New Risk • May 11
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 7.8% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 423% Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (฿854.4m market cap, or US$26.4m). Upcoming Dividend • May 05
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 27 May 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 7.5%. Within top quartile of Thai dividend payers (7.5%). In line with average of industry peers (7.4%). New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 11% per year over the past 5 years. Minor Risk Market cap is less than US$100m (฿614.4m market cap, or US$19.8m). Reported Earnings • Mar 01
Full year 2025 earnings released: ฿0.06 loss per share (vs ฿0.02 profit in FY 2024) Full year 2025 results: ฿0.06 loss per share (down from ฿0.02 profit in FY 2024). Revenue: ฿667.3m (down 15% from FY 2024). Net loss: ฿5.56m (down 384% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Declared Dividend • Feb 28
Dividend increased to ฿0.50 Dividend of ฿0.50 is 150% higher than last year. Ex-date: 12th May 2026 Payment date: 27th May 2026 Dividend yield will be 7.8%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. New Risk • Feb 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (฿604.8m market cap, or US$19.4m). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.21 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.07 (down from ฿0.21 in 3Q 2024). Revenue: ฿153.1m (down 25% from 3Q 2024). Net income: ฿6.34m (down 68% from 3Q 2024). Profit margin: 4.1% (down from 9.6% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 09
Second quarter 2025 earnings released: ฿17.00 loss per share (vs ฿0.13 loss in 2Q 2024) Second quarter 2025 results: ฿17.00 loss per share (further deteriorated from ฿0.13 loss in 2Q 2024). Revenue: ฿143.6m (down 22% from 2Q 2024). Net loss: ฿16.6m (loss widened 31% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
First quarter 2025 earnings released: ฿0.03 loss per share (vs ฿0.037 profit in 1Q 2024) First quarter 2025 results: ฿0.03 loss per share (down from ฿0.037 profit in 1Q 2024). Revenue: ฿181.7m (flat on 1Q 2024). Net loss: ฿2.63m (down 174% from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 06
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 13 May 2025. Payment date: 28 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (5.4%). Tillkännagivande • Apr 30
People's Garment Public Company Limited Approves Dividend Payment for Year 2024, Payable on May 28, 2025 People's Garment Public Company Limited in its annual general meeting held on April 29, 2025 approved the dividend payment for year 2024 at rate of THB 0.20 per share, amounted THB 19,200,000, whereby said dividend payments are drawn from retained earnings after tax deducted at rate 20 percentage. The payment will be paid to shareholders who named on May 14, 2025 (Record Date). The dividend will be paid on May 28, 2025. Tillkännagivande • Mar 06
People's Garment Public Company Limited Appoints Sunan Niyomnaitham as Acting Chief Executive Officer, Effective April 01, 2025 People's Garment Public Company Limited announced the appointment of Mrs. Sunan Niyomnaitham as Acting Chief Executive Officer. The effective date is April 01, 2025. Declared Dividend • Feb 25
Dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 13th May 2025 Payment date: 28th May 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 10x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,011% to bring the payout ratio under control. However, EPS has declined by 7.4% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 24
Full year 2024 earnings released: EPS: ฿0.02 (vs ฿0.27 in FY 2023) Full year 2024 results: EPS: ฿0.02 (down from ฿0.27 in FY 2023). Revenue: ฿838.0m (up 17% from FY 2023). Net income: ฿1.96m (down 93% from FY 2023). Profit margin: 0.2% (down from 3.6% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 22
People's Garment Public Company Limited announces Annual dividend, payable on May 28, 2025 People's Garment Public Company Limited announced Annual dividend of THB 0.2000 per share payable on May 28, 2025, ex-date on May 13, 2025 and record date on May 14, 2025. Tillkännagivande • Feb 21
People's Garment Public Company Limited, Annual General Meeting, Apr 29, 2025 People's Garment Public Company Limited, Annual General Meeting, Apr 29, 2025, at 13:00 SE Asia Standard Time. Location: mahanatee room kingbridge tower, Thailand Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.21 (vs ฿0.046 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.21 (up from ฿0.046 in 3Q 2023). Revenue: ฿231.2m (up 43% from 3Q 2023). Net income: ฿19.8m (up 349% from 3Q 2023). Profit margin: 8.6% (up from 2.7% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.13 loss per share (vs ฿0.094 profit in 2Q 2023) Second quarter 2024 results: ฿0.13 loss per share (down from ฿0.094 profit in 2Q 2023). Revenue: ฿204.5m (up 32% from 2Q 2023). Net loss: ฿12.7m (down 240% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.04 (vs ฿0.18 in 1Q 2023) First quarter 2024 results: EPS: ฿0.04 (down from ฿0.18 in 1Q 2023). Revenue: ฿200.3m (up 1.6% from 1Q 2023). Net income: ฿3.56m (down 79% from 1Q 2023). Profit margin: 1.8% (down from 8.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 02
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (3.8%). Declared Dividend • Feb 25
Dividend of ฿0.20 announced Dividend of ฿0.20 is the same as last year. Ex-date: 9th May 2024 Payment date: 21st May 2024 Dividend yield will be 2.2%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.27 (vs ฿0.45 in FY 2022) Full year 2023 results: EPS: ฿0.27 (down from ฿0.45 in FY 2022). Revenue: ฿768.2m (up 10.0% from FY 2022). Net income: ฿26.0m (down 40% from FY 2022). Profit margin: 3.4% (down from 6.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 24
People's Garment Public Company Limited, Annual General Meeting, Apr 23, 2024 People's Garment Public Company Limited, Annual General Meeting, Apr 23, 2024, at 13:00 SE Asia Standard Time. Location: Chao Praya Room 2, Montien Riverside Hotel 372 Rama 3 Road, Bang Khlo, Bang Kho Leam Bangkok Thailand Agenda: To certify the Minute of Annual General Meeting of Shareholders No. 44, held on Tuesday April 25, 2023; To acknowledge the board of director report for the year 2023; To consider and approve the Financial Statement as at December 31, 2023 which is approved by auditor. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.05 (vs ฿0.17 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.05 (down from ฿0.17 in 3Q 2022). Revenue: ฿175.2m (up 20% from 3Q 2022). Net income: ฿4.41m (down 73% from 3Q 2022). Profit margin: 2.5% (down from 11% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Aug 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿777.6m market cap, or US$22.1m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.09 (vs ฿0.19 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.09 (down from ฿0.19 in 2Q 2022). Revenue: ฿175.9m (up 5.1% from 2Q 2022). Net income: ฿9.05m (down 50% from 2Q 2022). Profit margin: 5.1% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿9.40, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 22x in the Luxury industry in Thailand. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ฿0.18 (vs ฿0.22 in 1Q 2022) First quarter 2023 results: EPS: ฿0.18 (down from ฿0.22 in 1Q 2022). Revenue: ฿219.1m (flat on 1Q 2022). Net income: ฿17.3m (down 17% from 1Q 2022). Profit margin: 7.9% (down from 9.4% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 09
People's Garment Public Company Limited Announces Changing of Chief Accountant People's Garment Public Company Limited appointed Ms. Salinla Chaiput as Chief Accountant in place of Mrs.Sasivimol Kluyasritrakul, effective May 8, 2023. Upcoming Dividend • May 04
Upcoming dividend of ฿0.20 per share at 2.5% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.6%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.17 (vs ฿0.032 loss in 3Q 2021) Third quarter 2022 results: EPS: ฿0.17 (up from ฿0.032 loss in 3Q 2021). Revenue: ฿168.6m (up 48% from 3Q 2021). Net income: ฿16.0m (up ฿19.1m from 3Q 2021). Profit margin: 9.5% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 9 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Khachornsakdi Vanaratseath was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: ฿0.19 (vs ฿0.076 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.19 (up from ฿0.076 in 2Q 2021). Revenue: ฿187.5m (up 39% from 2Q 2021). Net income: ฿18.2m (up 149% from 2Q 2021). Profit margin: 9.7% (up from 5.4% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿7.00, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 20x in the Luxury industry in Thailand. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿7.55, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 19x in the Luxury industry in Thailand. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 35% share price gain to ฿10.10, the stock trades at a trailing P/E ratio of 44x. Average trailing P/E is 18x in the Luxury industry in Thailand. Total returns to shareholders of 92% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.098 in 1Q 2021) First quarter 2022 results: EPS: ฿0.22 (up from ฿0.098 in 1Q 2021). Revenue: ฿233.3m (up 36% from 1Q 2021). Net income: ฿20.8m (up 121% from 1Q 2021). Profit margin: 8.9% (up from 5.5% in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 04
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (3.4%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 9 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Khachornsakdi Vanaratseath was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 22
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.11 (up from ฿0.46 loss in FY 2020). Revenue: ฿666.9m (up 19% from FY 2020). Net income: ฿10.6m (up ฿54.7m from FY 2020). Profit margin: 1.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2021 earnings released: ฿0.03 loss per share (vs ฿0.19 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: ฿125.1m (down 13% from 3Q 2020). Net loss: ฿3.04m (loss narrowed 83% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.076 (vs ฿0.011 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿135.4m (up 39% from 2Q 2020). Net income: ฿7.33m (up ฿8.40m from 2Q 2020). Profit margin: 5.4% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Board Change • Jul 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 8 highly experienced directors. 5 independent directors (7 non-independent directors). Independent Director Khachornsakdi Vanaratseath was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.10 (vs ฿0.28 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿187.1m (up 36% from 1Q 2020). Net income: ฿9.38m (up ฿36.0m from 1Q 2020). Profit margin: 5.0% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 05
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 11 May 2021. Payment date: 25 May 2021. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (3.5%). Is New 90 Day High Low • Mar 10
New 90-day high: ฿5.30 The company is up 10.0% from its price of ฿4.80 on 08 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 4.0% over the same period. Reported Earnings • Feb 23
Full year 2020 earnings released: ฿0.46 loss per share (vs ฿0.03 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ฿591.7m (down 16% from FY 2019). Net loss: ฿44.1m (down ฿47.1m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 04
New 90-day high: ฿4.86 The company is up 3.0% from its price of ฿4.70 on 03 September 2020. The Thai market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Luxury industry, which is also up 3.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿0.19 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿153.5m (down 14% from 3Q 2019). Net loss: ฿18.3m (down ฿20.3m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 07
New 90-day low: ฿4.40 The company is down 6.0% from its price of ฿4.70 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Luxury industry, which is up 6.0% over the same period.