Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.94 (vs ฿0.91 in 1Q 2025) First quarter 2026 results: EPS: ฿0.94 (up from ฿0.91 in 1Q 2025). Revenue: ฿6.41b (down 6.1% from 1Q 2025). Net income: ฿314.4m (up 2.7% from 1Q 2025). Profit margin: 4.9% (up from 4.5% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Auto Components 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 27% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 19
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿27.7b to ฿26.0b. EPS estimate also fell from ฿2.67 per share to ฿2.29 per share. Net income forecast to grow 11% next year vs 28% growth forecast for Auto Components industry in Thailand. Consensus price target down from ฿15.65 to ฿15.03. Share price fell 2.3% to ฿13.00 over the past week. Tillkännagivande • Mar 06
AAPICO Hitech Public Company Limited Proposes Dividend for the Operating Period from January 1, 2025 to December 31, 2025, Payable on May 22, 2026 AAPICO Hitech Public Company Limited announced that the Board of Directors deemed it appropriate to propose to the 2026 Annual General Meeting of Shareholders (AGM) on April 24, 2026, to approve the dividend payment for the 2025 operating results, for the fiscal period from January 1, 2025, to December 31, 2025, at the rate of THB 0.79 per share. The Board further proposed the remaining dividend payment at the rate of THB 0.48 per share for 336,087,412 shares, totaling approximately THB 161,321,958. This remaining dividend consists of THB 0.07 per share paid from the net profit exempted from corporate income tax (BOI) and THB 0.41 per share paid from the net profit subject to corporate income tax (Non-BOI). The Board of Directors has set March 13, 2026, as the Record Date to determine the list of shareholders entitled to receive the dividend, and the cash dividend payment is scheduled for May 22, 2026. All cash dividend payments will be subject to withholding tax at the rate prescribed by law, which the Company will deduct entirely from the cash dividend amount. However, the dividend payment is subject to the approval of the 2026 Annual General Meeting of Shareholders. Ex-dividend date is 12 March 2026. Reported Earnings • Mar 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿2.18. Revenue: ฿26.2b (down 3.0% from FY 2024). Net income: ฿731.4m (down 2.1% from FY 2024). Profit margin: 2.8% (in line with FY 2024). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Auto Components industry in Thailand. Tillkännagivande • Feb 27
AAPICO Hitech Public Company Limited, Annual General Meeting, Apr 24, 2026 AAPICO Hitech Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Location: physical meeting, eastin grand hotel sathorn bangkok, surasak 1, 11th floor, located at 31/1 south sathorn road, yannawa, sathorn,bangkok 10120, Thailand Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.63 (up from ฿0.59 in 3Q 2024). Revenue: ฿6.22b (down 5.9% from 3Q 2024). Net income: ฿211.6m (up 3.3% from 3Q 2024). Profit margin: 3.4% (up from 3.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿26.6b to ฿27.9b. EPS estimate increased from ฿2.20 to ฿2.49 per share. Net income forecast to grow 21% next year vs 15% growth forecast for Auto Components industry in Thailand. Consensus price target down from ฿15.38 to ฿14.75. Share price fell 7.1% to ฿14.50 over the past week. Declared Dividend • Aug 15
First half dividend of ฿0.31 announced Shareholders will receive a dividend of ฿0.31. Ex-date: 27th August 2025 Payment date: 10th September 2025 Dividend yield will be 5.2%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 57% 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: ฿0.32 (vs ฿0.29 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.32 (up from ฿0.29 in 2Q 2024). Revenue: ฿6.63b (up 2.1% from 2Q 2024). Net income: ฿108.1m (up 5.2% from 2Q 2024). Profit margin: 1.6% (in line with 2Q 2024). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Tatsunobu Sako was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.91 (vs ฿0.90 in 1Q 2024) First quarter 2025 results: EPS: ฿0.91. Revenue: ฿6.83b (down 9.7% from 1Q 2024). Net income: ฿306.2m (down 4.2% from 1Q 2024). Profit margin: 4.5% (up from 4.2% in 1Q 2024). 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 6.9% growth forecast for the Auto Components industry in Thailand. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿10.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Auto Components industry in Thailand. Total loss to shareholders of 45% over the past three years. Declared Dividend • Mar 02
Final dividend reduced to ฿0.48 Dividend of ฿0.48 is 49% lower than last year. Ex-date: 13th March 2025 Payment date: 23rd May 2025 Dividend yield will be 5.8%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but not covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 47% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿2.15 (down from ฿4.54 in FY 2023). Revenue: ฿27.0b (down 11% from FY 2023). Net income: ฿747.0m (down 54% from FY 2023). Profit margin: 2.8% (down from 5.3% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 01
Price target decreased by 9.2% to ฿17.74 Down from ฿19.54, the current price target is an average from 5 analysts. New target price is 31% above last closing price of ฿13.50. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿3.09 for next year compared to ฿2.15 last year. New Risk • Dec 26
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: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (2.7% net profit margin). Price Target Changed • Sep 11
Price target decreased by 11% to ฿20.34 Down from ฿22.74, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿20.10. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿2.92 for next year compared to ฿4.54 last year. Tillkännagivande • Aug 30
Aapico Hitech Public Company Limited Announces Resignation of Arvind Mathew as Director and Member of the Risk Management Committee Aapico Hitech Public Company Limited informed that Mr. Arvind Mathew has resigned from the position of the Director and a member of the Risk Management Committee of the Company, with effective from 30 August 2024 onwards. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿28.8b to ฿27.4b. EPS estimate also fell from ฿3.82 per share to ฿3.24 per share. Net income forecast to grow 20% next year vs 4.8% decline forecast for Auto Components industry in Thailand. Consensus price target down from ฿28.16 to ฿21.96. Share price rose 23% to ฿18.20 over the past week. Declared Dividend • Aug 16
First half dividend reduced to ฿0.30 Dividend of ฿0.30 is 57% lower than last year. Ex-date: 27th August 2024 Payment date: 11th September 2024 Dividend yield will be 8.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (32% earnings payout ratio) but not covered by cash flows (138% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 79% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 15
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: ฿0.29 (down from ฿1.16 in 2Q 2023). Revenue: ฿6.49b (down 10% from 2Q 2023). Net income: ฿102.7m (down 75% from 2Q 2023). Profit margin: 1.6% (down from 5.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 10
Price target increased by 9.9% to ฿30.92 Up from ฿28.14, the current price target is an average from 5 analysts. New target price is 63% above last closing price of ฿19.00. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿4.06 for next year compared to ฿4.54 last year. Price Target Changed • Jul 08
Price target decreased by 10% to ฿27.14 Down from ฿30.24, the current price target is an average from 5 analysts. New target price is 40% above last closing price of ฿19.40. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿4.06 for next year compared to ฿4.54 last year. Major Estimate Revision • May 30
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿30.2b to ฿29.7b. EPS estimate also fell from ฿4.56 per share to ฿4.08 per share. Net income forecast to grow 11% next year vs 2.7% growth forecast for Auto Components industry in Thailand. Consensus price target down from ฿31.64 to ฿29.54. Share price rose 2.9% to ฿21.50 over the past week. Price Target Changed • May 29
Price target decreased by 9.0% to ฿30.74 Down from ฿33.78, the current price target is an average from 5 analysts. New target price is 44% above last closing price of ฿21.30. Stock is down 44% over the past year. The company is forecast to post earnings per share of ฿4.08 for next year compared to ฿4.54 last year. Tillkännagivande • May 17
AAPICO Hitech Public Company Limited (SET:AH) announces an Equity Buyback for 28,000,000 shares, representing 7.89% for THB 650 million. AAPICO Hitech Public Company Limited (SET:AH) announces a share repurchase program. Under the program, the company will repurchase up to 28,000,000 shares, representing 7.89% of its issued share capital, for THB 650 million. The repurchase price must not exceed of the average closing share price of five business days prior to each repurchase date plus 15% of average closing price. The purpose of the program is to improve financial ratios, return on equity and earnings per share and to build confidence to investors and shareholders. The program will run through November 19, 2024. As of March 15, 2024, the company had 354,842,012 shares in outstanding. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.90 (vs ฿1.58 in 1Q 2023) First quarter 2024 results: EPS: ฿0.90 (down from ฿1.58 in 1Q 2023). Revenue: ฿7.56b (down 7.8% from 1Q 2023). Net income: ฿319.5m (down 43% from 1Q 2023). Profit margin: 4.2% (down from 6.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 27
Aapico Hitech Public Company Limited Approves Remaining Cash Dividend for the from July 1, 2023 to December 31, 2023, Payable on May 24, 2024 AAPICO Hitech Public Company Limited at its AGM held on April 26, 2024 approved remaining cash dividend of Baht 0.95 per share, was approved to be paid for the performance from July 1, 2023, to December 31, 2023, which is equivalent to but not exceeding Baht 337,099,911.40. The shareholders entitled to receive the dividend were those appearing on the shareholder list as of the Record date on March 15, 2024, and the date for dividend payment will be made on May 24, 2024. Price Target Changed • Mar 18
Price target decreased by 9.0% to ฿36.28 Down from ฿39.88, the current price target is an average from 5 analysts. New target price is 63% above last closing price of ฿22.30. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿4.89 for next year compared to ฿4.54 last year. Price Target Changed • Mar 15
Price target decreased by 8.9% to ฿37.88 Down from ฿41.58, the current price target is an average from 5 analysts. New target price is 70% above last closing price of ฿22.30. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿4.98 for next year compared to ฿4.54 last year. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.95 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (6.4%). Reported Earnings • Mar 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿4.54 (down from ฿5.14 in FY 2022). Revenue: ฿30.4b (up 7.4% from FY 2022). Net income: ฿1.61b (down 12% from FY 2022). Profit margin: 5.3% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 02
Final dividend reduced to ฿0.95 Dividend of ฿0.95 is 1.0% lower than last year. Ex-date: 14th March 2024 Payment date: 24th May 2024 Dividend yield will be 6.9%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: ฿1.41 (down from ฿1.69 in 3Q 2022). Revenue: ฿7.72b (up 4.7% from 3Q 2022). Net income: ฿501.0m (down 17% from 3Q 2022). Profit margin: 6.5% (down from 8.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.70 per share at 4.9% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (8.4%). Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿1.16 (up from ฿1.15 in 2Q 2022). Revenue: ฿7.24b (up 17% from 2Q 2022). Net income: ฿410.0m (flat on 2Q 2022). Profit margin: 5.7% (down from 6.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 61% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 12
AAPICO Hitech Public Company Limited Announces Dividend for the Period from January 1, 2023, to June 30, 2023, Payable on 13 September 2023 AAPICO Hitech Public Company Limited announced cash dividend of THB 0.70 per share for the Period from January 1, 2023, to June 30, 2023. Payment date is 13 September 2023. Ex-dividend date is 29 August 2023. Record date: 30 August 2023. Par value THB 1.00. Tillkännagivande • Jul 06
AAPICO Hitech Public Company Limited (SET:AH) acquired 60% stake in Advanced Vehicle Engineering Global Sdn. Bhd. from Perusahaan Otomobil Nasional Bhd for MYR 41 million. AAPICO Hitech Public Company Limited (SET:AH) acquired 60% stake in Advanced Vehicle Engineering Global Sdn. Bhd. from Perusahaan Otomobil Nasional Bhd for MYR 41 million on June 26, 2023.
AAPICO Hitech Public Company Limited (SET:AH) completed the acquisition of 60% stake in Advanced Vehicle Engineering Global Sdn. Bhd. from Perusahaan Otomobil Nasional Bhd on June 26, 2023. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿1.58 (vs ฿1.13 in 1Q 2022) First quarter 2023 results: EPS: ฿1.58 (up from ฿1.13 in 1Q 2022). Revenue: ฿8.20b (up 20% from 1Q 2022). Net income: ฿561.8m (up 40% from 1Q 2022). Profit margin: 6.9% (up from 5.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿26.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Auto Components industry in Thailand. Total returns to shareholders of 362% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.61 per share. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.96 per share at 6.1% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 25 May 2023. Trailing yield: 6.1%. Within top quartile of Thai dividend payers (5.7%). In line with average of industry peers (6.2%). Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿1.69 (up from ฿0.66 in 3Q 2021). Revenue: ฿7.38b (up 71% from 3Q 2021). Net income: ฿600.7m (up 156% from 3Q 2021). Profit margin: 8.1% (up from 5.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 70%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 30
Price target increased to ฿34.62 Up from ฿32.18, the current price target is an average from 5 analysts. New target price is 18% above last closing price of ฿29.25. Stock is up 41% over the past year. The company is forecast to post earnings per share of ฿3.64 for next year compared to ฿2.89 last year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 16% share price gain to ฿27.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Auto Components industry in Thailand. Total returns to shareholders of 82% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿40.21 per share. Major Estimate Revision • Sep 01
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿23.9b to ฿24.7b. EPS estimate increased from ฿3.12 to ฿3.49 per share. Net income forecast to grow 9.6% next year vs 11% growth forecast for Auto Components industry in Thailand. Consensus price target broadly unchanged at ฿31.68. Share price rose 2.9% to ฿25.00 over the past week. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.58 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (9.2%). Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: ฿1.15 (up from ฿0.70 in 2Q 2021). Revenue: ฿6.22b (up 26% from 2Q 2021). Net income: ฿409.8m (up 64% from 2Q 2021). Profit margin: 6.6% (up from 5.1% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 6.5%, compared to a 3.7% growth forecast for the Auto Components industry in Thailand. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Jul 31
High number of new directors Independent Director Jianhui Shi was the last director to join the board, commencing their role in 2022. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿1.13 (down from ฿1.16 in 1Q 2021). Revenue: ฿6.82b (up 21% from 1Q 2021). Net income: ฿402.5m (down 2.0% from 1Q 2021). Profit margin: 5.9% (down from 7.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Over the next year, revenue is forecast to grow 13%, compared to a 4.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Vachira Na Ranong was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿22.0b to ฿24.6b. EPS estimate fell from ฿3.44 to ฿3.33. Net income forecast to grow 17% next year vs 12% growth forecast for Auto Components industry in Thailand. Consensus price target broadly unchanged at ฿32.20. Share price rose 7.4% to ฿25.25 over the past week. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.47 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (6.3%). Reported Earnings • Mar 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿2.89 (up from ฿0.42 in FY 2020). Revenue: ฿20.7b (up 17% from FY 2020). Net income: ฿1.02b (up ฿876.2m from FY 2020). Profit margin: 4.9% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 8.0%. Over the next year, revenue is forecast to grow 5.9%, compared to a 5.1% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿0.66 (vs ฿0.85 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿4.32b (down 11% from 3Q 2020). Net income: ฿234.6m (down 22% from 3Q 2020). Profit margin: 5.4% (down from 6.2% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 23
Upcoming dividend of ฿0.47 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 14 September 2021. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (7.8%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.70 (vs ฿1.78 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿5.08b (up 140% from 2Q 2020). Net income: ฿250.2m (up ฿881.5m from 2Q 2020). Profit margin: 4.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 18% share price gain to ฿24.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Auto Components industry in Thailand. Total loss to shareholders of 11% over the past three years. Price Target Changed • May 25
Price target increased to ฿24.34 Up from ฿20.16, the current price target is an average from 3 analysts. New target price is 5.8% above last closing price of ฿23.00. Stock is up 186% over the past year. Major Estimate Revision • May 24
Consensus EPS estimates increase to ฿2.90 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿18.7b to ฿19.8b. EPS estimate increased from ฿1.98 to ฿2.90 per share. Net income forecast to grow 265% next year vs 50% growth forecast for Auto Components industry in Thailand. Consensus price target reaffirmed at ฿20.16. Share price fell 6.5% to ฿23.00 over the past week. Reported Earnings • May 19
First quarter 2021 earnings released: EPS ฿1.16 (vs ฿0.93 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿5.64b (up 13% from 1Q 2020). Net income: ฿410.7m (up 24% from 1Q 2020). Profit margin: 7.3% (up from 6.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Price Target Changed • May 19
Price target increased to ฿22.18 Up from ฿20.16, the current price target is an average from 2 analysts. New target price is 15% below last closing price of ฿26.25. Stock is up 234% over the past year. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improved over the past week After last week's 17% share price gain to ฿24.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Auto Components industry in Thailand. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿39.70 per share. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 15% share price gain to ฿19.90, the stock trades at a trailing P/E ratio of 47.8x, up from the previous P/E ratio of 41.5x. Average P/E is 21x in the Auto Components industry in Thailand. Total return to shareholders over the past three years was a loss of 31%. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.46 (vs ฿0.57 loss 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: ฿17.8b (down 6.1% from FY 2019). Net income: ฿147.8m (up ฿328.9m from FY 2019). Profit margin: 0.8% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 82% 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. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 40%. Over the next year, revenue is forecast to grow 7.9%, compared to a 41% growth forecast for the Auto Components industry in Thailand. Is New 90 Day High Low • Feb 05
New 90-day high: ฿20.70 The company is up 66% from its price of ฿12.50 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿40.20 per share. Is New 90 Day High Low • Jan 19
New 90-day high: ฿19.70 The company is up 53% from its price of ฿12.90 on 21 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿40.20 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿19.00 The company is up 115% from its price of ฿8.85 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 Auto Components industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿28.40 per share. Is New 90 Day High Low • Nov 16
New 90-day high: ฿15.00 The company is up 79% from its price of ฿8.40 on 18 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿17.04 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.94 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿4.85b (up 8.8% from 3Q 2019). Net income: ฿301.8m (up 48% from 3Q 2019). Profit margin: 6.2% (up from 4.6% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 74% 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. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 27%. Earnings per share (EPS) also surpassed analyst estimates by 405%. Over the next year, revenue is expected to shrink by 8.3% compared to a 15% growth forecast for the Auto Components industry in Thailand. Is New 90 Day High Low • Oct 16
New 90-day high: ฿13.00 The company is up 49% from its price of ฿8.75 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.58 per share.