New Risk • Mar 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿305.5m (US$9.60m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 35% per year over the past 5 years. Market cap is less than US$10m (฿305.5m market cap, or US$9.60m). Reported Earnings • Mar 04
Full year 2025 earnings released: ฿0.56 loss per share (vs ฿0.14 loss in FY 2024) Full year 2025 results: ฿0.56 loss per share (further deteriorated from ฿0.14 loss in FY 2024). Revenue: ฿1.88b (down 30% from FY 2024). Net loss: ฿1.22b (loss widened 302% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 03
RS Public Company Limited, Annual General Meeting, Apr 30, 2026 RS Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.064 loss per share (vs ฿0.087 profit in 3Q 2024) Third quarter 2025 results: ฿0.064 loss per share (down from ฿0.087 profit in 3Q 2024). Revenue: ฿523.7m (down 18% from 3Q 2024). Net loss: ฿140.2m (down 174% from profit in 3Q 2024). Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.10 loss per share (vs ฿0.022 loss in 2Q 2024) Second quarter 2025 results: ฿0.10 loss per share (further deteriorated from ฿0.022 loss in 2Q 2024). Revenue: ฿484.8m (down 39% from 2Q 2024). Net loss: ฿229.0m (loss widened 392% from 2Q 2024). Reported Earnings • May 17
First quarter 2025 earnings released: ฿0.13 loss per share (vs ฿0.061 loss in 1Q 2024) First quarter 2025 results: ฿0.13 loss per share (further deteriorated from ฿0.061 loss in 1Q 2024). Revenue: ฿454.7m (down 33% from 1Q 2024). Net loss: ฿274.6m (loss widened 111% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 62% per year, which means it is significantly lagging earnings. Tillkännagivande • May 03
RS Public Company Limited Approves Omission of Dividend RS Public Company Limited held the 2025 Annual General Meeting of the Shareholders held on 30 April 2025, approved the omitted dividend payment. Tillkännagivande • Apr 30
RS Public Company Limited Announces Board and Committee Changes In the 2025 Annual General Meeting of Shareholders held on 30 April 2025, RS Public Company Limited approved the appointment of Mr. Jakkrit Parapuntakul as Chairman of the Board of Directors, replacing Mr. Surachai Chetchotisak, as part of a restructuring to align with good corporate governance principles. Currently, Mr. Surachai Chetchotisak will continue to serve as the Chief Executive Officer (CEO) of the Company. This change shall be effective from 30 April 2015 onwards. The company also Approved to appoint the sub-committees comprises; Audit Committee: Mr. Jakkrit Parapuntakul as Chairman of Audit Committe, and Mr. Phisit Dachanabhirom, Mrs. Jamjuree Sirovetnukul and Mr. Supakit Assavachai as members of audit committee. For Risk Committee: Mr. Supakit Assavachai as Chairman of Risk Committee and Mr. Phisit Dachanabhirom, Mrs. Pornpan Techarungchaikul and Mr. Wittawat Wetchabutsakorn as members of risk committee. For Nomination and Remuneration Committee: Mr. Phisit Dachanabhirom as Chairman of Nomination and Remuneration Committee and Mr. Supakit Assavachai, Mrs. Jamjuree Sirovetnukul as members of Nomination and Remuneration Committee. For Corporate Governance and Sustainable Development Committee: Mrs. Jamjuree Sirovetnukul as Chairman of Corporate Governance and Sustainable Development Committee, Mr. Wittawat Wetchabutsakorn and Mr. Prinn Muensuksaeng as members of Corporate Governance and Sustainable Development Committee. For Executive Committee: Mr. Surachai Chetchotisak as Chairman of Executive Committee, and Mr. Wittawat Wetchabutsakorn, Mr. Chot Chetchotisak, Mrs. Pornpan Techarungchaikul as members of executive committee. For Investment Committee: Mr. Surachai Chetchotisak as Chairman of Investment Committee, and Mr. Wittawat Wetchabutsakorn and Mr. Chot Chetchotisak as members of investment committee. Reported Earnings • Mar 02
Full year 2024 earnings released: ฿0.14 loss per share (vs ฿0.65 profit in FY 2023) Full year 2024 results: ฿0.14 loss per share (down from ฿0.65 profit in FY 2023). Revenue: ฿2.68b (down 27% from FY 2023). Net loss: ฿304.6m (down 122% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to ฿1.24, the stock trades at a trailing P/E ratio of 66.8x. Average forward P/E is 15x in the Entertainment industry in Thailand. Total loss to shareholders of 85% over the past three years. New Risk • Jan 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.27b (US$94.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (฿3.27b market cap, or US$94.7m). New Risk • Jan 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 9.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.0% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). New Risk • Nov 23
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: 1.4% Last year net profit margin: 36% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Price Target Changed • Aug 16
Price target decreased by 12% to ฿12.15 Down from ฿13.78, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿11.90. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.16 for next year compared to ฿1.31 last year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.043 loss per share (vs ฿0.087 profit in 2Q 2023) Second quarter 2024 results: ฿0.043 loss per share (down from ฿0.087 profit in 2Q 2023). Revenue: ฿799.8m (down 17% from 2Q 2023). Net loss: ฿46.5m (down 150% from profit in 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • May 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings are forecast to decline by an average of 74% per year for the foreseeable future. High level of non-cash earnings (34% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 17
First quarter 2024 earnings released: ฿0.12 loss per share (vs ฿0.086 profit in 1Q 2023) First quarter 2024 results: ฿0.12 loss per share (down from ฿0.086 profit in 1Q 2023). Revenue: ฿702.9m (down 14% from 1Q 2023). Net loss: ฿130.2m (down 242% from profit in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Entertainment industry in Asia. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 10
RS Public Company Limited Proposes Interim Dividend Payment RS Public Company Limited approved to propose to the 2024 Annual General Meeting of Shareholders to consider and approve the payment of dividend and acknowledge the interim dividend payment for the year 2023. The Board of Directors' Meeting No.6/2023 resolve to approve the interim dividend payment to shareholders of the Company at the rate 0.60 baht per share or amounting to the total dividend payment of 641,847,295.80 baht. In this regard, the Company has already made the interim dividend payment to the shareholders on 12 October 2023 and the Board of Directors' Meeting No.1/2024 resolve to approve not pay additional for the dividend at the end of the year, at the AGM to be held on April 30, 2024. Price Target Changed • Mar 05
Price target decreased by 12% to ฿13.87 Down from ฿15.75, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿13.50. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿1.31 last year. Reported Earnings • Mar 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿1.31 (up from ฿0.13 in FY 2022). Revenue: ฿3.65b (up 3.3% from FY 2022). Net income: ฿1.40b (up ฿1.26b from FY 2022). Profit margin: 38% (up from 3.9% in FY 2022). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 01
RS Public Company Limited, Annual General Meeting, Apr 30, 2024 RS Public Company Limited, Annual General Meeting, Apr 30, 2024, at 10:00 SE Asia Standard Time. Agenda: To Acknowledge the Company's performance report for the year 2023 according to Form 56-1 One Report; to consider and approve the statement of financial position and statements of comprehensive income of the fiscal year ended 31 December 2023 which had been audited by the audited by the certified public accountant; to consider and approve the payment of the dividend and acknowledge the interim dividend payment for the year 2023; to consider and approve the election of directors who retired by rotation in year 2024; to consider and approve the directors’ remuneration for the year 2024; and to discuss other matters. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ฿1.11 (up from ฿0.078 in 3Q 2022). Revenue: ฿1.02b (up 7.7% from 3Q 2022). Net income: ฿1.18b (up ฿1.10b from 3Q 2022). Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.9% 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 255% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 7.9% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Sep 27
Upcoming dividend of ฿0.60 per share at 8.3% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 12 October 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.3%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (6.1%). Tillkännagivande • Sep 14
RS Public Company Limited Approves Interim Dividend, Payable on 12 October 2023 RS Public Company Limited announced that at its Board of Directors' Meeting held on 14 September 2023, approved the cash interim dividend payment in accordance with the policy of Company. Because of the financial statement end of 30 June 2023, the Company has retained earnings from consolidated financial statements amount THB 775,450,998, the company shall pay dividend to the Company of shareholders amount 1,069,745,493 shares in the ratio of THB 0.60 per share total THB 641,847,295.80. Fixed the record date for the right to receive dividend (Record Date) on 5 October 2023 and fixed the date of dividend payment on 12 October 2023. New Risk • Aug 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 (2.0x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.087 (vs ฿0.012 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.087 (up from ฿0.012 in 2Q 2022). Revenue: ฿964.5m (up 17% from 2Q 2022). Net income: ฿92.6m (up ฿79.5m from 2Q 2022). Profit margin: 9.6% (up from 1.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 54% 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. Price Target Changed • Jun 06
Price target increased by 7.0% to ฿15.35 Up from ฿14.34, the current price target is an average from 4 analysts. New target price is 7.3% above last closing price of ฿14.30. Stock is down 1.7% over the past year. The company is forecast to post earnings per share of ฿0.32 for next year compared to ฿0.13 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.095 (vs ฿0.052 in 1Q 2022) First quarter 2023 results: EPS: ฿0.095 (up from ฿0.052 in 1Q 2022). Revenue: ฿813.2m (down 3.7% from 1Q 2022). Net income: ฿91.9m (up 67% from 1Q 2022). Profit margin: 11% (up from 6.5% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Tillkännagivande • May 17
RS Public Company Limited to Report Q1, 2023 Results on May 15, 2023 RS Public Company Limited announced that they will report Q1, 2023 results on May 15, 2023 Upcoming Dividend • Apr 11
Upcoming dividend of ฿0.011 per share at 0.1% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 03 May 2023. Payout ratio is a comfortable 7.8% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 03
Full year 2022 earnings released: EPS: ฿0.14 (vs ฿0.13 in FY 2021) Full year 2022 results: EPS: ฿0.14 (up from ฿0.13 in FY 2021). Revenue: ฿3.53b (down 1.1% from FY 2021). Net income: ฿137.1m (up 7.6% from FY 2021). Profit margin: 3.9% (up from 3.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 14
RS Public Company Limited, Annual General Meeting, Apr 10, 2023 RS Public Company Limited, Annual General Meeting, Apr 10, 2023. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from ฿3.79b to ฿3.65b. EPS estimate also fell from ฿0.248 per share to ฿0.188 per share. Net income forecast to grow 360% next year vs 51% growth forecast for Entertainment industry in Thailand. Consensus price target broadly unchanged at ฿16.90. Share price rose 2.9% to ฿17.90 over the past week. Reported Earnings • Nov 18
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.085 (up from ฿0 in 3Q 2021). Revenue: ฿946.5m (up 11% from 3Q 2021). Net income: ฿81.7m (up ฿82.0m from 3Q 2021). Profit margin: 8.6% (up from 0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 70%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Entertainment industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Supakit Assavachai 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. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿0.014 (down from ฿0.056 in 2Q 2021). Revenue: ฿827.7m (down 17% from 2Q 2021). Net income: ฿13.1m (down 76% from 2Q 2021). Profit margin: 1.6% (down from 5.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 21%. Over the last 3 years on average, earnings per share has fallen by 38% 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. Major Estimate Revision • Jul 15
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿4.71b to ฿4.25b. EPS estimate also fell from ฿0.52 per share to ฿0.42 per share. Net income forecast to grow 988% next year vs 25% growth forecast for Entertainment industry in Thailand. Consensus price target down from ฿20.79 to ฿18.60. Share price was steady at ฿15.10 over the past week. Price Target Changed • Jul 14
Price target decreased to ฿19.36 Down from ฿20.93, the current price target is an average from 7 analysts. New target price is 30% above last closing price of ฿14.90. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.52 for next year compared to ฿0.13 last year. Major Estimate Revision • May 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿4.53b to ฿4.71b. EPS estimate fell from ฿0.64 to ฿0.52 per share. Net income forecast to grow 1,257% next year vs 28% growth forecast for Entertainment industry in Thailand. Consensus price target broadly unchanged at ฿20.79. Share price fell 3.7% to ฿15.70 over the past week. Reported Earnings • May 19
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.057 (down from ฿0.15 in 1Q 2021). Revenue: ฿844.5m (down 15% from 1Q 2021). Net income: ฿55.0m (down 61% from 1Q 2021). Profit margin: 6.5% (down from 14% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Over the next year, revenue is forecast to grow 37%, compared to a 44% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Supakit Assavachai 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. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.13 (down from ฿0.55 in FY 2020). Revenue: ฿3.57b (down 5.3% from FY 2020). Net income: ฿127.4m (down 76% from FY 2020). Profit margin: 3.6% (down from 14% in FY 2020). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 17%. Over the next year, revenue is forecast to grow 29%, compared to a 44% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 15% 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. Major Estimate Revision • Jan 26
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿3.77b to ฿3.73b. EPS estimate also fell from ฿0.27 per share to ฿0.24 per share. Net income forecast to grow 64% next year vs 22% growth forecast for Entertainment industry in Thailand. Consensus price target broadly unchanged at ฿22.12. Share price fell 6.6% to ฿18.50 over the past week. Price Target Changed • Jan 18
Price target decreased to ฿22.28 Down from ฿24.08, the current price target is an average from 7 analysts. New target price is 12% above last closing price of ฿19.90. Stock is down 3.9% over the past year. The company is forecast to post earnings per share of ฿0.27 for next year compared to ฿0.55 last year. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 17% share price gain to ฿21.70, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 24x in the Entertainment industry in Thailand. Total returns to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿33.92 per share. Price Target Changed • Sep 05
Price target decreased to ฿24.21 Down from ฿26.65, the current price target is an average from 7 analysts. New target price is 26% above last closing price of ฿19.20. Stock is down 2.5% over the past year. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.056 (vs ฿0.11 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿992.4m (up 19% from 2Q 2020). Net income: ฿53.6m (down 51% from 2Q 2020). Profit margin: 5.4% (down from 13% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 3% per year. Price Target Changed • Aug 18
Price target decreased to ฿26.51 Down from ฿29.50, the current price target is an average from 5 analysts. New target price is 43% above last closing price of ฿18.60. Stock is up 5.1% over the past year. Price Target Changed • Jul 14
Price target decreased to ฿26.65 Down from ฿29.50, the current price target is an average from 7 analysts. New target price is 28% above last closing price of ฿20.80. Stock is up 18% over the past year. Major Estimate Revision • Jul 14
Consensus EPS estimates fall to ฿0.63 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿4.81b to ฿4.42b. EPS estimate also fell from ฿0.73 to ฿0.63. Net income forecast to grow 57% next year vs 37% growth forecast for Entertainment industry in Thailand. Consensus price target down from ฿30.95 to ฿27.96. Share price fell 3.7% to ฿20.80 over the past week. Major Estimate Revision • May 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.83 to ฿0.74. Revenue forecast unchanged from ฿4.86b at last update. Net income forecast to grow 67% next year vs 38% growth forecast for Entertainment industry in Thailand. Consensus price target of ฿29.36 unchanged from last update. Share price rose 3.7% to ฿25.00 over the past week. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.19 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿994.9m (up 1.0% from 1Q 2020). Net income: ฿140.2m (down 25% from 1Q 2020). Profit margin: 14% (down from 19% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 16% share price gain to ฿29.00, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 20x in the Entertainment industry in Asia. Total returns to shareholders of 8.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿26.53 per share. Price Target Changed • Mar 08
Price target raised to ฿26.74 Up from ฿24.50, the current price target is an average from 6 analysts. The new target price is close to the current share price of ฿25.50. As of last close, the stock is up 150% over the past year. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.55 (vs ฿0.37 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿3.77b (up 4.5% from FY 2019). Net income: ฿528.3m (up 45% from FY 2019). Profit margin: 14% (up from 10% in FY 2019). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue behind estimates Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 24%, compared to a 24% growth forecast for the Entertainment industry in Thailand. Price Target Changed • Feb 09
Price target raised to ฿26.01 Up from ฿22.90, the current price target is an average from 7 analysts. The new target price is 6.3% below the current share price of ฿27.75. As of last close, the stock is up 155% over the past year. Is New 90 Day High Low • Feb 08
New 90-day high: ฿26.00 The company is up 44% from its price of ฿18.00 on 10 November 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.00 per share. Price Target Changed • Jan 21
Price target raised to ฿22.90 Up from ฿20.47, the current price target is an average from 7 analysts. The new target price is 5.5% above the current share price of ฿21.70. As of last close, the stock is up 67% over the past year. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 25% share price gain to ฿21.30, the stock is trading at a trailing P/E ratio of 41.8x, up from the previous P/E ratio of 33.3x. This compares to an average P/E of 38x in the Entertainment industry in Thailand. Total return to shareholders over the past three years is a loss of 15%. Is New 90 Day High Low • Jan 06
New 90-day low: ฿17.00 The company is down 12% from its price of ฿19.30 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment 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 ฿20.07 per share. Is New 90 Day High Low • Nov 17
New 90-day low: ฿17.40 The company is down 2.0% from its price of ฿17.70 on 19 August 2020. The Thai market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment 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 ฿17.29 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.14 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿938.4m (up 5.8% from 3Q 2019). Net income: ฿130.6m (up 41% from 3Q 2019). Profit margin: 14% (up from 10% in 3Q 2019). 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 but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 18%, compared to a 23% growth forecast for the Entertainment industry in Thailand. Price Target Changed • Oct 14
Price target raised to ฿20.11 Up from ฿18.48, the current price target is an average from 7 analysts. The new target price is close to the current share price of ฿19.70. As of last close, the stock is up 26% over the past year.