Reported Earnings • May 18
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: ฿0.12 loss per share (down from ฿0.11 profit in 1Q 2025). Revenue: ฿56.8b (down 1.0% from 1Q 2025). Net loss: ฿205.4m (down 208% from profit in 1Q 2025). Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 28
Dividend of ฿0.35 announced Shareholders will receive a dividend of ฿0.35. Ex-date: 10th March 2026 Payment date: 15th May 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (180% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿0.61 (down from ฿0.61 in FY 2024). Revenue: ฿224.3b (flat on FY 2024). Net income: ฿1.02b (flat on FY 2024). Profit margin: 0.5% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.2%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿9.30, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 28% over the past three years. Buy Or Sell Opportunity • Nov 16
Now 22% undervalued Over the last 90 days, the stock has risen 1.4% to ฿7.05. The fair value is estimated to be ฿8.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 7.1%. Revenue is forecast to grow by 0.9% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.12 (vs ฿0.04 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.12 (up from ฿0.04 in 3Q 2024). Revenue: ฿53.7b (down 1.3% from 3Q 2024). Net income: ฿205.1m (up 192% from 3Q 2024). Profit margin: 0.4% (up from 0.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 21
Price target increased by 7.3% to ฿9.33 Up from ฿8.69, the current price target is an average from 8 analysts. New target price is 6.0% above last closing price of ฿8.80. Stock is down 7.9% over the past year. The company is forecast to post earnings per share of ฿0.71 for next year compared to ฿0.61 last year. New Risk • Aug 14
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: 0.4% Last year net profit margin: 0.6% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS in line with expectations, revenues disappoint Second quarter 2025 results: EPS: ฿0.19 (down from ฿0.28 in 2Q 2024). Revenue: ฿56.5b (down 2.2% from 2Q 2024). Net income: ฿312.0m (down 33% from 2Q 2024). Profit margin: 0.6% (down from 0.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 21
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.735 to ฿0.648. Revenue forecast unchanged from ฿228.1b at last update. Net income forecast to grow 18% next year vs 17% growth forecast for Specialty Retail industry in Thailand. Consensus price target broadly unchanged at ฿8.55. Share price fell 6.5% to ฿6.45 over the past week. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿0.11 (down from ฿0.16 in 1Q 2024). Revenue: ฿57.4b (up 4.4% from 1Q 2024). Net income: ฿190.0m (down 26% from 1Q 2024). Profit margin: 0.3% (down from 0.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 6.5%. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Board Change • Apr 26
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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Yaowaluk Aramthaveethong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Mar 02
Final dividend of ฿0.25 announced Shareholders will receive a dividend of ฿0.25. Ex-date: 10th March 2025 Payment date: 16th May 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (57% 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 8.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 27
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.61 (up from ฿0.56 in FY 2023). Revenue: ฿225.8b (up 14% from FY 2023). Net income: ฿1.02b (up 8.2% from FY 2023). Profit margin: 0.5% (in line with FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to stay flat during the next 2 years compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Feb 17
PTG Energy Public Company Limited Appoints Winita Sanoi as Chief People and Culture Officer PTG Energy Public Company Limited has appointed Mrs. Winita Sanoi as the Chief People and Culture Officer. In this regard, the appointment shall be effective from 17 February 2025 onwards. Announcement • Feb 03
PTG Energy Public Company Limited Appoints Danai Laksameethanasan as Chief Data Officer PTG Energy Public Company Limited has appointed Mr. Danai Laksameethanasan as the Chief Data Officer. In this regard, the appointment shall be effective from 3 February 2025 onwards. Announcement • Jan 02
PTG Energy Public Company Limited Announces Executive Changes PTG Energy Public Company Limited announced the resignation of Mr. Sethapong Yodyossak as Position of Chief Accountant: Director of Accounting. Effective Date of Termination: November 30, 2024 . Company announces appointment of Miss Rapeepun Saengsanon as Position of Chief Accountant: Director of Accounting . Effective date: January 2, 2025. Upcoming Dividend • Nov 19
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 26 November 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (3.0%). Reported Earnings • Nov 18
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ฿0.04 (up from ฿0.011 in 3Q 2023). Revenue: ฿54.4b (up 14% from 3Q 2023). Net income: ฿70.2m (up 261% from 3Q 2023). Profit margin: 0.1% (up from 0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Specialty Retail 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 16% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿10.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Specialty Retail industry in Thailand. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿6.90 per share. Major Estimate Revision • Aug 16
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿207.9b to ฿216.6b. EPS estimate increased from ฿0.613 to ฿0.70 per share. Net income forecast to shrink 7.3% next year vs 18% growth forecast for Specialty Retail industry in Thailand . Consensus price target broadly unchanged at ฿9.27. Share price rose 3.1% to ฿8.20 over the past week. Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿280 (up from ฿0.07 in 2Q 2023). Revenue: ฿57.8b (up 14% from 2Q 2023). Net income: ฿465.5m (up 319% from 2Q 2023). Profit margin: 0.8% (up from 0.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.7%. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 20% per year. Major Estimate Revision • May 17
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.595 to ฿0.48. Revenue forecast unchanged from ฿209.5b at last update. Net income forecast to shrink 4.4% next year vs 17% growth forecast for Specialty Retail industry in Thailand . Consensus price target of ฿9.35 unchanged from last update. Share price was steady at ฿8.40 over the past week. Reported Earnings • May 12
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: ฿0.16 (down from ฿0.17 in 1Q 2023). Revenue: ฿55.0b (up 7.9% from 1Q 2023). Net income: ฿257.7m (down 7.2% from 1Q 2023). Profit margin: 0.5% (in line with 1Q 2023). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 5.9%. Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Thailand are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Apr 27
PTG Energy Public Company Limited Approves the Dividend for the Year Ended 31 December 2023, Payable on 17 May 2024 The Annual General Meeting of Shareholders for the Year 2023 of PTG Energy Public Company Limited which was held on 26 April 2024. The shareholders approved the dividend payment for the year 2023 from the Company's operating results starting from 1 January 2023 to 31 December 2023, at the rate of THB 0.35 (Thirty Five Satang) per share, for 1,670,000,000 ordinary shares, totaling THB 584,500,000 (Five Hundred Eight Four Million and Five Hundred Thousand Baht), representing approximately 104% of the net profit according to the separate financial statements for the Company's operating results in the year 2023, which will be paid from the operating results for the fiscal year ended 31 December 2023 and the retained earnings as at 31 December 2023 (under the separate financial statements). The dividend will be paid to the shareholders whose names appear in the share register book of the Company on 7 March 2024 which was determined to be the date on which the recorded shareholders are entitled to receive the dividend (Record Date). The dividend payment will be made on 17 May 2024. In addition, the Company will not appropriate the net profit as legal reserve since the Company has reserved the funds in full as required by law. Upcoming Dividend • Feb 28
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 24
Dividend of ฿0.35 announced Shareholders will receive a dividend of ฿0.35. Ex-date: 6th March 2024 Payment date: 17th May 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 33% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 23
PTG Energy Public Company Limited, Annual General Meeting, Apr 26, 2024 PTG Energy Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Location: Meeting Room 109 (MR109), Queen Sirikit National Convention Center No. 60 Ratchadaphisek Road, Khlong Toei Sub-District Bangkok Thailand Agenda: To consider and adopt the minutes of the Annual General Meeting of Shareholders for the Year 2023; to acknowledge the Report of the Board of Directors regarding the operating results of the Company for the year 2023; to consider and approve the financial statements for the fiscal year ended 31 December 2023; to consider and approve the dividend payment for the year 2023; To consider and approve the election of the directors to replace the directors who retire by rotation; to consider and approve the determination of the remuneration of the directors for the year 2024; to consider and approve the appointment of the auditors and the determination of the remuneration of the auditors for the year 2024; to consider other matters (if any). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿0.57 (vs ฿0.56 in FY 2022) Full year 2023 results: EPS: ฿0.57 (up from ฿0.56 in FY 2022). Revenue: ฿198.8b (up 11% from FY 2022). Net income: ฿944.1m (up 1.1% from FY 2022). Profit margin: 0.5% (in line with FY 2022). Revenue is expected to decline by 4.6% p.a. on average during the next 2 years, while revenues in the Specialty Retail industry in Thailand are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Feb 23
PTG Energy Public Company Limited Proposes Dividend from 1 January 2023 to 31 December 2023, Payable on May 17, 2024 PTG Energy Public Company Limited announced at the AGM to be held on April 26, 2024, proposed the dividend payment from the Company's operating results starting from 1 January 2023 to 31 December 2023, at the rate of THB 0.35 per share, for 1,670,000,000 ordinary shares, totaling THB 584,500,000, representing approximately 104 percent of the net profit according to the separate financial statements for the Company's operating results in the year 2023, which will be paid from the results of the operation for the fiscalyear ended 31 December 2023 and the retained earnings as at 31 December 2023 (under the separate financial statements). The dividend will be paid to the shareholders whose names appear in the share register book of the Company on 7 March 2024 which was determined to be the date on which the recorded shareholders are entitled to receive the dividend (Record Date). The dividend payment will be made on 17 May 2024. In this regard, the right to receive the dividend is uncertain depending on an approval of the shareholders ' meeting. In addition, the Company will not appropriate the net profit as legal reserve since the Company has reserved the funds in full as required by law. Ex-dividend date is 6 March 2024. Price Target Changed • Jan 23
Price target decreased by 12% to ฿9.74 Down from ฿11.07, the current price target is an average from 5 analysts. New target price is 13% above last closing price of ฿8.65. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿0.47 for next year compared to ฿0.56 last year. Price Target Changed • Jan 23
Price target decreased by 12% to ฿9.74 Down from ฿11.07, the current price target is an average from 5 analysts. New target price is 13% above last closing price of ฿8.65. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿0.47 for next year compared to ฿0.56 last year. Announcement • Dec 16
PTG Energy Public Company Limited Announces Appointment to Investment Committee PTG Energy Public Company Limited at its board meeting held on December 15, 2023 approved appointment of Ms. Yaowaluk Aramthaveethong as Chairman of the Investment Committee, Dr. Chalermruth Narkvichien as Member of the Investment Committee and Mr. Rangsun Puangprang as Member of the Investment Committee. In this regard, such appointment shall be effective from 15 December 2023 onwards. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.01 (down from ฿0.11 in 3Q 2022). Revenue: ฿47.5b (up 5.3% from 3Q 2022). Net income: ฿19.4m (down 89% from 3Q 2022). Profit margin: 0% (down from 0.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.8%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Thailand are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.58 to ฿0.52. Revenue forecast unchanged from ฿188.2b at last update. Net income forecast to grow 84% next year vs 24% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿13.13 to ฿11.48. Share price rose 6.1% to ฿8.65 over the past week. Price Target Changed • Nov 04
Price target decreased by 13% to ฿11.48 Down from ฿13.13, the current price target is an average from 6 analysts. New target price is 33% above last closing price of ฿8.65. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.52 for next year compared to ฿0.56 last year. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 1.0% 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 1.0% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.3% net profit margin). Major Estimate Revision • Aug 17
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.726 to ฿0.604. Revenue forecast unchanged from ฿192.3b at last update. Net income forecast to grow 113% next year vs 17% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿13.67 to ฿13.24. Share price fell 2.9% to ฿10.00 over the past week. New Risk • Aug 11
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: 0.3% Last year net profit margin: 0.5% 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Dividend is not well covered by earnings (120% payout ratio). Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ฿0.07 (down from ฿0.36 in 2Q 2022). Revenue: ฿50.8b (up 9.7% from 2Q 2022). Net income: ฿111.2m (down 82% from 2Q 2022). Profit margin: 0.2% (down from 1.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 36%. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 14
Price target decreased by 7.9% to ฿14.05 Down from ฿15.25, the current price target is an average from 6 analysts. New target price is 38% above last closing price of ฿10.20. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.75 for next year compared to ฿0.56 last year. Buying Opportunity • Jul 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ฿15.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to decline by 8.1% in 2 years. Earnings is forecast to grow by 54% in the next 2 years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿11.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 20x in the Specialty Retail industry in Thailand. Total loss to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿13.96 per share. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.096 in 1Q 2022) First quarter 2023 results: EPS: ฿0.17 (up from ฿0.096 in 1Q 2022). Revenue: ฿50.9b (up 31% from 1Q 2022). Net income: ฿277.6m (up 74% from 1Q 2022). Profit margin: 0.5% (up from 0.4% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Specialty Retail industry in Thailand are expected to grow by 6.1%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.20 per share at 2.9% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 19 May 2023. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (2.2%). Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 28 November 2022. Payment date: 14 December 2022. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (1.9%). Reported Earnings • Nov 18
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.11 (up from ฿0.04 in 3Q 2021). Revenue: ฿45.2b (up 48% from 3Q 2021). Net income: ฿177.0m (up 181% from 3Q 2021). Profit margin: 0.4% (up from 0.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Chalermruth Narkvichien was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ฿0.36 (up from ฿0.30 in 2Q 2021). Revenue: ฿46.3b (up 39% from 2Q 2021). Net income: ฿600.7m (up 21% from 2Q 2021). Profit margin: 1.3% (down from 1.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 53%. Over the next year, revenue is forecast to grow 4.9%, compared to a 5.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • May 16
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ฿0.10 (down from ฿0.32 in 1Q 2021). Revenue: ฿39.0b (up 21% from 1Q 2021). Net income: ฿160.0m (down 70% from 1Q 2021). Profit margin: 0.4% (down from 1.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 9.3%, compared to a 7.7% growth forecast for the industry in Thailand. 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 1% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Chalermruth Narkvichien was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿152.8b to ฿149.4b. EPS estimate also fell from ฿1.02 per share to ฿0.91 per share. Net income forecast to grow 51% next year vs 20% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿17.90 to ฿17.47. Share price was steady at ฿14.30 over the past week. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (1.6%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.60 (down from ฿1.13 in FY 2020). Revenue: ฿133.8b (up 28% from FY 2020). Net income: ฿1.01b (down 47% from FY 2020). Profit margin: 0.8% (down from 1.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 21%. Over the next year, revenue is forecast to grow 14%, compared to a 11% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.89 to ฿0.78 per share. Revenue forecast steady at ฿131.8b. Net income forecast to grow 7.8% next year vs 21% growth forecast for Specialty Retail industry in Thailand. Consensus price target broadly unchanged at ฿0. Share price rose 2.8% to ฿14.60 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.30 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿30.6b (up 21% from 3Q 2020). Net income: ฿63.0m (down 88% from 3Q 2020). Profit margin: 0.2% (down from 2.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 26
Price target decreased to ฿19.91 Down from ฿21.90, the current price target is an average from 7 analysts. New target price is 28% above last closing price of ฿15.50. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿1.13 last year. Price Target Changed • Oct 20
Price target decreased to ฿20.27 Down from ฿21.97, the current price target is an average from 7 analysts. New target price is 29% above last closing price of ฿15.70. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿1.13 last year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.30 (vs ฿0.31 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿33.5b (up 50% from 2Q 2020). Net income: ฿497.7m (down 2.4% from 2Q 2020). Profit margin: 1.5% (down from 2.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.32 (vs ฿0.12 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿32.3b (up 11% from 1Q 2020). Net income: ฿531.4m (up 161% from 1Q 2020). Profit margin: 1.6% (up from 0.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿1.13 (vs ฿0.94 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: ฿104.4b (down 13% from FY 2019). Net income: ฿1.89b (up 21% from FY 2019). Profit margin: 1.8% (up from 1.3% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 15%, compared to a 12% growth forecast for the Specialty Retail industry in Thailand. Is New 90 Day High Low • Feb 18
New 90-day high: ฿19.70 The company is up 4.0% from its price of ฿18.90 on 20 November 2020. The Thai market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.58 per share. Price Target Changed • Jan 15
Price target raised to ฿22.85 Up from ฿21.23, the current price target is an average from 4 analysts. The new target price is 33% above the current share price of ฿17.20. As of last close, the stock is up 14% over the past year. Is New 90 Day High Low • Dec 16
New 90-day low: ฿17.00 The company is down 6.0% from its price of ฿18.10 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.08 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings miss expectations Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Over the next year, revenue is forecast to grow 1.2%, compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.30 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿25.3b (down 11% from 3Q 2019). Net income: ฿509.0m (up 98% from 3Q 2019). Profit margin: 2.0% (up from 0.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.