Reported Earnings • May 20
First quarter 2026 earnings released: EPS: ฿0.74 (vs ฿0.58 in 1Q 2025) First quarter 2026 results: EPS: ฿0.74 (up from ฿0.58 in 1Q 2025). Revenue: ฿7.61b (up 2.8% from 1Q 2025). Net income: ฿258.0m (up 28% from 1Q 2025). Profit margin: 3.4% (up from 2.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 16
SiS Distribution (Thailand) Public Company Limited to Report Q1, 2026 Results on May 25, 2026 SiS Distribution (Thailand) Public Company Limited announced that they will report Q1, 2026 results on May 25, 2026 Buy Or Sell Opportunity • Mar 19
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ฿19.70. The fair value is estimated to be ฿24.82, 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 10%. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings are also forecast to grow by 3.9% per annum over the same time period. Reported Earnings • Feb 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: ฿2.50 (up from ฿1.99 in FY 2024). Revenue: ฿30.1b (up 4.4% from FY 2024). Net income: ฿876.4m (up 26% from FY 2024). Profit margin: 2.9% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 25
Dividend increased to ฿1.22 Dividend of ฿1.22 is 8.9% higher than last year. Ex-date: 6th March 2026 Payment date: 8th May 2026 Dividend yield will be 5.1%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: EPS: ฿0.63 (up from ฿0.34 in 3Q 2024). Revenue: ฿7.73b (up 3.4% from 3Q 2024). Net income: ฿218.8m (up 84% from 3Q 2024). Profit margin: 2.8% (up from 1.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electronic industry in Thailand. 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 10% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to ฿20.60. The fair value is estimated to be ฿17.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Aug 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to ฿21.10. The fair value is estimated to be ฿17.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.55 (up from ฿0.48 in 2Q 2024). Revenue: ฿6.88b (up 2.6% from 2Q 2024). Net income: ฿191.1m (up 14% from 2Q 2024). Profit margin: 2.8% (up from 2.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to ฿22.50. The fair value is estimated to be ฿18.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Earnings per share has declined by 4.0%. Buy Or Sell Opportunity • Jun 11
Now 23% overvalued Over the last 90 days, the stock has fallen 7.2% to ฿21.90. The fair value is estimated to be ฿17.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.5% over the last 3 years. Earnings per share has declined by 4.0%. Reported Earnings • May 10
First quarter 2025 earnings released: EPS: ฿0.58 (vs ฿0.51 in 1Q 2024) First quarter 2025 results: EPS: ฿0.58 (up from ฿0.51 in 1Q 2024). Revenue: ฿7.40b (up 1.8% from 1Q 2024). Net income: ฿202.0m (up 13% from 1Q 2024). Profit margin: 2.7% (up from 2.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿20.00, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 13x in the Electronic industry in Thailand. Total loss to shareholders of 44% over the past three years. Declared Dividend • Feb 16
Dividend increased to ฿1.12 Dividend of ฿1.12 is 6.7% higher than last year. Ex-date: 4th March 2025 Payment date: 13th May 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿1.99 (vs ฿1.84 in FY 2023) Full year 2024 results: EPS: ฿1.99 (up from ฿1.84 in FY 2023). Revenue: ฿28.8b (up 4.2% from FY 2023). Net income: ฿697.6m (up 8.1% from FY 2023). Profit margin: 2.4% (up from 2.3% 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 7% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿27.50, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 17x in the Electronic industry in Thailand. Total loss to shareholders of 19% over the past three years. New Risk • Nov 14
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 6.7% 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 High level of debt (53% net debt to equity). Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.34 (vs ฿0.46 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.34 (down from ฿0.46 in 3Q 2023). Revenue: ฿7.47b (up 10% from 3Q 2023). Net income: ฿119.3m (down 26% from 3Q 2023). Profit margin: 1.6% (down from 2.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.48 (vs ฿0.50 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.48 (down from ฿0.50 in 2Q 2023). Revenue: ฿6.71b (down 9.5% from 2Q 2023). Net income: ฿168.3m (down 3.3% from 2Q 2023). Profit margin: 2.5% (up from 2.3% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿30.25, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 18x in the Electronic industry in Thailand. Negligible returns to shareholders over past three years. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.51 (vs ฿0.39 in 1Q 2023) First quarter 2024 results: EPS: ฿0.51 (up from ฿0.39 in 1Q 2023). Revenue: ฿7.27b (up 6.7% from 1Q 2023). Net income: ฿178.1m (up 32% from 1Q 2023). Profit margin: 2.5% (up from 2.0% 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 6% per year whereas the company’s share price has fallen by 7% per year. New Risk • Apr 20
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 6.0% 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: Minor Risks High level of debt (64% net debt to equity). Share price has been volatile over the past 3 months (6.0% average weekly change). Upcoming Dividend • Feb 27
Upcoming dividend of ฿1.05 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.1%). Declared Dividend • Feb 21
Dividend reduced to ฿1.05 Dividend of ฿1.05 is 12% lower than last year. Ex-date: 5th March 2024 Payment date: 15th May 2024 Dividend yield will be 4.5%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 17
Full year 2023 earnings released: EPS: ฿1.84 (vs ฿1.97 in FY 2022) Full year 2023 results: EPS: ฿1.84 (down from ฿1.97 in FY 2022). Revenue: ฿27.7b (down 4.8% from FY 2022). Net income: ฿645.6m (down 6.2% from FY 2022). Profit margin: 2.3% (down from 2.4% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Tillkännagivande • Feb 17
SiS Distribution (Thailand) Public Company Limited, Annual General Meeting, Apr 26, 2024 SiS Distribution (Thailand) Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and acknowledge the Annual Report (56-1 One Report) and the Board of Directors report on the Company's performance for the year 2023; to consider and approve the audited Financial Statements for the year ended December 31, 2023; and to consider other matters. Tillkännagivande • Feb 16
Sis Distribution (Thailand) Public Company Limited Proposes Dividend Payment for the Year 2024. Payable on May 15Th, 2024 SiS Distribution (Thailand) Public Company Limited at its board meeting held on, approved to propose the Annual General Meeting of Shareholders for consideration and approval of the allocation of profits and dividend payment for the year 2024 (derived from the performance of the year 2023) in the form of cash, at a rate of THB 1.05 per share, totaling a dividend payment of 367,708,588 baht. The date for determining the rights of shareholders to participate in the Annual General Meeting of Shareholders 2024 and the rights of receiving dividend payments (Record Date) will be on March 6th, 2024, and schedule the dividend payment on May 15th, 2024, to the Annual General Meeting to be held on April 26th, 2024. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.46 (vs ฿0.53 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.46 (down from ฿0.53 in 3Q 2022). Revenue: ฿6.77b (flat on 3Q 2022). Net income: ฿160.9m (down 13% from 3Q 2022). Profit margin: 2.4% (down from 2.8% in 3Q 2022). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ฿20.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Electronic industry in Thailand. Total returns to shareholders of 76% over the past three years. New Risk • Aug 16
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 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (274% cash payout ratio). Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • Aug 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (274% cash payout ratio). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.50 (vs ฿0.56 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.50 (down from ฿0.56 in 2Q 2022). Revenue: ฿7.41b (down 1.4% from 2Q 2022). Net income: ฿174.1m (down 11% from 2Q 2022). Profit margin: 2.3% (down from 2.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.39 (vs ฿0.55 in 1Q 2022) First quarter 2023 results: EPS: ฿0.39 (down from ฿0.55 in 1Q 2022). Revenue: ฿6.81b (down 16% from 1Q 2022). Net income: ฿134.8m (down 30% from 1Q 2022). Profit margin: 2.0% (down from 2.4% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 11
Price target decreased by 14% to ฿30.00 Down from ฿35.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of ฿25.00. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿2.26 for next year compared to ฿1.97 last year. Buying Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be ฿32.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 48% in the next 2 years. Reported Earnings • Feb 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿1.97 (down from ฿2.26 in FY 2021). Revenue: ฿29.1b (down 10.0% from FY 2021). Net income: ฿688.5m (down 13% from FY 2021). Profit margin: 2.4% (down from 2.5% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Feb 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be ฿32.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Jan 30
Now 21% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be ฿35.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Tillkännagivande • Jan 17
SiS Distribution (Thailand) Public Company Limited Announces Board Changes SiS Distribution (Thailand) Public Company Limited announced the resignation of Mrs. Nattamon Chotvichien, Company Secretary with effective on 16 January 2023 and the Board of Directors Meeting no.1/2023 had resolution to appoint Ms. Sirinun Leelapeeraphun to be the Company Secretary with effective from 16 January 2023 onwards. Buying Opportunity • Jan 11
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be ฿35.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.53 (vs ฿0.61 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.53 (down from ฿0.61 in 3Q 2021). Revenue: ฿6.72b (down 21% from 3Q 2021). Net income: ฿185.9m (down 14% from 3Q 2021). Profit margin: 2.8% (up from 2.5% in 3Q 2021). 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 14% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sudaporn Tawapee was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.53 (vs ฿0.61 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.53 (down from ฿0.61 in 3Q 2021). Revenue: ฿6.72b (down 21% from 3Q 2021). Net income: ฿185.9m (down 14% from 3Q 2021). Profit margin: 2.8% (up from 2.5% in 3Q 2021). 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 14% growth forecast for the Electronic industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of 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 ฿25.75, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Electronic industry in Thailand. Total returns to shareholders of 244% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿50.47 per share. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.56 (vs ฿0.56 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.56 (down from ฿0.56 in 2Q 2021). Revenue: ฿7.51b (down 4.7% from 2Q 2021). Net income: ฿194.4m (down 1.5% from 2Q 2021). Profit margin: 2.6% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 5.4%, compared to a 80% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jun 17
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿37.2b to ฿34.1b. EPS estimate also fell from ฿2.66 per share to ฿2.15 per share. Net income forecast to grow 22% next year vs 23% growth forecast for Electronic industry in Thailand. Consensus price target down from ฿64.12 to ฿46.00. Share price fell 11% to ฿26.25 over the past week. Reported Earnings • May 15
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: ฿0.55 (up from ฿0.55 in 1Q 2021). Revenue: ฿8.09b (up 9.6% from 1Q 2021). Net income: ฿193.8m (up 1.6% from 1Q 2021). Profit margin: 2.4% (down from 2.6% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 16%, compared to a 102% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ฿46.00 Up from ฿41.25, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ฿38.75. Stock is up 17% over the past year. The company is forecast to post earnings per share of ฿2.66 for next year compared to ฿2.26 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sudaporn Tawapee was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 03
Upcoming dividend of ฿1.20 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 13 May 2022. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿2.26 (up from ฿1.71 in FY 2020). Revenue: ฿32.3b (up 35% from FY 2020). Net income: ฿792.6m (up 33% from FY 2020). Profit margin: 2.5% (in line with FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 12%, compared to a 81% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Dec 16
Consensus revenue estimates increase by 19% The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from ฿27.2b to ฿32.3b. EPS estimate increased from ฿2.08 to ฿2.25 per share. Net income forecast to grow 16% next year vs 47% growth forecast for Electronic industry in Thailand. Consensus price target up from ฿41.25 to ฿46.00. Share price rose 3.9% to ฿46.25 over the past week. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ฿0.61 (vs ฿0.44 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿8.46b (up 28% from 3Q 2020). Net income: ฿215.2m (up 40% from 3Q 2020). Profit margin: 2.5% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.56 (vs ฿0.42 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿7.88b (up 29% from 2Q 2020). Net income: ฿197.4m (up 34% from 2Q 2020). Profit margin: 2.5% (up from 2.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 21% share price gain to ฿39.25, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 26x in the Electronic industry in Thailand. Total returns to shareholders of 462% over the past three years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.55 (vs ฿0.37 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿7.38b (up 38% from 1Q 2020). Net income: ฿190.8m (up 47% from 1Q 2020). Profit margin: 2.6% (up from 2.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 20% share price gain to ฿33.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 26x in the Electronic industry in Thailand. Total returns to shareholders of 362% over the past three years. Major Estimate Revision • Mar 16
Analysts increase EPS estimates to ฿2.08 The 2021 consensus revenue estimate increased from ฿25.5b to ฿27.2b. The earnings per share estimate also received an upgrade from ฿1.81 to ฿2.08 for the same period. Net income is expected to grow by 22% next year compared to 15% growth forecast for the Electronic industry in Thailand. The consensus price target increased from ฿23.50 to ฿27.00. Share price is up 17% to ฿27.75 over the past week. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improved over the past week After last week's 17% share price gain to ฿27.75, the stock trades at a trailing P/E ratio of 16.3x, up from the previous P/E ratio of 13.9x. Average P/E is 31x in the Electronic industry in Thailand. Total returns to shareholders over the past three years are 282%. Price Target Changed • Mar 15
Price target increased to ฿27.00 Up from ฿22.60, the current price target is provided by 1 analyst. New target price is 8.0% above last closing price of ฿25.00. Stock is up 359% over the past year. Is New 90 Day High Low • Mar 09
New 90-day high: ฿23.80 The company is up 38% from its price of ฿17.20 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿1.71 (vs ฿1.21 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿24.0b (up 18% from FY 2019). Net income: ฿597.5m (up 41% from FY 2019). Profit margin: 2.5% (up from 2.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 6.4%, compared to a 9.7% growth forecast for the Electronic industry in Thailand. Is New 90 Day High Low • Feb 05
New 90-day high: ฿21.50 The company is up 11% from its price of ฿19.40 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 100% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.44 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿6.60b (up 24% from 3Q 2019). Net income: ฿153.5m (up 55% from 3Q 2019). Profit margin: 2.3% (up from 1.9% 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 19% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Sep 24
New 90-day high: ฿15.10 The company is up 85% from its price of ฿8.15 on 25 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 92% over the same period.