Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.06 (vs ฿0.06 in 1Q 2025) First quarter 2026 results: EPS: ฿0.06 (in line with 1Q 2025). Revenue: ฿4.28b (flat on 1Q 2025). Net income: ฿874.8m (flat on 1Q 2025). Profit margin: 20% (in line with 1Q 2025). Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to ฿5.40. The fair value is estimated to be ฿4.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Declared Dividend • Feb 28
Dividend of ฿0.15 announced Dividend of ฿0.15 is the same as last year. Ex-date: 10th March 2026 Payment date: 7th May 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ฿0.25 (up from ฿0.25 in FY 2024). Revenue: ฿16.9b (flat on FY 2024). Net income: ฿3.78b (flat on FY 2024). Profit margin: 22% (in line with FY 2024). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 25
Bangkok Expressway and Metro Public Company Limited, Annual General Meeting, Apr 08, 2026 Bangkok Expressway and Metro Public Company Limited, Annual General Meeting, Apr 08, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.07. Revenue: ฿4.32b (down 1.1% from 3Q 2024). Net income: ฿1.08b (up 1.2% from 3Q 2024). Profit margin: 25% (in line with 3Q 2024). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Infrastructure industry in Asia. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ฿0.07. Revenue: ฿4.00b (flat on 2Q 2024). Net income: ฿993.1m (down 1.0% from 2Q 2024). Profit margin: 25% (in line with 2Q 2024). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Asia. New Risk • Aug 14
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (3.0x net interest cover). High level of non-cash earnings (23% accrual ratio). Reported Earnings • May 15
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: ฿0.06 (up from ฿0.055 in 1Q 2024). Revenue: ฿4.26b (flat on 1Q 2024). Net income: ฿871.0m (up 2.8% from 1Q 2024). Profit margin: 21% (in line with 1Q 2024). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Apr 09
Bangkok Expressway and Metro Public Company Limited Approves Dividend for 2024 , Payable on May 2, 2025 Bangkok Expressway and Metro Public Company Limited approved the appropriation of profit for dividend payment for 2024 would be paid at the rate of THB 0.15 per share, amounting to THB 2,247 million, in accordance with the Company's policy on dividend payment. Dividend payment was scheduled to be made on May 2, 2025, from the Record Date for the right to receive dividend payment was scheduled to be March 12, 2025. Declared Dividend • Feb 28
Dividend increased to ฿0.15 Dividend of ฿0.15 is 7.1% higher than last year. Ex-date: 11th March 2025 Payment date: 2nd May 2025 Dividend yield will be 2.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (60% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.8% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.25 (up from ฿0.23 in FY 2023). Revenue: ฿17.0b (up 3.8% from FY 2023). Net income: ฿3.77b (up 8.3% from FY 2023). Profit margin: 22% (up from 21% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 2.2%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: ฿0.07. Revenue: ฿4.61m (down 100% from 3Q 2023). Net income: ฿1.07m (down 100% from 3Q 2023). Profit margin: 23% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Infrastructure industry in Thailand. Announcement • Oct 02
Bangkok Expressway and Metro Public Company Limited Announces Resignation of Tasanuch Thammachot as Director Bangkok Expressway and Metro Public Company Limited announced that Mrs. Tasanuch Thammachot has resigned as Director, effective on 1 October 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: EPS: ฿0.07 (up from ฿0.06 in 2Q 2023). Revenue: ฿4.02b (up 3.0% from 2Q 2023). Net income: ฿1.00b (up 11% from 2Q 2023). Profit margin: 25% (up from 23% in 2Q 2023). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.05 in 1Q 2023) First quarter 2024 results: EPS: ฿0.06 (up from ฿0.05 in 1Q 2023). Revenue: ฿4.25b (up 3.7% from 1Q 2023). Net income: ฿847.2m (up 13% from 1Q 2023). Profit margin: 20% (up from 18% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Apr 10
Bangkok Expressway and Metro Public Company Limited Approves Dividend for the Year 2023, Payable on May 3, 2024 Bangkok Expressway and Metro Public Company Limited at its Annual Ordinary General Meeting of Shareholders held on April 10, 2024, approved the appropriation of profit for dividend payment for the year 2023 would be paid at the rate of THB 0.14 per share, amounting to THB 2,140 million, in accordance with the Company's policy on dividend payment. The dividend payment would be made from; the profits in dividends or share of profits received from businesses subject to corporate income tax at a rate of 20% at the rate of THB 0.028 per share, which individual shareholders would be entitled to tax credit equal to dividend multiplied by twenty-eightieth. The accounting profit that are not subject to corporate income tax at the rate of THB 0.112 per share, which individual shareholders are not entitled to claim a tax credit. Dividend payment was scheduled to be made on May 3, 2024 from the Record Date for the right to receive dividend payment was scheduled to be March 13, 2024. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (0.9%). Announcement • Mar 01
Bangkok Expressway and Metro Public Company Limited Proposes Dividend for the Year 2023, Payable on May 3, 2024 Bangkok Expressway and Metro Public Company Limited at its board meeting held on February 28, 2024, the Board of Directors was of the opinion that in 2023, the Company had the net profit under the separate financial statements in the amount of THB 3,328,357,342, and then deemed appropriate to propose that the Shareholders' Meeting approve the appropriation of profit for dividend payment for 2023 would be paid at the rate of THB 0.14 per share, amounting to THB 2,140 million, in accordance with the Company's policy on dividend payment. The dividend payment would be made from; The profits in dividends or share of profits received from businesses subject to corporate income tax at a rate of 20% at the rate of THB 0.028 per share, which individual shareholders would be entitled to tax credit equal to dividend multiplied by twenty-eightieth. The accounting profit that are not subject to corporate income tax at the rate of THB 0.112 per share, which individual shareholders are not entitled to claim a tax credit. March 13, 2024 has been scheduled to be the Record Date for the right to attend the 2024 Annual Ordinary General Meeting of Shareholders and for the right to receive dividends (XM or the date without entitlement to attend the 2024 Annual Ordinary General Meeting of Shareholders, and XD or the date without entitlement to receive dividends will be posted on March 12, 2024); and should the Ordinary General Meeting of Shareholders resolve to approve the dividend payment, the dividend payment has been scheduled by the Company to be made on May 3, 2024. Declared Dividend • Mar 01
Dividend increased to ฿0.14 Dividend of ฿0.14 is 17% higher than last year. Ex-date: 12th March 2024 Payment date: 3rd May 2024 Dividend yield will be 1.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 7.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 29
Bangkok Expressway and Metro Public Company Limited, Annual General Meeting, Apr 10, 2024 Bangkok Expressway and Metro Public Company Limited, Annual General Meeting, Apr 10, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the 2023 Annual Ordinary General Meeting of Shareholders; to acknowledge the Company’s operational results for 2023; to consider and approve the statement of financial position and the statement of income for the year ended December 31, 2023; to consider and approve the appropriation of profit and dividend payment; to consider and nominate candidates to be elected as directors to replace those due to retire by rotation; to consider the determination of remuneration for directors; and to consider other matters. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.23 (vs ฿0.16 in FY 2022) Full year 2023 results: EPS: ฿0.23 (up from ฿0.16 in FY 2022). Revenue: ฿16.4b (up 17% from FY 2022). Net income: ฿3.48b (up 43% from FY 2022). Profit margin: 21% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: ฿0.06 (in line with 3Q 2022). Revenue: ฿4.18b (up 12% from 3Q 2022). Net income: ฿969.9m (up 12% from 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 01
Price target decreased by 7.0% to ฿10.77 Down from ฿11.58, the current price target is an average from 13 analysts. New target price is 24% above last closing price of ฿8.70. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of ฿0.23 for next year compared to ฿0.16 last year. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint Second quarter 2023 results: EPS: ฿0.06 (up from ฿0.04 in 2Q 2022). Revenue: ฿3.91b (up 20% from 2Q 2022). Net income: ฿900.7m (up 42% from 2Q 2022). Profit margin: 23% (up from 19% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% 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 increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.12 per share at 1.3% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (4.3%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ฿0.16 (up from ฿0.07 in FY 2021). Revenue: ฿14.8b (up 38% from FY 2021). Net income: ฿2.44b (up 141% from FY 2021). Profit margin: 17% (up from 9.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.06 (up from ฿0.007 in 3Q 2021). Revenue: ฿3.74b (up 74% from 3Q 2021). Net income: ฿862.8m (up ฿754.4m from 3Q 2021). Profit margin: 23% (up from 5.0% in 3Q 2021). 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 22%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 53% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.06 (up from ฿0.007 in 3Q 2021). Revenue: ฿3.74b (up 74% from 3Q 2021). Net income: ฿862.8m (up ฿754.4m from 3Q 2021). Profit margin: 23% (up from 5.0% in 3Q 2021). 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 22%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 53% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: ฿0.04 (up from ฿0.012 in 2Q 2021). Revenue: ฿3.26b (up 36% from 2Q 2021). Net income: ฿634.1m (up 216% from 2Q 2021). Profit margin: 19% (up from 8.3% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.7%. Over the next year, revenue is forecast to grow 32%, 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 60 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ฿0.02 (vs ฿0.02 in 1Q 2021). Revenue: ฿3.09b (flat on 1Q 2021). Net income: ฿336.2m (up 10% from 1Q 2021). Profit margin: 11% (up from 9.8% in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Over the next year, revenue is forecast to grow 41%, compared to a 244% 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 54 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 27 April 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.2%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.07 (down from ฿0.13 in FY 2020). Revenue: ฿11.5b (down 15% from FY 2020). Net income: ฿1.01b (down 51% from FY 2020). Profit margin: 8.8% (down from 15% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 2.3%. Over the next year, revenue is forecast to grow 30%, compared to a 218% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS ฿0.009 (vs ฿0.054 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.84b (down 20% from 3Q 2020). Net income: ฿108.4m (down 87% from 3Q 2020). Profit margin: 3.8% (down from 23% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 18
Consensus revenue estimates fall to ฿12.3b The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿14.0b to ฿12.3b. EPS estimate fell from ฿0.14 to ฿0.093 per share. Net income forecast to grow 34% next year vs 15% growth forecast for Infrastructure industry in Thailand. Consensus price target broadly unchanged at ฿9.77. Share price rose 6.5% to ฿8.25 over the past week. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.012 (vs ฿0.009 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿2.40b (down 3.5% from 2Q 2020). Net income: ฿200.5m (up 32% from 2Q 2020). Profit margin: 8.3% (up from 6.1% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.16 to ฿0.15 per share. Revenue forecast steady at ฿14.4b. Net income forecast to grow 45% next year vs 19% growth forecast for Infrastructure industry in Thailand. Consensus price target broadly unchanged at ฿9.88. Share price was steady at ฿8.10 over the past week. Major Estimate Revision • Jun 23
Consensus EPS estimates fall to ฿0.15 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿14.9b to ฿13.8b. EPS estimate also fell from ฿0.19 to ฿0.15. Net income forecast to grow 44% next year vs 17% growth forecast for Infrastructure industry in Thailand. Consensus price target broadly unchanged at ฿9.92. Share price fell 3.4% to ฿8.50 over the past week. Major Estimate Revision • May 22
Consensus EPS estimates fall to ฿0.19 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿15.6b to ฿15.0b. EPS estimate also fell from ฿0.21 to ฿0.19. Net income forecast to grow 72% next year vs 13% growth forecast for Infrastructure industry in Thailand. Consensus price target broadly unchanged at ฿10.10. Share price was steady at ฿7.65 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.02 (vs ฿0.03 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿3.18b (down 16% from 1Q 2020). Net income: ฿305.3m (down 40% from 1Q 2020). Profit margin: 9.6% (down from 13% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 25 May 2021. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (0.5%). Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.13 (vs ฿0.36 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿13.5b (down 16% from FY 2019). Net income: ฿2.05b (down 62% from FY 2019). Profit margin: 15% (down from 34% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 21%, compared to a 20% growth forecast for the Infrastructure industry in Thailand. Is New 90 Day High Low • Feb 11
New 90-day low: ฿8.00 The company is down 13% from its price of ฿9.15 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿9.69 per share. Is New 90 Day High Low • Jan 25
New 90-day low: ฿8.15 The company is down 1.0% from its price of ฿8.20 on 27 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿9.77 per share. Is New 90 Day High Low • Nov 23
New 90-day high: ฿9.45 The company is up 2.0% from its price of ฿9.25 on 25 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.58 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 8.2%. Over the next year, revenue is forecast to grow 14%, compared to a 10% growth forecast for the Infrastructure industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.072 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿4.30b (up 5.6% from 3Q 2019). Net income: ฿821.6m (down 12% from 3Q 2019). Profit margin: 19% (down from 23% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Oct 15
New 90-day low: ฿8.45 The company is down 9.0% from its price of ฿9.30 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.88 per share. Is New 90 Day High Low • Sep 25
New 90-day low: ฿8.60 The company is down 9.0% from its price of ฿9.50 on 26 June 2020. The Thai market is down 6.0% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.56 per share. 
