New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 7.6% 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 Risk Earnings have declined by 7.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.4% net profit margin). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.34 (vs ฿0.46 in 1Q 2025) First quarter 2026 results: EPS: ฿0.34 (down from ฿0.46 in 1Q 2025). Revenue: ฿3.21b (down 18% from 1Q 2025). Net income: ฿176.4m (down 27% from 1Q 2025). Profit margin: 5.5% (down from 6.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 12
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 19 March 2026. Payment date: 18 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 15%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.9%). Declared Dividend • Feb 20
Final dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 19th March 2026 Payment date: 18th May 2026 Dividend yield will be 6.5%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is not covered by earnings (108% earnings payout ratio). However, it is well covered by cash flows (48% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control, which is similar to the EPS growth achieved over the last 5 years. Tillkännagivande • Feb 18
Lanna Resources Public Company Limited, Annual General Meeting, Apr 20, 2026 Lanna Resources Public Company Limited, Annual General Meeting, Apr 20, 2026, at 15:00 SE Asia Standard Time. Location: at the grand ballroom, 3rd floor, the okura prestige bangkok hotel, 57 wireless road, lumpini, pathumwan, bangkok Thailand Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: ฿1.33 (vs ฿3.17 in FY 2024) Full year 2025 results: EPS: ฿1.33 (down from ฿3.17 in FY 2024). Revenue: ฿15.2b (down 27% from FY 2024). Net income: ฿697.6m (down 58% from FY 2024). Profit margin: 4.6% (down from 8.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 42% 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 06
Third quarter 2025 earnings released: EPS: ฿0.20 (vs ฿0.56 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.20 (down from ฿0.56 in 3Q 2024). Revenue: ฿3.44b (down 24% from 3Q 2024). Net income: ฿102.3m (down 65% from 3Q 2024). Profit margin: 3.0% (down from 6.5% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 20
First half dividend of ฿0.50 announced Shareholders will receive a dividend of ฿0.50. Ex-date: 29th August 2025 Payment date: 17th September 2025 Dividend yield will be 11%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: ฿0.34 (vs ฿0.92 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.34 (down from ฿0.92 in 2Q 2024). Revenue: ฿4.09b (down 32% from 2Q 2024). Net income: ฿176.6m (down 63% from 2Q 2024). Profit margin: 4.3% (down from 8.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jul 02
Lanna Resources Public Company Limited Appoints Ralph Robert Tye as the Audit Committee Chairman, Effective Date : July 1, 2025 Lanna Resources Public Company Limited appointed Ralph Robert Tye as the audit committee chairman. Effective Date: July 1, 2025 . AUDIT COMMITTEE CHAIRMAN: Mr.RALPH ROBERT TYE: 2 Year 3 Month 18 Day . AUDIT COMMITTEE: Mrs.DUANGKAMOL SUCHATO: 2 Year 3 Month 18 Day, AUDIT COMMITTEE: Mr.TANON TANTISUNTHORN: 2 Year 3 Month 18 Day, SECRETARY OF THE AUDIT COMMITTEE: Mrs.Wanna Chomkhomkruad. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.46 (vs ฿1.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.46 (down from ฿1.11 in 1Q 2024). Revenue: ฿3.90b (down 33% from 1Q 2024). Net income: ฿240.4m (down 59% from 1Q 2024). Profit margin: 6.2% (down from 10.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Tillkännagivande • Apr 23
Lanna Resources Public Company Limited Approves Dividend for the Year 2024, Payable on May 21, 2025 Lanna Resources Public Company Limited at its AGM held on April 21, 2025, announced that the appropriation of earnings for the year 2024 has been approved for dividend payment to shareholders at THB 2.30 per share, totaling THB 1,207,499,261.70 in which the Board of Directors had already approved the interim dividend payment to the shareholders on September 20, 2024, at THB 1.10 per share, totaling THB 577,499,646.90; therefore, the remaining dividend payment for shareholders is at THB 1.20 per share, totaling THB 629,999,614.80. The Record Date for the name list of shareholders entitled to receive dividend payment for this period will be on March 18, 2025, and the payment will be paid on May 21, 2025. Declared Dividend • Mar 06
Final dividend of ฿1.20 announced Dividend of ฿1.20 is the same as last year. Ex-date: 14th March 2025 Payment date: 19th May 2025 Dividend yield will be 14%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: ฿3.17 (vs ฿3.98 in FY 2023) Full year 2024 results: EPS: ฿3.17 (down from ฿3.98 in FY 2023). Revenue: ฿20.9b (down 9.0% from FY 2023). Net income: ฿1.66b (down 20% from FY 2023). Profit margin: 8.0% (down from 9.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ฿0.56 (vs ฿0.53 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.56 (up from ฿0.53 in 3Q 2023). Revenue: ฿4.51b (down 5.2% from 3Q 2023). Net income: ฿293.1m (up 5.3% from 3Q 2023). Profit margin: 6.5% (up from 5.8% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • Sep 06
Now 21% undervalued Over the last 90 days, the stock has risen 9.4% to ฿16.30. The fair value is estimated to be ฿20.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 12%. Declared Dividend • Aug 28
First half dividend of ฿1.10 announced Dividend of ฿1.10 is the same as last year. Ex-date: 6th September 2024 Payment date: 20th September 2024 Dividend yield will be 14%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Aug 26
Lanna Resources Public Company Limited Announces Dividend for the Operating Period from 01-January-2024 to 30-June-2024, Payable on September 20, 2024 Lanna Resources Public Company Limited announced Cash dividend payment (baht per share) THB 1.10 per share for the Operating period from 01-January-2024 to 30-June-2024. Ex-dividend date 06-September-2024, Record date for the right to receive dividends 09-September-2024 and Payment date 20-September-2024. Buy Or Sell Opportunity • Aug 21
Now 22% undervalued Over the last 90 days, the stock has risen 7.3% to ฿16.10. The fair value is estimated to be ฿20.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.92 (vs ฿1.22 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.92 (down from ฿1.22 in 2Q 2023). Revenue: ฿5.99b (down 2.6% from 2Q 2023). Net income: ฿481.9m (down 25% from 2Q 2023). Profit margin: 8.0% (down from 10% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿1.11 (vs ฿1.49 in 1Q 2023) First quarter 2024 results: EPS: ฿1.11 (down from ฿1.49 in 1Q 2023). Revenue: ฿5.87b (down 14% from 1Q 2023). Net income: ฿584.0m (down 25% from 1Q 2023). Profit margin: 9.9% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 08
Upcoming dividend of ฿1.20 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 17%. Within top quartile of Thai dividend payers (6.1%). Higher than average of industry peers (6.1%). Declared Dividend • Mar 06
Final dividend reduced to ฿1.20 Dividend of ฿1.20 is 23% lower than last year. Ex-date: 15th March 2024 Payment date: 21st May 2024 Dividend yield will be 15%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 28% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Mar 05
Lanna Resources Public Company Limited, Annual General Meeting, Apr 22, 2024 Lanna Resources Public Company Limited, Annual General Meeting, Apr 22, 2024, at 15:00 SE Asia Standard Time. Location: Grand Ballroom, 3rd floor, the Okura Prestige Bangkok Hotel, 57 Wireless Road, Lumpini, Pathumwan, Bangkok Thailand Agenda: To Adopt and Approve the Minutes of the Annual General Meeting of Shareholders Year 2023; to Acknowledge the Report of the Board of Directors on the Operating Results of Year 2023; to Consider and Approve the Statement of Financial Position and Statements of Earnings for the Year Ended December 31, 2023; to Consider and Approve the Appropriation of Earnings; to Consider the Appointment of Directors Retired by Rotation and Additional Directors; and to consider other matters. Tillkännagivande • Mar 04
Lanna Resources Public Company Limited Proposes Dividend for the Year 2023, Payable on May 21, 2024 Lanna Resources Public Company Limited announced that at the board meeting held on March 4, 2024 the Board of Directors has resolved to propose to the Annual General Meeting of Shareholders Year 2024 to consider for approval of the appropriation of earnings according to the separate financial statements of year 2023 for dividend payment to the shareholders at THB 2.30 per share (for a registered par value of THB 1 per share), totaling THB 1,207,499,261.70, in which the Board of Directors had already approved for the interim dividend payment to the shareholders on September 20, 2023 at THB 1.10 per share for a total of THB 577,499,646.90, therefore, there will be additional dividend remaining for the shareholders at THB 1.20 per share, totaling THB 629,999,641.80 Regardless, such dividend payment is still uncertain and subject to an approval from the Annual General Meeting of Shareholders Year 2024. The dividend payment to the shareholders at THB 2.30 per share or 80.01% of net profit based on the separate financial statements of year 2023, which is higher than the dividend payment policy established by the Company with higher dividend payment than the previous year of 18.0%. The record date for the name list of shareholders entitled to receive dividend payment for this period will be on March 18, 2024, and the dividend payment will be paid on May 21, 2024. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿3.98 (vs ฿5.64 in FY 2022) Full year 2023 results: EPS: ฿3.98 (down from ฿5.64 in FY 2022). Revenue: ฿23.0b (down 9.1% from FY 2022). Net income: ฿2.09b (down 30% from FY 2022). Profit margin: 9.1% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.53 (vs ฿1.35 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.53 (down from ฿1.35 in 3Q 2022). Revenue: ฿4.76b (down 32% from 3Q 2022). Net income: ฿278.3m (down 61% from 3Q 2022). Profit margin: 5.8% (down from 10% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 28
Upcoming dividend of ฿1.10 per share at 18% yield Eligible shareholders must have bought the stock before 04 September 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 18%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (6.3%). Tillkännagivande • Aug 22
Lanna Resources Public Company Limited Declares Interim Dividend for Operating Period from 01-January-2023 to 30-June-2023, Payable on September 20, 2023 Lanna Resources Public Company Limited declared Interim Dividend THB 1.10 for Operating period from 01-January-2023 to 30-June-2023. Payment date is September 20, 2023. Ex-dividend date is September 4, 2023. Record date for the right to receive dividends is September 5, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿1.22 (vs ฿2.28 in 2Q 2022) Second quarter 2023 results: EPS: ฿1.22 (down from ฿2.28 in 2Q 2022). Revenue: ฿6.15b (down 19% from 2Q 2022). Net income: ฿641.4m (down 47% from 2Q 2022). Profit margin: 10% (down from 16% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jun 01
Lanna Resources Public Company Limited Announces Resignation of Mark Anatol Schmidt as Director Lanna Resources Public Company Limited announced that Mr. Mark Anatol Schmidt has submitted his resignation letter from the position of Director of Lanna Resources Public Company Limited, effective from May 9, 2023 onwards. Should the Company appoint a director to replace the vacated position, the Company shall subsequently notify on such matter. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿1.49 (vs ฿1.17 in 1Q 2022) First quarter 2023 results: EPS: ฿1.49 (up from ฿1.17 in 1Q 2022). Revenue: ฿6.79b (up 36% from 1Q 2022). Net income: ฿780.7m (up 27% from 1Q 2022). Profit margin: 12% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 13
Upcoming dividend of ฿1.55 per share at 19% yield Eligible shareholders must have bought the stock before 20 March 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 19%. Within top quartile of Thai dividend payers (5.8%). Higher than average of industry peers (7.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿1.35 (vs ฿1.30 in 3Q 2021) Third quarter 2022 results: EPS: ฿1.35 (up from ฿1.30 in 3Q 2021). Revenue: ฿6.97b (up 46% from 3Q 2021). Net income: ฿710.9m (up 4.6% from 3Q 2021). Profit margin: 10% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Ralph Tye was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 26
Upcoming dividend of ฿1.45 per share Eligible shareholders must have bought the stock before 02 September 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 12%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (4.9%). Tillkännagivande • Aug 23
Lanna Resources Public Company Limited Announces Interim Cash Dividend for the Period from 01 January 2022 to 30 June 2022, Payable on 20 September 2022 Lanna Resources Public Company Limited announced interim cash dividend of THB 1.45 per share for the period from 01 January 2022 to 30 June 2022. Scheduled dates are as follows: Ex-dividend date 02 September 2022, Record date 05 September 2022 and Payment date 20 September 2022. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿2.28 (vs ฿0.61 in 2Q 2021) Second quarter 2022 results: EPS: ฿2.28 (up from ฿0.61 in 2Q 2021). Revenue: ฿7.61b (up 117% from 2Q 2021). Net income: ฿1.20b (up 271% from 2Q 2021). Profit margin: 16% (up from 9.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿1.17 (up from ฿0.46 in 1Q 2021). Revenue: ฿5.01b (up 65% from 1Q 2021). Net income: ฿615.1m (up 154% from 1Q 2021). Profit margin: 12% (up from 8.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 31%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Ralph Tye was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 19
Lanna Resources Public Company Limited Approves Dividend for the Year 2021, Payable on May 17, 2022 Lanna Resources Public Company Limited at its annual general meeting held on April 18, 2022 approved The appropriation of earnings for year 2021 has been approved for dividend payment to the shareholders at THB 1.60 per share, totaling THB 839,999,486.40, in which the interim dividend payment had already been approved by the Board of Directors and paid to the shareholders on November 16, 2021 at THB 0.60 per share, totaling THB 314,999,807.40. Therefore, there will be additional dividend payment to the shareholders at THB 1.00 per share, totaling THB 524,999,679. The Record Date for the name list of shareholders entitled to receive dividend payment for this period has been set for March 21, 2022, and the payment will be paid on May 17, 2022. Upcoming Dividend • Mar 11
Upcoming dividend of ฿1.60 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (4.7%). Tillkännagivande • Mar 10
Lanna Resources Public Company Limited Proposes Interim Dividend of Year 2021, Payable on May 17, 2022 The resolutions of the Board of Directors' Meeting No. 1/2022 dated March 7, 2022 of Lanna Resources Public Co. Ltd., the Board of Directors has resolved to propose to the Annual General Meeting of Shareholders Year 2022 to consider for approval of the appropriation of earnings according to the separate financial statements of year 2021 for dividend payment to the shareholders at THB 1.60 per share (from a registered par value of THB 1 per share), totaling THB 839,999,486.40, in which the Board of Directors had already approved for the interim dividend payment to the shareholders on November 16, 2021 at THB 0.60 per share for a total of THB 314,999,807.40, therefore, there will be additional dividend remaining for the shareholders at THB 1.00 per share, totaling THB 524,999,679. Regardless, such dividend payment is subject to an approval from the Annual General Meeting of Shareholders Year 2022. The dividend payment to the shareholders at THB 1.60 per share or 71.62% of net profit based on the separate financial statements of year 2021, which is higher than the dividend payment policy established by the Company with higher dividend payment than the previous year of THB 1.15 per share but lower than the dividend payment ratio of the previous year by 11.51% The record date for the name list of shareholders entitled to receive dividend payment for this period will be on March 21, 2022, and the dividend payment will be paid on May 17, 2022. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 26% share price gain to ฿23.50, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 11x in the Oil and Gas industry in Thailand. Total returns to shareholders of 146% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿3.00 (up from ฿0.55 in FY 2020). Revenue: ฿15.8b (up 66% from FY 2020). Net income: ฿1.58b (up 449% from FY 2020). Profit margin: 9.9% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 31%. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS ฿1.30 (vs ฿0.013 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿4.76b (up 137% from 3Q 2020). Net income: ฿679.9m (up ฿673.3m from 3Q 2020). Profit margin: 14% (up from 0.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿20.20, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 13x in the Oil and Gas industry in Thailand. Total returns to shareholders of 73% over the past three years. Upcoming Dividend • Oct 22
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 29 October 2021. Payment date: 16 November 2021. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (4.7%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 16% share price gain to ฿27.25, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 15x in the Oil and Gas industry in Thailand. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 17% share price gain to ฿20.50, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 14x in the Oil and Gas industry in Thailand. Total returns to shareholders of 62% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.62 (vs ฿0.064 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿3.51b (up 79% from 2Q 2020). Net income: ฿322.6m (up ฿288.8m from 2Q 2020). Profit margin: 9.2% (up from 1.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improved over the past week After last week's 17% share price gain to ฿18.50, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 16x in the Oil and Gas industry in Thailand. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improved over the past week After last week's 19% share price gain to ฿13.60, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 17x in the Oil and Gas industry in Thailand. Total returns to shareholders of 2.2% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 16% share price gain to ฿11.00, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 16x in the Oil and Gas industry in Thailand. Total loss to shareholders of 16% over the past three years. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.46 (vs ฿0.35 in 1Q 2020) The company reported a solid first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ฿3.04b (flat on 1Q 2020). Net income: ฿242.6m (up 32% from 1Q 2020). Profit margin: 8.0% (up from 6.1% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 35% 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. Executive Departure • May 05
Independent Director has left the company On the 1st of May, Akasit Jirayuwanon's tenure as Independent Director ended after 8.0 years in the role. We don't have any record of a personal shareholding under Akasit's name. A total of 3 executives have left over the last 12 months. Executive Departure • Apr 24
Chairman of the Board Somkiart Limsong has left the company On the 20th of April, Somkiart Limsong's tenure as Chairman of the Board ended after 35.6 years in the role. As of December 2020, Somkiart personally held 33.36m shares (฿257m worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.56 (vs ฿0.80 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿9.57b (up 3.1% from FY 2019). Net income: ฿292.6m (down 30% from FY 2019). Profit margin: 3.1% (down from 4.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 03
Lanna Resources Public Company Limited Announces Board Changes The resolutions of the Board of Directors' Meeting dated March 1, 2021 of Lanna Resources Public Co. Ltd. approved the appointment of Mr. Mark Anatol Schmidt as the director in replacement of Mr. Suroj Subhasavasdikul, the deceased director, effective from March 2, 2021 onwards, and shall retain the directorship position only for the remaining tenure of Mr. Suroj Subhasavasdikul. Tillkännagivande • Mar 02
Lanna Resources Public Company Limited, Annual General Meeting, Apr 19, 2021 Lanna Resources Public Company Limited, Annual General Meeting, Apr 19, 2021, at 15:00 SE Asia Standard Time. Location: Grand Hall Room, 2nd Floor, the Athenee Hotel Bangkok - A Luxury Collection Hote 61 Wireless Road, Lumpini, Pathumwan Bangkok Thailand Agenda: To approve the financial statements for the year ended December 31, 2020; to Consider and Approve the Appropriation of Earnings; to Consider the Appointment of Directors Retired by Rotation; to Consider the Directors' Remuneration; to Consider the Appointment of the Auditor and Determination of Audit Fees; and to consider Other Matters (if any). Is New 90 Day High Low • Dec 16
New 90-day high: ฿8.20 The company is up 41% from its price of ฿5.80 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 23% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿6.65 The company is up 2.0% from its price of ฿6.50 on 21 August 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 6.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.012 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿2.02b (down 14% from 3Q 2019). Net income: ฿6.51m (down 94% from 3Q 2019). Profit margin: 0.3% (down from 4.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 29% per year. 
