New Risk • Mar 02
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 6.4% 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 Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 39% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Reported Earnings • Mar 01
Full year 2025 earnings released: ฿0.67 loss per share (vs ฿1.00 loss in FY 2024) Full year 2025 results: ฿0.67 loss per share. Revenue: ฿13.6b (down 25% from FY 2024). Net loss: ฿4.86b (loss widened 4.9% from FY 2024). Tillkännagivande • Feb 27
Energy Absolute Public Company Limited, Annual General Meeting, Apr 24, 2026 Energy Absolute Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.11 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.04 (down from ฿0.11 in 3Q 2024). Revenue: ฿3.70b (down 6.0% from 3Q 2024). Net income: ฿263.6m (down 38% from 3Q 2024). Profit margin: 7.1% (down from 11% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 14 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.10 loss per share (vs ฿0.15 profit in 2Q 2024) Second quarter 2025 results: ฿0.10 loss per share (down from ฿0.15 profit in 2Q 2024). Revenue: ฿3.29b (down 26% from 2Q 2024). Net loss: ฿721.5m (down 233% from profit in 2Q 2024). Over the last 3 years on average, the company's earnings growth rate has exceeded its share price growth rate by 1 percentage points per year. New Risk • May 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.24 in 1Q 2024) First quarter 2025 results: EPS: ฿0.04 (down from ฿0.24 in 1Q 2024). Revenue: ฿3.51b (down 39% from 1Q 2024). Net income: ฿252.3m (down 72% from 1Q 2024). Profit margin: 7.2% (down from 15% in 1Q 2024). Tillkännagivande • Apr 26
Energy Absolute Public Company Limited Foreign Shares to Be Deleted from OTC Equity Energy Absolute Public Company Limited Foreign Shares (Thailand) will be deleted from OTC Equity effective April 28, 2025, due to Inactive Security. Tillkännagivande • Apr 25
Energy Absolute Public Company Limited Approves Omission of Dividend Payment for the Year 2024 Energy Absolute Public Company Limited at its 2025 Annual General Meeting of Shareholders held on 25 April 2025, approved the non-allocation of net profit as legal reserve and the omission of the dividend payment from the operational results of the year 2024. New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings have declined by 6.8% 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 Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 6.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Tillkännagivande • Mar 24
Energy Absolute Public Company Limited(SET:EA) dropped from FTSE All-World Index (USD) Energy Absolute Public Company Limited(SET:EA) dropped from FTSE All-World Index (USD) Reported Earnings • Mar 02
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: ฿1.00 loss per share (down from ฿2.04 profit in FY 2023). Revenue: ฿18.5b (down 38% from FY 2023). Net loss: ฿4.63b (down 161% from profit in FY 2023). Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Thailand are expected to remain flat. New Risk • Feb 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 100% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.64, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.51 per share. Tillkännagivande • Jan 16
Energy Absolute Public Company Limited(SET:EA-W1) dropped from FTSE All-World Index (USD) Energy Absolute Public Company Limited(SET:EA-W1) dropped from FTSE All-World Index (USD) Buy Or Sell Opportunity • Jan 13
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 64% to ฿3.06. The fair value is estimated to be ฿4.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to decline by 11% in 2 years. Earnings are forecast to decline by 12% in the next 2 years. Tillkännagivande • Jan 01
Energy Absolute Public Company Limited(SET:EA) dropped from SET 50 Index Energy Absolute Public Company Limited has been dropped from the SET 50 Index . Tillkännagivande • Dec 16
Energy Absolute Public Company Limited Announces Executive Changes Energy Absolute Public Company Limited at its board meeting held on 13 December 2024, resolved to appoint Mr. Nasis Prasertsakun as a new director, replacing Mr.Wutthilerd Chiannilkulchai, who had resigned before the expiry term. Effective from 13 December 2024 onwards. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿5.15, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.44 per share. Buy Or Sell Opportunity • Dec 04
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to ฿5.35. The fair value is estimated to be ฿4.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to decline by 11% in 2 years. Earnings are forecast to decline by 12% in the next 2 years. Buy Or Sell Opportunity • Nov 19
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to ฿6.40. The fair value is estimated to be ฿4.85, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 4.5%. Revenue is forecast to decline by 11% in 2 years. Earnings are forecast to decline by 12% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.53 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.11 (down from ฿0.53 in 3Q 2023). Revenue: ฿4.03b (down 45% from 3Q 2023). Net income: ฿421.6m (down 79% from 3Q 2023). Profit margin: 11% (down from 27% in 3Q 2023). Revenue is expected to decline by 1.2% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 2.5%. 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 58% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿5.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 92% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.63 per share. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿7.20, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.97 per share. Buy Or Sell Opportunity • Sep 10
Now 21% overvalued Over the last 90 days, the stock has fallen 64% to ฿7.20. The fair value is estimated to be ฿5.97, however this is not to be taken as a sell 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 6.7%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to decline by 35% in the next 2 years. Buy Or Sell Opportunity • Aug 23
Now 27% overvalued Over the last 90 days, the stock has fallen 68% to ฿7.55. The fair value is estimated to be ฿5.97, however this is not to be taken as a sell 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 6.7%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to decline by 35% in the next 2 years. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 30% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (19% net profit margin). Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.58 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.15 (down from ฿0.58 in 2Q 2023). Revenue: ฿4.49b (down 43% from 2Q 2023). Net income: ฿541.7m (down 75% from 2Q 2023). Profit margin: 12% (down from 27% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 8.0% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Thailand are expected to grow by 3.7%. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.60, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 94% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.49 per share. Tillkännagivande • Jul 30
Energy Absolute Public Company Limited Announces Resignation of Chatchaval Jiaravanon as Director Energy Absolute Public Company Limited informed that Mr. Chatchaval Jiaravanon has been notified to resign from the Company's director due to personal commitments, which may result in being unable to fully perform duties for the Company as a director, effective from 28 July 2024 onwards. Buy Or Sell Opportunity • Jul 24
Now 31% overvalued Over the last 90 days, the stock has fallen 85% to ฿4.54. The fair value is estimated to be ฿3.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 19% in 2 years. Earnings are forecast to decline by 47% in the next 2 years. Board Change • Jul 23
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Anjali Jalichandra was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to ฿9.15, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 84% over the past three years. Tillkännagivande • Jul 16
Energy Absolute Public Company Limited Approves Appointment of Vasu Klomkliang as Acting Chief Financial Officer Energy Absolute Public Company Limited at its board meeting held on July 14, 2024, resolved to approve the appointment of Mr. Vasu Klomkliang, as Acting CFO. In this regard, this shall take effect from 14 July 2024 onwards. (For Mr. Vasu is an expert in the field of Finance and investment who was a former executive of a commercial bank. Mr. Chatrapol is an expert in Green Technology, especially renewable energy and lithium batteries, as well as investment and engineering, and has been in this field for more than 10 years). Major Estimate Revision • Jul 16
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿1.60 to ฿1.42 per share. Revenue forecast steady at ฿31.8b. Net income forecast to shrink 13% next year vs 34% growth forecast for Renewable Energy industry in Thailand . Consensus price target down from ฿27.75 to ฿23.50. Share price rose 5.6% to ฿13.10 over the past week. Tillkännagivande • Jul 15
Energy Absolute Public Company Limited Announces Committee and Board Changes Energy Absolute Public Company Limited at the Board of Directors' Meeting of the Company No. (Special) 2/2024 on July 14, 2024. acknowledged the resignation as the Company's directors, member of subcommittee and executives of the Company of Mr. Somphote Ahunai and Mr. Amorn Sapthaweekul effective from 12 July 2024 onwards. Officer. Therefore, Mr. Somchainuk Engtrakul act as Chairman of the Board of Directors. Company Resolved to approve the appointment of the following directors in replacement of the resigned directors with the remaining term: 1) Mr. Chachawan Jiaravanon .Director (in replacement of Mr. Patiparn Sukorndhaman) 2) Mr. Vasu Klomkliang, Director, (in replacement of Mr. Amorn Sapthaweekul). 3) Mr. Chatrapol Sripratum Director (in replacement of Mr. Somphote Ahunai). In this regard, this shall take effect from 14 July 2024 onwards. (For Mr. Vasu is an expert in the field of Finance and investment who was a former executive of a commercial bank. Mr. Chatrapol is an expert in Green Technology, especially renewable energy and lithium batteries, as well as investment and engineering, and has been in this field for more than 10 years). After the appointment of the above directors, the Board of Directors of the Company shall consist of: 1. Mr. Somchainuk Engtrakul Chairman of the Board of Directors (Authorized Director) 2. Mr. Wutthilerd Chiannilkulchai Director (Authorized Director) 3. Mr. Somboon Ahunai Director (Authorized Director) 4. Mrs. Anjali Jalichandra Director (Authorized Director) 5. ACM. Chainan Thumasujarit Independent Director, Chairman of the Audit Committee 6. M.R. Bravochat Chatchai Independent Director, Member of Audit Committee 7. Mr. Somphop Keerasuntonpong Independent Director, Member of Audit Committee 8. Mr. Amornsuk Noparumpa Independent Director 9. Mr. Charoenchai Prathuangsuksri Director 10. Mr. Chatchaval Jiaravanon Director 11. Mr. Vasu Klomkliang Director 12. Mr. Chatrapon Sripratum Director. Company Resolved to approve the appointment of Mr. Wutthilerd Chiannilkulchai as the Chairman of the Executive Committee and the appointment of Mr. Somchainuk Engtrakul, Mr. Nasis Prasertsakun, Mr. Vasu Klomkliang and Mr. Chatrapon Sripratum as the members of the Executive Committee effective from 14 July 2024 onwards. Therefore, the Executive Committee shall be comprised as follows: 1. Mr. Wutthilerd Chiannilkulchai Chairman of the Executive Committee2. Mr. Somchainuk Engtrakul Member, 3. Mr. Somboon Ahunai Member, 4. Mr. Jumrud Sawangsamud Member, 5. Mr. Nasis Prasertsakun Member, 6. Mr. Vasu Klongkliang Member, 7. Mr. Chatrapon Sripratum Member. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿15.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 74% over the past three years. Major Estimate Revision • Jun 19
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿37.2b to ฿34.8b. EPS estimate also fell from ฿1.90 per share to ฿1.68 per share. Net income forecast to grow 3.5% next year vs 34% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿38.40 to ฿31.24. Share price fell 10% to ฿18.00 over the past week. Major Estimate Revision • May 17
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿42.1b to ฿37.2b. EPS estimate fell from ฿2.01 to ฿1.90 per share. Net income forecast to grow 18% next year vs 34% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿47.80 to ฿38.40. Share price fell 8.5% to ฿27.00 over the past week. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.62 in 1Q 2023) First quarter 2024 results: EPS: ฿0.24 (down from ฿0.62 in 1Q 2023). Revenue: ฿5.88b (down 34% from 1Q 2023). Net income: ฿888.7m (down 62% from 1Q 2023). Profit margin: 15% (down from 26% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 30
Energy Absolute Public Company Limited Announces Resignation of Patiparn Sukorndhaman as Independent Director and the Member of Risk Management Committee Energy Absolute Public Company Limited announced that Mr. Patiparn Sukorndhaman has notified to resign from the position of Independent Director and the Member of Risk Management Committee of the Company which will be effective from 30 April 2024 onwards. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿30.25, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Renewable Energy industry in Thailand. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿56.07 per share. New Risk • Apr 18
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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Price Target Changed • Apr 17
Price target decreased by 19% to ฿47.80 Down from ฿58.75, the current price target is an average from 5 analysts. New target price is 43% above last closing price of ฿33.50. Stock is down 55% over the past year. The company is forecast to post earnings per share of ฿2.01 for next year compared to ฿2.04 last year. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 08 March 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (2.6%). Reported Earnings • Feb 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿2.04 (up from ฿2.04 in FY 2022). Revenue: ฿31.6b (up 25% from FY 2022). Net income: ฿7.61b (flat on FY 2022). Profit margin: 24% (down from 30% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Declared Dividend • Feb 25
Dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 8th March 2024 Payment date: 24th May 2024 Dividend yield will be 0.8%, which is lower than the industry average of 2.1%. Tillkännagivande • Feb 24
Energy Absolute Public Company Limited, Annual General Meeting, Apr 26, 2024 Energy Absolute Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To adopt the minutes of the 2023 Annual General Meeting of Shareholders held on 21 April 2023; to acknowledge the Board of Directors' Report and Annual Report for the year 2023; to consider and approve the Audited Financial Statements for the year ended 31 December 2023; to consider and approve the cancellation of the issuance of remaining and unissued debentures approved by the 2023 Annual General Meeting of Shareholders; and to consider other matters. Tillkännagivande • Feb 23
Energy Absolute Public Company Limited Proposes Dividend for the Year 2023, Payable on 24 May 2024 Energy Absolute Public Company Limited at its AGM to be held on April 26, 2024 proposed dividend of THB 0.30 per share for the year 2023 from Non-BOI retained earnings. The Meeting also approved and resolved that the "Record Date" will be on 11 March 2024 to determine the right of shareholders for attending the 2024 Annual General Meeting of Shareholders and to receive the Annual Dividend for the year 2023, which the Annual Dividend will be paid on 24 May 2024. (However, the right to receive Dividend, as the case may be, is uncertain as it has not yet been approved by the 2024 Annual General Meeting of Shareholders to be held on 26 April 2024.) In this regard, the aforementioned is to be proposed for further shareholders' approval. Price Target Changed • Feb 19
Price target decreased by 7.3% to ฿58.75 Down from ฿63.38, the current price target is an average from 4 analysts. New target price is 56% above last closing price of ฿37.75. Stock is down 55% over the past year. The company is forecast to post earnings per share of ฿2.11 for next year compared to ฿2.04 last year. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.53 (vs ฿0.80 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.53 (down from ฿0.80 in 3Q 2022). Revenue: ฿8.57b (up 51% from 3Q 2022). Net income: ฿1.96b (down 34% from 3Q 2022). Profit margin: 23% (down from 52% in 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy 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 fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Nov 11
Energy Absolute Public Company Limited Announces Board Changes Energy Absolute Public Company Limited informed the resolutions of the Board of Directors Meeting No. 4/2023 which was held on 10 November 2023, resolved to appoint Mr. Patiparn Sukorndhaman as a new director, replacing Pol. Gen. Phatcharavat Wongsuwan, who had resigned before the expiry term. Price Target Changed • Oct 12
Price target decreased by 14% to ฿71.75 Down from ฿83.00, the current price target is an average from 4 analysts. New target price is 49% above last closing price of ฿48.00. Stock is down 46% over the past year. The company is forecast to post earnings per share of ฿2.13 for next year compared to ฿2.04 last year. Price Target Changed • Aug 15
Price target decreased by 14% to ฿83.00 Down from ฿96.20, the current price target is an average from 5 analysts. New target price is 45% above last closing price of ฿57.25. Stock is down 32% over the past year. The company is forecast to post earnings per share of ฿2.15 for next year compared to ฿2.04 last year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.58 (vs ฿0.29 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.58 (up from ฿0.29 in 2Q 2022). Revenue: ฿7.88b (up 46% from 2Q 2022). Net income: ฿2.16b (up 97% from 2Q 2022). Profit margin: 27% (up from 20% in 2Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Aug 12
Energy Absolute Public Company Limited Approves Appointment of Miss Nualpan Teeraniti as the Company Secretary Energy Absolute Public Company Limited announced that at its board meeting held on August 11, 2023 has passed the resolution to appoint Miss Nualpan Teeraniti as the company secretary which is effective from August 11, 2023 onwards. New Risk • Aug 03
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 6.2% 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 (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Price Target Changed • Jul 18
Price target decreased by 7.6% to ฿92.40 Down from ฿100.00, the current price target is an average from 5 analysts. New target price is 63% above last closing price of ฿56.75. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿2.10 for next year compared to ฿2.04 last year. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.62 (vs ฿0.37 in 1Q 2022) First quarter 2023 results: EPS: ฿0.62 (up from ฿0.37 in 1Q 2022). Revenue: ฿8.90b (up 88% from 1Q 2022). Net income: ฿2.32b (up 70% from 1Q 2022). Profit margin: 26% (down from 29% in 1Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Renewable Energy 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 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.30 per share at 0.4% yield Eligible shareholders must have bought the stock before 10 March 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.7%). Major Estimate Revision • Nov 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿2.09 to ฿2.30. Revenue forecast unchanged at ฿27.9b. Net income forecast to grow 15% next year vs 17% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿97.86. Share price fell 4.6% to ฿94.00 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.80 (vs ฿0.43 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.80 (up from ฿0.43 in 3Q 2021). Revenue: ฿5.69b (up 13% from 3Q 2021). Net income: ฿2.97b (up 84% from 3Q 2021). Profit margin: 52% (up from 32% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. 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. 2 experienced directors. 8 highly experienced directors. Independent Director Somphop Keerasuntonpong was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: ฿0.80 (vs ฿0.43 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.80 (up from ฿0.43 in 3Q 2021). Revenue: ฿7.61b (up 51% from 3Q 2021). Net income: ฿2.97b (up 84% from 3Q 2021). Profit margin: 39% (up from 32% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.29 (vs ฿0.32 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.29 (down from ฿0.32 in 2Q 2021). Revenue: ฿5.40b (up 9.6% from 2Q 2021). Net income: ฿1.10b (down 8.0% from 2Q 2021). Profit margin: 20% (down from 24% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 57%, compared to a 29% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.6%. The fair value is estimated to be ฿103, 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 4.7%. Revenue is forecast to grow by 86% in 2 years. Earnings is forecast to grow by 61% in the next 2 years. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿28.8b to ฿27.0b. EPS estimate rose from ฿2.28 to ฿3.18. Net income forecast to grow 86% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿102 to ฿98.50. Share price rose 3.5% to ฿88.00 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: ฿0.37 (down from ฿0.38 in 1Q 2021). Revenue: ฿4.82b (up 2.4% from 1Q 2021). Net income: ฿1.37b (down 3.2% from 1Q 2021). Profit margin: 28% (down from 30% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 60%, compared to a 26% growth forecast for the 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 increased by 17% per year, which means it is tracking significantly ahead of earnings growth. 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. 2 experienced directors. 8 highly experienced directors. Independent Director Somphop Keerasuntonpong was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.7%). Major Estimate Revision • Mar 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿32.0b to ฿29.7b. EPS estimate rose from ฿2.20 to ฿2.46. Net income forecast to grow 51% next year vs 36% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿97.30 to ฿107. Share price was steady at ฿91.00 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿1.64 (up from ฿1.40 in FY 2020). Revenue: ฿20.2b (up 18% from FY 2020). Net income: ฿6.10b (up 17% from FY 2020). Profit margin: 30% (in line with FY 2020). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 52%, compared to a 32% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ฿1.64 (up from ฿1.40 in FY 2020). Revenue: ฿20.2b (up 18% from FY 2020). Net income: ฿6.10b (up 17% from FY 2020). Profit margin: 30% (in line with FY 2020). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 52%, compared to a 32% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 20
Price target increased to ฿92.30 Up from ฿82.67, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿94.50. Stock is up 49% over the past year. The company is forecast to post earnings per share of ฿1.61 for next year compared to ฿1.40 last year. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 19% share price gain to ฿98.00, the stock trades at a forward P/E ratio of 51x. Average forward P/E is 16x in the Renewable Energy industry in Thailand. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿181 per share. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 19% share price gain to ฿98.00, the stock trades at a forward P/E ratio of 51x. Average forward P/E is 16x in the Renewable Energy industry in Thailand. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿181 per share. Price Target Changed • Dec 14
Price target increased to ฿82.67 Up from ฿77.00, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ฿85.75. Stock is up 86% over the past year. The company is forecast to post earnings per share of ฿1.69 for next year compared to ฿1.40 last year. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿1.53 to ฿1.69. Revenue forecast unchanged at ฿21.4b. Net income forecast to grow 26% next year vs 23% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿77.00 to ฿82.67. Share price rose 4.6% to ฿85.75 over the past week. Board Change • Dec 06
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. 3 experienced directors. 7 highly experienced directors. Independent Director Somphop Keerasuntonpong was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 18% share price gain to ฿78.25, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 16x in the Renewable Energy industry in Thailand. Total returns to shareholders of 69% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.43 (vs ฿0.30 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿5.18b (up 37% from 3Q 2020). Net income: ฿1.62b (up 44% from 3Q 2020). Profit margin: 31% (up from 30% 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 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.32 (vs ฿0.31 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿4.94b (up 20% from 2Q 2020). Net income: ฿1.19b (up 3.6% from 2Q 2020). Profit margin: 24% (down from 28% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Aug 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿23.1b to ฿27.6b. EPS estimate unchanged at ฿1.59. Net income forecast to grow 22% next year vs 22% growth forecast for Renewable Energy industry in Thailand. Consensus price target of ฿68.08 unchanged from last update. Share price was steady at ฿58.50 over the past week. Executive Departure • Jul 13
Vice President of Accounting Department Nopamas Choomklang has left the company On the 30th of June, Nopamas Choomklang's tenure as Vice President of Accounting Department ended after 1.9 years in the role. We don't have any record of a personal shareholding under Nopamas' name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.88 years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.38 (vs ฿0.39 in 1Q 2020) The company reported a soft first quarter result with weaker earnings, although revenues and profit margins were flat. First quarter 2021 results: Revenue: ฿4.70b (flat on 1Q 2020). Net income: ฿1.41b (down 2.8% from 1Q 2020). Profit margin: 30% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 25%, compared to a 24% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS ฿1.40 (vs ฿1.63 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿17.1b (up 15% from FY 2019). Net income: ฿5.20b (down 14% from FY 2019). Profit margin: 31% (down from 41% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. 
