report regarding operations of the Company in the past year; to consider and approve statement of financial position and statement of income for the year ended December 31, 2023; to consider and approve the allocation of profit and the cash dividend payment; to consider and approve the appointment of the Company's directors to replace the directors who are retired by rotation; to consider and approve the directors' remuneration; and to consider and approve the appointment of the Company's auditors and fix the auditors' remuneration. Announcement • Feb 23
CP ALL Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 24, 2024 CP ALL Public Company Limited at its board of directors meeting held on February 23, 2024, approved the dividend payment for the fiscal year of 2023 at THB 1.00 per share to shareholders of 8,983,101,348 shares. The record date to determine name of shareholders who have the right to receive dividend payment will be on May 8, 2024. The dividend payment date will be on May 24, 2024. Such dividend payment shall be further proposed to shareholders' meeting for approval. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: ฿0.48 (up from ฿0.39 in 3Q 2022). Revenue: ฿226.2b (up 5.9% from 3Q 2022). Net income: ฿4.31b (up 23% from 3Q 2022). Profit margin: 1.9% (up from 1.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 13
CP ALL Public Company Limited to Report Q3, 2023 Results on Nov 10, 2023 CP ALL Public Company Limited announced that they will report Q3, 2023 results on Nov 10, 2023 Announcement • Nov 12
CP ALL Public Company Limited Appoints Dumrongsak Kittiprapas as Independent Director CP ALL Public Company Limited announced that board of directors in its meeting held on November 10, 2023, has resolved to appoint Police General Dumrongsak Kittiprapas to be an independent director of the Company also including position in sub-committees in place of independent director who resigned, there are Remuneration and Nomination Committee and Sustainability and Corporate Governance Committee. An effective date will be started from November 10, 2023 onwards, and the term of position will be equal to the remaining term of resigned director. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.48 (up from ฿0.31 in 2Q 2022). Revenue: ฿232.0b (up 8.6% from 2Q 2022). Net income: ฿4.44b (up 61% from 2Q 2022). Profit margin: 1.9% (up from 1.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.5%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • May 12
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: ฿0.45 (up from ฿0.36 in 1Q 2022). Revenue: ฿222.0b (up 11% from 1Q 2022). Net income: ฿4.12b (up 28% from 1Q 2022). Profit margin: 1.9% (up from 1.6% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 7.4%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% 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. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.75 per share at 1.2% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (1.4%). Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.39 (up from ฿0.14 in 3Q 2021). Revenue: ฿213.7b (up 64% from 3Q 2021). Net income: ฿3.49b (up 181% from 3Q 2021). Profit margin: 1.6% (up from 1.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.39 (up from ฿0.14 in 3Q 2021). Revenue: ฿213.7b (up 64% from 3Q 2021). Net income: ฿3.49b (up 181% from 3Q 2021). Profit margin: 1.6% (up from 1.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.31 (up from ฿0.22 in 2Q 2021). Revenue: ฿213.7b (up 56% from 2Q 2021). Net income: ฿3.00b (up 55% from 2Q 2021). Profit margin: 1.4% (in line with 2Q 2021). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 15%. Over the next year, revenue is forecast to grow 16%, compared to a 32% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.36 (up from ฿0.26 in 1Q 2021). Revenue: ฿199.7b (up 50% from 1Q 2021). Net income: ฿3.45b (up 47% from 1Q 2021). Profit margin: 1.7% (in line with 1Q 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 27%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% 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. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.4%). Reported Earnings • Feb 25
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.33 (down from ฿1.68 in FY 2020). Revenue: ฿587.2b (up 7.5% from FY 2020). Net income: ฿13.0b (down 14% from FY 2020). Profit margin: 2.2% (down from 2.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 38%, compared to a 41% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 25
Consensus revenue estimates increase by 14% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿710.4b to ฿811.2b. EPS estimate increased from ฿1.89 to ฿2.13 per share. Net income forecast to grow 90% next year vs 36% growth forecast for Consumer Retailing industry in Thailand. Consensus price target of ฿71.39 unchanged from last update. Share price rose 3.0% to ฿67.75 over the past week. Major Estimate Revision • Dec 15
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿0.99 to ฿1.10. Revenue forecast steady at ฿547.1b. Net income forecast to grow 75% next year vs 19% growth forecast for Consumer Retailing industry in Thailand. Consensus price target of ฿71.17 unchanged from last update. Share price was steady at ฿58.50 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.42 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿130.3b (down 3.8% from 3Q 2020). Net income: ฿1.99b (down 47% from 3Q 2020). Profit margin: 1.5% (down from 2.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% 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. Major Estimate Revision • Aug 18
Consensus EPS estimates fall to ฿1.29 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿548.4b to ฿534.6b. EPS estimate also fell from ฿1.55 to ฿1.29. Net income forecast to grow 29% next year vs 15% growth forecast for Consumer Retailing industry in Thailand. Consensus price target broadly unchanged at ฿68.39. Share price rose 2.2% to ฿58.25 over the past week. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.29 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿137.4b (up 7.4% from 2Q 2020). Net income: ฿2.44b (down 7.6% from 2Q 2020). Profit margin: 1.8% (down from 2.1% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% 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. Executive Departure • Jun 16
Senior VP of Accounting & Finance Taweesak Kaewrathtanapattama has left the company On the 8th of June, Taweesak Kaewrathtanapattama's tenure as Senior VP of Accounting & Finance ended. As of March 2021, Taweesak still personally held 587.78k shares (฿36m worth at the time). Taweesak is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.33 years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.26 (vs ฿0.60 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿133.4b (down 8.5% from 1Q 2020). Net income: ฿2.60b (down 52% from 1Q 2020). Profit margin: 1.9% (down from 3.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.90 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 21 May 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.9%). Is New 90 Day High Low • Mar 04
New 90-day high: ฿65.25 The company is up 7.0% from its price of ฿60.75 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿62.87 per share. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿1.68 (vs ฿2.38 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿546.4b (down 4.3% from FY 2019). Net income: ฿16.1b (down 25% from FY 2019). Profit margin: 2.9% (down from 3.7% 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 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 4.4%, compared to a 13% growth forecast for the Consumer Retailing industry in Thailand. Is New 90 Day High Low • Dec 14
New 90-day high: ฿64.50 The company is up 3.0% from its price of ฿62.50 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿62.13 per share. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.07%. Earnings per share (EPS) missed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 4.3%, compared to a 9.1% growth forecast for the Consumer Retailing industry in Thailand. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.42 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿135.5b (down 3.9% from 3Q 2019). Net income: ฿4.00b (down 25% from 3Q 2019). Profit margin: 3.0% (down from 3.8% 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 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to ฿63.00, the stock is trading at a trailing P/E ratio of 29.3x, up from the previous P/E ratio of 25.4x. This compares to an average P/E of 23x in the Consumer Retailing industry in Thailand. Total return to shareholders over the past three years is a loss of 8.3%. Is New 90 Day High Low • Oct 22
New 90-day low: ฿57.00 The company is down 15% from its price of ฿67.00 on 24 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing 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 ฿49.14 per share. Is New 90 Day High Low • Oct 06
New 90-day low: ฿60.00 The company is down 10.0% from its price of ฿66.75 on 08 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 Consumer Retailing industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿54.51 per share.