Reported Earnings • May 23
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: ฿0.54 (down from ฿0.57 in 1Q 2025). Revenue: ฿1.88b (up 9.5% from 1Q 2025). Net income: ฿163.3m (down 4.6% from 1Q 2025). Profit margin: 8.7% (down from 10.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.55 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.7%). Declared Dividend • Mar 04
Final dividend of ฿0.55 announced Shareholders will receive a dividend of ฿0.55. Ex-date: 30th April 2026 Payment date: 18th May 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but not covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 17% per year over the past 5 years and payments have been stable during that time. EPS is expected to grow by 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 04
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ฿2.01 (up from ฿1.80 in FY 2024). Revenue: ฿6.95b (up 19% from FY 2024). Net income: ฿604.2m (up 12% from FY 2024). Profit margin: 8.7% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Mar 03
Nsl Foods Public Company Limited Announces Cash Dividend for the Operating Period from January 1 , 2025 to December 31, 2025, Payable on May 18, 2026 NSL Foods Public Company Limited announced cash dividend for the operating period from January 1, 2025 to December 31, 2025, payable on May 18, 2026. For the period, the company reported dividend of THB 0.55 per share with record date of April 27, 2026 and ex-dividend date of April 24, 2026. Announcement • Mar 02
NSL Foods Public Company Limited, Annual General Meeting, Apr 24, 2026 NSL Foods Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Price Target Changed • Jan 15
Price target decreased by 11% to ฿31.88 Down from ฿36.00, the current price target is an average from 4 analysts. New target price is 44% above last closing price of ฿22.10. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿2.01 for next year compared to ฿1.80 last year. New Risk • Nov 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 108% Dividend yield: 4.4% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Aug 16
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 28th August 2025 Payment date: 12th September 2025 Dividend yield will be 3.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 22% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: EPS: ฿0.55 (up from ฿0.44 in 2Q 2024). Revenue: ฿1.78b (up 26% from 2Q 2024). Net income: ฿164.5m (up 25% from 2Q 2024). Profit margin: 9.2% (down from 9.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.57 (vs ฿0.42 in 1Q 2024) First quarter 2025 results: EPS: ฿0.57 (up from ฿0.42 in 1Q 2024). Revenue: ฿1.71b (up 27% from 1Q 2024). Net income: ฿171.2m (up 34% from 1Q 2024). Profit margin: 10.0% (in line with 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Apr 23
NSL Foods Public Company Limited Declares Dividends from the Operating Results for the Year 2024 NSL Foods Public Company Limited at its AGM, held on April 18, 2025, approved the declaration of dividends from the operating results for the year 2024 to the shareholders in the amount of THB 165,000,000. Announcement • Apr 02
NSL Foods Public Company Limited (SET:NSL) completed the acquisition of Assets of N.B. Value Link Co., Ltd. NSL Foods Public Company Limited (SET:NSL) signed a letter of intent to acquire Assets of N.B. Value Link Co., Ltd for THB 150 million on September 20, 2024. Asset Sale and Purchase Agreement was signed on December 11, 2024.
The expected completion of the transaction is January 1, 2025 to March 31, 2025.
NSL Foods Public Company Limited (SET:NSL) completed the acquisition of Assets of N.B. Value Link Co., Ltd on March 31, 2025. Announcement • Mar 01
Nsl Foods Public Company Limited Proposes Cash Dividend for the Operating Period from 01-January-2024 to 31-December-2024, Payable on May 16, 2025 NSL Foods Public Company Limited at its Annual General Meeting of Shareholders to be held on 18 April 2025 proposed Cash dividend payment THB 0.55 per share, Par value THB 1.00 for the Operating period from 01-January-2024 to 31-December-2024. Record date for the right to receive dividends 25-April-2025, Ex-dividend date 24-April-2025 and Payment date 16-May-2025. Reported Earnings • Feb 28
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: ฿1.80 (up from ฿1.11 in FY 2023). Revenue: ฿5.87b (up 22% from FY 2023). Net income: ฿541.0m (up 62% from FY 2023). Profit margin: 9.2% (up from 6.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
NSL Foods Public Company Limited, Annual General Meeting, Apr 18, 2025 NSL Foods Public Company Limited, Annual General Meeting, Apr 18, 2025, at 10:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 26
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to ฿28.75. The fair value is estimated to be ฿23.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Buy Or Sell Opportunity • Jan 03
Now 23% overvalued Over the last 90 days, the stock has fallen 10% to ฿30.50. The fair value is estimated to be ฿24.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ฿0.45 (up from ฿0.24 in 3Q 2023). Revenue: ฿1.44b (up 20% from 3Q 2023). Net income: ฿134.8m (up 84% from 3Q 2023). Profit margin: 9.4% (up from 6.1% in 3Q 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 7.1%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Food 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 only increased by 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 03
Price target increased by 11% to ฿39.63 Up from ฿35.63, the current price target is an average from 4 analysts. New target price is 17% above last closing price of ฿33.75. Stock is up 47% over the past year. The company is forecast to post earnings per share of ฿1.74 for next year compared to ฿1.11 last year. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿34.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Food industry in Thailand. Total returns to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿24.32 per share. Declared Dividend • Aug 15
First half dividend of ฿0.35 announced Shareholders will receive a dividend of ฿0.35. Ex-date: 26th August 2024 Payment date: 9th September 2024 Dividend yield will be 2.4%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 12% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.44 (up from ฿0.27 in 2Q 2023). Revenue: ฿1.42b (up 21% from 2Q 2023). Net income: ฿131.8m (up 61% from 2Q 2023). Profit margin: 9.3% (up from 7.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 91%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 18% per year. 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 6.5% 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 (6.5% average weekly change). Buy Or Sell Opportunity • May 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 52% to ฿31.50. The fair value is estimated to be ฿26.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿30.75, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿26.23 per share. Major Estimate Revision • May 17
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿5.63b to ฿5.69b. EPS estimate increased from ฿1.39 to ฿1.53 per share. Net income forecast to grow 38% next year vs 21% growth forecast for Food industry in Thailand. Consensus price target up from ฿31.17 to ฿33.67. Share price rose 14% to ฿30.25 over the past week. Price Target Changed • May 15
Price target increased by 8.0% to ฿33.67 Up from ฿31.17, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ฿29.75. Stock is up 45% over the past year. The company is forecast to post earnings per share of ฿1.53 for next year compared to ฿1.11 last year. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.42 (vs ฿0.25 in 1Q 2023) First quarter 2024 results: EPS: ฿0.42 (up from ฿0.25 in 1Q 2023). Revenue: ฿1.35b (up 23% from 1Q 2023). Net income: ฿127.6m (up 68% from 1Q 2023). Profit margin: 9.4% (up from 6.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Food industry in Thailand. Announcement • Apr 23
NSL Foods Public Company Limited Approves the Declaration of Dividends for the Year 2023 NSL Foods Public Company Limited at its AGM held on April 22, 2024, approved the declaration of dividends from the operating results for the year 2023 to the shareholders in the amount of THB 195,000,000. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.4%). Price Target Changed • Apr 03
Price target increased by 7.7% to ฿29.17 Up from ฿27.08, the current price target is an average from 3 analysts. New target price is 25% above last closing price of ฿23.30. Stock is up 6.9% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.11 last year. Price Target Changed • Mar 14
Price target increased by 10.0% to ฿27.08 Up from ฿24.63, the current price target is an average from 3 analysts. New target price is 24% above last closing price of ฿21.80. Stock is down 0.5% over the past year. The company is forecast to post earnings per share of ฿1.31 for next year compared to ฿1.11 last year. Declared Dividend • Mar 02
Final dividend increased to ฿0.35 Dividend of ฿0.35 is 17% higher than last year. Ex-date: 26th April 2024 Payment date: 17th May 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 6.3% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 26% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
NSL Foods Public Company Limited, Annual General Meeting, Apr 22, 2024 NSL Foods Public Company Limited, Annual General Meeting, Apr 22, 2024, at 10:00 SE Asia Standard Time. Agenda: To certify the Minutes of the 2023 Annual General Meeting of Shareholders; to consider acknowledging the Company's operating results for the year 2023; to consider approving the financial statement for the fiscal year ended 31 December, 2023; to consider approving the director's remuneration for the year 2024; and to consider other matters. Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿1.11 (up from ฿0.99 in FY 2022). Revenue: ฿4.81b (up 20% from FY 2022). Net income: ฿333.5m (up 12% from FY 2022). Profit margin: 6.9% (down from 7.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Food industry in Thailand. Announcement • Feb 29
NSL Foods Public Company Limited Proposed Dividend Payment from the period ended 31 December 2023, payable on May 17, 2024 NSL Foods Public Company Limited Resolved to propose to the 2024 Annual General Meeting of Shareholders to consider approving the dividend payment from the Company's operating result from 1 January 2023 to 31 December 2023 to the Shareholders of the Company at the rate of THB 0.65 per share, totaling THB 195,000,000. It represents 58.47% of the net profit as prescribed in the consolidated financial statement in owners of the parent after deducting corporate income tax. The Company has already paid the interim paid at THB 0.35 per share, amounting to THB 105,000,000. The record date to determine the list of Shareholders entitled to receive the dividend is on April 29, 2024, and the distribution of dividend will be made on May 17, 2024, However, the right of receiving such dividend is undetermined until the 2024 Annual General Meeting of Shareholders has passed the approval. Price Target Changed • Nov 15
Price target decreased by 13% to ฿24.63 Down from ฿28.25, the current price target is an average from 2 analysts. New target price is 32% above last closing price of ฿18.60. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿0.99 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.24 (vs ฿0.24 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.24 (up from ฿0.24 in 3Q 2022). Revenue: ฿1.20b (up 18% from 3Q 2022). Net income: ฿73.2m (up 1.0% from 3Q 2022). Profit margin: 6.1% (down from 7.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿19.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 20x in the Food industry in Thailand. Total loss to shareholders of 13% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿12.68 per share. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.30 per share at 2.8% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (3.9%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.28 (vs ฿0.27 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.28 (up from ฿0.27 in 2Q 2022). Revenue: ฿1.17b (up 18% from 2Q 2022). Net income: ฿84.3m (up 4.4% from 2Q 2022). Profit margin: 7.2% (down from 8.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Food industry in Thailand. Announcement • Aug 10
NSL Foods Public Company Limited Announces Interim Cash Dividend for the Operating Period from January 1, 2023 to June 30, 2023, Payable on September 8, 2023 NSL Foods Public Company Limited announced interim cash dividend of THB 0.30 per share for the operating period from January 1, 2023 to June 30, 2023, payable on September 8, 2023. Record date for the right to receive dividends is August 25, 2023. Ex-dividend date is August 24, 2023. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿23.00, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 34% over the past year. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.25 (vs ฿0.22 in 1Q 2022) First quarter 2023 results: EPS: ฿0.25 (up from ฿0.22 in 1Q 2022). Revenue: ฿1.10b (up 18% from 1Q 2022). Net income: ฿76.1m (up 14% from 1Q 2022). Profit margin: 6.9% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Food industry in Thailand. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.30 per share at 2.9% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.8%). Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Chairman of The Board of Directors and Independent Director Suvimol Chrityakierne was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.24 (vs ฿0.096 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.24 (up from ฿0.096 in 3Q 2021). Revenue: ฿1.02b (up 63% from 3Q 2021). Net income: ฿72.5m (up 200% from 3Q 2021). Profit margin: 7.1% (up from 3.8% in 3Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 70% and the cash payout ratio is 87%. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.27 (vs ฿0.27 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.27. Revenue: ฿990.5m (up 24% from 2Q 2021). Net income: ฿80.8m (up 21% from 2Q 2021). Profit margin: 8.2% (down from 8.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Announcement • Aug 10
NSL Foods Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01-Jan-2022 to 30-Jun-2022, Payable on September 8, 2022 NSL Foods Public Company Limited announced interim Cash dividend payment THB 0.25 Par value THB 1.00 for the operating period from 01-Jan-2022 to 30-Jun-2022. The payment date is on September 8, 2022. The record date for the right to receive dividends August 25, 2022. The ex-dividend date is on August 24, 2022. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.25 in 1Q 2021) First quarter 2022 results: EPS: ฿0.22. Revenue: ฿933.0m (up 22% from 1Q 2021). Net income: ฿66.6m (up 19% from 1Q 2021). Profit margin: 7.1% (down from 7.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 71% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.3%). Announcement • Mar 01
NSL Foods Public Company Limited Proposes Dividend for the Year 2021, Payable on May 17, 2022 NSL Foods Public Company Limited Approved to propose to the 2022 Annual General Meeting of Shareholders to consider and approve the allocation of profit and dividend payment for the year 2021, the performance from 1 January 2021 to 31 December 2021. The dividend is paid by cash at THB 0.50 per share, amounting to THB 150 million. The Company has already paid the interim dividend since September 10, 2021, at THB 0.25 per share resulting in the remaining dividend will be paid at THB 0.25 per share, amounting to THB 75 million. The Company sets the date for determining the names of shareholders who shall be entitled to receive the dividend (Record Date) on 29 April 2022 and the dividend will be paid on 17 May 2022. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.70 (up from ฿0.68 in FY 2020). Revenue: ฿3.04b (up 3.9% from FY 2020). Net income: ฿191.1m (up 26% from FY 2020). Profit margin: 6.3% (up from 5.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿0.096 (vs ฿0.26 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿627.8m (down 16% from 3Q 2020). Net income: ฿24.1m (down 51% from 3Q 2020). Profit margin: 3.8% (down from 6.6% in 3Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿21.00, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 18x in the Food industry in Thailand. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improved over the past week After last week's 28% share price gain to ฿21.20, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 17x in the Food industry in Thailand. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.27 (vs ฿0.15 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿799.5m (up 30% from 2Q 2020). Net income: ฿66.9m (up 125% from 2Q 2020). Profit margin: 8.4% (up from 4.9% in 2Q 2020). The increase in margin was driven by higher revenue. 
