Reported Earnings • Mar 01
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.49 (down from ฿0.52 in FY 2024). Revenue: ฿20.0b (up 18% from FY 2024). Net income: ฿533.4m (down 4.1% from FY 2024). Profit margin: 2.7% (down from 3.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 6.5%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 01
Dividend increased to ฿0.22 Dividend of ฿0.22 is 4.8% higher than last year. Ex-date: 19th March 2026 Payment date: 22nd May 2026 Dividend yield will be 6.8%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 36% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 28
Thai Eastern Group Holdings Public Company Limited announces Annual dividend, payable on May 22, 2026 Thai Eastern Group Holdings Public Company Limited announced Annual dividend of THB 0.2200 per share payable on May 22, 2026, ex-date on March 19, 2026 and record date on March 20, 2026. Price Target Changed • Nov 23
Price target decreased by 17% to ฿4.00 Down from ฿4.80, the current price target is provided by 1 analyst. New target price is 40% above last closing price of ฿2.86. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.52 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.047 (vs ฿0.20 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.047 (down from ฿0.20 in 3Q 2024). Revenue: ฿4.76b (flat on 3Q 2024). Net income: ฿50.6m (down 77% from 3Q 2024). Profit margin: 1.1% (down from 4.6% in 3Q 2024). Revenue is forecast to stay flat during the next 2 years compared to a 3.2% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. New Risk • Nov 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.24b (US$99.7m) 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 High level of debt (80% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.24b market cap, or US$99.7m). Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.093 in 2Q 2024). Revenue: ฿5.41b (up 73% from 2Q 2024). Net income: ฿211.5m (up 110% from 2Q 2024). Profit margin: 3.9% (up from 3.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to decline by 1.1% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.059 in 1Q 2024) First quarter 2025 results: EPS: ฿0.16 (up from ฿0.059 in 1Q 2024). Revenue: ฿5.67b (up 52% from 1Q 2024). Net income: ฿175.9m (up 178% from 1Q 2024). Profit margin: 3.1% (up from 1.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Announcement • Apr 26
Thai Eastern Group Holdings Public Company Limited Approves Dividend for the Year 2024, Payable on May 23, 2025 Thai Eastern Group Holdings Public Company Limited at its AGM held on April 25, 2025, approved appropriation of the net profit in amount of THB 15,000,000 as legal reserve and dividend payment from net profit from business operation result for the year 2024, to the Company's shareholders at the rate of THB 0.21 per share totaling THB 226,800,000. In this regard, the Company has fixed the date to determine the names of shareholders who shall be entitled to receive the dividend payment (Record Date) on 20 March 2025, and the dividend will be paid on 23 May 2025. New Risk • Mar 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.37b (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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.37b market cap, or US$99.5m). Declared Dividend • Mar 02
Dividend increased to ฿0.21 Dividend of ฿0.21 is 110% higher than last year. Ex-date: 19th March 2025 Payment date: 23rd May 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (24% 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 26 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 45% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿0.52 (up from ฿0.20 in FY 2023). Revenue: ฿16.9b (up 39% from FY 2023). Net income: ฿556.3m (up 159% from FY 2023). Profit margin: 3.3% (up from 1.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 8.3%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 1.1% growth forecast for the Chemicals industry in Thailand. New Risk • Jan 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.41b (US$99.1m) 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.41b market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.74, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Chemicals industry in Thailand. Total returns to shareholders of 60% over the past year. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.46b (US$99.2m) 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 Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.46b market cap, or US$99.2m). Major Estimate Revision • Nov 08
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿15.4b to ฿15.8b. EPS estimate increased from ฿0.41 to ฿0.48 per share. Net income forecast to grow 102% next year vs 35% growth forecast for Chemicals industry in Thailand. Consensus price target up from ฿4.80 to ฿5.00. Share price rose 4.8% to ฿3.46 over the past week. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.42, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total returns to shareholders of 28% over the past year. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.093 (up from ฿0.003 in 2Q 2023). Revenue: ฿3.15b (up 3.8% from 2Q 2023). Net income: ฿100.8m (up ฿97.3m from 2Q 2023). Profit margin: 3.2% (up from 0.1% in 2Q 2023). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Chemicals industry in Thailand. New Risk • Jul 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.61b (US$99.6m) 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 Risks Interest payments are not well covered by earnings (2.8x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (฿3.61b market cap, or US$99.6m). New Risk • May 31
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: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. 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 (1.4% net profit margin). Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Chemicals industry in Thailand. Total loss to shareholders of 11% over the past year. Buy Or Sell Opportunity • May 29
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to ฿3.20. The fair value is estimated to be ฿2.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last year. Earnings per share has declined by 76%. Revenue is forecast to grow by 17% in a year. Earnings are forecast to grow by 134% in the next year. Reported Earnings • May 15
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: ฿0.059 (down from ฿0.095 in 1Q 2023). Revenue: ฿3.74b (up 17% from 1Q 2023). Net income: ฿63.4m (down 38% from 1Q 2023). Profit margin: 1.7% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Chemicals industry in Thailand. Announcement • Apr 30
Thai Eastern Group Holdings Public Company Limited Approves Dividend Payment, Payable 24 May 2024 Thai Eastern Group Holdings Public Company Limited Approved appropriation of the net profit in amount of THB 6,000,000 as legal reserve and dividend payment from net profit from business operation result for the year 2023, to the Company's shareholders at the rate of THB 0.10 per share totaling THB 108,000,000. In this regard, the Company has fixed the date to determine the names of shareholders who shall be entitled to receive the dividend payment (Record Date) on 20 March 2024, and the dividend will be paid on 24 May 2024. New Risk • Mar 21
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: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. 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 (1.8% net profit margin). Market cap is less than US$100m (฿3.52b market cap, or US$97.9m). Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 19 March 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (2.7%). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.20 (vs ฿0.78 in FY 2022) Full year 2023 results: EPS: ฿0.20 (down from ฿0.78 in FY 2022). Revenue: ฿12.2b (down 21% from FY 2022). Net income: ฿214.9m (down 69% from FY 2022). Profit margin: 1.8% (down from 4.4% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Announcement • Nov 25
Thai Eastern Group Holdings Public Company Limited Appoints Kamolthip Komolyudtaphaet as Company Secretary Thai Eastern Group Holding Public Company Limited informed Board of Directors Meeting held on 10 November 2023, it was unanimously resolved to appoint Dr. Kamolthip Komolyudtaphaet as the company secretary, adding 1 more person to the position. This decision brings the current number of secretaries in the company to, as follows: Mr. Sanchai Pimsakun and Dr. Kamolthip Komolyudtaphaet. New Risk • Oct 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 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 High level of debt (65% net debt to equity). Short dividend paying track record (1 year of continuous dividend payments). 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 (3.0% net profit margin). Market cap is less than US$100m (฿3.15b market cap, or US$86.8m). New Risk • Aug 13
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: 3.0% Last year net profit margin: 5.0% 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 High level of debt (65% net debt to equity). Short dividend paying track record (less than a year of continuous dividend payments). Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (฿3.09b market cap, or US$88.0m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.003 (vs ฿0.26 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.003 (down from ฿0.26 in 2Q 2022). Revenue: ฿3.03b (down 26% from 2Q 2022). Net income: ฿3.56m (down 98% from 2Q 2022). Profit margin: 0.1% (down from 5.2% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. New Risk • Aug 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.39b (US$98.0m) 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 High level of debt (61% net debt to equity). Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (฿3.39b market cap, or US$98.0m). Reported Earnings • May 15
First quarter 2023 earnings released: EPS: ฿0.095 (vs ฿0.23 in 1Q 2022) First quarter 2023 results: EPS: ฿0.095 (down from ฿0.23 in 1Q 2022). Revenue: ฿3.18b (down 16% from 1Q 2022). Net income: ฿102.6m (down 44% from 1Q 2022). Profit margin: 3.2% (down from 4.9% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿6.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 17x in the Chemicals industry in Thailand. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 15% share price gain to ฿4.72, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the Chemicals industry in Thailand. Reported Earnings • Oct 03
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ฿0.26. Net income: ฿211.2m (up ฿211.2m from 2Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.1% decline forecast for the Chemicals industry in Thailand. Board Change • Oct 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 
