Synnex (Thailand) Future Growth

Future criteria checks 2/6

Synnex (Thailand) is forecast to grow earnings and revenue by 14.2% and 7.6% per annum respectively. EPS is expected to grow by 14% per annum. Return on equity is forecast to be 16.9% in 3 years.

Key information

14.2%

Earnings growth rate

14.0%

EPS growth rate

Electronic earnings growth	15.0%
Revenue growth rate	7.6%
Future return on equity	16.9%
Analyst coverage	Low
Last updated	21 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

SET:SYNEX - Analysts future estimates and past financials data (THB Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	47,111	859	443	538	3
12/31/2025	44,470	758	133	462	4
12/31/2024	40,835	654	139	7	4
9/30/2024	39,854	629	-584	-565	N/A
6/30/2024	38,462	602	-544	-526	N/A
3/31/2024	36,988	530	612	630	N/A
12/31/2023	36,534	513	-76	-46	N/A
9/30/2023	36,426	551	286	374	N/A
6/30/2023	37,156	624	-424	-332	N/A
3/31/2023	38,253	729	-701	-593	N/A
12/31/2022	39,061	816	-1,249	-1,149	N/A
9/30/2022	40,821	899	-1,324	-1,267	N/A
6/30/2022	39,617	878	-1,030	-978	N/A
3/31/2022	38,408	897	-1,507	-1,472	N/A
12/31/2021	37,085	860	-474	-443	N/A
9/30/2021	34,603	764	1,004	1,021	N/A
6/30/2021	33,143	740	337	359	N/A
3/31/2021	33,455	695	2,284	2,305	N/A
12/31/2020	32,149	642	3,484	3,505	N/A
9/30/2020	32,913	596	1,701	1,716	N/A
6/30/2020	33,393	519	2,869	2,884	N/A
3/31/2020	32,581	471	2,089	2,116	N/A
12/31/2019	34,804	524	75	101	N/A
9/30/2019	35,732	586	1,112	1,140	N/A
6/30/2019	37,147	653	-81	-56	N/A
3/31/2019	38,839	696	-683	-668	N/A
12/31/2018	38,196	721	-89	-71	N/A
9/30/2018	35,753	696	-654	-630	N/A
6/30/2018	34,488	695	N/A	47	N/A
3/31/2018	33,165	685	N/A	546	N/A
12/31/2017	32,426	624	N/A	-636	N/A
9/30/2017	31,667	578	N/A	-892	N/A
6/30/2017	29,752	526	N/A	-1,259	N/A
3/31/2017	26,733	457	N/A	-1,967	N/A
12/31/2016	23,823	407	N/A	-600	N/A
9/30/2016	22,068	388	N/A	164	N/A
6/30/2016	21,809	373	N/A	457	N/A
3/31/2016	21,688	378	N/A	745	N/A
12/31/2015	21,514	359	N/A	615	N/A
9/30/2015	21,049	320	N/A	314	N/A
6/30/2015	20,237	288	N/A	-389	N/A
3/31/2015	19,743	223	N/A	-491	N/A
12/31/2014	19,092	182	N/A	-978	N/A
9/30/2014	18,341	104	N/A	20	N/A
6/30/2014	18,343	124	N/A	360	N/A
3/31/2014	18,516	139	N/A	370	N/A
12/31/2013	18,759	222	N/A	918	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SYNEX's forecast earnings growth (14.2% per year) is above the savings rate (2%).

Earnings vs Market: SYNEX's earnings (14.2% per year) are forecast to grow slower than the TH market (16.9% per year).

High Growth Earnings: SYNEX's earnings are forecast to grow, but not significantly.

Revenue vs Market: SYNEX's revenue (7.6% per year) is forecast to grow faster than the TH market (6.6% per year).

High Growth Revenue: SYNEX's revenue (7.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SYNEX's Return on Equity is forecast to be low in 3 years time (16.9%).

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Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/21 00:53
End of Day Share Price	2024/12/20 00:00
Earnings	2024/09/30
Annual Earnings	2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

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Analyst Sources

Synnex (Thailand) Public Company Limited is covered by 8 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jitra Amornthum	BNP Paribas Securities (Asia)
Thada Jiracharoenying	FSS International Advisory
Jitra Amornthum	FSS International Advisory

Synnex (Thailand) Future Growth

Future criteria checks 2/6

Key information

Recent future growth updates

Price target increased by 9.1% to ฿14.40

Price target increased by 12% to ฿12.40

Price target decreased by 16% to ฿11.07

Price target increased by 13% to ฿14.60

Price target decreased by 7.2% to ฿12.97

Price target decreased by 14% to ฿14.60

Recent updates

Third quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.17 in 3Q 2023)

Synnex (Thailand) Public Company Limited Announces Changing of Chief Accountant

Synnex (Thailand) Public Company Limited Declares Interim Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on 10 September 2024

Second quarter 2024 earnings: EPS and revenues exceed analyst expectations

Price target increased by 9.1% to ฿14.40

Investor sentiment improves as stock rises 18%

Synnex (Thailand) Public Company Limited Announces Chief Financial Officer Changes

New minor risk - Share price stability

First quarter 2024 earnings released: EPS: ฿0.18 (vs ฿0.16 in 1Q 2023)

Price target increased by 12% to ฿12.40

Upcoming dividend of ฿0.26 per share

Final dividend reduced to ฿0.26

Full year 2023 earnings: Revenues and EPS in line with analyst expectations

Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2024

Price target decreased by 16% to ฿11.07

Third quarter 2023 earnings: EPS and revenues exceed analyst expectations

New minor risk - Share price stability

Price target increased by 13% to ฿14.60

Upcoming dividend of ฿0.10 per share at 6.1% yield

Price target decreased by 7.2% to ฿12.97

New major risk - Dividend sustainability

Second quarter 2023 earnings: EPS and revenues miss analyst expectations

Synnex (Thailand) Public Company Limited Declares Interim Dividend for the Period from January 1, 2023 to June 30, 2023, Payable on 06 September 2023

Price target decreased by 14% to ฿14.60

Upcoming dividend of ฿0.52 per share at 4.4% yield

Less than half of directors are independent

Now 21% undervalued after recent price drop

Upcoming dividend of ฿0.18 per share

Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat

SYNEX Announces Interim Cash Dividend Payment for the Operating Period from January 1, 2022 to June 30, 2022, Payable on September 5, 2022

Now 21% undervalued after recent price drop

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

Price target decreased to ฿28.08

First quarter 2022 earnings: EPS and revenues exceed analyst expectations

Synnex (Thailand) Public Company Limited Announces Board Changes

Price target increased to ฿31.57

Less than half of directors are independent

Upcoming dividend of ฿0.52 per share

Price target increased to ฿30.85

Full year 2021 earnings: EPS and revenues exceed analyst expectations

Synnex (Thailand) Public Company Limited Proposes Dividend, Payable on May 5, 2022

Third quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.20 in 3Q 2020)

Upcoming dividend of ฿0.18 per share

Second quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.20 in 2Q 2020)

First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.15 in 1Q 2020)

Independent Director has left the company

New 90-day high: ฿25.75

Investor sentiment improved over the past week

Price target raised to ฿20.00

Synnex (Thailand) Public Company Limited, Annual General Meeting, Apr 22, 2021

Full year 2020 earnings released: EPS ฿0.76 (vs ฿0.64 in FY 2019)

Price target raised to ฿19.28

Earnings beat expectations, revenue disappoints

New 90-day high: ฿17.80

New 90-day high: ฿16.30

Market bids up stock over the past week

Earnings beat expectations, revenue disappoints

Third quarter 2020 earnings released: EPS ฿0.20

Market pulls back on stock over the past week

New 90-day high: ฿13.90

New 90-day high - ฿13.60

New 90-day high - ฿11.90

Earnings released

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings per Share Growth Forecasts

Future Return on Equity

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