Tillkännagivande • Jun 10
TTCL Public Company Limited Announces Management Changes, Effective June 9, 2026 TTCL Public Company Limited held the Board of Directors’ Meeting No. 4/2569 on June 9, 2026. The company resolved to approve the revision of the Company’s organization structure by establishing the position of President, effective from June 9, 2026 onwards. The company resolved to approve the appointment of Mr. Yukio Kobe, currently serving as Senior Vice President – EPC Business Unit, to the position of President. The appointment shall be effective from June 9, 2026 onwards. Mr. Kobe shall continue to serve as an authorized director of the Company. Given Mr. Kobe's extensive expertise and direct experience in EPC business management, his appointment will enhance the efficiency of the Company's day-to-day operations and management oversight. The company resolved to approve the reassignment of Mr. Hiroshi Shoji, currently serving as Senior Vice President – Sales & Business Development Unit, to the position of Senior Vice President – Sales and Marketing. The effective date is from June 9, 2026 onward. Mr. Shoji shall continue to focus on business development and identifying new business opportunities in both domestic and international markets, supporting the CEO and working closely with the Sales & Business Development Unit to expand the Company's market presence and secure new projects in Thailand and overseas. Reported Earnings • Mar 06
Full year 2025 earnings released: ฿10.06 loss per share (vs ฿0.87 loss in FY 2024) Full year 2025 results: ฿10.06 loss per share (further deteriorated from ฿0.87 loss in FY 2024). Revenue: ฿7.20b (down 60% from FY 2024). Net loss: ฿6.20b (loss widened ฿5.66b from FY 2024). 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. Tillkännagivande • Mar 05
TTCL Public Company Limited, Annual General Meeting, Apr 10, 2026 TTCL Public Company Limited, Annual General Meeting, Apr 10, 2026, at 14:00 SE Asia Standard Time. New Risk • Nov 16
New major risk - Negative shareholders equity The company has negative equity. Total equity: -฿2.2b This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Negative equity (-฿2.2b). Earnings have declined by 59% per year over the past 5 years. Market cap is less than US$10m (฿110.9m market cap, or US$3.42m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿4.76 loss per share (vs ฿0.056 profit in 3Q 2024) Third quarter 2025 results: ฿4.76 loss per share (down from ฿0.056 profit in 3Q 2024). Revenue: ฿2.04b (down 50% from 3Q 2024). Net loss: ฿2.93b (down ฿2.96b from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. New Risk • Oct 28
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 Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 21% per year over the past 5 years. Market cap is less than US$10m (฿271.0m market cap, or US$8.35m). Board Change • Aug 21
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Nuttachat Charuchinda was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿2.76 loss per share (vs ฿0.001 profit in 2Q 2024) Second quarter 2025 results: ฿2.76 loss per share (down from ฿0.001 profit in 2Q 2024). Revenue: ฿1.57b (down 74% from 2Q 2024). Net loss: ฿1.70b (down ฿1.70b from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.3% 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 (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (฿529.8m market cap, or US$16.4m). New Risk • May 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿603.7m market cap, or US$18.1m). Tillkännagivande • Apr 13
TTCL Public Company Limited Approves Omission of Dividend for the Fiscal Year 2024 TTCL Public Company Limited at its AGM held on April 11, 2025, approved non-payment of dividend for the operation result for the fiscal year 2024. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ฿0.87 loss per share (down from ฿0.61 profit in FY 2023). Revenue: ฿17.9b (up 5.6% from FY 2023). Net loss: ฿537.4m (down 242% from profit in FY 2023). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.90, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Construction industry in Thailand. Total loss to shareholders of 54% over the past three years. Buy Or Sell Opportunity • Dec 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ฿2.00. The fair value is estimated to be ฿2.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to decline by 6.2% in a year. Earnings are forecast to grow by 89% in the next year. Tillkännagivande • Sep 10
TTCL Public Company Limited Announces Resignation of Seiichi Itakura as Director TTCL Public Company Limited informed that Mr. Seiichi Itakura, Company Director has resigned from the directorship of TTCL due to his health problems, effective from September 9, 2024 onwards. Buy Or Sell Opportunity • Aug 23
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to ฿3.18. The fair value is estimated to be ฿2.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Earnings per share has grown by 6.3%. Revenue is forecast to decline by 8.4% in a year. Earnings are forecast to grow by 45% in the next year. Price Target Changed • Aug 23
Price target decreased by 35% to ฿4.50 Down from ฿6.95, the current price target is provided by 1 analyst. New target price is 44% above last closing price of ฿3.12. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.50 for next year compared to ฿0.61 last year. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 34%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿17.4b to ฿18.3b. EPS estimate fell from ฿0.76 to ฿0.50 per share. Net income forecast to grow 45% next year vs 45% growth forecast for Construction industry in Thailand. Consensus price target down from ฿6.95 to ฿4.50. Share price was steady at ฿3.12 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.001 (vs ฿0.20 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.001 (down from ฿0.20 in 2Q 2023). Revenue: ฿6.03b (up 50% from 2Q 2023). Net income: ฿391.0k (down 100% from 2Q 2023). Profit margin: 0% (down from 3.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Jun 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.37b market cap, or US$64.7m). New Risk • Jun 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (62% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (฿2.38b market cap, or US$64.5m). New Risk • May 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿2.33b market cap, or US$64.2m). Upcoming Dividend • Apr 15
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 22 April 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (1.8%). Tillkännagivande • Apr 11
TTCL Public Company Limited Approves Dividend for the Second Half of Year 2023, Payable on May 10, 2024 TTCL Public Company Limited announced that at its AGM held on April 11, 2024, shareholders approved the distribution of dividends to the shareholders at the rate of THB 0.10 per share, with a total of THB 61.6 million for the second half of year 2023 when combined with the interim dividend for the first half of year 2023 at THB 0.10 per share or THB 61.6 million, will be totally at THB 0.20 per share or THB 123.2 million for dividend payment for the performance of year 2023, which is equivalent to 32.64% of the net profit of the year 2023 according to the consolidated financial statement. The record date for the right to receive dividend payment is on 23rd April 2024 and the dividend payment will be made on 10th May 2024. Reported Earnings • Mar 02
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: ฿0.61 (down from ฿1.01 in FY 2022). Revenue: ฿17.0b (up 51% from FY 2022). Net income: ฿377.7m (down 40% from FY 2022). Profit margin: 2.2% (down from 5.5% in FY 2022). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 9.0%. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 16
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.75 to ฿0.67. Revenue forecast unchanged from ฿16.3b at last update. Net income forecast to grow 0.8% next year vs 0.8% growth forecast for Construction industry in Thailand. Consensus price target up from ฿6.80 to ฿6.94. Share price was steady at ฿3.56 over the past week. Reported Earnings • Nov 17
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: ฿0.13 (up from ฿0.03 in 3Q 2022). Revenue: ฿4.43b (up 46% from 3Q 2022). Net income: ฿78.1m (up 323% from 3Q 2022). Profit margin: 1.8% (up from 0.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.10 per share at 4.7% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 13 September 2023. Trailing yield: 4.7%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.1%). New Risk • Aug 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.8% net profit margin). Market cap is less than US$100m (฿2.65b market cap, or US$74.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.20 (vs ฿0.086 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.20 (up from ฿0.086 loss in 2Q 2022). Revenue: ฿4.02b (up 46% from 2Q 2022). Net income: ฿120.5m (up ฿173.7m from 2Q 2022). Profit margin: 3.0% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.2% 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 increased by 93% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.21 (vs ฿0.87 in 1Q 2022) First quarter 2023 results: EPS: ฿0.21 (down from ฿0.87 in 1Q 2022). Revenue: ฿3.86b (up 49% from 1Q 2022). Net income: ฿129.5m (down 76% from 1Q 2022). Profit margin: 3.4% (down from 21% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Mar 18
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿11.9b to ฿13.0b. EPS estimate increased from ฿0.65 to ฿0.84 per share. Net income forecast to shrink 17% next year vs 40% growth forecast for Construction industry in Thailand . Consensus price target up from ฿7.80 to ฿8.35. Share price fell 3.2% to ฿4.30 over the past week. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: ฿1.08 (vs ฿0.40 in FY 2021) Full year 2022 results: EPS: ฿1.08 (up from ฿0.40 in FY 2021). Revenue: ฿11.3b (up 78% from FY 2021). Net income: ฿667.4m (up 172% from FY 2021). Profit margin: 5.9% (up from 3.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.048 (vs ฿0.14 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.048 (down from ฿0.14 in 3Q 2021). Revenue: ฿3.04b (up 106% from 3Q 2021). Net income: ฿29.5m (down 65% from 3Q 2021). Profit margin: 1.0% (down from 5.7% in 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nuttachat Charuchinda was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Price Target Changed • Oct 05
Price target increased to ฿7.80 Up from ฿5.65, the current price target is provided by 1 analyst. New target price is 73% above last closing price of ฿4.50. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ฿1.07 for next year compared to ฿0.40 last year. Reported Earnings • Aug 18
Second quarter 2022 earnings released: ฿0.068 loss per share (vs ฿0.17 profit in 2Q 2021) Second quarter 2022 results: ฿0.068 loss per share (down from ฿0.17 profit in 2Q 2021). Revenue: ฿2.75b (up 90% from 2Q 2021). Net loss: ฿42.1m (down 141% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 19% growth forecast for the Construction industry in Thailand. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • May 22
First quarter 2022 earnings released: EPS: ฿0.87 (vs ฿0.094 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.87 (up from ฿0.094 loss in 1Q 2021). Revenue: ฿2.59b (up 50% from 1Q 2021). Net income: ฿538.0m (up ฿595.7m from 1Q 2021). Profit margin: 21% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 31%, compared to a 28% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Nuttachat Charuchinda was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿4.22, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 29x in the Construction industry in Thailand. Total loss to shareholders of 38% over the past three years. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ฿0.47 (up from ฿0.27 in FY 2020). Revenue: ฿6.35b (down 7.6% from FY 2020). Net income: ฿289.1m (up 74% from FY 2020). Profit margin: 4.6% (up from 2.4% in FY 2020). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 21% share price gain to ฿5.60, the stock trades at a trailing P/E ratio of 21.5x. Average trailing P/E is 28x in the Construction industry in Thailand. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.13 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿1.47b (down 1.2% from 3Q 2020). Net income: ฿91.3m (up 13% from 3Q 2020). Profit margin: 6.2% (up from 5.4% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to ฿5.00, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 28x in the Construction industry in Thailand. Total loss to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.36, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 26x in the Construction industry in Thailand. Total loss to shareholders of 46% over the past three years. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.18 (vs ฿0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.45b (up 26% from 2Q 2020). Net income: ฿114.2m (up ฿212.1m from 2Q 2020). Profit margin: 7.9% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 21
First quarter 2021 earnings released: ฿0.076 loss per share (vs ฿0.36 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿1.73b (down 23% from 1Q 2020). Net loss: ฿46.9m (down 121% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿4.86, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 26x in the Construction industry in Thailand. Total loss to shareholders of 32% over the past three years. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the Construction industry in Thailand. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.34 (vs ฿0.41 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: ฿6.87b (down 35% from FY 2019). Net income: ฿210.3m (up ฿460.8m from FY 2019). Profit margin: 3.1% (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 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Executive Departure • Feb 16
Independent Director has left the company On the 15th of February, Gumthorn Utarnwuthipong's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Gumthorn's name. A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Jan 18
New 90-day high: ฿7.30 The company is up 94% from its price of ฿3.76 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ฿4.88 The company is up 33% from its price of ฿3.68 on 29 September 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 4.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: ฿4.54 The company is up 32% from its price of ฿3.44 on 03 September 2020. The Thai market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is flat over the same period. Reported Earnings • Nov 18
Third quarter 2020 earnings released: EPS ฿0.15 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿1.49b (down 41% from 3Q 2019). Net income: ฿91.5m (up ฿326.5m from 3Q 2019). Profit margin: 6.1% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings.