Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.37 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.8%). Declared Dividend • Mar 02
Dividend increased to ฿0.37 Dividend of ฿0.37 is 11% higher than last year. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.3% EPS decline seen over the last 5 years. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.51 (vs ฿0.51 in FY 2024) Full year 2025 results: EPS: ฿0.51. Revenue: ฿5.72b (up 2.4% from FY 2024). Net income: ฿138.9m (flat on FY 2024). Profit margin: 2.4% (down from 2.5% in FY 2024). The decrease in margin was driven by higher expenses. Announcement • Feb 28
Surapon Foods Public Company Limited Proposes Cash Dividend Payment on Common Share for Operating Period from January 01, 2025 to December 31, 2025, Payable on May 21, 2026 Surapon Foods Public Company Limited at its AGM, to be held on April 22, 2026, proposed cash dividend payment on common share for Operating period from January 01, 2025 to December 31, 2025 profit and retained earnings at the rate of THB 0.3704 per share. Total dividend payment is equal to THB 100,007,630 The record date for the right to receive dividend is confirmed to be on May 6, 2026. The dividend shall be paid on May 21, 2026. Ex-dividend date May 05, 2026 . Announcement • Feb 26
Surapon Foods Public Company Limited, Annual General Meeting, Apr 22, 2026 Surapon Foods Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.17 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.13 (down from ฿0.17 in 3Q 2024). Revenue: ฿1.47b (up 1.0% from 3Q 2024). Net income: ฿34.7m (down 24% from 3Q 2024). Profit margin: 2.4% (down from 3.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.22 (vs ฿0.18 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.22 (up from ฿0.18 in 2Q 2024). Revenue: ฿1.42b (up 2.5% from 2Q 2024). Net income: ฿58.3m (up 19% from 2Q 2024). Profit margin: 4.1% (up from 3.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Jun 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 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (฿1.57b market cap, or US$47.4m). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.13 in 1Q 2024) First quarter 2025 results: EPS: ฿0.12 (down from ฿0.13 in 1Q 2024). Revenue: ฿1.36b (flat on 1Q 2024). Net income: ฿33.1m (down 4.7% from 1Q 2024). Profit margin: 2.4% (down from 2.6% in 1Q 2024). 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 17% per year, which means it is significantly lagging earnings. Announcement • Apr 24
Surapon Foods Public Company Limited Approves Annual Dividend, Payable on May 22, 2025 Surapon Foods Public Company Limited approved the dividend payment as proposed. The dividend will be paid at the rate of THB 0.3334 per share, totaling THB 90,017,667. The Shareholders shall not be able to apply for tax credit since this dividend shall be paid from dividend received from subsidiary company and retained earnings, which are tax exempt. The record date for the right to receive dividend is confirmed to be on May 2, 2025. The dividend shall be paid on May 22, 2025. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.33 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (8.1%). In line with average of industry peers (5.3%). Declared Dividend • Feb 28
Dividend reduced to ฿0.33 Dividend of ฿0.33 is 10.0% lower than last year. Ex-date: 30th April 2025 Payment date: 22nd May 2025 Dividend yield will be 5.6%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 27
Surapon Foods Public Company Limited announces Annual dividend, payable on May 22, 2025 Surapon Foods Public Company Limited announced Annual dividend of THB 0.3334 per share payable on May 22, 2025, ex-date on April 30, 2025 and record date on May 02, 2025. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.51 (vs ฿0.48 in FY 2023) Full year 2024 results: EPS: ฿0.51 (up from ฿0.48 in FY 2023). Revenue: ฿5.68b (up 8.2% from FY 2023). Net income: ฿138.8m (up 6.4% from FY 2023). Profit margin: 2.4% (down from 2.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Feb 27
Surapon Foods Public Company Limited, Annual General Meeting, Apr 23, 2025 Surapon Foods Public Company Limited, Annual General Meeting, Apr 23, 2025, at 14:00 SE Asia Standard Time. Location: through electronics meeting only, broadcasted from, company`s head-office at 247 theparak road, thepar, sub-district, muang district, samutprakarn, thaila, Thailand Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.13 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.17 (up from ฿0.13 in 3Q 2023). Revenue: ฿1.47b (up 14% from 3Q 2023). Net income: ฿45.5m (up 29% from 3Q 2023). Profit margin: 3.1% (up from 2.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.18 (vs ฿0.11 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.18 (up from ฿0.11 in 2Q 2023). Revenue: ฿1.41b (up 6.6% from 2Q 2023). Net income: ฿49.1m (up 60% from 2Q 2023). Profit margin: 3.5% (up from 2.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.10 in 1Q 2023) First quarter 2024 results: EPS: ฿0.13 (up from ฿0.10 in 1Q 2023). Revenue: ฿1.37b (up 4.6% from 1Q 2023). Net income: ฿34.7m (up 24% from 1Q 2023). Profit margin: 2.5% (up from 2.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.37 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 23 May 2024. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (3.3%). Announcement • Apr 26
Surapon Foods Public Company Limited Approves Dividend for the Year 2023, Payable on May 23, 2024 Surapon Foods Public Company Limited at its Annual General Meeting of Shareholders held on April 24, 2024 approved the dividend payment from the operating results of the year 2023. The dividend will be paid at the rate of THB 0.3704 per share, totaling THB 100,007,630. The Shareholders shall not be able to apply for tax credit since this dividend shall be paid from dividend received from subsidiary and affiliated companies which are tax exempt. The record date for the right to receive dividend is confirmed to be on May 7, 2024. The dividend shall be paid on May 23, 2024. Announcement • Feb 21
Surapon Foods Public Company Limited, Annual General Meeting, Apr 24, 2024 Surapon Foods Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Location: office at 247 Theparak road, Theparak sub-district, Muang district, Samut Prakarn Thailand Agenda: To certify Minutes of the Annual General Meeting of Shareholders no. 46/2023 on April 26, 2023; to acknowledge the Company's performance for the year 2023; to approve the Company's 2023 Statement of Financial Position and Statement of Comprehensive Income; to approve Dividend payment; to elect the Directors in place of those retiring by rotation; to approve the Directors' remuneration for the year 2024; to appoint the Auditor and fix the auditor's remuneration for the year 2024; and to consider Other issues (if any). Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.48 (vs ฿0.31 in FY 2022) Full year 2023 results: EPS: ฿0.48 (up from ฿0.31 in FY 2022). Revenue: ฿5.32b (down 9.0% from FY 2022). Net income: ฿130.4m (up 56% from FY 2022). Profit margin: 2.4% (up from 1.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Feb 21
Surapon Foods Public Company Limited Approves Dividend Payment from the Operating Results of the Year 2023, Payable on May 23, 2024 Surapon Foods Public Company Limited approved the dividend payment from the operating results share. Total amount of dividend payment for 269,999,000 of the year 2023 at the rate of THB 0.3704 per share. Total amount of dividend payment for 269,999,000 shares will be equal to THB 100,007,630. The whole amount of this dividend payment shall not be able to apply for tax credit since the dividend shall be paid from dividend received from subsidiary and affiliated companies, which are tax exempt. The record date for the right to receive dividend is confirmed on May 7, 2024. The date of dividend payment is confirmed on May 23, 2024. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.17 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.13 (down from ฿0.17 in 3Q 2022). Revenue: ฿1.32b (down 20% from 3Q 2022). Net income: ฿35.2m (down 24% from 3Q 2022). Profit margin: 2.7% (down from 2.8% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.003 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.11 (up from ฿0.003 in 2Q 2022). Revenue: ฿1.34b (down 6.6% from 2Q 2022). Net income: ฿30.6m (up ฿29.8m from 2Q 2022). Profit margin: 2.3% (up from 0.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.10 (vs ฿0.10 in 1Q 2022) First quarter 2023 results: EPS: ฿0.10 (down from ฿0.10 in 1Q 2022). Revenue: ฿1.32m (down 100% from 1Q 2022). Net income: ฿28.1k (down 100% from 1Q 2022). Profit margin: 2.1% (up from 1.9% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.48 per share at 5.3% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (3.9%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿0.31 (vs ฿0.76 in FY 2021) Full year 2022 results: EPS: ฿0.31 (down from ฿0.76 in FY 2021). Revenue: ฿5.96b (up 6.6% from FY 2021). Net income: ฿83.5m (down 59% from FY 2021). Profit margin: 1.4% (down from 3.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.17 (vs ฿0.22 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.17 (down from ฿0.22 in 3Q 2021). Revenue: ฿1.67b (up 8.1% from 3Q 2021). Net income: ฿46.5m (down 22% from 3Q 2021). Profit margin: 2.8% (down from 3.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Issarin Patramai 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. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.003 (vs ฿0.18 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.003 (down from ฿0.18 in 2Q 2021). Revenue: ฿1.47b (up 6.8% from 2Q 2021). Net income: ฿752.0k (down 98% from 2Q 2021). Profit margin: 0.1% (down from 3.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.52 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.2%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Issarin Patramai 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. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.76 (up from ฿0.55 in FY 2020). Revenue: ฿5.69b (down 3.1% from FY 2020). Net income: ฿205.2m (up 38% from FY 2020). Profit margin: 3.6% (up from 2.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.17 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.57b (up 8.6% from 3Q 2020). Net income: ฿59.6m (up 31% from 3Q 2020). Profit margin: 3.8% (up from 3.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.18 (vs ฿0.22 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.39b (down 3.9% from 2Q 2020). Net income: ฿48.4m (down 20% from 2Q 2020). Profit margin: 3.5% (down from 4.2% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Jul 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. 6 non-independent directors. Independent Director Kunakorn Mekchaidee 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. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.064 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.38b (down 7.5% from 1Q 2020). Net income: ฿40.8m (up ฿58.1m from 1Q 2020). Profit margin: 3.0% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 117% 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 29
Upcoming dividend of ฿0.33 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 25 May 2021. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 16% share price gain to ฿8.15, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 16x in the Food industry in Thailand. Total returns to shareholders of 7.5% over the past three years. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.55 (vs ฿0.28 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.95b (up 1.4% from FY 2019). Net income: ฿148.5m (up 97% from FY 2019). Profit margin: 2.5% (up from 1.3% in FY 2019). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 02
New 90-day high: ฿7.50 The company is up 16% from its price of ฿6.45 on 02 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 1.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.17 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.46b (down 11% from 3Q 2019). Net income: ฿45.7m (up 80% from 3Q 2019). Profit margin: 3.1% (up from 1.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 28
New 90-day low: ฿6.00 The company is down 5.0% from its price of ฿6.30 on 30 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 8.0% over the same period.