New Risk • May 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Dividend per share is over 12x cash flows per share. Dividend yield: 7.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Dividend per share is over 12x cash flows per share. Earnings have declined by 11% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (฿1.88b market cap, or US$57.8m). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.31 (vs ฿0.97 in 1Q 2025) First quarter 2026 results: EPS: ฿0.31 (down from ฿0.97 in 1Q 2025). Revenue: ฿1.04b (down 19% from 1Q 2025). Net income: ฿27.8m (down 68% from 1Q 2025). Profit margin: 2.7% (down from 6.8% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year. Upcoming Dividend • Mar 11
Upcoming dividend of ฿0.95 per share Eligible shareholders must have bought the stock before 18 March 2026. Payment date: 18 May 2026. Payout ratio is a comfortable 59% but the company is paying out more than the cash it is generating. Trailing yield: 7.2%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.5%). Announcement • Mar 06
Thantawan Industry Public Company Limited Proposes Cash Dividend for the Year Ended December 31, 2025, Payable on 18 May 2026 Thantawan Industry Public Company Limited at its AGM to be held on 21 April 2026 proposed cash dividend payment of THB 0.95 per share of par value THB 1.00 per share for the year ended December 31, 2025. Payable on 18 May 2026, Ex-dividend date is 18 March 2026 and Record date for the right to receive dividends is 19 March 2026. Announcement • Mar 05
Thantawan Industry Public Company Limited, Annual General Meeting, Apr 21, 2026 Thantawan Industry Public Company Limited, Annual General Meeting, Apr 21, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿2.30 (vs ฿3.66 in FY 2024) Full year 2025 results: EPS: ฿2.30 (down from ฿3.66 in FY 2024). Revenue: ฿4.83b (up 13% from FY 2024). Net income: ฿206.7m (down 37% from FY 2024). Profit margin: 4.3% (down from 7.7% 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 7% per year whereas the company’s share price has fallen by 11% per year. Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 4.1% to ฿22.90. The fair value is estimated to be ฿28.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 8.8%. Board Change • Feb 13
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Advisor to the Chief Executive Officer & Director Montri Mahaplerkpong was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jan 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ฿22.20. The fair value is estimated to be ฿28.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 8.8%. Announcement • Dec 20
Thantawan Industry Public Company Limited Announces Nomination and Remuneration Committee Appointments, Effective January 1, 2026 Thantawan Industry Public Company Limited appointed Mr. ATH HEMVIJITRAPHAN as Chairman of the Nomination and Remuneration Committee and Mrs. POJANARD PRINYAPATPAKORN as Member of the Nomination and Remuneration Committee. New elections were held for the positions mentioned above. The board's resolution date was December 18, 2025. Both appointments are effective from January 1, 2026. Buy Or Sell Opportunity • Dec 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10.0% to ฿22.50. The fair value is estimated to be ฿28.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 8.8%. Buy Or Sell Opportunity • Nov 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿22.20. The fair value is estimated to be ฿28.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 8.8%. Declared Dividend • Aug 15
First half dividend of ฿0.65 announced Dividend of ฿0.65 is the same as last year. Ex-date: 26th August 2025 Payment date: 12th September 2025 Dividend yield will be 6.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (267% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.67 (vs ฿0.99 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.67 (down from ฿0.99 in 2Q 2024). Revenue: ฿1.24b (up 30% from 2Q 2024). Net income: ฿60.7m (down 32% from 2Q 2024). Profit margin: 4.9% (down from 9.4% 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 11% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.97 (vs ฿1.03 in 1Q 2024) First quarter 2025 results: EPS: ฿0.97 (down from ฿1.03 in 1Q 2024). Revenue: ฿1.29b (up 40% from 1Q 2024). Net income: ฿87.3m (down 5.4% from 1Q 2024). Profit margin: 6.8% (down from 10.0% 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 12% per year whereas the company’s share price has fallen by 16% per year. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Tanai Charinsarn was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 23
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 20 May 2025. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (8.1%). In line with average of industry peers (5.0%). Announcement • Mar 28
Thantawan Industry Public Company Limited Announces Resignation of Thitisak Skulkroo as Director and Chairman of the Risk Management Committee Executive Committee, Effective April 30, 2025 Thantawan Industry Public Company Limited announced the resignation of THITISAK SKULKROO as Director and Chairman of the Risk Management Committee Executive Committee. Effective date was June 1, 2019. Expire date is April 30, 2025. They resigned from position /the company due to Unable to comply with the direction of the company's major shareholders. Declared Dividend • Mar 08
Final dividend of ฿1.00 announced Shareholders will receive a dividend of ฿1.00. Ex-date: 30th April 2025 Payment date: 20th May 2025 Dividend yield will be 5.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (69% 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 increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Thantawan Industry Public Company Limited, Annual General Meeting, Apr 23, 2025 Thantawan Industry Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Announcement • Mar 06
Thantawan Industry Public Company Limited Proposes Cash Dividend Payment for the Operating Period from 01 Jan. 2024 to 31 Dec. 2024, Payable on 20 May 2025 Thantawan Industry Public Company Limited proposed a cash dividend payment of THB 1.00 per share for common shareholder or THB 89,999,686.00 for the operating period from 01 Jan. 2024 to 31 Dec. 2024. The dividend payment must be approved by the 2025 Annual General Meeting of Shareholders and the dividend payment is scheduled for May 20, 2025. Record date for the right to receive dividends is 02 May 2025. Ex-dividend date is 30 Apr. 2025. Payment date is 20 May 2025. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿3.66 (vs ฿3.21 in FY 2023) Full year 2024 results: EPS: ฿3.66 (up from ฿3.21 in FY 2023). Revenue: ฿4.32b (up 27% from FY 2023). Net income: ฿329.0m (up 14% from FY 2023). Profit margin: 7.6% (down from 8.5% in FY 2023). The decrease in margin was driven by higher expenses. 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 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 14
Now 25% overvalued Over the last 90 days, the stock has fallen 2.6% to ฿27.75. The fair value is estimated to be ฿22.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has declined by 12%. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.65 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 12 September 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.2%). Announcement • Aug 17
Thantawan Industry Public Company Limited Announces Interim Dividend for Operating Period from 01 January 2024 to 30 June 2024, Payable on 12 September 2024 Thantawan Industry Public Company Limited announced dividend of THB 0.65 per share for Operating period from 01 January 2024 to 30 June 2024. Record date for the right to receive dividends 29 August 2024. Ex-dividend date is 28 August 2024. Payment date 12 September 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.99 (vs ฿0.68 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.99 (up from ฿0.68 in 2Q 2023). Revenue: ฿976.9m (up 40% from 2Q 2023). Net income: ฿89.5m (up 45% from 2Q 2023). Profit margin: 9.2% (up from 8.8% 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 10% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿1.03 (vs ฿0.77 in 1Q 2023) First quarter 2024 results: EPS: ฿1.03 (up from ฿0.77 in 1Q 2023). Revenue: ฿964.0m (up 5.4% from 1Q 2023). Net income: ฿92.3m (up 33% from 1Q 2023). Profit margin: 9.6% (up from 7.6% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿1.65 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.6%). Declared Dividend • Mar 08
Dividend reduced to ฿1.65 Dividend of ฿1.65 is 5.7% lower than last year. Ex-date: 2nd May 2024 Payment date: 20th May 2024 Dividend yield will be 5.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 07
Thantawan Industry Public Company Limited, Annual General Meeting, Apr 23, 2024 Thantawan Industry Public Company Limited, Annual General Meeting, Apr 23, 2024, at 10:00 SE Asia Standard Time. Location: Krungthep room 2, M floor, Centara Krungthep room 2, M floor, Centara Krungthep room 2, M floor, Centara Bangkok Thailand Agenda: To approve and certify the minutes of the 2023 annual general meeting of shareholders ; to acknowledge the company operating results of the year 2023; to consider and approve the financial statements for the year ended December 31 ,2023to consider and approve the allocation of operating for the year 2023 and dividend payment; and to consider other matters if any. Announcement • Mar 06
Thantawan Industry Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on May 20, 2024 Thantawan Industry Public Company Limited at its board meeting held on March 6, 2024, approved to propose at its AGM to be held on April 23, 2024, the allocation of profit from the operating results for the year 2023 from January 1, 2023 to December 31, 2023 at the rate of THB 1.65 per share totaling THB 148,499,481.90. The dividend payment shall be paid from net profit after the deduction of 20% corporate income tax at the rate of THB 1.15 per share, totaling THB 103,499,638.90 and net profit of operating income promoted by the board of investment are tax exempt at the rate of THB 0.50 per share, totaling THB 44,999,843. The dividend payment is scheduled for May 20, 2024, May 3, 2024 as the record date for determining the right of shareholders in order to receive dividend payment. Ex-dividend date is May 2, 2024. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: ฿3.21 (vs ฿4.03 in FY 2022) Full year 2023 results: EPS: ฿3.21 (down from ฿4.03 in FY 2022). Revenue: ฿3.48b (down 14% from FY 2022). Net income: ฿288.5m (down 21% from FY 2022). Profit margin: 8.3% (down from 8.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% 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 • Feb 16
Thantawan Industry Public Company Limited Announces Termination of Yuwaporn Pumprasert as Assissant Chief Financial Officer, Effective February 16, 2024 Thantawan Industry Public Company Limited announced termination of Miss Yuwaporn Pumprasert as Assissant Chief Financial Officer, effective February 16, 2024. Announcement • Feb 15
Thantawan Industry Public Company Limited Announces CFO Changes, Effective February 16, 2024 Thantawan Industry Public Company Limited announced termination of Mr. Teerachai Siritunyanont as Chief Financial Officer, effective February 16, 2024 and appointed Miss Yuwaporn Pumprasert as Chief Financial Officer, effective February 16, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿1.11 (vs ฿1.19 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.11 (down from ฿1.19 in 3Q 2022). Revenue: ฿905.0m (down 18% from 3Q 2022). Net income: ฿100.0m (down 6.8% from 3Q 2022). Profit margin: 11% (up from 9.8% 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 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Sep 22
Thantawan Industry Public Company Limited Announces Appointment of Miss Yuwaporn Pumprasert as Assissant Chief Financial Officer with Effect from September 26, 2023 Thantawan Industry Public Company Limited announced appointment of Miss Yuwaporn Pumprasert as Assissant Chief Financial Officer with effect from September 26, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.68 (vs ฿1.12 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.68 (down from ฿1.12 in 2Q 2022). Revenue: ฿746.3m (down 29% from 2Q 2022). Net income: ฿61.6m (down 39% from 2Q 2022). Profit margin: 8.3% (down from 9.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Packaging industry in Thailand. 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. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ฿0.77 (vs ฿1.32 in 1Q 2022) First quarter 2023 results: EPS: ฿0.77 (down from ฿1.32 in 1Q 2022). Revenue: ฿921.6m (down 17% from 1Q 2022). Net income: ฿69.4m (down 42% from 1Q 2022). Profit margin: 7.5% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.8% 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 increased by 10% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿1.75 per share at 5.4% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 22 May 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿33.00, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Packaging industry in Thailand. Total returns to shareholders of 81% over the past three years. Price Target Changed • Nov 16
Price target increased to ฿48.00 Up from ฿31.56, the current price target is provided by 1 analyst. New target price is 16% above last closing price of ฿41.25. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿4.91 for next year compared to ฿4.25 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Sasitorn Wongvilai was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: ฿1.19 (vs ฿1.16 in 3Q 2021) Third quarter 2022 results: EPS: ฿1.19 (up from ฿1.16 in 3Q 2021). Revenue: ฿1.12b (up 15% from 3Q 2021). Net income: ฿107.3m (up 2.4% from 3Q 2021). Profit margin: 9.6% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 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 increased by 22% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: ฿1.12 (vs ฿0.69 in 2Q 2021) Second quarter 2022 results: EPS: ฿1.12 (up from ฿0.69 in 2Q 2021). Revenue: ฿1.07b (up 17% from 2Q 2021). Net income: ฿101.0m (up 62% from 2Q 2021). Profit margin: 9.5% (up from 6.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.4%, compared to a 6.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ฿42.00 Up from ฿31.56, the current price target is provided by 1 analyst. New target price is 8.4% above last closing price of ฿38.75. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿4.91 for next year compared to ฿4.25 last year. Board Change • Apr 27
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. 5 experienced directors. 3 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Sasitorn Wongvilai was the last independent director to join the board, commencing their role in 2018. 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 • Apr 21
Upcoming dividend of ฿1.75 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 15
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿4.25 (up from ฿3.87 in FY 2020). Revenue: ฿3.80b (up 19% from FY 2020). Net income: ฿382.8m (up 10% from FY 2020). Profit margin: 10% (in line with FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is expected to shrink by 2.1% compared to a 12% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 21% per year. Price Target Changed • Nov 15
Price target increased to ฿35.75 Up from ฿31.56, the current price target is provided by 1 analyst. New target price is 16% above last closing price of ฿30.75. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of ฿3.69 for next year compared to ฿3.86 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿1.16 (vs ฿1.29 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿980.5m (up 8.8% from 3Q 2020). Net income: ฿104.8m (down 9.6% from 3Q 2020). Profit margin: 11% (down from 13% 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 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿1.02 (vs ฿0.79 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿820.2m (up 9.5% from 1Q 2020). Net income: ฿81.8m (up 15% from 1Q 2020). Profit margin: 10.0% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of ฿1.08 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 24 May 2021. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.8%). Is New 90 Day High Low • Mar 08
New 90-day high: ฿36.25 The company is up 14% from its price of ฿31.75 on 08 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 7.0% over the same period. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿4.35 (vs ฿3.06 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.20b (up 5.6% from FY 2019). Net income: ฿347.8m (up 42% from FY 2019). Profit margin: 11% (up from 8.1% 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 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 6.0%, compared to a 20% growth forecast for the Packaging industry in Thailand. Is New 90 Day High Low • Feb 05
New 90-day high: ฿34.50 The company is up 28% from its price of ฿27.00 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 15% share price gain to ฿32.50, the stock is trading at a trailing P/E ratio of 7.9x, up from the previous P/E ratio of 6.9x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total returns to shareholders over the past three years are 10%. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿1.45 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿905.7m (up 16% from 3Q 2019). Net income: ฿115.9m (up 47% from 3Q 2019). Profit margin: 13% (up from 10% 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 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 09
New 90-day high: ฿27.25 The company is up 3.0% from its price of ฿26.50 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is flat over the same period.