Board Change • May 01
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. 6 highly experienced directors. Independent Non-Executive Director Thawatchai Vorawandthanachai was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ฿1.43. The fair value is estimated to be ฿1.19, 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. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ฿1.45. The fair value is estimated to be ฿1.19, 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. Meanwhile, the company became loss making. Announcement • Feb 21
Royal Plus Public Company Limited, Annual General Meeting, Apr 24, 2026 Royal Plus Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Buy Or Sell Opportunity • Jan 26
Now 31% overvalued Over the last 90 days, the stock has fallen 23% to ฿1.50. The fair value is estimated to be ฿1.14, 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. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 11
Now 20% overvalued Over the last 90 days, the stock has fallen 57% to ฿1.26. The fair value is estimated to be ฿1.05, 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. Meanwhile, the company became loss making. New Risk • Nov 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Market cap is less than US$100m (฿790.6m market cap, or US$24.4m). New Risk • Nov 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿1.21b market cap, or US$37.3m). New Risk • Oct 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 6.7% 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 Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (฿1.42b market cap, or US$43.3m). New Risk • Apr 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 7.5% 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: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (฿1.96b market cap, or US$57.4m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿2.92, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 65% over the past year. Reported Earnings • Feb 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.06 (down from ฿0.28 in FY 2023). Revenue: ฿1.43b (flat on FY 2023). Net income: ฿43.0m (down 77% from FY 2023). Profit margin: 3.0% (down from 13% in FY 2023). Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Food industry in Thailand. Declared Dividend • Feb 22
Dividend reduced to ฿0.06 Dividend of ฿0.06 is 50% lower than last year. Ex-date: 12th March 2025 Payment date: 16th May 2025 Dividend yield will be 1.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 3 years but payments have been stable during that time. EPS is expected to grow by 54% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Royal Plus Public Company Limited, Annual General Meeting, Apr 25, 2025 Royal Plus Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Announcement • Feb 20
Royal Plus Public Company Limited Proposes Dividend Payment for 2024, Payable on May 16, 2025 Royal Plus Public Company Limited held the Board of Director Meeting No. 1/2025 on February 20, 2025 has approved the significant resolutions as follow: Approved to propose to the 2025 Annual General Meeting of Shareholders to consider and approve the appropriation of the net profit in 2024 as the dividend at THB 0.06 per share, amounting to 670 million shares, totaling approximately THB 40.2 million, equal to 93.57% of the net profit by paying from the net profits gained from 10% corporate tax-paid business. The Record Date for the list of shareholders who have the right to receive the dividend will be on March 13, 2025. Regarding, the right to receive dividends remains uncertain until the 2025 Annual General Meeting of Shareholders grants its approval, the dividend payment will be scheduled to be paid on May 16, 2025. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿5.25, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Food industry in Thailand. Total loss to shareholders of 12% over the past year. New Risk • Dec 23
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 7.0% 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 High level of non-cash earnings (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (8.0% net profit margin). Market cap is less than US$100m (฿3.15b market cap, or US$91.9m). New Risk • Nov 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.0% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.0% net profit margin). New Risk • Nov 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.48b (US$99.7m) 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 High level of non-cash earnings (35% accrual ratio). Minor Risk Market cap is less than US$100m (฿3.48b market cap, or US$99.7m). Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.05 (down from ฿0.092 in 2Q 2023). Revenue: ฿472.0m (up 12% from 2Q 2023). Net income: ฿32.8m (down 47% from 2Q 2023). Profit margin: 6.9% (down from 15% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.1%. Earnings per share (EPS) also missed analyst estimates by 38%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Food industry in Thailand. New Risk • Aug 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (47% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (฿3.35b market cap, or US$95.0m). Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.35, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Food industry in Thailand. Total loss to shareholders of 5.7% over the past year. Buy Or Sell Opportunity • May 03
Now 25% undervalued Over the last 90 days, the stock has risen 25% to ฿8.20. The fair value is estimated to be ฿10.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 56% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Buy Or Sell Opportunity • Apr 05
Now 21% undervalued Over the last 90 days, the stock has risen 36% to ฿8.65. The fair value is estimated to be ฿10.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 56% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿8.10, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 7.7% over the past year. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.5%). Declared Dividend • Mar 02
Dividend reduced to ฿0.12 Dividend of ฿0.12 is 7.7% lower than last year. Ex-date: 12th March 2024 Payment date: 17th May 2024 Dividend yield will be 1.8%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.1% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 39% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: ฿0.28 (vs ฿0.34 in FY 2022) Full year 2023 results: EPS: ฿0.28 (down from ฿0.34 in FY 2022). Revenue: ฿1.43b (down 1.3% from FY 2022). Net income: ฿188.1m (down 9.4% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Food industry in Thailand. Announcement • Feb 23
Royal Plus Public Company Limited, Annual General Meeting, Apr 26, 2024 Royal Plus Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To certify the Minutes of the 2023 Annual General Meeting of Shareholders, held on April 26, 2023; to acknowledge the Company's operating results for the year 2023; to consider and approve the statement of financial position and the statement of comprehensive income for the year 2023; to consider and approve the appropriation of the 2023 net profit and dividend payment; to consider and approve the appointment of auditor and the audit fee for the year 2024; to consider and approve the re-election of directors in replacement of those retired by rotation; to consider and approve the remuneration of the Board of Directors for the year 2024; and to consider other matters. Announcement • Feb 22
Aqua Corporation Public Company Limited Proposes Dividend for the Year 2023, Payable on May 17, 2024 Aqua Corporation Public Company Limited at its board of directors meeting held on February 22, 2024, proposed the net profit in 2023 as the dividend at THB 0.12 per share, amounting to 670 million shares, totaling approximately THB 80.4 million, equal to 42.75% of the net profit by paying from the net profits gained from 10% corporate tax-paid business. The Record Date for the list of shareholders who have the right to receive the dividend will be on March 13, 2024. Regarding, the right to receive dividends remains uncertain until the 2024 Annual General Meeting of Shareholders grants its approval, the dividend payment will be scheduled to be paid on May 17, 2024. Price Target Changed • Oct 27
Price target decreased by 14% to ฿7.70 Down from ฿9.00, the current price target is provided by 1 analyst. New target price is 25% above last closing price of ฿6.15. Stock is down 40% over the past year. The company posted earnings per share of ฿0.34 last year. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿8.65, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 19x in the Food industry in Thailand. Total returns to shareholders of 17% over the past year. Reported Earnings • Aug 17
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿0.092 (down from ฿0.13 in 2Q 2022). Revenue: ฿423.2m (down 3.1% from 2Q 2022). Net income: ฿61.6m (down 20% from 2Q 2022). Profit margin: 15% (down from 18% in 2Q 2022). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Food industry in Thailand. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿6.55, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Food industry in Thailand. Negligible returns to shareholders over past year. Announcement • May 05
Royal Plus Public Company Limited Announces Executive Appointments Royal Plus Public Company Limited appointed Thawatchai Vorawandthanachai and Pinmanee Makmontana as Member of Audit Committee. Appointment with effective from April 27, 2023. The name lists of the Audit Committee are as follows: Chairman of the Audit Committee Mr. Thasana Boonkwan Member of the Audit Committee Mr. Thawatchai Vorawandthanachai Member of the Audit Committee Miss Pinmanee Makmontana. Mr. Thawatchai Vorawandthanachai is 66 years old. Education is of MA. Faculty of Accounting Banking and Finance Major, Chulalongkorn University and BA. B.B.A. (Finance) from University of the Thai Chamber of Commerce. Training Program of Director Certificate Program (DCP) 80/2006. Experience of Director Advisory Plus Company Limited, Director Plus Advisory Company Limited, Director, Chairman of the Audit Committee and Independent Director and Asia Green Energy Public Company Limited. 
