Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.20 (vs ฿0.19 in 1Q 2025) First quarter 2026 results: EPS: ฿0.20 (up from ฿0.19 in 1Q 2025). Revenue: ฿857.7m (down 1.0% from 1Q 2025). Net income: ฿674.9m (up 1.4% from 1Q 2025). Profit margin: 79% (up from 77% in 1Q 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Industrial REITs industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • May 09
Fourth quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 19th May 2026 Payment date: 5th June 2026 Dividend yield will be 7.2%, which is lower than the industry average of 8.0%. New Risk • Mar 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 112% Cash payout ratio: 116% Dividend yield: 6.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Feb 25
Third quarter dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 5th March 2026 Payment date: 20th March 2026 Dividend yield will be 7.0%, which is lower than the industry average of 8.0%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.19 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.20 (up from ฿0.19 in 3Q 2024). Revenue: ฿908.7m (up 2.3% from 3Q 2024). Net income: ฿699.4m (up 7.3% from 3Q 2024). Profit margin: 77% (up from 73% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Industrial REITs industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 8% 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. Declared Dividend • Nov 13
Second quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 21st November 2025 Payment date: 11th December 2025 Dividend yield will be 7.9%, which is about the same as the industry average. Declared Dividend • Aug 08
Second quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 18th August 2025 Payment date: 5th September 2025 Dividend yield will be 8.3%, which is about the same as the industry average. Reported Earnings • Aug 07
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ฿862.9m (flat on 2Q 2024). Net income: ฿594.1m (up 48% from 2Q 2024). Profit margin: 69% (up from 46% in 2Q 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Industrial REITs industry in Thailand. Declared Dividend • May 09
First quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 19th May 2025 Payment date: 6th June 2025 Dividend yield will be 8.5%, which is higher than the industry average of 8.0%. Reported Earnings • May 08
First quarter 2025 earnings released First quarter 2025 results: Revenue: ฿866.3m (flat on 1Q 2024). Net income: ฿665.9m (flat on 1Q 2024). Profit margin: 77% (in line with 1Q 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Industrial REITs industry in Thailand. Declared Dividend • Feb 21
Fourth quarter dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 3rd March 2025 Payment date: 19th March 2025 Dividend yield will be 7.5%, which is lower than the industry average of 8.0%. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: ฿3.52b (up 3.6% from FY 2023). Net income: ฿1.92b (down 14% from FY 2023). Profit margin: 55% (down from 66% in FY 2023). Revenue exceeded analyst estimates by 1.6%. Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Industrial REITs industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 15
Second quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 25th November 2024 Payment date: 13th December 2024 Dividend yield will be 7.4%, which is lower than the industry average of 8.0%. Declared Dividend • Aug 10
Second quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 20th August 2024 Payment date: 6th September 2024 Dividend yield will be 7.6%, which is lower than the industry average of 8.0%. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿867.5m (up 1.2% from 2Q 2023). Net income: ฿400.8m (up 5.7% from 2Q 2023). Profit margin: 46% (up from 44% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Industrial REITs industry in Asia. Declared Dividend • May 11
First quarter dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 21st May 2024 Payment date: 7th June 2024 Dividend yield will be 8.5%, which is higher than the industry average of 8.0%. Announcement • May 11
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust, Annual General Meeting, Jun 19, 2024 WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust, Annual General Meeting, Jun 19, 2024, at 13:30 SE Asia Standard Time. Reported Earnings • May 10
First quarter 2024 earnings released First quarter 2024 results: Revenue: ฿861.2m (flat on 1Q 2023). Net income: ฿663.6m (down 3.8% from 1Q 2023). Profit margin: 77% (down from 80% in 1Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Industrial REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • May 10
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust Approves Dividend for the Performance from 1 January 2024 to 31 March 2024, Payable on 7 June 2024 The Meeting of the Board of Directors of WHA Real Estate Management Co. Ltd. in its capacity of the REIT Manager of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust ("WHART Trust") on 9 May 2024 passed a resolution as follows: Approve to pay the dividend at the rate of THB 0.1915 per trust unit, from the performance from 1 January 2024 to 31 March 2024 and retained earnings. The date scheduled for dividend payment from those performances mentioned above is 7 June 2024. The book closing date to determine the right to receive the dividend is 24 May 2024. Price Target Changed • Feb 28
Price target decreased by 7.9% to ฿11.60 Down from ฿12.60, the current price target is an average from 2 analysts. New target price is 20% above last closing price of ฿9.70. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿0.74 for next year compared to ฿0.65 last year. Upcoming Dividend • Feb 27
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 22 March 2024. Trailing yield: 7.9%. Within top quartile of Thai dividend payers (6.3%). In line with average of industry peers (8.2%). Declared Dividend • Feb 25
Fourth quarter dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 5th March 2024 Payment date: 22nd March 2024 Dividend yield will be 7.9%, which is about the same as the industry average. Announcement • Feb 23
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust Approves Dividend from the Performance from 1 November 2023 to 31 December 2023, Payable on 22 March 2024 The meeting of the board of directors of WHA Real Estate Management Co. Ltd. (company) in its capacity of the REIT Manager of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART Trust) on 22 February 2024 passed a resolution as follows: Approve to pay the dividend at the rate of THB 0.1300 per trust unit, from the performance from 1 November 2023 to 31 December 2023 and retained earnings. The date scheduled for dividend payment from those performances is 22 March 2024. The book closing date to determine the right to receive the dividend is 7 March 2024. Reported Earnings • Feb 23
Full year 2023 earnings released Full year 2023 results: Revenue: ฿3.40b (up 6.9% from FY 2022). Net income: ฿2.25b (down 3.1% from FY 2022). Profit margin: 66% (down from 73% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Industrial REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. New Risk • Dec 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.0% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Shareholders have been diluted in the past year (6.0% increase in shares outstanding). Buying Opportunity • Nov 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be ฿12.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.7% in 2 years. Earnings is forecast to grow by 4.9% in the next 2 years. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.26 per share at 7.3% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 12 December 2023. Trailing yield: 7.3%. Within top quartile of Thai dividend payers (6.8%). In line with average of industry peers (8.0%). Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ฿840.7m (up 4.9% from 3Q 2022). Net income: ฿644.5m (up 2.4% from 3Q 2022). Profit margin: 77% (down from 79% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Industrial REITs industry in Asia. Announcement • Nov 15
Wha Premium Growth Freehold and Leasehold Real Estate Investment Trust Approves Dividend from 1 July 2023 to 31 October 2023, Payable on 12 December 2023 The Meeting of the Board of Directors of WHA Real Estate Management Co. Ltd. ("Company") in its capacity of the REIT Manager of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust ("WHART Trust") on 14 November 2023 passed a resolution as follows: Approved to pay the dividend at the rate of THB 0.2590 per trust unit, from the performance from 1 July 2023 to 31 October 2023. The date scheduled for dividend payment from those performances mentioned above is 12 December 2023. The book closing date to determine the right to receive the dividend is 28 November 2023. Announcement • Nov 03
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust has filed a Follow-on Equity Offering. WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Securities Offered: 280,000,000 Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.7%. The fair value is estimated to be ฿12.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 3.0%. Revenue is forecast to grow by 7.8% in 2 years. Earnings is forecast to grow by 4.9% in the next 2 years. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.19 per share at 7.2% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 07 September 2023. Trailing yield: 7.2%. Within top quartile of Thai dividend payers (6.4%). In line with average of industry peers (7.6%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.042 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.12 (up from ฿0.042 in 2Q 2022). Revenue: ฿857.6m (up 11% from 2Q 2022). Net income: ฿379.4m (up 195% from 2Q 2022). Profit margin: 44% (up from 17% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Industrial REITs industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 16
Upcoming dividend of ฿0.19 per share at 6.8% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 09 June 2023. Trailing yield: 6.8%. Within top quartile of Thai dividend payers (6.3%). In line with average of industry peers (7.1%). Reported Earnings • May 13
First quarter 2023 earnings released First quarter 2023 results: Revenue: ฿862.6m (up 13% from 1Q 2022). Net income: ฿690.0m (up 14% from 1Q 2022). Profit margin: 80% (in line with 1Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Industrial REITs industry in Asia. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.13 per share at 6.6% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 24 March 2023. Trailing yield: 6.6%. Within top quartile of Thai dividend payers (5.6%). In line with average of industry peers (6.5%). Reported Earnings • Nov 18
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ฿801.4m (up 16% from 3Q 2021). Net income: ฿629.3m (up 26% from 3Q 2021). Profit margin: 79% (up from 72% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the REITs industry in Thailand. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 13 December 2022. Trailing yield: 7.3%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (5.7%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Director of WHA Real Estate Management Company Limited Somsak Boonchoyruengchai was the last director to join the board, commencing their role in 2019. 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 • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.042 (vs ฿0.21 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.042 (down from ฿0.21 in 2Q 2021). Revenue: ฿772.8m (up 34% from 2Q 2021). Net income: ฿128.4m (down 78% from 2Q 2021). Profit margin: 17% (down from 102% in 2Q 2021). The decrease in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 9.2%, compared to a 15% growth forecast for the industry in Thailand. 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 15% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 23
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 15 June 2022. Trailing yield: 7.2%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (5.1%). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.20 (up from ฿0.16 in 1Q 2021). Revenue: ฿762.2m (up 14% from 1Q 2021). Net income: ฿603.5m (up 39% from 1Q 2021). Profit margin: 79% (up from 65% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.5%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Director of WHA Real Estate Management Company Limited Somsak Boonchoyruengchai was the last director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 10
Price target decreased to ฿13.07 Down from ฿14.65, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ฿11.90. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of ฿0.69 for next year compared to ฿0.67 last year. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 25 March 2022. Trailing yield: 6.2%. Within top quartile of Thai dividend payers (5.1%). In line with average of industry peers (6.3%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ฿2.57b (flat on FY 2020). Net income: ฿2.06b (down 9.6% from FY 2020). Profit margin: 80% (down from 89% in FY 2020). Revenue missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 21%, compared to a 28% growth forecast for the reits industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Announcement • Feb 26
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust Approves Dividend for the Period from November 1, 2021 to December 31, 2021, Payable on March 25, 2022 The meeting of the board of directors of WHA Real Estate Management Co. Ltd. (Company) in its capacity of the REIT Manager of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust on February 25, 2022 passed a resolution to pay the dividend at the rate of THB 0.1195 per trust unit, from the performance from November 1, 2021 to December 31, 2021. The date scheduled for dividend payment from those performances mentioned above is March 25, 2022. The book closing date to determine the right to receive the dividend is March 11, 2022. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿689.4m (up 6.2% from 3Q 2020). Net income: ฿498.8m (up 3.6% from 3Q 2020). Profit margin: 72% (down from 74% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Aug 10
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 02 September 2021. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (4.9%). In line with average of industry peers (5.6%). Reported Earnings • Aug 06
Second quarter 2021 earnings released Second quarter 2021 results: Revenue: ฿575.8m (down 10% from 2Q 2020). Net income: ฿589.2m (up 27% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Announcement • Jul 01
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust has filed an IPO. WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust has filed an IPO.
Security Name: Shares
Security Type: Common Stock Upcoming Dividend • May 22
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 14 June 2021. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (4.9%). In line with average of industry peers (5.7%). Reported Earnings • May 13
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿667.3m (up 5.7% from 1Q 2020). Net income: ฿433.2m (down 21% from 1Q 2020). Profit margin: 65% (down from 87% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Announcement • May 12
WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust Approves Dividend from 1 January 2021 to 31 March 2021, Payable on June 14, 2021 WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust at the meeting of directors approved dividend of THB 0.1915 per trust unit, from the performance from 1 January 2021 to 31 March 2021. The date scheduled for dividend payment from those performances mentioned above is 14 June 2021. The book closing date to determine the right to receive the dividend is 1 June 2021. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.60, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 15x in the REITs industry in Thailand. Total returns to shareholders over the past three years are 51%. Price Target Changed • Mar 02
Price target lowered to ฿14.77 Down from ฿16.27, the current price target is an average from 3 analysts. The new target price is 35% above the current share price of ฿10.90. As of last close, the stock is down 34% over the past year. Analyst Estimate Surprise Post Earnings • Feb 24
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 17%. Over the next year, revenue is forecast to grow 11%, compared to a 11% growth forecast for the REITs industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.82 (vs ฿0.75 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.56b (up 13% from FY 2019). Net income: ฿2.28b (up 19% from FY 2019). Profit margin: 89% (up from 85% in FY 2019). Net asset value (NAV) per share: ฿10.95 (up 2.4% from FY 2019). The current share price is 1.4% higher than NAV per share. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 22
New 90-day low: ฿11.20 The company is down 12% from its price of ฿12.80 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿14.33 per share. Is New 90 Day High Low • Jan 24
New 90-day low: ฿11.80 The company is down 6.0% from its price of ฿12.50 on 26 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.43 per share. Upcoming Dividend • Nov 19
Upcoming Dividend of ฿0.064 Per Share Will be paid on the 14th of December to those who are registered shareholders by the 26th of November. The trailing yield of 6.0% is below the top quartile of Thai dividend payers (6.7%), and is lower than industry peers (6.9%). Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ฿1.90b, up 2.8% from the prior year. Total revenue was ฿2.51b over the last 12 months, up 15% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Is New 90 Day High Low • Oct 19
New 90-day low: ฿12.70 The company is down 15% from its price of ฿15.00 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.94 per share. Is New 90 Day High Low • Sep 25
New 90-day low: ฿14.50 The company is down 10.0% from its price of ฿16.20 on 26 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.94 per share.