Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.03 (vs ฿0.01 in 1Q 2025) First quarter 2026 results: EPS: ฿0.03 (up from ฿0.01 in 1Q 2025). Revenue: ฿1.40b (up 25% from 1Q 2025). Net income: ฿19.7m (up 175% from 1Q 2025). Profit margin: 1.4% (up from 0.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • May 14
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 13% 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 (13% average weekly change). Earnings have declined by 26% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿749.0m market cap, or US$23.2m). Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.04 loss per share (vs ฿0.16 profit in FY 2024) Full year 2025 results: ฿0.04 loss per share (down from ฿0.16 profit in FY 2024). Revenue: ฿4.90b (down 1.0% from FY 2024). Net loss: ฿29.0m (down 125% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year and the company’s share price has also fallen by 30% per year. Tillkännagivande • Feb 27
Civil Engineering Public Company Limited, Annual General Meeting, Apr 27, 2026 Civil Engineering Public Company Limited, Annual General Meeting, Apr 27, 2026, at 13:00 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 9.0% 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 (5.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.0% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿665.0m market cap, or US$21.2m). 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 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.7% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (฿427.0m market cap, or US$13.7m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.16 loss per share (vs ฿0.061 profit in 3Q 2024) Third quarter 2025 results: ฿0.16 loss per share (down from ฿0.061 profit in 3Q 2024). Revenue: ฿1.24b (down 11% from 3Q 2024). Net loss: ฿112.1m (down 364% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 38% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.029 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.02 (down from ฿0.029 in 2Q 2024). Revenue: ฿1.12b (down 12% from 2Q 2024). Net income: ฿14.3m (down 30% from 2Q 2024). Profit margin: 1.3% (down from 1.6% in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.036 in 1Q 2024) First quarter 2025 results: EPS: ฿0.01 (down from ฿0.036 in 1Q 2024). Revenue: ฿1.13b (up 10% from 1Q 2024). Net income: ฿7.18m (down 71% from 1Q 2024). Profit margin: 0.6% (down from 2.5% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Apr 26
Civil Engineering Public Company Limited Approves Final Cash Dividend for the Year Ended December 31, 2024, Payable on 23 May 2025 Civil Engineering Public Company Limited has convened the 2025 Annual General Meeting of Shareholders on April 25, 2025, approved annual dividend payments for 2024 at the rate rate of THB 0.02 per share with the number of 700,000,000 shares, totaling THB 14,000,000. The Record Date for specifying the list of shareholders who are entitled to receive the dividend shall be on May 6, 2025 and the date of the dividend payment will be on May 23, 2025. Therefore, the Company proposed to allocate the net profit from the operating results for the year 2024 of THB 2,290,000 as a legal reserve. After such allocation, the Company would have a legal reserve of THB 40,700,000, representing 5 percent of the registered capital. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (2.9%). Major Estimate Revision • Mar 03
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿7.77b to ฿6.14b. EPS estimate fell from ฿0.23 to ฿0.20 per share. Net income forecast to grow 21% next year vs 78% growth forecast for Construction industry in Thailand. Consensus price target down from ฿2.20 to ฿1.90. Share price was steady at ฿1.61 over the past week. Declared Dividend • Mar 02
Dividend increased to ฿0.02 Dividend of ฿0.02 is 67% higher than last year. Ex-date: 2nd May 2025 Payment date: 23rd May 2025 Dividend yield will be 1.2%, which is lower than the industry average of 2.5%. Payout Ratios Payout ratio: 12%. Cash payout ratio: 5%. New Risk • Feb 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿1.13b market cap, or US$33.6m). Tillkännagivande • Feb 25
Civil Engineering Public Company Limited Proposes Final Cash Dividend for the Year Ended December 31, 2024, Payable on 23 May 2025 Civil Engineering Public Company Limited at its Annual General Meeting to be held on 25 April 2025, proposed final cash dividend payment of THB 0.02 per share for the total dividend amount of THB 14,000,000 for the year ended December 31, 2024 payable to the shareholders whose name appear on the list as of the date to determine the shareholders who are entitled to receive dividend (Record Date) on 6 May 2025. The final dividend will be paid on 23 May 2025. Ex-dividend date is 2 May 2025. Reported Earnings • Feb 25
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: ฿0.16 (up from ฿0.13 in FY 2023). Revenue: ฿4.97b (up 1.5% from FY 2023). Net income: ฿114.9m (up 22% from FY 2023). Profit margin: 2.3% (up from 1.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) exceeded analyst estimates by 6.7%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 32% per year. Tillkännagivande • Feb 25
Civil Engineering Public Company Limited, Annual General Meeting, Apr 25, 2025 Civil Engineering Public Company Limited, Annual General Meeting, Apr 25, 2025, at 13:00 SE Asia Standard Time. Buy Or Sell Opportunity • Jan 31
Now 21% overvalued Over the last 90 days, the stock has fallen 4.9% to ฿1.75. The fair value is estimated to be ฿1.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 58% in a year. Earnings are forecast to grow by 26% in the next year. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.009 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.06 (up from ฿0.009 in 3Q 2023). Revenue: ฿1.39b (up 7.2% from 3Q 2023). Net income: ฿42.4m (up ฿36.4m from 3Q 2023). Profit margin: 3.1% (up from 0.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Construction industry in Thailand. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.019 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.03 (up from ฿0.019 in 2Q 2023). Revenue: ฿1.28b (up 10.0% from 2Q 2023). Net income: ฿20.5m (up 55% from 2Q 2023). Profit margin: 1.6% (up from 1.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Construction industry in Thailand. New Risk • Jul 23
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿1.32b market cap, or US$36.5m). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿1.65, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Construction industry in Thailand. Total loss to shareholders of 19% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿1.14 per share. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.069 in 1Q 2023) First quarter 2024 results: EPS: ฿0.04 (down from ฿0.069 in 1Q 2023). Revenue: ฿1.03b (down 28% from 1Q 2023). Net income: ฿25.0m (down 48% from 1Q 2023). Profit margin: 2.4% (down from 3.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Construction industry in Thailand. Tillkännagivande • Apr 27
Civil Engineering Public Company Limited Approves Dividend for 2023, Payable on May 24, 2024 Civil Engineering Public Company Limited announced at annual general meeting of shareholders held on April 26, 2024, the shareholders approved annual dividend payments for 2023 as on December 1, 2023, at the rate of THB 0.012 per share for 700,000,000 shares totaling THB 8,400,000. The record date for the right to receive dividend is on May 8, 2024, and the dividend will be paid on May, 24 2024. Declared Dividend • Feb 29
Dividend reduced to ฿0.012 Dividend of ฿0.012 is 40% lower than last year. Ex-date: 7th May 2024 Payment date: 24th May 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.5%. Reported Earnings • Feb 28
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿0.13 (up from ฿0.094 in FY 2022). Revenue: ฿4.93b (down 19% from FY 2022). Net income: ฿93.9m (up 46% from FY 2022). Profit margin: 1.9% (up from 1.1% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Construction industry in Thailand. Price Target Changed • Feb 09
Price target decreased by 18% to ฿2.81 Down from ฿3.41, the current price target is an average from 2 analysts. New target price is 38% above last closing price of ฿2.04. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿0.12 for next year compared to ฿0.094 last year. Tillkännagivande • Nov 20
Civil Engineering Public Company Limited Appoints Sarawut Baisee as Chief Accountant Civil Engineering Public Company Limited appointed Sarawut Baisee as Chief Accountant. Position of Chief Accountant: Finance and Accounting Director. Effective Date of Appointment: November 16, 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.098 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.01 (up from ฿0.098 loss in 3Q 2022). Revenue: ฿1.31b (down 6.8% from 3Q 2022). Net income: ฿5.95m (up ฿74.6m from 3Q 2022). Profit margin: 0.5% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Thailand. New Risk • Oct 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 6.1% 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 (currently running at an operating cash loss). High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿1.43b market cap, or US$39.1m). Tillkännagivande • Oct 07
Civil Engineering Public Company Limited Announces Resignation of Peerapong Na Kalasin as Finance and Accounting Director Civil Engineering Public Company Limited announced resignation of Mr. Peerapong Na kalasin as Finance and Accounting Director. Effective Date of Termination is October 6, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿20.00 (vs ฿0.043 in 2Q 2022) Second quarter 2023 results: EPS: ฿20.00. Revenue: ฿1.17b (down 25% from 2Q 2022). Net income: ฿13.2m (down 56% from 2Q 2022). Profit margin: 1.1% (down from 2.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Thailand. Tillkännagivande • Jun 27
Civil Engineering Public Company Limited Appoints Peerapong Na Kalasin At the Position Chief Accountant (Finance and Accounting Director) Civil Engineering Public Company Limited appointed Peerapong Na kalasin at the position Chief Accountant (Finance and Accounting Director). Effective Date of Appointment is 26 June 2023. New Risk • Jun 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 6.0% 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 (currently running at an operating cash loss). High level of non-cash earnings (56% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (฿1.60b market cap, or US$46.0m). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿2.54, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Construction industry in Asia. Total loss to shareholders of 48% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿3.20 per share. Price Target Changed • May 30
Price target increased by 7.4% to ฿3.33 Up from ฿3.10, the current price target is an average from 2 analysts. New target price is 36% above last closing price of ฿2.44. Stock is down 51% over the past year. The company is forecast to post earnings per share of ฿0.15 for next year compared to ฿0.094 last year. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.18, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Construction industry in Thailand. Total loss to shareholders of 55% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿1.07 per share. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.02 per share at 0.7% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (2.0%). Major Estimate Revision • Nov 20
Consensus EPS estimates fall by 83% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿6.38b to ฿6.19b. EPS estimate also fell from ฿0.23 per share to ฿0.04 per share. Net income forecast to grow 493% next year vs 28% growth forecast for Construction industry in Thailand. Consensus price target down from ฿4.15 to ฿3.25. Share price was steady at ฿2.96 over the past week. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman of the Board Chaiwat Utaiwan was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.28 to ฿0.23 per share. Revenue forecast steady at ฿6.38b. Net income forecast to grow 33% next year vs 46% growth forecast for Construction industry in Thailand. Consensus price target down from ฿5.05 to ฿4.15. Share price fell 2.4% to ฿3.30 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.043 (vs ฿0.12 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.043 (down from ฿0.12 in 2Q 2021). Revenue: ฿1.55b (up 18% from 2Q 2021). Net income: ฿30.3m (down 47% from 2Q 2021). Profit margin: 2.0% (down from 4.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 20%, compared to a 19% growth forecast for the Construction industry in Thailand. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ฿3.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 24x in the Construction industry in Thailand. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.06 (up from ฿0.043 in 1Q 2021). Revenue: ฿1.65b (up 46% from 1Q 2021). Net income: ฿40.3m (up 88% from 1Q 2021). Profit margin: 2.4% (up from 1.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 21%, compared to a 36% growth forecast for the industry in Thailand. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman of the Board Chaiwat Utaiwan was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.39 (up from ฿0.17 in FY 2020). Revenue: ฿5.06b (up 24% from FY 2020). Net income: ฿192.7m (up 122% from FY 2020). Profit margin: 3.8% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 31%, compared to a 21% growth forecast for the industry in Thailand. Reported Earnings • Jan 30
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ฿0.12 (up from ฿0.029 in 3Q 2020). Revenue: ฿1.32b (up 23% from 3Q 2020). Net income: ฿57.4m (up 291% from 3Q 2020). Profit margin: 4.3% (up from 1.4% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Board Change • Jan 28
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Chairman of the Board Chaiwat Utaiwan was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. 