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 10% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risks High level of debt (83% net debt to equity). Paying a dividend despite being loss-making. Market cap is less than US$100m (฿601.8m market cap, or US$18.4m). Reported Earnings • May 15
First quarter 2026 earnings released: ฿0.14 loss per share (vs ฿0.16 profit in 1Q 2025) First quarter 2026 results: ฿0.14 loss per share (down from ฿0.16 profit in 1Q 2025). Revenue: ฿565.6m (down 6.2% from 1Q 2025). Net loss: ฿54.8m (down 184% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2025 earnings released: ฿0.48 loss per share (vs ฿0.58 profit in FY 2024) Full year 2025 results: ฿0.48 loss per share (down from ฿0.58 profit in FY 2024). Revenue: ฿2.24b (down 5.3% from FY 2024). Net loss: ฿192.2m (down 182% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 38% per year, which means it has not declined as severely as earnings. Board Change • Feb 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. 2 experienced directors. 7 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Boontipa Simaskull was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Feb 26
TPC Power Holding Public Company Limited, Annual General Meeting, Apr 22, 2026 TPC Power Holding Public Company Limited, Annual General Meeting, Apr 22, 2026, at 10:00 SE Asia Standard Time. New Risk • Nov 17
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 10% 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 (14% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 6.3% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (฿529.6m market cap, or US$16.3m). Reported Earnings • Nov 11
Third quarter 2025 earnings released: ฿0.81 loss per share (vs ฿0.17 profit in 3Q 2024) Third quarter 2025 results: ฿0.81 loss per share (down from ฿0.17 profit in 3Q 2024). Revenue: ฿523.0m (down 13% from 3Q 2024). Net loss: ฿325.8m (down ฿393.1m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings have declined by 6.3% 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 Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 6.3% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (฿802.4m market cap, or US$24.7m). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.00, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 13x in the Renewable Energy industry in Thailand. Total loss to shareholders of 71% over the past three years. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.078 (vs ฿0.21 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.078 (down from ฿0.21 in 2Q 2024). Revenue: ฿531.9m (down 8.8% from 2Q 2024). Net income: ฿31.4m (down 63% from 2Q 2024). Profit margin: 5.9% (down from 15% in 2Q 2024). 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 27% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.25 in 1Q 2024) First quarter 2025 results: EPS: ฿0.16 (down from ฿0.25 in 1Q 2024). Revenue: ฿603.0m (flat on 1Q 2024). Net income: ฿65.3m (down 36% from 1Q 2024). Profit margin: 11% (down from 17% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 24
TPC Power Holding Public Company Limited Approves Cash Dividend for the Year 2024, Payable on May 15, 2025 The 2025 Annual General Meeting of Shareholders of TPC Power Holding Public Company Limited (the Company), which was held on 23 April 2025. That the dividend payment for the year ending on December 31, 2024 and dividend to shareholders of THB 0.395 per share, totaling THB 158,474,000.00. After deducting the interim dividend payments for the operating results during the period from 1 January 2024 to 30 June 2024 at the rate of THB 0.230 per share, totaling THB 92,276,000.00, which was paid to shareholders on 17 September 2024, and the interim dividend payment for the operating results during the period from 1 July 2024 to 30 September 2024 at the rate of THB 0.128 per share, totaling THB 51,353,600.00, which was paid to shareholders on 4 December 2024, there remains a dividend to be paid for the operating results of the last three months of 2024 at the rate of THB 0.037 per share, totaling THB 14,844,400.00 Such dividend payments shall be paid from the net profit of the Company's fiscal year ended 31 December 2024, from the portion of net profit which has been subject to corporate income tax. Therefore, individual shareholders shall be entitled to a full tax credit. The Company has already allocated the legal reserve as required by law, the record date for determining the shareholders who are entitled to receive the dividend payment is fixed at April 30, 2025. The dividend payment date is fixed at May 15, 2025. Upcoming Dividend • Apr 22
Upcoming dividend of ฿0.037 per share Eligible shareholders must have bought the stock before 29 April 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 14%. Within top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (6.1%). Declared Dividend • Feb 20
Dividend of ฿0.037 announced Shareholders will receive a dividend of ฿0.037. Ex-date: 29th April 2025 Payment date: 15th May 2025 Dividend yield will be 11%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 25% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.2% EPS decline seen over the last 5 years. Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: ฿0.58 (vs ฿0.70 in FY 2023) Full year 2024 results: EPS: ฿0.58 (down from ฿0.70 in FY 2023). Revenue: ฿2.37b (down 17% from FY 2023). Net income: ฿234.3m (down 17% from FY 2023). Profit margin: 9.9% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 12
Now 20% overvalued Over the last 90 days, the stock has fallen 30% to ฿3.98. The fair value is estimated to be ฿3.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 39%. Buy Or Sell Opportunity • Jan 27
Now 21% overvalued Over the last 90 days, the stock has fallen 29% to ฿4.16. The fair value is estimated to be ฿3.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 39%. Buy Or Sell Opportunity • Dec 25
Now 24% overvalued Over the last 90 days, the stock has fallen 23% to ฿4.88. The fair value is estimated to be ฿3.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 39%. Upcoming Dividend • Nov 12
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (6.6%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.11 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.17 (up from ฿0.11 in 3Q 2023). Revenue: ฿602.4m (down 23% from 3Q 2023). Net income: ฿67.3m (up 57% from 3Q 2023). Profit margin: 11% (up from 5.5% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 27
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 03 September 2024. Payment date: 17 September 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Thai dividend payers (6.6%). Higher than average of industry peers (2.9%). Tillkännagivande • Aug 22
TPC Power Holding Public Company Limited Approves Interim Cash Dividend Payment for Operating Period from January 1, 2024 to June 30, 2024, Payable on September 17, 2024 TPC Power Holding Public Company Limited approved Interim Cash Dividend Payment of THB 0.23 per share for common shareholders for operating period from January 1, 2024 to June 30, 2024, Payable on September 17, 2024. Record date for the right to receive dividends is September 4, 2024. Ex-dividend date is September 3, 2024. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿0.21 (vs ฿0.073 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.21 (up from ฿0.073 in 2Q 2023). Revenue: ฿583.0m (down 12% from 2Q 2023). Net income: ฿85.7m (up 192% from 2Q 2023). Profit margin: 15% (up from 4.4% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.28 in 1Q 2023) First quarter 2024 results: EPS: ฿0.24 (down from ฿0.28 in 1Q 2023). Revenue: ฿602.4m (down 23% from 1Q 2023). Net income: ฿98.4m (down 11% from 1Q 2023). Profit margin: 16% (up from 14% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 24
TPC Power Holding Public Company Limited Approves Dividend for the Year Ending on December 31, 2023, Payable on May 20, 2024 TPC Power Holding Public Company Limited at its Annual General Meeting of Shareholders held on 24 April 2024, approved the dividend payment for the year ending on December 31, 2023 and dividend to shareholders of THB 0.40 per share for a total amount of THB 160,480,000.00. So the dividend will be paid by Net profit account with the fiscal period ending on December 31, 2023 paid from the net profit subject to corporate income tax. Individual shareholders are eligible for a full tax credit, the record date for determining the shareholders who are entitled to receive the dividend payment is fixed at May 2, 2024. The dividend payment date is fixed at May 20, 2024. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 20 May 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿7.65, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 17x in the Renewable Energy industry in Thailand. Total loss to shareholders of 32% over the past three years. Tillkännagivande • Feb 21
TPC Power Holding Public Company Limited, Annual General Meeting, Apr 24, 2024 TPC Power Holding Public Company Limited, Annual General Meeting, Apr 24, 2024, at 10:00 SE Asia Standard Time. Agenda: To certify report of the Extraordinary General Meeting of Shareholders No. 1/2023; to acknowledge the operating results of the Company for the year 2023; to consider and approve the financial statements of the Company for the year ended December 31, 2023; to consider and approve the dividend payment for the year ended on December 31, 2023; to approve the appointment of directors who will replace directors retiring by term; to consider and approve the directors' remuneration; and to consider other matters. New Risk • Feb 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 91% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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). Earnings have declined by 16% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (฿2.65b market cap, or US$73.8m). Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.72 (vs ฿0.43 in FY 2022) Full year 2023 results: EPS: ฿0.72 (up from ฿0.43 in FY 2022). Revenue: ฿2.85b (up 7.7% from FY 2022). Net income: ฿288.4m (up 67% from FY 2022). Profit margin: 10% (up from 6.5% in FY 2022). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 21
TPC Power Holding Public Company Limited Declares Dividend for the Fiscal Period Ending on December 31, 2023, Payable on May 20, 2024 TPC Power Holding Public Company Limited at its board meeting held on February 19, 2024 approved dividend to shareholders of THB 0.40 per share for a total amount of 160,480,000.00 Baht. So the dividend will be paid by Net profit account with the fiscal period ending on December 31, 2023 paid from the net profit subject to corporate income tax. Individual shareholders are eligible for a full tax credit. The company has allocated the reserve fund according to the law. The Board of Directors passed a resolution to determine the names of shareholders entitled to receive the dividend (Record Date) on May 2, 2024 and to pay dividends on May 20, 2024. The right to dividends is uncertain, pending approval by the annual general shareholders' meeting in 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.11 (vs ฿0.26 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.11 (down from ฿0.26 in 3Q 2022). Revenue: ฿783.5m (up 8.7% from 3Q 2022). Net income: ฿42.8m (down 59% from 3Q 2022). Profit margin: 5.5% (down from 14% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.073 (vs ฿0.004 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.073 (up from ฿0.004 loss in 2Q 2022). Revenue: ฿659.4m (up 7.5% from 2Q 2022). Net income: ฿29.3m (up ฿30.9m from 2Q 2022). Profit margin: 4.4% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. 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 19% per year. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: ฿0.28 (vs ฿0.092 in 1Q 2022) First quarter 2023 results: EPS: ฿0.28 (up from ฿0.092 in 1Q 2022). Revenue: ฿786.5m (up 26% from 1Q 2022). Net income: ฿110.8m (up 200% from 1Q 2022). Profit margin: 14% (up from 5.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿7.95, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 16x in the Renewable Energy industry in Thailand. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.18 per share at 2.6% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: ฿0.43 (vs ฿0.34 in FY 2021) Full year 2022 results: EPS: ฿0.43 (up from ฿0.34 in FY 2021). Revenue: ฿2.65b (up 7.2% from FY 2021). Net income: ฿173.1m (up 28% from FY 2021). Profit margin: 6.5% (up from 5.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. 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. 6 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Boontipa Simaskull was the last independent director to join the board, commencing their role in 2014. 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 10
Third quarter 2022 earnings released: EPS: ฿0.26 (vs ฿0.13 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.26 (up from ฿0.13 in 3Q 2021). Revenue: ฿720.5m (up 9.1% from 3Q 2021). Net income: ฿104.2m (up 101% from 3Q 2021). Profit margin: 14% (up from 7.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2022 earnings released: ฿0.004 loss per share (vs ฿0.12 profit in 2Q 2021) Second quarter 2022 results: ฿0.004 loss per share (down from ฿0.12 profit in 2Q 2021). Revenue: ฿613.6m (down 4.5% from 2Q 2021). Net loss: ฿1.63m (down 103% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 22% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target decreased to ฿15.00 Down from ฿17.00, the current price target is an average from 2 analysts. New target price is 52% above last closing price of ฿9.90. Stock is down 30% over the past year. The company is forecast to post earnings per share of ฿1.20 for next year compared to ฿0.34 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. 6 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Director Boontipa Simaskull was the last independent director to join the board, commencing their role in 2014. 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 • Apr 20
Upcoming dividend of ฿0.053 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 18 May 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (1.7%). Buying Opportunity • Mar 11
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ฿14.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has declined by 29% per annum over the last 3 years. Reported Earnings • Feb 20
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.34 (down from ฿0.63 in FY 2020). Revenue: ฿2.47b (up 39% from FY 2020). Net income: ฿135.4m (down 46% from FY 2020). Profit margin: 5.5% (down from 14% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 56%. Over the next year, revenue is forecast to grow 21%, compared to a 37% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.34 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 07 December 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.15 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿660.5m (up 40% from 3Q 2020). Net income: ฿51.8m (down 15% from 3Q 2020). Profit margin: 7.8% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Sep 01
Price target decreased to ฿15.00 Down from ฿17.00, the current price target is an average from 2 analysts. New target price is 40% above last closing price of ฿10.70. Stock is down 17% over the past year. Reported Earnings • May 09
First quarter 2021 earnings released: EPS ฿0.12 (vs ฿0.21 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: ฿566.2m (up 44% from 1Q 2020). Net income: ฿47.5m (down 45% from 1Q 2020). Profit margin: 8.4% (down from 22% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 20 May 2021. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (2.0%). Is New 90 Day High Low • Feb 26
New 90-day low: ฿11.30 The company is down 2.0% from its price of ฿11.50 on 27 November 2020. The Thai market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is flat over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿1.78b (up 8.2% from FY 2019). Net income: ฿251.0m (down 30% from FY 2019). Profit margin: 14% (down from 22% 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 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 35%. Earnings per share (EPS) also missed analyst estimates by 55%. Over the next year, revenue is forecast to grow 54%, compared to a 22% growth forecast for the Renewable Energy industry in Thailand. Tillkännagivande • Feb 20
TPC Power Holding Public Company Limited, Annual General Meeting, Apr 22, 2021 TPC Power Holding Public Company Limited, Annual General Meeting, Apr 22, 2021, at 03:00 Coordinated Universal Time. Agenda: To certify report of the extraordinary meeting of Shareholders 2020; to acknowledge the operating results of the Company for the year 2020; to consider and approve the financial statements of the Company for the year ending December 31, 2020; to consider and approve the dividend payment for the year ending on December 31, 2020; to approve the appointment of directors who will replace directors retiring by term; to consider and approve the directors' remuneration; to approve the appointment of auditors and the remuneration of the auditors; and to approve March 12, 2021 to be the date for shareholders entitled to attend the Annual General Shareholder's Meeting for the year 2021. Is New 90 Day High Low • Dec 15
New 90-day high: ฿12.60 The company is up 4.0% from its price of ฿12.10 on 16 September 2020. The Thai market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed 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 ฿42.82 per share. Tillkännagivande • Nov 13
TPC Power Holding Public Company Limited (SET:TPCH) agreed to acquire 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd. for approximately THB 130 million. TPC Power Holding Public Company Limited (SET:TPCH) agreed to acquire 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd. for approximately THB 130 million on November 12, 2020. As per the transaction, Ferrum Energy Co., Ltd. will dispose 52 million shares of Eco Energy Group Corporation Co., Ltd. Upon completion, Ferrum Energy Co., Ltd. will not have the shareholding in ECO and changing the director and changing the director’s authority. The transaction is approved by the board of Seven Utilities and Power Public Company Limited. The proceeds from the sale of assets will be used as working capital for business operations and use the investment in a new project according to the business expansion plan. The transaction will bring benefits to the company. The sale of investments by selling ordinary shares
of ECO which Seven Utilities and Power Public Company Limited received money to be use as working capital to develop new projects in accordance with the business expansion plan and to increase financial liquidity
for the company. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.15 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: ฿473.0m (up 11% from 3Q 2019). Net income: ฿61.1m (down 37% from 3Q 2019). Profit margin: 13% (down from 23% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿10.60 The company is down 24% from its price of ฿13.90 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 ฿34.40 per share. Is New 90 Day High Low • Sep 29
New 90-day low: ฿11.30 The company is down 2.0% from its price of ฿11.50 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿34.56 per share.