New Risk • May 15
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 7.2% 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 (7.2% average weekly change). Market cap is less than US$100m (฿1.52b market cap, or US$46.6m). Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.025 (vs ฿0.009 loss in 1Q 2025) First quarter 2026 results: EPS: ฿0.025 (up from ฿0.009 loss in 1Q 2025). Revenue: ฿565.9m (down 33% from 1Q 2025). Net income: ฿106.9m (up ฿146.0m from 1Q 2025). Profit margin: 19% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 03
Full year 2025 earnings released: ฿0.001 loss per share (vs ฿0.065 profit in FY 2024) Full year 2025 results: ฿0.001 loss per share (down from ฿0.065 profit in FY 2024). Revenue: ฿3.43b (down 1.4% from FY 2024). Net loss: ฿2.74m (down 101% from profit in FY 2024). 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 28% per year, which means it is significantly lagging earnings. Announcement • Feb 25
Thai Reinsurance Public Company Limited, Annual General Meeting, Apr 28, 2026 Thai Reinsurance Public Company Limited, Annual General Meeting, Apr 28, 2026, at 09:00 SE Asia Standard Time. Location: physical meeting, victor club, 8th floor, sathorn, square building, north sathorn road, bangrak, bangkok, Thailand New Risk • Jan 13
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 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (฿1.48b market cap, or US$46.9m). Buy Or Sell Opportunity • Jan 08
Now 31% overvalued Over the last 90 days, the stock has fallen 22% to ฿0.35. The fair value is estimated to be ฿0.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 16
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: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (฿1.69b market cap, or US$52.0m). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.011 (vs ฿0.003 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.011 (up from ฿0.003 in 3Q 2024). Revenue: ฿854.9m (down 37% from 3Q 2024). Net income: ฿46.6m (up 288% from 3Q 2024). Profit margin: 5.5% (up from 0.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: ฿0.018 (vs ฿0.024 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.018 (down from ฿0.024 in 2Q 2024). Revenue: ฿907.4m (up 2.2% from 2Q 2024). Net income: ฿76.0m (down 24% from 2Q 2024). Profit margin: 8.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: ฿0.009 loss per share (vs ฿0.013 profit in 1Q 2024) First quarter 2025 results: ฿0.009 loss per share (down from ฿0.013 profit in 1Q 2024). Revenue: ฿1.93b (up 48% from 1Q 2024). Net loss: ฿39.1m (down 174% from profit in 1Q 2024). 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 27% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.054 (vs ฿0.05 in FY 2023) Full year 2024 results: EPS: ฿0.054 (up from ฿0.05 in FY 2023). Revenue: ฿5.59b (up 11% from FY 2023). Net income: ฿227.1m (up 8.4% from FY 2023). Profit margin: 4.1% (down from 4.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Thai Reinsurance Public Company Limited, Annual General Meeting, Apr 22, 2025 Thai Reinsurance Public Company Limited, Annual General Meeting, Apr 22, 2025, at 10:00 SE Asia Standard Time. Location: victor club, 8th floor, sathorn square building, north sathorn road, bangrak, bangkok, Thailand Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.003 (vs ฿0.012 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.003 (down from ฿0.012 in 3Q 2023). Revenue: ฿1.36b (up 4.3% from 3Q 2023). Net income: ฿12.0m (down 76% from 3Q 2023). Profit margin: 0.9% (down from 3.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.014 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (up from ฿0.014 in 2Q 2023). Revenue: ฿1.43b (up 13% from 2Q 2023). Net income: ฿84.9m (up 39% from 2Q 2023). Profit margin: 5.9% (up from 4.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.013 (vs ฿0.002 in 1Q 2023) First quarter 2024 results: EPS: ฿0.013 (up from ฿0.002 in 1Q 2023). Revenue: ฿1.30b (up 21% from 1Q 2023). Net income: ฿52.7m (up ฿45.9m from 1Q 2023). Profit margin: 4.0% (up from 0.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.05 (vs ฿0.05 loss in FY 2022) Full year 2023 results: EPS: ฿0.05 (up from ฿0.05 loss in FY 2022). Revenue: ฿5.02b (up 13% from FY 2022). Net income: ฿209.6m (up ฿403.3m from FY 2022). Profit margin: 4.2% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. 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 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.012 (vs ฿0.005 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.012 (up from ฿0.005 loss in 3Q 2022). Revenue: ฿1.30b (up 19% from 3Q 2022). Net income: ฿50.5m (up ฿72.4m from 3Q 2022). Profit margin: 3.9% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.62b (US$99.8m) 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.014 (vs ฿0.005 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.014 (up from ฿0.005 loss in 2Q 2022). Revenue: ฿1.26b (up 6.3% from 2Q 2022). Net income: ฿61.0m (up ฿80.8m from 2Q 2022). Profit margin: 4.8% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.04 loss in 1Q 2022) First quarter 2023 results: EPS: ฿0.002 (up from ฿0.04 loss in 1Q 2022). Revenue: ฿1.08b (flat on 1Q 2022). Net income: ฿6.86m (up ฿190.6m from 1Q 2022). Profit margin: 0.6% (up from net loss in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2022 earnings released: ฿0.05 loss per share (vs ฿0.08 loss in FY 2021) Full year 2022 results: ฿0.05 loss per share (improved from ฿0.08 loss in FY 2021). Revenue: ฿4.45b (down 4.1% from FY 2021). Net loss: ฿193.7m (loss narrowed 46% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. 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. 7 non-independent directors. Independent Director Chaveewan Aksornsawaddi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
Second quarter 2022 earnings released: ฿0.005 loss per share (vs ฿0.015 profit in 2Q 2021) Second quarter 2022 results: ฿0.005 loss per share (down from ฿0.015 profit in 2Q 2021). Revenue: ฿1.19b (down 1.5% from 2Q 2021). Net loss: ฿19.8m (down 131% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: ฿0.04 loss per share (down from ฿0.013 profit in 1Q 2021). Revenue: ฿1.07b (down 3.0% from 1Q 2021). Net loss: ฿183.7m (down 447% from profit in 1Q 2021). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates. 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. 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. 7 non-independent directors. Independent Director Chaveewan Aksornsawaddi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: ฿0.08 loss per share (down from ฿0.05 profit in FY 2020). Revenue: ฿4.64b (up 4.9% from FY 2020). Net loss: ฿356.5m (down 261% from profit in FY 2020). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.076 loss per share (vs ฿0.018 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿1.16b (up 3.4% from 3Q 2020). Net loss: ฿331.4m (down ฿405.6m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.015 (vs ฿0.022 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: ฿1.21b (up 4.0% from 2Q 2020). Net income: ฿65.0m (down 31% from 2Q 2020). Profit margin: 5.4% (down from 8.2% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿13.00 (vs ฿0.002 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.11b (up 14% from 1Q 2020). Net income: ฿52.9m (up ฿60.5m from 1Q 2020). Profit margin: 4.8% (up from net loss in 1Q 2020). The move to profitability 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 4% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 27
Chairman Chai Sophonpanich has left the company On the 23rd of April, Chai Sophonpanich's tenure as Chairman ended after 2.4 years in the role. We don't have any record of a personal shareholding under Chai's name. A total of 4 executives have left over the last 12 months. Executive Departure • Apr 27
Independent Director has left the company On the 23rd of April, Chanin Roonsamrarn's tenure as Independent Director ended after 27.6 years in the role. We don't have any record of a personal shareholding under Chanin's name. A total of 4 executives have left over the last 12 months. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 18 May 2021. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.0%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.05 (vs ฿0.03 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿4.43b (down 5.6% from FY 2019). Net income: ฿222.0m (up 77% from FY 2019). Profit margin: 5.0% (up from 2.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 19% share price gain to ฿1.53, the stock is trading at a trailing P/E ratio of 35.9x, up from the previous P/E ratio of 30.3x. This compares to an average P/E of 27x in the Insurance industry in Thailand. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Jan 05
New 90-day high: ฿1.53 The company is up 56% from its price of ฿0.98 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 10.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.02 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.12b (down 2.9% from 3Q 2019). Net income: ฿74.3m (up 62% from 3Q 2019). Profit margin: 6.6% (up from 4.0% 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 57% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 29
Market bids up stock over the past week After last week's 29% share price gain to ฿1.41, the stock is trading at a trailing P/E ratio of 39.5x, up from the previous P/E ratio of 30.5x. This compares to an average P/E of 28x in the Insurance industry in Thailand. Total return to shareholders over the past three years is a loss of 24%. Is New 90 Day High Low • Oct 28
New 90-day high: ฿1.17 The company is up 18% from its price of ฿0.99 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 Insurance industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 09
New 90-day high: ฿1.10 The company is up 22% from its price of ฿0.90 on 10 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 8.0% over the same period.