Reported Earnings • Aug 16
Second quarter 2026 earnings released: EPS: ฿0.02 (vs ฿0.029 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.02 (down from ฿0.029 in 2Q 2025). Revenue: ฿226.8m (down 30% from 2Q 2025). Net income: ฿47.3m (down 35% from 2Q 2025). Profit margin: 21% (down from 23% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.06, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 13x in the Renewable Energy industry in Thailand. Total loss to shareholders of 19% over the past three years. New Risk • Jul 16
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 9.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$100m (฿3.27b market cap, or US$97.3m). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿1.30, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 12x in the Renewable Energy industry in Thailand. Negligible returns to shareholders over past three years. New Risk • Mar 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.14b (US$99.2m) 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. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 02
Dividend of ฿0.0032 announced Shareholders will receive a dividend of ฿0.0032. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 0.2%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 9%. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.032 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.02 (down from ฿0.032 in 3Q 2024). Revenue: ฿299.4m (up 17% from 3Q 2024). Net income: ฿62.4m (down 12% from 3Q 2024). Profit margin: 21% (down from 28% in 3Q 2024). The decrease in margin was driven by higher expenses. 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 • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.03 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.03 (in line with 2Q 2024). Revenue: ฿323.0m (up 36% from 2Q 2024). Net income: ฿72.8m (up 14% from 2Q 2024). Profit margin: 23% (down from 27% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 9% per year. Announcement • Jun 30
Thachang Green Energy Public Company Limited Appoints Thongchai Chotkajornkiat as Director, Independent Director, Member of the Audit Committee, and Member of the Risk Management and Investment Committee Thachang Green Energy Public Company Limited announced the resolutions of the Board of Directors' Meeting No. 4/2025, convened on 29 June 2025 as follows: The Meeting resolved to approve the appointment of Mr. Thongchai Chotkajornkiat as Director, Independent Director, Member of the Audit Committee, and Member of the Risk Management and Investment Committee of the Company, in replacement of the vacant positions. Therefore, the Board of Directors shall be composed of: Mr. Kosit Fuangswasdi: Chairman of the Board of Directors and Independent Director. Mr. Thoranit Tantikulwichit: Independent Director, Chairman of the Audit Committee, Member of the Nomination, Remuneration, and Corporate Governance and Sustainability Committee. Mrs. Pensri Meesuksabai: Independent Director, Chairman of the Nomination, Remuneration, Corporate Governance and Sustainability Committee and Audit Committee. Mr. Tanan Chub-uppakarn: Independent Director, Member of the Risk Management and Investment Committee, and Member of the Nomination, Remuneration, Corporate Governance and Sustainability Committee. Mr. Thongchai Chotkajornkiat: Independent Director, Audit Committee, and Member of the Risk Management and Investment Committee. Mr. Pongnarin Wanasuwanakul: Director, Charmain of the Executive Committee, Member of the Risk Management and Investment Committee. Mr. Pongnarate Wanasuwankul: Director, Member of the Executive Committee, and Member of the Risk Management and Investment Committee. Mrs. Phatcharin Lapharojkij: Director, Member of the Executive Committee, Member of the Nomination, Remuneration, Corporate Governance and Sustainability Committee. Ms. Laongtip Wanasuwannakul: Director, Member of the Executive Committee, and Member of the Nomination, Remuneration, Corporate Governance and Sutainability Committee. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.029 in 1Q 2024) First quarter 2025 results: EPS: ฿0.02 (down from ฿0.029 in 1Q 2024). Revenue: ฿290.8m (up 13% from 1Q 2024). Net income: ฿45.1m (down 30% from 1Q 2024). Profit margin: 16% (down from 25% in 1Q 2024). The decrease in margin was driven by higher expenses. Announcement • Apr 28
Thachang Green Energy Public Company Limited Approves Dividend for 2024 Thachang Green Energy Public Company Limited at its AGM held on 25 April 2025, approved the allocation of the Company's net profits as a legal reserve in the amount of THB 9,300,000 which is equivalent to 5% of the net profit based on the separated financial statements of the Company, and approved the dividend payment for the year 2024 in the amount of not exceeding THB 8,000,000, equivalent to THB 0.00318 per share. New Risk • Mar 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.37b (US$99.4m) 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. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 01
Dividend of ฿0.0032 announced Shareholders will receive a dividend of ฿0.0032. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 0.2%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 2%. Cash payout ratio: 3%. Announcement • Feb 28
Thachang Green Energy Public Company Limited announces Annual dividend, payable on May 23, 2025 Thachang Green Energy Public Company Limited announced Annual dividend of THB 0.0032 per share payable on May 23, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.11 (vs ฿0.11 in FY 2023) Full year 2024 results: EPS: ฿0.11 (up from ฿0.11 in FY 2023). Revenue: ฿1.00b (up 9.8% from FY 2023). Net income: ฿251.4m (up 4.8% from FY 2023). Profit margin: 25% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Feb 27
Thachang Green Energy Public Company Limited, Annual General Meeting, Apr 25, 2025 Thachang Green Energy Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Location: miracle grand convention hotel, Thailand Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿1.63, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 13x in the Renewable Energy industry in Thailand. Total loss to shareholders of 47% over the past year. Announcement • Oct 02
Thachang Green Energy Public Company Limited Announces CFO Changes Thachang Green Energy Public Company Limited announced the Termination of Mrs. Lapharojkij Phatcharin as Acting of Chief Financial Officer. Effective Date of Termination October 01, 2024. The company also announced the Appointment of Miss. Thanataweerat Munlika as Chief Financial Officer. Effective Date of Appointment October 01, 2024. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.52, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 14x in the Renewable Energy industry in Thailand. Total returns to shareholders of 76% over the past year. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.027 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.027 in 2Q 2023). Revenue: ฿237.9m (up 1.1% from 2Q 2023). Net income: ฿63.8m (up 9.0% from 2Q 2023). Profit margin: 27% (up from 25% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.029 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (up from ฿0.029 in 1Q 2023). Revenue: ฿258.2m (up 9.9% from 1Q 2023). Net income: ฿64.3m (up 2.0% from 1Q 2023). Profit margin: 25% (down from 27% in 1Q 2023). The decrease in margin was driven by higher expenses. Announcement • Apr 27
Thachang Green Energy Public Company Limited Approves Dividend for the Year 2023 Thachang Green Energy Public Company Limited at its AGM held on 26 April 2024, approved the dividend payment for the year 2023 at the rate of THB 0.0026 per share, a total of approximately THB 5,720,000, equivalent to 30% of the net profit from normal operations of the Company minus legal reserve according to the Company's separate financial statements. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿4.00, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 17x in the Renewable Energy industry in Thailand. Total returns to shareholders of 129% over the past year. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: ฿0.11 (vs ฿0.12 in FY 2022) Full year 2023 results: EPS: ฿0.11. Revenue: ฿911.2m (down 2.9% from FY 2022). Net income: ฿240.0m (up 11% from FY 2022). Profit margin: 26% (up from 23% in FY 2022). The increase in margin was driven by lower expenses. Announcement • Feb 20
Thachang Green Energy Public Company Limited Proposes Dividend for the Year 2023, Payable on 24 May 2024 Thachang Green Energy Public Company Limited proposed a dividend of approving the payment of dividends from operating results according to the separate financial statements for the year 2023 at the rate of THB 0.0026 per share, a total of approximately THB 5,720,000, equivalent to 30% of the net profit from normal operations of the company minus legal reserve according to the company's separate financial statements. However, if the shareholder meeting of the company resolved to approve the payment of such dividends. The date for determining the names of shareholders who are entitled to receive dividends (Record Date) will be 7 May 2024 and the company will pay dividends to shareholders on 24 May 2024. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.22, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 15x in the Renewable Energy industry in Thailand. Total returns to shareholders of 72% over the past year. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿4.12, the stock trades at a trailing P/E ratio of 35.8x. Average trailing P/E is 15x in the Renewable Energy industry in Thailand. Total returns to shareholders of 134% over the past year. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿2.50, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 15x in the Renewable Energy industry in Thailand. Total returns to shareholders of 47% over the past year. Announcement • Nov 18
Thachang Green Energy Public Company Limited Announces CFO Changes Thachang Green Energy Public Company Limited announces appointment of Phatcharin Lapharojkij in place of Supap Chantavit as CFO. Effective Date of Appointment is 16 November 2023.Effective Date of Termination is 16 November 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.026 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (up from ฿0.026 in 3Q 2022). Revenue: ฿229.2m (down 6.0% from 3Q 2022). Net income: ฿71.6m (up 46% from 3Q 2022). Profit margin: 31% (up from 20% in 3Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿1.67, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 14x in the Renewable Energy industry in Thailand. Total loss to shareholders of 10% over the past year. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.035 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03. Revenue: ฿235.3m (up 2.1% from 2Q 2022). Net income: ฿58.5m (up 5.0% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). New Risk • Jun 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.41b (US$97.7m) 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. This is currently the only risk that has been identified for the company. Buying Opportunity • May 15
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be ฿2.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.038 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.03 (down from ฿0.038 in 3Q 2021). Revenue: ฿243.8m (up 15% from 3Q 2021). Net income: ฿49.2m (down 20% from 3Q 2021). Profit margin: 20% (down from 29% in 3Q 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Aug 22
Second quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.038 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.03 (down from ฿0.038 in 2Q 2021). Revenue: ฿230.4m (up 8.4% from 2Q 2021). Net income: ฿55.7m (down 9.0% from 2Q 2021). Profit margin: 24% (down from 29% in 2Q 2021). The decrease in margin was driven by higher expenses. 
