Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: ฿0.66 (vs ฿0.66 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.66 (up from ฿0.66 in 2Q 2025). Revenue: ฿5.30b (up 4.9% from 2Q 2025). Net income: ฿389.2m (flat on 2Q 2025). Profit margin: 7.4% (down from 7.7% in 2Q 2025). 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 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿18.90, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 11x in the Insurance industry in Thailand. Total returns to shareholders of 102% over the past three years. Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.47 (vs ฿0.33 in 1Q 2025) First quarter 2026 results: EPS: ฿0.47 (up from ฿0.33 in 1Q 2025). Revenue: ฿5.03b (up 3.5% from 1Q 2025). Net income: ฿274.6m (up 43% from 1Q 2025). Profit margin: 5.5% (up from 3.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.8% Last year net profit margin: 7.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (150% cash payout ratio). Profit margins are more than 30% lower than last year (4.8% net profit margin). Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿1.62 (vs ฿1.28 in FY 2024) Full year 2025 results: EPS: ฿1.62 (up from ฿1.28 in FY 2024). Revenue: ฿20.0b (up 45% from FY 2024). Net income: ฿957.6m (up 27% from FY 2024). Profit margin: 4.8% (down from 5.5% in FY 2024). The decrease in margin was driven by higher expenses. 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 8% per year, which means it is well ahead of earnings. Declared Dividend • Mar 01
Dividend of ฿0.81 announced Shareholders will receive a dividend of ฿0.81. Ex-date: 12th March 2026 Payment date: 12th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (140% earnings payout ratio) nor is it covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 2.4% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 56% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 28
Muang Thai Insurance Public Company Limited announces Annual dividend, payable on May 12, 2026 Muang Thai Insurance Public Company Limited announced Annual dividend of THB 0.8098 per share payable on May 12, 2026, ex-date on March 12, 2026 and record date on March 13, 2026. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.53 (vs ฿0.39 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.53 (up from ฿0.39 in 3Q 2024). Revenue: ฿5.04b (up 44% from 3Q 2024). Net income: ฿310.3m (up 36% from 3Q 2024). Profit margin: 6.2% (down from 6.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 03
Now 20% undervalued Over the last 90 days, the stock has risen 2.5% to ฿16.10. The fair value is estimated to be ฿20.14, 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 declined by 3.4%. Buy Or Sell Opportunity • Aug 22
Now 21% undervalued Over the last 90 days, the stock has risen 30% to ฿16.00. The fair value is estimated to be ฿20.14, 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 declined by 3.4%. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.66 (vs ฿0.45 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.66 (up from ฿0.45 in 2Q 2024). Revenue: ฿5.05b (up 48% from 2Q 2024). Net income: ฿388.1m (up 46% from 2Q 2024). Profit margin: 7.7% (down from 7.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿13.30, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 11x in the Insurance industry in Thailand. Total returns to shareholders of 33% over the past three years. New Risk • May 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿646.1m (US$19.7m) 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: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (฿646.1m market cap, or US$19.7m). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿3.25 (vs ฿1.76 in 1Q 2024) First quarter 2025 results: EPS: ฿3.25 (up from ฿1.76 in 1Q 2024). Revenue: ฿7.90b (up 134% from 1Q 2024). Net income: ฿191.9m (up 85% from 1Q 2024). Profit margin: 2.4% (down from 3.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Apr 24
Muang Thai Insurance Public Company Limited Approves Annual Dividend, Payable on May 13, 2025 Muang Thai Insurance Public Company Limited at its AGM held on 23 April 2025 considered and approved profit allocation and dividend payment from the 2024 performance ended 31 December 2024. The dividend is paid in the rate of THB 8.00 per share from the net profit, in the total amount of THB 472 million or 63% of the net profit in 2024 after corporate income tax at a rate of 20%. Ordinary shareholders are eligible for tax credit on dividend income under Section 47 Bis of the Revenue Code of Thailand. The record date is 12 March 2025. The dividend payment date is 13 May 2025. Declared Dividend • Feb 28
Dividend increased to ฿8.00 Dividend of ฿8.00 is 60% higher than last year. Ex-date: 11th March 2025 Payment date: 13th May 2025 Dividend yield will be 7.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿12.79 (vs ฿11.11 in FY 2023) Full year 2024 results: EPS: ฿12.79 (up from ฿11.11 in FY 2023). Revenue: ฿13.8b (up 10% from FY 2023). Net income: ฿754.4m (up 15% from FY 2023). Profit margin: 5.5% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 27
Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 23, 2025 Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Location: muang thai life assurance auditorium, Thailand Announcement • Feb 26
Muang Thai Insurance Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2024, Payable on 13 May 2025 Muang Thai Insurance Public Company Limited at its board meeting held on 26 February 2025, approved to propose at its AGM to be held on 23 April 2025, the cash dividend payment from 2024 performance to the shareholders at THB 8 per share, totaling the amount of THB 472,000,000 for the year ended December 31, 2024. Thailand Securities Depository Co. Ltd. will be authorized by the Company to handle the dividend payment. However, the rights of receiving dividend payment remain uncertain and are subject to the approval from the Annual General Meeting of Shareholders No. 17/2025 with the following details: Dividend payment at a rate of THB 0.0014 per share, totaling THB 0.08 million is paid from the retained earnings which is exempted from the corporate income tax according to the Board of Investment of Thailand (BOI). Individual shareholders are not eligible for tax credit on personal income under Section 47 Bis of the Revenue Code of Thailand. Dividend payment at a rate of THB 7.9986 per share, totaling THB 471.92 million, paid from net profits after corporate income tax at a rate of 20 percent. Individual shareholders are eligible for tax credit on dividend income under Section 47 Bis of the Revenue Code of Thailand. The record date is set to determine the list of shareholders entitled to receive dividend payment on 12 March 2025. (XD symbol marked or the date on which the shareholders are not entitled to dividend payment will be shown on 11 March 2025) The dividend payment date is set on 13 May 2025. Ex-dividend date is 11 March 2025. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿4.51 (vs ฿2.72 in 2Q 2023) Second quarter 2024 results: EPS: ฿4.51 (up from ฿2.72 in 2Q 2023). Revenue: ฿3.41b (up 13% from 2Q 2023). Net income: ฿265.9m (up 66% from 2Q 2023). Profit margin: 7.8% (up from 5.3% 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 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿1.76 (vs ฿3.09 in 1Q 2023) First quarter 2024 results: EPS: ฿1.76 (down from ฿3.09 in 1Q 2023). Revenue: ฿3.37b (up 14% from 1Q 2023). Net income: ฿103.8m (down 43% from 1Q 2023). Profit margin: 3.1% (down from 6.2% in 1Q 2023). The decrease in margin was driven by higher expenses. 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. Upcoming Dividend • Mar 04
Upcoming dividend of ฿5.00 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 14 May 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.7%). Announcement • Feb 28
Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 24, 2024 Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 24, 2024, at 10:00 SE Asia Standard Time. Location: Muang Thai Life Assurance Auditorium Thailand Agenda: To certify he minutes of AGM No. 15/2023; to acknowledge the company's performance for 2023; to consider and approve the financial position and statement of comprehensive income for the year ended 31 December 2023; to approve the profit allocation and dividend payment for 2023; and to discuss other matters. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿11.11 (vs ฿13.73 in FY 2022) Full year 2023 results: EPS: ฿11.11 (down from ฿13.73 in FY 2022). Revenue: ฿12.6b (up 11% from FY 2022). Net income: ฿655.5m (down 19% from FY 2022). Profit margin: 5.2% (down from 7.2% in FY 2022). The decrease in margin was 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 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿3.42 (vs ฿3.74 in 3Q 2022) Third quarter 2023 results: EPS: ฿3.42 (down from ฿3.74 in 3Q 2022). Revenue: ฿3.27b (up 10% from 3Q 2022). Net income: ฿201.8m (down 8.6% from 3Q 2022). Profit margin: 6.2% (down from 7.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿2.72 (vs ฿4.10 in 2Q 2022) Second quarter 2023 results: EPS: ฿2.72 (down from ฿4.10 in 2Q 2022). Revenue: ฿3.01b (up 13% from 2Q 2022). Net income: ฿160.6m (down 34% from 2Q 2022). Profit margin: 5.3% (down from 9.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Buying Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.9%. The fair value is estimated to be ฿141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Buying Opportunity • Jul 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be ฿140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Buying Opportunity • Jun 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be ฿142, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿3.09 (vs ฿4.00 in 1Q 2022) First quarter 2023 results: EPS: ฿3.09 (down from ฿4.00 in 1Q 2022). Revenue: ฿2.96b (up 8.8% from 1Q 2022). Net income: ฿182.2m (down 23% from 1Q 2022). Profit margin: 6.2% (down from 8.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Buying Opportunity • May 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be ฿141, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Mar 03
Upcoming dividend of ฿6.18 per share at 4.2% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.7%). In line with average of industry peers (4.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿3.74 (vs ฿2.95 in 3Q 2021) Third quarter 2022 results: EPS: ฿3.74 (up from ฿2.95 in 3Q 2021). Revenue: ฿2.97b (up 16% from 3Q 2021). Net income: ฿220.8m (up 27% from 3Q 2021). Profit margin: 7.4% (up from 6.8% in 3Q 2021). 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 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿4.10 (vs ฿3.85 in 2Q 2021) Second quarter 2022 results: EPS: ฿4.10 (up from ฿3.85 in 2Q 2021). Revenue: ฿2.67b (up 7.0% from 2Q 2021). Net income: ฿242.0m (up 6.7% from 2Q 2021). Profit margin: 9.1% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings released: EPS: ฿4.00 (vs ฿3.82 in 1Q 2021) First quarter 2022 results: EPS: ฿4.00 (up from ฿3.82 in 1Q 2021). Revenue: ฿2.72b (up 4.6% from 1Q 2021). Net income: ฿235.8m (up 4.7% from 1Q 2021). Profit margin: 8.7% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 03
Upcoming dividend of ฿5.20 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.2%). Announcement • Feb 27
Muang Thai Insurance Public Company Limited Proposes Dividend, Payable on 12 May 2022 The board of directors of Muang Thai Insurance Public Company Limited meeting held on February 25, 2022, proposed the shareholders' meeting to consider and approve the dividend payment at THB 5.20 per share, totaling the amount of THB 306,800,000. The Company sets the record date to determine the list of shareholders entitled to receive dividend payment on 11 March 2022 (XD symbol marked or the date on which the shareholders are not entitled to dividend payment will on 10 March 2022), and dividend payment shall be made on 12 May 2022. Thailand Securities Depository Co. Ltd. will be authorized to handle on the dividend payment. (Remark; the rights of receiving dividend payment remain uncertain, subject to the approval from the 2022 Annual General Meeting of Shareholders.). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿13.01 (up from ฿10.02 in FY 2020). Revenue: ฿10.3b (up 3.9% from FY 2020). Net income: ฿767.5m (up 30% from FY 2020). Profit margin: 7.5% (up from 6.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to ฿129, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 21x in the Insurance industry in Thailand. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 15% share price gain to ฿109, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 16x in the Insurance industry in Thailand. Total returns to shareholders of 24% over the past three years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿2.95 (vs ฿2.52 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.55b (up 4.7% from 3Q 2020). Net income: ฿173.8m (up 17% from 3Q 2020). Profit margin: 6.8% (up from 6.1% 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 26% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿3.84 (vs ฿3.77 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿2.49b (up 1.0% from 2Q 2020). Net income: ฿226.9m (up 2.0% from 2Q 2020). Profit margin: 9.1% (up from 9.0% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿3.82 (vs ฿2.19 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.60b (up 3.4% from 1Q 2020). Net income: ฿225.3m (up 74% from 1Q 2020). Profit margin: 8.7% (up from 5.2% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Muang Thai Insurance Public Company Limited Approve Dividend Payment for the Year 31 December 2020, Payable on 13 May 2021 Muang Thai Insurance Public Company Limited resolved by the unanimous vote to approve dividend payment for the year 31 December 2020 at THB 4.51, totaling THB 266.09 million. The Company will make a dividend payment to the shareholders whose names appearing on the book of shareholders' registration on the record date which is 10 March 2021. The dividend payment date will be on 13 May 2021. Is New 90 Day High Low • Mar 09
New 90-day low: ฿83.25 The company is down 1.0% from its price of ฿84.00 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 Insurance industry, which is up 6.0% over the same period. Announcement • Feb 25
Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 28, 2021 Muang Thai Insurance Public Company Limited, Annual General Meeting, Apr 28, 2021, at 03:00 Coordinated Universal Time. Location: Muang Thai Life Assurance Auditorium, 250 Rachadaphisek Road, Huaykwang Bangkok Thailand Agenda: To consider and certify the minutes of the annual general meeting of shareholders No. 12/2020; to acknowledge performance of the Company for the year 2020; to consider and approve statement of financial position and statement of comprehensive income for the year ended December 31, 2020; to consider and approve profit allocation and dividend payment from the performance of the Company for the year 2020; to consider and electing the Directors to replace those who are due to retire by rotation and electing the new Director; to consider electing the 6 Directors who are due to retire by rotation; and to consider other matter. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿10.02 (vs ฿7.22 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿9.90b (up 8.8% from FY 2019). Net income: ฿590.9m (up 39% from FY 2019). Profit margin: 6.0% (up from 4.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 24
New 90-day high: ฿88.00 The company is up 4.0% from its price of ฿84.25 on 26 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 11% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿2.52 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿2.44b (up 4.6% from 3Q 2019). Net income: ฿148.5m (down 12% from 3Q 2019). Profit margin: 6.1% (down from 7.2% 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 1% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Sep 24
New 90-day low: ฿83.00 The company is down 6.0% from its price of ฿88.50 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 8.0% over the same period. 
