New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 4.9% 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 Risk Earnings have declined by 4.9% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (172% payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (฿1.09b market cap, or US$33.4m). Announcement • May 11
Tanachira Retail Corporation Public Company Limited to Report Q1, 2026 Results on May 14, 2026 Tanachira Retail Corporation Public Company Limited announced that they will report Q1, 2026 results After-Market on May 14, 2026 Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.27 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 26 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.8%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.6%). Declared Dividend • Mar 01
Dividend reduced to ฿0.27 Dividend of ฿0.27 is 18% lower than last year. Ex-date: 6th May 2026 Payment date: 26th May 2026 Dividend yield will be 6.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (153% earnings payout ratio). However, it is covered by cash flows (89.8% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 70% to bring the payout ratio under control. EPS is expected to grow by 72% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 27
Tanachira Retail Corporation Public Company Limited announces Annual dividend, payable on May 26, 2026 Tanachira Retail Corporation Public Company Limited announced Annual dividend of THB 0.2700 per share payable on May 26, 2026, ex-date on May 06, 2026 and record date on May 07, 2026. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.15 (vs ฿0.43 in FY 2024) Full year 2025 results: EPS: ฿0.15 (down from ฿0.43 in FY 2024). Revenue: ฿1.88b (up 6.1% from FY 2024). Net income: ฿46.2m (down 65% from FY 2024). Profit margin: 2.5% (down from 7.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Thailand. Announcement • Feb 26
Tanachira Retail Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026 Tanachira Retail Corporation Public Company Limited, Annual General Meeting, Apr 28, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.09 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.04 (down from ฿0.09 in 3Q 2024). Revenue: ฿454.9m (up 7.7% from 3Q 2024). Net income: ฿13.3m (down 51% from 3Q 2024). Profit margin: 2.9% (down from 6.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Thailand. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿1.91b to ฿1.89b. EPS estimate also fell from ฿0.47 per share to ฿0.25 per share. Net income forecast to shrink 0.5% next year vs 14% growth forecast for Specialty Retail industry in Thailand . Consensus price target down from ฿4.66 to ฿4.50. Share price fell 13% to ฿4.12 over the past week. Reported Earnings • Aug 15
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: ฿0.04 loss per share (down from ฿0.064 profit in 2Q 2024). Revenue: ฿421.2m (up 8.0% from 2Q 2024). Net loss: ฿11.1m (down 158% from profit in 2Q 2024). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Specialty Retail industry in Thailand. Major Estimate Revision • May 28
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.02b to ฿1.91b. EPS estimate also fell from ฿0.57 per share to ฿0.47 per share. Net income forecast to grow 32% next year vs 17% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿5.10 to ฿4.66. Share price fell 2.7% to ฿4.36 over the past week. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.20 in 1Q 2024) First quarter 2025 results: EPS: ฿0.13 (down from ฿0.20 in 1Q 2024). Revenue: ฿485.2m (up 5.0% from 1Q 2024). Net income: ฿38.9m (down 36% from 1Q 2024). Profit margin: 8.0% (down from 13% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. Upcoming Dividend • May 01
Upcoming dividend of ฿0.33 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 23 May 2025. Payout ratio and cash payout ratio are on the higher end at 76% and 92% respectively. Trailing yield: 6.5%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.5%). Announcement • Apr 30
Tanachira Retail Corporation Public Company Limited Approves Dividend for Year 2024, Payable on 23 May 2025 Tanachira Retail Corporation Public Company Limited at 2025 Annual General Meeting of Shareholders held on April 30, 2025, passed to approve the allocation of profits as a legal reserve and the dividend payment for the year 2024. The dividend shall be paid from the consolidated net profit at the rate of THB 0.33 per share, totaling approximately THB 100,000,000, which represents a dividend payout ratio of 82.94% of the consolidated net profit. this dividend payment is in accordance with the Company's dividend policy. the record date to determine the shareholders entitled to receive the dividend is 9 May 2025, and the dividend payment shall be made on 23 May 2025. Announcement • Mar 11
Tanachira Retail Corporation Public Company Limited Announces Chief Accountant Changes Tanachira Retail Corporation Public Company Limited announced termination of Mrs. Patcharee Suriyasuttiwong as Chief Accountant (Position of Chief Accountant: General Ledger Manager), effective 10 March 2025 and appointed Miss Supaporn Romphosaiphaisarn as Chief Accountant (Position of Chief Accountant: Financial Controller), Effective Date of Appointment: 11 March 2025. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.07b to ฿2.02b. EPS estimate also fell from ฿0.69 per share to ฿0.57 per share. Net income forecast to grow 31% next year vs 25% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿14.00 to ฿11.55. Share price was steady at ฿4.94 over the past week. Announcement • Mar 04
Tanachira Retail Corporation Public Company Limited (SET:TAN) announces an Equity Buyback for 4,000,000 shares, representing 1.33% for THB 24 million. Tanachira Retail Corporation Public Company Limited (SET:TAN) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 1.33% of its issued share capital for THB 24 million. The repurchase price must not exceed 115% of the average closing price of the last 5 business days prior to each repurchase date. The purpose of repurchase program is to ensure the Company's excess liquidity management is conducted for the utmost benefit, to increase the Return on Equity (ROE) ratio and Earnings per Share (EPS) ratio, to assure the investors or shareholders of the Company of its capability to generate future income and profit, as well as to build trustworthiness of the Company's financial position. The plan will expire on September 5, 2025. As of March 22, 2024, the company had 300,000,000 shares in issue. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.43 (down from ฿0.84 in FY 2023). Revenue: ฿1.77b (up 24% from FY 2023). Net income: ฿130.1m (down 22% from FY 2023). Profit margin: 7.3% (down from 12% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Specialty Retail industry in Thailand. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿4.46, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 68% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿2.11 per share. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿5.35, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 63% over the past year. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ฿7.65. The fair value is estimated to be ฿9.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. New Risk • Nov 02
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 11% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Cash payout ratio: 213% Minor Risk Market cap is less than US$100m (฿2.42b market cap, or US$71.0m). Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿8.75, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Specialty Retail industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿9.69 per share. Buy Or Sell Opportunity • Aug 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 54% to ฿7.30. The fair value is estimated to be ฿9.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 38% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.715 to ฿0.63. Revenue forecast unchanged from ฿1.77b at last update. Net income forecast to grow 28% next year vs 18% growth forecast for Specialty Retail industry in Thailand. Consensus price target down from ฿18.90 to ฿17.50. Share price fell 25% to ฿8.90 over the past week. Announcement • Aug 16
Tanachira Retail Corporation Public Company Limited Appoints Siwaporn Leechanavanichpun as CFO Tanachira Retail Corporation Public Company Limited announced appointment of Miss Siwaporn Leechanavanichpun as CFO. Position of CFO is Vice President of Finance & Accounting. Effective Date of Appointment is August 16, 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.06 (down from ฿0.10 in 2Q 2023). Revenue: ฿389.8m (up 26% from 2Q 2023). Net income: ฿19.1m (down 16% from 2Q 2023). Profit margin: 4.9% (down from 7.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Thailand. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 30% After last week's 30% share price decline to ฿8.70, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Specialty Retail industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿8.44 per share. New Risk • Jul 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.45b (US$95.3m) 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. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 193% Minor Risk Market cap is less than US$100m (฿3.45b market cap, or US$95.3m). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿12.50, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Specialty Retail industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿7.96 per share. Announcement • Jun 05
Tanachira Retail Corporation Public Company Limited Announces the Resignation of Jangpol Chidchanok as Chief Financial Officer Tanachira Retail Corporation Public Company Limited announced the resignation of Jangpol Chidchanok as Chief Financial Officer, effective May 31, 2024. Major Estimate Revision • May 30
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿1.74b to ฿1.78b. EPS estimate fell from ฿0.81 to ฿0.72 per share. Net income forecast to grow 31% next year vs 18% growth forecast for Specialty Retail industry in Thailand. Consensus price target broadly unchanged at ฿20.83. Share price fell 6.0% to ฿15.70 over the past week. New Risk • May 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 193% Dividend yield: 4.2% 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. Buy Or Sell Opportunity • May 13
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ฿16.70. The fair value is estimated to be ฿13.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 44%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • May 01
Tanachira Retail Corporation Public Company Limited Approves Final Dividend for the Year 2023, Payable on May 9, 2024 Tanachira Retail Corporation Public Company Limited at its AGM held on April 30, 2024, approved the dividend payment for the year 2023 at THB 0.70 per share, totaling THB 210,000,000 of which THB 0.50 per share was paid as an interim dividend on 7 December 2023. The final dividend of THB 0.20 per share, totaling THB 60,000,000 shall be payable to the shareholders who are listed on the record date 22 March 2024, and the payment will be made on May 9, 2024. Upcoming Dividend • Mar 14
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 09 May 2024. Payout ratio is on the higher end at 83%, and the cash payout ratio is above 100%. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (2.7%). Announcement • Feb 25
Tanachira Retail Corporation Public Company Limited, Annual General Meeting, Apr 30, 2024 Tanachira Retail Corporation Public Company Limited, Annual General Meeting, Apr 30, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider adopting the Minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Company's 2023 operating results; to consider and approve the Company's financial statement for the fiscal year ended December 31, 2023 audited by the certified public accountant; to consider and approve the dividend payment and the allocation of profit as legal reserve from the Company's 2023 operating results and acknowledge an interim dividend payment; to consider and approve the appointment of directors who are retired by rotation; to consider and approve the director remuneration for the year 2024; to consider and approve the appointment of auditor(s) and audit fee for the year 2024; and to consider other matter (if any). Reported Earnings • Feb 24
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: ฿1.43b (up 11% from FY 2022). Net income: ฿166.8m (up 33% from FY 2022). Profit margin: 12% (up from 9.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Thailand. Buy Or Sell Opportunity • Feb 23
Now 24% overvalued Over the last 90 days, the stock has fallen 15% to ฿14.10. The fair value is estimated to be ฿11.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 55%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 93% in the next 2 years. Announcement • Jan 05
Tanachira Retail Corporation Public Company Limited Announces Change in Chief Accountant Tanachira Retail Corporation Public Company Limited announced the change in Chief Accountant. Position of Chief Accountant: Accounting and Finance Manager. The company announced the termination of Miss. Titirat Hatjamnongnitee as Chief Accountant. Effective Date of Termination: December 31, 2023. The company announced the appointment of Mrs. Patcharee Suriyasuttiwong as Chief Accountant. Effective Date of Termination: January 1, 2024. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿13.70, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Specialty Retail industry in Thailand. Simply Wall St's valuation model estimates the intrinsic value at ฿10.91 per share. Announcement • Nov 13
Tanachira Retail Corporation Public Company Limited Announces Interim Cash Dividend for the Period January 01, 2023 to September 30, 2023, Payable on December 07, 2023 Tanachira Retail Corporation Public Company Limited announced interim cash dividend for the period January 01, 2023 to September 30, 2023. Cash dividend payment of THB 0.50. Record date for the right to receive dividends 24-Nov-2023. Ex-dividend date 23-Nov-2023. Payment date 07-Dec-2023.