New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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. Share price has been volatile over the past 3 months (6.6% average weekly change). Buy Or Sell Opportunity • Jun 10
Now 20% undervalued Over the last 90 days, the stock has risen 9.5% to ฿6.90. The fair value is estimated to be ฿8.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 17% in the next year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿7.90, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Diversified Financial industry in Asia. Total loss to shareholders of 10% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.18 (vs ฿0.20 in 1Q 2025) First quarter 2026 results: EPS: ฿0.18 (down from ฿0.20 in 1Q 2025). Revenue: ฿632.0m (up 4.0% from 1Q 2025). Net income: ฿135.5m (down 11% from 1Q 2025). Profit margin: 21% (down from 25% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 11 March 2026. Payment date: 06 May 2026. Payout ratio is a comfortable 49% and the cash payout ratio is 96%. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.3%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.78 (up from ฿0.57 in FY 2024). Revenue: ฿2.67b (up 14% from FY 2024). Net income: ฿586.8m (up 36% from FY 2024). Profit margin: 22% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 6.0%. Revenue is forecast to stay flat during the next 2 years compared to a 7.0% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Forth Smart Service Public Company Limited Proposes Dividend Payment for Operating Period from 1 July, 2025 to 31 December, 2025, Payable 6 May, 2026 Forth Smart Service Public Company Limited at its AGM, to be held on 22 April, 2026, proposed dividend payment for the year 2025 performance at THB 0.38 per share in total to the Annual General Shareholders' Meeting 2026 for approval. In this regards, the Company already paid the first dividend payment to shareholders as an interim dividend at THB 0.18 per share on 9 September, 2025. Therefore, the second dividend payment will be at THB 0.20 per share and the payment for the performance from 1 July, 2025 to 31 December, 2025. The record date to determine the rights of shareholders to receive dividend payments will be on 12 March, 2026. The dividend payment date is set to be on 6 May, 2026. Announcement • Feb 26
Forth Smart Service Public Company Limited, Annual General Meeting, Apr 22, 2026 Forth Smart Service Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Location: forth smart service office building 256, 7th floor, phaholyothin road, samsennai, phayathai, bangkok 10400, Thailand Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿7.25, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Diversified Financial industry in Asia. Total loss to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Diversified Financial industry in Asia. Total loss to shareholders of 55% over the past three years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.19 (vs ฿0.15 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.19 (up from ฿0.15 in 3Q 2024). Revenue: ฿646.5m (up 11% from 3Q 2024). Net income: ฿139.9m (up 22% from 3Q 2024). Profit margin: 22% (up from 20% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿8.90, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 18x in the Diversified Financial industry in Asia. Total loss to shareholders of 53% over the past three years. Buy Or Sell Opportunity • Sep 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to ฿7.25. The fair value is estimated to be ฿6.03, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿6.95, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 19x in the Diversified Financial industry in Asia. Total loss to shareholders of 64% over the past three years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.21 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.21 (up from ฿0.14 in 2Q 2024). Revenue: ฿687.9m (up 20% from 2Q 2024). Net income: ฿155.3m (up 53% from 2Q 2024). Profit margin: 23% (up from 18% 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 18% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿5.85, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 19x in the Diversified Financial industry in Asia. Total loss to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿5.65, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 19x in the Diversified Financial industry in Asia. Total loss to shareholders of 68% over the past three years. Buy Or Sell Opportunity • May 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to ฿7.30. The fair value is estimated to be ฿5.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has grown by 10%. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.12 in 1Q 2024) First quarter 2025 results: EPS: ฿0.20 (up from ฿0.12 in 1Q 2024). Revenue: ฿679.7m (up 18% from 1Q 2024). Net income: ฿152.8m (up 64% from 1Q 2024). Profit margin: 23% (up from 16% 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 10% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿7.60, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the Diversified Financial industry in Asia. Total loss to shareholders of 60% over the past three years. Announcement • Apr 25
Forth Smart Service Public Company Limited Approves to Omit Dividend Payment for Operating Period from July 01, 2024 to December 31, 2024 Forth Smart Service Public Company Limited at its Annual General Meeting of Shareholders for 2025, held on 24 April 2025, approved the dividend payment for the 2024 fiscal year at the rate of THB 0.23 per share. The company has already paid this dividend for the performance period from January 1, 2024 to June 30, 2024 at the rate of THB 0.23 per share on September 9, 2024. Therefore, no additional dividend will be paid for the performance period from July 1, 2024 to December 31, 2024. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.57 (vs ฿0.40 in FY 2023) Full year 2024 results: EPS: ฿0.57 (up from ฿0.40 in FY 2023). Revenue: ฿2.48b (up 12% from FY 2023). Net income: ฿430.4m (up 44% from FY 2023). Profit margin: 17% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿7.15, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 18x in the Diversified Financial industry in Asia. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿6.90, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 20x in the Diversified Financial industry in Asia. Total loss to shareholders of 30% over the past three years. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 14% per year over the past 5 years. High level of non-cash earnings (39% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Nov 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 14% per year over the past 5 years. High level of non-cash earnings (39% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Buy Or Sell Opportunity • Nov 14
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to ฿8.05. The fair value is estimated to be ฿6.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.8% over the last 3 years. Earnings per share has declined by 13%. Announcement • Sep 20
Forth Smart Service Public Company Limited Announces Change of Acting in Finance and Accounting Director Forth Smart Service Public Company Limited announced termination of Mr. Narongsak Lertsuptavee as Acting in Finance and Accounting Director, effective September 19, 2024. The company also announced appointment of Miss Rungrawee Bangkul as Finance and Accounting Director, effective September 20, 2024. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿6.85, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 18x in the Diversified Financial industry in Asia. Total loss to shareholders of 24% over the past three years. Declared Dividend • Aug 16
First half dividend increased to ฿0.23 Dividend of ฿0.23 is 28% higher than last year. Ex-date: 27th August 2024 Payment date: 9th September 2024 Dividend yield will be 7.1%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (132% cash payout ratio). The dividend has increased by an average of 6.1% 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 decline by 12% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.5% EPS decline seen over the last 5 years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.099 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.13 (up from ฿0.099 in 2Q 2023). Revenue: ฿592.4m (down 2.0% from 2Q 2023). Net income: ฿101.4m (up 36% from 2Q 2023). Profit margin: 17% (up from 12% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. New Risk • Aug 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • Jul 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.57b (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.57b market cap, or US$98.8m). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.12 (vs ฿0.10 in 1Q 2023) First quarter 2024 results: EPS: ฿0.12 (up from ฿0.10 in 1Q 2023). Revenue: ฿592.2m (up 18% from 1Q 2023). Net income: ฿93.4m (up 20% from 1Q 2023). Profit margin: 16% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% 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 • Feb 28
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 08 May 2024. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.8%). Declared Dividend • Feb 25
Final dividend increased to ฿0.18 Dividend of ฿0.18 is 13% higher than last year. Ex-date: 6th March 2024 Payment date: 8th May 2024 Dividend yield will be 5.4%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (58% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 3.3% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.40 (vs ฿0.40 in FY 2022) Full year 2023 results: EPS: ฿0.40 (down from ฿0.40 in FY 2022). Revenue: ฿2.26b (up 1.9% from FY 2022). Net income: ฿299.5m (flat on FY 2022). Profit margin: 13% (in line with FY 2022). Over the last 3 years on average, earnings per share has fallen by 19% 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. Announcement • Dec 26
Forth Smart Service Public Company Limited Announces Resignation of Siwaphant Ratanavirojwong as Director, Effective 31 December 2023 Forth Smart Service Public Company Limited announced that Mr. Siwaphant Ratanavirojwong holding position of the Director, has submitted a letter of resignation to the chairman on 25 December 2023, due to retirement, with the effective on 31 December 2023 onwards. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.09 (vs ฿0.11 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.09 (down from ฿0.11 in 3Q 2022). Revenue: ฿551.9m (up 2.9% from 3Q 2022). Net income: ฿69.1m (down 17% from 3Q 2022). Profit margin: 13% (down from 16% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 15% 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 Risk Earnings have declined by 15% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.18 per share at 3.7% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 06 September 2023. Payout ratio is on the higher end at 94%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.11 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.10 (down from ฿0.11 in 2Q 2022). Revenue: ฿559.1m (down 3.1% from 2Q 2022). Net income: ฿74.3m (down 10% from 2Q 2022). Profit margin: 13% (down from 14% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 9.5% decline forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Aug 12
Forth Smart Service Public Company Limited Announces Interim Dividend Payment for 2023, Payable on 06 September 2023 Forth Smart Service Public Company Limited announced Cash dividend payment of THB 0.18 for the Operating period from 01 January 2023 to 30 June 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.10 (down from ฿0.11 in 1Q 2022). Revenue: ฿561.3m (down 3.8% from 1Q 2022). Net income: ฿77.7m (down 4.0% from 1Q 2022). Profit margin: 14% (in line with 1Q 2022). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.16 per share at 3.7% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 03 May 2023. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿12.20, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 21x in the IT industry in Thailand. Total returns to shareholders of 109% over the past three years. Announcement • Jan 27
Forth Smart Service Public Company Limited Announces Executive Changes Forth Smart Service Public Company Limited announced termination of Miss Apinya Kuljongcharoenlert, Position of Chief Accountant: Acting Finance and Accounting Director, Effective Date of Termination 23-Jan-2023. The company also appointed Miss Sukruatai Chaivong, Position of Chief Accountant: Accounting Manager, Effective Date of Appointment 26-Jan-2023. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿16.80, the stock trades at a trailing P/E ratio of 38.5x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 212% over the past three years. 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. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Kraisorn Chansuvanich was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Sep 30
Forth Smart Service Public Company Limited Appoints Miss Apinya Kuljongcharoenlert as Acting Finance and Accounting Director, Effective on September 30, 2022 Forth Smart Service Public Company Limited announced that the appointment of Miss Apinya Kuljongcharoenlert as Acting Finance and Accounting Director. The effective date of appointment is September 30, 2022. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to ฿26.25, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 18x in the IT industry in Thailand. Total returns to shareholders of 384% over the past three years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is on the higher end at 89%, however this is supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Net income: ฿82.9m (down 27% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Aug 12
Forth Smart Service Public Company Limited Announces Interim Cash Dividend for the Operating Period from January 1, 2022 to June 30, 2022, Payable on September 8, 2022 Forth Smart Service Public Company Limited announced interim cash dividend of THB 0.20 per share for the operating period from January 1, 2022 to June 30, 2022, payable on September 8, 2022. Record date for the right to receive dividend to be August 25, 2022. Ex-dividend date to be August 24, 2022. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ฿0.11 (vs ฿0.15 in 1Q 2021) First quarter 2022 results: EPS: ฿0.11 (down from ฿0.15 in 1Q 2021). Revenue: ฿651.0m (down 7.5% from 1Q 2021). Net income: ฿80.9m (down 27% from 1Q 2021). Profit margin: 12% (down from 16% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿18.30, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 23x in the IT industry in Thailand. Total returns to shareholders of 224% over the past three years. 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. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Kraisorn Chansuvanich was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improved over the past week After last week's 19% share price gain to ฿17.40, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 26x in the IT industry in Thailand. Total returns to shareholders of 206% over the past three years. Buying Opportunity • Mar 29
Now 22% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be ฿18.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.3% per annum over the last 3 years. Earnings per share has declined by 12% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 34% share price gain to ฿14.90, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 24x in the IT industry in Thailand. Total returns to shareholders of 162% over the past three years. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 29 April 2022. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (6.6%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.53 (down from ฿0.61 in FY 2020). Revenue: ฿2.93b (up 2.3% from FY 2020). Net income: ฿400.1m (down 14% from FY 2020). Profit margin: 14% (down from 16% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Feb 26
Forth Smart Service Public Company Limited Proposes Dividend, Payable on April 29, 2022 Forth Smart Service Public Company Limited proposed second dividend payment will be at THB 0.20 per share and the payment for the performance from July 1, 2021 to December 31, 2021. The record date to determine the rights of shareholders to receive dividend payments will be on March 10, 2022. The dividend payment date is set to be on April 29, 2022. The dividend payment as mentioned above still uncertain depending on the resolution of the Annual General Shareholders' Meeting on April 21, 2022. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 21% share price gain to ฿13.40, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 22x in the IT industry in Thailand. Total returns to shareholders of 160% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: ฿0.19 loss per share (vs ฿0.16 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although control over costs improved. Third quarter 2021 results: Revenue: -฿722.9m (down 198% from 3Q 2020). Net loss: ฿129.3m (down 205% from profit in 3Q 2020). Profit margin: 18% (up from 17% in 3Q 2020). The increase in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Sep 01
Forth Smart Service Units Non -Voting DR to Be Deleted from Other OTC Forth Smart Service Public Company Limited Units Non -Voting Depository Receipts (Thailand) will be deleted from other OTC effective from August 31, 2021, due to Inactive Security. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 08 September 2021. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.14 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿839.3m (up 26% from 2Q 2020). Net income: ฿112.9m (up 8.3% from 2Q 2020). Profit margin: 14% (down from 16% 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 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 15% share price gain to ฿12.00, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 19x in the IT industry in Thailand. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 15% share price gain to ฿9.15, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 17x in the IT industry in Thailand. Total returns to shareholders of 21% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.16 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿769.5m (up 5.4% from 1Q 2020). Net income: ฿111.3m (down 12% from 1Q 2020). Profit margin: 14% (down from 17% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 19% share price gain to ฿9.10, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 14x in the IT industry in Thailand. Total returns to shareholders of 9.9% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day high: ฿7.75 The company is up 8.0% from its price of ฿7.15 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 IT industry, which is up 7.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.61 (vs ฿0.75 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿3.12b (flat on FY 2019). Net income: ฿464.1m (down 21% from FY 2019). Profit margin: 15% (down from 19% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Feb 25
Forth Smart Service Public Company Limited, Annual General Meeting, Apr 21, 2021 Forth Smart Service Public Company Limited, Annual General Meeting, Apr 21, 2021, at 14:00 SE Asia Standard Time. Location: Forth Smart Service Office Building 256, 7th Floor, Phaholyothin Road, Samsennai Phayathai Bangkok Thailand Agenda: To certify the minutes of the Annual General Meeting of Shareholders No. 1/2020; to consider the report on the operating results and approve the statement of financial position and the statement of comprehensive income of the Company for the year ended December 31, 2020; to consider and approve the dividend payment for the year 2020 ended December 31, 2020; to consider and appoint the Company's auditors and determine the remuneration for the year 2021; and to consider other items. Announcement • Nov 13
Forth Smart Service Public Company Limited Announces Executive Changes Forth Smart Service Public Company Limited announced the change of the Finance and Accounting Director From Mr. Narongsak Lertsuptavee as Acting Finance and Accounting Director to Mr. Teemanus Kiatdechpanya as Finance and Accounting Director. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.16 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿933.1m (up 20% from 3Q 2019). Net income: ฿122.9m (down 14% from 3Q 2019). Profit margin: 13% (down from 18% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Sep 21
Forth Smart Service Public Company Limited(SET:FSMART) dropped from S&P Global BMI Index Forth Smart Service Public Company Limited(SET:FSMART) dropped from S&P Global BMI Index Announcement • Jun 19
Forth Smart Service Public Company Limited Recommends to Omits the Annual Dividend Payment for the Year 2019 Forth Smart Service Public Company Limited at its board meeting held on June 18, 2020 further proposed the Shareholders' Annual General Meeting to approve the omission of the annual dividend payment for the year 2019, as the second interim dividend payment is already paid at the same amount.