Reported Earnings • May 14
First quarter 2026 earnings released: EPS: ฿0.015 (vs ฿0.022 in 1Q 2025) First quarter 2026 results: EPS: ฿0.015 (down from ฿0.022 in 1Q 2025). Revenue: ฿840.1m (down 16% from 1Q 2025). Net income: ฿30.7m (down 29% from 1Q 2025). Profit margin: 3.7% (down from 4.3% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 41% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 21 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: 4.3%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.5%). Major Estimate Revision • Feb 27
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿4.44b to ฿4.09b. EPS estimate also fell from ฿0.141 per share to ฿0.10 per share. Net income forecast to grow 2.0% next year vs 18% growth forecast for Media industry in Thailand. Consensus price target up from ฿2.58 to ฿2.64. Share price rose 8.8% to ฿2.22 over the past week. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (245% payout ratio). Declared Dividend • Feb 23
Final dividend of ฿0.06 announced Shareholders will receive a dividend of ฿0.06. Ex-date: 5th May 2026 Payment date: 21st May 2026 Dividend yield will be 4.9%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (245% earnings payout ratio). However, it is well covered by cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 172% to bring the payout ratio under control. EPS is expected to grow by 1.8% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: ฿0.10 (vs ฿0.048 in FY 2024) Full year 2025 results: EPS: ฿0.10 (up from ฿0.048 in FY 2024). Revenue: ฿3.98b (down 6.6% from FY 2024). Net income: ฿205.8m (up 114% from FY 2024). Profit margin: 5.2% (up from 2.3% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Tillkännagivande • Feb 20
BEC World Public Company Limited, Annual General Meeting, Apr 24, 2026 BEC World Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿4.39b to ฿4.28b. EPS estimate also fell from ฿0.158 per share to ฿0.134 per share. Net income forecast to grow 329% next year vs 25% growth forecast for Media industry in Thailand. Consensus price target down from ฿4.07 to ฿3.75. Share price fell 10.0% to ฿2.34 over the past week. Price Target Changed • Aug 15
Price target decreased by 8.0% to ฿3.75 Down from ฿4.07, the current price target is an average from 5 analysts. New target price is 60% above last closing price of ฿2.34. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.13 for next year compared to ฿0.048 last year. Declared Dividend • Aug 11
First half dividend of ฿0.04 announced Dividend of ฿0.04 is the same as last year. Ex-date: 21st August 2025 Payment date: 4th September 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (214% earnings payout ratio). However, it is well covered by cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 138% to bring the payout ratio under control. EPS is expected to grow by 153% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.036 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.036 in 2Q 2024). Revenue: ฿1.03b (down 6.4% from 2Q 2024). Net income: ฿20.9m (down 71% from 2Q 2024). Profit margin: 2.0% (down from 6.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 7.7% growth forecast for the Media industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 28 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿2.50, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Media industry in Asia. Total loss to shareholders of 79% over the past three years. New Risk • Jun 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 128% Dividend yield: 4.4% 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (128% payout ratio). Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿3.10, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 19x in the Media industry in Asia. Total loss to shareholders of 77% over the past three years. Major Estimate Revision • May 16
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ฿4.75b to ฿4.25b. EPS estimate unchanged from ฿0.17 per share at last update. Media industry in Thailand expected to see average net income growth of 24% next year. Consensus price target broadly unchanged at ฿4.12. Share price was steady at ฿3.96 over the past week. Reported Earnings • May 11
First quarter 2025 earnings released: EPS: ฿0.022 (vs ฿0.007 in 1Q 2024) First quarter 2025 results: EPS: ฿0.022 (up from ฿0.007 in 1Q 2024). Revenue: ฿994.6m (flat on 1Q 2024). Net income: ฿43.1m (up 204% from 1Q 2024). Profit margin: 4.3% (up from 1.4% in 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Media industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 22 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (3.2%). New Risk • Feb 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Declared Dividend • Feb 24
Dividend of ฿0.04 announced Shareholders will receive a dividend of ฿0.04. Ex-date: 6th May 2025 Payment date: 22nd May 2025 Dividend yield will be 2.0%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (89% earnings payout ratio) and cash flows (8% 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 67% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jan 24
BEC World Public Company Limited Announces Directorate Changes BEC World Public Company Limited informed that Mr. Matthew Kichodhan has resigned from the director of the Company, effective from 23 January 2025. The Board of Directors meeting No. 1/2025, held on 24th January 2025, had passed the resolution to appoint Mrs. Sudjit Divari be a director (Independent director), to replace the director who resigned, effective from 24th January 2025 onward. Price Target Changed • Dec 18
Price target decreased by 9.7% to ฿4.31 Down from ฿4.77, the current price target is an average from 6 analysts. New target price is 13% above last closing price of ฿3.80. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿0.12 for next year compared to ฿0.11 last year. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: ฿0.023 (vs ฿0.019 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.023 (up from ฿0.019 in 3Q 2023). Revenue: ฿1.07b (down 4.1% from 3Q 2023). Net income: ฿45.9m (up 21% from 3Q 2023). Profit margin: 4.3% (up from 3.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 29
Consensus EPS estimates increase by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.11 to ฿0.133. Revenue forecast steady at ฿4.67b. Net income forecast to grow 50% next year vs 25% growth forecast for Media industry in Thailand. Consensus price target of ฿4.77 unchanged from last update. Share price was steady at ฿3.98 over the past week. Major Estimate Revision • Aug 16
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿4.72b to ฿4.67b. EPS estimate also fell from ฿0.153 per share to ฿0.11 per share. Net income forecast to grow 46% next year vs 25% growth forecast for Media industry in Thailand. Consensus price target down from ฿4.94 to ฿4.65. Share price rose 3.9% to ฿3.70 over the past week. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 22 August 2024. Payment date: 05 September 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (7.0%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.036 (vs ฿0.037 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.036 (down from ฿0.037 in 2Q 2023). Revenue: ฿1.11b (down 7.9% from 2Q 2023). Net income: ฿71.4m (down 4.6% from 2Q 2023). Profit margin: 6.4% (up from 6.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 10
BEC World Public Company Limited Declares Dividend for 2024, Payable on September 5, 2024 BEC World Public Company Limited board declared cash dividend of THB 0.04 per share for year 2024, payable of September 5, 2024; record date: August 23, 2024; Ex-dividend date: August 22, 2024. Tillkännagivande • Jul 03
BEC World Public Company Limited Announces Executive Changes BEC World Public Company Limited announced change of CFO. The company announced termination of Mr. Piriyadit Choophungart as Chief Financial Officer, effective July 2, 2024. The company also announced appointment of Mr. Nopphadol Khemayotin as EVP - Finance & Accounting (CFO), effective July 3, 2024. Major Estimate Revision • Jun 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.178 to ฿0.158 per share. Revenue forecast steady at ฿4.75b. Net income forecast to grow 54% next year vs 31% growth forecast for Media industry in Thailand. Consensus price target down from ฿5.25 to ฿5.09. Share price fell 2.7% to ฿4.38 over the past week. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.007 (vs ฿0.002 in 1Q 2023) First quarter 2024 results: EPS: ฿0.007 (up from ฿0.002 in 1Q 2023). Revenue: ฿998.0m (flat on 1Q 2023). Net income: ฿14.2m (up 279% from 1Q 2023). Profit margin: 1.4% (up from 0.4% in 1Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Media industry in Asia. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (2.4%). Tillkännagivande • Apr 27
BEC World Public Company Limited Approves Dividend for the Year 2023, Payable on 23 May 2024 BEC World Public Company Limited at its AGM held on April 26, 2024, approved the payment of dividend for the year 2023 at the rate of THB 0.06 per share, totally, THB 120,000,000, equivalent to 57.14% of net profit in 2023 from operation result in consolidated financial statements. The payment of the dividend is payable from retained earnings of Company which shall pay corporate income tax at the rate of 20% of net profit and to impose the names of the shareholders who are entitled to receive the dividends in which the Company shall fix the Record Date on 8 May 2024, and the Board of Directors approved to pay the dividends on 23 May 2024. Tillkännagivande • Mar 15
BEC World Public Company Limited Appoints Piyawadee Maleenont as A Director BEC World Public Company Limited informed that the Board of Directors Meeting # 3/2024 resolved the appointment of Miss Piyawadee Maleenont as a director replacing the resigned director, effective from the March 15, 2024, onwards. Declared Dividend • Feb 26
Dividend reduced to ฿0.06 Dividend of ฿0.06 is 63% lower than last year. Ex-date: 7th May 2024 Payment date: 23rd May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio). However, it is well covered by cash flows (17% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control. EPS is expected to grow by 76% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.11 (down from ฿0.30 in FY 2022). Revenue: ฿4.66b (down 9.2% from FY 2022). Net income: ฿210.0m (down 65% from FY 2022). Profit margin: 4.5% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.8%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Media industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 24
BEC World Public Company Limited, Annual General Meeting, Apr 26, 2024 BEC World Public Company Limited, Annual General Meeting, Apr 26, 2024, at 07:00 Coordinated Universal Time. Agenda: To acknowledge the Board of Director report; to consider and approve the financial statement for the Fiscal Year as of 31 December 2023 and acknowledge the relevant auditor's report; to consider and approve to allocate the net profit as a reserved fund, required by law, and approve the payment of the dividend for the operating result in 2023; to consider and elect directors in replacement of directors retiring by rotation; to consider and approve director remuneration for the Year 2024; and to consider and approve the appointment of auditor and auditing fee for the Year 2024. Tillkännagivande • Feb 23
BEC World Public Company Limited Proposes Cash Dividend for 2023, Payable on 23 May 2024 The Board of Directors of BEC World Public Company Limited opined to propose AGM 2024 to allocate the profit of 2023 to be cash dividend of 2023 at the rate of THB 0.06 per share (Six Satang per share), totally, THB 120,000,000 (One Hundred Twenty Million Baht), equivalent to 57.14 % of net profit in 2023 from operation result in consolidated financial statements. The Board of Director proposes to pay the dividend, from retained earning of Company which pay corporate income tax at the rate of 20% of net profit and to impose the names of the shareholders who are entitled to receive the dividends in which the Company shall fix the Record Date on 8 May 2024 and the Board of Directors proposes to pay the dividend on 23 May 2024. Ex-dividend date is May 7, 2024. Major Estimate Revision • Feb 09
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from ฿0.122 to ฿0.105 per share. Revenue forecast steady at ฿4.60b. Net income forecast to grow 19% next year vs 22% growth forecast for Media industry in Thailand. Consensus price target down from ฿5.76 to ฿5.57. Share price rose 2.2% to ฿4.74 over the past week. New Risk • Nov 18
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 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (121% payout ratio). Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (5.8% net profit margin). Price Target Changed • Nov 17
Price target decreased by 7.6% to ฿5.94 Down from ฿6.42, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ฿5.80. Stock is down 43% over the past year. The company is forecast to post earnings per share of ฿0.20 for next year compared to ฿0.30 last year. Tillkännagivande • Nov 08
BEC World Public Company Limited Announces Resignation of Surin Krittayaphongphun as Director and Executive BEC World Public Company Limited announced that Mr. Surin Krittayaphongphun has resigned from his position as the Director and Executive of the Company and its subsidiaries, effective from 3rd November 2023. Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿4.90b to ฿4.66b. EPS estimate also fell from ฿0.225 per share to ฿0.20 per share. Net income forecast to grow 7.6% next year vs 28% growth forecast for Media industry in Thailand. Consensus price target down from ฿8.07 to ฿6.59. Share price rose 6.3% to ฿5.95 over the past week. Price Target Changed • Nov 03
Price target decreased by 13% to ฿7.19 Down from ฿8.22, the current price target is an average from 7 analysts. New target price is 21% above last closing price of ฿5.95. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿0.22 for next year compared to ฿0.30 last year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿6.95, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 14x in the Media industry in Asia. Total returns to shareholders of 45% over the past three years. Reported Earnings • Aug 12
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ฿0.037 (down from ฿0.087 in 2Q 2022). Revenue: ฿1.21b (down 11% from 2Q 2022). Net income: ฿74.9m (down 57% from 2Q 2022). Profit margin: 6.2% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Media industry in Thailand. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 19
Consensus EPS estimates fall by 34% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿5.32b to ฿4.88b. EPS estimate also fell from ฿0.332 per share to ฿0.22 per share. Net income forecast to grow 21% next year vs 23% growth forecast for Media industry in Thailand. Consensus price target down from ฿8.90 to ฿8.44. Share price rose 7.7% to ฿8.35 over the past week. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.002 (vs ฿0.087 in 1Q 2022) First quarter 2023 results: EPS: ฿0.002 (down from ฿0.087 in 1Q 2022). Revenue: ฿998.9m (down 20% from 1Q 2022). Net income: ฿3.74m (down 98% from 1Q 2022). Profit margin: 0.4% (down from 14% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Media industry in Thailand. 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 25% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 15
Price target decreased by 7.6% to ฿9.53 Down from ฿10.32, the current price target is an average from 9 analysts. New target price is 20% above last closing price of ฿7.95. Stock is down 46% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.30 last year. Price Target Changed • May 08
Price target decreased by 7.5% to ฿10.10 Down from ฿10.92, the current price target is an average from 9 analysts. New target price is 31% above last closing price of ฿7.70. Stock is down 49% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.30 last year. Upcoming Dividend • May 02
Upcoming dividend of ฿0.16 per share at 2.1% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 53% 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 (1.6%). Buying Opportunity • Apr 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ฿11.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿5.65b to ฿5.53b. EPS estimate also fell from ฿0.38 per share to ฿0.32 per share. Net income forecast to grow 5.9% next year vs 15% growth forecast for Media industry in Thailand. Consensus price target down from ฿13.54 to ฿12.27. Share price was steady at ฿10.10 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.056 (down from ฿0.071 in 3Q 2021). Revenue: ฿1.30b (up 1.6% from 3Q 2021). Net income: ฿111.3m (down 22% from 3Q 2021). Profit margin: 8.6% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Media industry in Thailand. Over the last 3 years on average, earnings per share has increased by 98% 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 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.056 (down from ฿0.071 in 3Q 2021). Revenue: ฿1.30b (up 1.6% from 3Q 2021). Net income: ฿111.3m (down 22% from 3Q 2021). Profit margin: 8.6% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 5.3%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Media industry in Thailand. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Price Target Changed • Oct 19
Price target decreased to ฿13.81 Down from ฿15.06, the current price target is an average from 9 analysts. New target price is 40% above last closing price of ฿9.85. Stock is down 24% over the past year. The company is forecast to post earnings per share of ฿0.40 for next year compared to ฿0.38 last year. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿11.20, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 13x in the Media industry in Asia. Total returns to shareholders of 53% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.08 (down from ฿0.092 in 2Q 2021). Revenue: ฿1.35b (down 11% from 2Q 2021). Net income: ฿173.1m (down 6.3% from 2Q 2021). Profit margin: 13% (in line with 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 17%, compared to a 34% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 07
Price target decreased to ฿15.29 Down from ฿16.54, the current price target is an average from 8 analysts. New target price is 24% above last closing price of ฿12.30. Stock is down 1.6% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.38 last year. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.087 (up from ฿0.069 in 1Q 2021). Revenue: ฿1.24b (down 5.9% from 1Q 2021). Net income: ฿173.8m (up 25% from 1Q 2021). Profit margin: 14% (up from 11% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 21%, compared to a 42% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 19 May 2022. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (1.6%). Price Target Changed • Feb 24
Price target increased to ฿15.42 Up from ฿14.23, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ฿15.90. Stock is up 82% over the past year. The company is forecast to post earnings per share of ฿0.51 for next year compared to ฿0.38 last year. Reported Earnings • Feb 22
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.38 (up from ฿0.11 loss in FY 2020). Revenue: ฿5.72b (down 3.1% from FY 2020). Net income: ฿761.6m (up ฿975.9m from FY 2020). Profit margin: 13% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 18%, compared to a 31% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 19
Price target decreased to ฿13.04 Down from ฿14.08, the current price target is an average from 9 analysts. New target price is 6.8% below last closing price of ฿14.00. Stock is up 79% over the past year. The company is forecast to post earnings per share of ฿0.34 next year compared to a net loss per share of ฿0.11 last year. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improved over the past week After last week's 15% share price gain to ฿15.10, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 15x in the Media industry in Asia. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿12.74 per share. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.03 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿1.28b (down 3.6% from 3Q 2020). Net income: ฿142.9m (up 138% from 3Q 2020). Profit margin: 11% (up from 4.5% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.09 (vs ฿0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.51b (up 27% from 2Q 2020). Net income: ฿184.7m (up ฿451.4m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. 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 18% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 02
Price target increased to ฿13.79 Up from ฿12.79, the current price target is an average from 8 analysts. New target price is 5.2% above last closing price of ฿13.10. Stock is up 191% over the past year. Price Target Changed • May 29
Price target increased to ฿11.50 Up from ฿10.69, the current price target is an average from 9 analysts. New target price is 7.3% below last closing price of ฿12.40. Stock is up 194% over the past year. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿0.30 to ฿0.33. Revenue forecast steady at ฿6.52b. Net income forecast to grow 247% next year vs 22% growth forecast for Media industry in Thailand. Consensus price target up from ฿10.63 to ฿11.26. Share price rose 22% to ฿11.70 over the past week. Price Target Changed • May 22
Price target increased to ฿11.22 Up from ฿10.34, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of ฿11.20. Stock is up 159% over the past year. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.07 (vs ฿0.14 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.32b (down 20% from 1Q 2020). Net income: ฿138.8m (up ฿414.0m from 1Q 2020). Profit margin: 11% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue and earnings miss expectations Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 16%, compared to a 27% growth forecast for the Media industry in Thailand. Reported Earnings • Mar 02
Full year 2020 earnings released: ฿0.11 loss per share (vs ฿0.20 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ฿5.94b (down 32% from FY 2019). Net loss: ฿214.3m (loss narrowed 46% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day high: ฿9.25 The company is up 52% from its price of ฿6.10 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿26.49 per share. Is New 90 Day High Low • Feb 02
New 90-day high: ฿8.30 The company is up 77% from its price of ฿4.70 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿26.61 per share. Is New 90 Day High Low • Jan 12
New 90-day high: ฿8.25 The company is up 63% from its price of ฿5.05 on 14 October 2020. The Thai market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media 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 ฿26.66 per share. Price Target Changed • Dec 28
Price target raised to ฿6.15 Up from ฿5.56, the current price target is an average from 9 analysts. The new target price is 23% below the current share price of ฿8.00. As of last close, the stock is up 36% over the past year. Is New 90 Day High Low • Dec 14
New 90-day high: ฿7.15 The company is up 45% from its price of ฿4.94 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media 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 ฿26.15 per share. Price Target Changed • Dec 05
Price target raised to ฿5.61 Up from ฿5.03, the current price target is an average from 9 analysts. The new target price is 18% below the current share price of ฿6.85. As of last close, the stock is up 15% over the past year. Price Target Changed • Nov 24
Price target raised to ฿4.96 Up from ฿4.25, the current price target is an average from 8 analysts. The new target price is 17% below the current share price of ฿5.95. As of last close, the stock is down 9.8% over the past year. Major Estimate Revision • Nov 20
Analysts update estimates The company's losses in 2020 are expected to improve with analysts raising their consensus EPS forecasts from -฿0.29 to -฿0.26. Revenue estimate was approximately flat at ฿6.49b. The Media industry in Thailand is expected to see an average net income growth of 17% next year. The consensus price target increased from ฿4.25 to ฿4.41. Share price is up 21% to ฿5.70 over the past week. Is New 90 Day High Low • Nov 20
New 90-day high: ฿5.70 The company is up 31% from its price of ฿4.34 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 Media industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿23.83 per share. Analyst Estimate Surprise Post Earnings • Nov 15
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) surpassed estimates. Over the next year, revenue is forecast to grow 13%, compared to a 20% growth forecast for the Media industry in Thailand. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿0.03 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿1.33b (down 48% from 3Q 2019). Net income: ฿60.1m (down 36% from 3Q 2019). Profit margin: 4.5% (up from 3.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 10
Price target raised to ฿4.54 Up from ฿4.22, the current price target is an average from 8 analysts. The new target price is 9.2% below the current share price of ฿5.00. As of last close, the stock is down 30% over the past year. Major Estimate Revision • Oct 08
Analysts update estimates The company's losses in 2020 are expected to improve with analysts raising their consensus EPS forecasts from -฿0.33 to -฿0.28. The revenue estimate was reaffirmed at ฿6.27b. The Media industry in Thailand is expected to see an average net income growth of 16% next year. The consensus price target of ฿4.41 was unchanged from the last update. Share price is down by 2.0% to ฿5.00 over the past week. 
