Amarin Printing and Publishing (SET:AMARIN) - Share price, News & Analysis

Q: What is the Fair Price of AMARIN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

AMARIN (THB5.85) is trading below our estimate of [[fair value]] (THB12.86)

AMARIN fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	3/6

AMARIN Stock Overview

Amarin Printing and Publishing Public Company Limited, together with its subsidiaries, engages in the publishing, advertising, and publications distribution businesses in Thailand.

Rewards

Trading at 54.5% below our estimate of its fair value

Earnings have grown 64.5% per year over the past 5 years

Risk Analysis

Unstable dividend track record

Amarin Printing and Publishing Competitors

Tong Hua Holding

SET:TH

฿6.0b

AddTech Hub

SET:ADD

฿4.2b

Matichon

SET:MATI

฿1.7b

Glory Forever

SET:GLORY

฿1.0b

Price History & Performance

Summary of all time highs, changes and price drops for Amarin Printing and Publishing
Historical stock prices
Current Share Price	฿5.85
52 Week High	฿7.75
52 Week Low	฿4.60
Beta	0.44
1 Month Change	-3.31%
3 Month Change	-1.68%
1 Year Change	-15.22%
3 Year Change	15.84%
5 Year Change	2.63%
Change since IPO	-75.44%

Shareholder Returns

	AMARIN	TH Media	TH Market
7D	-0.8%	-1.2%	1.7%
1Y	-15.2%	-2.8%	1.1%

Return vs Industry: AMARIN underperformed the TH Media industry which returned -0.8% over the past year.

Return vs Market: AMARIN underperformed the TH Market which returned 1.4% over the past year.

Price Volatility

Is AMARIN's price volatile compared to industry and market?
AMARIN volatility
AMARIN Average Weekly Movement	5.4%
Media Industry Average Movement	6.3%
Market Average Movement	5.1%
10% most volatile stocks in TH Market	10.5%
10% least volatile stocks in TH Market	2.5%

Stable Share Price: AMARIN is not significantly more volatile than the rest of TH stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: AMARIN's weekly volatility (5%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1976	n/a	Rarin Punjarungroj	https://www.amarin.co.th

Amarin Printing and Publishing Public Company Limited, together with its subsidiaries, engages in the publishing, advertising, and publications distribution businesses in Thailand. It offers a range of printing services, such as artwork creative design, photography, and image retouching, as well as digital and packaging printing service. The company also conceptualizes, compiles, designs, publishes, and delivers offline content, including books, magazines/newsletters, cards/leaflets/brochures/posters, annual reports, anniversary books, pocket books, and gifts; online content, including e-books, video clips, websites, and applications, as well as augmented reality and social network content; and visual content comprising infographics, illustrations, picture, and photography content.

Amarin Printing and Publishing Fundamentals Summary

How do Amarin Printing and Publishing's earnings and revenue compare to its market cap?
AMARIN fundamental statistics
Market Cap	฿5.84b
Earnings (TTM)	฿320.22m
Revenue (TTM)	฿3.07b

18.2x

P/E Ratio

1.9x

P/S Ratio

Is AMARIN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
AMARIN income statement (TTM)
Revenue	฿3.07b
Cost of Revenue	฿2.00b
Gross Profit	฿1.07b
Other Expenses	฿749.70m
Earnings	฿320.22m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.32
Gross Margin	34.83%
Net Profit Margin	10.42%
Debt/Equity Ratio	0%

How did AMARIN perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

59%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is AMARIN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AMARIN?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for AMARIN. This is calculated by dividing AMARIN's market cap by their current preferred multiple.
What is AMARIN's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	฿5.84b

AMARIN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.7x
Enterprise Value/EBITDA	9.3x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does AMARIN's PE Ratio compare to its peers?

AMARIN PE Ratio vs Peers

The above table shows the PE ratio for AMARIN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	40.9x
TH Tong Hua Holding	45.6x	n/a	฿6.0b
ADD AddTech Hub	45x	27.4%	฿4.2b
MATI Matichon	7.5x	n/a	฿1.7b
GLORY Glory Forever	65.5x	n/a	฿1.0b
AMARIN Amarin Printing and Publishing	18.2x	n/a	฿5.8b

Forward PE

Price-To-Earnings vs Peers: AMARIN is good value based on its Price-To-Earnings Ratio (18.2x) compared to the peer average (40.9x).

Price to Earnings Ratio vs Industry

How does AMARIN's PE Ratio compare vs other companies in the Asian Media Industry?

Price-To-Earnings vs Industry: AMARIN is good value based on its Price-To-Earnings Ratio (18.2x) compared to the TH Media industry average (35.7x)

Price to Earnings Ratio vs Fair Ratio

What is AMARIN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AMARIN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	18.2x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate AMARIN's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of AMARIN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AMARIN (THB5.85) is trading below our estimate of fair value (THB12.86)

Significantly Below Fair Value: AMARIN is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate AMARIN's PEG Ratio to determine if it is good value.

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Future Growth

How is Amarin Printing and Publishing forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

48.8%

Forecasted Media industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Amarin Printing and Publishing has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Amarin Printing and Publishing is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Amarin Printing and Publishing performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

64.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AMARIN has high quality earnings.

Growing Profit Margin: AMARIN's current net profit margins (10.4%) are lower than last year (10.7%).

Past Earnings Growth Analysis

Earnings Trend: AMARIN has become profitable over the past 5 years, growing earnings by 64.5% per year.

Accelerating Growth: AMARIN's earnings growth over the past year (8.3%) is below its 5-year average (64.5% per year).

Earnings vs Industry: AMARIN earnings growth over the past year (8.3%) underperformed the Media industry 13.4%.

Return on Equity

High ROE: AMARIN's Return on Equity (7.1%) is considered low.

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Financial Health

How is Amarin Printing and Publishing's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: AMARIN's short term assets (THB1.8B) exceed its short term liabilities (THB1.0B).

Long Term Liabilities: AMARIN's short term assets (THB1.8B) exceed its long term liabilities (THB318.5M).

Debt to Equity History and Analysis

Debt Level: AMARIN is debt free.

Reducing Debt: AMARIN has no debt compared to 5 years ago when its debt to equity ratio was 112.8%.

Debt Coverage: AMARIN has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: AMARIN has no debt, therefore coverage of interest payments is not a concern.

Balance Sheet

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Dividend

What is Amarin Printing and Publishing current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.25%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AMARIN's dividend (3.25%) is higher than the bottom 25% of dividend payers in the TH market (1.74%).

High Dividend: AMARIN's dividend (3.25%) is low compared to the top 25% of dividend payers in the TH market (5.34%).

Stability and Growth of Payments

Stable Dividend: AMARIN's dividend payments have been volatile in the past 10 years.

Growing Dividend: AMARIN's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (59.2%), AMARIN's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (35%), AMARIN's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

2.2yrs

Average management tenure

CEO

Rarin Punjarungroj (44 yo)

0.25

Tenure

Ms. Rarin Utakapan Punjarungroj serves as Group Chief Executive Officer and Executive Director at Amarin Printing and Publishing Public Company Limited and has been its Managing Director since January 15,...

Leadership Team

Experienced Management: AMARIN's management team is considered experienced (2.2 years average tenure).

Board Members

Experienced Board: AMARIN's board of directors are considered experienced (5.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31