Buy Or Sell Opportunity • Mar 25
Now 25% overvalued Over the last 90 days, the stock has fallen 4.2% to ฿6.85. The fair value is estimated to be ฿5.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 18%. New Risk • Mar 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.20b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 107% Minor Risk Market cap is less than US$100m (฿3.20b market cap, or US$98.7m). New Risk • Mar 02
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 96% Cash payout ratio: 107% Dividend yield: 7.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ฿0.60 (vs ฿0.48 in FY 2024) Full year 2025 results: EPS: ฿0.60 (up from ฿0.48 in FY 2024). Revenue: ฿1.20b (up 17% from FY 2024). Net income: ฿268.1m (up 25% from FY 2024). Profit margin: 22% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 25
Final dividend increased to ฿0.30 Dividend of ฿0.30 is 20% higher than last year. Ex-date: 5th March 2026 Payment date: 17th April 2026 Dividend yield will be 7.5%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (88% earnings payout ratio) but not adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 48% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Feb 20
Polynet Public Company Limited, Annual General Meeting, Mar 27, 2026 Polynet Public Company Limited, Annual General Meeting, Mar 27, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.13 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.17 (up from ฿0.13 in 3Q 2024). Revenue: ฿316.6m (up 25% from 3Q 2024). Net income: ฿76.1m (up 34% from 3Q 2024). Profit margin: 24% (up from 22% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.9% to ฿7.00. The fair value is estimated to be ฿5.82, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Aug 20
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.11 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (up from ฿0.11 in 2Q 2024). Revenue: ฿275.2m (up 14% from 2Q 2024). Net income: ฿49.7m (up 4.6% from 2Q 2024). Profit margin: 18% (down from 20% in 2Q 2024). The decrease in margin was driven by higher expenses. Declared Dividend • Aug 16
Dividend of ฿0.27 announced Shareholders will receive a dividend of ฿0.27. Ex-date: 27th August 2025 Payment date: 12th September 2025 Dividend yield will be 7.4%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by earnings (83% earnings payout ratio) but not covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 68% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 69% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.10 in 1Q 2024) First quarter 2025 results: EPS: ฿0.17 (up from ฿0.10 in 1Q 2024). Revenue: ฿307.6m (up 31% from 1Q 2024). Net income: ฿76.0m (up 65% from 1Q 2024). Profit margin: 25% (up from 20% in 1Q 2024). The increase in margin was driven by higher revenue. Duyuru • Mar 31
Polynet Public Company Limited Approves Dividend for the Year Ended 31 December 2024, Payable on 17 April 2025 Polynet Public Company Limited announced that at the 2025 Annual General Meeting of Shareholders, held on 28 March 2025, Unanimously, resolved to approve the appropriation of profit as a legal reserve in the amount of THB 6,550,000 and the payment of dividends for the shareholders at the rate of THB 0.25 per share, totaling THB 112,500,000 for the year ended 31 December 2024. By setting the record date to determine the list of shareholders entitled to receive dividends on 7 March 2025 (Record Date) and setting the payment of dividends to shareholders on 17 April 2025. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.90, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 10x in the Auto Components industry in Thailand. Total loss to shareholders of 6.7% over the past year. Declared Dividend • Feb 26
Final dividend reduced to ฿0.25 Dividend of ฿0.25 is 14% lower than last year. Ex-date: 6th March 2025 Payment date: 17th April 2025 Dividend yield will be 6.0%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio). However, it is covered by cash flows (76% cash payout ratio). The dividend has increased by an average of 68% per year over the past 2 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 5.1% to bring the payout ratio under control, which is less than the 64% EPS growth achieved over the last 5 years. New Risk • Feb 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 95% Dividend yield: 5.3% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (95% payout ratio). Share price has been volatile over the past 3 months (9.0% average weekly change). Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: ฿0.48 (vs ฿0.39 in FY 2023) Full year 2024 results: EPS: ฿0.48 (up from ฿0.39 in FY 2023). Revenue: ฿1.02b (up 6.5% from FY 2023). Net income: ฿214.1m (up 22% from FY 2023). Profit margin: 21% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Duyuru • Feb 21
Polynet Public Company Limited, Annual General Meeting, Mar 28, 2025 Polynet Public Company Limited, Annual General Meeting, Mar 28, 2025, at 14:00 SE Asia Standard Time. New Risk • Jan 21
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: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿3.35b market cap, or US$98.3m). Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 27 August 2024. Payment date: 12 September 2024. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (6.2%). Duyuru • Aug 17
Polynet Public Company Limited Announces Interim Cash Dividend for the Operating Period from 01 January 2024 to 30 June 2024, Payable on 12 September 2024 Polynet Public Company Limited Announced the interim cash dividend of THB 0.20 per share for the operating period from 01 January 2024 to 30 June 2024, payable on 12 September 2024. Record date for the right to receive dividends is on 28 August 2024 with Ex-dividend date is on 27 August 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.034 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.11 (up from ฿0.034 in 2Q 2023). Revenue: ฿240.6m (up 9.5% from 2Q 2023). Net income: ฿47.5m (up 212% from 2Q 2023). Profit margin: 20% (up from 6.9% in 2Q 2023). Declared Dividend • Aug 16
First half dividend increased to ฿0.20 Dividend of ฿0.20 is 122% higher than last year. Ex-date: 27th August 2024 Payment date: 12th September 2024 Dividend yield will be 5.3%, which is lower than the industry average of 8.0%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (68% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 66% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.10 (vs ฿0.062 in 1Q 2023) First quarter 2024 results: EPS: ฿0.10 (up from ฿0.062 in 1Q 2023). Revenue: ฿234.6m (down 7.9% from 1Q 2023). Net income: ฿46.2m (up 66% from 1Q 2023). Profit margin: 20% (up from 11% in 1Q 2023). New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 95% Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (฿3.53b market cap, or US$98.6m). Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.29 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.2%). Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.39 (vs ฿0.47 in FY 2022) Full year 2023 results: EPS: ฿0.39. Revenue: ฿961.3m (down 11% from FY 2022). Net income: ฿175.0m (up 8.3% from FY 2022). Profit margin: 18% (up from 15% in FY 2022). The increase in margin was driven by lower expenses. Duyuru • Feb 24
Polynet Public Company Limited, Annual General Meeting, Mar 29, 2024 Polynet Public Company Limited, Annual General Meeting, Mar 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and certify the minutes of 2023 Annual General Meeting of Shareholders; to consider and acknowledge the Company's operating result for the fiscal year of 2023, ended on 31 December 2023; to consider and approve the Company's financial statements for the fiscal year of 2023, ended on 31 December 2023; to consider and approve the appropriation of profits as legal reserve and dividend payment in respect of the Company's operating results ended as of 31 December 2023; to consider and approve the election of directors replacing those retired by rotation; to consider and approve the determination of the director's remuneration and sub-committee' remuneration for the year 2024; to consider and approve the appointment of the Company's auditor, and their remuneration; and to consider other matters. New Risk • Nov 20
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: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. New Risk • Nov 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.13 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.08 (down from ฿0.13 in 3Q 2022). Revenue: ฿245.9m (down 6.6% from 3Q 2022). Net income: ฿37.0m (down 16% from 3Q 2022). Profit margin: 15% (down from 17% in 3Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Auto Components industry in Thailand. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.09 per share at 2.2% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 08 September 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (6.4%). Lower than average of industry peers (8.6%). New Risk • Aug 15
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 96% Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.13 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.13 in 2Q 2022). Revenue: ฿219.6m (down 17% from 2Q 2022). Net income: ฿15.2m (down 65% from 2Q 2022). Profit margin: 6.9% (down from 17% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Auto Components industry in Thailand. Duyuru • Aug 11
Polynet Public Company Limited Announces Cash Dividend for the Six Months Ended June 30, 2023, Payable on September 8, 2023 Polynet Public Company Limited announced cash dividend of THB 0.09 per share for the six months ended June 30, 2023, payable on September 8, 2023. Record date for the right to receive dividends is August 24, 2023 and Ex-dividend date is August 23, 2023. Upcoming Dividend • Apr 20
Upcoming dividend of ฿0.08 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 19 May 2023. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (6.4%). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 18% share price gain to ฿12.90, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Chemicals industry in Thailand. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ฿11.20, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Chemicals industry in Thailand. Duyuru • Nov 17
Polynet Public Company Limited has completed an IPO in the amount of THB 816 million. Polynet Public Company Limited has completed an IPO in the amount of THB 816 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 115,000,000
Price\Range: THB 6.8
Security Name: Shares
Security Type: Common Stock
Securities Offered: 5,000,000
Price\Range: THB 6.8