Declared Dividend • Aug 15
First half dividend of ฿0.24 announced Shareholders will receive a dividend of ฿0.24. Ex-date: 26th August 2026 Payment date: 8th September 2026 Dividend yield will be 5.3%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (295% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 6.8% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: ฿0.24 (vs ฿0.27 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.24 (down from ฿0.27 in 2Q 2025). Revenue: ฿594.4m (up 11% from 2Q 2025). Net income: ฿97.6m (down 8.6% from 2Q 2025). Profit margin: 16% (down from 20% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 10.0% growth forecast for the Pharmaceuticals industry in Asia. New Risk • Jun 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 320% Dividend yield: 5.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • May 18
First quarter 2026 earnings: EPS in line with expectations, revenues disappoint First quarter 2026 results: EPS: ฿0.29 (down from ฿0.30 in 1Q 2025). Revenue: ฿633.7m (up 5.8% from 1Q 2025). Net income: ฿114.6m (down 6.0% from 1Q 2025). Profit margin: 18% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Upcoming Dividend • May 01
Upcoming dividend of ฿0.32 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿1.31. Revenue: ฿2.53b (up 14% from FY 2024). Net income: ฿523.1m (up 16% from FY 2024). Profit margin: 21% (in line with FY 2024). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 9.2%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Declared Dividend • Mar 02
Final dividend of ฿0.32 announced Shareholders will receive a dividend of ฿0.32. Ex-date: 8th May 2026 Payment date: 26th May 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.4%. Payout Ratios Payout ratio: 17%. Cash payout ratio: 73%. Announcement • Feb 27
T.Man Pharmaceutical Public Company Limited Proposes Interim Cash Dividend for the Period from January 1, 2025 to December 31, 2025, Payable on May 26, 2026 T.Man Pharmaceutical Public Company Limited proposed to the 2026 Annual General Meeting of Shareholders to acknowledge the interim dividend payment that has already been paid during the year, and it is deemed appropriate to propose to the Annual General Meeting of Shareholders to consider and approve the allocation of profits for the payment of the remaining cash dividend at the rate of THB 0.32 per share, totaling THB 128,001,152 for the Company's ordinary shares of 400,003,600 shares Paid from Operating period from January 1, 2025 to December 31, 2025. Such dividend will be paid from the Company's unallocated net profit, which is the net profit of the business that has paid corporate income tax at the rate of 20%. In this regard, individual shareholders are entitled to tax credits in calculating dividend tax according to Section 47 bis of the Revenue Code. The annual dividend payment for 2025, including both the interim dividend and this dividend, represents 60.78% of the net profit for the year 2025. In this regard, the Board has resolved to set the Record Date for shareholders entitled to receive dividends on 11 May 2026, and the dividend payment date on 26 May 2026. However, the right to receive such dividend is subject to approval from the 2026 Annual General Meeting of Shareholders. Ex-dividend date: May 8, 2026. Announcement • Feb 26
T.Man Pharmaceutical Public Company Limited, Annual General Meeting, Apr 29, 2026 T.Man Pharmaceutical Public Company Limited, Annual General Meeting, Apr 29, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.32 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.28. Revenue: ฿661.4m (up 23% from 3Q 2024). Net income: ฿112.6m (up 8.1% from 3Q 2024). Profit margin: 17% (down from 19% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Pharmaceuticals industry in Asia. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 09 September 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (1.7%). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.30 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.27. Revenue: ฿535.5m (up 2.8% from 2Q 2024). Net income: ฿106.8m (up 8.0% from 2Q 2024). Profit margin: 20% (in line with 2Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.8% growth forecast for the Pharmaceuticals industry in Asia. Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ฿0.30 (down from ฿0.42 in 1Q 2024). Revenue: ฿599.0m (up 1.7% from 1Q 2024). Net income: ฿121.9m (down 13% from 1Q 2024). Profit margin: 20% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Pharmaceuticals industry in Asia. Announcement • May 08
T.Man Pharmaceutical Public Company Limited announces Annual dividend, payable on May 23, 2025 T.Man Pharmaceutical Public Company Limited announced Annual dividend of THB 0.1800 per share payable on May 23, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿1.31. Revenue: ฿2.23b (up 12% from FY 2023). Net income: ฿450.7m (up 4.5% from FY 2023). Profit margin: 20% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Announcement • Feb 26
T.Man Pharmaceutical Public Company Limited, Annual General Meeting, Apr 25, 2025 T.Man Pharmaceutical Public Company Limited, Annual General Meeting, Apr 25, 2025, at 14:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿12.60, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Pharmaceuticals industry in Asia. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.33 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.31. Revenue: ฿535.8m (up 13% from 3Q 2023). Net income: ฿104.2m (up 16% from 3Q 2023). Profit margin: 19% (in line with 3Q 2023). Announcement • Oct 23
T.Man Pharmaceutical Public Company Limited has completed an IPO in the amount of THB 1.6626 billion. T.Man Pharmaceutical Public Company Limited has completed an IPO in the amount of THB 1.6626 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 62,994,100
Price\Range: THB 16.3
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 39,005,900
Price\Range: THB 16.3 Board Change • Oct 23
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. 9 experienced directors. No highly experienced directors. No independent directors (9 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. 
