Reported Earnings • May 18
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: ฿0.22 (up from ฿0.22 in 1Q 2025). Revenue: ฿491.0m (down 1.7% from 1Q 2025). Net income: ฿143.1m (up 1.0% from 1Q 2025). Profit margin: 29% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Buy Or Sell Opportunity • Mar 04
Now 23% undervalued Over the last 90 days, the stock has risen 6.5% to ฿11.50. The fair value is estimated to be ฿14.85, 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 30%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 6.8% per annum over the same time period. Declared Dividend • Feb 28
Final dividend of ฿0.50 announced Dividend of ฿0.50 is the same as last year. Ex-date: 18th March 2026 Payment date: 15th May 2026 Dividend yield will be 6.7%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, it is covered by cash flows (87% cash payout ratio). The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 21% to bring the payout ratio under control. EPS is expected to grow by 22% over the next 3 years, which should be enough to bring the dividend into a sustainable range. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.85 (vs ฿0.73 in FY 2024) Full year 2025 results: EPS: ฿0.85 (up from ฿0.73 in FY 2024). Revenue: ฿2.07b (up 18% from FY 2024). Net income: ฿545.8m (up 18% from FY 2024). Profit margin: 26% (in line with FY 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Price Target Changed • Jan 15
Price target decreased by 21% to ฿17.05 Down from ฿21.50, the current price target is an average from 2 analysts. New target price is 44% above last closing price of ฿11.80. Stock is down 36% over the past year. The company is forecast to post earnings per share of ฿0.86 for next year compared to ฿0.73 last year. New Risk • Dec 29
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 Dividend is not well covered by earnings (109% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Buy Or Sell Opportunity • Dec 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ฿11.30. The fair value is estimated to be ฿14.35, 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 32%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: ฿0.20 (up from ฿0.20 in 3Q 2024). Revenue: ฿591.1m (up 36% from 3Q 2024). Net income: ฿128.1m (up 1.6% from 3Q 2024). Profit margin: 22% (down from 29% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿13.80, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Infrastructure industry in Asia. Total loss to shareholders of 31% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿12.02 per share. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 11 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.2%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.18 in 2Q 2024). Revenue: ฿477.0m (up 8.3% from 2Q 2024). Net income: ฿130.0m (up 12% from 2Q 2024). Profit margin: 27% (in line with 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Asia. Buy Or Sell Opportunity • Jul 24
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to ฿11.60. The fair value is estimated to be ฿15.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿13.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Infrastructure industry in Asia. Total loss to shareholders of 42% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿15.59 per share. New Risk • Jun 24
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 138% Cash payout ratio: 114% Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿12.10, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Infrastructure industry in Asia. Total loss to shareholders of 40% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿16.29 per share. Buy Or Sell Opportunity • Jun 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ฿12.70. The fair value is estimated to be ฿16.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Price Target Changed • Jun 05
Price target decreased by 9.4% to ฿24.63 Down from ฿27.17, the current price target is an average from 2 analysts. New target price is 70% above last closing price of ฿14.50. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿0.81 for next year compared to ฿0.73 last year. Buy Or Sell Opportunity • May 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿15.00. The fair value is estimated to be ฿18.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last year. Meanwhile, the company has become profitable. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿17.60, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 20x in the Infrastructure industry in Thailand. Total loss to shareholders of 16% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿19.07 per share. Reported Earnings • May 09
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.22 (up from ฿0.15 in 1Q 2024). Revenue: ฿499.7m (up 22% from 1Q 2024). Net income: ฿141.7m (up 50% from 1Q 2024). Profit margin: 28% (up from 23% in 1Q 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 5.2%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in Thailand. Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to ฿15.10. The fair value is estimated to be ฿19.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿16.30, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Infrastructure industry in Thailand. Total loss to shareholders of 6.4% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿16.83 per share. Buy Or Sell Opportunity • Apr 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to ฿13.50. The fair value is estimated to be ฿16.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 12 March 2025. Payment date: 16 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 6.5%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (2.3%). New Risk • Feb 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 152% Cash payout ratio: 137% Dividend yield: 5.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 20
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: ฿0.73 (up from ฿0.46 in FY 2023). Revenue: ฿1.76b (up 6.7% from FY 2023). Net income: ฿464.3m (up 71% from FY 2023). Profit margin: 26% (up from 17% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Infrastructure industry in Thailand. Tillkännagivande • Feb 19
Samart Aviation Solutions Public Company Limited, Annual General Meeting, Apr 24, 2025 Samart Aviation Solutions Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:30 SE Asia Standard Time. Location: meeting room 16th fl, software park building, 99/20 moo 4, chaengwattana rd, klong gluar, pak-kred, nonthaburi 11120 Thailand Buy Or Sell Opportunity • Jan 03
Now 22% overvalued Over the last 90 days, the stock has fallen 9.0% to ฿20.20. The fair value is estimated to be ฿16.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Nov 14
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 21 November 2024. Payment date: 06 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Lower than top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (1.0%). Buy Or Sell Opportunity • Oct 09
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿23.50. The fair value is estimated to be ฿19.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last year. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Aug 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to ฿20.20. The fair value is estimated to be ฿25.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last year. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Aug 05
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to ฿19.40. The fair value is estimated to be ฿25.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last year. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Aug 03
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.18 (up from ฿0.14 in 2Q 2023). Revenue: ฿440.5m (up 20% from 2Q 2023). Net income: ฿116.3m (up 40% from 2Q 2023). Profit margin: 26% (up from 23% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in Asia. 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 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 161% Cash payout ratio: 304% Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$0.15 (vs US$0.053 in 1Q 2023) First quarter 2024 results: EPS: US$0.15 (up from US$0.053 in 1Q 2023). Revenue: US$417.0m (up 22% from 1Q 2023). Net income: US$94.3m (up 207% from 1Q 2023). Profit margin: 23% (up from 9.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 17% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Thailand are expected to grow by 13%. Buy Or Sell Opportunity • Mar 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to ฿19.40. The fair value is estimated to be ฿16.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last year. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Tillkännagivande • Feb 23
Samart Aviation Solutions Public Company Limited, Annual General Meeting, Apr 25, 2024 Samart Aviation Solutions Public Company Limited, Annual General Meeting, Apr 25, 2024, at 10:30 SE Asia Standard Time. Location: Meeting Room 16th Fl., Software Park Building, 99/20 Moo 4, Chaengwattana Rd., Klong Gluar, Pak-kred, Nonthaburi 11120 Nonthaburi Thailand Agenda: To consider and certify the Minutes of the 2023 Annual General Meeting of Shareholders held on March 15, 2023; to acknowledge the Company's 2023 operating results and Annual Report; to consider and approve the Company's Statement of Financial Position and Profit and Loss Statement for the year ended December 31, 2023; to consider and approve the appropriation of legal reserve and dividend payment for 2023; to consider and approve the appointment of Company's directors to replace of those who will retire by rotation for 2024; to consider and approve to fix the remuneration of the Board of Directors and the Committees for 2024; and to consider other matters. Reported Earnings • Feb 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.46 (up from ฿0.35 in FY 2022). Revenue: ฿1.65b (up 35% from FY 2022). Net income: ฿271.6m (up 36% from FY 2022). Profit margin: 17% (in line with FY 2022). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Infrastructure industry in Thailand. Buying Opportunity • Nov 21
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿17.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last year. Earnings per share has grown by 106%. Revenue is forecast to grow by 64% in 2 years. Earnings is forecast to grow by 144% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿0.16 (up from ฿0.13 in 3Q 2022). Revenue: ฿401.6m (up 18% from 3Q 2022). Net income: ฿90.8m (up 18% from 3Q 2022). Profit margin: 23% (in line with 3Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 20%. Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Infrastructure industry in Asia. Tillkännagivande • Oct 05
Samart Aviation Solutions Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01 January 2023 to 30 June 2023, Payable on 31 October 2023 Samart Aviation Solutions Public Company Limited announced interim cash dividend of THB 0.75 per share for the operating period from 01 January 2023 to 30 June 2023. Record date for the right to receive dividends is 17 October 2023; Ex-dividend date is 16 October 2023; Payment date is 31 October 2023. Tillkännagivande • Sep 27
Samart Aviation Solutions Public Company Limited has completed an IPO in the amount of THB 3.154 billion. Samart Aviation Solutions Public Company Limited has completed an IPO in the amount of THB 3.154 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 154,257,452
Price\Range: THB 19
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,742,548
Price\Range: THB 19
Transaction Features: Rights Offering