Buy Or Sell Opportunity • Jun 04
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to ฿4.68. The fair value is estimated to be ฿3.65, 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 declined by 9.3%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Price Target Changed • Jun 03
Price target increased by 9.8% to ฿4.10 Up from ฿3.73, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿4.30. Stock is up 3.4% over the past year. The company is forecast to post earnings per share of ฿0.28 for next year compared to ฿0.22 last year. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.07 (vs ฿0.053 in 1Q 2025) First quarter 2026 results: EPS: ฿0.07 (up from ฿0.053 in 1Q 2025). Revenue: ฿1.09b (up 3.4% from 1Q 2025). Net income: ฿141.9m (up 34% from 1Q 2025). Profit margin: 13% (up from 10% in 1Q 2025). Revenue is forecast to grow 6.7% 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 fallen by 9% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 22 May 2026. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 5.2%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.6%). Buy Or Sell Opportunity • Apr 02
Now 20% undervalued Over the last 90 days, the stock has risen 33% to ฿4.04. The fair value is estimated to be ฿5.08, 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 declined by 6.8%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.22 (vs ฿0.26 in FY 2024) Full year 2025 results: EPS: ฿0.22 (down from ฿0.26 in FY 2024). Revenue: ฿4.30b (down 2.1% from FY 2024). Net income: ฿431.5m (down 16% from FY 2024). Profit margin: 10.0% (down from 12% in FY 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Declared Dividend • Mar 01
Dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 7th May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
R&B Food Supply Public Company Limited announces Annual dividend, payable on May 22, 2026 R&B Food Supply Public Company Limited announced Annual dividend of THB 0.1760 per share payable on May 22, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿3.60, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Food industry in Thailand. Total loss to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.41 per share. Price Target Changed • Nov 16
Price target decreased by 11% to ฿3.75 Down from ฿4.23, the current price target is an average from 3 analysts. New target price is 6.4% above last closing price of ฿3.52. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.21 for next year compared to ฿0.26 last year. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.46b to ฿4.32b. EPS estimate also fell from ฿0.25 per share to ฿0.22 per share. Net income forecast to grow 10% next year vs 7.1% growth forecast for Food industry in Thailand. Consensus price target of ฿4.23 unchanged from last update. Share price was steady at ฿3.76 over the past week. Buy Or Sell Opportunity • Oct 10
Now 21% undervalued Over the last 90 days, the stock has risen 10.0% to ฿3.96. The fair value is estimated to be ฿4.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Buy Or Sell Opportunity • Sep 25
Now 20% undervalued Over the last 90 days, the stock has risen 24% to ฿3.98. The fair value is estimated to be ฿4.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.05 (in line with 2Q 2024). Revenue: ฿1.06b (up 3.2% from 2Q 2024). Net income: ฿96.9m (down 5.3% from 2Q 2024). Profit margin: 9.1% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.0% 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 remained flat but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.66, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Food industry in Thailand. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.18 per share. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to ฿3.72. The fair value is estimated to be ฿4.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has grown by 2.9%. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Announcement • May 12
R&B Food Supply Public Company Limited (SET:RBF) announces an Equity Buyback for 100,000,000 shares, representing 5% for THB 500 million. R&B Food Supply Public Company Limited (SET:RBF) announces a share repurchase program. Under the program, the company will repurchase up to 100,000,000 shares, representing 5% of its issued share capital, for THB 500 million. The repurchase price must not exceed 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the efficiency of the company's liquidity and enhance the return on equity (ROE) and earning per share and company's prosperous financial and future prospective confidence. The program will run through November 28, 2025. As of March 17, 2025, the company had 2,000,000,000 shares in outstanding. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.092 in 1Q 2024) First quarter 2025 results: EPS: ฿0.05 (down from ฿0.092 in 1Q 2024). Revenue: ฿1.05b (down 9.5% from 1Q 2024). Net income: ฿105.7m (down 39% from 1Q 2024). Profit margin: 10% (down from 15% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.1%). Announcement • Apr 25
R&B Food Supply Public Company Limited Approves Dividend for the Operating Period from 01 January 2024 to 31 December 2024, Payable on 23 May 2025 R&B Food Supply Public Company Limited at its AGM held on April 25, 2025, approved the allocation of net profits from the operating results for the year 2024 ended 31st December 2024 as legal reserve at the amount of THB 3,250,000 which is equivalent to the rate of 0.71% of the annual net profit after deducting accumulated losses, Accordingly, when combined with the total legal reserves allocated by the Company, the Company will have a total legal reserve in compliance with the legal requirement. and approve the payment of dividends from the operating results for the year 2024 in cash at the rate of THB 0.175 per share, which representing the dividend paid from the net profit that is not subject to investment promotion (Non-BOI) at a rate of THB 0.166 per share, and from the net profit that is subject to investment promotion (BOI) at a rate of THB 0.009 per share, totaling a dividend payment of THB 350,000,000 which is equivalent to 76.83% of the net profits after the deduction of tax and all other forms of reserves as stipulated by the law, paid from the annual net profit of the year 2024. This dividend payment is in accordance with the Company's dividend payment policy, the Company specifying the date for determining the lists of shareholders eligible to receive the dividend (Record date) on 7th May 2025 and the dividend payment will be paid on 23rd May 2025. Price Target Changed • Apr 09
Price target decreased by 18% to ฿5.30 Down from ฿6.46, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿4.00. Stock is down 66% over the past year. The company is forecast to post earnings per share of ฿0.30 for next year compared to ฿0.26 last year. Price Target Changed • Mar 03
Price target decreased by 7.0% to ฿6.13 Down from ฿6.59, the current price target is an average from 4 analysts. New target price is 29% above last closing price of ฿4.76. Stock is down 58% over the past year. The company is forecast to post earnings per share of ฿0.29 for next year compared to ฿0.26 last year. Declared Dividend • Mar 03
Dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿0.26 (down from ฿0.33 in FY 2023). Revenue: ฿4.39b (flat on FY 2023). Net income: ฿512.8m (down 21% from FY 2023). Profit margin: 12% (down from 15% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 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 7% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Announcement • Feb 10
R&B Food Supply Public Company Limited Appoints Atsushi Nakagawa as Director R&B Food Supply Public Company Limited announced appointment of Mr. Atsushi Nakagawa as director. Effective date is 7 February 2025. Expire date is 26 April 2027. Announcement • Jan 29
R&B Food Supply Public Company Limited Announces Resignation of Akihiko Kishi as Director R&B Food Supply Public Company Limited announced that Mr. Akihiko Kishi has resigned from his director position. His resignation will take effect on January 24, 2025. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿5.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Food industry in Thailand. Total loss to shareholders of 68% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.93 per share. Buy Or Sell Opportunity • Jan 15
Now 24% undervalued Over the last 90 days, the stock has risen 5.2% to ฿6.05. The fair value is estimated to be ฿7.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 9.1%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿6.55, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Food industry in Thailand. Total loss to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.93 per share. Buy Or Sell Opportunity • Nov 20
Now 20% undervalued Over the last 90 days, the stock has risen 1.8% to ฿5.55. The fair value is estimated to be ฿6.95, 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 10%. Revenue is forecast to grow by 7.8% in 2 years. Earnings are forecast to grow by 1.4% in the next 2 years. Buy Or Sell Opportunity • Sep 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to ฿6.50. The fair value is estimated to be ฿8.42, 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 10%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to ฿5.35, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Food industry in Thailand. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.56 per share. New Risk • Aug 13
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 9.6% 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 Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.05 (down from ฿0.077 in 2Q 2023). Revenue: ฿1.03b (down 2.4% from 2Q 2023). Net income: ฿102.3m (down 33% from 2Q 2023). Profit margin: 9.9% (down from 14% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 9.0% 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 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ฿6.95. The fair value is estimated to be ฿8.73, 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 7.3%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. New Risk • Jul 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿7.65, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Food industry in Thailand. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.18 per share. Price Target Changed • Jul 09
Price target decreased by 8.4% to ฿12.48 Down from ฿13.63, the current price target is an average from 4 analysts. New target price is 36% above last closing price of ฿9.15. Stock is down 8.5% over the past year. The company is forecast to post earnings per share of ฿0.41 for next year compared to ฿0.32 last year. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.09 (vs ฿0.073 in 1Q 2023) First quarter 2024 results: EPS: ฿0.09 (up from ฿0.073 in 1Q 2023). Revenue: ฿1.17b (up 11% from 1Q 2023). Net income: ฿171.8m (up 17% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Food 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 17% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ฿10.50. The fair value is estimated to be ฿13.38, 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, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Apr 30
R&B Food Supply Public Company Limited Announces the Resignation Surachai Phartyanotai from the Position of Company Secretary R & B Food Supply Public Company Limited announced that Mr. Surachai Phartyanotai has resigned from the position of Company Secretary, effective from April 30, 2024 onward. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.3%). Buy Or Sell Opportunity • Apr 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ฿10.60. The fair value is estimated to be ฿13.38, 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, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Declared Dividend • Feb 26
Dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 3rd May 2024 Payment date: 20th May 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.8%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 42%. Reported Earnings • Feb 24
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.32 (up from ฿0.24 in FY 2022). Revenue: ฿4.42b (up 12% from FY 2022). Net income: ฿649.0m (up 35% from FY 2022). Profit margin: 15% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Food 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. Announcement • Feb 24
R&B Food Supply Public Company Limited, Annual General Meeting, Apr 26, 2024 R&B Food Supply Public Company Limited, Annual General Meeting, Apr 26, 2024, at 13:00 SE Asia Standard Time. Agenda: To consider and approve the separate and consolidated financial statements; to consider and approve the allocation of net profits for the operating results; to propose the Annual General Meeting of shareholders for the year 2024; to consider and approve the appointment of directors to replace 4 directors and other business means. Price Target Changed • Dec 05
Price target increased by 7.5% to ฿14.05 Up from ฿13.08, the current price target is an average from 4 analysts. New target price is 6.4% above last closing price of ฿13.20. Stock is up 1.5% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.24 last year. Reported Earnings • Aug 12
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: ฿0.08 (up from ฿0.058 in 2Q 2022). Revenue: ฿1.06b (up 7.9% from 2Q 2022). Net income: ฿153.3m (up 33% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Food industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Jul 29
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 6.4% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿9.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Food industry in Thailand. Total loss to shareholders of 4.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿7.45 per share. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿12.00, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.94 per share. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.07 (vs ฿0.081 in 1Q 2022) First quarter 2023 results: EPS: ฿0.07 (down from ฿0.081 in 1Q 2022). Revenue: ฿1.06b (up 7.3% from 1Q 2022). Net income: ฿146.7m (down 9.9% from 1Q 2022). Profit margin: 14% (down from 17% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% 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 fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.10 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (3.8%). Price Target Changed • Jan 06
Price target decreased to ฿12.40 Down from ฿13.70, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿12.90. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿0.26 for next year compared to ฿0.24 last year. Major Estimate Revision • Nov 22
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿4.14b to ฿4.02b. EPS estimate also fell from ฿0.32 per share to ฿0.26 per share. Net income forecast to grow 37% next year vs 11% growth forecast for Food industry in Thailand. Consensus price target of ฿13.58 unchanged from last update. Share price rose 5.8% to ฿12.80 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Padermsak Jarayabhand was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 30
Price target decreased to ฿14.00 Down from ฿15.22, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ฿12.40. Stock is down 36% over the past year. The company is forecast to post earnings per share of ฿0.32 for next year compared to ฿0.24 last year. Major Estimate Revision • Aug 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿4.50b to ฿4.05b. EPS estimate unchanged from ฿0.33 per share at last update. Food industry in Thailand expected to see average net income growth of 28% next year. Consensus price target of ฿15.22 unchanged from last update. Share price rose 10% to ฿14.10 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: ฿0.058 (up from ฿0.052 in 2Q 2021). Revenue: ฿978.4m (up 24% from 2Q 2021). Net income: ฿115.3m (up 11% from 2Q 2021). Profit margin: 12% (down from 13% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 30%, compared to a 8.5% growth forecast for the industry in Thailand. Price Target Changed • Jul 29
Price target decreased to ฿15.76 Down from ฿18.02, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ฿12.80. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.24 last year. Price Target Changed • Jul 19
Price target decreased to ฿16.90 Down from ฿18.70, the current price target is an average from 5 analysts. New target price is 44% above last closing price of ฿11.70. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿0.39 for next year compared to ฿0.24 last year. Buying Opportunity • Jun 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be ฿18.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 62% in 2 years. Earnings is forecast to grow by 129% in the next 2 years. Major Estimate Revision • May 13
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿4.95b to ฿4.51b. EPS estimate also fell from ฿0.47 per share to ฿0.41 per share. Net income forecast to grow 77% next year vs 25% growth forecast for Food industry in Thailand. Consensus price target down from ฿19.14 to ฿18.70. Share price fell 9.3% to ฿14.70 over the past week. Buying Opportunity • May 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ฿18.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 2.5%. Revenue is forecast to grow by 63% in 2 years. Earnings is forecast to grow by 133% in the next 2 years. Reported Earnings • May 09
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.08 (up from ฿0.069 in 1Q 2021). Revenue: ฿984.2m (up 17% from 1Q 2021). Net income: ฿162.9m (up 18% from 1Q 2021). Profit margin: 17% (in line with 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 33%, compared to a 8.9% growth forecast for the industry in Thailand. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Padermsak Jarayabhand was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 21
R&B Food Supply Public Company Limited Approves Dividend for the Year 2021, Payable on 11 May 2022 R&B Food Supply Public Company Limited at its AGM held on April 19, 2022, approved the payment of dividends from the operating results for the year 2021 in cash at the rate of THB 0.15 per share or a total dividend payment of THB 300,000,000, which is equivalent to 98.61% of the net profits after the deduction of tax and all other forms of reserves as stipulated by the law, paid from the annual net profit of the year 2021. The dividend payment is in accordance to the Company's dividend payment policy and the Record Date will be on 27 April 2022 and the dividend payment will be paid on 11 May 2022. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.3%). Buying Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be ฿21.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Price Target Changed • Feb 24
Price target decreased to ฿20.24 Down from ฿22.04, the current price target is an average from 5 analysts. New target price is 31% above last closing price of ฿15.50. Stock is up 6.2% over the past year. The company is forecast to post earnings per share of ฿0.51 for next year compared to ฿0.24 last year. Reported Earnings • Feb 22
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.24 (down from ฿0.26 in FY 2020). Revenue: ฿3.38b (up 6.7% from FY 2020). Net income: ฿479.2m (down 7.7% 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. Earnings per share (EPS) missed analyst estimates by 7.3%. Over the next year, revenue is forecast to grow 50%, compared to a 5.8% growth forecast for the industry in Thailand. Buying Opportunity • Feb 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ฿21.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% per annum over the last 3 years. Earnings per share has been flat over the last 3 years. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿18.10, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 17x in the Food industry in Thailand. Total returns to shareholders of 74% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿21.63 per share. Price Target Changed • Nov 16
Price target increased to ฿22.24 Up from ฿20.44, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿21.60. Stock is up 122% over the past year. The company is forecast to post earnings per share of ฿0.25 for next year compared to ฿0.26 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.066 (vs ฿0.07 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿822.4m (down 1.1% from 3Q 2020). Net income: ฿132.8m (down 5.8% from 3Q 2020). Profit margin: 16% (in line with 3Q 2020). Price Target Changed • Aug 31
Price target increased to ฿19.78 Up from ฿17.13, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿20.40. Stock is up 109% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.052 (vs ฿0.062 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿788.3m (up 13% from 2Q 2020). Net income: ฿104.1m (down 17% from 2Q 2020). Profit margin: 13% (down from 18% in 2Q 2020). The decrease in margin was driven by higher expenses. Price Target Changed • Aug 18
Price target decreased to ฿17.13 Down from ฿18.56, the current price target is an average from 4 analysts. New target price is 5.9% below last closing price of ฿18.20. Stock is up 107% over the past year. Major Estimate Revision • Aug 17
Consensus EPS estimates fall to ฿0.22 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿3.63b to ฿3.39b. EPS estimate also fell from ฿0.28 to ฿0.22. Net income forecast to grow 33% next year vs 23% growth forecast for Food industry in Thailand. Consensus price target down from ฿18.56 to ฿17.95. Share price rose 4.5% to ฿18.50 over the past week. Major Estimate Revision • Jul 23
Consensus EPS estimates fall to ฿0.28 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿3.91b to ฿3.63b. EPS estimate also fell from ฿0.36 to ฿0.28. Net income forecast to grow 62% next year vs 18% growth forecast for Food industry in Thailand. Consensus price target of ฿18.72 unchanged from last update. Share price fell 3.3% to ฿20.70 over the past week. Announcement • Jul 15
R&B Food Supply Public Company Limited and Premium Foods Company Limited Submit an Application of Narcotics Substance Category 5, Hemp Only to the Food and Drug Authority In accordance with R&B Food Supply Public Company Limited ("The Company"), and Premium Foods Company Limited where is a Subsidiary of R&B Food Supply Public Company Limited (holding share of 99.99% by R&B Food Supply Public Company Limited) (subsidiary) have submitted an application of Narcotics Substance Category 5, Hemp Only to the Food and Drug Authority. The Company hereby informs that at present the Food and Drug Authority has considered as follows: Issued Produce License of Narcotics Substance Category 5, Hemp Only, License No. ChorMor 9/2564(Por), ChorMor10/2564(Por), ChorMor11/2564(Por) to R&B Food Supply Public Company Limited for industrial and commercial benefits, whereby obtaining those licenses, the Company is able to cultivate hemp by order of the customers. The products of cultivation shall be extracted for CBD-THC and hemp seed oil at the plant, and procession by other means for distributing to producer of food, beverage, cosmetics, herbs, supplementary foods, and other products under the regulation of the Food and Drug Authorization to distribute both domestically and internationally, expected that shall be income in fourth quarter of 2021. Issued Produce License of Extract Hemp Seed Oil by endorsed for food category on Produce License No. 50-2-06745 which is given to Premium Foods Company Limited to add specific controlled foods namely: hemp seeds, hemp seed oil, hemp seed protein and food products included with hemp seeds, hemp seed oil, hemp seed protein (only hemp seed oil) that has been registered. Whereby obtaining the aforesaid license, the Subsidiary is able to extract hemp seed oil, the products of extraction shall be used for foods, beverages, cosmetics, herbs, supplementary foods, and other products under the regulations of Food and Drug Authority to distribute both domestically and internationally, expected that shall be income in fourth quarter of 2021. Announcement • Jul 03
R&B Food Supply Public Company Limited Announces Approval of Narcotics Substance Category 5, Hemp Only R&B Food Supply Public Company Limited announced that at present the Food and Drug Authority has considered as follows: Issued Produce License (that is not cultivation) Narcotics Substance Category 5, Hemp Only, License No. OrYor1/2564 (MorPor) to R & B Food Supply Public Company Limited for commercial and industrial benefits, that license, The Company can extract substance of hemp from authorized plot; Cannabidol or CBD and Tetrahydrocannabinol, or THC as specified proportion by the law, the products of extraction shall be used for foods, beverages, cosmetics, herbs, supplementary foods, and other products under the regulations of Food and Drug Authority to distribute both domestically and internationally, expected that shall be income in fourth quarter of 2021. Whereby the license of extraction plant for CBD THC from hemp (that is not cultivation) Narcotics Substance Category 5, Hemp Only, given on July 2, 2021. Announcement • May 16
R&B Food Supply Public Company Limited Reports Impairment Charges for the First Quarter Ended 31 March 2021 R&B Food Supply Public Company Limited reported Impairment Charges for the First Quarter ended 31 March 2021. In First Quarter 2021, the Company and its subsidiaries ceases applying the temporary exemption guidance to relieve the impact from COVID-19 announced by The Federation of Accounting Professions (TFAC) and recorded impairment losses on property, plant and equipment and right-of-use assets of hotel business totaling THB 62.26 million. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.074 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: ฿848.4m (up 5.0% from 1Q 2020). Net income: ฿75.0m (down 49% from 1Q 2020). Profit margin: 8.8% (down from 18% in 1Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 19 May 2021. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.5%). Major Estimate Revision • Apr 06
Consensus revenue estimates increase to ฿4.05b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿3.47b to ฿4.05b. EPS estimate increased from ฿0.32 to ฿0.40 per share. Net income forecast to grow 52% next year vs 19% growth forecast for Food industry in Thailand. Consensus price target up from ฿12.20 to ฿14.67. Share price rose 9.4% to ฿19.70 over the past week. Price Target Changed • Apr 05
Price target increased to ฿13.23 Up from ฿11.60, the current price target is an average from 3 analysts. New target price is 33% below last closing price of ฿19.70. Stock is up 385% over the past year. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 20% share price gain to ฿17.70, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 15x in the Food industry in Thailand. Total returns to shareholders of 440% over the past year. Announcement • Mar 03
R&B Food Supply Public Company Limited Announces Board Appointments R&B Food Supply Public Company Limited announced the appointment of Prof. Phadermsak Jarayaphan and Mr. Akihiko Kishi as an Independent Director and Director respectively. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.26 (vs ฿0.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.17b (up 11% from FY 2019). Net income: ฿519.0m (up 47% from FY 2019). Profit margin: 16% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.7%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 12% while theFood industry in Thailand is not expected to grow. Announcement • Feb 26
R&B Food Supply Public Company Limited, Annual General Meeting, Apr 23, 2021 R&B Food Supply Public Company Limited, Annual General Meeting, Apr 23, 2021, at 13:00 SE Asia Standard Time. Location: Athenee Crystal Hall, 3 Floor, The Athenee Hotel Hotel Bangkok, No. 61, Wireless Road, Pathumwan District Bangkok Thailand Agenda: To acknowledge the Company's performance for the year 2020; to consider and approve separate financial statements and the consolidated financial statements of the company and its subsidiaries for the year 2020 ended on 31 December 2020 and acknowledge the auditor's report; and to consider other matters. Is New 90 Day High Low • Feb 22
New 90-day high: ฿14.10 The company is up 49% from its price of ฿9.45 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food 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 ฿4.13 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 20% share price gain to ฿11.80, the stock is trading at a trailing P/E ratio of 46.9x, up from the previous P/E ratio of 38.9x. This compares to an average P/E of 17x in the Food industry in Thailand. Total returns to shareholders over the past year are 174%. 
