Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.074 (vs ฿0.049 in 1Q 2025) First quarter 2026 results: EPS: ฿0.074 (up from ฿0.049 in 1Q 2025). Revenue: ฿2.67b (flat on 1Q 2025). Net income: ฿264.5m (up 51% from 1Q 2025). Profit margin: 9.9% (up from 6.6% in 1Q 2025). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Hospitality industry in Thailand. 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. New Risk • Mar 05
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 4.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Declared Dividend • Mar 01
Final dividend of ฿0.055 announced Shareholders will receive a dividend of ฿0.055. Ex-date: 11th March 2026 Payment date: 11th May 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.7%. Payout Ratios Payout ratio: 34%. Cash payout ratio: 11%. Tillkännagivande • Feb 27
S Hotels and Resorts Public Company Limited Proposes Dividend for 2025, Payable on May 11, 2026 S Hotels and Resorts Public Company Limited proposed to pay the remaining dividend at the rate of THB 0.055 per share to the Company's shareholders for 2025, with a total not exceeding THB 197,650,200. In this regard, the Board of Directors sets the record date for determining the shareholders who are entitled to receive the dividends on 12 March 2026, and the dividend payment date on 11 May 2026. However, the rights to receive the dividends remain uncertain as it requires prior approval from the 2026 Annual General Meeting of Shareholders and any shareholders who are disqualified to receive dividends pursuant to the applicable laws shall not be entitled to receive such dividends. Price Target Changed • Feb 27
Price target increased by 9.5% to ฿2.70 Up from ฿2.47, the current price target is an average from 3 analysts. New target price is 38% above last closing price of ฿1.96. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of ฿0.13 for next year compared to ฿0.037 last year. Tillkännagivande • Feb 27
S Hotels and Resorts Public Company Limited, Annual General Meeting, Apr 24, 2026 S Hotels and Resorts Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Major Estimate Revision • Jan 29
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.123 to ฿0.14. Revenue forecast unchanged at ฿10.4b. Net income forecast to grow 17% next year vs 13% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿2.40 to ฿2.47. Share price was steady at ฿1.68 over the past week. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: ฿0.036 (up from ฿0.015 loss in 3Q 2024). Revenue: ฿2.60b (up 2.8% from 3Q 2024). Net income: ฿128.6m (up ฿182.0m from 3Q 2024). Profit margin: 4.9% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Hospitality industry in Thailand. 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 27% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 24
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.093 to ฿0.106. Revenue forecast unchanged at ฿10.4b. Net income forecast to grow 38% next year vs 6.2% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿2.27 to ฿2.33. Share price rose 8.7% to ฿1.63 over the past week. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.015 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.007 (vs ฿0.02 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.007 (up from ฿0.02 loss in 2Q 2024). Revenue: ฿2.43b (down 1.5% from 2Q 2024). Net income: ฿24.2m (up ฿95.8m from 2Q 2024). Profit margin: 1.0% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • May 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. 6 non-independent directors. Independent Director Yongyoot Luangrattanamart was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 10
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿10.8b to ฿10.6b. EPS estimate also fell from ฿0.11 per share to ฿0.095 per share. Net income forecast to grow 151% next year vs 23% growth forecast for Hospitality industry in Thailand. Consensus price target down from ฿3.15 to ฿2.63. Share price was steady at ฿1.66 over the past week. Price Target Changed • Apr 30
Price target decreased by 11% to ฿3.00 Down from ฿3.38, the current price target is an average from 4 analysts. New target price is 76% above last closing price of ฿1.70. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿0.11 for next year compared to ฿0.037 last year. Tillkännagivande • Apr 24
S Hotels and Resorts Public Company Limited Approves Dividend Payment for the Year 2024, Payable on 8 May 2025 S Hotels and Resorts Public Company Limited at its AGM held on 24 April 2025, approved the allocation of the Company's net profit as legal reserve in the amount of THB 13,738,807, equivalent to 5% of the net profit from the Company's 2024 operating performance and the dividend payment from the Company's 2024 operating performance, at the rate of THB 0.03 per share (3 Satang per share), totaling of not exceeding THB 107,809,200, to the shareholders of the Company whose names appear in the shareholders' register book on the record date of 14 March 2025 on which the names of the shareholders entitled to receive the dividend payment are determined, and set the dividend payment date on 8 May 2025. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿1.61, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Hospitality industry in Thailand. Total loss to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.20, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 18x in the Hospitality industry in Thailand. Total loss to shareholders of 34% over the past three years. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.091 to ฿0.108. Revenue forecast steady at ฿10.9b. Net income forecast to grow 189% next year vs 26% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿3.23 to ฿3.30. Share price rose 12% to ฿2.18 over the past week. Price Target Changed • Mar 07
Price target increased by 7.3% to ฿3.30 Up from ฿3.08, the current price target is an average from 4 analysts. New target price is 51% above last closing price of ฿2.18. Stock is down 19% over the past year. The company is forecast to post earnings per share of ฿0.11 for next year compared to ฿0.037 last year. Declared Dividend • Mar 01
Dividend of ฿0.03 announced Shareholders will receive a dividend of ฿0.03. Ex-date: 13th March 2025 Payment date: 8th May 2025 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Payout Ratios Payout ratio: 107%. Cash payout ratio: 6%. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.037 (vs ฿0.024 in FY 2023) Full year 2024 results: EPS: ฿0.037 (up from ฿0.024 in FY 2023). Revenue: ฿10.6b (up 8.8% from FY 2023). Net income: ฿133.9m (up 55% from FY 2023). Profit margin: 1.3% (up from 0.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Hospitality 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 17% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 14
Price target increased by 9.5% to ฿3.37 Up from ฿3.08, the current price target is an average from 3 analysts. New target price is 68% above last closing price of ฿2.00. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿0.045 for next year compared to ฿0.024 last year. New Risk • Jan 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Major Estimate Revision • Nov 23
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿10.7b to ฿10.6b. EPS estimate also fell from ฿0.046 per share to ฿0.033 per share. Net income forecast to grow 457% next year vs 27% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿3.08 to ฿3.23. Share price rose 13% to ฿2.32 over the past week. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. CEO & Director Michael Marshall was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 16
Price target increased by 8.7% to ฿3.13 Up from ฿2.88, the current price target is an average from 4 analysts. New target price is 35% above last closing price of ฿2.32. Stock is down 6.5% over the past year. The company is forecast to post earnings per share of ฿0.059 for next year compared to ฿0.024 last year. Tillkännagivande • Aug 16
S Hotels and Resorts Public Company Limited Announces Board Changes S Hotels and Resorts Public Company Limited announced that the Board of Directors' Meeting held on 16 August 2024, Acknowledged the resignation of Chayanin Debhakam, D.B.A. from the position of director of the Company, effective after the end of 16 August 2024 onwards. In this regard, Chayanin Debhakam, D.B.A. will continue to serve as the Chairman of the Nomination and Remuneration Committee and the member of the Corporate Governance and Sustainable Development Committee. Approved the appointment of Mr. Boriwat Pinpradab as the director of the Company in replacement of the resigned director and members of the sub-committees of the Company consisting of the Executive Committee, and
the Risk Management Committee, effective from 17 August 2024 onwards. In this regard, the newly appointed director shall serve in the office for the remaining term of the vacated director. Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.063 to ฿0.05 per share. Revenue forecast steady at ฿10.8b. Net income forecast to grow 141% next year vs 6.1% growth forecast for Hospitality industry in Thailand. Consensus price target down from ฿3.38 to ฿3.13. Share price fell 2.2% to ฿1.77 over the past week. Price Target Changed • Aug 07
Price target decreased by 10% to ฿3.13 Down from ฿3.48, the current price target is an average from 4 analysts. New target price is 71% above last closing price of ฿1.83. Stock is down 34% over the past year. The company is forecast to post earnings per share of ฿0.05 for next year compared to ฿0.024 last year. Reported Earnings • Aug 07
Second quarter 2024 earnings: Revenues and EPS in line with analyst expectations Second quarter 2024 results: ฿0.02 loss per share (improved from ฿0.033 loss in 2Q 2023). Revenue: ฿2.53b (up 11% from 2Q 2023). Net loss: ฿71.6m (loss narrowed 39% from 2Q 2023). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 18
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.09 to ฿0.08. Revenue forecast unchanged from ฿10.7b at last update. Net income forecast to grow 335% next year vs 0.07% growth forecast for Hospitality industry in Thailand. Consensus price target down from ฿3.48 to ฿3.38. Share price was steady at ฿2.00 over the past week. Major Estimate Revision • May 13
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.074 to ฿0.083. Revenue forecast unchanged at ฿10.8b. Net income forecast to grow 250% next year vs 22% growth forecast for Hospitality industry in Thailand. Consensus price target of ฿3.48 unchanged from last update. Share price fell 4.2% to ฿2.30 over the past week. New Risk • May 09
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: 0.7% Last year net profit margin: 3.6% 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 Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.031 (vs ฿0.035 in 1Q 2023) First quarter 2024 results: EPS: ฿0.031 (down from ฿0.035 in 1Q 2023). Revenue: ฿2.78b (up 9.3% from 1Q 2023). Net income: ฿111.6m (down 11% from 1Q 2023). Profit margin: 4.0% (down from 4.9% in 1Q 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 26
S Hotels and Resorts Public Company Limited Approves Dividend for the Year 2023, Payable on May 10, 2024 S Hotels and Resorts Public Company Limited at its Annual General Meeting of Shareholders held on 25 April 2024 approved the dividend payment from the Company's 2023 operating performance at the rate of THB 0.015 per share to the Company's shareholders, totaling of not exceeding THB 53,904,600. In this regard, the Board of Directors set the record date for determining the shareholders who are entitled to receive the dividends on 7 March 2024, and the dividend payment date on 10 May 2024. Major Estimate Revision • Mar 21
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.067 to ฿0.074. Revenue forecast steady at ฿10.8b. Net income forecast to grow 208% next year vs 14% growth forecast for Hospitality industry in Thailand. Consensus price target up from ฿3.27 to ฿3.57. Share price fell 4.4% to ฿2.60 over the past week. Price Target Changed • Mar 20
Price target increased by 8.1% to ฿3.57 Up from ฿3.30, the current price target is an average from 3 analysts. New target price is 37% above last closing price of ฿2.60. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿0.074 for next year compared to ฿0.024 last year. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿10.4b to ฿10.7b. EPS estimate fell from ฿0.069 to ฿0.056 per share. Net income forecast to grow 70% next year vs 23% growth forecast for Hospitality industry in Thailand. Consensus price target broadly unchanged at ฿3.27. Share price rose 7.6% to ฿2.56 over the past week. New Risk • Feb 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 730% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.024 (up from ฿0.004 in FY 2022). Revenue: ฿9.70b (up 12% from FY 2022). Net income: ฿86.4m (up ฿72.0m from FY 2022). Profit margin: 0.9% (up from 0.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.022 to ฿0.018 per share. Revenue forecast steady at ฿9.59b. Net income forecast to grow 52% next year vs 22% growth forecast for Hospitality industry in Thailand. Consensus price target of ฿3.30 unchanged from last update. Share price was steady at ฿2.38 over the past week. Price Target Changed • Jan 29
Price target decreased by 8.3% to ฿3.30 Down from ฿3.60, the current price target is an average from 3 analysts. New target price is 36% above last closing price of ฿2.42. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿0.022 for next year compared to ฿0.004 last year. Price Target Changed • Dec 22
Price target decreased by 8.8% to ฿3.43 Down from ฿3.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿2.36. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.022 for next year compared to ฿0.004 last year. Tillkännagivande • Nov 17
S Hotels and Resorts Public Company Limited Announces Board Changes S Hotels and Resorts Public Company Limited announced the resignation of the director and the appointment of new director in replacement of the resigned director. Mr. Dirk Andre L. De Cuyper has resigned from the positions of director of the Company and all members of sub-committees of the Company, with an effect on 16 November 2023 onwards. The Board of Directors' Meeting held on 27 October 2023, has resolved to approve the appointment of Mr. Michael David Marshall as the director of the Company in replacement of the resigned director and members of the sub-committees of the Company consisting of the Executive Committee, the Risk Management Committee and the Corporate Governance and Sustainable Development Committee, with an effect from 16 November 2023 onwards. At present, the Bord of Directors of the Company consists of: Mr. Apisak Tantivorawong Independent Director and Chairman of the Board of Directors. Mr. Sompong Tantapart Independent Director and Chairman of the Audit Committee. Mr. Praisun Wongsmith Independent Director, Member of the Audit Committee, and Member of the Nomination and Remuneration Committee. Mr. Parinya Patanaphakdee Independent Director, Chairman of the Risk Management Committee, and Member of the Nomination and Remuneration Committee. Mr. Jukr Boon-long Independent Director, Member of the Audit Committee, and Chairman of the Corporate Governance and Sustainable Development Committee. Dr. Chayanin Debhakam, Director, Chairman of the Nomination and Remuneration Committee, and Member of the Corporate Governance and Sustainable Development Committee. Mr. Naris Cheyklin Director, and Member of the Risk Management Committee. Mrs. Thitima Rungkwansiriroj Director, Chairman of the Executive Committee, Member of the Risk Management Committee, and Member of the Corporate Governance and Sustainable Development Committee. Mr. Michael David Marshall Director, Member of the Executive Committee, Member of the Risk Management Committee, Member of the Corporate Governance and Sustainable Development Committee, and Chief Executive Officer. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.004 (vs ฿0.06 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.004 (down from ฿0.06 in 3Q 2022). Revenue: ฿2.40b (up 1.6% from 3Q 2022). Net income: ฿15.0m (down 93% from 3Q 2022). Profit margin: 0.6% (down from 8.8% in 3Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 29
S Hotels and Resorts Public Company Limited Announces Chief Executive Officer Changes, Effective 16 November 2023 S Hotels and Resorts Public Company Limited at its Board of Directors Meeting held on 27 October 2023, has acknowledged the resignation of Mr. Dirk Andre Lena De Cuyper with effect from 16 November 2023 and resolved to approve the appointment of Mr. Michael Marshall as Chief Executive Officer (CEO) effective from 16 November 2023 onwards. Major Estimate Revision • Oct 19
Consensus EPS estimates fall by 32% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.042 to ฿0.029 per share. Revenue forecast steady at ฿9.77b. Net income forecast to shrink 33% next year vs 26% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿4.00 to ฿3.87. Share price fell 4.7% to ฿2.44 over the past week. Major Estimate Revision • Sep 29
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ฿0.038 to ฿0.042. Revenue forecast steady at ฿9.69b. Net income forecast to shrink 21% next year vs 26% growth forecast for Hospitality industry in Thailand . Consensus price target broadly unchanged at ฿3.83. Share price fell 2.2% to ฿2.72 over the past week. Major Estimate Revision • Aug 24
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.045 to ฿0.038. Revenue forecast unchanged from ฿9.62b at last update. Net income forecast to shrink 24% next year vs 29% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿3.90 to ฿3.77. Share price rose 3.0% to ฿2.76 over the past week. Buying Opportunity • Aug 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ฿3.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 59% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 62% in the next 2 years. Tillkännagivande • Aug 11
S Hotels and Resorts Public Company Limited Approves Appointment of Issarin Patramai as Company Secretary S Hotels and Resorts Public Company Limited at its board meeting held on August 10, 2023 approved the appointment of Mr. Issarin Patramai, the Chief Financial Officer, as the Company Secretary. . The appointment shall be effective from 10 August 2023 onwards. Reported Earnings • Aug 11
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: ฿0.033 loss per share (further deteriorated from ฿0.027 loss in 2Q 2022). Revenue: ฿2.28b (up 9.9% from 2Q 2022). Net loss: ฿117.2m (loss widened 21% from 2Q 2022). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 25
S Hotels and Resorts Public Company Limited Announces Changing of CFO S Hotels and Resorts Public Company Limited announced resignation of Chairath Sivapornpan as Acting of Chief Financial Officer. Effective Date of Termination: 24-July-2023. The company also appointed Issarin Patramai as Chief Financial Officer. Effective Date of Appointment: 24-July-2023. Buying Opportunity • Jul 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ฿3.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 48% in the next 2 years. Price Target Changed • Jul 18
Price target decreased by 8.5% to ฿3.97 Down from ฿4.33, the current price target is an average from 3 analysts. New target price is 43% above last closing price of ฿2.78. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.051 for next year compared to ฿0.004 last year. Major Estimate Revision • Jul 15
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.091 to ฿0.071 per share. Revenue forecast steady at ฿9.81b. Net income forecast to shrink 5.7% next year vs 25% growth forecast for Hospitality industry in Thailand . Consensus price target down from ฿4.33 to ฿4.10. Share price fell 4.1% to ฿2.78 over the past week. Major Estimate Revision • Jul 07
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.103 to ฿0.091 per share. Revenue forecast steady at ฿9.85b. Net income forecast to grow 16% next year vs 26% growth forecast for Hospitality industry in Thailand. Consensus price target down from ฿5.40 to ฿4.33. Share price fell 8.2% to ฿2.90 over the past week. Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ฿3.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Price Target Changed • Jul 06
Price target decreased by 21% to ฿4.33 Down from ฿5.47, the current price target is an average from 3 analysts. New target price is 42% above last closing price of ฿3.06. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.091 for next year compared to ฿0.004 last year. Reported Earnings • May 12
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: ฿0.035 (up from ฿0.06 loss in 1Q 2022). Revenue: ฿2.54b (up 51% from 1Q 2022). Net income: ฿124.9m (up ฿329.0m from 1Q 2022). Profit margin: 4.9% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿4.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 56% per annum over the same time period. Price Target Changed • Feb 27
Price target increased by 9.3% to ฿5.87 Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 31% above last closing price of ฿4.48. Stock is up 34% over the past year. The company is forecast to post earnings per share of ฿0.0077 next year compared to a net loss per share of ฿0.34 last year. Price Target Changed • Jan 11
Price target increased to ฿5.37 Up from ฿5.00, the current price target is an average from 3 analysts. New target price is 29% above last closing price of ฿4.16. Stock is up 32% over the past year. The company is forecast to post a net loss per share of ฿0.04 next year compared to a net loss per share of ฿0.34 last year. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: ฿0.06 (up from ฿0.078 loss in 3Q 2021). Revenue: ฿2.36b (up 66% from 3Q 2021). Net income: ฿207.5m (up ฿489.3m from 3Q 2021). Profit margin: 8.8% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Hospitality industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings released: ฿0.027 loss per share (vs ฿0.16 loss in 2Q 2021) Second quarter 2022 results: ฿0.027 loss per share (up from ฿0.16 loss in 2Q 2021). Revenue: ฿2.07b (up 158% from 2Q 2021). Net loss: ฿96.9m (loss narrowed 83% from 2Q 2021). Over the next year, revenue is forecast to grow 19%, compared to a 63% growth forecast for the industry in Thailand. Tillkännagivande • May 10
S Hotels and Resorts PCL Ordinary Shares Deleted from Other OTC S Hotels and Resorts Public Company Limited Ordinary Shares has been deleted from Other OTC effective from May 09, 2022, due to Inactive security. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: ฿0.34 loss per share (up from ฿0.66 loss in FY 2020). Revenue: ฿4.51b (up 189% from FY 2020). Net loss: ฿1.23b (loss narrowed 48% from FY 2020). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 53%, compared to a 60% growth forecast for the restaurants industry in Thailand. Board Change • Dec 31
High number of new directors Independent Chairman of the Board Apisak Tantivorawong was the last director to join the board, commencing their role in 2021. Reported Earnings • Nov 13
Third quarter 2021 earnings released: ฿0.078 loss per share (vs ฿0.17 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿1.42b (up ฿1.31b from 3Q 2020). Net loss: ฿281.9m (loss narrowed 53% from 3Q 2020). Board Change • Nov 02
High number of new directors Independent Chairman of the Board Apisak Tantivorawong was the last director to join the board, commencing their role in 2021. Price Target Changed • Oct 13
Price target increased to ฿4.98 Up from ฿4.53, the current price target is an average from 4 analysts. New target price is 34% above last closing price of ฿3.72. Stock is up 94% over the past year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: ฿0.16 loss per share (vs ฿0.23 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ฿803.1m (up ฿796.5m from 2Q 2020). Net loss: ฿571.4m (loss narrowed 30% from 2Q 2020). Major Estimate Revision • Jul 16
Consensus EPS estimates fall to -฿0.38 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿3.75b to ฿3.58b. Losses expected to increase from -฿0.34 to -฿0.38. Hospitality industry in Thailand expected to see average net income growth of 89% next year. Consensus price target up from ฿4.01 to ฿4.15. Share price rose 6.6% to ฿3.24 over the past week. Price Target Changed • Jul 15
Price target increased to ฿4.29 Up from ฿3.90, the current price target is an average from 4 analysts. New target price is 32% above last closing price of ฿3.24. Stock is up 54% over the past year. Executive Departure • Jul 13
Acting CFO & Company Secretary Chairath Sivapornpan has left the company On the 1st of July, Chairath Sivapornpan's tenure as Acting CFO & Company Secretary ended. We don't have any record of a personal shareholding under Chairath's name. A total of 2 executives have left over the last 12 months. Major Estimate Revision • May 29
Consensus EPS estimates fall to -฿0.30 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿4.12b to ฿3.96b. Losses expected to increase from -฿0.24 to -฿0.30. Hospitality industry in Thailand expected to see average net income growth of 99% next year. Consensus price target down from ฿3.97 to ฿3.83. Share price was steady at ฿3.18 over the past week. Major Estimate Revision • May 19
Consensus revenue estimates fall to ฿4.12b The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from ฿4.89b to ฿4.12b. Forecast losses increased from -฿0.19 to -฿0.24 per share. Hospitality industry in Thailand expected to see average net income growth of 103% next year. Consensus price target broadly unchanged at ฿3.90. Share price rose 3.3% to ฿3.10 over the past week. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.09 loss per share (vs ฿0.065 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: ฿543.8m (down 53% from 1Q 2020). Net loss: ฿310.9m (down 232% from profit in 1Q 2020). Major Estimate Revision • Mar 13
Analysts update estimates The 2021 consensus revenue estimate increased from ฿2.72b to ฿4.73b. Earning per share (EPS) estimate was further reduced from -฿0.12 to -฿0.19 for the same period. The Hospitality industry in Thailand is expected to see an average net income growth of 67% next year. The consensus price target increased from ฿3.06 to ฿3.97. Share price is up 1.9% to ฿3.16 over the past week. Major Estimate Revision • Mar 06
Analysts update estimates The company's losses in 2021 are expected to worsen with analysts lowering their consensus EPS forecasts from -฿0.12 to -฿0.16. Revenue estimate was reaffirmed at ฿2.72b. The Hospitality industry in Thailand is expected to see an average net income growth of 65% next year. The consensus price target increased from ฿3.06 to ฿3.29. Share price is up 3.3% to ฿3.10 over the past week. Major Estimate Revision • Mar 02
Analysts update estimates The 2021 consensus revenue estimate was lowered from ฿3.42b to ฿2.72b. Earning per share (EPS) estimate was unchanged from the last update at -฿0.14. The Hospitality industry in Thailand is expected to see an average net income growth of 60% next year. The consensus price target of ฿3.06 was unchanged from the last update. Share price is up 2.0% to ฿3.08 over the past week. Is New 90 Day High Low • Mar 01
New 90-day high: ฿3.12 The company is up 28% from its price of ฿2.44 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.16 per share. Tillkännagivande • Feb 24
S Hotels and Resorts Public Company Limited Appoints Parinya Patanaphakdee as an Independent Director S Hotels and Resorts Public Company Limited announced on the meeting held on 23 February 2021, it has passed a resolution to approve the appointment of Mr. Parinya Patanaphakdee as an Independent Director, replacing Mr. Terachart Numanit who resigned from directorship of the Company due to his other business engagement. Mr. Parinya Patanaphakdee shall serve the remaining term of Mr. Terachart Numanit. This will be effective from 23 February 2021 onwards. Executive Departure • Feb 24
Independent Director has left the company On the 23rd of February, Terachart Numanit's tenure as Independent Director ended after 2.1 years in the role. We don't have any record of a personal shareholding under Terachart's name. Terachart is the only executive to leave the company over the last 12 months. Tillkännagivande • Feb 24
S Hotels and Resorts Public Company Limited, Annual General Meeting, Apr 22, 2021 S Hotels and Resorts Public Company Limited, Annual General Meeting, Apr 22, 2021, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the operating results of the year 2020; to consider and approve the financial statements for the year ended 31 December 2020; to consider and approve the omission of dividend payment of the operating results of the year 2020 and the non-appropriation of profit as a legal reserve; to consider and approve the appointment of directors; to consider and approve the directors' remuneration for the year 2021; to consider and approve the appointment of the auditors and determination of audit fee for the year 2021; and to discuss other matters. Analyst Estimate Surprise Post Earnings • Feb 24
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 60%. Over the next year, revenue is forecast to grow 119%, compared to a 14% growth forecast for the Hospitality industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ฿1.56b (down 59% from FY 2019). Net loss: ฿2.37b (loss widened 408% from FY 2019). Is New 90 Day High Low • Dec 15
New 90-day high: ฿2.90 The company is up 46% from its price of ฿1.98 on 15 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿5.52 per share. Is New 90 Day High Low • Nov 19
New 90-day high: ฿2.14 The company is up 13% from its price of ฿1.90 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.73 per share. Tillkännagivande • Nov 14
S Hotels and Resorts Public Company Limited Announces to Cease the Employment Contract with Thiti Thongbenjamas S Hotels and Resorts Public Company Limited announced that Mr. Thiti Thongbenjamas, the Chief Operating Officer at Crossroads, and the Company agreed to mutually cease the employment contract, effective from 13 November 2020 onwards. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings miss expectations Revenue missed analyst estimates by 36%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 18%, compared to a 15% growth forecast for the Hospitality industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: ฿0.17 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ฿114.0m (down 87% from 3Q 2019). Net loss: ฿599.5m (loss widened ฿501.5m from 3Q 2019). Price Target Changed • Nov 13
Price target raised to ฿2.36 Up from ฿2.00, the current price target is an average from 3 analysts. The new target price is 21% above the current share price of ฿1.95. As of last close, the stock is down 49% over the past year. 
