Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 26 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (3.9%). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.01 (vs ฿0.028 in FY 2024) Full year 2025 results: EPS: ฿0.01 (down from ฿0.028 in FY 2024). Revenue: ฿3.61b (down 12% from FY 2024). Net income: ฿9.50m (down 80% from FY 2024). Profit margin: 0.3% (down from 1.1% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • Mar 01
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: 0.3% Last year net profit margin: 1.1% 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 Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 49% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Declared Dividend • Feb 28
Dividend of ฿0.01 announced Shareholders will receive a dividend of ฿0.01. Ex-date: 5th May 2026 Payment date: 26th May 2026 Dividend yield will be 0.3%, which is lower than the industry average of 3.7%. Announcement • Feb 26
Eastern Water Resources Development and Management Public Company Limited Proposes Cash Dividend Payment, Payable on May 26, 2026 Eastern Water Resources Development and Management Public Company Limited proposed a cash dividend payment to common shareholders. The record date for determining shareholders entitled to receive the dividend is 6 May 2026, and the ex-dividend date is 5 May 2026. The cash dividend has been declared at THB 0.01 per share on shares having a par value of THB 1.00 each. The dividend payment will be made on 26 May 2026 and will be paid from the operating period from 1 January 2025 to 31 December 2025 and retained earnings. Shareholder's meeting date April 27, 2026. Announcement • Feb 25
Eastern Water Resources Development and Management Public Company Limited, Annual General Meeting, Apr 27, 2026 Eastern Water Resources Development and Management Public Company Limited, Annual General Meeting, Apr 27, 2026, at 13:30 SE Asia Standard Time. New Risk • Feb 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 44% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. New Risk • Jan 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.04b (US$96.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 44% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿3.04b market cap, or US$96.7m). New Risk • Nov 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.13b (US$96.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 44% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿3.13b market cap, or US$96.2m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.009 loss per share (vs ฿0.018 loss in 3Q 2024) Third quarter 2025 results: ฿0.009 loss per share (improved from ฿0.018 loss in 3Q 2024). Revenue: ฿898.3m (down 9.9% from 3Q 2024). Net loss: ฿15.2m (loss narrowed 34% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Announcement • Sep 05
Bhavin Kunaderekwong acquired 18.7% stake in Eastern Water Resources Development and Management Public Company Limited (SET:EASTW) from Manila Water (Thailand) Co., Ltd. for approximately THB 620 million. Bhavin Kunaderekwong acquired 18.7% stake in Eastern Water Resources Development and Management Public Company Limited (SET:EASTW) from Manila Water (Thailand) Co., Ltd. for approximately THB 620 million on September 5, 2025. A cash consideration valued at THB 2 per share was paid for 311,443,190 ordinary shares.
The transaction has been approved by the board of Manila Water.
Bhavin Kunaderekwong completed the acquisition of 18.7% stake in Eastern Water Resources Development and Management Public Company Limited (SET:EASTW) from Manila Water (Thailand) Co., Ltd. on September 5, 2025. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.003 (vs ฿0.042 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.003 (down from ฿0.042 in 2Q 2024). Revenue: ฿914.9m (down 21% from 2Q 2024). Net income: ฿4.65m (down 93% from 2Q 2024). Profit margin: 0.5% (down from 6.1% in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. New Risk • Jul 24
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 7.2% 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.92, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 15x in the Water Utilities industry in Asia. Total loss to shareholders of 68% over the past three years. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.004 (vs ฿0.014 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.004 (up from ฿0.014 loss in 1Q 2024). Revenue: ฿943.0m (down 13% from 1Q 2024). Net income: ฿6.15m (up ฿27.5m from 1Q 2024). Profit margin: 0.7% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (4.1%). Announcement • Apr 01
Eastern Water Resources Development and Management Public Company Limited Announces Board and Committee Changes, Effective April 1, 2025 On March 31, 2025, Eastern Water Resources Development and Management Public Company Limited announced board and committee changes. Director Name- Mr. Sombat Yusamart. Position in company- Director. Effective Date- 3 February, 2025. Expire Date- 1 April, 2025. Position in company- Executive and Investment Committee and Risk Management Committee. Expire Date- 1 April, 2025. Terminate Reason- Resigned from position /the company due to Resignation from the Position of Director, Executive and Investment Committee and Risk Management Committee. Position in company- Acting CEO. Effective date- 1 February, 2025. Expire date- 1 April, 2025. Director Name- Mr. Bordin Udol. Position in company- Director. Effective Date- 1 April, 2025. Position in company- Executive and Investment Committee and Risk Management Committee. Effective Date- 1 April, 2025. More detail- Replacing the resigned director. Announcement • Mar 14
Eastern Water Resources Development and Management Public Company Limited Approves Appointment of Bordin Udol as Chief Executive Officer, Effective from April 1, 2025 Onwards Eastern Water Resources Development and Management Public Company Limited (EASTW) informed that the Board of Directors at the Meeting No.4/2025, held on March 13, 2025 had considered and approved to appoint Mr. Bordin Udol as Chief Executive Officer effective from April 1, 2025 onwards. New Risk • Feb 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.39b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 31% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (฿3.39b market cap, or US$99.3m). Declared Dividend • Feb 22
Final dividend of ฿0.01 announced Shareholders will receive a dividend of ฿0.01. Ex-date: 2nd May 2025 Payment date: 23rd May 2025 Dividend yield will be 0.9%, which is lower than the industry average of 3.7%. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: ฿0.03 (vs ฿0.19 in FY 2023) Full year 2024 results: EPS: ฿0.03 (down from ฿0.19 in FY 2023). Revenue: ฿4.17b (down 3.4% from FY 2023). Net income: ฿46.6m (down 85% from FY 2023). Profit margin: 1.1% (down from 7.2% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Announcement • Feb 04
Eastern Water Resources Development and Management Public Company Limited Announces Director and Committee Changes Eastern Water Resources Development and Management Public Company Limited announced that the Board of Directors at the Meeting held on February 3, 2025, had considered and approved the appointment of new Directors in replacement of the resigned directors and to appoint the Audit committee member as follows: to appoint the new Directors in replacement of the resigned directors: POL.MAJ.GEN. Veerapol Charoensiri as the new Independent Director to replace Mr. Surachai Kanasa. Miss. Surusawadee Jaimsuwan as the new Independent Director to replace Mr. Chatchai Uthaipan; Mr. Sombut Yusamart as the new Director to replace Mr. Petch Chinabutr. To appoint the Audit Committee members: Miss. Nitaya Direksathapon, Independent Director as the Chairman of the Audit Committee. POL.MAJ.GEN. Veerapol Charoensiri, Independent Director as the Audit Committee member. Effective from February 3, 2025, onwards. New Risk • Jan 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.36b (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 27% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿3.36b market cap, or US$96.9m). Announcement • Jan 08
Eastern Water Resources Development and Management Public Company Limited Announces Board Changes Eastern Water Resources Development and Management Public Company Limited informed that the Board of Directors Meeting 01/2025 on 7 January 2025 had following resolutions: The Board of Directors voted the appointment of Mr. Wirat Uanarumit, an independent director and Chairman of the Executive and Investment Committee, as the Chairman of the Board of Directors, with effective date from 7 January 2025 onwards. The appointment of Mr. Sumrid Sumneing as the new director in replacement of Mr. Chanin Kanhirun, who has resigned from the Board, with effective date from 7 January 2025 onwards. The appointment of Miss. Nitaya Direksathapon as the new director in replacement of Ms. Pimpatsorn Na Nakorn, who has resigned from the Board, with effective date from 7 January 2025 onwards. Accepted the resignation of Mr. Petch Chinabutr, From the Board of Directors, with effective date from 1 February 2025 onwards. Announcement • Jan 07
Eastern Water Resources Development and Management Public Company Limited Announces CEO Changes, Effective 1 February 2025 Eastern Water Resources Development and Management Public Company Limited informed that the Board of Directors Meeting 01/2025 on 7 January 2025 accepted the resignation of Mr. Petch Chinabutr, from the position of Chief Executive Officer with effective date from 1 February 2025 onwards. The appointment of Mr. Sombat Yusamart, Senior Executive Vice President and Chief Finance Officer as Acting CEO, with effective date from 1 February 2025 until the nomination process of the new CEO is completed. Announcement • Jan 02
Eastern Water Resources Development and Management Public Company Limited Announces Resignation of Directors Eastern Water Resources Development and Management Public Company Limited announced that a total of 4 directors of EASTW have resigned from all the positions at EASTW due to his/her other business engagement as follows. Mr. Chanin Kanhirun, Independent Director and Chairman. Mr. Surachai Kanasa, Independent Director, Chairman of the Audit Committee and member of the Corporate Governance and Sustainable Development Committee. Mr. Chartchai Uthaipan, Independent Director, Chairman of the Nomination and Remuneration Committee and member of the Audit Committee. Ms. Pimpatsorn Na Nakorn, Independent Director, Member of the Executive and Investment Committee and member of the Nomination and Remuneration Committee. Effective from January 1, 2025, onwards. Reported Earnings • Nov 17
Third quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.07 profit in 3Q 2023) Third quarter 2024 results: ฿0.01 loss per share (down from ฿0.07 profit in 3Q 2023). Revenue: ฿996.6m (down 6.8% from 3Q 2023). Net loss: ฿22.9m (down 121% from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Declared Dividend • Aug 31
First half dividend reduced to ฿0.01 Dividend of ฿0.01 is 80% lower than last year. Ex-date: 11th September 2024 Payment date: 27th September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (66% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is less than the 36% EPS decline seen over the last 5 years. Announcement • Aug 29
Eastern Water Resources Development and Management Public Company Limited Declares Interim Cash Dividend for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 27, 2024 Eastern Water Resources Development and Management Public Company Limited declared interim cash dividend of THB 0.01 per share for operating period from January 1, 2024 to June 30, 2024. Payment date is September 27, 2024. Ex-dividend date is September 11, 2024. Record date for the right to receive dividends is September 12, 2024. New Risk • Aug 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 43% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 22% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.051 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.04 (down from ฿0.051 in 2Q 2023). Revenue: ฿1.16b (down 2.8% from 2Q 2023). Net income: ฿70.3m (down 19% from 2Q 2023). Profit margin: 6.1% (down from 7.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Announcement • Jul 15
Eastern Water Resources Development and Management Public Company Limited Announces Board and Committee Changes Eastern Water Resources Development and Management Public Company Limited announced that Mr. Chakapong Kamchan, Director, Member of the Nomination and Remuneration Committee has resigned from the directorships of EASTW due to his other business engagement, effective from July 10, 2024, onwards. Mr.Thanit Thanaseneewat, Director, Member of the Corporate Governance and Sustainable Development Committee has resigned from the directorships of EASTW due to retirement is scheduled for September 30, 2024, effective from October 1, 2024. Announcement • May 29
Eastern Water Resources Development and Management Public Company Limited Approves Changes to Audit Committee The board of directors of Eastern Water Resources Development and Management Public Company Limited in the Meeting held on May 28, 2024, had approved the appointment of Mr. Suthep Noipairoj, an independent director, as Audit Committee member according to the remaining term to replace Mr. Kasemsit Pathomsak effective from May 28, 2024 onwards. Reported Earnings • May 12
First quarter 2024 earnings released: ฿0.01 loss per share (vs ฿0.09 profit in 1Q 2023) First quarter 2024 results: ฿0.01 loss per share (down from ฿0.09 profit in 1Q 2023). Revenue: ฿1.09b (down 2.2% from 1Q 2023). Net loss: ฿21.4m (down 114% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • May 02
Eastern Water Resources Development and Management Public Company Limited Approves Dividend for the Second Half of 2023, Payable on May 9, 2024 Eastern Water Resources Development and Management Public Company Limited approved dividend for the second half of 2023 of THB 0.05 per share. For this purpose, the "Record Date" for the right to receive the dividends shall be on May 9, 2024. The dividends will be paid on May 29, 2024. Announcement • Mar 28
Eastern Water Resources Development and Management Public Company Limited Announces Board and T Committee Changes Eastern Water Resources Development and Management Public Company Limited (EASTW) informed that Mr. Cherdchai Pitiwacharakul, Director, member of the Executive and Investment Committee and member of the Risk Management Committee has resigned from the directorships of EASTW due to his other business engagement, with effect from April 1, 2024 onwards. The Board of Directors passed the resolution in the meeting No.4/2567, held on March 28, 2024, to appoint Mr. Sombat Yusamart as Director, member of the Executive and Investment Committee and member of the Risk Management Committee from April 1, 2024, until June 30, 2024. New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Earnings have declined by 15% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.2% net profit margin). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ฿0.19 (vs ฿0.42 in FY 2022) Full year 2023 results: EPS: ฿0.19 (down from ฿0.42 in FY 2022). Revenue: ฿4.35b (up 2.1% from FY 2022). Net income: ฿311.1m (down 56% from FY 2022). Profit margin: 7.1% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year. Declared Dividend • Mar 02
Dividend of ฿0.05 announced Shareholders will receive a dividend of ฿0.05. Ex-date: 8th May 2024 Payment date: 29th May 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (55% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 39% to shift the payout ratio to a potentially unsustainable range, which is more than the 18% EPS decline seen over the last 5 years. Announcement • Feb 15
Eastern Water Resources Development and Management Public Company Limited Announces Executives Appointment Eastern Water Resources Development and Management Public Company Limited approved to appoint Mr. Chakapong Kamchan, Mr. Suthat Nutpan, and Mr. Thanit Thanaseneewat as the new Directors in replacement of the resigned directors with effective from February 15, 2024 onwards. Announcement • Dec 04
Eastern Water Resources Development and Management Public Company Limited Announces the Resignation of Panisara Duangsodsri as Independent Director Eastern Water Resources Development and Management Public Company Limited announced that Mrs. Panisara Duangsodsri, the independent director, has resigned from her directorship, effective December 4, 2023 onward. Announcement • Dec 02
Eastern Water Resources Development and Management Public Company Limited Announces Appointment of Members of the Audit Committee The Board of Directors of Eastern Water Resources Development and Management Public Company Limited (Company) in the meeting 14/2023, held on December 1, 2023, has considered and approved the appointment of members of the Audit Committee as follows: Mr. Surachai Kanasa: Chairman of the Audit Committee, Mr. Kasemsit Pathomsak: Vice Chairman of the Audit Committee, Mr. Chartchai Uthaipan: Member of the Audit Committee. The above appointment effective on December 1, 2023. Announcement • Dec 01
Eastern Water Resources Development and Management Public Company Limited Announces Resignation of the Chairwoman and the Appointment of the New Chairman in Replacement of the Resigned Chairwoman Eastern Water Resources Development and Management Public Company Limited (Company) informed The Stock Exchange of Thailand that Mrs. Asvini Tailanga, the chairwoman and the Company's independent director, has resigned from her directorships due to her other increasing business engagement, effective December 1, 2023 onward. In addition, the Board of Directors in the Meeting No.14/2023, held on December 1, 2023, has considered and approved to appoint Mr. Chanin Kanhirun as the new chairman in replacement of the resigned chairwoman effective from December 1, 2023 onward. Announcement • Nov 17
Eastern Water Resources Development and Management Public Company Limited Announces Board Changes Eastern Water Resources Development and Management Public Company Limited (EASTW) in the Meeting held on November 16, 2023, The Board of Directors had considered and approved to appoint Mr. Suthep Noipairoj, Mr. Chanin Kanhirun, Mr. Kasemsit Pathomsak, and Mrs. Panisara Duangsodsri as the new Directors in replacement of the resigned directors effective from November 16, 2023 onwards. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.07 (vs ฿0.07 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.07 (in line with 3Q 2022). Revenue: ฿1.07b (up 4.4% from 3Q 2022). Net income: ฿109.0m (down 12% from 3Q 2022). Profit margin: 10% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Nov 02
Eastern Water Resources Development and Management Public Company Limited Announces Board Resignations Eastern Water Resources Development and Management Public Company Limited to inform The Stock Exchange of Thailand that Adm. Sucheep Whoungmaitree, Adm. Pichet Tanaset, and Mr. Surapat Malai, the Company's directors, will resign from their directorships effective November 1, 2023. In addition, Mr. Surapat Malai, a member of the audit committee, has resigned from the directorship due to his other business engagement. Board Change • Oct 10
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Roberto Jose Locsin was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 29
Eastern Water Resources Development and Management Public Company Limited Announces Resignation of Directors, Effective October 1, 2023 Eastern Water Resources Development and Management Public Company Limited to inform The Stock Exchange of Thailand that Mr. Surachai Chauphaeng, Mr. Mongkol Valyasevi, and Mr. Luckchai Patanacharoen, the Company's directors, will resign from their directorships effective October 1, 2023. Upcoming Dividend • Sep 06
Upcoming dividend of ฿0.05 per share at 2.1% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.4%). Announcement • Sep 01
Eastern Water Resources Development and Management Public Company Limited Declares Interim Dividend for Operating Period from 01-January-2023 to 30-June-2023, Payable on September 29, 2023 Eastern Water Resources Development and Management Public Company Limited declared Interim Dividend of THB 0.05 for Operating period from 01-January-2023 to 30-June-2023. Payment date is September 29, 2023. Ex-dividend date is September 13, 2023. Record date for the right to receive dividends is September 14, 2023. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.15 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.05 (down from ฿0.15 in 2Q 2022). Revenue: ฿1.18b (up 2.6% from 2Q 2022). Net income: ฿86.2m (down 66% from 2Q 2022). Profit margin: 7.3% (down from 22% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿4.20, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 13x in the Water Utilities industry in Asia. Total loss to shareholders of 53% over the past three years. Upcoming Dividend • Apr 19
Upcoming dividend of ฿0.09 per share at 4.2% yield Eligible shareholders must have bought the stock before 26 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.6%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: ฿0.42 (vs ฿0.64 in FY 2021) Full year 2022 results: EPS: ฿0.42 (down from ฿0.64 in FY 2021). Revenue: ฿4.37b (down 5.7% from FY 2021). Net income: ฿704.6m (down 34% from FY 2021). Profit margin: 16% (down from 23% in FY 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Jan 26
Eastern Water Resources Development and Management Public Company Limited Approves Appointment of Roberto Jose R. Locsin as A New Director The board of directors of Eastern Water Resources Development and Management Public Company Limited in the Meeting held on January 25, 2023, The board of directors had considered and approved to appoint Mr. Roberto Jose R. Locsin as a new director in replacement of the resigned director effective from January 25, 2023 onwards. Announcement • Jan 07
Eastern Water Resources Development and Management Public Company Limited Announces Resignation of Mr. Melvin John M. Tan as Director Eastern Water Resources Development and Management Public Company Limited (Company) informed that Mr. Melvin John M. Tan the company's director has resigned from his directorships effective since January 6, 2023. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. CEO, President & Director Cherdchai Pitiwacharakul was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: ฿0.07 (vs ฿0.14 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.07 (down from ฿0.14 in 3Q 2021). Revenue: ฿1.04b (down 7.2% from 3Q 2021). Net income: ฿123.6m (down 46% from 3Q 2021). Profit margin: 12% (down from 21% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. 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 25% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 02
Upcoming dividend of ฿0.12 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 27 September 2022. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (4.2%). Reported Earnings • May 16
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: ฿0.15 (down from ฿0.22 in 1Q 2021). Revenue: ฿1.14b (down 7.1% from 1Q 2021). Net income: ฿252.0m (down 32% from 1Q 2021). Profit margin: 22% (down from 30% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 4.5%, compared to a 8.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Buying Opportunity • May 03
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿9.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.2%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 8.4% in the next 2 years. Upcoming Dividend • May 02
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (4.1%). Price Target Changed • Apr 27
Price target decreased to ฿7.75 Down from ฿8.45, the current price target is an average from 2 analysts. New target price is 6.9% above last closing price of ฿7.25. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿0.66 for next year compared to ฿0.64 last year. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Chartchai Uthaipan was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ฿9.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.2% per annum over the last 3 years. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.64 (up from ฿0.46 in FY 2020). Revenue: ฿4.73b (up 12% from FY 2020). Net income: ฿1.06b (up 39% from FY 2020). Profit margin: 23% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 7.2%, compared to a 4.9% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.64 (up from ฿0.46 in FY 2020). Revenue: ฿4.73b (up 12% from FY 2020). Net income: ฿1.06b (up 39% from FY 2020). Profit margin: 23% (up from 18% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 7.2%, compared to a 4.9% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿7.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿10.31 per share. Buying Opportunity • Feb 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿10.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 9.7% per annum over the last 3 years. Price Target Changed • Feb 19
Price target decreased to ฿9.80 Down from ฿11.20, the current price target is an average from 2 analysts. New target price is 15% above last closing price of ฿8.55. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿0.65 for next year compared to ฿0.46 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.08 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.12b (up 13% from 3Q 2020). Net income: ฿229.0m (up 63% from 3Q 2020). Profit margin: 20% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.17 (vs ฿0.09 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.21b (up 21% from 2Q 2020). Net income: ฿278.2m (up 85% from 2Q 2020). Profit margin: 23% (up from 15% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Executive Departure • Jul 06
Director Virgilio Rivera has left the company On the 28th of June, Virgilio Rivera's tenure as Director ended after 3.3 years in the role. We don't have any record of a personal shareholding under Virgilio's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 3.75 years. Major Estimate Revision • Jun 04
Consensus EPS estimates increase to ฿0.72 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿4.50b to ฿4.91b. EPS estimate increased from ฿0.63 to ฿0.72 per share. Net income forecast to grow 48% next year vs 16% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿11.31. Share price was steady at ฿9.90 over the past week. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.19 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.24b (up 7.0% from 1Q 2020). Net income: ฿370.7m (up 18% from 1Q 2020). Profit margin: 30% (up from 27% in 1Q 2020). The increase in margin was driven by higher revenue. 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 4% per year, which means it has not declined as severely as earnings. Executive Departure • Apr 29
Director has left the company On the 20th of April, Somchint Pilouk's tenure as Director ended after 2.4 years in the role. We don't have any record of a personal shareholding under Somchint's name. A total of 3 executives have left over the last 12 months. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 21 May 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (3.7%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.46 (vs ฿0.63 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.25b (down 9.2% from FY 2019). Net income: ฿764.2m (down 27% from FY 2019). Profit margin: 18% (down from 22% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.4%. Earnings per share (EPS) missed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 4.9%, compared to a 5.4% growth forecast for the Water Utilities industry in Thailand. Is New 90 Day High Low • Feb 11
New 90-day high: ฿9.75 The company is up 7.0% from its price of ฿9.10 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.93 per share. Is New 90 Day High Low • Dec 17
New 90-day high: ฿9.70 The company is up 2.0% from its price of ฿9.55 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.93 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.08 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.00b (down 14% from 3Q 2019). Net income: ฿140.9m (down 39% from 3Q 2019). Profit margin: 14% (down from 20% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year and the company’s share price has also fallen by 10% per year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 1.1%, compared to a 5.6% growth forecast for the Water Utilities industry in Thailand. Major Estimate Revision • Oct 15
Analysts lower EPS estimates to ฿0.53 The 2020 consensus revenue estimate was lowered from ฿4.57b to ฿4.20b. Earning per share (EPS) estimate was also lowered from ฿0.64 to ฿0.53 for the same period. Net income is expected to grow by 10% next year compared to 15% growth forecast for the Water Utilities industry in Thailand. The consensus price target of ฿11.45 was unchanged from the last update. Share price stayed mostly flat at ฿9.25 over the past week. Is New 90 Day High Low • Oct 08
New 90-day low: ฿9.30 The company is down 9.0% from its price of ฿10.20 on 10 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Water Utilities industry, which is also down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.88 per share. 
