New Risk • Mar 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risks High level of debt (43% net debt to equity). Dividend is not well covered by earnings (282% payout ratio). Market cap is less than US$100m (฿510.6m market cap, or US$16.0m). New Risk • Mar 04
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 6.2% 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 Earnings have declined by 42% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿510.6m market cap, or US$16.2m). Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.10 loss per share (vs ฿0.027 loss in FY 2024) Full year 2025 results: ฿0.10 loss per share (further deteriorated from ฿0.027 loss in FY 2024). Revenue: ฿1.11b (down 12% from FY 2024). Net loss: ฿128.0m (loss widened 280% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.021 loss per share (vs ฿0.002 loss in 2Q 2024) Second quarter 2025 results: ฿0.021 loss per share (further deteriorated from ฿0.002 loss in 2Q 2024). Revenue: ฿264.6m (down 22% from 2Q 2024). Net loss: ฿26.6m (loss widened ฿23.5m from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.022 loss per share (vs ฿0.005 loss in 1Q 2024) First quarter 2025 results: ฿0.022 loss per share (further deteriorated from ฿0.005 loss in 1Q 2024). Revenue: ฿288.6m (down 17% from 1Q 2024). Net loss: ฿27.3m (loss widened 374% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2024 earnings released: ฿0.027 loss per share (vs ฿0.13 profit in FY 2023) Full year 2024 results: ฿0.027 loss per share (down from ฿0.13 profit in FY 2023). Revenue: ฿1.27b (down 46% from FY 2023). Net loss: ฿33.7m (down 121% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Board Change • Feb 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Kobsak Pongponrat was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
N.C. Housing Public Company Limited Announces Demise of Piboon Limpraphat, Independent Director / Chairman of the Audit Committee / Chairman of the Nomination, Remuneration, and Cg Committee N.C. Housing Public Company Limited announced that Mr. Piboon Limpraphat, Ph.D. Independent Director /Chairman of the Audit Committee /Chairman of the Nomination, Remuneration, and CG Committee has passed away since February 10, 2025. The Board of Directors is in process of recruiting new eligible directors to replace the vacant director position and will disclose information to the Stock Exchange of Thailand and investors thereafter. Announcement • Dec 26
N.C. Housing Public Company Limited Announces Executive Changes N.C. Housing Public Company Limited has announced Changing of Chief Accountant. Miss Sumanee Boonsarana, who held the position of Vice President, Accounting Department, will terminate her role as Position of Chief Accountant effective December 31, 2024. Mr. Todsaporn Kamsang will be appointed as the Position of Chief Accountant (Accounting Manager) effective January 1, 2025. Reported Earnings • Aug 17
Second quarter 2024 earnings released: ฿0.002 loss per share (vs ฿0.046 profit in 2Q 2023) Second quarter 2024 results: ฿0.002 loss per share (down from ฿0.046 profit in 2Q 2023). Revenue: ฿337.7m (down 50% from 2Q 2023). Net loss: ฿3.10m (down 106% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 17% per year. Buy Or Sell Opportunity • Aug 08
Now 20% overvalued Over the last 90 days, the stock has fallen 26% to ฿0.74. The fair value is estimated to be ฿0.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.5%. Reported Earnings • May 16
First quarter 2024 earnings released: ฿0.005 loss per share (vs ฿0.051 profit in 1Q 2023) First quarter 2024 results: ฿0.005 loss per share (down from ฿0.051 profit in 1Q 2023). Revenue: ฿347.3m (down 48% from 1Q 2023). Net loss: ฿5.77m (down 109% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Apr 27
N.C. Housing Public Company Limited Approves Profit Distribution for the Year 2023, Payable on May 20, 2024 N.C. Housing Public Company Limited announced at the Annual General Meeting, held on April 25, 2024, approved the allocation of profit from the operational results of 2023 as a legal reserve of THB 9,000,000 and pay dividend for the fiscal year ending 2023 to be THB 0.05 per share. The dividend payments be pay to the shareholders whose names are appeared in the share register book on March 11, 2024 (Record Date). The dividend will be paid on May 20, 2024. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 08 March 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 11%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.3%). Declared Dividend • Feb 26
Dividend reduced to ฿0.05 Dividend of ฿0.05 is 55% lower than last year. Ex-date: 8th March 2024 Payment date: 20th May 2024 Dividend yield will be 4.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (67% 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 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: ฿0.13 (vs ฿0.28 in FY 2022) Full year 2023 results: EPS: ฿0.13 (down from ฿0.28 in FY 2022). Revenue: ฿2.37b (down 11% from FY 2022). Net income: ฿162.1m (down 54% from FY 2022). Profit margin: 6.8% (down from 13% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Nov 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.0% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (8.0% net profit margin). Market cap is less than US$100m (฿1.32b market cap, or US$37.6m). Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ฿0.008 (vs ฿0.062 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.008 (down from ฿0.062 in 3Q 2022). Revenue: ฿492.4m (down 21% from 3Q 2022). Net income: ฿10.4m (down 86% from 3Q 2022). Profit margin: 2.1% (down from 12% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.38b market cap, or US$39.1m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.046 (vs ฿0.089 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.046 (down from ฿0.089 in 2Q 2022). Revenue: ฿676.8m (up 3.2% from 2Q 2022). Net income: ฿56.8m (down 49% from 2Q 2022). Profit margin: 8.4% (down from 17% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Jul 25
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 Kobsak Pongponrat was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.37, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 14x in the Real Estate industry in Thailand. Total returns to shareholders of 312% over the past three years. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.11 per share at 5.0% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (3.8%). Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.062 (vs ฿0.031 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.062 (up from ฿0.031 in 3Q 2021). Revenue: ฿623.7m (up 27% from 3Q 2021). Net income: ฿77.0m (up 96% from 3Q 2021). Profit margin: 12% (up from 8.0% in 3Q 2021). The increase in margin was driven by higher revenue. 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 27% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Vikrom Sriprataks was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.56, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 67% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.089 (vs ฿0.042 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.089 (up from ฿0.042 in 2Q 2021). Revenue: ฿655.9m (up 27% from 2Q 2021). Net income: ฿110.3m (up 112% from 2Q 2021). Profit margin: 17% (up from 10.0% 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 63% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿1.53, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 64% over the past three years. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Vikrom Sriprataks was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Vikrom Sriprataks was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 18% share price gain to ฿2.14, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 15x in the Real Estate industry in Thailand. Total returns to shareholders of 144% over the past three years. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 17 March 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.20 (up from ฿0.093 in FY 2020). Revenue: ฿2.54b (up 42% from FY 2020). Net income: ฿251.9m (up 119% from FY 2020). Profit margin: 9.9% (up from 6.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
N.C. Housing Public Company Limited, Annual General Meeting, Apr 27, 2022 N.C. Housing Public Company Limited, Annual General Meeting, Apr 27, 2022. Agenda: To approve paying the dividend in cash of THB 0.080 per share, total amount 1.25 million share in total amount THB 99.62 million and paid the dividend on May 17, 2022. Announcement • Feb 24
N.C. Housing Public Company Limited Announces Dividend for the Fiscal Year Ended 2021, Payable on May 17, 2022 N.C. Housing Public Company Limited announced dividend for the fiscal year ended 2021 to be THB 0.080 per share. The shareholders' names who will have the right to attend the 2022 AGM (Record Date) and to receive the dividend on March 10, 2022 and the dividend will be made payable on May 17, 2022. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 18% share price gain to ฿2.00, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 14x in the Real Estate industry in Thailand. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 24% share price gain to ฿1.80, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Real Estate industry in Thailand. Total returns to shareholders of 113% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to ฿1.37, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 16% share price gain to ฿1.61, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 14x in the Real Estate industry in Thailand. Total returns to shareholders of 73% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.065 (vs ฿0.007 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿902.4m (up 171% from 1Q 2020). Net income: ฿80.4m (up ฿72.1m from 1Q 2020). Profit margin: 8.9% (up from 2.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 21% share price gain to ฿1.23, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 14x in the Real Estate industry in Thailand. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Mar 05
Upcoming Dividend of ฿0.04 Per Share Will be paid on the 17th of May to those who are registered shareholders by the 12th of March. The trailing yield of 4.1% is below the top quartile of Thai dividend payers (5.7%), but is in line with industry peers (3.9%). Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.093 (vs ฿0.017 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.79b (up 43% from FY 2019). Net income: ฿115.3m (up 430% from FY 2019). Profit margin: 6.4% (up from 1.7% 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 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Feb 25
N.C. Housing Public Company Limited, Annual General Meeting, Apr 23, 2021 N.C. Housing Public Company Limited, Annual General Meeting, Apr 23, 2021, at 14:30 SE Asia Standard Time. Location: Magic 3 room,Miracle Grand Convention Hotel No.99 Vibhavadi-Rangsit Road, Kwaeng Laksi, Khet Donmuang Bangkok Thailand Agenda: To consider adoption of the minutes of the Extraordinary General Meeting of Shareholders No.1/2021; to consider acknowledgement of the Company's operating results for the fiscal year 2020; and to consider other matters. Is New 90 Day High Low • Feb 25
New 90-day high: ฿1.09 The company is up 36% from its price of ฿0.80 on 27 November 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. 
