Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.05 (vs ฿0.059 in 1Q 2025) First quarter 2026 results: EPS: ฿0.05 (down from ฿0.059 in 1Q 2025). Revenue: ฿508.1m (down 12% from 1Q 2025). Net income: ฿31.7m (down 11% from 1Q 2025). Profit margin: 6.2% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 19 May 2026. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 8.5%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 28
Final dividend of ฿0.09 announced Dividend of ฿0.09 is the same as last year. Ex-date: 5th May 2026 Payment date: 19th May 2026 Dividend yield will be 8.1%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (158% cash payout ratio). The dividend has increased by an average of 3.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.24 (vs ฿0.15 in FY 2024) Full year 2025 results: EPS: ฿0.24 (up from ฿0.15 in FY 2024). Revenue: ฿2.29b (up 7.3% from FY 2024). Net income: ฿139.7m (up 55% from FY 2024). Profit margin: 6.1% (up from 4.2% 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 57% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.03 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.06 (up from ฿0.03 in 3Q 2024). Revenue: ฿537.1m (up 14% from 3Q 2024). Net income: ฿33.9m (up 88% from 3Q 2024). Profit margin: 6.3% (up from 3.8% in 3Q 2024). The increase in margin was driven by higher revenue. 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 3% per year, which means it is significantly lagging earnings. New Risk • Aug 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 168% Dividend yield: 7.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Cash payout ratio: 168% Minor Risks High level of debt (47% net debt to equity). Market cap is less than US$100m (฿1.27b market cap, or US$39.2m). Declared Dividend • Aug 15
First half dividend increased to ฿0.09 Dividend of ฿0.09 is 50% higher than last year. Ex-date: 27th August 2025 Payment date: 10th September 2025 Dividend yield will be 8.5%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (168% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.041 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.05 (up from ฿0.041 in 2Q 2024). Revenue: ฿590.1m (up 6.6% from 2Q 2024). Net income: ฿28.5m (up 16% from 2Q 2024). Profit margin: 4.8% (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 increased by 19% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 21
An undisclosed buyer agreed to acquire 45% stake in Winner Agro Innovation Company Limited from Winner Group Enterprise Public Company Limited (SET:WINNER) for THB 0.28 million. An undisclosed buyer agreed to acquire 45% stake in Winner Agro Innovation Company Limited from Winner Group Enterprise Public Company Limited (SET:WINNER) for THB 0.28 million on June 20, 2025. A cash consideration of THB 0.28 million will be paid for 2,025,000 shares.
The transaction has been approved by the board of Winner Group Enterprise Public Company Limited. The expected completion of the transaction is June 30, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿60.00 (vs ฿0.022 in 1Q 2024) First quarter 2025 results: EPS: ฿60.00 (up from ฿0.022 in 1Q 2024). Revenue: ฿575.1m (up 15% from 1Q 2024). Net income: ฿35.7m (up 169% from 1Q 2024). Profit margin: 6.2% (up from 2.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 20 May 2025. Payout ratio is on the higher end at 100%, and the cash payout ratio is above 100%. Trailing yield: 7.7%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (2.9%). Announcement • Apr 26
Winner Group Enterprise Public Company Limited Approves Dividend for the Year 2024, Payable on May 20, 2025 Winner Group Enterprise Public Company Limited at its AGM held on April 25, 2025 approved the appropriation of profit and annual dividend payment for the year 2024 as dividend payment of THB 0.15 per share, totaling THB 89,996,199.30. On September 10, 2024, The Company has already paid the interim dividends at the rate of THB 0.06 per share, totaling THB 35,998,479.72. Therefore, the remaining year-ended dividend to be paid is THB 0.09 per share, totaling THB 53,997,719.58. The Company will record the names of shareholders who are eligible to receive the dividend on May 7, 2025 (Record Date) and the dividend payment is scheduled to be made on May 20, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.15 (vs ฿0.19 in FY 2023) Full year 2024 results: EPS: ฿0.15 (down from ฿0.19 in FY 2023). Revenue: ฿2.14b (up 3.2% from FY 2023). Net income: ฿90.2m (down 21% from FY 2023). Profit margin: 4.2% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.028 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.03 (up from ฿0.028 in 3Q 2023). Revenue: ฿470.1m (up 2.1% from 3Q 2023). Net income: ฿18.1m (up 5.6% from 3Q 2023). Profit margin: 3.8% (up from 3.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Declared Dividend • Aug 15
First half dividend of ฿0.06 announced Shareholders will receive a dividend of ฿0.06. Ex-date: 27th August 2024 Payment date: 10th September 2024 Dividend yield will be 7.0%, 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 (85% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 1.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Aug 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.5% per year over the past 5 years. Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿1.18b market cap, or US$33.6m). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.057 in 1Q 2023) First quarter 2024 results: EPS: ฿0.02 (down from ฿0.057 in 1Q 2023). Revenue: ฿501.3m (down 3.1% from 1Q 2023). Net income: ฿13.3m (down 61% from 1Q 2023). Profit margin: 2.6% (down from 6.6% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 10 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.19 (vs ฿0.016 in FY 2022) Full year 2023 results: EPS: ฿0.19 (up from ฿0.016 in FY 2022). Revenue: ฿2.07b (up 1.5% from FY 2022). Net income: ฿113.8m (up ฿104.4m from FY 2022). Profit margin: 5.5% (up from 0.5% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 01
Winner Group Enterprise Public Company Limited Proposes Dividend for the Year 2023, Payable on May 10, 2024 Winner Group Enterprise Public Company Limited at its board meeting held on February 27, 2024, approved to propose at its Annual General Meeting of shareholders to be held on April 24, 2024, the appropriation of profit and annual dividend payment for the year 2023 to the ordinary shareholders at THB 0.15 per share, with the total amount of THB 89,996,199.30. Of which THB 0.07 per share, with the total amount of THB 41,998,226.34 (paid out of the unappropriated retained earnings which subjected to 20% corporate income tax), was paid as an interim dividend on September 8, 2023. The final dividend payment will be THB 0.08 per share, totaling THB 47,997,972.96 (to be paid out of the unappropriated retained earnings which subjected to 20% corporate income tax) in accordance with the Company's dividend policy. The Company will record the names of shareholders who are eligible to receive dividends on March 13, 2024 (Record Date) and the dividend payment is scheduled to be made on May 10, 2024. However, the grant of the rights to receive the dividend payment is uncertain since it has to be approved by the shareholders' meeting. Ex-dividend date is March 12, 2024. Declared Dividend • Mar 01
Dividend increased to ฿0.08 Dividend of ฿0.08 is 14% higher than last year. Ex-date: 12th March 2024 Payment date: 10th May 2024 Dividend yield will be 6.6%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 10x earnings). However, it is well covered by cash flows (49% cash payout ratio). The dividend has increased by an average of 4.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,032% to bring the payout ratio under control. However, EPS has declined by 39% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 05
Winner Group Enterprise Public Company Limited Announces Demise of Warunee Varanyanond, Independent Director, Member of the Audit Committee, and Member of Nomination Remuneration and Corporate Governance Winner Group Enterprise Public Company Limited announced that Dr. Warunee Varanyanond, Independent Director, Member of the Audit Committee, and Member of Nomination Remuneration and Corporate Governance has passed away on February 4, 2024. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.07 per share at 5.7% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.5%). New Risk • Aug 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.9% per year over the past 5 years. Minor Risks High level of debt (44% net debt to equity). Dividend is not well covered by earnings (dividend per share is over 7x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (฿1.40b market cap, or US$40.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.05 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.04 (down from ฿0.05 in 2Q 2022). Revenue: ฿498.4m (down 2.1% from 2Q 2022). Net income: ฿24.1m (down 20% from 2Q 2022). Profit margin: 4.8% (down from 5.9% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Aug 11
Winner Group Enterprise Public Company Limited Announces Interim Cash Dividend Payment, Payable on September 8, 2023 Winner Group Enterprise Public Company Limited announced interim cash dividend payment of THB 0.07 per share to common shareholders paid from retained earnings. Record date for the right to receive dividends is 25 August 2023. Ex-dividend date is 24 August 2023. Payment date is September 8, 2023. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.07 per share at 5.7% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 12 May 2023. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (1.4%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Thipawan Uthaisang was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿508.9m (up 30% from 2Q 2021). Net income: ฿30.1m (up 96% from 2Q 2021). Profit margin: 5.9% (up from 3.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.04 (up from ฿0.033 in 1Q 2021). Revenue: ฿451.9m (up 7.5% from 1Q 2021). Net income: ฿25.9m (up 30% from 1Q 2021). Profit margin: 5.7% (up from 4.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 8 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Thippawan Uthaisang was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.18 (up from ฿0.14 in FY 2020). Revenue: ฿1.81b (up 6.5% from FY 2020). Net income: ฿108.7m (up 29% from FY 2020). Profit margin: 6.0% (up from 5.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.031 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿454.8m (up 7.3% from 3Q 2020). Net income: ฿24.2m (up 31% from 3Q 2020). Profit margin: 5.3% (up from 4.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.014 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 20 October 2021. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 23% share price gain to ฿3.84, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 27x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 18% share price gain to ฿3.46, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 29x in the Consumer Retailing industry in Thailand. Total returns to shareholders of 34% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.082 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿420.3m (down 5.9% from 1Q 2020). Net income: ฿19.9m (down 40% from 1Q 2020). Profit margin: 4.7% (down from 7.4% 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 6% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.21 in FY 2019) The company reported a solid full year result with improved revenues, although earnings and profit margins were flat. Full year 2020 results: Revenue: ฿1.70b (up 3.0% from FY 2019). Net income: ฿84.5m (flat on FY 2019). Profit margin: 5.0% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Feb 05
New 90-day high: ฿2.88 The company is up 17% from its price of ฿2.46 on 06 November 2020. The Thai market is up 18% 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. Is New 90 Day High Low • Jan 18
New 90-day high: ฿2.76 The company is up 14% from its price of ฿2.42 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day high: ฿2.72 The company is up 9.0% from its price of ฿2.50 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 Consumer Retailing industry, which is down 1.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ฿2.66 The company is up 2.0% from its price of ฿2.62 on 28 August 2020. The Thai market is up 8.0% 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. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.05 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿423.7m (up 18% from 3Q 2019). Net income: ฿18.4m (up 66% from 3Q 2019). Profit margin: 4.4% (up from 3.1% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 20
New 90-day low: ฿2.42 The company is down 18% from its price of ฿2.96 on 22 July 2020. The Thai market is down 12% 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.