Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.8%). Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.15 (vs ฿0.094 in FY 2024) Full year 2025 results: EPS: ฿0.15 (up from ฿0.094 in FY 2024). Revenue: ฿2.11b (up 55% from FY 2024). Net income: ฿226.3m (up 61% from FY 2024). Profit margin: 11% (in line with FY 2024). Declared Dividend • Feb 23
Dividend of ฿0.02 announced Dividend of ฿0.02 is the same as last year. Ex-date: 5th May 2026 Payment date: 22nd May 2026 Dividend yield will be 2.5%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 3.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.017 (vs ฿0.002 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.017 (up from ฿0.002 loss in 2Q 2024). Revenue: ฿361.3m (up 98% from 2Q 2024). Net income: ฿25.0m (up ฿27.4m from 2Q 2024). Profit margin: 6.9% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Real Estate industry in Thailand. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.026 (vs ฿0.007 in 1Q 2024) First quarter 2025 results: EPS: ฿0.026 (up from ฿0.007 in 1Q 2024). Revenue: ฿437.8m (up 123% from 1Q 2024). Net income: ฿38.6m (up 270% from 1Q 2024). Profit margin: 8.8% (up from 5.3% in 1Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.8%). Announcement • Apr 25
Ornsirin Holding Public Company Limited Approves Cash Dividend, Payable on May 23, 2025 Ornsirin Holding Public Company Limited approved the dividend payment for the year 2024 from the net profit in the form of a cash dividend at the rate of THB 0.02 per share, totaling THB 30,000,000. The dividend shall be paid to shareholders whose names appear on the record date for the right to receive the dividend on May 7, 2025, and the dividend payment date is scheduled on May 23, 2025, as proposed. Declared Dividend • Feb 22
Dividend reduced to ฿0.02 Dividend of ฿0.02 is 60% lower than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 2.8%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. 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. The company's earnings per share (EPS) would need to grow by 5.1% to bring the payout ratio under control, which is less than the 22% EPS growth achieved over the last 5 years. Announcement • Feb 21
Ornsirin Holding Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2024 to December 31, 2024, Payable on May 23, 2025 Ornsirin Holding Public Company Limited at its board meeting held on February 20, 2025, proposed to the AGM to be held on April 24, 2025, cash dividend payment for Common shareholders of THB 0.02 per share, Par value of THB 1.00 for the operating period from January 1, 2024 to December 31, 2024. Ex-dividend date: May 6, 2025. Record date for the right to receive dividends: May 7, 2025. Payment date: May 23, 2025. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.094 (vs ฿0.15 in FY 2023) Full year 2024 results: EPS: ฿0.094 (down from ฿0.15 in FY 2023). Revenue: ฿1.36b (up 23% from FY 2023). Net income: ฿140.6m (down 22% from FY 2023). Profit margin: 10% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Feb 21
Ornsirin Holding Public Company Limited, Annual General Meeting, Apr 24, 2025 Ornsirin Holding Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: hybrid meeting room, headquarters, ornsirin holding public company limited, Thailand Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.038 (vs ฿0.039 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.038. Revenue: ฿439.8m (up 115% from 3Q 2023). Net income: ฿56.7m (up 32% from 3Q 2023). Profit margin: 13% (down from 21% in 3Q 2023). The decrease in margin was driven by higher expenses. Board Change • Jul 26
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 Somsak Prathomsrimek 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. Announcement • Jul 26
Ornsirin Holding Public Company Limited Announces Chief Accountant Changes Ornsirin Holding Public Company Limited announced the termination of Miss Sukritta Phoniyom as Chief Accountant. Position of Chief Accountant: Director of Accounting Department. Effective Date of Termination: July 25, 2024. The company announced the appointment of Mr. Chatchaiyong Boonkwang as Chief Accountant. Position of Chief Accountant: Assitant Director of Accounting Department. Effective Date of Accountant: July 25, 2024. Announcement • Jul 02
Ornsirin Holding Public Company Limited Announces Chief Financial Officer Changes Ornsirin Holding Public Company Limited announced changing of CFO. Termination of Miss Kanyanutt Sakulyuenyongsuk as chief financial officer. Effective date of termination is 29 June 2024. Appointment of Mr. Parawich Charoonrojnaayudthya as chief financial officer. Effective date of appointment is 1 July 2024. New Risk • Jun 26
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 6.4% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (฿1.19b market cap, or US$32.2m). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.007 (vs ฿0.057 in 1Q 2023) First quarter 2024 results: EPS: ฿0.007 (down from ฿0.057 in 1Q 2023). Revenue: ฿196.2m (down 44% from 1Q 2023). Net income: ฿10.4m (down 83% from 1Q 2023). Profit margin: 5.3% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Announcement • Feb 23
Ornsirin Holding Public Company Limited, Annual General Meeting, Apr 25, 2024 Ornsirin Holding Public Company Limited, Annual General Meeting, Apr 25, 2024. Location: 3rd floor The Empress Chiang Mai Hotel, Nok Yung room Addressed 99, 42 Changklan Rd, Tambon Chang Khlan Mueang Chiang Mai Thailand Agenda: To consider and approve the minutes of the EGM#1/2023 held on May 31, 2023; to acknowledge the Company's performance for the year 2023; to consider and approve the financial statements of the Company and subsidiaries, the audit report for the year ended December 31, 2023; to consider and approve the allocation of net profit of 2023 as a legal reserve; to consider and approve the dividend payment for the year 2023; to consider and approve the re-election of directors in replacement of the directors whose terms will retired by rotation for the year 2024; to consider and approve the remunerations of the Company's directors for the year 2024; to consider and approve the appointment of the auditor and audit fee for the year 2024; and to consider the other resolutions. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿0.15 (vs ฿0.26 in FY 2022) Full year 2023 results: EPS: ฿0.15 (down from ฿0.26 in FY 2022). Revenue: ฿1.11b (down 28% from FY 2022). Net income: ฿180.5m (down 36% from FY 2022). Profit margin: 16% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ฿1.40, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 10x in the Real Estate industry in Thailand. Reported Earnings • Nov 15
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ฿0.039. Net income: ฿42.8m (up ฿42.8m from 3Q 2022). New Risk • Nov 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 5.4% 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 Risks Debt is not well covered by operating cash flow (5.4% operating cash flow to total debt). Shares are highly illiquid. Minor Risk Market cap is less than US$100m (฿1.64b market cap, or US$46.0m). Announcement • Oct 28
Ornsirin Holding Public Company Limited has completed an IPO in the amount of THB 605.685 million. Ornsirin Holding Public Company Limited has completed an IPO in the amount of THB 605.685 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 366,500,000
Price\Range: THB 1.49
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 40,000,000
Price\Range: THB 1.49
Transaction Features: Reserved Share Offering 
