Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿8.75, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 12x in the Industrial REITs industry in Thailand. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ฿9.80, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 12x in the Industrial REITs industry in Thailand. Total returns to shareholders of 79% over the past three years. Declared Dividend • May 25
First quarter dividend of ฿0.11 announced Dividend of ฿0.11 is the same as last year. Ex-date: 4th June 2026 Payment date: 23rd June 2026 Dividend yield will be 5.4%, which is lower than the industry average of 8.0%. Board Change • May 13
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Somboon Kitiyansub was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Apr 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Somboon Kitiyansub was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Mar 08
Fourth quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 17th March 2026 Payment date: 31st March 2026 Dividend yield will be 5.6%, which is lower than the industry average of 8.0%. Reported Earnings • Mar 01
Full year 2025 earnings released Full year 2025 results: Net income: ฿34.0m (up 37% from FY 2024). New Risk • Jan 16
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 6.9% 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 Revenue is less than US$1m (฿31m revenue, or US$995k). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿440.8m market cap, or US$14.0m). Board Change • Dec 12
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somboon Kitiyansub was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Nov 28
Third quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 9th December 2025 Payment date: 25th December 2025 Dividend yield will be 5.8%, which is lower than the industry average of 8.0%. Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Net income: ฿8.53m (up 19% from 3Q 2024). Declared Dividend • Aug 26
Second quarter dividend of ฿0.09 announced Shareholders will receive a dividend of ฿0.09. Ex-date: 4th September 2025 Payment date: 23rd September 2025 Dividend yield will be 6.0%, which is lower than the industry average of 8.0%. Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Net income: ฿12.5m (up 167% from 2Q 2024). Declared Dividend • May 23
First quarter dividend of ฿0.11 announced Dividend of ฿0.11 is the same as last year. Ex-date: 30th May 2025 Payment date: 20th June 2025 Dividend yield will be 6.1%, which is lower than the industry average of 8.0%. Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: ฿7.74m (down 2.9% from 1Q 2024). Net income: ฿6.87m (down 2.2% from 1Q 2024). Profit margin: 89% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 07
Fourth quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 18th March 2025 Payment date: 31st March 2025 Dividend yield will be 5.9%, which is lower than the industry average of 8.0%. Announcement • Mar 06
MFC-Strategic Storage Fund Announces Distribution for the Period from October 01, 2024 to December 31, 2024, Payable on March 31, 2025 MFC-Strategic Storage Fund announced on March 5, 2025, the Property Investment Committee had agreed to the dividend distribution for the period 1 October 2024 to 31 December 2024. The dividend payment from Net Profit and Retained Earnings will be at THB 0.1100 per unit. The record date will be on 19 March 2025 for the unitholders' right to obtain the dividend. The dividend will be paid on 31 March 2025. Reported Earnings • Mar 03
Full year 2024 earnings released Full year 2024 results: Revenue: ฿31.9m (flat on FY 2023). Net income: ฿24.9m (down 19% from FY 2023). Profit margin: 78% (down from 97% in FY 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 27
Third quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 6th December 2024 Payment date: 26th December 2024 Dividend yield will be 6.0%, which is lower than the industry average of 8.0%. Declared Dividend • Aug 29
Second quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 9th September 2024 Payment date: 27th September 2024 Dividend yield will be 6.0%, which is lower than the industry average of 8.0%. Announcement • Aug 27
MFC-Strategic Storage Fund Announces Dividend Distribution for the Period 1 April 2024 to 30 June 2024, Payable on 27 September 2024 MFC-Strategic Storage Fund had agreed to the dividend distribution for the period 1 April 2024 to 30 June 2024. The dividend payment from Net Profit will be at THB 0.110 per unit. The record date will be on 10 September 2024 for the unitholders' right to obtain the dividend. The dividend will be paid on 27 September 2024. Declared Dividend • May 23
Fourth quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 4th June 2024 Payment date: 20th June 2024 Dividend yield will be 5.6%, which is lower than the industry average of 8.0%. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: Net income: ฿7.02m (up 45% from 1Q 2023). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ฿9.05, the stock trades at a trailing P/E ratio of 17.8x. Average trailing P/E is 12x in the Industrial REITs industry in Thailand. Total returns to shareholders of 79% over the past three years. Upcoming Dividend • Mar 11
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 29 March 2024. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (8.1%). Declared Dividend • Mar 07
Fourth quarter dividend of ฿0.12 announced Shareholders will receive a dividend of ฿0.12. Ex-date: 18th March 2024 Payment date: 29th March 2024 Dividend yield will be 5.8%, which is lower than the industry average of 8.0%. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: ฿0.51 (vs ฿0.34 in FY 2022) Full year 2023 results: EPS: ฿0.51 (up from ฿0.34 in FY 2022). Revenue: ฿31.8m (up 4.2% from FY 2022). Net income: ฿30.8m (up 51% from FY 2022). Profit margin: 97% (up from 67% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to ฿6.60. The fair value is estimated to be ฿8.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 11%. Upcoming Dividend • Dec 06
Upcoming dividend of ฿0.10 per share at 5.5% yield Eligible shareholders must have bought the stock before 13 December 2023. Payment date: 27 December 2023. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (8.3%). Announcement • Nov 29
MFC-Strategic Storage Fund Announces Dividend for the Period 1 July 2023 to 30 September 2023, Payable on 27 December 2023 MFC-Strategic Storage Fund on 29 November 2023, the Property Investment Committee had agreed to the dividend distribution for the period 1 July 2023 to 30 September 2023. The dividend payment from Net Profit will be at THB 0.100 per unit. The record date will be on 14 December 2023 for the unitholders' right to obtain the dividend. The dividend will be paid on 27 December 2023. Upcoming Dividend • Aug 28
Upcoming dividend of ฿0.10 per share at 5.4% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 21 September 2023. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (7.7%). Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ฿8.31m (up 9.2% from 2Q 2022). Net income: ฿12.2m (up 160% from 2Q 2022). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.70, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 13x in the Industrial REITs industry in Thailand. Total returns to shareholders of 60% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of ฿0.10 per share at 5.7% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 19 June 2023. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (7.2%). Announcement • May 19
MFC-Strategic Storage Fund Declares Cash Dividend for the period from 01 January 2023 to 31 March 2023, Payable on 19 June 2023 MFC-Strategic Storage Fund declared Cash dividend payment (baht per unit): 0.100, Par value (baht): 10.00 for the Operating period from 01-January-2023 to 31-March-2023, Ex-dividend date: 31-May-2023, Ex-dividend date: 31-May-2023 and Payment date: 19-June-2023. Buying Opportunity • Mar 08
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿7.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.10 per share at 5.2% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 27 March 2023. Trailing yield: 5.2%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (6.5%). Upcoming Dividend • Dec 06
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 29 December 2022. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (5.9%). Announcement • Nov 30
MFC-Strategic Storage Fund Announces Dividend for the Period from 1 July 2022 to 30 September 2022, Payable on 29 December 2022 MFC-Strategic Storage Fund announced that on November 29, 2022, the Property Investment Committee had agreed to the dividend distribution for the period 1 July 2022 to 30 September 2022. The dividend payment from Net Profit and Retained Earnings will be at THB 0.100 per unit. The record date will be on 14 December 2022 for the unitholders' right to obtain the dividend. The dividend will be paid on 29 December 2022. Buying Opportunity • Sep 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.6%. The fair value is estimated to be ฿7.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Aug 29
Upcoming dividend of ฿0.076 per share Eligible shareholders must have bought the stock before 05 September 2022. Payment date: 20 September 2022. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (5.5%). In line with average of industry peers (5.4%). Announcement • Aug 23
MFC-Strategic Storage Fund Announces Dividend Distribution for the Period April 1, 2022 to June 30, 2022, Payable on September 20, 2022 MFC-Strategic Storage Fund announced dividend distribution of THB 0.076 per unit from the net profit for the period April 1, 2022 to June 30, 2022. The record date will be on September 6, 2022 for the unitholders' right to obtain the dividend. The dividend will be paid on September 20, 2022. Upcoming Dividend • May 31
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 22 June 2022. Trailing yield: 5.3%. Within top quartile of Thai dividend payers (5.3%). In line with average of industry peers (5.1%). Announcement • May 26
MFC-Strategic Storage Fund Announces Dividend for the Period from 1 January 2022 to 31 March 2022, Payable on 22 June 2022 MFC-Strategic Storage Fund announced that on 24 May 2022, the Property Investment Committee had agreed to the dividend distribution for the period 1 January 2022 to 31 March 2022. The dividend payment from Net Profit will be at THB 0.100 per unit. The record date will be on 8 June 2022 for the unitholders' right to obtain the dividend. The dividend will be paid on 22 June 2022. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.059 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 29 March 2022. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (5.2%). In line with average of industry peers (6.3%). Announcement • Mar 03
MFC-Strategic Storage Fund, Annual General Meeting, Apr 22, 2022 MFC-Strategic Storage Fund, Annual General Meeting, Apr 22, 2022, at 15:00 Singapore Standard Time. Agenda: To consider the 2021 Annual General Meeting Report; to acknowledge of 2021 Performance Report; to acknowledge the Financial Statement for the fiscal year ending 31 December 2021; to acknowledge of Dividend Distribution and Capital Reduction for the fiscal year ending 31 December 2021; to acknowledge of 2022 Auditor Appointment and Determination of Remuneration; and to consider other matter. Announcement • Mar 01
MFC-Strategic Storage Fund Announces Dividend for the Period 1 October 2021 to 31 December 2021, Payable on 29 March 2022 On February 28, 2022, the Property Investment Committee of MFC-Strategic Storage Fund had agreed to the dividend distribution for the period 1 October 2021 to 31 December 2021. The dividend payment from Net Profit will be at THB 0.0586 per unit. The Fund's registration book will be closed on 15 March 2022 for the unit holders' right to obtain the dividend. The dividend will be paid on 29 March 2022. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net loss: ฿2.34m (down 111% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 25
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 22 December 2021. Trailing yield: 6.0%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (5.1%). Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿6.70m (down 7.4% from 3Q 2020). Net loss: ฿17.5m (down ฿21.6m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 24
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 31 August 2021. Payment date: 17 September 2021. Trailing yield: 6.0%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (5.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings and profit margins, although revenues were flat. Second quarter 2021 results: Revenue: ฿7.04m (flat on 2Q 2020). Net income: ฿5.73m (down 3.3% from 2Q 2020). Profit margin: 81% (down from 85% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 03
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 28 June 2021. Trailing yield: 5.9%. Within top quartile of Thai dividend payers (4.7%). In line with average of industry peers (5.5%). Announcement • May 29
MFC-Strategic Storage Fund Declares Dividend for the Period from 1 January 2021 31 March 2021, Payable on 28 June 2021 MFC-Strategic Storage Fund had agreed to the dividend distribution for the period 1 January 2021 - 31 March 2021. The dividend payment from Net Profit will be at THB 0.0900 per unit. The Fund's registration book will be closed on 14 June 2021 for the unit holders' right to obtain the dividend. The dividend will be paid on 28 June 2021. Reported Earnings • May 18
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿6.92m (down 3.3% from 1Q 2020). Net income: ฿5.88m (down 3.4% from 1Q 2020). Profit margin: 85% (in line with 1Q 2020). Reported Earnings • Feb 25
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿28.5m (down 2.9% from FY 2019). Net income: ฿22.1m (down 14% from FY 2019). Profit margin: 78% (down from 87% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 04
New 90-day low: ฿5.80 The company is down 3.0% from its price of ฿5.95 on 05 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ฿6.15 The company is up 3.0% from its price of ฿6.00 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 3.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: ฿6.10 The company is up 3.0% from its price of ฿5.95 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 4.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: ฿6.05 The company is up 1.0% from its price of ฿6.00 on 02 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 6.0% over the same period. 
