Buy Or Sell Opportunity • Aug 18
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ฿16.70. The fair value is estimated to be ฿12.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 7.3% in 2 years. Earnings are forecast to decline by 16% in the next 2 years. Reported Earnings • Aug 18
Second quarter 2026 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2026 results: EPS: ฿0.72 (up from ฿0.25 in 2Q 2025). Revenue: ฿43.7b (up 2.6% from 2Q 2025). Net income: ฿2.88b (up 191% from 2Q 2025). Profit margin: 6.6% (up from 2.3% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 8.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 15
Dividend of ฿0.17 announced Shareholders will receive a dividend of ฿0.17. Ex-date: 27th August 2026 Payment date: 11th September 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 17
Berli Jucker Public Company Limited to Report Q2, 2026 Results on Aug 13, 2026 Berli Jucker Public Company Limited announced that they will report Q2, 2026 results on Aug 13, 2026 Buy Or Sell Opportunity • May 21
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to ฿14.40. The fair value is estimated to be ฿11.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.4%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period. Reported Earnings • May 16
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: ฿0.26 (down from ฿0.27 in 1Q 2025). Revenue: ฿41.8b (up 8.7% from 1Q 2025). Net income: ฿1.06b (down 3.1% from 1Q 2025). Profit margin: 2.5% (down from 2.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 06
Now 24% overvalued Over the last 90 days, the stock has fallen 3.3% to ฿14.50. The fair value is estimated to be ฿11.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 7.1% per annum over the same time period. Tillkännagivande • Apr 23
Berli Jucker Public Company Limited Approves Dividend for the Year 2025, Payable on May 21, 2026 Berli Jucker Public Company Limited at its Annual General Meeting of Shareholders for the year 2026 held on 22 April 2026, Resolved to approved the dividend payment for the year 2025 at the rate of THB 0.51 per share without allocating legal reserves because the company has already allocated reserves in full as required by law. The Company paid an interim dividend on September 12, 2025 at the rate of THB 0.15 per share, leaving the remaining dividend to be paid at the end of the year at THB 0.36 per share. The Company will pay the dividend on May 21, 2026. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.36 per share Eligible shareholders must have bought the stock before 29 April 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (7.4%). Lower than average of industry peers (3.9%). Buy Or Sell Opportunity • Mar 25
Now 23% overvalued Over the last 90 days, the stock has fallen 5.4% to ฿13.90. The fair value is estimated to be ฿11.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Buy Or Sell Opportunity • Mar 10
Now 20% overvalued Over the last 90 days, the stock has fallen 9.3% to ฿13.70. The fair value is estimated to be ฿11.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 7.9% per annum over the same time period. Reported Earnings • Feb 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿1.00 (up from ฿1.00 in FY 2024). Revenue: ฿166.6b (up 4.1% from FY 2024). Net income: ฿4.01b (flat on FY 2024). Profit margin: 2.4% (down from 2.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.4%. Revenue is forecast to stay flat during the next 3 years compared to a 8.7% growth forecast for the Consumer Retailing industry in Asia. 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 24% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 28
Final dividend reduced to ฿0.36 Dividend of ฿0.36 is 36% lower than last year. Ex-date: 29th April 2026 Payment date: 21st May 2026 Dividend yield will be 3.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 26
Berli Jucker Public Company Limited Propose Dividend Payment for 2025, Payable on May 21, 2026 Berli Jucker Public Company Limited resolved to propose to the 2026 Annual General Shareholders' Meeting for consideration and approval of the allocation of the Year 2025 net profit at the rate of THB 0.51 per share. The Company has already paid an interim dividend on September 12, 2025, at the rate of THB per share. The 2025 fiscal year-end dividend will be at the rate of THB 0.36 per share, payable on May 21, 2026, subject to approval at the 2026 Annual General Meeting of Shareholders. Record Date for dividend payment for the fiscal year end 2025 of 30 April 2026. Tillkännagivande • Feb 25
Berli Jucker Public Company Limited, Annual General Meeting, Apr 22, 2026 Berli Jucker Public Company Limited, Annual General Meeting, Apr 22, 2026, at 15:00 SE Asia Standard Time. Buy Or Sell Opportunity • Feb 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to ฿14.30. The fair value is estimated to be ฿18.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 2.2% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Buy Or Sell Opportunity • Jan 15
Now 25% overvalued Over the last 90 days, the stock has fallen 29% to ฿13.90. The fair value is estimated to be ฿11.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.9%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Reported Earnings • Nov 11
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ฿0.16 (down from ฿0.17 in 3Q 2024). Revenue: ฿40.1b (up 4.1% from 3Q 2024). Net income: ฿636.7m (down 9.2% from 3Q 2024). Profit margin: 1.6% (down from 1.8% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 4.5%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿21.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Consumer Retailing industry in Asia. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿22.26 per share. Declared Dividend • Aug 15
First half dividend of ฿0.15 announced Shareholders will receive a dividend of ฿0.15. Ex-date: 27th August 2025 Payment date: 12th September 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.25 (down from ฿0.31 in 2Q 2024). Revenue: ฿41.8b (up 5.2% from 2Q 2024). Net income: ฿990.0m (down 19% from 2Q 2024). Profit margin: 2.4% (down from 3.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.7%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 3.8% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 3.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jun 04
Now 26% overvalued Over the last 90 days, the stock has fallen 1.9% to ฿20.80. The fair value is estimated to be ฿16.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 8.6% per annum over the same time period. Reported Earnings • May 15
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: ฿270 (up from ฿0.11 in 1Q 2024). Revenue: ฿41.6b (up 7.7% from 1Q 2024). Net income: ฿1.09b (up 155% from 1Q 2024). Profit margin: 2.6% (up from 1.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.56 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (8.0%). In line with average of industry peers (2.8%). Reported Earnings • Feb 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿1.00 (down from ฿1.20 in FY 2023). Revenue: ฿170.9b (up 8.8% from FY 2023). Net income: ฿4.00b (down 17% from FY 2023). Profit margin: 2.3% (down from 3.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to stay flat during the next 3 years compared to a 7.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 20
Berli Jucker Public Company Limited, Annual General Meeting, Apr 22, 2025 Berli Jucker Public Company Limited, Annual General Meeting, Apr 22, 2025, at 15:00 SE Asia Standard Time. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.17 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.17. Revenue: ฿41.8b (up 10% from 3Q 2023). Net income: ฿701.4m (up 1.2% from 3Q 2023). Profit margin: 1.7% (in line with 3Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Consumer Retailing industry in Asia. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 12 September 2024. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.0%). Declared Dividend • Aug 15
First half dividend of ฿0.15 announced Dividend of ฿0.15 is the same as last year. Ex-date: 27th August 2024 Payment date: 12th September 2024 Dividend yield will be 4.0%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿0.31 (up from ฿0.30 in 2Q 2023). Revenue: ฿43.1b (up 9.3% from 2Q 2023). Net income: ฿1.23b (up 1.5% from 2Q 2023). Profit margin: 2.9% (down from 3.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Price Target Changed • May 22
Price target decreased by 7.1% to ฿29.44 Down from ฿31.69, the current price target is an average from 16 analysts. New target price is 30% above last closing price of ฿22.60. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.08 for next year compared to ฿1.20 last year. Major Estimate Revision • May 21
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.37 to ฿1.08 per share. Revenue forecast steady at ฿161.9b. Net income forecast to grow 18% next year vs 15% growth forecast for Consumer Retailing industry in Thailand. Consensus price target down from ฿31.42 to ฿29.44. Share price fell 9.2% to ฿22.70 over the past week. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.31 in 1Q 2023) First quarter 2024 results: EPS: ฿0.11 (down from ฿0.31 in 1Q 2023). Revenue: ฿41.9b (up 12% from 1Q 2023). Net income: ฿427.7m (down 66% from 1Q 2023). Profit margin: 1.0% (down from 3.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.65 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.0%). Declared Dividend • Feb 24
Final dividend of ฿0.65 announced Dividend of ฿0.65 is the same as last year. Ex-date: 30th April 2024 Payment date: 23rd May 2024 Dividend yield will be 3.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 23
Berli Jucker Public Company Limited, Annual General Meeting, Apr 23, 2024 Berli Jucker Public Company Limited, Annual General Meeting, Apr 23, 2024, at 15:00 SE Asia Standard Time. Agenda: To adopt the Minutes of the Annual General Meeting of Shareholders for the year 2023 held on 26 April 2023; to acknowledge the Company’s operational results for 2023; to consider and approve the Company’s Financial Statement Position and Statement of Comprehensive Income for the fiscal year ended 31 December 2023 audited by the auditor; and to discuss other matters. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿1.20 (vs ฿1.25 in FY 2022) Full year 2023 results: EPS: ฿1.20 (down from ฿1.25 in FY 2022). Revenue: ฿167.9b (up 10.0% from FY 2022). Net income: ฿4.79b (down 4.3% from FY 2022). Profit margin: 2.9% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 23
Berli Jucker Public Company Limited Announces Resignation of Prasit Kovilaikool as Independent Director, Chairman of the Risk Management and Sustainability Development Committee Member Berli Jucker Public Company Limited announced that Prof. Prasit Kovilaikool resigned from Independent Director, Chairman of the Risk Management and Sustainability Development Committee Member, effective. February 21, 2024. Price Target Changed • Nov 11
Price target decreased by 7.8% to ฿36.07 Down from ฿39.13, the current price target is an average from 14 analysts. New target price is 30% above last closing price of ฿27.75. Stock is down 17% over the past year. The company is forecast to post earnings per share of ฿1.25 for next year compared to ฿1.25 last year. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.17 (vs ฿0.23 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.17 (down from ฿0.23 in 3Q 2022). Revenue: ฿41.1b (up 12% from 3Q 2022). Net income: ฿693.3m (down 26% from 3Q 2022). Profit margin: 1.7% (down from 2.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 09
Berli Jucker Public Company Limited Announces Management Changes Berli Jucker Public Company Limited announced at board meeting held on 8 November 2023, has the resolution to acknowledge the resignation of Mr. Tevin Vongvanich from the chairman and member of the Nomination and Remuneration Committee also it was resolved to appoint Prof. Pirom Kamolratanakul, M.D., M.SC. in the chairman of the Nomination and Remuneration Committee including to appoint Mrs. Thapanee Techajareonvikul to be a member of the Nomination and Remuneration Committee, effective 8 November 2023 onward. The list of Nomination and Remuneration Committee shall be as follows: 1. Prof. Pirom Kamolratanakul, M.D., M.SC. Chairman of The Nomination and Remuneration Committee, 2. Police General Krisna Polananta: Nomination and Remuneration Committee Member 3. Mrs. Thapanee Techajareonvikul: Nomination and Remuneration Committee Member. Buying Opportunity • Oct 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ฿36.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Buying Opportunity • Sep 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿37.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 36% in the next 2 years. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share at 2.3% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 11
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿0.30 (in line with 2Q 2022). Revenue: ฿42.8b (up 12% from 2Q 2022). Net income: ฿1.21b (flat on 2Q 2022). Profit margin: 2.8% (down from 3.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Retailing industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Tillkännagivande • Aug 01
Berli Jucker Public Company Limited Announces Resignation of Weerawong Chittmittrapap as Director Berli Jucker Public Company Limited announced that Mr. Weerawong Chittmittrapap resigned from Director, effective July 27, 2023. Reported Earnings • May 13
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: ฿0.31. Revenue: ฿40.8b (up 13% from 1Q 2022). Net income: ฿1.25b (flat on 1Q 2022). Profit margin: 3.1% (down from 3.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Consumer Retailing industry in Thailand. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.65 per share at 2.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: ฿1.25 (vs ฿0.89 in FY 2021) Full year 2022 results: EPS: ฿1.25 (up from ฿0.89 in FY 2021). Revenue: ฿153.6b (up 8.6% from FY 2021). Net income: ฿5.01b (up 40% from FY 2021). Profit margin: 3.3% (up from 2.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Net income: ฿932.3m (up 154% from 3Q 2021). Revenue exceeded analyst estimates by 1.7%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Consumer Retailing industry in Thailand. Buying Opportunity • Nov 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be ฿41.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 28%. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: ฿0.30 (up from ฿0.20 in 2Q 2021). Revenue: ฿41.3b (up 21% from 2Q 2021). Net income: ฿1.20b (up 46% from 2Q 2021). Profit margin: 2.9% (up from 2.4% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) exceeded analyst estimates by 7.0%. Over the next year, revenue is forecast to grow 8.6%, compared to a 32% growth forecast for the 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 14% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.31 (up from ฿0.25 in 1Q 2021). Revenue: ฿36.2b (up 11% from 1Q 2021). Net income: ฿1.25b (up 23% from 1Q 2021). Profit margin: 3.4% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 12%, compared to a 37% growth forecast for the 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 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.51 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 19 May 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 25
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.89 (down from ฿1.00 in FY 2020). Revenue: ฿138.7b (down 5.8% from FY 2020). Net income: ฿3.58b (down 10% from FY 2020). Profit margin: 2.6% (down from 2.7% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 7.6%, compared to a 41% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.89 (down from ฿1.00 in FY 2020). Revenue: ฿138.7b (down 5.8% from FY 2020). Net income: ฿3.58b (down 10% from FY 2020). Profit margin: 2.6% (down from 2.7% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 7.6%, compared to a 41% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Buying Opportunity • Feb 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be ฿40.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% per annum over the last 3 years. Earnings per share has declined by 21% per annum over the last 3 years. Buying Opportunity • Jan 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.7%. The fair value is estimated to be ฿37.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% per annum over the last 3 years. Earnings per share has declined by 21% per annum over the last 3 years. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.09 (vs ฿0.27 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿36.9b (up 5.2% from 3Q 2020). Net income: ฿367.1m (down 65% from 3Q 2020). Profit margin: 1.0% (down from 3.0% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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. Major Estimate Revision • Aug 22
Consensus EPS estimates fall to ฿1.04 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿146.4b to ฿144.3b. EPS estimate also fell from ฿1.17 to ฿1.04. Net income forecast to grow 17% next year vs 14% growth forecast for Consumer Retailing industry in Thailand. Consensus price target broadly unchanged at ฿38.29. Share price rose 5.3% to ฿34.50 over the past week. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 08 September 2021. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.076 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿34.2b (down 5.4% from 2Q 2020). Net income: ฿822.4m (up 169% from 2Q 2020). Profit margin: 2.4% (up from 0.8% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 17% per year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.25 (vs ฿0.32 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿32.5b (down 16% from 1Q 2020). Net income: ฿1.01b (down 21% from 1Q 2020). Profit margin: 3.1% (down from 3.3% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 16% per year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 21 May 2021. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿1.00 (vs ฿1.82 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿157.6b (down 1.9% from FY 2019). Net income: ฿4.00b (down 45% from FY 2019). Profit margin: 2.5% (down from 4.5% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings miss expectations Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Over the next year, revenue is forecast to stay flat compared to a 13% growth forecast for the Consumer Retailing industry in Thailand. Is New 90 Day High Low • Feb 07
New 90-day low: ฿32.25 The company is down 2.0% from its price of ฿33.00 on 09 November 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿45.39 per share. Is New 90 Day High Low • Dec 09
New 90-day high: ฿38.00 The company is up 1.0% from its price of ฿37.50 on 10 September 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿43.37 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is expected to shrink by 1.9% compared to a 9.4% growth forecast for the Consumer Retailing industry in Thailand. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.27 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿44.4b (up 15% from 3Q 2019). Net income: ฿1.06b (down 40% from 3Q 2019). Profit margin: 2.4% (down from 4.6% in 3Q 2019). 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 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 15% share price gain to ฿34.25, the stock is trading at a trailing P/E ratio of 23.5x, up from the previous P/E ratio of 20.4x. This compares to an average P/E of 23x in the Consumer Retailing industry in Thailand. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Oct 21
New 90-day low: ฿32.00 The company is down 18% from its price of ฿39.00 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿54.86 per share. Is New 90 Day High Low • Oct 02
New 90-day low: ฿34.75 The company is down 13% from its price of ฿39.75 on 03 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿56.03 per share.