New Risk • May 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 100% Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.56b market cap, or US$47.9m). New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 100% Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.56b market cap, or US$47.8m). Announcement • Apr 21
Asian Phytoceuticals Public Company Limited Approves Dividend for the Year 2025, Payable on May 13, 2026 Asian Phytoceuticals Public Company Limited at its Annual General Meeting held on April 20, 2026, approve to pay dividend of THB 54,600,000 from the net profit and retained earnings to the Company's shareholders at the rate of THB 0.091 per share for the year 2025. The dividend will be paid to shareholders that are entitled to receive dividends, whose name appeared in the Shareholders Register Book (Record Date), on April 29, 2026 and the date of dividend payment shall be on May 13, 2026. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.091 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 13 May 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.2%). Declared Dividend • Feb 28
Dividend reduced to ฿0.091 Dividend of ฿0.091 is 1.1% lower than last year. Ex-date: 28th April 2026 Payment date: 13th May 2026 Dividend yield will be 3.3%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (108% 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 grow by 13% to bring the payout ratio under control. However, EPS has declined by 4.6% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.09 (vs ฿0.091 in FY 2024) Full year 2025 results: EPS: ฿0.09. Revenue: ฿200.2m (down 5.1% from FY 2024). Net income: ฿55.4m (up 1.3% from FY 2024). Profit margin: 28% (up from 26% in FY 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ฿1.96, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 13x in the Personal Products industry in Thailand. Total loss to shareholders of 58% over the past three years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.023 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.02. Revenue: ฿50.4m (down 7.1% from 3Q 2024). Net income: ฿14.8m (up 8.3% from 3Q 2024). Profit margin: 29% (up from 25% in 3Q 2024). The increase in margin was driven by lower expenses. New Risk • Sep 24
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 114% Cash payout ratio: 219% Dividend yield: 3.7% 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. Payout ratio: 114% Cash payout ratio: 219% Minor Risk Market cap is less than US$100m (฿1.96b market cap, or US$61.2m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.024 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (down from ฿0.024 in 2Q 2024). Revenue: ฿49.4m (down 7.8% from 2Q 2024). Net income: ฿13.2m (down 7.7% from 2Q 2024). Profit margin: 27% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 13% per year. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿2.70, the stock trades at a trailing P/E ratio of 31.9x. Average trailing P/E is 20x in the Personal Products industry in Thailand. Total loss to shareholders of 38% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.027 in 1Q 2024) First quarter 2025 results: EPS: ฿0.02 (down from ฿0.027 in 1Q 2024). Revenue: ฿47.8m (down 13% from 1Q 2024). Net income: ฿12.5m (down 24% from 1Q 2024). Profit margin: 26% (down from 30% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 13% per year. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.092 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 13 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (4.9%). New Risk • Mar 09
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 7.1% 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 (7.1% average weekly change). Market cap is less than US$100m (฿1.91b market cap, or US$56.6m). Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿0.091 (vs ฿0.18 in FY 2023) Full year 2024 results: EPS: ฿0.091 (down from ฿0.18 in FY 2023). Revenue: ฿210.8m (down 28% from FY 2023). Net income: ฿54.7m (down 49% from FY 2023). Profit margin: 26% (down from 37% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿3.24, the stock trades at a trailing P/E ratio of 30.6x. Average trailing P/E is 18x in the Personal Products industry in Thailand. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to ฿3.22, the stock trades at a trailing P/E ratio of 30.4x. Average trailing P/E is 23x in the Personal Products industry in Thailand. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿4.02, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 27x in the Personal Products industry in Thailand. Total loss to shareholders of 31% over the past three years. New Risk • Oct 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.33b (US$99.5m) 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 134% Minor Risk Market cap is less than US$100m (฿3.33b market cap, or US$99.5m). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.051 (vs ฿0.042 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.051 (up from ฿0.042 in 2Q 2023). Revenue: ฿108.2m (up 58% from 2Q 2023). Net income: ฿30.8m (up 23% from 2Q 2023). Profit margin: 28% (down from 37% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.85, the stock trades at a trailing P/E ratio of 51.5x. Average trailing P/E is 21x in the Personal Products industry in Thailand. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.45, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 23x in the Personal Products industry in Thailand. Total returns to shareholders of 86% over the past three years. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.027 (vs ฿0.054 in 1Q 2023) First quarter 2024 results: EPS: ฿0.027 (down from ฿0.054 in 1Q 2023). Revenue: ฿54.6m (down 34% from 1Q 2023). Net income: ฿16.5m (down 49% from 1Q 2023). Profit margin: 30% (down from 39% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 13 May 2024. The company is paying out more than 100% of its profits and is paying out 77% of its cash flow. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.18 (vs ฿0.14 in FY 2022) Full year 2023 results: EPS: ฿0.18 (up from ฿0.14 in FY 2022). Revenue: ฿292.8m (up 17% from FY 2022). Net income: ฿107.5m (up 33% from FY 2022). Profit margin: 37% (up from 32% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Aug 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.36b (US$94.7m) 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 Earnings have declined by 1.1% 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 (8.0% average weekly change). Market cap is less than US$100m (฿3.36b market cap, or US$94.7m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.042 (vs ฿0.029 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.042 (up from ฿0.029 in 2Q 2022). Revenue: ฿68.6m (up 19% from 2Q 2022). Net income: ฿25.1m (up 46% from 2Q 2022). Profit margin: 37% (up from 30% in 2Q 2022). The increase in margin was driven by higher revenue. 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 17% per year. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.85, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 32x in the Personal Products industry in Thailand. Total returns to shareholders of 103% over the past three years. New Risk • Jun 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.9% 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 5.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿6.05, the stock trades at a trailing P/E ratio of 37x. Average trailing P/E is 29x in the Personal Products industry in Thailand. Total returns to shareholders of 75% over the past three years. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.054 (vs ฿0.026 in 1Q 2022) First quarter 2023 results: EPS: ฿0.054 (up from ฿0.026 in 1Q 2022). Revenue: ฿83.1m (up 50% from 1Q 2022). Net income: ฿32.5m (up 112% from 1Q 2022). Profit margin: 39% (up from 28% in 1Q 2022). 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 whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.15 per share at 3.0% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 22 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to ฿3.74, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 33x in the Personal Products industry in Thailand. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorated over the past week After last week's 26% share price decline to ฿3.76, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 39x in the Personal Products industry in Thailand. Total returns to shareholders of 30% over the past three years. 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. No experienced directors. 6 highly experienced directors. Independent Director Varakorn Samakoses was the last director to join the board, commencing their role in 2011. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.035 (vs ฿0.032 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.035 (up from ฿0.032 in 3Q 2021). Revenue: ฿62.8m (up 14% from 3Q 2021). Net income: ฿20.9m (up 10% from 3Q 2021). Profit margin: 33% (down from 35% 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 5% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorated over the past week After last week's 30% share price decline to ฿3.50, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 41x in the Personal Products industry in Thailand. Total returns to shareholders of 15% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.029 (vs ฿0.03 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.029 (down from ฿0.03 in 2Q 2021). Revenue: ฿57.8m (down 1.1% from 2Q 2021). Net income: ฿17.2m (down 9.5% from 2Q 2021). Profit margin: 30% (down from 33% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ฿3.72, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 39x in the Personal Products industry in Thailand. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿4.00, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 39x in the Personal Products industry in Thailand. Total returns to shareholders of 15% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.03 (up from ฿0.02 in 1Q 2021). Revenue: ฿58.2m (up 22% from 1Q 2021). Net income: ฿15.3m (up 66% from 1Q 2021). Profit margin: 26% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 67%. 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 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 29% share price gain to ฿6.40, the stock trades at a trailing P/E ratio of 55.9x. Average trailing P/E is 41x in the Personal Products industry in Thailand. Total returns to shareholders of 76% over the past three years. Board Change • Apr 27
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. No experienced directors. 6 highly experienced directors. Independent Director Varakorn Samakoses was the last director to join the board, commencing their role in 2011. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 09 May 2022. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 15% share price gain to ฿5.70, the stock trades at a trailing P/E ratio of 49.8x. Average trailing P/E is 41x in the Personal Products industry in Thailand. Total returns to shareholders of 52% over the past three years. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.12 (down from ฿0.12 in FY 2020). Revenue: ฿223.4m (down 9.8% from FY 2020). Net income: ฿68.7m (down 1.8% from FY 2020). Profit margin: 31% (up from 28% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 67%. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿6.10, the stock trades at a trailing P/E ratio of 56.9x. Average trailing P/E is 28x in the Personal Products industry in Thailand. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 19% share price gain to ฿6.45, the stock trades at a trailing P/E ratio of 60.1x. Average trailing P/E is 30x in the Personal Products industry in Thailand. Total returns to shareholders of 65% over the past three years. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿0.032 (vs ฿0.027 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿55.0m (down 12% from 3Q 2020). Net income: ฿19.0m (up 16% from 3Q 2020). Profit margin: 35% (up from 26% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to ฿5.90, the stock trades at a trailing P/E ratio of 55.3x. Average trailing P/E is 24x in the Personal Products industry in Thailand. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿5.00, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 20x in the Personal Products industry in Thailand. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.03 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings, although profit margins were flat and revenues improved. Second quarter 2021 results: Revenue: ฿58.5m (up 1.6% from 2Q 2020). Net income: ฿19.0m (down 1.4% from 2Q 2020). Profit margin: 33% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 31% share price gain to ฿5.30, the stock trades at a trailing P/E ratio of 48.9x. Average trailing P/E is 30x in the Personal Products industry in Thailand. Total returns to shareholders of 30% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.02 (vs ฿0.03 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿47.8m (down 22% from 1Q 2020). Net income: ฿9.23m (down 46% from 1Q 2020). Profit margin: 19% (down from 28% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 10 May 2021. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ฿3.20, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 35x in the Personal Products industry in Thailand. Total loss to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 19% share price gain to ฿4.40, the stock trades at a trailing P/E ratio of 37.7x. Average trailing P/E is 33x in the Personal Products industry in Thailand. Total loss to shareholders of 18% over the past three years. Is New 90 Day High Low • Mar 10
New 90-day low: ฿3.60 The company is down 5.0% from its price of ฿3.78 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 16% over the same period. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿0.12 (vs ฿0.10 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿247.7m (flat on FY 2019). Net income: ฿70.0m (up 21% from FY 2019). Profit margin: 28% (up from 23% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 15% per year. Is New 90 Day High Low • Feb 10
New 90-day low: ฿3.60 The company is down 4.0% from its price of ฿3.74 on 11 November 2020. The Thai market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 25
New 90-day low: ฿3.60 The company is down 5.0% from its price of ฿3.80 on 27 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Dec 03
Market pulls back on stock over the past week After last week's 27% share price decline to ฿2.66, the stock is trading at a trailing P/E ratio of 22.4x, down from the previous P/E ratio of 30.5x. This compares to an average P/E of 21x in the Personal Products industry in Thailand. Total return to shareholders over the past three years is a loss of 52%. Is New 90 Day High Low • Dec 03
New 90-day low: ฿2.66 The company is down 26% from its price of ฿3.60 on 03 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Personal Products industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿72.6m (up 15% from 3Q 2019). Net income: ฿16.4m (up 10.0% from 3Q 2019). Profit margin: 23% (down from 24% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 16% per year.