Buy Or Sell Opportunity • Jun 15
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at ฿32.00. The fair value is estimated to be ฿42.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿2.02 (vs ฿2.48 in 1Q 2025) First quarter 2026 results: EPS: ฿2.02 (down from ฿2.48 in 1Q 2025). Revenue: ฿8.61b (down 7.5% from 1Q 2025). Net income: ฿1.67b (down 19% from 1Q 2025). Profit margin: 19% (down from 22% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 17
Regional Container Lines Public Company Limited Approves Dividend for the Year Ended December 31, 2025, Payable on May 15, 2026 Regional Container Lines Public Company Limited at the Annual General Meeting of Shareholders held on April 17, 2026 approved the dividend payment for the year ended December 31, 2025 operational results aggregating at THB 2.50 per share to the 828,750,000 ordinary shares, totaling THB 2,071,875,000. The Company had already declared and made two interim dividend payments during the year 2025 on September 5th, 2025 at THB 0.50 per share and on December 4th, 2025 at THB 0.50 per share totaling THB 1.00 per share. The remaining dividend, therefore, will be paid at the rate of THB 1.50 per share, totaling THB 1,243,125,000. The Company will pay the dividend as mentioned above to shareholders who are entitled to receive the dividend as appeared on Record Date on March 12th, 2026 and such dividend payment shall be made on May 15th, 2026. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿34.50, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 54% over the past three years. Buy Or Sell Opportunity • Mar 11
Now 23% undervalued Over the last 90 days, the stock has risen 11% to ฿29.50. The fair value is estimated to be ฿38.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 24%. Declared Dividend • Feb 23
Dividend of ฿1.50 announced Dividend of ฿1.50 is the same as last year. Ex-date: 11th March 2026 Payment date: 15th May 2026 Dividend yield will be 8.5%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (21% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 38% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 98% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Regional Container Lines Public Company Limited, Annual General Meeting, Apr 17, 2026 Regional Container Lines Public Company Limited, Annual General Meeting, Apr 17, 2026, at 09:30 SE Asia Standard Time. Location: hybrid meeting, panjathani conference center, ratchada room, 2nd floor,127/2, panjathani tower, nonsi road (ratchadaphisek road), chongnonsi sub-district, yannawa district, bangkok Thailand Buy Or Sell Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock has risen 15% to ฿29.50. The fair value is estimated to be ฿37.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 45%. Declared Dividend • Nov 09
Dividend of ฿0.50 announced Dividend of ฿0.50 is the same as last year. Ex-date: 20th November 2025 Payment date: 4th December 2025 Dividend yield will be 9.6%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by both earnings (21% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 38% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 98% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿2.78 (vs ฿4.94 in 3Q 2024) Third quarter 2025 results: EPS: ฿2.78 (down from ฿4.94 in 3Q 2024). Revenue: ฿9.51b (down 13% from 3Q 2024). Net income: ฿2.30b (down 44% from 3Q 2024). Profit margin: 24% (down from 37% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% 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. Declared Dividend • Aug 11
Dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 22nd August 2025 Payment date: 5th September 2025 Dividend yield will be 8.0%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (18% 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 38% per year over the past 10 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 • Aug 09
Second quarter 2025 earnings released: EPS: ฿2.42 (vs ฿1.39 in 2Q 2024) Second quarter 2025 results: EPS: ฿2.42 (up from ฿1.39 in 2Q 2024). Revenue: ฿9.31b (up 24% from 2Q 2024). Net income: ฿2.00b (up 75% from 2Q 2024). Profit margin: 22% (up from 15% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿2.48 (vs ฿0.74 in 1Q 2024) First quarter 2025 results: EPS: ฿2.48 (up from ฿0.74 in 1Q 2024). Revenue: ฿9.51b (up 40% from 1Q 2024). Net income: ฿2.06b (up 236% from 1Q 2024). Profit margin: 22% (up from 9.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Apr 18
Regional Container Lines Public Company Limited Approves Dividend for the Year 2024, Payable on May 16, 2025 Regional Container Lines Public Company Limited at the Annual General Meeting of Shareholders held on April 18, 2025 approved the dividend payment for the year 2024 operational results aggregating at THB 2.50 per share to the 828,750,000 ordinary shares, totaling THB 2,071,875,000. The Company had already declared and made two interim dividend payments during the year 2024 on September 6, 2024 at THB 0.50 per share and on December 6th, 2024 at THB 0.50 per share totaling THB 1.00 per share. The remaining dividend, therefore, will be paid at the rate of THB 1.50 per share, totaling THB 1,243,125,00. The Company will pay the dividend as mentioned above to shareholders who are entitled to receive the dividend as appeared on Record Date on March 13, 2025 and such dividend payment shall be made on May 16, 2025. Declared Dividend • Feb 24
Dividend of ฿1.50 announced Shareholders will receive a dividend of ฿1.50. Ex-date: 12th March 2025 Payment date: 16th May 2025 Dividend yield will be 9.9%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (24% 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 26% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: ฿11.07 (vs ฿1.81 in FY 2023) Full year 2024 results: EPS: ฿11.07 (up from ฿1.81 in FY 2023). Revenue: ฿36.3b (up 38% from FY 2023). Net income: ฿9.17b (up ฿7.67b from FY 2023). Profit margin: 25% (up from 5.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Feb 22
Regional Container Lines Public Company Limited, Annual General Meeting, Apr 18, 2025 Regional Container Lines Public Company Limited, Annual General Meeting, Apr 18, 2025, at 09:30 SE Asia Standard Time. Location: panjathani conference center, ratchada room, 2nd floor, 127/2, panjathani tower, nonsi road (ratchadaphisek road), chongnonsi sub-district,yannawa district, bangkok 10120 Thailand Announcement • Feb 21
Regional Container Lines Public Company Limited Proposes Dividend for the Year 2024, Payable on May 16, 2025 Regional Container Lines Public Company Limited Board of Directors considered and deemed appropriate to propose the Shareholders' Meeting to approve the dividend for the year 2024 operational results, aggregating at THB 2.50 per share to the 828,750,000 ordinary shares, totaling THB 2,071,875,000. The Company had already declared and made two interim dividend payments during the year 2024 on September 6, 2024 at THB 0.50 per share and on December 6, 2024 at THB 0.50 per share, respectively. The remaining dividend will be paid at rate THB 1.50 per share, totaling THB 1,243,125,000, derived from profit under BOI privilege THB 0.20 and Non-BOI THB 1.30 to the shareholders who have rights to receive dividend (Record Date)
on March 13, 2025 and the dividend payment date is set to be on May 16, 2025. The aforesaid dividend payment is yet to be approved by the shareholders at the Annual General Meeting of Shareholders on April 18, 2025. The dividend payment is in accordance with the Company's Dividend Payment Policy. Upcoming Dividend • Nov 14
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 21 November 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (6.7%). Lower than average of industry peers (4.7%). Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: ฿4.94 (vs ฿0.71 in 3Q 2023) Third quarter 2024 results: EPS: ฿4.94 (up from ฿0.71 in 3Q 2023). Revenue: ฿11.1b (up 69% from 3Q 2023). Net income: ฿4.09b (up ฿3.51b from 3Q 2023). Profit margin: 37% (up from 8.9% in 3Q 2023). The increase in margin was driven by higher revenue. 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 13% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿26.00, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 10x in the Shipping industry in Asia. Total loss to shareholders of 30% over the past three years. Declared Dividend • Aug 11
First half dividend increased to ฿0.50 Dividend of ฿0.50 is 100% higher than last year. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 4.4%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (35% 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 25% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿1.39 (vs ฿0.69 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.39 (up from ฿0.69 in 2Q 2023). Revenue: ฿7.64b (up 20% from 2Q 2023). Net income: ฿1.15b (up 99% from 2Q 2023). Profit margin: 15% (up from 9.0% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Announcement • Aug 10
Regional Container Lines Public Company Limited Announces Cash Dividend for the Operating Period from 1 January 2024 to 30 June 2024, Payable on 6 September 2024 Regional Container Lines Public Company Limited announced cash dividend of THB 0.50 per share for the operating period from 1 January 2024 to 30 June 2024. Record date for the right to receive dividends is 23 August 2024, Ex-dividend date is 22 August 2024 and Payment date is 6 September 2024. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿24.90, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 12x in the Shipping industry in Asia. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿26.25, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 12x in the Shipping industry in Asia. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿28.00, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 13x in the Shipping industry in Asia. Total loss to shareholders of 5.2% over the past three years. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.74 (vs ฿1.10 in 1Q 2023) First quarter 2024 results: EPS: ฿0.74 (down from ฿1.10 in 1Q 2023). Revenue: ฿6.92b (up 1.2% from 1Q 2023). Net income: ฿612.5m (down 33% from 1Q 2023). Profit margin: 8.9% (down from 13% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 15% per year. New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿19.70, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Shipping industry in Asia. Total loss to shareholders of 23% over the past three years. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (12%). Declared Dividend • Feb 26
Final dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 13th March 2024 Payment date: 17th May 2024 Dividend yield will be 3.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (57% 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 56% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 47% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿1.81 (vs ฿29.71 in FY 2022) Full year 2023 results: EPS: ฿1.81 (down from ฿29.71 in FY 2022). Revenue: ฿27.0b (down 48% from FY 2022). Net income: ฿1.50b (down 94% from FY 2022). Profit margin: 5.6% (down from 47% in FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 23
Regional Container Lines Public Company Limited, Annual General Meeting, Apr 19, 2024 Regional Container Lines Public Company Limited, Annual General Meeting, Apr 19, 2024, at 09:30 SE Asia Standard Time. Location: Panjathani Conference Center, Ratchada Room, 2nd Floor, 127/2, Panjathani Tower, Nonsi Road Chongnonsi Sub-District, Yannawa District Bangkok Thailand Agenda: To acknowledge the report on the Company's operational results for the year 2023; to acknowledge directors' remuneration for the year 2023; to consider and approve the statements of financial position and statements of profit and loss for the year ended December 31st, 2023; to consider and approve the dividend payment for the year 2023 operational results; and to consider other matters. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿24.40, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 9x in the Shipping industry in Asia. Total returns to shareholders of 147% over the past three years. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.71 (vs ฿7.76 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.71 (down from ฿7.76 in 3Q 2022). Revenue: ฿6.79b (down 52% from 3Q 2022). Net income: ฿584.9m (down 91% from 3Q 2022). Profit margin: 8.6% (down from 45% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.25 per share at 33% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 33%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (21%). New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 28% Last year net profit margin: 54% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 77% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Minor Risks Dividend is not well covered by cash flows (154% cash payout ratio). Profit margins are more than 30% lower than last year (28% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.69 (vs ฿8.88 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.69 (down from ฿8.88 in 2Q 2022). Revenue: ฿6.37b (down 53% from 2Q 2022). Net income: ฿575.8m (down 92% from 2Q 2022). Profit margin: 9.0% (down from 55% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 19% p.a. on average during the next 3 years compared to a 12% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 12
Regional Container Lines Public Company Limited Announces Cash Dividend for the Operating Period from 01-Jan-2023 to 30-June-2023, Payable on 8 September 2023 Regional Container Lines Public Company Limited announced cash dividend of THB 0.25 per share for the operating period from 01-Jan-2023 to 30-June-2023. Record date for the right to receive dividends is 25-Aug-2023, Ex-dividend date is 24-Aug-2023 and Payment date is 08-Sep-2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿1.10 (vs ฿9.92 in 1Q 2022) First quarter 2023 results: EPS: ฿1.10 (down from ฿9.92 in 1Q 2022). Revenue: ฿6.96b (down 53% from 1Q 2022). Net income: ฿912.9m (down 89% from 1Q 2022). Profit margin: 13% (down from 56% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 12% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 01
Price target decreased by 36% to ฿27.00 Down from ฿42.50, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ฿26.50. Stock is down 40% over the past year. The company is forecast to post a net loss per share of ฿2.26 compared to earnings per share of ฿29.71 last year. Upcoming Dividend • Mar 09
Upcoming dividend of ฿3.00 per share at 22% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 22%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (18%). Upcoming Dividend • Nov 17
Upcoming dividend of ฿2.25 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (19%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Arpavadee Meekun-Iam was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
Regional Container Lines Public Company Limited Declares Second Interim Cash Dividend for the Operating Period from 01 January 2022 to 30 September 2022, Payable on 09 December 2022 Regional Container Lines Public Company Limited declared Second Interim Cash Dividend of THB 2.25 per share for the Operating period from 01-January-2022 to 30-September-2022,Record date for the right to receive dividends 25-November-2022, Ex-dividend date 24-November-2022, Payment date 09-December-2022. Upcoming Dividend • Aug 11
Upcoming dividend of ฿1.75 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 15%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (11%). Announcement • Aug 07
Regional Container Lines Public Company Limited Announces Cash Interim Dividend Payment, Payable on September 02, 2022 Regional Container Lines Public Company Limited announced a cash dividend payment of THB 1.75 per share. The ex-dividend date is 18 August 2022. The record date for the right to receive dividend is 19 August 2022 and payment date is September 02, 2022. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿8.88 (vs ฿3.85 in 2Q 2021) Second quarter 2022 results: EPS: ฿8.88 (up from ฿3.85 in 2Q 2021). Revenue: ฿14.2b (up 81% from 2Q 2021). Net income: ฿7.36b (up 131% from 2Q 2021). Profit margin: 52% (up from 41% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 19% compared to a 4.6% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 114% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿9.92 (up from ฿3.55 in 1Q 2021). Revenue: ฿14.7b (up 106% from 1Q 2021). Net income: ฿8.22b (up 180% from 1Q 2021). Profit margin: 56% (up from 41% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is expected to shrink by 1.3% compared to a 3.8% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 123% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ฿66.00 Up from ฿10.65, the current price target is provided by 1 analyst. New target price is 50% above last closing price of ฿44.00. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿22.21 for next year compared to ฿21.69 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Arpavadee Meekun-Iam was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 16
Upcoming dividend of ฿3.00 per share Eligible shareholders must have bought the stock before 23 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.8%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿21.69 (up from ฿2.11 in FY 2020). Revenue: ฿38.0b (up 121% from FY 2020). Net income: ฿18.0b (up ฿16.2b from FY 2020). Profit margin: 47% (up from 10% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 16%, compared to a 17% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has only increased by 115% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Regional Container Lines Public Company Limited, Annual General Meeting, Apr 22, 2022 Regional Container Lines Public Company Limited, Annual General Meeting, Apr 22, 2022, at 03:30 Coordinated Universal Time. Location: Panjathani Conference Center, Ratchada Room, 2nd Floor 127/2, Panjathani Tower, Nonsi Road, Chongnonsi Sub-District, Yannawa District Bangkok Thailand Agenda: To adopt the minutes of the 42nd annual general meeting held on 23rd April 2021; to acknowledge the report on the year 2021 operation for the year 2021; and to discuss other matters. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿39.75, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 11x in the Shipping industry in Asia. Total returns to shareholders of 810% over the past three years. Upcoming Dividend • Nov 11
Upcoming dividend of ฿1.50 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 03 December 2021. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (4.4%). Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS ฿4.50 (vs ฿0.31 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿9.32b (up 132% from 3Q 2020). Net income: ฿3.73b (up ฿3.47b from 3Q 2020). Profit margin: 40% (up from 6.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 100% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿43.00, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 13x in the Shipping industry in Asia. Total returns to shareholders of 662% over the past three years. Upcoming Dividend • Aug 20
Upcoming dividend of ฿1.50 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 2.4%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (3.6%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿3.85 (vs ฿0.26 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿7.89b (up 103% from 2Q 2020). Net income: ฿3.19b (up ฿2.97b from 2Q 2020). Profit margin: 40% (up from 5.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 127% per year whereas the company’s share price has increased by 122% per year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿48.50, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 16x in the Shipping industry in Asia. Total returns to shareholders of 923% over the past three years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 15% share price gain to ฿49.75, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 14x in the Shipping industry in Asia. Total returns to shareholders of 739% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿3.55 (vs ฿0.015 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿7.15b (up 70% from 1Q 2020). Net income: ฿2.94b (up ฿2.93b from 1Q 2020). Profit margin: 41% (up from 0.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 82% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 17% share price gain to ฿30.00, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 14x in the Shipping industry in Asia. Total returns to shareholders of 300% over the past three years. Upcoming Dividend • Mar 17
First Dividend Is ฿0.50 Per Share Will be paid on the 21st of May to those who are registered shareholders by the 24th of March. The company last paid an ordinary dividend in March 2018. The average dividend yield among industry peers is 2.7%. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 17% share price gain to ฿28.25, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 15x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 237%. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿2.10 (vs ฿0.59 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿17.5b (up 5.7% from FY 2019). Net income: ฿1.74b (up ฿2.24b from FY 2019). Profit margin: 10.0% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 15% share price gain to ฿21.40, the stock is trading at a trailing P/E ratio of 56.2x, up from the previous P/E ratio of 48.8x. This compares to an average P/E of 14x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 129%. Is New 90 Day High Low • Feb 18
New 90-day high: ฿19.80 The company is up 71% from its price of ฿11.60 on 20 November 2020. The Thai market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 62% over the same period. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 26% share price gain to ฿17.50, the stock is trading at a trailing P/E ratio of 46x, up from the previous P/E ratio of 36.5x. This compares to an average P/E of 12x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 95%. Is New 90 Day High Low • Jan 04
New 90-day high: ฿17.50 The company is up 221% from its price of ฿5.45 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 60% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ฿12.30 The company is up 217% from its price of ฿3.88 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 72% over the same period. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.30, the stock is trading at a trailing P/E ratio of 32.3x, up from the previous P/E ratio of 27.6x. This compares to an average P/E of 12x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 33%. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 20% share price gain to ฿11.60, the stock is trading at a trailing P/E ratio of 30.5x, up from the previous P/E ratio of 25.3x. This compares to an average P/E of 12x in the Shipping industry in Asia. Total returns to shareholders over the past three years are 24%. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.30 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿4.15b (up 2.3% from 3Q 2019). Net income: ฿257.0m (up ฿563.6m from 3Q 2019). Profit margin: 6.2% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 11
New 90-day high: ฿9.05 The company is up 233% from its price of ฿2.72 on 13 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 32% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: ฿6.15 The company is up 111% from its price of ฿2.92 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 13% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ฿5.65 The company is up 73% from its price of ฿3.26 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 11% over the same period.