Reported Earnings • Jul 19
First quarter 2027 earnings released: EPS: ฿0.05 (vs ฿0.044 in 1Q 2026) First quarter 2027 results: EPS: ฿0.05 (up from ฿0.044 in 1Q 2026). Revenue: ฿6.78b (flat on 1Q 2026). Net income: ฿409.7m (up 9.8% from 1Q 2026). Profit margin: 6.0% (up from 5.5% in 1Q 2026). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 14
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 14 August 2026. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.4%). New Risk • May 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 17% per year over the past 5 years. Reported Earnings • May 05
Full year 2026 earnings released: EPS: ฿0.23 (vs ฿0.04 in FY 2025) Full year 2026 results: EPS: ฿0.23 (up from ฿0.04 in FY 2025). Revenue: ฿26.4b (up 5.6% from FY 2025). Net income: ฿1.90b (up 470% from FY 2025). Profit margin: 7.2% (up from 1.3% in FY 2025). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • May 01
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 29
Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 17, 2026 Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 17, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Jan 20
Third quarter 2026 earnings released: EPS: ฿0.06 (vs ฿0.03 in 3Q 2025) Third quarter 2026 results: EPS: ฿0.06 (up from ฿0.03 in 3Q 2025). Revenue: ฿5.78b (up 1.9% from 3Q 2025). Net income: ฿496.7m (up 100% from 3Q 2025). Profit margin: 8.6% (up from 4.4% in 3Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jan 19
Tata Steel (Thailand) Public Company Limited Approves Board Changes Tata Steel (Thailand) Public Company Limited at its meeting held on January 19, 2026 approved the appointment of Mr. Anurag Pandey as a Director, Member of the Executive Committee, and Member of the CSR & Sustainability Committee, effective from February 1, 2026. Mr. Anurag Pandey was appointed to replace Mr. Tarun Kumar Daga who will step down from the Board of Directors due to retirement, effective February 1, 2026. Reported Earnings • Oct 19
Second quarter 2026 earnings released: EPS: ฿0.10 (vs ฿0.02 loss in 2Q 2025) Second quarter 2026 results: EPS: ฿0.10 (up from ฿0.02 loss in 2Q 2025). Revenue: ฿7.38b (up 25% from 2Q 2025). Net income: ฿857.0m (up ฿1.02b from 2Q 2025). Profit margin: 12% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Jul 18
First quarter 2026 earnings released: EPS: ฿0.04 (vs ฿0.011 in 1Q 2025) First quarter 2026 results: EPS: ฿0.04 (up from ฿0.011 in 1Q 2025). Revenue: ฿6.84b (flat on 1Q 2025). Net income: ฿373.1m (up 316% from 1Q 2025). Profit margin: 5.5% (up from 1.3% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: ฿0.04 (vs ฿0.011 in FY 2024) Full year 2025 results: EPS: ฿0.04 (up from ฿0.011 in FY 2024). Revenue: ฿25.0b (up 1.2% from FY 2024). Net income: ฿332.8m (up 246% from FY 2024). Profit margin: 1.3% (up from 0.4% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Apr 19
Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 17, 2025 Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 17, 2025, at 09:00 SE Asia Standard Time. New Risk • Mar 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 8.5% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 53x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jan 18
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.011 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (up from ฿0.011 loss in 3Q 2024). Revenue: ฿5.68b (up 3.3% from 3Q 2024). Net income: ฿249.0m (up ฿344.6m from 3Q 2024). Profit margin: 4.4% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Jan 17
Tata Steel (Thailand) Public Company Limited Announces Director and Committee Changes Tata Steel (Thailand) Public Company Limited in its meeting held on January 17, 2025, and with the agreement of the Corporate Governance, Nomination and Remuneration Committee, has passed the following resolution; The meeting appointed Mr. Sandeep Bhattacharya as a Director and Member of the Executive Committee. Mr. Sandeep Bhattacharya replaces Mr. Sanjib Nanda on the Board and the Executive Committee. Mr. Sanjib Nanda had stepped down from the Board of Directors with effect from September 11, 2024 in view of his superannuation from the parent company in line with Tata Group Governance guidelines. The appointment of Mr. Sandeep Bhattacharya is effective from January 17, 2025 onwards. Board Change • Nov 30
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. 4 non-independent directors. Independent Director Thaevan Uthaivath was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.8% 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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 45x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Announcement • Sep 12
Sanjib Nanda to Step Down as A Non-Executive Director and Member of the Executive Committee of Tata Steel (Thailand) Public Company Limited Tata Steel (Thailand) Public Company Limited has received a letter from Mr. Sanjib Nanda proposing to step down as a Non-Executive Director and Member of the Executive Committee of the Company on his superannuation from the parent company in line with Tata Group Governance guidelines. The resignation is effective from September 11, 2024. The Company will conduct the nomination process and appointment of a qualified Director as a
replacement of the Director who has stepped down. Reported Earnings • Jul 20
First quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.006 in 1Q 2024) First quarter 2025 results: EPS: ฿0.01 (up from ฿0.006 in 1Q 2024). Revenue: ฿6.83b (up 10% from 1Q 2024). Net income: ฿89.7m (up 82% from 1Q 2024). Profit margin: 1.3% (up from 0.8% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Jul 19
Tata Steel (Thailand) Public Company Limited Approves Omission of Dividend Payment for the Year Ended March 31, 2024 Tata Steel (Thailand) Public Company Limited at its AGM held on July 18, 2024, approved the omission of dividend payment for the year ended March 31, 2024. Announcement • Jun 19
Tata Steel (Thailand) Public Company Limited Announces Appointment of Directors and Reconstitution of Committees The Board of Directors, with the agreement of Corporate Governance, Nomination and Remuneration Committee, of Tata Steel (Thailand) Public Company Limited in its meeting held on June 19, 2024, has passed the following resolutions: Appointment of Mr. Taratorn Premsoontorn as an Independent Director, appointment of Mr. Jayanta Chakraborty, Chief Financial Officer of Tata Steel (Thailand) Public Company Limited as a Director of the Company. Consequently, the Audit and Risk Review Committee and the Corporate Governance, Nomination & Remuneration Committee have been reconstituted as under: The Audit and Risk review Committee: Ms. Anuttara Panpothong, Independent Director - Chairperson. Mr. Thaevan Uthaivath, Independent Director – Member. Mr. Taratorn Premsoontorn, Independent Director - Member. The Corporate Governance, Nomination & Remuneration Committee: Mr. Taratorn Premsoontorn, Independent Director – Chaiman. Ms. Anuttara Panpothong, Independent Director – Member. Mr. Ashish Anupam, Director – Member. Announcement • Apr 23
Tata Steel (Thailand) Public Company Limited Announces Step Down of Alan Kam as an Independent Director, the Chairman of the Audit & Risk Review Committee and A Member of the Corporate Governance, Nomination & Remuneration Committee, Effective June 3, 2024 Tata Steel (Thailand) Public Company Limited has received a letter from Mr. Alan Kam proposing to step down as an independent director, the chairman of the Audit & Risk Review Committee and a Member of the Corporate Governance, Nomination & remuneration committee of the company due to his other commitments. The resignation is effective from June 3, 2024. New Risk • Apr 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 152% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 45x earnings per share). Share price has been volatile over the past 3 months (6.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Announcement • Apr 20
Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 18, 2024 Tata Steel (Thailand) Public Company Limited, Annual General Meeting, Jul 18, 2024, at 02:00 Coordinated Universal Time. Agenda: To consider and adopt the minutes of the 22nd Annual General Meeting of the Shareholders; to acknowledge the report on the Company's operational results for the financial year 2023-24; to consider and approve the Financial Statements for the financial year 2023-24; to consider and approve the appropriation of profits and omission of dividend payment for the financial year 2023-24; to consider and approve the re-election of directors who retire by rotation; to consider and approve the remuneration of directors for the financial year 2024-25; to consider and appoint the auditors and fix the audit fee for the financial year 2024-25; and to consider other business (if any). Announcement • Apr 19
Tata Steel (Thailand) Public Company Limited Proposes Omit the Dividend Payment for the Year 2023-24 Tata Steel (Thailand) Public Company Limited announced that at its board meeting held on April 18, 2024, the board proposed omit the dividend payment for the year 2023-24 (April 1, 2023- March 31, 2024). Reported Earnings • Apr 18
Full year 2024 earnings released: EPS: ฿0.01 (vs ฿0.081 in FY 2023) Full year 2024 results: EPS: ฿0.01 (down from ฿0.081 in FY 2023). Revenue: ฿24.7b (down 20% from FY 2023). Net income: ฿96.2m (down 86% from FY 2023). Profit margin: 0.4% (down from 2.2% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Mar 20
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 Dividend is not well covered by earnings and cash flows. Dividend per share is over 45x earnings per share. Cash payout ratio: 201% Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.02% net profit margin). Reported Earnings • Jan 16
Third quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.01 loss in 3Q 2023) Third quarter 2024 results: ฿0.01 loss per share (in line with 3Q 2023). Revenue: ฿5.49b (down 21% from 3Q 2023). Net loss: ฿95.6m (loss widened 11% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Oct 18
Second quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.009 profit in 2Q 2023) Second quarter 2024 results: ฿0.01 loss per share (down from ฿0.009 profit in 2Q 2023). Revenue: ฿6.08b (down 20% from 2Q 2023). Net loss: ฿57.5m (down 173% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. New Risk • Jul 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (150% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Jul 19
First quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.069 in 1Q 2023) First quarter 2024 results: EPS: ฿0.01 (down from ฿0.069 in 1Q 2023). Revenue: ฿6.20b (down 29% from 1Q 2023). Net income: ฿49.3m (down 92% from 1Q 2023). Profit margin: 0.8% (down from 6.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 15
Upcoming dividend of ฿0.03 per share at 2.9% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 17 August 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (5.8%). Reported Earnings • Apr 21
Full year 2023 earnings released: EPS: ฿0.08 (vs ฿0.31 in FY 2022) Full year 2023 results: EPS: ฿0.08 (down from ฿0.31 in FY 2022). Revenue: ฿30.7b (down 5.8% from FY 2022). Net income: ฿685.9m (down 74% from FY 2022). Profit margin: 2.2% (down from 8.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 45% per year. Reported Earnings • Jan 20
Third quarter 2023 earnings released: ฿0.01 loss per share (vs ฿0.07 profit in 3Q 2022) Third quarter 2023 results: ฿0.01 loss per share (down from ฿0.07 profit in 3Q 2022). Revenue: ฿6.91b (down 15% from 3Q 2022). Net loss: ฿86.2m (down 115% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 3 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Anuttara Panpothong 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 • Oct 21
Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.11 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.01 (down from ฿0.11 in 2Q 2022). Revenue: ฿7.63b (down 3.4% from 2Q 2022). Net income: ฿79.2m (down 91% from 2Q 2022). Profit margin: 1.0% (down from 12% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 22
First quarter 2023 earnings released: EPS: ฿0.069 (vs ฿0.10 in 1Q 2022) First quarter 2023 results: EPS: ฿0.069 (down from ฿0.10 in 1Q 2022). Revenue: ฿8.73b (up 11% from 1Q 2022). Net income: ฿583.4m (down 31% from 1Q 2022). Profit margin: 6.7% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 19 August 2022. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (7.0%). 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. 3 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Anuttara Panpothong 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. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿1.36, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 81% over the past three years. Reported Earnings • Jan 21
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.07 (up from ฿0.004 in 3Q 2021). Revenue: ฿8.10b (up 50% from 3Q 2021). Net income: ฿586.2m (up ฿549.1m from 3Q 2021). Profit margin: 7.2% (up from 0.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 70%. Over the last 3 years on average, earnings per share has increased by 130% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 20
Second quarter 2022 earnings released: EPS ฿0.11 (vs ฿0.02 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ฿7.89b (up 62% from 2Q 2021). Net income: ฿922.0m (up ฿788.9m from 2Q 2021). Profit margin: 12% (up from 2.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Executive Departure • Sep 04
Director Ranganath Rao has left the company On the 27th of August, Ranganath Rao's tenure as Director ended after 5.3 years in the role. We don't have any record of a personal shareholding under Ranganath's name. Ranganath is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.58 years. Reported Earnings • Jul 23
First quarter 2022 earnings released: EPS ฿0.10 (vs ฿0.01 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ฿7.89b (up 72% from 1Q 2021). Net income: ฿847.2m (up ฿792.7m from 1Q 2021). Profit margin: 11% (up from 1.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿1.57, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 10x in the Metals and Mining industry in Thailand. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿1.88, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 17x in the Metals and Mining industry in Thailand. Total returns to shareholders of 132% over the past three years. Reported Earnings • Apr 25
Full year 2021 earnings released: EPS ฿0.075 (vs ฿0.006 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ฿22.0b (up 9.4% from FY 2020). Net income: ฿630.5m (up ฿582.7m from FY 2020). Profit margin: 2.9% (up from 0.2% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 35% share price gain to ฿1.35, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 18x in the Metals and Mining industry in Thailand. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.03, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 17x in the Metals and Mining industry in Thailand. Total returns to shareholders of 34% over the past three years. Is New 90 Day High Low • Mar 04
New 90-day high: ฿0.79 The company is up 88% from its price of ฿0.42 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. Reported Earnings • Jan 20
Third quarter 2021 earnings released: EPS ฿0.004 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿5.41b (up 21% from 3Q 2020). Net income: ฿37.1m (up ฿100.4m from 3Q 2020). Profit margin: 0.7% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 14
New 90-day high: ฿0.52 The company is up 33% from its price of ฿0.39 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: ฿0.41 The company is up 21% from its price of ฿0.34 on 26 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 Metals and Mining industry, which is up 8.0% over the same period. 
