Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿0.24 (vs ฿0.23 in 1Q 2025) First quarter 2026 results: EPS: ฿0.24 (up from ฿0.23 in 1Q 2025). Revenue: ฿683.4m (up 4.6% from 1Q 2025). Net income: ฿286.1m (up 4.9% from 1Q 2025). Profit margin: 42% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: ฿0.91 (vs ฿0.76 in FY 2024) Full year 2025 results: EPS: ฿0.91 (up from ฿0.76 in FY 2024). Revenue: ฿2.65b (up 7.2% from FY 2024). Net income: ฿1.07b (up 20% from FY 2024). Profit margin: 41% (up from 36% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 21
Fourth quarter dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 5th March 2026 Payment date: 27th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio). However, it is covered by cash flows (56% cash payout ratio). The dividend has increased by an average of 43% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 23% to bring the payout ratio under control, which is more than the 3.6% EPS growth achieved over the last 5 years. Announcement • Feb 20
Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026 Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time. Declared Dividend • Nov 15
Third quarter dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 26th November 2025 Payment date: 12th December 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.24 (vs ฿0.23 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.24 (up from ฿0.23 in 3Q 2024). Revenue: ฿670.4m (up 8.0% from 3Q 2024). Net income: ฿278.6m (up 4.5% from 3Q 2024). Profit margin: 42% (down from 43% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 10
Second quarter dividend of ฿0.22 announced Shareholders will receive a dividend of ฿0.22. Ex-date: 21st August 2025 Payment date: 8th September 2025 Dividend yield will be 8.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 56% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.5% EPS decline seen over the last 5 years. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.20 in 2Q 2024). Revenue: ฿626.7m (up 6.3% from 2Q 2024). Net income: ฿240.4m (up 2.1% from 2Q 2024). Profit margin: 38% (down from 40% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.23 (vs ฿0.23 in 1Q 2024) First quarter 2025 results: EPS: ฿0.23 (up from ฿0.23 in 1Q 2024). Revenue: ฿653.5m (up 5.7% from 1Q 2024). Net income: ฿272.6m (up 2.0% from 1Q 2024). Profit margin: 42% (down from 43% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 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 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 10
Don Muang Tollway Public Company Limited to Report Q1, 2025 Results on May 09, 2025 Don Muang Tollway Public Company Limited announced that they will report Q1, 2025 results on May 09, 2025 Upcoming Dividend • Feb 27
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 06 March 2025. Payment date: 23 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: 8.1%. Within top quartile of Thai dividend payers (7.6%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 21
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.76 (down from ฿0.85 in FY 2023). Revenue: ฿2.47b (up 6.2% from FY 2023). Net income: ฿897.4m (down 10% from FY 2023). Profit margin: 36% (down from 43% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 10% 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 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 21
Don Muang Tollway Public Company Limited Proposes Dividend for the Year Ended December 31, 2024, Payable on May 23, 2025 Don Muang Tollway Public Company Limited at its AGM to be held on April 25, 2025 proposed dividend of THB 0.20 per share for the year ended December 31, 2024. Ex-dividend date is March 6, 2025, Record date is March 7, 2025 and payment date is May 23, 2025. Date of Board resolution is February 20, 2025. Announcement • Feb 20
Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025 Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Announcement • Dec 16
Don Muang Tollway Public Company Limited Announces Management Changes Don Muang Tollway Public Company Limited at its board of directors meeting held on December 13, 2024, approved the restructuring of the management in the Corporate Sustainability Development Line as stated in the attachment to be in line with the Sustainability Business Plan for 2025 - 2029 by changing the names of the Company's management positions as follows: From the original position of ‘First Senior Vice President’ to the new position of ‘Chief of Sustainable Development Officer’. From the original position of ‘Senior Vice President Risk Management and Safety’ to the new position of ‘Senior Executive Vice President - Risk and SHE’ effective Date 1 January 2025. Approved the appointment of Ms. Atchara Charoenporn, First Vice President- Business Sustainability Development, to the position of Chief of Sustainable Development Officer, in accordance with the Corporate Sustainability Development Line Structure to replace the First Senior Vice President position of Mr. Suthep Tharawas, who will retire on 31 December 2024. This appointment will also take effective from 1 January 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.22 (down from ฿0.23 in 3Q 2023). Revenue: ฿620.7m (up 5.2% from 3Q 2023). Net income: ฿266.7m (flat on 3Q 2023). Profit margin: 43% (down from 46% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 4.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Infrastructure industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 14
Second quarter dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 25th November 2024 Payment date: 12th December 2024 Dividend yield will be 6.8%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 18% to bring the payout ratio under control. EPS is expected to grow by 85% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Declared Dividend • Aug 11
Second quarter dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 23rd August 2024 Payment date: 6th September 2024 Dividend yield will be 7.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (138% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 54% to bring the payout ratio under control. EPS is expected to grow by 105% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.20 (vs ฿0.20 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.20 (in line with 2Q 2023). Revenue: ฿589.5m (up 6.5% from 2Q 2023). Net income: ฿236.8m (up 1.6% from 2Q 2023). Profit margin: 40% (down from 42% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% 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 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Don Muang Tollway Public Company Limited Approves Interim Cash Dividend Payment for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024 Don Muang Tollway Public Company Limited declared an interim cash dividend of THB 0.21 for the Operating period from January 1, 2024 to June 30, 2024, Record date for the right to receive: August 26, 2024, Ex-dividend date: August 23, 2024 and Payment date: September 6, 2024. Declared Dividend • May 13
Dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 24th May 2024 Payment date: 10th June 2024 Dividend yield will be 8.9%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 12
Don Muang Tollway Public Company Limited to Report Q1, 2024 Results on May 10, 2024 Don Muang Tollway Public Company Limited announced that they will report Q1, 2024 results on May 10, 2024 Announcement • May 11
Don Muang Tollway Public Company Limited Interim Dividend Payment for the Operating Result of the First 3 Months of 2024, Payable on 10 June 2024 Don Muang Tollway Public Company Limited at its board meeting held on May 10, 2024 approved interim dividend payment for the operating result of the first 3 months of 2024 at the rate of THB 0.21 per share of the total number of registered and paid-up shares of 1,181,232,800 shares or the total dividends in the amount of THB 248,058,888 (Two hundred and forty-eight million Fifty-eight thousand Eight hundred eighty-eight baht only). The interim dividends for the operating results for the first 3 months of 2024, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 27 May 2024 and scheduled the payment date of the interim dividend within 10 June 2024. Announcement • Apr 27
Don Muang Tollway Public Company Limited Approves Dividend for the Year 2023, Payable on May 24, 2024 Don Muang Tollway Public Company Limited at its Annual General Meeting of Shareholders held on April 25, 2024, approved dividend payment for the operating results of 2023 from the net profit for the operating results of 2023 as at December 31, 2023 to the Company's shareholders at the rate of THB 0.15 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, in the total amount of THB 177,184,920.00. And dividend payment for operating results of 2023 came from profits subjected to corporate income tax at the rate of 20%. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by 20/80 in accordance with the rules prescribed in Section 47 bis of the Revenue Code. In this regard, the dividend payment shall be paid on May 24, 2024, according to the list of shareholders appearing on the record date for the right to receive dividend payment on May 7, 2024. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 24 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (0.9%). Declared Dividend • Feb 23
Dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 3rd May 2024 Payment date: 24th May 2024 Dividend yield will be 10.0%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio) nor is it adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 105% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 57% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 22
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.85 (up from ฿0.66 in FY 2022). Revenue: ฿2.33b (up 27% from FY 2022). Net income: ฿1.00b (up 28% from FY 2022). Profit margin: 43% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Infrastructure industry in Thailand. Upcoming Dividend • Nov 16
Upcoming dividend of ฿0.35 per share at 16% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 08 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.3%). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.23 (vs ฿0.18 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.23 (up from ฿0.18 in 3Q 2022). Revenue: ฿589.9m (up 18% from 3Q 2022). Net income: ฿268.6m (up 25% from 3Q 2022). Profit margin: 46% (up from 43% in 3Q 2022). The increase in margin was driven by higher revenue. Announcement • Nov 09
Don Muang Tollway Public Company Limited Approves Interim Dividend Payment of the First Nine Months of 2023, Payable on 8 December 2023 Don Muang Tollway Public Company Limited at the Board meeting held on 9 November 2023, approved to pay the interim dividend payout for the operating result of the first nine months of 2023 for the remaining amount at the rate of THB 0.35 per share of the total number of registered and paid-up shares of 1,181,232,800 shares, or total dividends amount of THB 413,431,480 from the net profit for the operating result of the first nine months of 2023 at the rate of THB 0.20 per share totaling THB 236,246,560 and paid from retained earnings at the rate of THB 0.15 per share, amounting to THB 177,184,920. The interim dividends for the operating results for the first 9 months of 2023, to be paid from the profit of the Company that were subject to 20% Corporate Income Tax. Therefore, individual shareholders can claim a tax credit equal to the dividends multiplied by twenty-eightieth (20/80) in accordance with the rules prescribed in Section 47 bis of the Revenue Code. The Company has scheduled the date to determine the names of shareholders entitled to receive the interim dividend (Record Date) on 24 November 2023 and scheduled the payment date of the interim dividend on 8 December 2023. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings have declined by 19% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 200% Cash payout ratio: 165% Earnings have declined by 19% per year over the past 5 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.35 per share at 16% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.7%). Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.16 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.20 (up from ฿0.16 in 2Q 2022). Revenue: ฿553.5m (up 31% from 2Q 2022). Net income: ฿233.0m (up 25% from 2Q 2022). Profit margin: 42% (down from 44% in 2Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 17
Upcoming dividend of ฿0.35 per share at 4.9% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 09 June 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.5%). Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.50 per share at 5.0% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 25 May 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.5%). Upcoming Dividend • Feb 28
Upcoming dividend of ฿0.38 per share at 4.7% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 20 March 2023. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.5%). In line with average of industry peers (4.3%). Reported Earnings • Feb 24
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ฿0.66 (up from ฿0.36 in FY 2021). Revenue: ฿1.83b (up 52% from FY 2021). Net income: ฿780.6m (up 93% from FY 2021). Profit margin: 43% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.7%. Earnings per share (EPS) exceeded analyst estimates by 1.5%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Infrastructure industry in Thailand. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿13.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Infrastructure industry in Asia. Total returns to shareholders of 24% over the past year. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.70, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Infrastructure industry in Asia. Total returns to shareholders of 15% over the past year. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 25 November 2022. Payment date: 14 December 2022. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.2%). Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Suebsan Dardarananda was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 09 September 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.2%). Announcement • Aug 12
Don Muang Tollway Public Company Limited Approves Dividend Payment for the First Six Months of 2022, Payable on September 9 2022 Don Muang Tollway Public Company Limited declares dividend payment of THB 0.10 per share for the first six months of 2022. Record date is 25 Aug. 2022, Payable on September 9 2022 and ex- dividend date is 24 August 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿0.16 (vs ฿0.06 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.16 (up from ฿0.06 in 2Q 2021). Revenue: ฿423.0m (up 68% from 2Q 2021). Net income: ฿186.2m (up 195% from 2Q 2021). Profit margin: 44% (up from 25% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 73%, compared to a 231% growth forecast for the industry in Thailand. Announcement • Jul 02
Don Muang Tollway Public Company Limited Announces Resignation of Pantip Sripimol from the Position of the Company's Director Don Muang Tollway Public Company Limited informed that Mrs. Pantip Sripimol, submitted her resignation letter to the Company to resign from the position of the Company's Director due to it was unable to perform such duties efficiently. The resignation is effective from July 1, 2022 onwards. Major Estimate Revision • Jun 16
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿2.13b to ฿1.98b. EPS estimate also fell from ฿0.83 per share to ฿0.65 per share. Net income forecast to grow 170% next year vs 12% growth forecast for Infrastructure industry in Thailand. Consensus price target down from ฿18.06 to ฿17.00. Share price fell 6.1% to ฿10.70 over the past week. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.12. Revenue: ฿355.3m (down 7.3% from 1Q 2021). Net income: ฿144.2m (flat on 1Q 2021). Profit margin: 41% (up from 37% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 96%, compared to a 236% growth forecast for the industry in Thailand. Announcement • May 14
Don Muang Tollway Public Company Limited Announces Changing in CFO, Effective May 16, 2022 Don Muang Tollway Public Company Limited announced that Miss Bongkodrat Tangchuku, Executive Vice President, is appointed as CFO in place of Mr. Sakda Panwai, with effect from May 16, 2022. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 26 May 2022. Payout ratio is on the higher end at 90%, and the cash payout ratio is above 100%. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.3%). Announcement • Feb 25
Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022 Don Muang Tollway Public Company Limited, Annual General Meeting, Apr 26, 2022, at 10:00 SE Asia Standard Time. Agenda: To adopt the Minutes of the Annual General Meeting of Shareholders for 2021; to acknowledge the report of the Company's operating results for the year 2021; to consider and approve the Financial Statements and the Independent Auditor's Report for the year ended 31 December 2021; to consider and approve the allocation of profits as legal reserve and approve the dividend payment for the operating results of 2021; to consider the nomination for the appointment of Directors to replace those who retire by rotation; to consider the determination of remuneration for the Board of Directors, the Audit Committee, and Sub-committees for 2022 and gratuity for the operating results of 2021; to consider the appointment of the auditor and the fixing of the auditing fee for 2022; and to consider other businesses (if any). Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.36 (down from ฿0.76 in FY 2020). Revenue: ฿1.20b (down 41% from FY 2020). Net income: ฿404.3m (down 49% from FY 2020). Profit margin: 34% (down from 39% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) exceeded analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 77%, compared to a 218% growth forecast for the industry in Thailand. Announcement • Jan 13
Don Muang Tollway Public Company Limited Announces Temporary Road Closures for Structure Behavior Measurement and Load Test on Uttra Phimuk Elevated Tollroad Don Muang Tollway Public Company Limited informed that the Company will perform Structure Behavior Measurement and Load Test on Uttraphimuk Elevated Tollroad for Din Daeng to Anusorn Satharn section which will be in compliance to the preventive maintenance plan. The test will be conducted by experienced personnel with expertise that includes STS Engineering Consultant Co. Ltd. and NorCiv Engineering Co. Ltd. responsible as project leaders. The above mentioned test requires, according to the structural engineering fundamental, the temporary closure of all lanes in both Inbound and Outbound directions for accurate and complete measurements. The detailed test plan is as follows;, 15 January 2022 at 23:00, Bridge Static Load Test at Location 1 from KM 16+155 to 16+185 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic from Din Daeng Toll Plaza to Bang Khen Toll Plaza (outbound) from 23:00 of, 15 January 2022 to 05:00 of, 16 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp, Lak Si (inbound) Toll Plaza and Chaeng Watthana Toll Plaza from 00:00 to 04:00 of, 16 January 2022 for the total duration of 4 hours. 22 January 2022 at 23:00, Bridge Static Load Test at Location 2 from KM 23+231 to 23+291 by closing all lanes on the elevated tollroad in both directions (Inbound and Outbound) for the purpose of moving and arranging three 25-ton trucks in the outbound test area and perform the Load Behavior Measurement Test which will require of following traffic closures. Outbound Direction Close traffic Bang Khen Toll Plaza to Anusorn Satharn Toll Plaza from 23:00 of, 22 January 2022 to 05:00 of, 23 January 2022 for the total duration of 6 hours. Inbound Direction Close traffic for DOH's section at DOH Exit Ramp to Don Mueang Airport and for the Company's section at Anusorn Satharn Entrance Ramp and at U-Turn in front of Cargo Building to enter outbound elevated tollroad from 00:00 to 04:00 of, 23 January 2022 for the total duration of 4 hours. The Company and the contractor will perform the test with highest safety awareness for the road users by strictly following the road closure safety and work zone safety standards as well as traffic management to provide convenience to the road users by experienced personnel with expertise along with the Company and contractor's management staff to supervise the work. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.22 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿182.9m (down 68% from 3Q 2020). Net income: ฿42.3m (down 81% from 3Q 2020). Profit margin: 23% (down from 40% in 3Q 2020). The decrease in margin was driven by lower revenue. Executive Departure • Oct 10
Director Chumpol Rimsakorn has left the company On the 1st of October, Chumpol Rimsakorn's tenure as Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Chumpol's name. A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 2.42 years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.08 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿251.4m (down 18% from 2Q 2020). Net income: ฿63.1m (down 20% from 2Q 2020). Profit margin: 25% (in line with 2Q 2020). Reported Earnings • May 10
First quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.23 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿383.3m (down 37% from 1Q 2020). Net income: ฿143.1m (down 41% from 1Q 2020). Profit margin: 37% (down from 40% in 1Q 2020). The decrease in margin was driven by lower revenue. Announcement • May 08
Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion. Don Muang Tollway Public Company Limited has completed an IPO in the amount of THB 2.24 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 140,000,000
Price\Range: THB 16
Transaction Features: ESOP Related Offering 
