Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿5.05, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 76% over the past three years. Reported Earnings • Feb 15
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿0.13 (up from ฿0.017 in FY 2024). Revenue: ฿3.50b (up 38% from FY 2024). Net income: ฿105.1m (up ฿91.4m from FY 2024). Profit margin: 3.0% (up from 0.5% in FY 2024). Revenue exceeded analyst estimates by 61%. Earnings per share (EPS) missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Feb 12
Singer Thailand Public Company Limited, Annual General Meeting, Apr 23, 2026 Singer Thailand Public Company Limited, Annual General Meeting, Apr 23, 2026, at 10:00 SE Asia Standard Time. Location: via hybrid meeting, by organizing and broadcasting from meetingroom, of nt bangrak building, 30th floor, from no. 72 nt bangrak building, charoen krung road, bangrak sub-district, bangrak Thailand New Risk • Feb 10
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 5.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.033 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.07. Revenue: ฿905.9m (up 54% from 3Q 2024). Net income: ฿26.9m (down 1.0% from 3Q 2024). Profit margin: 3.0% (down from 4.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.035 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (down from ฿0.035 in 2Q 2024). Revenue: ฿888.2m (up 43% from 2Q 2024). Net income: ฿12.5m (down 56% from 2Q 2024). Profit margin: 1.4% (down from 4.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 2 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 fallen by 16% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. New Risk • Jun 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.24b (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.025 in 1Q 2024) First quarter 2025 results: EPS: ฿0.02 (down from ฿0.025 in 1Q 2024). Revenue: ฿812.6m (up 31% from 1Q 2024). Net income: ฿20.1m (flat on 1Q 2024). Profit margin: 2.5% (down from 3.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. Announcement • Apr 02
Singer Thailand Public Company Limited Announces CFO Changes Singer Thailand Public Company Limited announced appointment of Mr. Nalin Harnmanorom as Chief Financial Officer, effective 16 April 2025 and Termination of Miss Nantika Sae-jeing as Chief Financial Officer, effective 01 April 2025. Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: ฿0.02 (vs ฿3.94 loss in FY 2023) Full year 2024 results: EPS: ฿0.02 (up from ฿3.94 loss in FY 2023). Revenue: ฿2.54b (down 17% from FY 2023). Net income: ฿13.7m (up ฿3.22b from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 47% per year, which means it has not declined as severely as earnings. Announcement • Feb 12
Singer Thailand Public Company Limited, Annual General Meeting, Apr 23, 2025 Singer Thailand Public Company Limited, Annual General Meeting, Apr 23, 2025, at 10:00 SE Asia Standard Time. Location: via hybrid meeting, by organizing and broadcasting, from meetingroomof nt bangrak building, 30th floor, from no. 72 nt bangrak building,charoen krung road, bangrak sub-district,bangrak district, Thailand Announcement • Feb 04
Singer Thailand Public Company Limited Appoints Nantika Sae-Jeing as Chief Financial Officer Singer Thailand Public Company Limited announced the appointment of Miss Nantika Sae-jeing as chief financial officer. Effective date of appointment is 3 February 2025. Announcement • Jan 17
Singer Thailand Public Company Limited Announces Resignation of Rakkiti Tanglamlert as Chief Financial Officer Singer Thailand Public Company Limited announced resignation of Mr. Rakkiti Tanglamlert as Chief Financial Officer. Effective Date of Termination is 16 January 2025. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.80, the stock trades at a trailing P/E ratio of 59.6x. Average trailing P/E is 18x in the Specialty Retail industry in Thailand. Total loss to shareholders of 85% over the past three years. Price Target Changed • Nov 13
Price target increased by 32% to ฿11.20 Up from ฿8.50, the current price target is provided by 1 analyst. New target price is 20% above last closing price of ฿9.30. Stock is down 11% over the past year. The company posted a net loss per share of ฿3.94 last year. Buy Or Sell Opportunity • Aug 23
Now 23% overvalued Over the last 90 days, the stock has fallen 7.2% to ฿9.00. The fair value is estimated to be ฿7.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿7.55, the stock trades at a trailing P/E ratio of 78.6x. Average trailing P/E is 21x in the Specialty Retail industry in Thailand. Total loss to shareholders of 80% over the past three years. New Risk • Aug 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿2.94 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿2.94 loss in 2Q 2023). Revenue: ฿619.7m (down 22% from 2Q 2023). Net income: ฿28.4m (up ฿2.42b from 2Q 2023). Profit margin: 4.6% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Singer Thailand Public Company Limited, Annual General Meeting, Apr 19, 2024 Singer Thailand Public Company Limited, Annual General Meeting, Apr 19, 2024, at 10:00 SE Asia Standard Time. Location: 30th F1. NT Bangrak Building, Charoen Krung Rd Bangrak Thailand Agenda: To consider and approve the decrease of the company's registered capital and the amendment to clause 4 of the company's memorandum of Association to reflect the company's registered capital decrease. Reported Earnings • Feb 13
Full year 2023 earnings released: ฿3.94 loss per share (vs ฿1.14 profit in FY 2022) Full year 2023 results: ฿3.94 loss per share (down from ฿1.14 profit in FY 2022). Revenue: ฿3.04b (down 42% from FY 2022). Net loss: ฿3.21b (down 443% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Singer Thailand Public Company Limited Proposes Dividend Non-Payment for the Year 2023 The board of directors of Singer Thailand Public Company Limited meeting held on February 12, 2024, propose the 2024 Annual General Meeting of Shareholders to be held on April 19, 2024, to consider and approve the dividend non-payment of 2023, due to have deficit in the account as of 31 December 2023. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.31 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.02 (down from ฿0.31 in 3Q 2022). Revenue: ฿675.4m (down 49% from 3Q 2022). Net income: ฿12.6m (down 95% from 3Q 2022). Profit margin: 1.9% (down from 20% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • Oct 13
New major risk - Revenue and earnings growth Earnings have declined by 1.4% 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 Share price has been highly volatile over the past 3 months (13% average weekly change). 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. Earnings have declined by 1.4% per year over the past 5 years. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿2.94 loss per share (vs ฿0.32 profit in 2Q 2022) Second quarter 2023 results: ฿2.94 loss per share (down from ฿0.32 profit in 2Q 2022). Revenue: ฿795.9m (down 44% from 2Q 2022). Net loss: ฿2.40b (down ฿2.66b from profit in 2Q 2022). Revenue is forecast to grow 17% 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 51% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be ฿11.58, 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, while earnings per share has been flat. Buying Opportunity • Jun 26
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 55%. The fair value is estimated to be ฿11.24, 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, while earnings per share has been flat. Announcement • Jun 17
Singer Thailand Public Company Limited Announces Executive Changes Singer Thailand Public Company Limited announced that Miss Chanthornjira Kongtongsmut has resigned from the position of company secretary, effectively from June 16, 2023 onwards. Furthermore, The board of director meeting held on June 9, 2023 had resolution to appoint Mr. Narathip Wirunechatapant, chief executive officer, to be the Acting company secretary with effective date from June 19, 2023 onwards. Reported Earnings • May 18
First quarter 2023 earnings released: ฿1.03 loss per share (vs ฿0.27 profit in 1Q 2022) First quarter 2023 results: ฿1.03 loss per share (down from ฿0.27 profit in 1Q 2022). Revenue: ฿884.0m (down 27% from 1Q 2022). Net loss: ฿843.4m (down 492% from profit in 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿11.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 19x in the Specialty Retail industry in Thailand. Total returns to shareholders of 44% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.48 per share. Board Change • May 11
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somsri Shalapukdee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.26 per share at 3.9% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿14.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Specialty Retail industry in Thailand. Total returns to shareholders of 161% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿13.10 per share. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: ฿1.14 (vs ฿1.40 in FY 2021) Full year 2022 results: EPS: ฿1.14. Revenue: ฿5.21b (up 18% from FY 2021). Net income: ฿935.3m (up 34% from FY 2021). Profit margin: 18% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Specialty Retail industry in Thailand. Price Target Changed • Feb 15
Price target decreased by 7.5% to ฿40.83 Down from ฿44.17, the current price target is an average from 3 analysts. New target price is 117% above last closing price of ฿18.80. Stock is down 57% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿1.40 last year. Announcement • Feb 14
Singer Thailand Public Company Limited, Annual General Meeting, Apr 21, 2023 Singer Thailand Public Company Limited, Annual General Meeting, Apr 21, 2023, at 10:00 SE Asia Standard Time. Location: No. 72, NT Bangrak Building, 30th Floor, Charoen Krung Road, Bangrak Sub- district, Bangrak District, Bangkok Thailand Agenda: To certify the minutes of the 2023 Annual General Meeting of Shareholders No.55, held on 22 April 2022; to acknowledge the Company' s 2022 operating results and consider and approve the financial statements for the year ended 31 December 2022; to consider and approve the dividend payment from the Company's operating of the year 2022; to consider and approve the appointment of directors replacing those who retire by rotation; to consider and approve the determination of the director's remuneration of the year 2023; and to consider other matters. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿21.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Specialty Retail industry in Thailand. Total returns to shareholders of 250% over the past three years. Announcement • Dec 21
Singer Thailand Public Company Limited (SET:SINGER) announces an Equity Buyback for 18,000,000 shares, representing 2.19% for THB 640 million. Singer Thailand Public Company Limited (SET:SINGER) announces a share repurchase program. Under the program, the company will repurchase up to up to 18,000,000 shares, representing 2.19% for THB 640 million. The share repurchases will not exceed 115% of the average share closing price for 5 working days prior to the share repurchase date. The repurchased shares will be used for resale. The purpose of the share repurchases is to ensure the company's excess liquidity management, to increase the Return on Equity ratio and Earnings Per Share ratio and to conduct confidence to Company’s shareholders. The program is valid till March 23, 2023. As of November 9, 2022, the company had 822,266,441 shares are issued and outstanding. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somsri Shalapukdee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.31 (vs ฿0.33 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.31. Revenue: ฿1.34b (up 46% from 3Q 2021). Net income: ฿261.0m (up 58% from 3Q 2021). Profit margin: 20% (up from 18% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Specialty Retail industry in Thailand. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (1.7%). Announcement • Aug 11
Singer Thailand Public Company Limited Announces Interim Cash Dividend for the Operating Period from 1 January 2022 to 30 June 2022, Payable on 9 September 2022 Singer Thailand Public Company Limited announced interim cash dividend payment of THB 0.30 per share to common shareholders for the operating period from 1 January 2022 to 30 June 2022, with payment date of 09 September 2022. Ex-dividend date is 24 August 2022. Record date for the right to receive dividends is 25 August 2022. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿39.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 21x in the Specialty Retail industry in Thailand. Total returns to shareholders of 370% over the past three years. Announcement • Jun 03
Singer Thailand Public Company Limited Announces Executive Changes Singer Thailand Public Company Limited announced the termination of Mr. Kittipong Kanokvilairat as Acting as Chief Financial Officer, with effect from June 1, 2022 and appointed Mr. Rakkiti Tanglamlert as Chief Financial Officer of the company, with effect from June 1, 2022. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿48.50, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 25x in the Specialty Retail industry in Thailand. Total returns to shareholders of 776% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somsri Shalapukdee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 13
Singer Thailand Public Company Limited Announces Executive Changes Singer Thailand Public Company Limited announced resignation of Miss Wimolwan Wanthamanee as Assistant Accounting Division Manager, effective September 15, 2021. Company also announced appointment of Miss Naruedee Santisukhathai as Accounting Manager Division, effective April 11, 2022. Announcement • Apr 09
Singer Thailand Public Company Limited Proposes Dividend for the Year Ended 31 December 2021, Payable on 20 May 2022 Singer Thailand Public Company Limited announced that the company will propose to the annual general meeting of shareholders No. 55, which will be held on 22 April 2022, to consider and approve the dividend payment of the year ended 31 December 2021, to the company's shareholders, at the rate of THB 0.55 per share for the number of 816,775,641 shares, totaling THB 449,226,603, in accordance to the board of directors' meeting No. 249's resolution, held on 23 February 2022 approved the dividend payment by the company in the total amount of not exceeding THB 450.7 million. Record date for the right to receive dividends is 3 May 2022. Ex-dividend date is 29 April 2022. Payment date is 20 May 2022. Price Target Changed • Mar 14
Price target increased to ฿58.50 Up from ฿52.65, the current price target is an average from 3 analysts. New target price is 23% above last closing price of ฿47.50. Stock is up 19% over the past year. The company is forecast to post earnings per share of ฿1.44 for next year compared to ฿1.40 last year. Announcement • Feb 25
Singer Thailand Public Company Limited, Annual General Meeting, Apr 22, 2022 Singer Thailand Public Company Limited, Annual General Meeting, Apr 22, 2022, at 03:00 Coordinated Universal Time. Agenda: To certify the minutes of the Extraordinary Annual General Meeting of Shareholders No.1/2565, held on 10 March 2022; to acknowledge the Company's 2021 operating results and consider and approve the financial statements for the year ended 31 December 2021; to consider and approve the determination of the director's remuneration; to consider and approve the appointment of the auditor, and their remuneration; and to consider any other matters. Announcement • Feb 24
Singer Thailand Public Company Limited Proposes Dividend for 2021, Payable on May 20, 2022 Singer Thailand Public Company Limited announced that it will propose the 2022 Annual General Meeting of Shareholders to consider and approve the dividend payment of 2021 from net profits of 2021 to the shareholders in the amount of not exceeding THB 450.7 million, equivalent to THB 0.56 million per share for 811,054,379 shares, or equivalent to THB 0.54 per share for 839,020,776 shares. The Company fixes the date of May 3, 2022 as the Record Date to determine the lists of shareholders who are eligible to receive the dividend and the date payable such dividend to the shareholders shall be May 20, 2022. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.40 (up from ฿1.09 in FY 2020). Revenue: ฿4.40b (up 20% from FY 2020). Net income: ฿700.6m (up 58% from FY 2020). Profit margin: 16% (up from 12% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 23%, 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 56% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 15% share price gain to ฿49.00, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 523% over the past three years. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.29 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿914.7m (up 5.3% from 3Q 2020). Net income: ฿165.1m (up 41% from 3Q 2020). Profit margin: 18% (up from 14% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year whereas the company’s share price has increased by 71% per year. Board Change • Oct 29
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somsri Shalapukdee was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Aug 23
Chief Financial Officer Piyanan Visartavakin has left the company During their tenure, earnings grew by 67% annually compared to the industry average of 34%. On the 14th of August, Piyanan Visartavakin left the company after less than a year in the role. We don't have any record of a personal shareholding under Piyanan's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.38 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 09 September 2021. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (1.2%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.37 (vs ฿0.29 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.15b (up 25% from 2Q 2020). Net income: ฿182.6m (up 59% from 2Q 2020). Profit margin: 16% (up from 13% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 03
Price target increased to ฿51.50 Up from ฿39.50, the current price target is an average from 2 analysts. New target price is 20% above last closing price of ฿43.00. Stock is up 205% over the past year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 19% share price gain to ฿39.75, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 443% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.31 (vs ฿0.22 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.00b (up 25% from 1Q 2020). Net income: ฿140.1m (up 61% from 1Q 2020). Profit margin: 14% (up from 11% 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 94% per year but the company’s share price has only increased by 71% per year, which means it is significantly lagging earnings growth. Executive Departure • May 07
Independent Director has left the company On the 1st of May, Bibit Bijaisoradat's tenure as Independent Director ended after 12.0 years in the role. We don't have any record of a personal shareholding under Bibit's name. A total of 4 executives have left over the last 12 months. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 21 May 2021. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.1%). Major Estimate Revision • Mar 24
Consensus revenue estimates increase to ฿4.43b The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿4.01b to ฿4.43b. EPS estimate increased from ฿1.29 to ฿1.42 per share. Net income forecast to grow 49% next year vs 33% growth forecast for Specialty Retail industry in Thailand. Consensus price target up from ฿23.25 to ฿34.25. Share price rose 7.7% to ฿41.75 over the past week. Executive Departure • Mar 24
Acting Chief Financial Officer has left the company On the 22nd of March, Busaba Kulsiritham's tenure as Acting Chief Financial Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Busaba's name. A total of 3 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 15% share price gain to ฿36.25, the stock is trading at a trailing P/E ratio of 33.3x, up from the previous P/E ratio of 28.9x. This compares to an average P/E of 30x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 295%. Is New 90 Day High Low • Mar 08
New 90-day high: ฿34.50 The company is up 105% from its price of ฿16.80 on 08 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.69 per share. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿1.09 (vs ฿0.46 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.66b (up 40% from FY 2019). Net income: ฿443.3m (up 167% from FY 2019). Profit margin: 12% (up from 6.4% in FY 2019). The increase in margin was driven by higher revenue. 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 33% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 7.9%, compared to a 13% growth forecast for the Specialty Retail industry in Thailand. Announcement • Feb 20
Singer Thailand Public Company Limited Appoints Kulsiritham Busaba as Acting as Chief Financial Officer Singer Thailand Public Company Limited announced the appointment of Kulsiritham Busaba as Acting as Chief Financial Officer, effective January 1, 2021. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 15% share price gain to ฿31.75, the stock is trading at a trailing P/E ratio of 35.5x, up from the previous P/E ratio of 30.7x. This compares to an average P/E of 28x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 149%. Is New 90 Day High Low • Feb 02
New 90-day high: ฿31.00 The company is up 94% from its price of ฿16.00 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.14 per share. Is New 90 Day High Low • Jan 12
New 90-day high: ฿29.00 The company is up 80% from its price of ฿16.10 on 14 October 2020. The Thai market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is down 6.0% over the same period. Announcement • Jan 05
Singer Thailand Public Company Limited Announces the Resignation of Miss Busaba Kunsiritham as Chief Financial Officer Singer Thailand Public Company Limited announced the resignation of Miss Busaba Kunsiritham as Chief Financial Officer. The resignation was effective on December 31, 2020. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 19% share price gain to ฿19.90, the stock is trading at a trailing P/E ratio of 22.3x, up from the previous P/E ratio of 18.7x. This compares to an average P/E of 26x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 62%. Is New 90 Day High Low • Dec 14
New 90-day high: ฿17.70 The company is up 32% from its price of ฿13.40 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: ฿16.30 The company is up 16% from its price of ฿14.00 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is down 3.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.29 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿868.3m (up 44% from 3Q 2019). Net income: ฿117.3m (up 269% from 3Q 2019). Profit margin: 14% (up from 5.3% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% 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 • Oct 08
New 90-day high: ฿16.20 The company is up 16% from its price of ฿14.00 on 10 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 6.0% over the same period. 
