Price Target Changed • May 18
Price target increased by 8.3% to ฿5.83 Up from ฿5.38, the current price target is an average from 7 analysts. New target price is 15% above last closing price of ฿5.05. Stock is up 57% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.27 last year. Reported Earnings • May 17
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ฿0.08 (up from ฿0.059 in 1Q 2025). Revenue: ฿1.12b (up 59% from 1Q 2025). Net income: ฿303.2m (up 35% from 1Q 2025). Profit margin: 27% (down from 32% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 60%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 23
WHA Utilities and Power Public Company Limited Approves Dividend Payment from 2025, Payable on May 18, 2026 WHA Utilities and Power Public Company Limited at its 2026 Annual General Meeting of Shareholders, held on April 22, 2026, acknowledged the interim dividend of THB 0.0600 per share or equivalent to THB 229.5, made on December 11, 2025 and approved an additional dividend payment from 2025 operating performance of THB 0.1925 per share or equivalent to THB 736.3 million without any allocation of net profit to the legal reserve, as the Company has already made full allocation of the legal reserve as required by law. In this regard, the Company has determined the Record Date for shareholders' right to receive the dividend on April 29, 2026 and the dividend payment date on May 18, 2026. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 18 May 2026. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿4.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total returns to shareholders of 31% over the past three years. Declared Dividend • Feb 28
Final dividend of ฿0.19 announced Dividend of ฿0.19 is the same as last year. Ex-date: 28th April 2026 Payment date: 18th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (246% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ฿0.27 (down from ฿0.29 in FY 2024). Revenue: ฿3.19b (up 9.2% from FY 2024). Net income: ฿1.02b (down 9.2% from FY 2024). Profit margin: 32% (down from 38% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Water Utilities industry in Asia. 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 10% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ฿3.18b to ฿3.24b. EPS estimate increased from ฿0.303 to ฿0.338 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿5.10 to ฿5.23. Share price was steady at ฿4.28 over the past week. Declared Dividend • Nov 16
Dividend of ฿0.06 announced Dividend of ฿0.06 is the same as last year. Ex-date: 27th November 2025 Payment date: 11th December 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (89% earnings payout ratio) but not covered by cash flows (332% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share is expected to grow by 38% over the next 3 years, which should maintain adequate earnings cover for the dividend. Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.13 (up from ฿0.02 in 3Q 2024). Revenue: ฿955.8m (up 24% from 3Q 2024). Net income: ฿486.7m (up ฿405.9m from 3Q 2024). Profit margin: 51% (up from 11% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ฿0.04 (down from ฿0.087 in 2Q 2024). Revenue: ฿765.1m (up 5.9% from 2Q 2024). Net income: ฿141.5m (down 57% from 2Q 2024). Profit margin: 19% (down from 46% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 24
Price target decreased by 12% to ฿4.87 Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 46% above last closing price of ฿3.34. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.29 last year. Reported Earnings • May 10
First quarter 2025 earnings: EPS in line with expectations, revenues disappoint First quarter 2025 results: EPS: ฿0.06 (down from ฿0.12 in 1Q 2024). Revenue: ฿704.6m (down 2.2% from 1Q 2024). Net income: ฿223.8m (down 52% from 1Q 2024). Profit margin: 32% (down from 65% in 1Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 24
WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2024, Payable on May 16, 2025 WHA Utilities and Power Public Company Limited at its AGM held on April 22, 2025, approved the interim dividend and approved the additional dividend payment from 2024 operating performance at THB 0.1925 per share or equivalent to THB 736.3 million;
and did not allocate its net profit for legal reserve because the legal reserve had been fully allocated as required by law. The Record Date for the shareholders' right to receive the dividend shall be on April 29, 2025, and the dividend payment date shall be on May 16, 2025. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 16 May 2025. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 7.4%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿3.02, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 15% over the past three years. Major Estimate Revision • Feb 28
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.39 to ฿0.335 per share. Revenue forecast steady at ฿3.29b. Net income forecast to grow 19% next year vs 30% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿5.50 to ฿4.53. Share price was steady at ฿3.62 over the past week. Price Target Changed • Feb 26
Price target decreased by 18% to ฿4.53 Down from ฿5.50, the current price target is an average from 3 analysts. New target price is 26% above last closing price of ฿3.60. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.29 last year. Declared Dividend • Feb 24
Final dividend of ฿0.19 announced Dividend of ฿0.19 is the same as last year. Ex-date: 28th April 2025 Payment date: 16th May 2025 Dividend yield will be 7.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (77% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.29 (down from ฿0.43 in FY 2023). Revenue: ฿2.93b (up 5.2% from FY 2023). Net income: ฿1.12b (down 31% from FY 2023). Profit margin: 38% (down from 59% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. 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 4% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 22
WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025 WHA Utilities and Power Public Company Limited, Annual General Meeting, Apr 22, 2025, at 14:00 SE Asia Standard Time. Location: meeting, b.e. 2563 (2020) and, other related regulation, Thailand Tillkännagivande • Feb 21
WHA Utilities and Power Public Company Limited Proposes Annual Dividend for the Year 2024, Payable on May 16, 2025 WHA Utilities and Power Public Company Limited at its board meeting held on February 21, 2025 approved to propose the 2025 Annual General Meeting of Shareholders to consider and approve the distribution of the annual dividend for the year 2024 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: Interim dividend of THB 0.0600 per share or equivalent to THB 229.5 million which was already paid on December 4, 2024. Additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The Record date for the shareholders' right to receive the dividend shall be April 29, 2025 and the dividend payment date shall be on May 16, 2025. However, the right to receive dividend is uncertain as it is subject to the approval from the Annual General Meeting of Shareholders to be held on April 22, 2025. Board Change • Feb 20
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, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Luxmon Attapich was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿3.28, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Water Utilities industry in Asia. Total loss to shareholders of 7.7% over the past three years. Reported Earnings • Nov 14
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: ฿0.02 (down from ฿0.13 in 3Q 2023). Revenue: ฿769.4m (up 12% from 3Q 2023). Net income: ฿80.9m (down 84% from 3Q 2023). Profit margin: 11% (down from 74% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 82%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 12
Price target increased by 7.5% to ฿5.77 Up from ฿5.37, the current price target is an average from 3 analysts. New target price is 15% above last closing price of ฿5.00. Stock is up 33% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.43 last year. Declared Dividend • Nov 11
First half dividend of ฿0.06 announced Shareholders will receive a dividend of ฿0.06. Ex-date: 21st November 2024 Payment date: 4th December 2024 Dividend yield will be 5.0%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (dividend approximately 24x free cash flows). The dividend has increased by an average of 3.1% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿2.80b to ฿2.89b. EPS estimate fell from ฿0.40 to ฿0.355 per share. Net income forecast to shrink 15% next year vs 22% growth forecast for Water Utilities industry in Thailand . Consensus price target reaffirmed at ฿5.40. Share price was steady at ฿3.90 over the past week. New Risk • Aug 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 24x cash flows per share). Reported Earnings • Aug 10
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.09 (down from ฿0.13 in 2Q 2023). Revenue: ฿722.2m (down 7.4% from 2Q 2023). Net income: ฿332.1m (down 31% from 2Q 2023). Profit margin: 46% (down from 62% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • Aug 10
WHA Utilities and Power Public Company Limited Announces Management Changes WHA Utilities and Power Public Company Limited Acknowledged the resignation of Mrs. Punnee Worawuthichongsathit from her position as an Independent Director, an Audit Committee Member and a Chairman of the Corporate Governance and Sustainable Development Committee of the Company due to her personal engagement, effective from 10 August 2024 onwards. Approved the appointment of Dr. Somsak Pratomsrimek as an Independent Director in replacement of Mrs. Punnee Worawuthichongsathit, the resigned director. Additionally, appointed him to serve as an Audit Committee member and a Risk Management Committee member, effective from 10 August 2024 onwards. Approved the appointment of Mr. Natthapatt Tanboon-ek as a Director in replacement of Mr. Pajongwit Pongsivapai, the resigned director, effective from 10 August 2024 onwards. List of Members of the Board of Directors of WHA Utilities and Power Public Company: Ms. Jareeporn Jarukornsakul Chairman of the Board of Directors, Chairman of the Executive Committee Chairman of the Risk Management Committee Nomination and Remuneration Committee Member, Mr. Weidt Nuchjalearn Independent Director Chairman of the Audit Committee Chairman of the Nomination and Remuneration Committee, Mr. Ekajai Tivutanond Independent Director Audit Committee Member Corporate Governance and Sustainable Development Committee Member Nomination and Remuneration Committee Member Risk Management Committee Member, Mr. Numchai Lowattanatakul Independent Director Chairman of the Corporate Governance and Sustainable Development Committee Risk Management Committee Member, Professor Dr. Kamphol Panyagometh Independent Director Audit Committee Member Dr. Somsak Pratomsrimek Independent Director Audit Committee Member Risk Management Committee Member Mr. Vivat Jiratikarnsakul Director Mr. Somkiat Masunthasuwun Director Executive Committee Member Chief Executive Officer Mr. Krailuck Asawachatroj Director Mr. Natthapatt Tanboon-ek Director Executive Committee Member. Tillkännagivande • May 11
WHA Utilities and Power Public Company Limited Announces Board and Committee Changes WHA Utilities and Power Public Company Limited informed that the Board of Directors' Meeting passed the resolution to approved the appointment of Professor Dr. Kamphol Panyagometh as an Independent Director in replacement of Mr. David Richard Nardone the resigned director, and a new member of Audit Committee, with effect from 10 May 2024 onwards. Therefore, the list of members of the Board of Directors as of 10 May 2024appears in the enclosure. The audit committee is consisted of: Chairman of the audit committee; Mr. Weidt Nuchjalearn, Member of the audit committee; Mrs. Punnee Worawuthichongsathit, Member of the audit committee; Mr. Ekajai Tivutanond, Member of the audit committee; Professor Dr. Kamphol Panyagometh. Tillkännagivande • May 03
WHA Utilities and Power Public Company Limited Announces Resignation of David Richard Nardone as Director WHA Utilities and Power Public Company Limited informed that Mr. David Richard Nardone has expressed his intention to resign from the Company's director due to personal engagements, with effect from 1 May 2024 onwards. The Company will proceed to appoint a person to replace Mr. David Richard Nardone in due course. Tillkännagivande • Apr 19
WHA Utilities and Power Public Company Limited Approves Dividend for the Year 2023, Payable on 15 May 2024 WHA Utilities and Power Public Company Limited announced at annual general meeting held on April 18, 2024, the shareholders approved the allocation of legal reserve THB 25.1 million (5% of net profit of separate financial statement for the year 2023) and the distribution of dividend payment for the year 2023 at THB 0.2525 per share or equivalent to THB 965.8 million from net profit and retained earnings, consisting of: 1) Interim dividend of THB 0.0600 per share or equivalent to THB 229.50 million which was already paid on 4 December 2023 and An additional dividend of THB 0.1925 per share or equivalent to THB 736.3 million. The list of shareholders to be entitled to the dividend will be determined on 26 April 2024 (record date) and dividend payment will be made on 15 May 2024. Upcoming Dividend • Apr 18
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.8%). In line with average of industry peers (4.3%). Declared Dividend • Feb 25
Final dividend increased to ฿0.19 Dividend of ฿0.19 is 93% higher than last year. Ex-date: 25th April 2024 Payment date: 15th May 2024 Dividend yield will be 6.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 14% over the next 2 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ฿0.43 (up from ฿0.12 in FY 2022). Revenue: ฿2.78b (up 14% from FY 2022). Net income: ฿1.63b (up 259% from FY 2022). Profit margin: 59% (up from 19% in FY 2022). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.9%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Feb 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.06 per share at 4.2% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (4.9%). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.007 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.13 (up from ฿0.007 in 3Q 2022). Revenue: ฿689.7m (up 11% from 3Q 2022). Net income: ฿511.5m (up ฿485.2m from 3Q 2022). Profit margin: 74% (up from 4.2% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Tillkännagivande • Nov 10
WHA Utilities and Power Public Company Limited Announces Cash Dividend for the Period from January 1, 2023 to September 30, 2023, Payable on December 4, 2023 WHA Utilities and Power Public Company Limited announced the cash dividend of THB 0.06 per share for the period from January 1, 2023 to September 30, 2023. Payment date is December 4, 2023. Ex-dividend date is November 22, 2023 and record date is November 23, 2023. Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 59% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿2.65b to ฿2.77b. EPS estimate increased from ฿0.23 to ฿0.365 per share. Net income forecast to grow 51% next year vs 15% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿5.30. Share price rose 2.6% to ฿3.90 over the past week. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.13 (vs ฿0.053 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.13 (up from ฿0.053 in 2Q 2022). Revenue: ฿780.2m (up 28% from 2Q 2022). Net income: ฿480.6m (up 135% from 2Q 2022). Profit margin: 62% (up from 34% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.10 per share at 4.0% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.7%). Reported Earnings • Feb 27
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ฿0.12 (down from ฿0.19 in FY 2021). Revenue: ฿2.44b (up 12% from FY 2021). Net income: ฿454.1m (down 38% from FY 2021). Profit margin: 19% (down from 34% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Water Utilities industry in Asia. 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 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Feb 25
Price target decreased by 7.8% to ฿4.75 Down from ฿5.15, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿3.92. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of ฿0.22 for next year compared to ฿0.19 last year. Price Target Changed • Jan 03
Price target increased to ฿5.15 Up from ฿4.75, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ฿4.10. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.19 last year. Major Estimate Revision • Nov 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.28 to ฿0.34. Revenue forecast steady at ฿2.34b. Net income forecast to grow 147% next year vs 14% growth forecast for Water Utilities industry in Thailand. Consensus price target down from ฿4.75 to ฿4.65. Share price was steady at ฿3.92 over the past week. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 07 December 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.1%). Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: ฿0.01 (down from ฿0.054 in 3Q 2021). Revenue: ฿622.2m (up 20% from 3Q 2021). Net income: ฿26.3m (down 87% from 3Q 2021). Profit margin: 4.2% (down from 40% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 80%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 49% 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. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: ฿0.05 (down from ฿0.064 in 2Q 2021). Revenue: ฿607.2m (up 12% from 2Q 2021). Net income: ฿204.6m (down 17% from 2Q 2021). Profit margin: 34% (down from 45% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Over the next year, revenue is forecast to grow 9.4%, compared to a 9.9% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿0.32 to ฿0.28. Revenue forecast unchanged from ฿2.32b at last update. Net income forecast to grow 60% next year vs 18% growth forecast for Water Utilities industry in Thailand. Consensus price target broadly unchanged at ฿4.75. Share price was steady at ฿3.94 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.02 (down from ฿0.034 in 1Q 2021). Revenue: ฿564.4m (down 6.5% from 1Q 2021). Net income: ฿78.3m (down 40% from 1Q 2021). Profit margin: 14% (down from 22% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 11%, compared to a 8.4% growth forecast for the 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 12% per year, which means it has not declined as severely as earnings. Board Change • May 02
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Numchai Lowattanatakul was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 25
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.19 (down from ฿0.21 in FY 2020). Revenue: ฿2.18b (up 28% from FY 2020). Net income: ฿735.5m (down 9.5% from FY 2020). Profit margin: 34% (down from 48% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 32%. Over the next year, revenue is forecast to stay flat compared to a 4.7% growth forecast for the 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 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.092 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 08 December 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.5%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.05 (vs ฿0.049 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: ฿517.3m (up 24% from 3Q 2020). Net income: ฿205.8m (up 9.7% from 3Q 2020). Profit margin: 40% (down from 45% 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 38% 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. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.083 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿543.6m (up 35% from 2Q 2020). Net income: ฿245.7m (down 23% from 2Q 2020). Profit margin: 45% (down from 79% in 2Q 2020). The decrease in margin was driven by higher expenses. 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 10% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.03 (vs ฿0.011 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿603.8m (up 40% from 1Q 2020). Net income: ฿130.7m (up 201% from 1Q 2020). Profit margin: 22% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% 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. Price Target Changed • Apr 25
Price target increased to ฿4.90 Up from ฿4.47, the current price target is an average from 3 analysts. New target price is 9.9% above last closing price of ฿4.46. Stock is down 2.2% over the past year. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 18 May 2021. Trailing yield: 5.8%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.6%). Major Estimate Revision • Mar 31
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿2.08b to ฿2.34b. EPS estimate unchanged at ฿0.40. Net income forecast to grow 93% next year vs 13% growth forecast for Water Utilities industry in Thailand. Consensus price target up from ฿4.47 to ฿4.67. Share price was steady at ฿4.48 over the past week. Price Target Changed • Mar 18
Price target decreased to ฿4.47 Down from ฿5.13, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ฿4.36. Stock is up 18% over the past year. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS ฿0.21 (vs ฿0.56 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.70b (down 8.6% from FY 2019). Net income: ฿812.7m (down 62% from FY 2019). Profit margin: 48% (down from 115% in FY 2019). The decrease in margin was driven by lower expenses. 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 17% per year. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings miss expectations Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 22%, compared to a 5.1% growth forecast for the Water Utilities industry in Thailand. Is New 90 Day High Low • Feb 24
New 90-day low: ฿3.94 The company is down 7.0% from its price of ฿4.24 on 26 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share. Is New 90 Day High Low • Jan 29
New 90-day low: ฿4.06 The company is down 3.0% from its price of ฿4.18 on 30 October 2020. The Thai market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share. Major Estimate Revision • Jan 28
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from ฿0.28 to ฿0.23. No change was made to the revenue estimate which at the last update was ฿1.86b. Net income is expected to grow by 49% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target of ฿5.10 was unchanged from the last update. Share price is down by 1.4% to ฿4.10 over the past week. Is New 90 Day High Low • Dec 14
New 90-day high: ฿4.44 The company is up 21% from its price of ฿3.66 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿12.97 per share. Major Estimate Revision • Nov 26
Analysts update estimates The 2020 consensus revenue estimate increased from ฿1.80b to ฿1.84b. Earnings per share (EPS) estimate was lowered from ฿0.39 to ฿0.33 for the same period. Net income is expected to grow by 69% next year compared to 18% growth forecast for the Water Utilities industry in Thailand. The consensus price target was lowered from ฿5.30 to ฿5.10. Share price is up 1.9% to ฿4.24 over the past week. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ฿0.05 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿416.9m (down 7.9% from 3Q 2019). Net income: ฿187.5m (down 59% from 3Q 2019). Profit margin: 45% (down from 101% in 3Q 2019). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Sep 30
New 90-day low: ฿3.56 The company is down 26% from its price of ฿4.80 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.98 per share. 
