Declared Dividend • Mar 01
Dividend reduced to ฿2.25 Dividend of ฿2.25 is 24% lower than last year. Ex-date: 13th March 2026 Payment date: 15th May 2026 Dividend yield will be 4.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 5.4% 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 decline by 20% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.4% EPS decline seen over the last 5 years. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿4.63 (vs ฿5.52 in FY 2024) Full year 2025 results: EPS: ฿4.63 (down from ฿5.52 in FY 2024). Revenue: ฿3.66b (down 1.9% from FY 2024). Net income: ฿240.9m (down 16% from FY 2024). Profit margin: 6.6% (down from 7.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 28
Crown Seal Public Company Limited announces Annual dividend, payable on May 15, 2026 Crown Seal Public Company Limited announced Annual dividend of THB 2.2500 per share payable on May 15, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. Announcement • Feb 27
Crown Seal Public Company Limited, Annual General Meeting, Apr 24, 2026 Crown Seal Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:30 SE Asia Standard Time. Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.62 (vs ฿1.56 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.62 (down from ฿1.56 in 3Q 2024). Revenue: ฿856.2m (down 5.4% from 3Q 2024). Net income: ฿32.1m (down 60% from 3Q 2024). Profit margin: 3.8% (down from 8.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿1.28 (vs ฿1.72 in 2Q 2024) Second quarter 2025 results: EPS: ฿1.28 (down from ฿1.72 in 2Q 2024). Revenue: ฿917.6m (flat on 2Q 2024). Net income: ฿66.6m (down 26% from 2Q 2024). Profit margin: 7.3% (down from 9.8% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿1.95 (vs ฿1.98 in 1Q 2024) First quarter 2025 results: EPS: ฿1.95 (down from ฿1.98 in 1Q 2024). Revenue: ฿1.01m (down 100% from 1Q 2024). Net income: ฿101.2k (down 100% from 1Q 2024). Profit margin: 10.0% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 05
Price target decreased by 11% to ฿245 Down from ฿275, the current price target is provided by 1 analyst. New target price is 470% above last closing price of ฿43.00. Stock is down 1.7% over the past year. The company posted earnings per share of ฿5.52 last year. Declared Dividend • Feb 27
Dividend increased to ฿4.45 Dividend of ฿4.45 is 143% higher than last year. Ex-date: 13th March 2025 Payment date: 16th May 2025 Dividend yield will be 9.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 64% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.8% EPS decline seen over the last 5 years. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿5.52 (vs ฿3.41 in FY 2023) Full year 2024 results: EPS: ฿5.52 (up from ฿3.41 in FY 2023). Revenue: ฿3.77b (up 4.9% from FY 2023). Net income: ฿287.3m (up 62% from FY 2023). Profit margin: 7.6% (up from 4.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 26
Crown Seal Public Company Limited Announces Board Changes Crown Seal Public Company Limited announced that the resignation of Mr. Yukihito Nozaki as director with effect from February 25, 2025. Resigned from position /the company due to End of term as a director in Thailand. Crown Seal Public Company Limited announces election of Mr. Motokatsu Yamada as director with effect from February 26, 2025. He is also appointed executive committee of the company with effect from February 26, 2025. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿1.56 (vs ฿1.25 in 3Q 2023) Third quarter 2024 results: EPS: ฿1.56 (up from ฿1.25 in 3Q 2023). Revenue: ฿921.7m (up 4.5% from 3Q 2023). Net income: ฿81.0m (up 25% from 3Q 2023). Profit margin: 8.8% (up from 7.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿1.72 (vs ฿0.84 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.72 (up from ฿0.84 in 2Q 2023). Revenue: ฿932.9m (up 5.9% from 2Q 2023). Net income: ฿89.7m (up 105% from 2Q 2023). Profit margin: 9.6% (up from 5.0% in 2Q 2023). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿1.98 (vs ฿0.96 in 1Q 2023) First quarter 2024 results: EPS: ฿1.98 (up from ฿0.96 in 1Q 2023). Revenue: ฿1.01b (up 4.8% from 1Q 2023). Net income: ฿102.8m (up 106% from 1Q 2023). Profit margin: 10% (up from 5.2% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year and the company’s share price has also fallen by 5% per year. Announcement • Apr 27
Crown Seal Public Company Limited Approves Dividend for the Year 2023, Payable on May 15, 2024 Crown Seal Public Company Limited at its AGM held on April 26, 2024 approved the dividend payment from the operation of the Company for the year 2023. Since January 1, 2023 to December 31, 2023 for common share at the rate of THB 1.83 per share with the total amount of THB 95,161,357.86. The record date on which the recorded shareholders have the right to receive dividend on March 15, 2024 and the dividend will be made payable on May 15, 2024. Upcoming Dividend • Mar 07
Upcoming dividend of ฿1.83 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (3.0%). Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿1.25 (vs ฿1.04 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.25 (up from ฿1.04 in 3Q 2022). Revenue: ฿896.2m (down 2.5% from 3Q 2022). Net income: ฿65.0m (up 20% from 3Q 2022). Profit margin: 7.3% (up from 5.9% in 3Q 2022). The increase in margin was driven by lower expenses. 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 5% per year. New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.5% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (110% cash payout ratio). Market cap is less than US$100m (฿2.35b market cap, or US$65.1m). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.84 (vs ฿1.39 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.84 (down from ฿1.39 in 2Q 2022). Revenue: ฿893.6m (down 10% from 2Q 2022). Net income: ฿43.7m (down 39% from 2Q 2022). Profit margin: 4.9% (down from 7.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% 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. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ฿0.96 (vs ฿1.54 in 1Q 2022) First quarter 2023 results: EPS: ฿0.96 (down from ฿1.54 in 1Q 2022). Revenue: ฿975.7m (up 5.8% from 1Q 2022). Net income: ฿50.0m (down 38% from 1Q 2022). Profit margin: 5.1% (down from 8.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 09
Crown Seal Public Company Limited Announces Executive Changes The Board of Directors' Meeting of Crown Seal Public Company Limited (CSC) held on May 8, 2023, resolved to elect Mr. Takashi Katsuta to be a director in replacement of Mr. Yoshiyuki Shikano who had resigned, which came into effective from May 9, 2023 onwards and he will stay for the remaining period of Mr. Yoshiyuki Shikano. Price Target Changed • Nov 16
Price target increased to ฿66.25 Up from ฿51.50, the current price target is provided by 1 analyst. New target price is 37% above last closing price of ฿48.50. Stock is down 1.0% over the past year. The company is forecast to post earnings per share of ฿5.10 for next year compared to ฿3.72 last year. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ฿1.04 (vs ฿0.83 in 3Q 2021) Third quarter 2022 results: EPS: ฿1.04 (up from ฿0.83 in 3Q 2021). Revenue: ฿935.7m (up 35% from 3Q 2021). Net income: ฿54.1m (up 25% from 3Q 2021). Profit margin: 5.8% (down from 6.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: ฿1.39 (vs ฿1.07 in 2Q 2021) Second quarter 2022 results: EPS: ฿1.39 (up from ฿1.07 in 2Q 2021). Revenue: ฿978.8m (up 39% from 2Q 2021). Net income: ฿72.2m (up 30% from 2Q 2021). Profit margin: 7.4% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 4.1% compared to a 6.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿1.54 (vs ฿1.26 in 1Q 2021) First quarter 2022 results: EPS: ฿1.54 (up from ฿1.26 in 1Q 2021). Revenue: ฿984.2m (up 38% from 1Q 2021). Net income: ฿80.1m (up 23% from 1Q 2021). Profit margin: 8.1% (down from 9.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 9.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Mar 07
Upcoming dividend of ฿1.80 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿3.72 (down from ฿4.97 in FY 2020). Revenue: ฿3.06b (up 9.4% from FY 2020). Net income: ฿193.7m (down 25% from FY 2020). Profit margin: 6.3% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 8.8%. 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 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.83 (vs ฿1.53 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿695.1m (down 5.1% from 3Q 2020). Net income: ฿43.2m (down 46% from 3Q 2020). Profit margin: 6.2% (down from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿1.07 (vs ฿0.63 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿749.5m (up 30% from 2Q 2020). Net income: ฿55.6m (up 70% from 2Q 2020). Profit margin: 7.4% (up from 5.7% in 2Q 2020). The increase in margin was driven by higher revenue. 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 3% per year, which means it is well ahead of earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿1.26 (vs ฿1.78 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿750.5m (down 3.0% from 1Q 2020). Net income: ฿65.3m (down 29% from 1Q 2020). Profit margin: 8.7% (down from 12% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Is New 90 Day High Low • Mar 04
New 90-day low: ฿51.50 The company is down 6.0% from its price of ฿54.50 on 04 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 Packaging industry, which is up 6.0% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿4.97 (vs ฿6.71 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.89b (down 8.2% from FY 2019). Net income: ฿258.4m (down 26% from FY 2019). Profit margin: 8.9% (down from 11% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 8.8%. Over the next year, revenue is forecast to grow 6.2%, compared to a 20% growth forecast for the Packaging industry in Thailand. Announcement • Feb 19
Crown Seal Public Company Limited Announces Board Changes Crown Seal Public Company Limited (CSC) notified the resolutions of the Board of Directors Meeting No.1/2021, convened on February 18, 2021 at 9:30 am. as follows: Resolved to elect Mr. Yukihito Nozaki to be a director and member of the Executive Committee in replacement of Mr. Hiroshi Takahashi and elect Mr. Yoshiyuki Shikano to be a director in replacement of Mr. Yoshiki Miyatani who had resigned, which came into effective from February 19, 2021 onwards and they will stay for the remaining period of Mr. Hiroshi Takahashi and Mr. Yoshiki Miyatani respectively. Executive Departure • Feb 19
Director has left the company On the 19th of February, Yoshiki Miyatani's tenure as Director ended after 4.8 years in the role. We don't have any record of a personal shareholding under Yoshiki's name. A total of 4 executives have left over the last 12 months. Announcement • Feb 19
Crown Seal Public Company Limited, Annual General Meeting, Apr 23, 2021 Crown Seal Public Company Limited, Annual General Meeting, Apr 23, 2021, at 03:30 Coordinated Universal Time. Location: Ballroom, The Park Hyatt Bangkok Bangkok Thailand Agenda: To consider and approve the Statements of Financial Position and Income Statements for the year ended December 31, 2020; to consider and approve the allocation of profit and the dividend payment from the operation of the company for the year 2020; to consider and elect the directors in replacement of those to be retired by rotation; to elect an additional Director; to consider and appoint the auditors and fix the audit fees for the year 2021; to consider and approve the remuneration of the Company' Directors and Sub-committee members for the year 2021; and to consider other business (if any). Executive Departure • Feb 06
Honorary Chairman Pong Sarasin has left the company On the 3rd of February, Pong Sarasin's tenure as Honorary Chairman ended after 3.5 years in the role. We don't have any record of a personal shareholding under Pong's name. A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Nov 27
New 90-day high: ฿54.75 The company is up 10.0% from its price of ฿49.75 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 3.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿1.53 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿761.9m (down 4.8% from 3Q 2019). Net income: ฿79.3m (down 36% from 3Q 2019). Profit margin: 10% (down from 16% in 3Q 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.