New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 2.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (23% net profit margin). Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿36.50, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.8%). New Risk • Mar 04
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: 32% Last year net profit margin: 47% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿2.66 (vs ฿3.87 in FY 2024) Full year 2025 results: EPS: ฿2.66 (down from ฿3.87 in FY 2024). Revenue: ฿4.46b (down 37% from FY 2024). Net income: ฿2.28b (down 31% from FY 2024). Profit margin: 51% (up from 47% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Mar 02
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 6th May 2026 Payment date: 21st May 2026 Dividend yield will be 0.8%, which is lower than the industry average of 4.3%. Announcement • Feb 27
Saha Pathana Inter-Holding Public Company Limited, Annual General Meeting, Apr 27, 2026 Saha Pathana Inter-Holding Public Company Limited, Annual General Meeting, Apr 27, 2026, at 11:00 SE Asia Standard Time. Location: physical meeting, at kingbridge hall, 4th floor, kingbridge tower, no. 989 rama 3 road, bangpongpang sub-district, yannawa district, bangkok 10120 Thailand Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.40 (vs ฿0.58 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.40 (down from ฿0.58 in 3Q 2024). Revenue: ฿975.3m (down 35% from 3Q 2024). Net income: ฿342.2m (down 32% from 3Q 2024). Profit margin: 35% (up from 34% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Announcement • Oct 17
Thai President Foods Public Company Limited (SET:TFMAMA) agreed to acquire 4.25% stake in Peng Shen Technology (Thailand) Co., Ltd. from I.D.F. Company Limited, Bsc So In Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) for approximately THB 110 million. Thai President Foods Public Company Limited (SET:TFMAMA) agreed to acquire 4.25% stake in Peng Shen Technology (Thailand) Co., Ltd. from I.D.F. Company Limited, Bsc So In Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) for approximately THB 110 million on October 15, 2025. A cash consideration valued at THB 106.83 per share will be paid by Thai President Foods Public Company Limited. As part of consideration, THB 113.5 million is paid towards common equity of Peng Shen Technology (Thailand) Co., Ltd. The transaction is subject to approval of offer by acquirer board. The expected completion of the transaction is within October 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.45 (vs ฿1.79 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.45 (down from ฿1.79 in 2Q 2024). Revenue: ฿1.05b (down 60% from 2Q 2024). Net income: ฿386.8m (down 75% from 2Q 2024). Profit margin: 37% (down from 59% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿2.34 (vs ฿0.65 in 1Q 2024) First quarter 2025 results: EPS: ฿2.34 (up from ฿0.65 in 1Q 2024). Revenue: ฿1.67b (up 17% from 1Q 2024). Net income: ฿1.34b (up 140% from 1Q 2024). Profit margin: 80% (up from 39% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to ฿43.33, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 10x in the Real Estate industry in Thailand. Total loss to shareholders of 29% over the past three years. Upcoming Dividend • May 01
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.7%). Announcement • Mar 20
Saha Pathana Inter-Holding Public Company Limited Announces Appointment of Pun Paniangvait as Director Saha Pathana Inter-Holding Public Company Limited announced appointment of Mr. Pun Paniangvait as Director. Effective Date is 20 March 2025. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿5.81 (vs ฿5.41 in FY 2023) Full year 2024 results: EPS: ฿5.81 (up from ฿5.41 in FY 2023). Revenue: ฿7.04b (down 4.7% from FY 2023). Net income: ฿3.32b (up 7.3% from FY 2023). Profit margin: 47% (up from 42% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Declared Dividend • Nov 16
First half dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 28th November 2024 Payment date: 13th December 2024 Dividend yield will be 1.2%, which is lower than the industry average of 4.3%. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿2.69 (vs ฿0.87 in 2Q 2023) Second quarter 2024 results: EPS: ฿2.69 (up from ฿0.87 in 2Q 2023). Revenue: ฿1.46b (down 13% from 2Q 2023). Net income: ฿1.54b (up 210% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Announcement • Aug 01
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL). I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) agreed to acquire TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) for approximately THB 670 million on April 22, 2024. A cash consideration of THB 669.9 million will be paid by I.C.C. International Public Company Limited, Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited. As part of consideration, THB 669.9 million is paid towards common equity of TNLX Company Limited. The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board.
I.C.C. International Public Company Limited (SET:ICC), Bsc So In Company Limited, I.D.F. Company Limited and Saha Pathana Inter-Holding Public Company Limited (SET:SPI) completed the acquisition of TNLX Company Limited from Thanulux Public Company Limited (SET:TNL) on July 31, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.97 (vs ฿1.82 in 1Q 2023) First quarter 2024 results: EPS: ฿0.97 (down from ฿1.82 in 1Q 2023). Revenue: ฿771.3m (down 62% from 1Q 2023). Net income: ฿556.7m (down 46% from 1Q 2023). Profit margin: 72% (up from 51% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Announcement • May 16
Saha Pathana Inter-Holding Public Company Limited Approves Board Committee Changes Saha Pathana Inter-Holding Public Company Limited announced that at its board meeting held on May 15, 2024, the board of directors has resolutions as follows: Appointment of the Audit Committee in replacement of those whose term has expired, the details are as Follows: Mr. Nipon Poapongsakorn, Chairman of Audit Committee; Mrs. Punnee Worawuthichongsathit, Audit Committee; Mrs. Atchaka Sibunruang, Audit Committee. Appointment of the Nomination and Remuneration Committee in replacement of those whose term has expired, the details are as follows: Mr. Boonsithi Chokwatana, Chairman of Nomination and Remuneration Committee; Mr. Vichai Kulsomphob, Nomination and Remuneration Committee; Ms. Sirikul Dhanasarnsilp, Nomination and Remuneration Committee. Appointment of the Corporate Governance and Risk Management Committee in replacement of those whose term has expired, the details are as follows: Mrs. Atchaka Sibunruang, Chairman of Corporate Governance and Risk Management Committee; Ms. Sirikul Dhanasarnsilp, Corporate Governance and Risk Management Committee; Mr. Pipope Chokvathana, Corporate Governance and Risk Management Committee; Mr. Supradit Sa-id, Corporate Governance and Risk Management Committee; Mr. Sontaya Tabkhan, Corporate Governance and Risk Management Committee. Appointment of the Sustainability Committee in replacement of those whose term has expired, the details are as follows: Mr. Vichai Kulsomphob, Chairman of Sustainability Committee; Mr. Sontaya Tabkhan, Sustainability Committee; Ms. Kesara Sumkanjanaruk, Sustainability Committee; Mr. Vorayos Thongtan, Sustainability Committee; Ms. Suthida Jongjenkit, Sustainability Committee. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (4.6%). Announcement • Apr 23
Saha Pathana Inter-Holding Public Company Limited Announces Remaining Dividend for the Year 2023, Payable on May 21, 2024 Saha Pathana Inter-Holding Public Company Limited announced that at its AGM held on April 22, 2024, the company announced that the dividend payment amounting to THB 0.80 per share. The company has already paid interim dividend at THB 0.20 per share on December 13, 2023 and the remaining dividend payment at THB 0.60 per share, which will be paid from retained earnings subject to 30% of corporate income tax, wherein individual shareholders shall be entitled to a dividend tax credit under section 47 bis of the revenue code. The Record date is May 3, 2024 and dividend payment date shall be on May 21, 2024. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿5.41 (vs ฿5.88 in FY 2022) Full year 2023 results: EPS: ฿5.41 (down from ฿5.88 in FY 2022). Revenue: ฿4.52b (down 40% from FY 2022). Net income: ฿3.09b (down 7.9% from FY 2022). Profit margin: 69% (up from 45% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Final dividend of ฿0.60 announced Dividend of ฿0.60 is the same as last year. Ex-date: 2nd May 2024 Payment date: 21st May 2024 Dividend yield will be 1.2%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (14% 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 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 02
Saha Pathana Inter-Holding Public Company Limited, Annual General Meeting, Apr 22, 2024 Saha Pathana Inter-Holding Public Company Limited, Annual General Meeting, Apr 22, 2024, at 11:00 SE Asia Standard Time. Location: Chao Praya Room 1, Montien Riverside Hotel, No. 372 Rama 3 Road, Bangklo Sub-district, Bangkorleam District, Bangkok 10120. Bangkok Thailand Agenda: To approve Consideration for the approval on the Minutes of the Annual General Meeting of Shareholders No.52 on April 24th, 2023; to approve Acknowledgement of the Report of the Board of Directors for the past year to approve Consideration for the approval on the Financial Statements for the year ended December 31 2023 to approve Consideration for the approval on the appropriation of profit and dividend payment to approve Consideration for the election of directors to replace directors who are retired by rotation; and to discuss other matters. Announcement • Nov 29
Saha Pathana Inter-Holding Public Company Limited Announces Resignation of Nophorn Bhongsvej as Director and Member of Audit Committee, and Corporate Governance and Risk Management Committee, Effective December 29, 2023 Saha Pathana Inter-Holding Public Company Limited announced that Mr. Nophorn Bhongsvej, has issued the letter dated November 17, 2023, requesting to resign from the position of Director, Audit Committee, and Corporate Governance and Risk Management Committee. The resignation is effective from December 29, 2023, onwards. Upcoming Dividend • Nov 22
Upcoming dividend of ฿0.20 per share at 1.2% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 13 December 2023. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.86 (vs ฿0.97 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.86 (down from ฿0.97 in 3Q 2022). Revenue: ฿768.4m (down 62% from 3Q 2022). Net income: ฿490.2m (down 12% from 3Q 2022). Profit margin: 64% (up from 28% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 15
Saha Pathana Inter-Holding Public Company Limited Approves Dividend for the Six Months from January 1, 2023 to June 30, 2023, Payable on December 13, 2023 Saha Pathana Inter-Holding Public Company Limited announced at the board meeting held on November 14, 2023, approved six months dividend from January 1, 2023 to June 30, 2023 at rate of THB 0.20 per share, payable on December 13, 2023. Record date is November 30, 2023. Announcement • Oct 20
Saha Pathana Inter-Holding Public Company Limited (SET:SPI) agreed to acquire additional 25% stake in King Square Development Co., Ltd from Sahapat Real Estate Co., Ltd for THB 20.6 million. Saha Pathana Inter-Holding Public Company Limited (SET:SPI) agreed to acquire additional 25% stake in King Square Development Co., Ltd from Sahapat Real Estate Co., Ltd for THB 20.6 million on October 19, 2023. Under the terms, Saha Pathana will pay THB 103.12 per share. The source of funding is working capital from Saha Pathana's operations. The transaction was approved by the Board of Saha Pathana. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.87 (vs ฿2.00 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.87 (down from ฿2.00 in 2Q 2022). Revenue: ฿880.3m (down 48% from 2Q 2022). Net income: ฿497.3m (down 56% from 2Q 2022). Profit margin: 56% (down from 68% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿1.82 (vs ฿0.59 in 1Q 2022) First quarter 2023 results: EPS: ฿1.82 (up from ฿0.59 in 1Q 2022). Revenue: ฿1.33b (up 13% from 1Q 2022). Net income: ฿1.04b (up 209% from 1Q 2022). Profit margin: 78% (up from 28% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.60 per share at 1.2% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 14% and the cash payout ratio is 95%. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.1%). Announcement • Dec 17
Saha Pathana Inter-Holding Public Company Limited Announces Board Changes Saha Pathana Inter-Holding Public Company Limited announced that According to Mr. Somkid Jatusripitak, the Company's Director and Independent Director, has issued the letter dated August 15th, 2022, resigned from the Company's Director, thus effective from August 31, 2022. The Board of Directors has a resolution to elect Mr. Ruangroj Poonpol to be the Company's Director and independent Director to replace the vacant director position. The term will remain as the previous director replacement. Upcoming Dividend • Nov 22
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 13 December 2022. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (3.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.97 (vs ฿1.45 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.97 (down from ฿1.45 in 3Q 2021). Revenue: ฿1.47b (down 12% from 3Q 2021). Net income: ฿557.6m (down 33% from 3Q 2021). Profit margin: 38% (down from 50% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Oct 03
Saha Pathana Inter-Holding Public Company Limited Announces Demise of the Mr. Surachai Danaitangtrakul as Company's Director Saha Pathana Inter-Holding Public Company Limited informed that Mr. Surachai Danaitangtrakul, the Company's Director and Independent Director, passed away on October 1, 2022. Announcement • Sep 09
Saha Pathana Inter-Holding Public Company Limited Announces Board Appointments Saha Pathana Inter-Holding Public Company Limited announced that at its board meeting held on September 7, 2022, had resolution to appoint Mr. Boonsithi Chokwatana, the company's Director to become the Chairman of the Board of company's Directors effective on September 7th, 2022. The Board of Directors' Meeting had resolution to appoint Mr. Vichai Kulsomphob, the company's Director to become the Chairman of the Executive Board of company's Directors effective on September 7th, 2022. Announcement • Sep 02
Saha Pathana Inter-Holding Public Company Limited Announces Resignation of Somkid Jatusripitak as Director and Chairman of the Board of Directors Saha Pathana Inter-Holding Public Company Limited informed that Mr. Somkid Jatusripitak, has issued the letter dated August 15th, 2022, requesting to resign from the position of Director and Chairman of the Board of Directors due to engagement in other duties. Thus being effective from August 31, 2022. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ฿2.00 (vs ฿2.36 in 2Q 2021) Second quarter 2022 results: EPS: ฿2.00 (down from ฿2.36 in 2Q 2021). Revenue: ฿1.72b (down 20% from 2Q 2021). Net income: ฿1.14b (down 15% from 2Q 2021). Profit margin: 66% (up from 63% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 20
First quarter 2022 earnings released: EPS: ฿0.59 (vs ฿0.59 in 1Q 2021) First quarter 2022 results: EPS: ฿0.59 (up from ฿0.59 in 1Q 2021). Revenue: ฿1.18b (up 11% from 1Q 2021). Net income: ฿336.2m (flat on 1Q 2021). Profit margin: 28% (down from 31% in 1Q 2021). The decrease in margin was driven by higher expenses. 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. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.1%). Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿6.12 (up from ฿4.03 in FY 2020). Revenue: ฿4.44b (down 15% from FY 2020). Net income: ฿3.50b (up 52% from FY 2020). Profit margin: 79% (up from 44% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Dec 15
Ratch Group Public Company Limited (SET:RATCH) completed the acquisition of 4.82% stake in Sahacogen (Chonburi) Public Company Limited (SET:SCG) from Saha Pathana Inter-Holding Public Company Limited (SET:SPI). Ratch Group Public Company Limited (SET:RATCH) signed a share purchase agreement to acquire 4.82% stake in Sahacogen (Chonburi) Public Company Limited (SET:SCG) from Saha Pathana Inter-Holding Public Company Limited (SET:SPI) for THB 260 million on October 28, 2021. As per terms Ratch Group shall acquire 46.04 million shares from Saha Pathana Inter-Holding Public Company Limited at THB 5.75 per share. In related transaction, Ratch Group shall acquire 35.47% stake from other 33 shareholders, subscribe for additional new shares so as to increase the total stake to 51% and then make a tender offer to acquire remaining 49% stake in Sahacogen (Chonburi) Public Company Limited. The transaction is approved by the board of Ratch Group and does not require approval from the shareholders. The transaction is approved unanimously by the board of Saha Pathana Inter-Holding Public Company Limited. The transaction is expected to complete within 2021.
Ratch Group Public Company Limited (SET:RATCH) completed the acquisition of 4.82% stake in Sahacogen (Chonburi) Public Company Limited (SET:SCG) from Saha Pathana Inter-Holding Public Company Limited (SET:SPI) on December 14, 2021. Upcoming Dividend • Nov 22
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 14 December 2021. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (3.3%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿1.45 (vs ฿0.86 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿1.08b (down 10% from 3Q 2020). Net income: ฿827.4m (up 69% from 3Q 2020). Profit margin: 77% (up from 41% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿1.45 (vs ฿0.86 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿1.08b (down 10% from 3Q 2020). Net income: ฿827.4m (up 69% from 3Q 2020). Profit margin: 77% (up from 41% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿2.36 (vs ฿1.30 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.41b (up 2.3% from 2Q 2020). Net income: ฿1.35b (up 81% from 2Q 2020). Profit margin: 96% (up from 54% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • May 18
First quarter 2021 earnings released: EPS ฿0.59 (vs ฿0.82 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ฿633.4m (down 46% from 1Q 2020). Net income: ฿335.8m (down 29% from 1Q 2020). Profit margin: 53% (up from 40% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 24
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 21 May 2021. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.8%). Reported Earnings • Mar 05
Full year 2020 earnings released: EPS ฿4.03 (vs ฿3.97 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿5.21b (down 1.1% from FY 2019). Net income: ฿2.31b (up 1.5% from FY 2019). Profit margin: 44% (up from 43% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 19% share price gain to ฿71.00, the stock is trading at a trailing P/E ratio of 17.8x, up from the previous P/E ratio of 15x. This compares to an average P/E of 11x in the Real Estate industry in Thailand. Total return to shareholders over the past three years is a loss of 8.6%. Is New 90 Day High Low • Dec 25
New 90-day high: ฿63.00 The company is up 4.0% from its price of ฿60.50 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 17% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS ฿0.86 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.20b (up 2.9% from 3Q 2019). Net income: ฿491.1m (up 9.6% from 3Q 2019). Profit margin: 41% (up from 38% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.86 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿798.7m (down 32% from 3Q 2019). Net income: ฿491.1m (up 9.6% from 3Q 2019). Profit margin: 62% (up from 38% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 03
New 90-day low: ฿59.50 The company is down 1.0% from its price of ฿60.25 on 05 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 12% over the same period. Announcement • Jun 19
Boon Capital holding Co.,Ltd. agreed to acquire 7.3% in Sahachol Food Supplies Co., Ltd. and 13.1% stake in Thai Itokin Co., Ltd. from Saha Pathana Inter-Holding Public Company Limited (SET:SPI) for THB 18.3 million. Boon Capital holding Co.,Ltd. agreed to acquire 7.3% in Sahachol Food Supplies Co., Ltd. and 13.1% stake in Thai Itokin Co., Ltd. from Saha Pathana Inter-Holding Public Company Limited (SET:SPI) for THB 18.3 million on June 18, 2020. Boon Capital holding Co.,Ltd. will acquire 0.24 million shares of Sahachol Food Supplies Co., Ltd. for THB 57.17 per share and 0.18 million shares of Thai Itokin Co., Ltd for THB 25.91 per shares. Post completion, Saha Pathana Inter-Holding Public Company Limited will hold 19% stakes in each of Sahachol Food Supplies Co., Ltd. and Thai Itokin Co., Ltd.
Transaction is subject to approval by Board of Directors of Saha Pathana Inter-Holding Public Company Limited. 
