Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ฿0.13 (vs ฿0.24 in 1Q 2025) First quarter 2026 results: EPS: ฿0.13 (down from ฿0.24 in 1Q 2025). Revenue: ฿854.6m (down 7.8% from 1Q 2025). Net income: ฿12.7m (down 47% from 1Q 2025). Profit margin: 1.5% (down from 2.6% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 28
Dividend reduced to ฿0.70 Dividend of ฿0.70 is 30% lower than last year. Ex-date: 12th March 2026 Payment date: 12th May 2026 Dividend yield will be 6.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 10.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Feb 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.06b market cap, or US$34.3m). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿1.49 (vs ฿1.49 in FY 2024) Full year 2025 results: EPS: ฿1.49 (in line with FY 2024). Revenue: ฿3.69b (down 4.1% from FY 2024). Net income: ฿151.1m (flat on FY 2024). Profit margin: 4.1% (up from 3.9% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 26
PM Thoresen Asia Holdings Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2025, to December 31, 2025, Payable on May 12, 2026 PM Thoresen Asia Holdings Public Company Limited at its AGM to be held on April 22, 2026, proposed a cash dividend of THB 0.70 per share for the operating period from January 1, 2025, to December 31, 2025. Payment date is May 12, 2026, Ex-dividend date is March 12, 2026, and Record Date is March 13, 2026. Announcement • Feb 25
PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 22, 2026 PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.44 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.28 (down from ฿0.44 in 3Q 2024). Revenue: ฿787.6m (down 18% from 3Q 2024). Net income: ฿28.8m (down 35% from 3Q 2024). Profit margin: 3.7% (down from 4.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2025 earnings released: EPS: ฿0.61 (vs ฿0.50 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.61 (up from ฿0.50 in 2Q 2024). Revenue: ฿1.07b (down 6.8% from 2Q 2024). Net income: ฿61.9m (up 23% from 2Q 2024). Profit margin: 5.8% (up from 4.4% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.24 (vs ฿0.05 in 1Q 2024) First quarter 2025 results: EPS: ฿0.24 (up from ฿0.05 in 1Q 2024). Revenue: ฿926.5m (up 30% from 1Q 2024). Net income: ฿23.9m (up 423% from 1Q 2024). Profit margin: 2.6% (up from 0.6% in 1Q 2024). 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 fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿7.95, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 33% over the past three years. Reported Earnings • Mar 01
Full year 2024 earnings released Full year 2024 results: Revenue: ฿3.85b (up 1.8% from FY 2023). Net income: ฿150.6m (up 159% from FY 2023). Profit margin: 3.9% (up from 1.5% in FY 2023). Announcement • Feb 28
PM Thoresen Asia Holdings Public Company Limited announces Annual dividend, payable on May 13, 2025 PM Thoresen Asia Holdings Public Company Limited announced Annual dividend of THB 1.0000 per share payable on May 13, 2025, ex-date on March 13, 2025 and record date on March 14, 2025. Announcement • Feb 27
PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 22, 2025 PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.44 (vs ฿0.34 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.44 (up from ฿0.34 in 3Q 2023). Revenue: ฿959.1m (down 20% from 3Q 2023). Net income: ฿44.5m (up 30% from 3Q 2023). Profit margin: 4.6% (up from 2.9% in 3Q 2023). The increase in margin was driven by lower expenses. 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 10% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.50 (vs ฿0.03 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.50 (up from ฿0.03 in 2Q 2023). Revenue: ฿1.15b (up 21% from 2Q 2023). Net income: ฿50.2m (up ฿47.1m from 2Q 2023). Profit margin: 4.4% (up from 0.3% 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 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • May 27
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 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 (6.2% average weekly change). Market cap is less than US$100m (฿910.8m market cap, or US$24.9m). Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.38 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.05 (up from ฿0.38 loss in 1Q 2023). Revenue: ฿711.7m (up 73% from 1Q 2023). Net income: ฿4.58m (up ฿43.4m from 1Q 2023). Profit margin: 0.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Apr 23
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Prakard Satamarn was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.8%). Declared Dividend • Feb 25
Dividend of ฿0.40 announced Shareholders will receive a dividend of ฿0.40. Ex-date: 13th March 2024 Payment date: 10th May 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (168% earnings payout ratio). However, it is well covered by cash flows (7% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 87% to bring the payout ratio under control. However, EPS has declined by 28% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 24
PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 24, 2024 PM Thoresen Asia Holdings Public Company Limited, Annual General Meeting, Apr 24, 2024. Agenda: To certify the minutes of the previous 2023 Annual General Meeting of Shareholders held on 25 April 2023; to acknowledge the Company’s 2023 operating results; to consider and approve the Company’s financial statements for the year ended 31 December 2023; to consider and approve the appropriation of a legal reserve and the dividend payment for the year 2023; to consider and approve the appointment of directors to replace those who are retiring by rotation; to consider and approve the directors and sub-committee’s remuneration for the year 2024; and to discuss other matters. New Risk • Dec 01
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 6.1% 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 Dividend is not well covered by earnings (168% payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (฿890.6m market cap, or US$25.4m). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.34 (vs ฿0.40 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.34 (down from ฿0.40 in 3Q 2022). Revenue: ฿1.20b (down 15% from 3Q 2022). Net income: ฿34.3m (down 16% from 3Q 2022). Profit margin: 2.9% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.16 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.16 in 2Q 2022). Revenue: ฿954.0m (down 5.9% from 2Q 2022). Net income: ฿3.12m (down 81% from 2Q 2022). Profit margin: 0.3% (down from 1.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 06
First quarter 2023 earnings released: ฿0.38 loss per share (vs ฿0.02 profit in 1Q 2022) First quarter 2023 results: ฿0.38 loss per share (down from ฿0.02 profit in 1Q 2022). Revenue: ฿411.9m (down 43% from 1Q 2022). Net loss: ฿38.8m (down ฿40.3m from profit in 1Q 2022). 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 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.30 per share at 2.9% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 12 May 2023. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.7%). In line with average of industry peers (2.8%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿0.77 (vs ฿1.32 in FY 2021) Full year 2022 results: EPS: ฿0.77 (down from ฿1.32 in FY 2021). Revenue: ฿4.25b (up 7.9% from FY 2021). Net income: ฿78.1m (down 41% from FY 2021). Profit margin: 1.8% (down from 3.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Prakard Satamarn was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: ฿0.40 (vs ฿0.25 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.40 (up from ฿0.25 in 3Q 2021). Revenue: ฿1.42b (up 70% from 3Q 2021). Net income: ฿40.8m (up 64% from 3Q 2021). Profit margin: 2.9% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 31% 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 11
Second quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.31 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.16 (down from ฿0.31 in 2Q 2021). Revenue: ฿1.01b (up 13% from 2Q 2021). Net income: ฿16.4m (down 47% from 2Q 2021). Profit margin: 1.6% (down from 3.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.15 in 1Q 2021) First quarter 2022 results: EPS: ฿0.02 (down from ฿0.15 in 1Q 2021). Revenue: ฿726.3m (up 39% from 1Q 2021). Net income: ฿1.54m (down 90% from 1Q 2021). Profit margin: 0.2% (down from 2.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿13.20, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 79% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Prakard Satamarn was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 18% share price gain to ฿16.30, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 95% over the past three years. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (4.2%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿1.32 (up from ฿0.93 in FY 2020). Revenue: ฿3.94b (up 39% from FY 2020). Net income: ฿133.3m (up 42% from FY 2020). Profit margin: 3.4% (up from 3.3% 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 60% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to ฿13.70, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 16x in the Chemicals industry in Thailand. Total returns to shareholders of 51% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.24 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿831.8m (up 5.7% from 3Q 2020). Net income: ฿24.9m (up 2.9% from 3Q 2020). Profit margin: 3.0% (down from 3.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.31 (vs ฿0.09 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿897.6m (up 41% from 2Q 2020). Net income: ฿31.0m (up 249% from 2Q 2020). Profit margin: 3.5% (up from 1.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Executive Departure • Jul 15
Director Jitender Verma has left the company On the 9th of July, Jitender Verma's tenure as Director ended after 4.2 years in the role. We don't have any record of a personal shareholding under Jitender's name. Jitender is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.29 years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.22 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿523.3m (down 26% from 1Q 2020). Net income: ฿15.1m (down 32% from 1Q 2020). Profit margin: 2.9% (down from 3.1% 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 12% per year whereas the company’s share price has fallen by 11% per year. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 24% share price gain to ฿14.80, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 22x in the Chemicals industry in Thailand. Total returns to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 16% share price gain to ฿12.10, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 20x in the Chemicals industry in Thailand. Total loss to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.00, the stock is trading at a trailing P/E ratio of 12.9x, up from the previous P/E ratio of 11.1x. This compares to an average P/E of 18x in the Chemicals industry in Thailand. Total return to shareholders over the past three years is a loss of 25%. Upcoming Dividend • Mar 05
Upcoming Dividend of ฿0.70 Per Share Will be paid on the 14th of May to those who are registered shareholders by the 12th of March. The trailing yield of 6.3% is in the top quartile of Thai dividend payers (5.7%), and it is higher than industry peers (1.9%). Is New 90 Day High Low • Feb 25
New 90-day high: ฿10.60 The company is up 18% from its price of ฿8.95 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ฿9.50 The company is up 4.0% from its price of ฿9.15 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 40% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ฿9.20 The company is up 2.0% from its price of ฿9.00 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 33% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.24 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿787.1m (up 23% from 3Q 2019). Net income: ฿24.2m (up 183% from 3Q 2019). Profit margin: 3.1% (up from 1.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 09
New 90-day high: ฿9.15 The company is up 5.0% from its price of ฿8.70 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 Chemicals industry, which is down 9.0% over the same period.