Reported Earnings • May 15
First quarter 2026 earnings released: EPS: ฿1.93 (vs ฿0.19 in 1Q 2025) First quarter 2026 results: EPS: ฿1.93 (up from ฿0.19 in 1Q 2025). Revenue: ฿5.09b (down 28% from 1Q 2025). Net income: ฿5.88b (up ฿5.30b from 1Q 2025). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 13% 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. Upcoming Dividend • Apr 09
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 16 April 2026. Payment date: 28 April 2026. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (2.7%). New Risk • Mar 04
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 6.2% 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: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Mar 02
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿0.99 (up from ฿0.57 in FY 2024). Revenue: ฿27.9b (up 7.8% from FY 2024). Net income: ฿3.03b (up 73% from FY 2024). Profit margin: 11% (up from 6.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Renewable Energy industry in Thailand. 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 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 28
Dividend of ฿0.35 announced Shareholders will receive a dividend of ฿0.35. Ex-date: 16th April 2026 Payment date: 28th April 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but not covered by cash flows (dividend approximately 17x free cash flows). The dividend has remained flat since 9 years ago. However, payments have been volatile during that time. EPS is expected to grow by 57% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿10.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 23% over the past three years. Major Estimate Revision • Dec 10
Consensus revenue estimates increase by 36% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿17.1b to ฿23.1b. EPS estimate increased from ฿1.21 to ฿1.31 per share. Net income forecast to grow 109% next year vs 7.2% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿10.00 to ฿11.50. Share price was steady at ฿13.00 over the past week. Price Target Changed • Nov 08
Price target increased by 9.6% to ฿10.00 Up from ฿9.13, the current price target is provided by 1 analyst. New target price is 22% below last closing price of ฿12.80. The company is forecast to post earnings per share of ฿1.21 for next year compared to ฿0.57 last year. Announcement • Oct 30
Banpu Public Company Limited (SET:BANPU) agreed to acquire remaining 21.34% stake in Banpu Power Public Company Limited (SET:BPP) for THB 8.5 billion. Banpu Public Company Limited (SET:BANPU) agreed to acquire remaining 21.34% stake in Banpu Power Public Company Limited (SET:BPP) for THB 8.5 billion on October 29, 2025. A cash consideration valued at THB 13 per share will be paid by Banpu Public Company Limited. Upon completion, Banpu Public Company Limited will own 100% stake in Banpu Power Public Company Limited.
The deal has been approved by the Banpu Public Company Limited board.
The expected completion of the transaction is December 23, 2025.
Silom Advisory Company Limited acted as financial advisor to Banpu Power Public Company Limited. New Risk • Oct 30
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 5.7% 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: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿12.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total returns to shareholders of 1.2% over the past three years. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿10.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 17% over the past three years. Declared Dividend • Aug 31
First half dividend reduced to ฿0.25 Dividend of ฿0.25 is 17% lower than last year. Ex-date: 11th September 2025 Payment date: 23rd September 2025 Dividend yield will be 6.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (47% 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 2.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 103% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.42 (vs ฿0.32 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.42 (up from ฿0.32 in 2Q 2024). Revenue: ฿6.56b (down 6.6% from 2Q 2024). Net income: ฿1.27b (up 30% from 2Q 2024). Profit margin: 19% (up from 14% in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. 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 19% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿16.1b to ฿17.1b. EPS estimate increased from ฿1.03 to ฿1.21 per share. Net income forecast to grow 127% next year vs 11% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿9.13 to ฿9.50. Share price was steady at ฿8.05 over the past week. New Risk • May 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 111% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Reported Earnings • May 10
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ฿0.19 (down from ฿0.22 in 1Q 2024). Revenue: ฿7.11b (up 5.3% from 1Q 2024). Net income: ฿574.4m (down 15% from 1Q 2024). Profit margin: 8.1% (down from 10.0% in 1Q 2024). Revenue exceeded analyst estimates by 9.7%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 04
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 11 April 2025. Payment date: 28 April 2025. Payout ratio is on the higher end at 83% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of Thai dividend payers (7.7%). Higher than average of industry peers (6.5%). Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.57 (down from ฿1.75 in FY 2023). Revenue: ฿25.8b (down 15% from FY 2023). Net income: ฿1.75b (down 67% from FY 2023). Profit margin: 6.8% (down from 18% in FY 2023). Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Announcement • Feb 27
Banpu Power Public Company Limited, Annual General Meeting, Apr 04, 2025 Banpu Power Public Company Limited, Annual General Meeting, Apr 04, 2025, at 09:30 SE Asia Standard Time. Announcement • Feb 26
Banpu Power Public Company Limited Proposes Annual Dividend, Payable on 28 April 2025 Banpu Power Public Company Limited announced that at its AGM to be held on 4 April 2025, propose annual dividend payment at THB 0.60 per share, of which THB 0.30 was paid as interim dividend on September 24, 2024, the remaining THB 0.30 would be further paid out on 28 April 2025. Record date for the right to receive dividends is 16 April 2025. Ex-dividend date is 11 April 2025. Price Target Changed • Feb 06
Price target decreased by 15% to ฿12.30 Down from ฿14.40, the current price target is an average from 4 analysts. New target price is 46% above last closing price of ฿8.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.00 for next year compared to ฿1.75 last year. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.37 (vs ฿0.69 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.37 (down from ฿0.69 in 3Q 2023). Revenue: ฿6.88b (down 57% from 3Q 2023). Net income: ฿1.13b (down 46% from 3Q 2023). Profit margin: 17% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Nov 07
Consensus revenue estimates increase by 39%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿28.4b to ฿39.4b. EPS estimate fell from ฿1.20 to ฿1.10. Net income forecast to grow 1.2% next year vs 21% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿14.40 to ฿14.07. Share price fell 7.1% to ฿11.80 over the past week. Major Estimate Revision • Sep 25
Consensus revenue estimates increase by 63% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿17.4b to ฿28.4b. EPS estimate unchanged from ฿1.20 at last update. Renewable Energy industry in Thailand expected to see average net income growth of 22% next year. Consensus price target down from ฿15.07 to ฿14.40. Share price rose 3.1% to ฿13.40 over the past week. Declared Dividend • Sep 01
First half dividend reduced to ฿0.30 Dividend of ฿0.30 is 25% lower than last year. Ex-date: 12th September 2024 Payment date: 24th September 2024 Dividend yield will be 5.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (35% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 6.1% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 4.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 30
Banpu Power Public Company Limited Announces Cash Dividend for the Operating Period from January 01, 2024 to June 30, 2024, Payable on September 24, 2024 Banpu Power Public Company Limited announced cash dividend payment to common shareholders of THB 0.30 per share on par value of THB 10.00 for the operating period from January 01, 2024 to June 30, 2024. Record date for the right to receive dividends is September 13, 2024. Ex-dividend date is September 12, 2024. Payment date is September 24, 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ฿0.32 (down from ฿0.44 in 2Q 2023). Revenue: ฿7.02b (up 141% from 2Q 2023). Net income: ฿981.7m (down 27% from 2Q 2023). Profit margin: 14% (down from 46% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 43%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Renewable Energy industry in Thailand. 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 14% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 06
Price target decreased by 9.6% to ฿15.60 Down from ฿17.25, the current price target is an average from 2 analysts. New target price is 36% above last closing price of ฿11.50. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿1.20 for next year compared to ฿1.75 last year. Board Change • Apr 04
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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Kijja Sripatthangkura 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. Insufficient board refreshment. Upcoming Dividend • Mar 29
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 05 April 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 46% and the cash payout ratio is 78%. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (2.6%). Buy Or Sell Opportunity • Mar 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to ฿14.70. The fair value is estimated to be ฿12.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 65% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 25% in 2 years. Earnings are forecast to decline by 12% in the next 2 years. Announcement • Mar 15
Banpu Power Public Company Limited Announces Resignation of Bundhit Eua-Arporn as Director, Effective April 2, 2024 Banpu Power Public Company Limited informed the Stock Exchange of Thailand that Professor Dr. Bundhit Eua-arporn has resigned from the director of the Company and all subcommittees, namely Audit Committee and Compensation Committee due to his other business engagement. The resignation will be effective from April 2, 2024 onwards. Declared Dividend • Feb 23
Final dividend increased to ฿0.40 Dividend of ฿0.40 is 33% higher than last year. Ex-date: 5th April 2024 Payment date: 26th April 2024 Dividend yield will be 5.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 4.9% per year over the past 7 years and payments have been stable during that time. EPS is expected to decline by 12% over the next 2 years. However, it would need to fall by 56% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿1.75 (down from ฿1.88 in FY 2022). Revenue: ฿30.4b (up 24% from FY 2022). Net income: ฿5.32b (down 7.3% from FY 2022). Profit margin: 18% (down from 23% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is expected to decline by 16% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Nov 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Profit margins are more than 30% lower than last year (16% net profit margin). Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.40 per share at 4.7% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 25 September 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (1.8%). Announcement • Aug 25
Banpu Power Public Company Limited Announces Cash Dividend for the Period from January 01, 2023 to June 30, 2023, Payable on September 27, 2023 Banpu Power Public Company Limited announced cash dividend payment to common shareholders of THB 0.40 per share on par value of THB 10.00 for the operating period from January 01, 2023 to June 30, 2023. Record date for the right to receive dividends is September 11, 2023. Ex-dividend date is September 08, 2023. Payment date is September 27, 2023. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 1.6% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Aug 18
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ฿0.44 (up from ฿0.23 in 2Q 2022). Revenue: ฿2.92b (down 33% from 2Q 2022). Net income: ฿1.34b (up 95% from 2Q 2022). Profit margin: 46% (up from 16% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 01
Banpu Power Public Company Limited Announces Chief Financial Officer Changes Banpu Power Public Company Limited announced resignation of Miss Benjamas Suratanakavikul as Chief Financial Officer and appointment of Mr. Teerapat Wongraveekul as Chief Financial Officer, effective from June 30, 2023. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.69 (vs ฿0.96 in 1Q 2022) First quarter 2023 results: EPS: ฿0.69 (down from ฿0.96 in 1Q 2022). Revenue: ฿3.45b (down 11% from 1Q 2022). Net income: ฿2.11b (down 28% from 1Q 2022). Profit margin: 61% (down from 76% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 8.3% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 6.0%. 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 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 03
Upcoming dividend of ฿0.30 per share at 4.4% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 26 April 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ฿1.88 (up from ฿1.03 in FY 2021). Revenue: ฿24.5b (up 261% from FY 2021). Net income: ฿5.74b (up 84% from FY 2021). Profit margin: 23% (down from 46% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 73%. Earnings per share (EPS) also surpassed analyst estimates by 45%. Revenue is expected to decline by 31% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 9.0%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 35% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿12.1b to ฿12.7b. EPS estimate increased from ฿1.39 to ฿1.87 per share. Net income forecast to shrink 24% next year vs 17% growth forecast for Renewable Energy industry in Thailand . Consensus price target down from ฿18.58 to ฿18.08. Share price was steady at ฿15.10 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.76 (vs ฿0.20 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.76 (up from ฿0.20 in 3Q 2021). Revenue: ฿4.96b (up 373% from 3Q 2021). Net income: ฿2.32b (up 288% from 3Q 2021). Profit margin: 47% (down from 57% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 12
Consensus revenue estimates increase by 14% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿12.1b to ฿13.7b. EPS estimate increased from ฿1.39 to ฿1.87 per share. Net income forecast to shrink 2.3% next year vs 34% growth forecast for Renewable Energy industry in Thailand . Consensus price target down from ฿18.58 to ฿18.08. Share price was steady at ฿15.40 over the past week. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (1.7%). Announcement • Aug 27
Banpu Power Public Company Limited Announces Interim Dividend from January 1, 2022 to June 30, 2022, Payable on 26 September 2022 Banpu Power Public Company Limited announced interim dividend of THB 0.40 par value THB 10.00 for the period from January 1, 2022 to June 30, 2022. Payment date is 26 September 2022.Ex-dividend date 08-September 2022. Record date for the right to receive dividends 9 September 2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.37 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.23 (down from ฿0.37 in 2Q 2021). Revenue: ฿4.38b (up 408% from 2Q 2021). Net income: ฿685.2m (down 39% from 2Q 2021). Profit margin: 16% (down from 131% in 2Q 2021). The decrease in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 21% compared to a 22% growth forecast for the industry in Thailand. 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 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿8.43b to ฿9.75b. EPS estimate unchanged from ฿1.57 at last update. Renewable Energy industry in Thailand expected to see average net income growth of 30% next year. Consensus price target broadly unchanged at ฿18.52. Share price was steady at ฿16.10 over the past week. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿1.34 to ฿1.49. Revenue forecast unchanged at ฿9.25b. Net income forecast to shrink 6.8% next year vs 35% growth forecast for Renewable Energy industry in Thailand . Consensus price target of ฿18.78 unchanged from last update. Share price was steady at ฿16.00 over the past week. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.96 (up from ฿0.34 in 1Q 2021). Revenue: ฿3.86b (up 113% from 1Q 2021). Net income: ฿2.92b (up 182% from 1Q 2021). Profit margin: 76% (up from 57% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 3.3%, compared to a 39% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 03
Banpu Power Public Company Limited Approves Annual Dividend for the Period Ended 31 December 2021, Payable on 27 April 2022 Banpu Power Public Company Limited at its annual general meeting held on April 1, 2022 approved Approved the declaration of the total annual dividend for the Company's performance of the Year 2021 for the period during 1 January 2021 31 December 2021 at the rate of THB 0.6 5 per share, of which THB 0.3 0 was paid as an interim dividend to the shareholders holding 3,047,731,700 shares in the amount of THB 914 million on September 21, 2021. Therefore, the remaining of dividend payment for the Year 2021 performance for the period during 1 July 2021 31 December 2021 would be further paid out of the retained earnings and profits from the operation to the shareholders holding 3,047,731,700 shares at the rate of THB 0.35 per share, which is considered to be the declaration of dividend at the rate of 63% of the company's net profit, payable from the corporate income tax exempted profit on which shareholders are not entitled to tax credits. The dividend payment is scheduled to be on April 27, 2022. In this regard, the Record Date was fixed on April 11, 2022 in order to determine the eligible shareholders who shall be entitled to have the right to receive such dividend. Upcoming Dividend • Apr 01
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 27 April 2022. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.6%). Announcement • Mar 29
Banpu Power Public Company Limited Announces Resignations of Mr. Rawi Corsiri as Director Banpu Power Public Company Limited announced the resignations of Mr. Rawi Corsiri from being the Company's director. The reason for the resignation is the good governance of the Company of which established a mandatory retirement age at 72 which will be effective after the date of the 2022 Annual General Meeting of Shareholdersonwards. Major Estimate Revision • Mar 12
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿8.12b to ฿9.85b. EPS estimate fell from ฿1.31 to ฿1.19. Net income forecast to grow 17% next year vs 38% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿18.90. Share price was steady at ฿16.20 over the past week. Price Target Changed • Feb 27
Price target decreased to ฿19.28 Down from ฿20.85, the current price target is an average from 6 analysts. New target price is 15% above last closing price of ฿16.70. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿1.55 for next year compared to ฿1.03 last year. Announcement • Feb 25
Banpu Power Public Company Limited, Annual General Meeting, Apr 01, 2022 Banpu Power Public Company Limited, Annual General Meeting, Apr 01, 2022, at 09:30 SE Asia Standard Time. Agenda: To consider acknowledge the minutes of the Annual General Meeting of Shareholders for the Year 2021; to consider acknowledge the Board of Directors' Annual Report for the Company's performance and to approve the audited Statements of Financial Position and Statement of Income for the year ended on 31 December 2021; to consider and approve the distribution of annual profits and annual dividend payment; to consider and approve the appointment of directors in place of those retiring; to consider and approve the appointment of Mr. Kijja Sripatthangkura to be a director replacing the resigned director due to the retirement; to consider and approve the directors' remunerations; to consider and approve the appointment of the Company's auditor and fix his/her remuneration; to consider and approve the issuance and sale of debenture limit not exceeding THB 30,000 million; and to discuss other matters. Announcement • Feb 24
Banpu Power Public Company Limited Proposes Annual Dividend for the Period ended 31 December 2021, Payable on 27 April 2022 Banpu Power Public Company Limited announced that at its Board of Directors' Meeting held on 23 February 2022, resolved to proposed to the Annual General Meeting of Shareholders of the Year 2022 to consider and approve the appropriation of profits and distribution of annual dividend for the Company's performance of the Year 2021 for the period during 1 January 2021 to 31 December 2021 at the rate of THB 0.65 per share, of which THB 0.30 was paid as an interim dividend on September 21, 2021. Therefore, the remaining of dividend payment for the Year 2021 performance for the period during 1 July 2021 to 31 December 2021 would be further paid out of the retained earnings and profits from the operation at the rate of THB 0.35 per share, payable from the corporate income tax exempted profit on which shareholders are not entitled to tax credits. The dividend payment is scheduled to be on 27 April 2022. In this regard, the Record Date was fixed on 11 April 2022 in order to determine the eligible shareholders who shall be entitled to have the right to receive such dividend. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿1.03 (down from ฿1.21 in FY 2020). Revenue: ฿6.78b (up 23% from FY 2020). Net income: ฿3.13b (down 16% from FY 2020). Profit margin: 46% (down from 67% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is expected to shrink by 9.5% compared to a 34% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Feb 03
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS estimate fell from ฿1.45 to ฿1.28. Revenue forecast reaffirmed at ฿5.61b. Net income forecast to grow 21% next year vs 26% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿20.85 to ฿20.35. Share price was steady at ฿17.00 over the past week. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.28 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿1.05b (up 7.8% from 3Q 2020). Net income: ฿596.5m (down 29% from 3Q 2020). Profit margin: 57% (down from 87% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 21 September 2021. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.37 (vs ฿0.22 in 2Q 2020) Second quarter 2021 results: Revenue: ฿860.9m (down 19% from 2Q 2020). Net income: ฿1.13b (up 65% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.34 (vs ฿0.32 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.81b (down 1.7% from 1Q 2020). Net income: ฿1.03b (up 6.0% from 1Q 2020). Profit margin: 57% (up from 53% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Upcoming Dividend • Apr 02
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 28 April 2021. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.9%). Analyst Estimate Surprise Post Earnings • Feb 27
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 5.7%, compared to a 24% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿1.21 (vs ฿0.97 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿5.51b (down 3.2% from FY 2019). Net income: ฿3.70b (up 25% from FY 2019). Profit margin: 67% (up from 52% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Announcement • Feb 23
Banpu Power Public Company Limited, Annual General Meeting, Apr 02, 2021 Banpu Power Public Company Limited, Annual General Meeting, Apr 02, 2021, at 09:30 SE Asia Standard Time. Agenda: To acknowledge the minutes of the Annual General Meeting of Shareholders for the Year 2020; To acknowledge the Board of Directors' Annual Report for the Company's performance and to approve the audited Statements of Financial Position and Statement of Income for the year ended on 31 December 2020; To consider and approve the distribution of annual profits and annual dividend payment; To consider and approve the appointment of directors in place of those retiring by rotation and the revision of the Company's authorized director; To consider and approve the appointment of an additional director; To consider and approve the directors' remunerations; To consider and approve the appointment of the Company's auditor and fix his/her remuneration; To approve the amendment of the Company's Objectives and the Company' Memorandum of Association, Objectives of the Company; and other businesses. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 18% share price gain to ฿18.40, the stock is trading at a trailing P/E ratio of 26.3x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 19x in the Renewable Energy industry in Thailand. Total return to shareholders over the past three years is a loss of 20%. Is New 90 Day High Low • Jan 28
New 90-day high: ฿17.50 The company is up 32% from its price of ฿13.30 on 30 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.24 per share. Price Target Changed • Jan 27
Price target raised to ฿19.06 Up from ฿17.50, the current price target is an average from 5 analysts. The new target price is 11% above the current share price of ฿17.10. As of last close, the stock is up 13% over the past year. Is New 90 Day High Low • Dec 08
New 90-day high: ฿17.30 The company is up 20% from its price of ฿14.40 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy 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 ฿16.51 per share. Is New 90 Day High Low • Nov 18
New 90-day high: ฿15.10 The company is up 11% from its price of ฿13.60 on 20 August 2020. The Thai market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.51 per share. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 46%. Earnings per share (EPS) also missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 22%, compared to a 15% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.28 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ฿972.1m (flat on 3Q 2019). Net income: ฿845.4m (down 10% from 3Q 2019). Profit margin: 87% (down from 98% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year and the company’s share price has also fallen by 19% per year. Price Target Changed • Oct 22
Price target raised to ฿17.50 Up from ฿16.18, the current price target is an average from 5 analysts. The new target price is 27% above the current share price of ฿13.80. As of last close, the stock is down 24% over the past year. Is New 90 Day High Low • Sep 24
New 90-day low: ฿13.30 The company is down 19% from its price of ฿16.50 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿15.02 per share.