Reported Earnings • May 17
First quarter 2026 earnings released: EPS: ฿0.22 (vs ฿0.20 in 1Q 2025) First quarter 2026 results: EPS: ฿0.22 (up from ฿0.20 in 1Q 2025). Revenue: ฿967.0m (flat on 1Q 2025). Net income: ฿151.8m (up 17% from 1Q 2025). Profit margin: 16% (up from 13% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 22 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: 3.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿8.20, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 18x in the Infrastructure industry in Thailand. Total loss to shareholders of 72% over the past three years. Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.25 (vs ฿0.075 in FY 2024) Full year 2025 results: EPS: ฿0.25 (up from ฿0.075 in FY 2024). Revenue: ฿3.71b (up 5.7% from FY 2024). Net income: ฿211.9m (up 341% from FY 2024). Profit margin: 5.7% (up from 1.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 01
Final dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (143% earnings payout ratio). However, it is well covered by cash flows (23% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 59% to bring the payout ratio under control, which is less than the 60% EPS growth achieved over the last 5 years. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.05 (vs ฿0.02 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.05 (up from ฿0.02 in 3Q 2024). Revenue: ฿914.8m (up 7.0% from 3Q 2024). Net income: ฿43.6m (up 245% from 3Q 2024). Profit margin: 4.8% (up from 1.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 16
First half dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 28th August 2025 Payment date: 11th September 2025 Dividend yield will be 4.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is well covered by cash flows (18% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 3.0% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.20 (up from ฿0.11 in 1Q 2024). Revenue: ฿967.0m (up 12% from 1Q 2024). Net income: ฿143.3m (up 107% from 1Q 2024). Profit margin: 15% (up from 8.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 01
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 22 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (2.4%). Announcement • May 01
Bangkok Aviation Fuel Services Public Company Limited Approves Final Dividend for the Year 2024, Payable on May 22, 2025 Bangkok Aviation Fuel Services Public Company Limited at its Annual General Meeting of Shareholders for the year 2025 held on April 30, 2025, approved the dividend for the year 2024 shall be paid at the rate of THB 0.30 per share and interim dividend has already paid at the rate of THB 0.10 per share on 3 September 2024. Therefore, the dividend to be paid at this time shall be at the rate of THB 0.20 per share payable in accordance with the record as of May 9, 2025, with the dividend payment date on May 22, 2025. New Risk • Feb 23
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 398% Dividend yield: 3.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 14% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (398% payout ratio). Declared Dividend • Feb 22
Final dividend increased to ฿0.30 Dividend of ฿0.30 is 114% higher than last year. Ex-date: 8th May 2025 Payment date: 22nd May 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Feb 21
Bangkok Aviation Fuel Services Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 22, 2025 Bangkok Aviation Fuel Services Public Company Limited proposed dividend of THB 0.30 per share to shareholders, totaling 637,496,153 shares. This represents a total dividend payment of THB 191,248,845.90, which corresponds to a payout ratio of 40% of the net profit (excluding special dividends) according to the company's standalone financial statement showing a net profit of THB 563.97 million (after reserves). The company has already paid an interim dividend of THB 0.10 per share. Therefore, an additional dividend of THB 0.20 per share, totaling THB 127,499,230.60, remains to be paid, subject to a 20% tax credit on the company's total earnings. Shareholders entitled to receive dividends will be determined on May 9, 2025, with the dividend payment scheduled for May 22, 2025. Ex-dividend date is May 8, 2025. Operating period from July 01, 2024 to December 31, 2024. Annual General Meeting of Shareholders date on April 30, 2025. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.08 (vs ฿0.26 loss in FY 2023) Full year 2024 results: EPS: ฿0.08 (up from ฿0.26 loss in FY 2023). Revenue: ฿3.51b (up 15% from FY 2023). Net income: ฿102.9m (up ฿267.6m from FY 2023). Profit margin: 2.9% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Announcement • Feb 21
Bangkok Aviation Fuel Services Public Company Limited, Annual General Meeting, Apr 30, 2025 Bangkok Aviation Fuel Services Public Company Limited, Annual General Meeting, Apr 30, 2025, at 14:00 SE Asia Standard Time. Location: queen sirikit national convention center and via, Thailand Announcement • Sep 05
Bangkok Aviation Fuel Services Public Company Limited Announces Resignation of Pachara Yutidhammadamrong as Director Bangkok Aviation Fuel Services Public Company Limited announced that Pachara Yutidhammadamrong, the company's director has resigned from the director position, effective from September 1, 2024 onwards. Declared Dividend • Aug 10
First half dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 20th August 2024 Payment date: 3rd September 2024 Dividend yield will be 1.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (23% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.05 (vs ฿0.017 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.05 (up from ฿0.017 in 2Q 2023). Revenue: ฿830.6m (up 12% from 2Q 2023). Net income: ฿43.4m (up 307% from 2Q 2023). Profit margin: 5.2% (up from 1.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿110 (vs ฿0.081 in 1Q 2023) First quarter 2024 results: EPS: ฿110 (up from ฿0.081 in 1Q 2023). Revenue: ฿865.6m (up 14% from 1Q 2023). Net income: ฿82.9m (up 60% from 1Q 2023). Profit margin: 9.6% (up from 6.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 09
Bangkok Aviation Fuel Services Public Company Limited Announces Company Secretary, Board and Committee Changes Bangkok Aviation Fuel Services Public Company Limited at the Board meeting held on 8 May 2024, approved that Mr. Nitus Voraphonpiput was appointed as the Company's director and authorized director, succeeding Miss Choosri Kietkajornkul, effective from 8 May 2024 onwards. Mr. Varah Sucharitakul was appointed as an Independent Director, Chairman of Investment Committee, and Remuneration Committee Director, succeeding Mr. Patiparn Sukorndhaman, effective from 8 May 2024 onwards. Mr. Wirun Suwanno was appointed as company secretary, succeeding Mrs. Parndao Sukhyanga, effective from 1 June 2024 onwards. Upcoming Dividend • May 01
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 08 May 2024. Payment date: 23 May 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (0.9%). Reported Earnings • Feb 23
Full year 2023 earnings released: ฿0.26 loss per share (vs ฿0.44 loss in FY 2022) Full year 2023 results: ฿0.26 loss per share (improved from ฿0.44 loss in FY 2022). Revenue: ฿3.07b (up 35% from FY 2022). Net loss: ฿138.0m (loss narrowed 51% from FY 2022). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Third quarter 2023 earnings released: ฿0.02 loss per share (vs ฿0.068 loss in 3Q 2022) Third quarter 2023 results: ฿0.02 loss per share (improved from ฿0.068 loss in 3Q 2022). Revenue: ฿733.8m (up 26% from 3Q 2022). Net loss: ฿2.86m (loss narrowed 93% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Nov 10
Bangkok Aviation Fuel Services Public Company Limited Approves Board Changes Bangkok Aviation Fuel Services Public Company Limited announced that at its board meeting held on 9 November 2023, approved appointment of Mr. Warakorn Kosolpisitkul as the authorized company's director in succession to Mr. Kongsiam Chinwanno, effective from November 9, 2023 onwards; Mr. Patiparn Sukorndhaman, terminate from audit committee member position and be appointed as Chairman of investment committee member and still hold the independent director post, effective from November 9, 2023, onwards; Appointed Mrs. Kannika Ngamsopee as an independent director, effective from November 9, 2023, onwards; Appointed Mrs. Kannika Ngamsopee as the audit committee member in succession to Mr. Patiparn Sukorndhaman, for the remaining term, effective from November 9, 2023, onwards. Mrs. Kannika Ngamsopee has adequate expertise and experience to review the creditability of the financial reports. Starting from November 9, 2023, the Audit Committee is consisted of: Mr. Pachara Yutidhammadamrong, Chairman; Mr. Pipat Purnananda, Member; Mrs. Kannika Ngamsopee, Member. Announcement • Oct 19
BAFS Introduces ASEAN's First High-Flow EV Hydrant Dispenser for Enhanced Performance BAFS TECH unveiled d the first-ever high-flow electric vehicle (EV) hydrant dispenser, powered entirely by electricity, in the ASEAN region at the Inter Airport Europe 2023, held in Munich, Germany, from October 10 to 13, 2023. This new hydrant dispenser model boasts a faster refueling rate and will contribute to reducing greenhouse gas emissions in the aviation sector. ASEAN's first high-flow EV hydrant dispenser BAFS INTECH conducts its business in alignment with environmentally friendly practices and sustainable development goals. In its effort to minimize carbon emissions in the aviation areas, the company is committed to leveraging innovation to develop refueling vehicles that cater to customer requirements and reduce environmental impact. The recent introduction of ASEAN's first high-flow EV hydrant dispenser is a testament to this commitment, and it marked the first instance of a refueling vehicle from Thailand being showcased on a global stage, as it was featured at the 24th Inter Airport Europe 2023 in Munich, Germany. This fully electric refueling vehicle boasts enhanced refueling performance with an impressive flow rate of 3,400 liters per minute, a significant improvement over the low-flow model with a flow rate of 1,300 liters per minute. The standout features of the new hydrant dispenser include its compact and flexible design, low noise emissions, and an impressive range of up to 244 kilometers on a single charge (tested under WLTP standards). This substantial range allows it to refuel an average of 15 flights per full charge, rendering it an ideal choice for international airports. Furthermore, it has been manufactured in compliance with the aircraft fuel supply standards established by the Joint Inspection Group (JIG). This new vehicle is slated to begin service at Suvarnabhumi International Airport by the end of 2023. New Risk • Oct 12
New major risk - Revenue and earnings growth Earnings have declined by 59% 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 (0.8x net interest cover). Earnings have declined by 59% per year over the past 5 years. Announcement • Sep 01
Bangkok Aviation Fuel Services Public Company Limited Announces Resignation of Kongsiam Chinwanno as Director Bangkok Aviation Fuel Services Public Company Limited announced that Mr. Kongsiam Chinwanno, the company's director has resigned from the director position, effective from August 31, 2023 onwards. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company last paid an ordinary dividend in February 2013. The average dividend yield among industry peers is 3.7%. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.02 (vs ฿0.19 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.02 (up from ฿0.19 loss in 2Q 2022). Revenue: ฿743.2m (up 47% from 2Q 2022). Net income: ฿10.7m (up ฿130.5m from 2Q 2022). Profit margin: 1.4% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Price Target Changed • Nov 16
Price target decreased to ฿35.00 Down from ฿40.00, the current price target is provided by 1 analyst. New target price is 14% above last closing price of ฿30.75. Stock is up 9.8% over the past year. The company is forecast to post a net loss per share of ฿0.24 next year compared to a net loss per share of ฿1.23 last year. Announcement • Nov 11
Bangkok Aviation Fuel Services Public Company Limited Announces Board Changes Bangkok Aviation Fuel Services Public Company Limited informed that the Board of Director' s Meeting No. 4/2022, held on November 10, 2022, has appointed Mr. Songpon Thepnumsommanus as the Company's director and authorized director in succession to Mr. Chumpol Surapittayanont, effective from November 10, 2022 onwards. Announcement • Sep 03
Bangkok Aviation Fuel Services Public Company Limited Announces Resignation of Aswin Kongsiri as Director Bangkok Aviation Fuel Services Public Company Limited informed that Mr. Aswin Kongsiri, the company's director has resigned from the director position, effective from September 1, 2022 onwards. Reported Earnings • Aug 13
Second quarter 2022 earnings released: ฿0.19 loss per share (vs ฿0.28 loss in 2Q 2021) Second quarter 2022 results: ฿0.19 loss per share (up from ฿0.28 loss in 2Q 2021). Revenue: ฿507.3m (up 20% from 2Q 2021). Net loss: ฿119.8m (loss narrowed 32% from 2Q 2021). Over the next year, revenue is forecast to grow 79%, compared to a 235% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Announcement • Aug 12
Bangkok Aviation Fuel Services Public Company Limited Announces Executive Changes Bangkok Aviation Fuel Services Public Company Limited informed that the Board of Director's Meeting held on August 11, 2022, appointed Mr. Mas Tanyongmas as an independent director in succession on the term of office of Mr. Aswin Kongsiri, effective from September 1, 2022 onwards. Announcement • Jul 05
Bangkok Aviation Fuel Services Public Company Limited Announces Chumpol Surapittayanont Resigns from the Director Position, Effective from July 1, 2022 Onwards Bangkok Aviation Fuel Services Public Company Limited announced that Mr. Chumpol Surapittayanont, the company's authorized director has resigned from the director position, effective from July 1, 2022 onwards. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.12 loss per share (up from ฿0.30 loss in 1Q 2021). Revenue: ฿570.5m (up 51% from 1Q 2021). Net loss: ฿77.0m (loss narrowed 59% from 1Q 2021). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 624%. Over the next year, revenue is forecast to grow 71%, compared to a 236% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target increased to ฿40.00 Up from ฿36.00, the current price target is provided by 1 analyst. New target price is 38% above last closing price of ฿29.00. Stock is up 14% over the past year. The company is forecast to post earnings per share of ฿1.73 next year compared to a net loss per share of ฿1.23 last year. Buying Opportunity • Mar 24
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿31.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 36% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: ฿1.23 loss per share (down from ฿0.59 loss in FY 2020). Revenue: ฿1.66b (down 12% from FY 2020). Net loss: ฿784.8m (loss widened 110% from FY 2020). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) exceeded analyst estimates by 624%. Over the next year, revenue is forecast to grow 161%, compared to a 220% growth forecast for the industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
Bangkok Aviation Fuel Services Public Company Limited, Annual General Meeting, Apr 28, 2022 Bangkok Aviation Fuel Services Public Company Limited, Annual General Meeting, Apr 28, 2022, at 14:00 SE Asia Standard Time. Agenda: To certify the minutes of the extraordinary general meeting of shareholders no. 2/2021; to acknowledge the report of the board of directors regarding the performance of the company in the year 2021 and future operation plan; to consider approving the financial statement for the year 2021; to consider approving the omission of profits allocation and dividend payment; to consider the election of directors in place of those who retired by rotation; to consider appointing the external auditors and their audit fee; to consider the directors' remuneration; and to consider other business, if any. Buying Opportunity • Feb 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.8%. The fair value is estimated to be ฿32.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 32% per annum over the last 3 years. The company became loss making over the last 3 years. Executive Departure • Dec 03
Director Chai Eamsiri has left the company On the 1st of December, Chai Eamsiri's tenure as Director ended after 1.1 years in the role. We don't have any record of a personal shareholding under Chai's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: ฿0.31 loss per share (vs ฿0.28 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿377.4m (up 8.1% from 3Q 2020). Net loss: ฿199.1m (loss widened 11% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Executive Departure • Sep 21
Director Saksith Srilertfar has left the company On the 15th of September, Saksith Srilertfar's tenure as Director ended after 1.3 years in the role. We don't have any record of a personal shareholding under Saksith's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 6.25 years. Executive Departure • Sep 06
Director of Finance & Accounting and CFO Prapis Ruthairung has left the company On the 31st of August, Prapis Ruthairung's tenure as Director of Finance & Accounting and CFO ended after 4.1 years in the role. We don't have any record of a personal shareholding under Prapis' name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Executive Departure • Sep 06
Director Prakobkiat Ninnad has left the company On the 1st of September, Prakobkiat Ninnad's tenure as Director of the company ended after 7.1 years in the role. As of June 2021, Prakobkiat still personally held 73.80k shares (฿1.7m worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.83 years. Under Prakobkiat's leadership, the company delivered a total shareholder return of 16%. Reported Earnings • Aug 11
Second quarter 2021 earnings released: ฿0.27 loss per share (vs ฿0.36 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿424.6m (up 85% from 2Q 2020). Net loss: ฿175.0m (loss narrowed 23% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.30 loss per share (vs ฿0.24 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿376.8m (down 57% from 1Q 2020). Net loss: ฿189.0m (down 222% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Executive Departure • May 08
Director has left the company On the 29th of April, Cherdphan Chotikhun's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Cherdphan's name. A total of 4 executives have left over the last 12 months. Is New 90 Day High Low • Mar 04
New 90-day high: ฿26.75 The company is up 11% from its price of ฿24.20 on 04 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 1.0% over the same period. Reported Earnings • Feb 27
Full year 2020 earnings released: ฿0.59 loss per share (vs ฿1.47 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿1.88b (down 52% from FY 2019). Net loss: ฿374.3m (down 140% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jan 20
Thai Airways International Public Company Limited (SET:THAI) acquired additional 15.53% stake in Bangkok Aviation Fuel Services Public Company Limited (SET : BAFS) from Ratch Group Public Company Limited (SET:RATCH). Thai Airways International Public Company Limited (SET:THAI) acquired additional 15.53% stake in Bangkok Aviation Fuel Services Public Company Limited (SET : BAFS) from Ratch Group Public Company Limited (SET:RATCH) on January 19, 2021. Under the terms, 98.9 million shares will be acquired as a part of the transaction. Post the completion of the transaction, Ratch will not hold any stake in the target.
Thai Airways International Public Company Limited (SET:THAI) completed the acquisition of 15.53% stake in Bangkok Aviation Fuel Services Public Company Limited (SET : BAFS) from Ratch Group Public Company Limited (SET:RATCH) on Jnauary 19, 2021. Is New 90 Day High Low • Dec 08
New 90-day high: ฿24.70 The company is up 18% from its price of ฿21.00 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 12% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿22.60 The company is up 7.0% from its price of ฿21.20 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is up 20% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ฿0.28 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿349.2m (down 64% from 3Q 2019). Net loss: ฿179.6m (down 170% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Oct 11
Bangkok Aviation Fuel Services Public Company Limited Announces Change of Directors Bangkok Aviation Fuel Services Public Company Limited announced that the Board of Directors Meeting (Special Meeting) No. 4/2020, held on October 8, 2020, has appointed Mr. Chai Eamsiri as the Company's director and authorized director in succession to Mr. Nattapong Samit-ampaipisarn, effective from October 8, 2020 onwards. Is New 90 Day High Low • Oct 07
New 90-day low: ฿20.20 The company is down 12% from its price of ฿22.90 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 5.0% over the same period. Announcement • Oct 03
Bangkok Aviation Fuel Services Public Company Limited Announces the Resignation Squadron Leader Soradej Namruangsri as Director Bangkok Aviation Fuel Services Public Company Limited announced that Squadron Leader Soradej Namruangsri has resigned from the director effective from October 1, 2020 onwards. 
