AP (Thailand) Future Growth

Future criteria checks 1/6

AP (Thailand) is forecast to grow earnings and revenue by 7.2% and 3.9% per annum respectively. EPS is expected to grow by 7.1% per annum. Return on equity is forecast to be 12% in 3 years.

Key information

7.2%

Earnings growth rate

7.1%

EPS growth rate

Real Estate earnings growth	6.6%
Revenue growth rate	3.9%
Future return on equity	12.0%
Analyst coverage	Good
Last updated	15 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

SET:AP - Analysts future estimates and past financials data (THB Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	41,012	5,969	4,336	4,267	9
12/31/2025	39,443	5,662	5,027	3,798	12
12/31/2024	37,848	5,220	5,033	2,169	11
9/30/2024	37,492	5,062	939	995	N/A
6/30/2024	37,379	5,309	-3,719	-3,653	N/A
3/31/2024	36,900	5,584	-8,047	-7,968	N/A
12/31/2023	38,373	6,054	-10,918	-10,836	N/A
9/30/2023	37,774	5,874	-12,566	-12,483	N/A
6/30/2023	36,788	5,596	-12,129	-12,039	N/A
3/31/2023	37,281	5,626	-8,305	-8,186	N/A
12/31/2022	38,697	5,877	-2,035	-1,904	N/A
9/30/2022	37,348	5,717	-741	-582	N/A
6/30/2022	35,414	5,329	1,957	2,121	N/A
3/31/2022	33,596	4,870	2,746	2,881	N/A
12/31/2021	31,964	4,543	1,911	2,031	N/A
9/30/2021	32,012	4,491	5,716	5,809	N/A
6/30/2021	34,017	4,910	8,144	8,230	N/A
3/31/2021	33,763	5,011	9,433	9,526	N/A
12/31/2020	29,949	4,227	7,233	7,345	N/A
9/30/2020	27,786	4,166	3,042	3,196	N/A
6/30/2020	24,526	3,335	-2,909	-2,730	N/A
3/31/2020	21,493	2,608	-9,661	-9,412	N/A
12/31/2019	23,881	3,068	-10,096	-9,810	N/A
9/30/2019	27,024	3,163	-6,663	-6,347	N/A
6/30/2019	27,901	3,472	-4,662	-4,333	N/A
3/31/2019	29,598	4,174	-2,053	-1,777	N/A
12/31/2018	27,320	3,963	-3,146	-2,931	N/A
9/30/2018	27,047	4,344	-5,458	-5,314	N/A
6/30/2018	25,231	4,053	N/A	-6,736	N/A
3/31/2018	23,567	3,475	N/A	-6,223	N/A
12/31/2017	22,257	3,157	N/A	-6,392	N/A
9/30/2017	21,219	3,064	N/A	-3,158	N/A
6/30/2017	20,724	2,883	N/A	-1,576	N/A
3/31/2017	20,365	2,796	N/A	-406	N/A
12/31/2016	20,336	2,703	N/A	-397	N/A
9/30/2016	19,085	2,113	N/A	-1,287	N/A
6/30/2016	20,133	2,402	N/A	-1,067	N/A
3/31/2016	21,147	2,519	N/A	-255	N/A
12/31/2015	22,203	2,623	N/A	-468	N/A
9/30/2015	22,305	2,556	N/A	-2,162	N/A
6/30/2015	24,428	2,846	N/A	-322	N/A
3/31/2015	24,899	2,915	N/A	-159	N/A
12/31/2014	23,197	2,615	N/A	956	N/A
9/30/2014	25,545	2,940	N/A	3,499	N/A
6/30/2014	22,356	2,310	N/A	181	N/A
3/31/2014	20,719	2,050	N/A	-1,874	N/A
12/31/2013	20,047	2,013	N/A	-2,669	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AP's forecast earnings growth (7.2% per year) is above the savings rate (2%).

Earnings vs Market: AP's earnings (7.2% per year) are forecast to grow slower than the TH market (16.8% per year).

High Growth Earnings: AP's earnings are forecast to grow, but not significantly.

Revenue vs Market: AP's revenue (3.9% per year) is forecast to grow slower than the TH market (6.6% per year).

High Growth Revenue: AP's revenue (3.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AP's Return on Equity is forecast to be low in 3 years time (12%).

AP (Thailand) Future Growth

Future criteria checks 1/6

Key information

Recent future growth updates

Price target decreased by 7.0% to ฿11.66

Price target increased to ฿12.12

Price target increased to ฿12.11

Analysts increase revenue estimates to ฿24.7b

Recent updates

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

Now 21% undervalued

Price target decreased by 7.0% to ฿11.66

Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat

Now 21% undervalued after recent price drop

New major risk - Earnings quality

First quarter 2024 earnings released: EPS: ฿0.32 (vs ฿0.47 in 1Q 2023)

AP (Thailand) Public Company Limited Approves the Dividend for the Year 2023, Payable on May 23, 2024

Dividend increased to ฿0.70

Full year 2023 earnings: EPS and revenues miss analyst expectations

AP (Thailand) Public Company Limited Proposes Dividend for the Year 2023, Payable on May 23, 2024

Now 21% undervalued after recent price drop

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations

AP (Thailand) Public Company Limited Announces Changing of Deputy Chief Financial Officer

First quarter 2023 earnings released: EPS: ฿0 (vs ฿0.55 in 1Q 2022)

Upcoming dividend of ฿0.65 per share at 5.2% yield

Full year 2022 earnings: EPS exceeds analyst expectations

Premium Residence Co., Ltd. agreed to acquire 99.99% stake in AP ME 20 Co., Ltd from AP (Thailand) Public Company Limited (SET:AP) for approximately THB 7 million.

Third quarter 2022 earnings: EPS exceeds analyst expectations

AP (Thailand) plc announces Board Appointments to Subsidiary Companies

AP (Thailand) Plc. Announces Board Appointments to Subsidiary Companies

Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations

First quarter 2022 earnings: EPS and revenues exceed analyst expectations

Upcoming dividend of ฿0.50 per share

Price target increased to ฿12.12

Price target increased to ฿12.11

AP (Thailand) Public Company Limited, Annual General Meeting, Apr 28, 2022

Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind

Third quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.46 in 3Q 2020)

Second quarter 2021 earnings released: EPS ฿0.35 (vs ฿0.39 in 2Q 2020)

First quarter 2021 earnings released: EPS ฿0.45 (vs ฿0.20 in 1Q 2020)

Upcoming dividend of ฿0.45 per share

AP (Thailand) Public Company Limited Approves Dividend, Payable on May 27, 2021

New 90-day high: ฿8.20

Full year 2020 earnings released: EPS ฿1.34 (vs ฿0.97 in FY 2019)

Revenue and earnings beat expectations

AP (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2021

AP (Thailand) Public Company Limited Announces Dissolution of Subsidiary

Third quarter 2020 earnings released: EPS ฿0.46

Revenue and earnings beat expectations

New 90-day high: ฿6.55

Analysts increase revenue estimates to ฿24.7b

Earnings released

New 90-day high - ฿6.45

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

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