Reported Earnings • Mar 05
Full year 2025 earnings released: ฿1.62 loss per share (vs ฿0.89 loss in FY 2024) Full year 2025 results: ฿1.62 loss per share (further deteriorated from ฿0.89 loss in FY 2024). Revenue: ฿870.3m (down 7.4% from FY 2024). Net loss: ฿1.51b (loss widened 83% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Announcement • Mar 02
Eastern Power Group Public Company Limited, Annual General Meeting, Apr 22, 2026 Eastern Power Group Public Company Limited, Annual General Meeting, Apr 22, 2026, at 14:00 SE Asia Standard Time. Location: the miracle grand convention hotel, magic 2 room 2,no.99 kamphaengphet6 road, talad bangkhen, laksi, bangkok Thailand Reported Earnings • Nov 15
Third quarter 2025 earnings released: ฿0.17 loss per share (vs ฿0.56 loss in 3Q 2024) Third quarter 2025 results: ฿0.17 loss per share (improved from ฿0.56 loss in 3Q 2024). Revenue: ฿188.5m (down 2.1% from 3Q 2024). Net loss: ฿158.5m (loss narrowed 70% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 01
Full year 2024 earnings released: ฿0.88 loss per share (vs ฿0.50 loss in FY 2023) Full year 2024 results: ฿0.88 loss per share (further deteriorated from ฿0.50 loss in FY 2023). Revenue: ฿940.6m (up 14% from FY 2023). Net loss: ฿824.9m (loss widened 77% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Feb 28
Eastern Power Group Public Company Limited, Annual General Meeting, Apr 22, 2025 Eastern Power Group Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Location: the miracle grand convention hotel, magic 2 room 2, no.99 kamphaengphet6 road, talad bangkhen, laksi, bangkok, bangkok Thailand Announcement • Feb 24
Eastern Power Group Public Company Limited Approves Directorate and Committee Changes Eastern Power Group Public Company Limited informed that the Board of Directors' Meeting held on 21 February 2025, resolved to approve the following agendas: Approved the appointment of new director, audit committee member and independent director for the vacant position with the following details: Appointment of Mr. Thanachai Santikul to hold the position of Audit Committee Member and Independent Director of the Company. Appointment of Mr. Kritsada Pruitipat to hold the position of Director and Executive Director of the Company. The appointment will be effective from 21 February 2025. Therefore, the current Board of Director of the Company will consist of:- Mr. Yuth Chinsupakul, Chairman; Mr. Arak Ratboriharn, Executive Director and Chief Executive Officer; Mr. Dan: Chinsupakul, Executive Director; Mr. Suraphon Taweechoksubsin, Executive Director; Mr. Kritsada Pruitipat, Executive Director; Mr. Somchai Kuvijitsuwan, Independent Director and Chairman of Audit Committee; Mr. Thanachai Santikul, Independent Director and Audit Committee Member; Mr. Tatchapong Thamputthipong, Independent Director and Audit Committee Member. The Audit Committee and Independent Directors consist of: Mr. Somchai Kuvijitsuwan, Chairman of Audit Committee and Independent Director; Mr. Thanachai Santikul, Audit Committee Member and Independent Director; Mr. Tatchapong Thamputthipong, Audit Committee Member and Independent Director. Announcement • Feb 18
Eastern Power Group Public Company Limited Announces Board Resignations Eastern Power Group Public Company Limited announced the resignation of Mr. PRASONG HANPIYAVATANASAKUL as director. Expire Date: 17 February 2025. Position in company: Executive Directors. Terminate Reason: Resigned from position /the company due to Due to other responsibilities and resignation of Mr. PATCHARA SARAPIMPA as Independent director. Expire Date: 17 February 2025. Position in company: Audit committee. Terminate Reason: Resigned from position /the company due to Due to other responsibilities, thus unable to fully dedicate sufficient time to perform his duty for the Company. The Audit Committee is consisted of: Chairman of Audit Committee Mr. SOMCHAI KUVIJITSUWAN: 2 Month 15 Day; Audit Committee Mr. TATCHAPONG THAMPUTTHIPONG: 2 Year 2 Month 15 Day; Secretary of the Audit Committee: Mr. Danai Chomputong. New Risk • Nov 25
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 10% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 48% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿1.78b market cap, or US$51.5m). New Risk • Sep 20
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 10% 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 Debt is not well covered by operating cash flow (3.1% operating cash flow to total debt). Earnings have declined by 39% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (฿2.20b market cap, or US$66.6m). Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.17 loss per share (vs ฿0.18 profit in 2Q 2023) Second quarter 2024 results: ฿0.17 loss per share (down from ฿0.18 profit in 2Q 2023). Revenue: ฿263.1m (down 6.8% from 2Q 2023). Net loss: ฿160.6m (down 197% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Announcement • May 15
Eastern Power Group Public Company Limited Announces Board Changes Eastern Power Group Public Company Limited informed that Mr. Pakorn Mongkolthada has submitted a resignation letter from the position of Company's director due to increases in other assignments, effective from May 10, 2024 onwards. The Nomination and Remuneration Committee has considered and nominated suitable persons to take the position of director to replace the resigned director and proposed to the Board of Directors Meeting No.4/2567 on May 14, 2024 with a resolution to appoint Mr. Suraphon Taweechoksubsin as a director with effect from May 14, 2024 onwards. Announcement • Mar 02
Eastern Power Group Public Company Limited, Annual General Meeting, Apr 19, 2024 Eastern Power Group Public Company Limited, Annual General Meeting, Apr 19, 2024, at 14:00 SE Asia Standard Time. Location: Miracle Grand Convention Hotel, Magic 2 Room 2, NO. 99 Kamphaengphet 6 Road, Talad Bangkhen, Laksi Bangkok Thailand Agenda: To acknowledge the Annual General Meeting of Shareholders for the year 2023 held on April 20, 2023; to consider and acknowledge the Company's performance and the annual report of the Board of Directors for the year 2023; to consider and approve the financial statements of the Company for the year ended December 31, 2023; to consider and approve the appropriation of annual profit and non-dividend payment from the Company's business performance ended December 31, 2023; to elect directors to the board and add new directors; to consider and approve the remuneration of directors and committees for 2024; to consider and approve Directors' Bonus; to appoint the Company Auditor and set the audit fee budget for the year 2024; and to consider other matters (if any). Reported Earnings • Mar 01
Full year 2023 earnings released: ฿0.50 loss per share (vs ฿0.29 loss in FY 2022) Full year 2023 results: ฿0.50 loss per share (further deteriorated from ฿0.29 loss in FY 2022). Revenue: ฿841.7m (down 5.9% from FY 2022). Net loss: ฿465.4m (loss widened 71% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Announcement • Nov 17
Eastern Power Group Public Company Limited Announces Resignation of Chaiwat Atsawintarangkun from the Position of Audit Committee and Independent Directors Eastern Power Group Public Company Limited announced that Mr. Chaiwat Atsawintarangkun has resigned from the position of Audit Committee and Independent Directors due to other responsibilities, thus unable to fully dedicate sufficient time to perform his duty for the Company. The resignation has been effective from November 16, 2023 onward. As for the replacement, the Board of Directors will consider and will inform the Stock Exchange of Thailand, instantly. Reported Earnings • Nov 15
Third quarter 2023 earnings released: ฿0.15 loss per share (vs ฿0.15 profit in 3Q 2022) Third quarter 2023 results: ฿0.15 loss per share (down from ฿0.15 profit in 3Q 2022). Revenue: ฿158.1m (down 16% from 3Q 2022). Net loss: ฿140.2m (down 199% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Sep 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.005x net interest cover). Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (฿3.43b market cap, or US$93.7m). New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.005x net interest cover). Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.70b market cap, or US$76.5m). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.18 (vs ฿0.12 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.18 (up from ฿0.12 in 2Q 2022). Revenue: ฿285.6m (up 46% from 2Q 2022). Net income: ฿165.4m (up 45% from 2Q 2022). Profit margin: 58% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: ฿0.15 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.15 (up from ฿0.13 in 3Q 2021). Revenue: ฿189.0m (up 34% from 3Q 2021). Net income: ฿142.3m (up 20% from 3Q 2021). Profit margin: 75% (down from 84% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Patchara Sarapimpa was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ฿0.12 (vs ฿0.043 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.12 (up from ฿0.043 in 2Q 2021). Revenue: ฿196.2m (up 14% from 2Q 2021). Net income: ฿114.5m (up 189% from 2Q 2021). Profit margin: 58% (up from 23% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2022 earnings released: ฿0.09 loss per share (vs ฿0.005 profit in 1Q 2021) First quarter 2022 results: ฿0.09 loss per share (down from ฿0.005 profit in 1Q 2021). Revenue: ฿229.6m (down 30% from 1Q 2021). Net loss: ฿82.8m (down ฿87.7m from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Somchai Kuvijitsuwan was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿1.08 (down from ฿1.23 in FY 2020). Revenue: ฿2.67b (up 125% from FY 2020). Net income: ฿1.01b (down 11% from FY 2020). Profit margin: 38% (down from 96% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.96 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿142.4m (down 52% from 3Q 2020). Net income: ฿118.8m (down 87% from 3Q 2020). Profit margin: 83% (down from 298% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 19% share price gain to ฿6.80, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 19x in the Renewable Energy industry in Thailand. Total returns to shareholders of 108% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.13 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿263.3m (down 28% from 2Q 2020). Net income: ฿39.7m (down 66% from 2Q 2020). Profit margin: 15% (down from 32% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿0.01 (vs ฿0.017 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿326.1m (down 16% from 1Q 2020). Net income: ฿4.91m (down 69% from 1Q 2020). Profit margin: 1.5% (down from 4.1% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 14 May 2021. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿1.22 (vs ฿0.71 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿2.76b (up 78% from FY 2019). Net income: ฿1.14b (up 74% from FY 2019). Profit margin: 41% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 15
New 90-day high: ฿5.55 The company is up 34% from its price of ฿4.14 on 17 November 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 12% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ฿5.00 The company is up 29% from its price of ฿3.88 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 19% share price gain to ฿4.92, the stock is trading at a trailing P/E ratio of 3.1x, up from the previous P/E ratio of 2.6x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Total return to shareholders over the past three years is a loss of 5.9%. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.96 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.61b (up 301% from 3Q 2019). Net income: ฿886.4m (up ฿832.1m from 3Q 2019). Profit margin: 55% (up from 14% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 13
New 90-day high: ฿4.12 The company is up 2.0% from its price of ฿4.04 on 14 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 3.0% over the same period.