New Risk • Jun 11
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (220% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿2.05b market cap, or US$62.3m). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.25 (vs ฿0.079 in 1Q 2025) First quarter 2026 results: EPS: ฿0.25 (up from ฿0.079 in 1Q 2025). Revenue: ฿2.85b (up 24% from 1Q 2025). Net income: ฿91.7m (up 218% from 1Q 2025). Profit margin: 3.2% (up from 1.2% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ฿4.92, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total returns to shareholders of 61% over the past three years. Buy Or Sell Opportunity • Apr 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to ฿4.20. The fair value is estimated to be ฿3.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 78%. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 17 April 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 7.0%. Lower than top quartile of Thai dividend payers (7.4%). Higher than average of industry peers (4.6%). Declared Dividend • Feb 25
Final dividend of ฿0.21 announced Shareholders will receive a dividend of ฿0.21. Ex-date: 17th April 2026 Payment date: 5th May 2026 Dividend yield will be 7.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Feb 24
IT City Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2025 to December 31, 2025 , Payable on 05 May 2026 IT City Public Company Limited Board of Directors deemed it appropriate to propose that the Meeting consider and approve the cash dividend payment from the operating result of the year 2025 to shareholders at the rate of THB 0.29 per share . However, as the Board of Directors previously resolved to approve the payment of interim dividends at the rate of THB 0.08 per share and has made the payment on September 9, 2025, the additional dividend payment that the Company will distribute will be THB 0.21 per share. The dividend payment date is scheduled for May 5, 2026, and since the Company has made allocations to the legal reserve totaling 10 % of the registered capital in accordance with the Articles of Association of the Company, the Company is not required to allocate additional profits from the operating result as legal reserve. Record date for the right to receive dividends is 20 April 2026. Ex-dividend date is 17 April 2026. Payment date is 05 May 2026. Paid from Operating period from 01 January 2025 to 31 December 2025. Tillkännagivande • Feb 23
IT City Public Company Limited, Annual General Meeting, Apr 08, 2026 IT City Public Company Limited, Annual General Meeting, Apr 08, 2026, at 14:00 SE Asia Standard Time. Location: asic room, 31st floor, ms siam tower, 1023 rama iii road, kwaeng chong nonsi, khet yannawa, bangkok Thailand Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿4.02, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 16% over the past three years. Buy Or Sell Opportunity • Feb 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to ฿3.76. The fair value is estimated to be ฿3.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Buy Or Sell Opportunity • Jan 20
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to ฿3.36. The fair value is estimated to be ฿2.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Buy Or Sell Opportunity • Dec 30
Now 22% overvalued Over the last 90 days, the stock has fallen 15% to ฿3.50. The fair value is estimated to be ฿2.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Buy Or Sell Opportunity • Dec 09
Now 21% overvalued Over the last 90 days, the stock has fallen 18% to ฿3.44. The fair value is estimated to be ฿2.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Buy Or Sell Opportunity • Nov 12
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to ฿3.62. The fair value is estimated to be ฿3.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 58%. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿108 (vs ฿0.092 in 3Q 2024) Third quarter 2025 results: EPS: ฿108 (up from ฿0.092 in 3Q 2024). Revenue: ฿2.49b (up 11% from 3Q 2024). Net income: ฿39.5m (up 17% from 3Q 2024). Profit margin: 1.6% (up from 1.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 15
Now 22% undervalued Over the last 90 days, the stock has risen 8.1% to ฿3.74. The fair value is estimated to be ฿4.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 30%. Declared Dividend • Aug 15
First half dividend increased to ฿0.08 Dividend of ฿0.08 is 14% higher than last year. Ex-date: 26th August 2025 Payment date: 9th September 2025 Dividend yield will be 6.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.10 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.13 (up from ฿0.10 in 2Q 2024). Revenue: ฿2.33b (up 8.1% from 2Q 2024). Net income: ฿49.1m (up 28% from 2Q 2024). Profit margin: 2.1% (up from 1.8% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.079 (vs ฿0.089 in 1Q 2024) First quarter 2025 results: EPS: ฿0.079 (down from ฿0.089 in 1Q 2024). Revenue: ฿2.31b (down 1.6% from 1Q 2024). Net income: ฿28.9m (down 11% from 1Q 2024). Profit margin: 1.2% (down from 1.4% 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 3% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Apr 10
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 7.3%. Lower than top quartile of Thai dividend payers (8.3%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 24
Final dividend of ฿0.19 announced Shareholders will receive a dividend of ฿0.19. Ex-date: 17th April 2025 Payment date: 2nd May 2025 Dividend yield will be 6.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 38% 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: ฿0.40 (vs ฿0.13 in FY 2023) Full year 2024 results: EPS: ฿0.40 (up from ฿0.13 in FY 2023). Revenue: ฿9.03b (up 10% from FY 2023). Net income: ฿146.5m (up 209% from FY 2023). Profit margin: 1.6% (up from 0.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Feb 22
IT City Public Company Limited Proposes Dividend for the Operating Period from January 1, 2024 to December 31, 2024, Payable on May 2, 2025 IT City Public Company Limited at its board meeting held on February 21, 2025 announced that The Board of Directors deemed it appropriate to propose that the Meeting consider and approve the dividend payment from the operating result of the year 2024 to shareholders at the rate of THB 0.26 per share for the operating period from January 1, 2024 to December 31, 2024. However, as the Board of Directors previously resolved to approve the payment of interim dividends at the rate of THB 0.07 per share and has made the payment on September 4, 2024, the additional dividend payment that the Company will distribute will be THB 0.19 per share. The dividend payment date is scheduled for May 2, 2025, and since the Company has made allocations to the legal reserve totaling 10% of the registered capital in accordance with the Articles of Association of the Company, the Company is not required to allocate additional profits from the operating result as legal reserve. Record date is April 18, 2025, Ex dividend date is April 17, 2025 and payment date is May 2, 2025. Tillkännagivande • Feb 21
IT City Public Company Limited, Annual General Meeting, Apr 09, 2025 IT City Public Company Limited, Annual General Meeting, Apr 09, 2025, at 14:00 SE Asia Standard Time. Location: asic room, 31st floor, ms siam tower, 1023 rama iii road, kwaeng chong nonsi, khet yannawa, bangkok Thailand Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: ฿0.092 (vs ฿0.022 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.092 (up from ฿0.022 in 3Q 2023). Revenue: ฿2.25b (up 14% from 3Q 2023). Net income: ฿33.8m (up 326% from 3Q 2023). Profit margin: 1.5% (up from 0.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 14
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 21 August 2024. Payment date: 04 September 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Thai dividend payers (7.0%). Lower than average of industry peers (3.4%). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.042 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.10 (up from ฿0.042 in 2Q 2023). Revenue: ฿2.16b (up 6.6% from 2Q 2023). Net income: ฿38.3m (up 148% from 2Q 2023). Profit margin: 1.8% (up from 0.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% 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. New Risk • Jul 26
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 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (฿1.63b market cap, or US$45.2m). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.44, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 21x in the Specialty Retail industry in Thailand. Total loss to shareholders of 4.5% over the past three years. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.089 (vs ฿0.038 in 1Q 2023) First quarter 2024 results: EPS: ฿0.089 (up from ฿0.038 in 1Q 2023). Revenue: ฿2.35b (up 11% from 1Q 2023). Net income: ฿32.5m (up 136% from 1Q 2023). Profit margin: 1.4% (up from 0.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 11
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 03 May 2024. Trailing yield: 2.7%. Lower than top quartile of Thai dividend payers (5.8%). In line with average of industry peers (2.7%). Tillkännagivande • Feb 21
IT City Public Company Limited, Annual General Meeting, Apr 10, 2024 IT City Public Company Limited, Annual General Meeting, Apr 10, 2024, at 14:00 SE Asia Standard Time. Location: ASIC Room, 31st Floor, MS Siam Tower, 1023 Rama III Road, Chong Nonsi Sub-District, Yannawa District, Bangkok, Bangkok Thailand Agenda: To acknowledge the report on the Company's operating results for the year 2023; to consider and approve the statement of financial position and statements of comprehensive income for the fiscal year ended December 31, 2023, which has been audited by licensed auditors and reviewed by the Audit Committee; to consider and approve the dividend payment from the operating results of the year 2023 and omission of the allocation of net profit as legal reserve; to consider and approve the appointment of directors in replacement of those who are due to retire by rotation; and to discuss other matters. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.13 (vs ฿0.052 in FY 2022) Full year 2023 results: EPS: ฿0.13 (up from ฿0.052 in FY 2022). Revenue: ฿8.20b (down 5.9% from FY 2022). Net income: ฿47.4m (up 147% from FY 2022). Profit margin: 0.6% (up from 0.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 21
IT City Public Company Limited Proposes Dividend for the Fiscal Year Ended December 31, 2023, Payable on May 3, 2024 The Board of Directors' Meeting No. 1/2024 of IT City Public Company Limited which was held on February 20, 2024, proposed to the 2024 Annual General Meeting of Shareholders to consider approving the dividend payment from the Company's operating results for the fiscal year ended December 31, 2023 to the shareholders at the rate of THB 0.10 per share, equivalent to the total amount of THB 36,639,885.90 which represents 95.47% of the net profits as prescribed under the separate financial statements after deducting corporate income tax. The record date to determine the list of shareholders entitled to receive the dividends is scheduled for April 19, 2024 (Record Date) and the dividend payment date is scheduled for May 3, 2024. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: ฿0.022 (vs ฿0.017 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.022 (up from ฿0.017 in 3Q 2022). Revenue: ฿1.97b (down 7.7% from 3Q 2022). Net income: ฿7.94m (up 27% from 3Q 2022). Profit margin: 0.4% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Aug 12
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 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (฿1.48b market cap, or US$42.2m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.042 (vs ฿0.027 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.042 (up from ฿0.027 in 2Q 2022). Revenue: ฿2.02b (down 6.4% from 2Q 2022). Net income: ฿15.5m (up 58% from 2Q 2022). Profit margin: 0.8% (up from 0.5% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.038 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.038 (down from ฿0.11 in 1Q 2022). Revenue: ฿2.11b (down 6.5% from 1Q 2022). Net income: ฿13.8m (down 67% from 1Q 2022). Profit margin: 0.7% (down from 1.8% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ฿4.94, 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 64%. Buying Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be ฿5.04, 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 64%. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿4.20, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 25x in the Specialty Retail industry in Thailand. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 27% share price gain to ฿6.10, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 27x in the Specialty Retail industry in Thailand. Total returns to shareholders of 122% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Ronnawat Suwannapirom was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.017 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.017 (down from ฿0.13 in 3Q 2021). Revenue: ฿2.14b (up 13% from 3Q 2021). Net income: ฿6.25m (down 87% from 3Q 2021). Profit margin: 0.3% (down from 2.5% 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 88% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿5.30, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 28x in the Specialty Retail industry in Thailand. Total returns to shareholders of 81% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.027 (vs ฿0.13 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.027 (down from ฿0.13 in 2Q 2021). Revenue: ฿2.16b (flat on 2Q 2021). Net income: ฿9.80m (down 80% from 2Q 2021). Profit margin: 0.5% (down from 2.2% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 24% share price gain to ฿8.65, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 29x in the Specialty Retail industry in Thailand. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 16% share price gain to ฿7.10, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿6.65, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ฿8.55, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 32x in the Specialty Retail industry in Thailand. Total returns to shareholders of 245% over the past three years. Reported Earnings • May 13
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿0.11. Revenue: ฿2.26b (up 7.6% from 1Q 2021). Net income: ฿41.6m (up 1.6% from 1Q 2021). Profit margin: 1.8% (down from 2.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Buying Opportunity • May 12
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be ฿16.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Ronnawat Suwannapirom was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Apr 05
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 12 April 2022. Payment date: 03 May 2022. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿16.40, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 33x in the Specialty Retail industry in Thailand. Total returns to shareholders of 528% over the past three years. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 20% share price gain to ฿15.90, the stock trades at a trailing P/E ratio of 28.4x. Average trailing P/E is 35x in the Specialty Retail industry in Thailand. Total returns to shareholders of 514% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.56 (up from ฿0.11 loss in FY 2020). Revenue: ฿8.71b (up 24% from FY 2020). Net income: ฿205.2m (up ฿246.4m from FY 2020). Profit margin: 2.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improved over the past week After last week's 23% share price gain to ฿16.10, the stock trades at a trailing P/E ratio of 72.4x. Average trailing P/E is 34x in the Specialty Retail industry in Thailand. Total returns to shareholders of 407% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 17% share price gain to ฿12.20, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 34x in the Specialty Retail industry in Thailand. Total returns to shareholders of 306% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.032 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: ฿1.89b (down 5.9% from 3Q 2020). Net income: ฿47.5m (up 306% from 3Q 2020). Profit margin: 2.5% (up from 0.6% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 20% share price gain to ฿8.35, the stock trades at a trailing P/E ratio of 67x. Average trailing P/E is 37x in the Specialty Retail industry in Thailand. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to ฿7.20, the stock trades at a trailing P/E ratio of 57.8x. Average trailing P/E is 32x in the Specialty Retail industry in Thailand. Total returns to shareholders of 73% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.096 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿2.15b (up 37% from 2Q 2020). Net income: ฿48.2m (up 38% from 2Q 2020). Profit margin: 2.2% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 30% share price gain to ฿6.35, the stock trades at a trailing P/E ratio of 71.7x. Average trailing P/E is 34x in the Specialty Retail industry in Thailand. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 52% share price gain to ฿6.00, the stock trades at a trailing P/E ratio of 67.7x. Average trailing P/E is 35x in the Specialty Retail industry in Thailand. Total returns to shareholders of 39% over the past three years. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.089 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.10b (up 35% from 1Q 2020). Net income: ฿41.0m (up ฿73.6m from 1Q 2020). Profit margin: 2.0% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 02
New 90-day high: ฿2.56 The company is up 2.0% from its price of ฿2.50 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 7.0% over the same period. Reported Earnings • Feb 25
Full year 2020 earnings released: ฿0.11 loss per share (vs ฿0.08 profit in FY 2019) The company reported a mediocre full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ฿7.01b (up 31% from FY 2019). Net loss: ฿41.2m (down 269% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 82% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 01
New 90-day low: ฿2.10 The company is down 13% from its price of ฿2.42 on 03 November 2020. The Thai market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day low: ฿2.30 The company is down 8.0% from its price of ฿2.50 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 2.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS ฿0.032 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿2.01b (up 67% from 3Q 2019). Net income: ฿11.7m (up 63% from 3Q 2019). Profit margin: 0.6% (in line with 3Q 2019). 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 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 21
New 90-day low: ฿2.40 The company is down 8.0% from its price of ฿2.62 on 23 July 2020. The Thai market is down 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Specialty Retail industry, which is down 4.0% over the same period.