New Risk • Jun 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • May 14
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ฿0.86 (up from ฿0.74 in 1Q 2025). Revenue: ฿6.35b (up 26% from 1Q 2025). Net income: ฿1.82b (up 16% from 1Q 2025). Profit margin: 29% (down from 31% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Price Target Changed • May 05
Price target decreased by 7.9% to ฿42.59 Down from ฿46.25, the current price target is an average from 16 analysts. New target price is 48% above last closing price of ฿28.75. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿3.50 for next year compared to ฿3.17 last year. Announcement • Apr 23
Muangthai Capital Public Company Limited Approves Annual Dividend from 1st January to 31st December 2025, Payable on May 15, 2026 Muangthai Capital Public Company Limited at its 2026 Annual General Meeting of Shareholders held on 22nd April 2026, approved the annual dividend payment for the operating results from 1st January to 31st December 2025 at THB 0.29 per share from total shares of 2,120,000,000 ordinary shares, amounting to THB 614,800,000 or 9.96% of net profit from separate financial statement of 2025., the names of the shareholders entitled to receive the dividend were scheduled to be determined on 29th April 2026 and the dividend payment was scheduled on 15th May 2026. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.29 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿32.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Consumer Finance industry in Thailand. Total returns to shareholders of 1.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿46.46 per share. Declared Dividend • Feb 23
Dividend increased to ฿0.29 Dividend of ฿0.29 is 16% higher than last year. Ex-date: 28th April 2026 Payment date: 15th May 2026 Dividend yield will be 0.8%, which is lower than the industry average of 3.4%. Buy Or Sell Opportunity • Feb 20
Now 22% undervalued Over the last 90 days, the stock has risen 13% to ฿37.75. The fair value is estimated to be ฿48.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Feb 18
Muangthai Capital Public Company Limited Proposes Dividend for the Year 2025, Payable on May 15, 2026 Muangthai Capital Public Company Limited at its board meeting held on February 17, 2026 resolved to propose to the Annual General Meeting of Shareholders for consideration and approval the payment of dividends for the year 2025 at the rate of THB 0.29 per share to shareholders holding a total of 2,120,000,000 shares, amounting to a total dividend payment of THB 614,800,000, representing 9.96% of the net profit based on the Company's separate financial statements for the year 2025. The record date for determining shareholders entitled to receive the dividends is 29th April 2026, and the dividend payment date is scheduled for 15th May 2026. Reported Earnings • Feb 18
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: ฿3.17 (up from ฿2.77 in FY 2024). Revenue: ฿21.2b (up 10% from FY 2024). Net income: ฿6.72b (up 15% from FY 2024). Profit margin: 32% (up from 31% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Muangthai Capital Public Company Limited, Annual General Meeting, Apr 22, 2026 Muangthai Capital Public Company Limited, Annual General Meeting, Apr 22, 2026, at 10:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿37.75, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Consumer Finance industry in Thailand. Total returns to shareholders of 4.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿46.37 per share. New Risk • Feb 06
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 5.8% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). 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 ฿31.75, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Consumer Finance industry in Thailand. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿44.38 per share. Buy Or Sell Opportunity • Dec 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ฿32.75. The fair value is estimated to be ฿41.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Buy Or Sell Opportunity • Dec 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ฿32.75. The fair value is estimated to be ฿41.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Reported Earnings • Nov 12
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: ฿0.81 (up from ฿0.70 in 3Q 2024). Revenue: ฿5.37b (up 9.4% from 3Q 2024). Net income: ฿1.72b (up 16% from 3Q 2024). Profit margin: 32% (up from 30% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿43.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Consumer Finance industry in Thailand. Total returns to shareholders of 2.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿38.53 per share. Reported Earnings • Aug 06
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.78 (up from ฿0.68 in 2Q 2024). Revenue: ฿6.07b (up 27% from 2Q 2024). Net income: ฿1.65b (up 14% from 2Q 2024). Profit margin: 27% (down from 30% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings: EPS in line with expectations, revenues disappoint First quarter 2025 results: EPS: ฿0.74 (up from ฿0.66 in 1Q 2024). Revenue: ฿5.04b (up 8.6% from 1Q 2024). Net income: ฿1.57b (up 13% from 1Q 2024). Profit margin: 31% (up from 30% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Muangthai Capital Public Company Limited Approves Annual Dividend from 1st January to 31st December 2024, Payable on May 15, 2025 Muangthai Capital Public Company Limited held the 2025 Annual General Meeting of Shareholders held on 22nd April 2025, Annual General Meeting of Shareholders has approved the annual dividend payment for the operating results from 1st January to 31st December 2024 at THB 0.25 per share from total shares of 2,120,000,000 ordinary shares, amounting to THB 530,000,000 or 9.60% of net profit from separate financial statement of 2024., the names of the shareholders entitled to receive the dividend were scheduled to be determined on 29th April 2025 and the dividend payment was scheduled on 15th May 2025. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 9.0% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (2.3%). Declared Dividend • Feb 21
Dividend increased to ฿0.25 Dividend of ฿0.25 is 19% higher than last year. Ex-date: 28th April 2025 Payment date: 15th May 2025 Dividend yield will be 0.5%, which is lower than the industry average of 3.4%. Reported Earnings • Feb 19
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ฿2.77 (up from ฿2.31 in FY 2023). Revenue: ฿19.3b (up 15% from FY 2023). Net income: ฿5.87b (up 20% from FY 2023). Profit margin: 31% (up from 29% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Finance 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 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 17
Now 21% overvalued Over the last 90 days, the stock has fallen 1.6% to ฿46.50. The fair value is estimated to be ฿38.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 57% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: ฿0.70 (up from ฿0.61 in 3Q 2023). Revenue: ฿4.90b (up 13% from 3Q 2023). Net income: ฿1.49b (up 16% from 3Q 2023). Profit margin: 30% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Finance 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 7% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 13
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to ฿49.00. The fair value is estimated to be ฿39.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. Buy Or Sell Opportunity • Sep 05
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.8% to ฿47.00. The fair value is estimated to be ฿38.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Announcement • Aug 08
Muangthai Capital Public Company Limited Announces Company Secretary Changes Muangthai Capital Public Company Limited announced that Miss Monthon Onphan has been removed from the position of Company Secretary; In addition, the Board of Directors' Meeting held on August 6th, 2024, the Board resolved to appoint Miss Chutharat Thingkot to act as Company Secretary, replacing the removed Company Secretary, effective on August 6th, 2024 and onwards. Reported Earnings • Aug 07
Second quarter 2024 earnings: Revenues in line with analyst expectations Second quarter 2024 results: Revenue: ฿4.77b (up 16% from 2Q 2023). Net income: ฿1.44b (up 20% from 2Q 2023). Profit margin: 30% (up from 29% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Finance industry in Thailand. Reported Earnings • May 08
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: ฿0.66 (up from ฿0.50 in 1Q 2023). Revenue: ฿4.64b (up 21% from 1Q 2023). Net income: ฿1.39b (up 30% from 1Q 2023). Profit margin: 30% (up from 28% in 1Q 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 5.8%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Announcement • Apr 26
Muangthai Capital Public Company Limited Approves Dividend from January 1 to December 31, 2023, Payable on 16 May, 2024 Muangthai Capital Public Company Limited announced that at its AGM held on 23th April, 2024, the shareholders approved the annual dividend payment for the operating results from 1st January to 31st December, 2023 at the rate of THB 0.21 per share for shareholders holding 2,120,000,000 shares. The total dividend was THB 445,200,000 or 9.96% of the net profit from the separate financial statements for 2023. From the Company's separate financial statements for each year, the names of shareholders entitled to receive dividends were determined on 30th April, 2024 and the dividend payment was scheduled on 16th May, 2024. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.3%). Announcement • Mar 21
Muangthai Capital Public Company Limited to Report Fiscal Year 2023 Results on Mar 20, 2024 Muangthai Capital Public Company Limited announced that they will report fiscal year 2023 results on Mar 20, 2024 Reported Earnings • Feb 21
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ฿2.31 (down from ฿2.40 in FY 2022). Revenue: ฿16.7b (up 13% from FY 2022). Net income: ฿4.91b (down 3.7% from FY 2022). Profit margin: 29% (down from 34% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.2%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 08
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿0.61 (up from ฿0.57 in 3Q 2022). Revenue: ฿4.33b (up 24% from 3Q 2022). Net income: ฿1.29b (up 6.6% from 3Q 2022). Profit margin: 30% (down from 35% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 6.1%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. 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. New Risk • Aug 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ฿0.57 (down from ฿0.65 in 2Q 2022). Revenue: ฿5.13b (up 41% from 2Q 2022). Net income: ฿1.20b (down 13% from 2Q 2022). Profit margin: 23% (down from 38% in 2Q 2022). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. 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 8% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.95 per share at 2.6% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (2.7%). Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿2.82 to ฿2.50 per share. Revenue forecast steady at ฿20.8b. Net income forecast to grow 5.2% next year vs 17% growth forecast for Consumer Finance industry in Thailand. Consensus price target down from ฿39.66 to ฿37.75. Share price was steady at ฿35.00 over the past week. Reported Earnings • Feb 23
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ฿2.40 (up from ฿2.33 in FY 2021). Revenue: ฿14.8b (up 13% from FY 2021). Net income: ฿5.09b (up 3.0% from FY 2021). Profit margin: 34% (down from 38% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to ฿45.29 Down from ฿51.90, the current price target is an average from 14 analysts. New target price is 24% above last closing price of ฿36.50. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿2.48 for next year compared to ฿2.33 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Suchart Suphayak was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 11
Price target decreased to ฿45.64 Down from ฿51.90, the current price target is provided by 1 analyst. New target price is 32% above last closing price of ฿34.50. Stock is down 43% over the past year. The company posted earnings per share of ฿2.33 last year. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: ฿0.57 (vs ฿0.57 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.57 (in line with 3Q 2021). Revenue: ฿3.49b (up 6.3% from 3Q 2021). Net income: ฿1.21b (flat on 3Q 2021). Profit margin: 35% (down from 37% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.65 (up from ฿0.60 in 2Q 2021). Revenue: ฿3.64b (up 12% from 2Q 2021). Net income: ฿1.38b (up 8.7% from 2Q 2021). Profit margin: 38% (down from 39% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 33%, compared to a 35% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Suchart Suphayak was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.65 (vs ฿0.65 in 1Q 2021). Revenue: ฿3.68b (up 14% from 1Q 2021). Net income: ฿1.38b (flat on 1Q 2021). Profit margin: 37% (down from 43% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Over the next year, revenue is forecast to grow 30%, compared to a 36% growth forecast for the industry in Thailand. 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 4% per year, which means it is significantly lagging earnings. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Suchart Suphayak was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.37 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (1.6%). Reported Earnings • Feb 17
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿2.33 (down from ฿2.46 in FY 2020). Revenue: ฿13.1b (up 4.1% from FY 2020). Net income: ฿4.94b (down 5.2% from FY 2020). Profit margin: 38% (down from 41% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 31%, compared to a 33% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.57 (vs ฿0.63 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿3.28b (up 2.3% from 3Q 2020). Net income: ฿1.20b (down 10% from 3Q 2020). Profit margin: 37% (down from 42% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.60 (vs ฿0.60 in 2Q 2020) The company reported a solid second quarter result with improved revenues, although earnings and profit margins were flat. Second quarter 2021 results: Revenue: ฿3.25b (up 1.5% from 2Q 2020). Net income: ฿1.27b (flat on 2Q 2020). Profit margin: 39% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Executive Departure • Jul 23
Independent Director Yodhin Anavil has left the company On the 17th of July, Yodhin Anavil's tenure as Independent Director ended after 8.8 years in the role. As of March 2021, Yodhin still personally held 260.00k shares (฿9.1m worth at the time). A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 10.00 years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.65 (vs ฿0.58 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.22b (up 6.1% from 1Q 2020). Net income: ฿1.37b (up 11% from 1Q 2020). Profit margin: 43% (up from 41% in 1Q 2020). 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 whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.37 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 17 May 2021. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.6%). Is New 90 Day High Low • Mar 04
New 90-day high: ฿71.00 The company is up 29% from its price of ฿55.25 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 Finance industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿30.16 per share. Price Target Changed • Feb 19
Price target raised to ฿73.34 Up from ฿67.90, the current price target is an average from 13 analysts. The new target price is 11% above the current share price of ฿66.25. As of last close, the stock is up 9.5% over the past year. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿2.46 (vs ฿2.00 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿12.6b (up 19% from FY 2019). Net income: ฿5.21b (up 23% from FY 2019). Profit margin: 41% (up from 40% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue behind estimates Revenue missed analyst estimates by 0.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 20%, compared to a 32% growth forecast for the Consumer Finance industry in Thailand. Price Target Changed • Feb 12
Price target raised to ฿68.78 Up from ฿64.20, the current price target is an average from 14 analysts. The new target price is close to the current share price of ฿66.00. As of last close, the stock is down 3.3% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: ฿67.50 The company is up 27% from its price of ฿53.25 on 29 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Finance industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿26.92 per share. Is New 90 Day High Low • Jan 07
New 90-day high: ฿63.50 The company is up 24% from its price of ฿51.25 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Finance industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿26.67 per share. Is New 90 Day High Low • Dec 18
New 90-day high: ฿59.75 The company is up 15% from its price of ฿51.75 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿26.20 per share. Price Target Changed • Nov 24
Price target raised to ฿62.00 Up from ฿57.84, the current price target is an average from 14 analysts. The new target price is 16% above the current share price of ฿53.50. As of last close, the stock is down 11% over the past year. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.63 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿3.32b (up 20% from 3Q 2019). Net income: ฿1.34b (up 24% from 3Q 2019). Profit margin: 40% (up from 39% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Nov 17
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 0.06%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 15%, compared to a 36% growth forecast for the Consumer Finance industry in Thailand. Is New 90 Day High Low • Nov 11
New 90-day high: ฿58.00 The company is up 18% from its price of ฿49.00 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿20.31 per share. Is New 90 Day High Low • Oct 27
New 90-day high: ฿53.25 The company is up 9.0% from its price of ฿49.00 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Finance industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿20.79 per share. 
