New Risk • Jun 24
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (฿2.97b market cap, or US$89.0m). Buy Or Sell Opportunity • Jun 04
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to ฿6.00. The fair value is estimated to be ฿4.83, 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 24%. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿5.15, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 11x in the Electrical industry in Thailand. Total returns to shareholders of 68% over the past three years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ฿0.22 (vs ฿0.084 in 1Q 2025) First quarter 2026 results: EPS: ฿0.22 (up from ฿0.084 in 1Q 2025). Revenue: ฿1.33b (up 87% from 1Q 2025). Net income: ฿116.2m (up 162% from 1Q 2025). Profit margin: 8.7% (up from 6.2% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.6%). Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.42 (vs ฿0.13 in FY 2024) Full year 2025 results: EPS: ฿0.42 (up from ฿0.13 in FY 2024). Revenue: ฿3.31b (up 5.0% from FY 2024). Net income: ฿219.2m (up 211% from FY 2024). Profit margin: 6.6% (up from 2.2% in FY 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿4.16, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 10x in the Electrical industry in Thailand. Total returns to shareholders of 37% over the past three years. Declared Dividend • Feb 23
Dividend increased to ฿0.35 Dividend of ฿0.35 is 150% higher than last year. Ex-date: 7th May 2026 Payment date: 21st May 2026 Dividend yield will be 9.7%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 7.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.043 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.16 (up from ฿0.043 in 3Q 2024). Revenue: ฿1.00b (up 26% from 3Q 2024). Net income: ฿83.6m (up 263% from 3Q 2024). Profit margin: 8.3% (up from 2.9% 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 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.042 (vs ฿0.03 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.042 (up from ฿0.03 loss in 2Q 2024). Revenue: ฿599.4m (down 27% from 2Q 2024). Net income: ฿22.1m (up ฿38.2m from 2Q 2024). Profit margin: 3.7% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.084 (vs ฿0.019 in 1Q 2024) First quarter 2025 results: EPS: ฿0.084 (up from ฿0.019 in 1Q 2024). Revenue: ฿713.8m (up 5.8% from 1Q 2024). Net income: ฿44.4m (up 340% from 1Q 2024). Profit margin: 6.2% (up from 1.5% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 22 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (6.7%). Duyuru • Apr 25
Asefa Public Company Limited Approves Dividend for the Year Ended December 31, 2024, Payable on May 22, 2025 Asefa Public Company Limited in its annual general meeting held on April 24, 2025 approved to acknowledge the dividend payment at the rate of THB 0.14 per share, in the total amount of THB 74,192,762 by 92.25%. (The dividend payment is in accordance with the Company's dividend payment policy). The company has paid the dividend to the shareholders whose names appear on the list of shareholders entitled to receive dividends (Record Date) on May 8, 2025 and the dividend payment date is set to be May 22, 2025. The Meeting had considered and approved the dividend payment with unanimous votes. Duyuru • Mar 04
Asefa Public Company Limited (SET:ASEFA) announces an Equity Buyback for 20,000,000 shares, representing 3.67% for THB 70 million. Asefa Public Company Limited (SET:ASEFA) announces a share repurchase program. Under the program the company will repurchase up to 20,000,000 shares, representing 3.67% of the issued capital for THB 70 million. The repurchase price shall not exceed 115% of the average closing price in the period of five consecutive days prior to each repurchase date. The purpose of the share buyback is to ensure the Company’s excess liquidity management is conducted for the utmost benefit, to increase the return on equity (ROE) and the earnings per share (EPS) and to enhance the Company’s shareholders confidence in the financial status and capability of the Company in the long run, and to make share price, in the future, better reflect the Company’s actual value. The program will expire on September 9, 2025. As of December 27, 2024, the company had 545,648,300 shares in issue. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿0.13 (vs ฿0.31 in FY 2023) Full year 2024 results: EPS: ฿0.13 (down from ฿0.31 in FY 2023). Revenue: ฿3.15b (down 8.3% from FY 2023). Net income: ฿70.4m (down 58% from FY 2023). Profit margin: 2.2% (down from 4.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Declared Dividend • Feb 15
Dividend reduced to ฿0.14 Dividend of ฿0.14 is 26% lower than last year. Ex-date: 7th May 2025 Payment date: 22nd May 2025 Dividend yield will be 4.8%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio). However, it is well covered by cash flows (32% 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 grow by 34% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 4.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 121% Cash payout ratio: 122% Earnings have declined by 9.9% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (฿1.70b market cap, or US$48.9m). Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: ฿0.043 (vs ฿0.065 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.043 (down from ฿0.065 in 3Q 2023). Revenue: ฿800.0m (flat on 3Q 2023). Net income: ฿23.0m (down 33% from 3Q 2023). Profit margin: 2.9% (down from 4.3% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Reported Earnings • Aug 16
Second quarter 2024 earnings released: ฿0.03 loss per share (vs ฿0.061 profit in 2Q 2023) Second quarter 2024 results: ฿0.03 loss per share (down from ฿0.061 profit in 2Q 2023). Revenue: ฿821.5m (up 3.2% from 2Q 2023). Net loss: ฿16.1m (down 148% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.019 (vs ฿0.063 in 1Q 2023) First quarter 2024 results: EPS: ฿0.019 (down from ฿0.063 in 1Q 2023). Revenue: ฿675.0m (down 22% from 1Q 2023). Net income: ฿10.1m (down 71% from 1Q 2023). Profit margin: 1.5% (down from 4.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 07 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (5.1%). Duyuru • Apr 27
Asefa Public Company Limited Approves Dividend for the Fiscal Year Ending 31 December 2023, Payable to Be May 24, 2024 Asefa Public Company Limited at its AGM held on April 25, 2024 approved the suspension of profit allocation from the company's operations. For the fiscal year ending 31 December 2023, the company has reserved funds Due to the company Have appropriated the net profit as legal reserve Which is a total legal reserve of THB 55,000,000, therefore no additional reserve is required in 2024. To acknowledge the dividend payment at the rate of THB 0.19 per share, in the total amount of THB 100,690,177 by 62.50%. (The dividend payment is in accordance with the Company's dividend payment policy) The company has paid the dividend to the shareholders whose names appear on the list of shareholders entitled to receive dividends (Record Date) on May 8, 2024 and the dividend payment date is set to be May 24, 2024. The Meeting had considered and approved the dividend payment. Declared Dividend • Feb 17
Dividend increased to ฿0.19 Dividend of ฿0.19 is 5.6% higher than last year. Ex-date: 7th May 2024 Payment date: 24th May 2024 Dividend yield will be 4.9%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is covered by earnings (67% 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 decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.3% EPS decline seen over the last 5 years. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: ฿0.31 (vs ฿0.19 in FY 2022) Full year 2023 results: EPS: ฿0.31 (up from ฿0.19 in FY 2022). Revenue: ฿3.43b (up 11% from FY 2022). Net income: ฿168.4m (up 63% from FY 2022). Profit margin: 4.9% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: ฿0.065 (vs ฿0.02 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.065 (up from ฿0.02 in 3Q 2022). Revenue: ฿794.6m (down 6.9% from 3Q 2022). Net income: ฿34.5m (up 218% from 3Q 2022). Profit margin: 4.3% (up from 1.3% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.061 (vs ฿0.073 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.061 (down from ฿0.073 in 2Q 2022). Revenue: ฿795.9m (up 3.9% from 2Q 2022). Net income: ฿33.2m (down 17% from 2Q 2022). Profit margin: 4.2% (down from 5.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • May 03
Upcoming dividend of ฿0.18 per share at 4.9% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 25 May 2023. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.7%). Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: ฿0.19 (vs ฿0.25 in FY 2021) Full year 2022 results: EPS: ฿0.19 (down from ฿0.25 in FY 2021). Revenue: ฿3.09b (up 19% from FY 2021). Net income: ฿103.3m (down 25% from FY 2021). Profit margin: 3.3% (down from 5.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Thanomsak Chotikaprakai was the last independent director to join the board, commencing their role in 2019. 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 05
Third quarter 2022 earnings released: EPS: ฿0.02 (vs ฿0.078 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.02 (down from ฿0.078 in 3Q 2021). Revenue: ฿853.3m (up 16% from 3Q 2021). Net income: ฿10.8m (down 75% from 3Q 2021). Profit margin: 1.3% (down from 5.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.073 (vs ฿0.019 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.073 (up from ฿0.019 in 2Q 2021). Revenue: ฿766.3m (up 47% from 2Q 2021). Net income: ฿40.0m (up 293% from 2Q 2021). Profit margin: 5.2% (up from 2.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.22 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 25 May 2022. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.2%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Thanomsak Chotikaprakai was the last independent director to join the board, commencing their role in 2019. 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 • Feb 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.25 (down from ฿0.40 in FY 2020). Revenue: ฿2.60b (down 3.3% from FY 2020). Net income: ฿138.3m (down 37% from FY 2020). Profit margin: 5.3% (down from 8.1% in FY 2020). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS ฿0.078 (vs ฿0.064 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: ฿734.0m (up 42% from 3Q 2020). Net income: ฿42.7m (up 21% from 3Q 2020). Profit margin: 5.8% (down from 6.8% 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 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2021 earnings released: EPS ฿0.019 (vs ฿0.08 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿522.4m (down 9.4% from 2Q 2020). Net income: ฿10.2m (down 77% from 2Q 2020). Profit margin: 2.0% (down from 7.6% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.075 (vs ฿0.085 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿625.5m (down 5.7% from 1Q 2020). Net income: ฿40.1m (down 15% from 1Q 2020). Profit margin: 6.4% (down from 7.1% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.28 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 20 May 2021. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 24% share price gain to ฿4.60, the stock is trading at a trailing P/E ratio of 11.6x, up from the previous P/E ratio of 9.3x. This compares to an average P/E of 19x in the Electrical industry in Thailand. Total return to shareholders over the past three years is a loss of 7.5%. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS ฿0.40 (vs ฿0.26 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿2.69b (up 5.4% from FY 2019). Net income: ฿218.5m (up 52% from FY 2019). Profit margin: 8.1% (up from 5.6% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 10
New 90-day high: ฿3.64 The company is up 10.0% from its price of ฿3.32 on 12 November 2020. The Thai market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 20
New 90-day high: ฿3.60 The company is up 15% from its price of ฿3.12 on 22 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ฿3.42 The company is up 10.0% from its price of ฿3.12 on 03 September 2020. The Thai market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Electrical industry, which is down 4.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ฿3.34 The company is up 6.0% from its price of ฿3.16 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 4.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.064 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿516.3m (down 11% from 3Q 2019). Net income: ฿35.2m (up 27% from 3Q 2019). Profit margin: 6.8% (up from 4.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. 