Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 5.3% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (4.7%). Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.76 (vs ฿0.12 in FY 2024) Full year 2025 results: EPS: ฿0.76 (up from ฿0.12 in FY 2024). Revenue: ฿2.91b (up 133% from FY 2024). Net income: ฿591.1m (up ฿499.9m from FY 2024). Profit margin: 20% (up from 7.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. New Risk • Feb 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 63% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. 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 (63% accrual ratio). Declared Dividend • Feb 20
Dividend increased to ฿0.40 Dividend of ฿0.40 is 700% higher than last year. Ex-date: 27th April 2026 Payment date: 15th May 2026 Dividend yield will be 5.4%, which is higher than the industry average of 4.3%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿6.30, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 9x in the Real Estate industry in Thailand. Total returns to shareholders of 284% over the past three years. Reported Earnings • Aug 07
Second quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.004 profit in 2Q 2024) Second quarter 2025 results: ฿0.03 loss per share. Revenue: ฿222.9m (up 1.4% from 2Q 2024). Net income: ฿7.47m (up 133% from 2Q 2024). Profit margin: 3.4% (up from 1.5% in 2Q 2024). Announcement • Apr 24
Rhom Bho Property Public Company Limited announced that it expects to receive THB 39.102781 million in funding Rhom Bho Property Public Company Limited announced a private placement of not more than 78,205,561 common shares, with a par value of TBH 0.50 per share, at an issue price of TBH 0.50 per share for gross proceeds of no more than TBH 39,102,780.50 on April 23, 2025. The transaction has been approved by the board of directors of the company. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (8.1%). Lower than average of industry peers (5.7%). Announcement • Feb 20
Rhom Bho Property Public Company Limited Proposes Dividend for the Year 2024, Payable on May 22, 2025 The board of directors of Rhom Bho Property Public Company Limited meeting held on February 19, 2025, approved to propose to the 2025 Annual General Meeting of Shareholders to be held on April 23, 2025 to consider and approve the allocation of profits and approve the dividend payment for the company's operating results for the 2024 financial statements as follows: Approved to propose to the 2025 Annual General Meeting of Shareholders to consider and approve the allocation of net profit to be a legal reserve in the amount of THB 5,469,000, which is 0.05% of the annual net profit with the total amount of accumulated legal reserve THB 37,114,000, or 9.49% of the registered capital. Approved the dividend payment for the year 2025 at the rate of THB 0.05 per share or value not exceeding THB 39,102,780.85 by paying in cash. The date for determining the list of shareholders who are entitled to receive dividends (Record Date) is May 2, 2025 and the dividend payment date is May 22, 2025. However, the Company's right to receive dividends remains uncertain due to the approval of the 2025 Annual General Meeting of Shareholders, all cash dividends will be subject to withholding tax at the rate prescribed by law. New Risk • Feb 20
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 56% 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 3.2% per year over the past 5 years. Minor Risks High level of debt (56% net debt to equity). Market cap is less than US$100m (฿2.99b market cap, or US$88.8m). Announcement • Feb 20
Rhom Bho Property Public Company Limited, Annual General Meeting, Apr 23, 2025 Rhom Bho Property Public Company Limited, Annual General Meeting, Apr 23, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.013 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.06 (up from ฿0.013 loss in 3Q 2023). Revenue: ฿473.1m (up ฿447.0m from 3Q 2023). Net income: ฿47.3m (up ฿57.0m from 3Q 2023). Profit margin: 10.0% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Rhom Bho Property Public Company Limited Appoints Supote Wannarote as Director Rhom Bho Property Public Company Limited at its board meeting held on August 7, 2024, approved the Appoint Mr. Supote Wannarote as a director in replacement of Mr. Prasert Vannacharoen., effective on 8 August 2024 onwards. Reported Earnings • Aug 08
Second quarter 2024 earnings released Second quarter 2024 results: Net income: ฿3.21m (up ฿13.6m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Jul 31
Rhom Bho Property Public Company Limited Announces Resignation of Prasert Vannacharoen as Director Rhom Bho Property Public Company Limited announced that Mr. Prasert Vannacharoen has submitted his resignation letter from his position as a company director. The company acknowledges the resignation of Mr. Prasert Vannacharoen from his positions as an company director, executive committee member and risk management committee member due to the retirement age. The resignation letter was received by the company on July 22, 2024, and the resignation takes effect from 31 July 2024 onward. New Risk • May 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 69% 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 28% per year over the past 5 years. Minor Risks High level of debt (69% net debt to equity). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Revenue is less than US$5m (฿103m revenue, or US$2.8m). Market cap is less than US$100m (฿3.35b market cap, or US$90.7m). Reported Earnings • May 09
First quarter 2024 earnings released: ฿0.05 loss per share (vs ฿0.09 profit in 1Q 2023) First quarter 2024 results: ฿0.05 loss per share (down from ฿0.09 profit in 1Q 2023). Net loss: ฿37.4m (down 157% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • May 09
Rhom Bho Property Public Company Limited Announces CEO Changes Rhom Bho Property Public Company Limited announced the important resolutions from the Company's Board of Directors Meeting No.4/2024, on May 8, 2024 and approved the appointment of Mr. Darong Hutajuta to be Chief Executive Officer and approve the retirement from CO - Chief Executive Officer. The appointments and the retirements of the positions shall be effective from 8 May 2024 onwards. New Risk • Apr 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (5.1% net profit margin). Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Market cap is less than US$100m (฿3.18b market cap, or US$86.2m). Announcement • Feb 23
Rhom Bho Property Public Company Limited, Annual General Meeting, Apr 19, 2024 Rhom Bho Property Public Company Limited, Annual General Meeting, Apr 19, 2024, at 10:00 SE Asia Standard Time. Agenda: To acknowledge the report of the Board of Directors on the company's business operations in 2023; to consider and approve the company's statement of financial position and statement of comprehensive income for the fiscal year ended December 31,2023; to consider and approve the allocation of the net profit as the legal reserve, and no dividend payment form the company's business operation for the year 2023; to consider and approve the election of directors replacing those retiring; to consider and approve the director's remuneration for the year 2024; and to discuss other matters. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿30.62 (vs ฿0.084 in FY 2022) Full year 2023 results: EPS: ฿30.62 (up from ฿0.084 in FY 2022). Revenue: ฿437.6b (up ฿437.0b from FY 2022). Net income: ฿22.2b (up ฿22.1b from FY 2022). Profit margin: 5.1% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 169% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Rhom Bho Property Public Company Limited has filed a Follow-on Equity Offering in the amount of THB 210.553434 million. Rhom Bho Property Public Company Limited has filed a Follow-on Equity Offering in the amount of THB 210.553434 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 60,158,124
Price\Range: THB 3.5
Transaction Features: Rights Offering Buy Or Sell Opportunity • Feb 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ฿4.44. The fair value is estimated to be ฿3.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿4.58, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 10x in the Real Estate industry in Thailand. Total returns to shareholders of 80% over the past three years. Announcement • Dec 27
Rhom Bho Property Public Company Limited Announces Changes to its Board Rhom Bho Property Public Company Limited announced that the resolutions of the Board of Directors' Meeting held on 25 December 2023 approved the resignation of Ms. Cheraya Udomvongsup director due to other personal tasks therefore unable to continue working in the position of director by resigning effective from 31 December 2023 onwards. . Approved the Appointment of Mr. Wut Viphanphong as a director in replacement of Ms.Cheraya Udomvongsup, effective on 1 January 2024 onwards. Change in director's authority per following; Mr. Weerapan Wipanpong, Chairman of the Executive Committee to jointly sign with Mr. Nuthapon Luckkanalawan or Mr. Darong Hutajuta or Ms.Cheraya Udomvongsup or Mr. Prasert Vannacharoen, with a total of 2 signatures and affix the company's seal or Mr. Weerapan Wipanpong, Mr. Nuthapon Luckkanalawan, Mr. Darong Hutajuta, Mr. Prasert Vannacharoen, 3 out of these 4 directors jointly sign and affix the company's seal. Buying Opportunity • Nov 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be ฿3.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 80% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 08
Third quarter 2023 earnings released: ฿0.013 loss per share (vs ฿0.01 profit in 3Q 2022) Third quarter 2023 results: ฿0.013 loss per share (down from ฿0.01 profit in 3Q 2022). Revenue: ฿26.1m (down 71% from 3Q 2022). Net loss: ฿9.65m (down 232% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿3.28, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 12x in the Real Estate industry in Thailand. Total returns to shareholders of 15% over the past three years. Announcement • Sep 06
39 Estate Co., Ltd. completed the acquisition of 9.82% stake in Rhom Bho Property Public Company Limited (SET:TITLE) from Dendanai Hutajuta and others for approximately THB 180 million. 39 Estate Co., Ltd. made an offer to acquire 42.21% stake in Rhom Bho Property Public Company Limited (SET:TITLE) from Dendanai Hutajuta and others for approximately THB 760 million on July 12, 2023. 39 Estate made an offer to acquire Rhom Bho Property Public Company for an offer per share of THB 2.5. As of August 24, 2023, shares tendered was 6,134,000 shares, representing 0.85% stake of Rhom Bho Property. Tender offer period is a total of 25 business days from July 25, 2023, to August 31, 2023. Daol Securities (Thailand) Public Company Limite acted as financial advisor and Thailand Securities Depository Co., Ltd acted as registrar for Rhom Bho Property Public Company Limited. Baker and McKenzie Co., Ltd. acted as legal advisor to Rhom Bho Property Public.39 Estate Co., Ltd. completed the acquisition of 9.82% stake in Rhom Bho Property Public Company Limited (SET:TITLE) from Dendanai Hutajuta and others for approximately THB 180 million September 4, 2023. As part of the transaction, 39 Estate acquired 70.9 million shares of Rhom Bho Property Public. Post-acquisition, 39 Estate will owned 488.07 million shares, represent 67.61% stake in Rhom Bho Property Public. Reported Earnings • Aug 08
Second quarter 2023 earnings released: ฿0.014 loss per share (vs ฿0.01 profit in 2Q 2022) Second quarter 2023 results: ฿0.014 loss per share (down from ฿0.01 profit in 2Q 2022). Revenue: ฿56.8m (down 50% from 2Q 2022). Net loss: ฿10.4m (down 249% from profit in 2Q 2022). 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 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 6 non-independent directors. Independent Chairman Suvit Lamsam was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Chairman Suvit Lamsam was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.16 loss per share (down from ฿0.067 loss in FY 2020). Net loss: ฿114.1m (loss widened 137% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2020 earnings released: ฿0.067 loss per share (vs ฿0.32 profit in FY 2019) Full year 2020 results: Net loss: ฿48.2m (down 121% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 29
New 90-day low: ฿2.44 The company is down 15% from its price of ฿2.88 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 23% over the same period. Is New 90 Day High Low • Jan 08
New 90-day low: ฿2.54 The company is down 14% from its price of ฿2.96 on 09 October 2020. The Thai market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: ฿2.60 The company is down 4.0% from its price of ฿2.70 on 23 September 2020. The Thai market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ฿3.10 The company is up 46% from its price of ฿2.12 on 19 August 2020. The Thai market is up 2.0% 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. Is New 90 Day High Low • Oct 05
New 90-day high: ฿3.02 The company is up 64% from its price of ฿1.84 on 07 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 13% over the same period. 
