Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.2%). New Risk • Mar 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.36b market cap, or US$42.8m). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.32 (vs ฿0.16 in FY 2024) Full year 2025 results: EPS: ฿0.32 (up from ฿0.16 in FY 2024). Revenue: ฿1.58b (up 2.6% from FY 2024). Net income: ฿100.8m (up 97% from FY 2024). Profit margin: 6.4% (up from 3.3% in FY 2024). 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 15% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 5th May 2026 Payment date: 20th May 2026 Dividend yield will be 4.0%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.037 (vs ฿0.002 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.037 (up from ฿0.002 in 2Q 2024). Revenue: ฿314.5m (down 9.9% from 2Q 2024). Net income: ฿11.9m (up ฿11.2m from 2Q 2024). Profit margin: 3.8% (up from 0.2% in 2Q 2024). The increase in margin was driven by lower expenses. 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 12% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.13 (up from ฿0.11 in 1Q 2024). Revenue: ฿427.9m (up 1.7% from 1Q 2024). Net income: ฿42.9m (up 18% from 1Q 2024). Profit margin: 10.0% (up from 8.6% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 25
Veranda Resort Public Company Limited Approves Dividend Veranda Resort Public Company Limited resolved to approve the allocation as legal reserve amounts THB 1,215,116 and dividend payment at the rate of THB 0.125 per share, totaling THB 39,960,209, from the net profit of the operating results in 2024, as proposed in all respects, . Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (3.1%). New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.47b market cap, or US$42.9m). Announcement • Feb 28
Veranda Resort Public Company Limited, Annual General Meeting, Apr 24, 2025 Veranda Resort Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:00 SE Asia Standard Time. Announcement • Feb 27
Veranda Resort Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 16, 2025 Veranda Resort Public Company Limited proposed dividend of THB 0.125 per share for the year ended December 31, 2024. Payment date is May 16, 2025. Record date for the right to receive dividends is May 6, 2025. Ex-dividend date is May 2, 2025. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.002 (vs ฿0.05 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.002 (up from ฿0.05 loss in 2Q 2023). Revenue: ฿348.9m (up 11% from 2Q 2023). Net income: ฿667.0k (up ฿15.4m from 2Q 2023). Profit margin: 0.2% (up from net loss in 2Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 9.7% growth forecast for the Hospitality industry in Thailand. 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 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.022 in 1Q 2023) First quarter 2024 results: EPS: ฿0.11 (up from ฿0.022 in 1Q 2023). Revenue: ฿420.9m (up 10.0% from 1Q 2023). Net income: ฿36.3m (up 413% from 1Q 2023). Profit margin: 8.6% (up from 1.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Feb 24
New major risk - Revenue and earnings growth Earnings have declined by 63% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 63% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.61b market cap, or US$44.9m). Announcement • Feb 24
Veranda Resort Public Company Limited, Annual General Meeting, Apr 26, 2024 Veranda Resort Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledge the company's Operation Results of the year 2023; To consider the approval of the financial statements for the year 2023 as of 31 December 2023; To consider the approval for the no allocation of the statutory reserve and omission of dividend payment; To consider the approval the re-appointment of the Company's Directors in place of the. Reported Earnings • Nov 14
Third quarter 2023 earnings released: ฿0.06 loss per share (vs ฿0.006 profit in 3Q 2022) Third quarter 2023 results: ฿0.06 loss per share (down from ฿0.006 profit in 3Q 2022). Revenue: ฿328.5m (flat on 3Q 2022). Net loss: ฿20.4m (down ฿22.4m from profit in 3Q 2022). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.05 loss per share (vs ฿0.005 profit in 2Q 2022) Second quarter 2023 results: ฿0.05 loss per share (down from ฿0.005 profit in 2Q 2022). Revenue: ฿315.4m (down 2.6% from 2Q 2022). Net loss: ฿14.8m (down ฿16.5m from profit in 2Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Major Estimate Revision • Mar 31
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿1.74b to ฿1.67b. EPS estimate rose from ฿0.20 to ฿0.23. Net income forecast to grow 6,553% next year vs 87% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿8.80 to ฿9.40. Share price rose 2.0% to ฿7.60 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Paiboon Kujareevanich was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 15
Price target increased to ฿9.20 Up from ฿8.00, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ฿7.15. Stock is up 6.7% over the past year. The company is forecast to post earnings per share of ฿0.13 next year compared to a net loss per share of ฿0.34 last year. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿323.9m (up 3.0% from 2Q 2021). Net income: ฿1.72m (up ฿37.1m from 2Q 2021). Profit margin: 0.5% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 28%, compared to a 50% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 121 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: ฿0.07 loss per share (up from ฿0.11 loss in 1Q 2021). Revenue: ฿306.9m (down 14% from 1Q 2021). Net loss: ฿21.4m (loss narrowed 38% from 1Q 2021). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Over the next year, revenue is forecast to grow 25%, compared to a 65% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Paiboon Kujareevanich was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: ฿0.34 loss per share (down from ฿0.058 profit in FY 2020). Revenue: ฿1.31b (down 35% from FY 2020). Net loss: ฿107.2m (down ฿125.9m from profit in FY 2020). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) missed analyst estimates by 24%. Over the next year, revenue is forecast to grow 16%, compared to a 60% growth forecast for the restaurants industry in Thailand. Price Target Changed • Dec 09
Price target decreased to ฿8.00 Down from ฿8.70, the current price target is provided by 1 analyst. New target price is 30% above last closing price of ฿6.15. The company is forecast to post a net loss per share of ฿0.26 compared to earnings per share of ฿0.058 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.16 loss per share (vs ฿0.027 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: ฿239.8m (down 49% from 3Q 2020). Net loss: ฿49.8m (loss widened 482% from 3Q 2020). Reported Earnings • Aug 10
Second quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.004 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿314.5m (down 40% from 2Q 2020). Net loss: ฿35.4m (down ฿36.7m from profit in 2Q 2020). Reported Earnings • May 13
First quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.059 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿356.1m (down 30% from 1Q 2020). Net loss: ฿34.7m (down 285% from profit in 1Q 2020). Upcoming Dividend • Apr 24
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 19 May 2021. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.2%). Is New 90 Day High Low • Mar 02
New 90-day high: ฿6.25 The company is up 2.0% from its price of ฿6.15 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 10.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.06 (vs ฿0.28 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿2.00b (up 15% from FY 2019). Net income: ฿18.7m (down 78% from FY 2019). Profit margin: 0.9% (down from 4.8% in FY 2019). The decrease in margin was driven by higher expenses. Reported Earnings • Nov 14
Third quarter 2020 earnings released: ฿0.027 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ฿465.4m (up 9.8% from 3Q 2019). Net loss: ฿8.56m (down 183% from profit in 3Q 2019). Is New 90 Day High Low • Nov 06
New 90-day low: ฿5.40 The company is down 10.0% from its price of ฿6.00 on 07 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: ฿5.50 The company is down 5.0% from its price of ฿5.80 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is down 12% over the same period. 
