Upcoming Dividend • Mar 19
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 26 March 2026. Payment date: 28 May 2026. The company last paid an ordinary dividend in May 2020. The average dividend yield among industry peers is 2.9%. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: ฿0.08 (vs ฿0.083 in FY 2024) Full year 2025 results: EPS: ฿0.08 (down from ฿0.083 in FY 2024). Revenue: ฿6.55b (up 1.6% from FY 2024). Net income: ฿798.6m (down 4.8% from FY 2024). Profit margin: 12% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 20% per year. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.011 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.02 (up from ฿0.011 in 3Q 2024). Revenue: ฿1.66b (down 4.3% from 3Q 2024). Net income: ฿210.8m (up 91% from 3Q 2024). Profit margin: 13% (up from 6.4% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.01 (vs ฿0.022 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.01 (down from ฿0.022 in 2Q 2024). Revenue: ฿1.64b (up 4.5% from 2Q 2024). Net income: ฿148.8m (down 32% from 2Q 2024). Profit margin: 9.1% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 21% per year. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.02 (vs ฿0.025 in 1Q 2024) First quarter 2025 results: EPS: ฿0.02 (down from ฿0.025 in 1Q 2024). Revenue: ฿1.63b (up 11% from 1Q 2024). Net income: ฿226.1m (down 11% from 1Q 2024). Profit margin: 14% (down from 17% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year and the company’s share price has also fallen by 23% per year. Tillkännagivande • Mar 03
Absolute Clean Energy Public Company Limited (SET:ACE) announces an Equity Buyback for 400,000,000 shares, representing 3.93% for THB 500 million. Absolute Clean Energy Public Company Limited (SET:ACE) announces a share repurchase program. Under the program, the company will repurchase up to 400,000,000 shares, representing 3.93% of its issued share capital for THB 500 million. The shares will be repurchased at a price not exceeding 115% of the average closing share price of five business days prior to each repurchase date. The purpose of the program is to manage the company’s liquidity efficiency, to build confidence on the solid financial position and capability to generate return of the company and to increase the return on equity and the earnings per share. The repurchase program will expire on September 28, 2025. As at January 22, 2025, the company had 10,175,999,960 issued and outstanding shares. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: ฿0.08 (vs ฿0.11 in FY 2023) Full year 2024 results: EPS: ฿0.08 (down from ฿0.11 in FY 2023). Revenue: ฿6.45b (down 2.0% from FY 2023). Net income: ฿838.7m (down 22% from FY 2023). Profit margin: 13% (down from 16% in FY 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 26% per year. Tillkännagivande • Mar 01
Absolute Clean Energy Public Company Limited, Annual General Meeting, Apr 30, 2025 Absolute Clean Energy Public Company Limited, Annual General Meeting, Apr 30, 2025, at 14:30 SE Asia Standard Time. Location: the meeting room of the company, located on the 7th floor, itf tower, no. 140/6 silom road, suriyawongse, bang rak, bangkok Thailand New Risk • Nov 20
New major risk - Revenue and earnings growth Earnings have declined by 2.6% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risk High level of debt (45% net debt to equity). Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.02 (vs ฿0.031 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.02 (down from ฿0.031 in 2Q 2023). Revenue: ฿1.57b (down 2.9% from 2Q 2023). Net income: ฿219.6m (down 31% from 2Q 2023). Profit margin: 14% (down from 20% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Aug 07
Now 20% overvalued Over the last 90 days, the stock has fallen 6.5% to ฿1.30. The fair value is estimated to be ฿1.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has declined by 9.1%. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.027 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03. Revenue: ฿1.47b (down 16% from 1Q 2023). Net income: ฿255.2m (down 7.2% from 1Q 2023). Profit margin: 17% (up from 16% in 1Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: ฿0.11 (vs ฿0.13 in FY 2022) Full year 2023 results: EPS: ฿0.11 (down from ฿0.13 in FY 2022). Revenue: ฿6.58b (down 4.8% from FY 2022). Net income: ฿1.07b (down 16% from FY 2022). Profit margin: 16% (down from 19% 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 7% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Mar 01
Absolute Clean Energy Public Company Limited, Annual General Meeting, Apr 30, 2024 Absolute Clean Energy Public Company Limited, Annual General Meeting, Apr 30, 2024, at 14:30 SE Asia Standard Time. Location: 7th Floor, ITF Tower, No. 140/6 Silom Road, Suriyawongse, Bang Rak, Bangkok Thailand Agenda: To consider Message from the Chairman; to consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders held on April 28, 2023; to consider and acknowledge the Board of Directors' report on the Company's operating results of 2023; to consider and approve the statement of financial position and statement of comprehensive income of the Company for the fiscal period ended December 31, 2023; to consider and approve the allocation of net profit as legal reserve and the suspension of dividend payments for the operating results of 2023; to consider and approve the election of directors to replace those retiring by rotation in 2024; To consider and approve the appointment of auditors and the determination of remuneration of the auditors for the fiscal period ending 31 December 2024; and to consider other matters. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.038 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.03 (down from ฿0.038 in 3Q 2022). Revenue: ฿1.63b (down 10% from 3Q 2022). Net income: ฿316.8m (down 17% from 3Q 2022). Profit margin: 20% (down from 21% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.038 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.038 in 2Q 2022). Revenue: ฿1.61b (down 1.5% from 2Q 2022). Net income: ฿315.8m (down 18% from 2Q 2022). Profit margin: 20% (down from 23% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. 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 21% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.032 in 1Q 2022) First quarter 2023 results: EPS: ฿0.03 (down from ฿0.032 in 1Q 2022). Revenue: ฿1.74b (up 7.4% from 1Q 2022). Net income: ฿275.0m (down 15% from 1Q 2022). Profit margin: 16% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Chairman of the Board Monthon Sudprasert was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.038 (vs ฿0.036 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.038 (up from ฿0.036 in 2Q 2021). Revenue: ฿1.64b (up 18% from 2Q 2021). Net income: ฿383.7m (up 4.7% from 2Q 2021). Profit margin: 23% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 80%, compared to a 22% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • May 14
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.03 (down from ฿0.035 in 1Q 2021). Revenue: ฿1.62b (up 23% from 1Q 2021). Net income: ฿322.7m (down 10% from 1Q 2021). Profit margin: 20% (down from 27% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 87%, compared to a 26% growth forecast for the industry in Thailand. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Chairman of the Board Monthon Sudprasert was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿0.15 (up from ฿0.15 in FY 2020). Revenue: ฿5.73b (down 2.2% from FY 2020). Net income: ฿1.51b (flat on FY 2020). Profit margin: 26% (in line with FY 2020). Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 59%, compared to a 32% growth forecast for the industry in Thailand. Major Estimate Revision • Jan 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ฿0.14 to ฿0.13 per share. Revenue forecast steady at ฿6.64b. Net income forecast to grow 26% next year vs 25% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿4.30 to ฿4.00. Share price fell 2.3% to ฿3.40 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.04 in 3Q 2020) The company reported a soft third quarter result with weaker revenues, although earnings and profit margins were flat. Third quarter 2021 results: Revenue: ฿1.47b (down 2.2% from 3Q 2020). Net income: ฿411.2m (flat on 3Q 2020). Profit margin: 28% (in line with 3Q 2020). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.025 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿1.39b (down 16% from 2Q 2020). Net income: ฿366.5m (up 47% from 2Q 2020). Profit margin: 26% (up from 15% in 2Q 2020). The increase in margin was driven by lower expenses. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.058 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.31b (down 2.5% from 1Q 2020). Net income: ฿360.3m (down 39% from 1Q 2020). Profit margin: 27% (down from 44% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. Executive Departure • May 02
Independent Chairman of the Board Pranai Suwanrath has left the company On the 29th of April, Pranai Suwanrath's tenure as Independent Chairman of the Board ended after 3.0 years in the role. We don't have any record of a personal shareholding under Pranai's name. Pranai is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.15 (vs ฿0.088 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.86b (up 16% from FY 2019). Net income: ฿1.51b (up 85% from FY 2019). Profit margin: 26% (up from 16% in FY 2019). The increase in margin was driven by higher revenue. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 9.1%, compared to a 24% growth forecast for the Renewable Energy industry in Thailand. Is New 90 Day High Low • Jan 06
New 90-day high: ฿3.84 The company is up 32% from its price of ฿2.90 on 08 October 2020. The Thai market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿1.98 per share. Is New 90 Day High Low • Dec 16
New 90-day high: ฿3.80 The company is up 28% from its price of ฿2.96 on 17 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.92 per share. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 18% share price gain to ฿3.62, the stock is trading at a trailing P/E ratio of 24.3x, up from the previous P/E ratio of 20.7x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Total return to shareholders over the past year is a loss of 16%. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.04 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.50b (up 19% from 3Q 2019). Net income: ฿410.2m (up 80% from 3Q 2019). Profit margin: 27% (up from 18% in 3Q 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 24% share price gain to ฿2.96, the stock is trading at a trailing P/E ratio of 22.1x, up from the previous P/E ratio of 17.7x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Is New 90 Day High Low • Oct 19
New 90-day low: ฿2.74 The company is down 30% from its price of ฿3.90 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.78 per share. Is New 90 Day High Low • Oct 01
New 90-day low: ฿2.84 The company is down 29% from its price of ฿3.98 on 03 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.76 per share. 
