Reported Earnings • May 07
First quarter 2026 earnings released: EPS: ฿26.85 (vs ฿0.031 in 1Q 2025) First quarter 2026 results: EPS: ฿26.85. Revenue: ฿1.60b (down 14% from 1Q 2025). Net income: ฿243.7m (down 14% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Building industry in Asia. Duyuru • Apr 01
Dynasty Ceramic Public Company Limited Approves Dividend for the Fourth Quarter Ended December 2025, Payable on April 30, 2026 Dynasty Ceramic Public Company Limited announced at annual general meeting held on 31 March 2026, the shareholders approved the payment of the annual dividend for the year 2025 at the rate of THB 0.080 per share, THB 0.070 per share of which was paid as interim dividend during the year 2025 and the remaining THB 0.010 or not more than THB 90.8 million, the profits from the operations during the period of 4th quarter (Oct-Dec 2025) of the year 2025. The dividends are payable to shareholders those listed in the shareholders' Register at the Stock Exchange of Thailand as of April 8, 2026 (Record Date). The payment will be made on April 30, 2026. Upcoming Dividend • Mar 31
Upcoming dividend of ฿0.01 per share Eligible shareholders must have bought the stock before 07 April 2026. Payment date: 30 April 2026. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 6.3%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (6.8%). Major Estimate Revision • Mar 13
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from ฿6.42b to ฿7.31b. EPS estimate increased from ฿0.10 to ฿0.12 per share. Net income forecast to grow 21% next year vs 23% growth forecast for Building industry in Thailand. Consensus price target up from ฿1.36 to ฿1.56. Share price rose 3.4% to ฿1.22 over the past week. Buy Or Sell Opportunity • Mar 11
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at ฿1.22. The fair value is estimated to be ฿1.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.2% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 4.5% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Price Target Changed • Feb 21
Price target decreased by 17% to ฿1.36 Down from ฿1.64, the current price target is provided by 1 analyst. New target price is 6.3% above last closing price of ฿1.28. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿0.10 for next year compared to ฿0.10 last year. Reported Earnings • Feb 12
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: ฿0.10 (down from ฿0.12 in FY 2024). Revenue: ฿6.31b (down 10% from FY 2024). Net income: ฿904.4m (down 18% from FY 2024). Profit margin: 14% (down from 16% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 20% per year. Duyuru • Feb 11
Dynasty Ceramic Public Company Limited Proposes Dividend for the Operating Period from October 1, 2025 to December 31, 2025, Payable on April 30, 2026 Dynasty Ceramic Public Company Limited proposed to the AGM to consider and approve a dividend payment for the year 2025 at the rate of THB 0.080 per share, or 80% of Net Profit consolidated financial statements for total number of 9,125,611,266 shares as the issued and paid-up share capital of the Company (Deduct the purchased shares of 50,000,000 shares) remaining 9,075,611,266 shares, totally THB 726.1 million, of which THB 0.070 per share was paid as interim in cash dividend during the year 2025. The remaining for Quarter 4 (Oct-Dec 2025) of THB 0.010 per share would be further paid out totally THB 90.8 million (Such dividend payment shall be further proposed to the Annual General Meeting of Shareholders 2026 for approval) and to receive dividend within 10 years. Ex dividend date: April 7, 2026, Record date: April 8, 2026. Payable on April 30, 2026. Duyuru • Feb 10
Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 31, 2026 Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 31, 2026, at 14:00 SE Asia Standard Time. Location: dynasty ceramic public company limited building, 4th floor, 37/7 suttisarnvinijchai road, samsennok, huai khwang, bangkok Thailand Buy Or Sell Opportunity • Jan 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to ฿1.22. The fair value is estimated to be ฿1.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 4.1% in 2 years. Earnings are forecast to grow by 8.7% in the next 2 years. Buy Or Sell Opportunity • Dec 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to ฿1.21. The fair value is estimated to be ฿1.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.7% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 4.1% in 2 years. Earnings are forecast to grow by 8.7% in the next 2 years. Declared Dividend • Nov 06
Third quarter dividend of ฿0.015 announced Shareholders will receive a dividend of ฿0.015. Ex-date: 17th November 2025 Payment date: 3rd December 2025 Dividend yield will be 6.9%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 14% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2025 results: EPS: ฿0.023 (down from ฿0.027 in 3Q 2024). Revenue: ฿1.45b (down 9.9% from 3Q 2024). Net income: ฿210.6m (down 16% from 3Q 2024). Profit margin: 14% (down from 16% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. Major Estimate Revision • Aug 12
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿7.38b to ฿6.34b. EPS estimate fell from ฿0.13 to ฿0.10 per share. Net income forecast to shrink 2.9% next year vs 23% growth forecast for Building industry in Thailand . Consensus price target down from ฿1.81 to ฿1.64. Share price was steady at ฿1.46 over the past week. Declared Dividend • Aug 07
Second quarter dividend of ฿0.025 announced Shareholders will receive a dividend of ฿0.025. Ex-date: 18th August 2025 Payment date: 5th September 2025 Dividend yield will be 6.6%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (89.8% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: ฿0.025 (vs ฿0.03 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.025 (down from ฿0.03 in 2Q 2024). Revenue: ฿1.57b (down 11% from 2Q 2024). Net income: ฿229.6m (down 15% from 2Q 2024). Profit margin: 15% (in line with 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Building industry in Asia. 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 20% per year. Price Target Changed • Jun 11
Price target decreased by 15% to ฿1.81 Down from ฿2.14, the current price target is an average from 2 analysts. New target price is 20% above last closing price of ฿1.51. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿0.13 for next year compared to ฿0.12 last year. Declared Dividend • May 08
First quarter dividend increased to ฿0.03 Dividend of ฿0.03 is 50% higher than last year. Ex-date: 19th May 2025 Payment date: 6th June 2025 Dividend yield will be 5.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: ฿0.031 (vs ฿0.037 in 1Q 2024) First quarter 2025 results: EPS: ฿0.031 (down from ฿0.037 in 1Q 2024). Revenue: ฿1.85b (down 8.4% from 1Q 2024). Net income: ฿284.5m (down 17% from 1Q 2024). Profit margin: 15% (down from 17% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 18% per year. New Risk • Apr 10
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 7.4% 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 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 (7.4% average weekly change). Upcoming Dividend • Apr 01
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 08 April 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 66% and the cash payout ratio is 79%. Trailing yield: 5.5%. Lower than top quartile of Thai dividend payers (7.7%). In line with average of industry peers (5.3%). Duyuru • Apr 01
Dynasty Ceramic Public Company Limited Approves Annual Dividend for the Year 2024, Payable on April 30, 2025 Dynasty Ceramic Public Company Limited approved the payment of the annual dividend for the year 2024 at the rate of THB 0.080 per share, THB 0.060 of which was paid as interim dividend during the year 2024 and the remaining THB 0.020 or not more than THB 181.7 million, the profits from the operations during the period of 4th quarter (October 2024 - December 2024) of the year 2024. The dividends are payable to shareholders those listed in the shareholders' Register at the Stock Exchange of Thailand as of April 9, 2025 (Record Date). The payment will be made on April 30, 2025. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.36, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Building industry in Asia. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.20 per share. Reported Earnings • Feb 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿0.12 (down from ฿0.13 in FY 2023). Revenue: ฿7.03b (down 9.2% from FY 2023). Net income: ฿1.10b (down 6.6% from FY 2023). Profit margin: 16% (in line with FY 2023). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Building industry in Asia. 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. Duyuru • Feb 12
Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 31, 2025 Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 31, 2025, at 14:30 SE Asia Standard Time. Location: dynasty ceramic public company-, limited building, 4th floor, 37/7 suttisarnvinijchai road, samsennok, huai khwang, bangkok Thailand Duyuru • Feb 11
Dynasty Ceramic Public Company Limited Recommends Fourth Quarter Dividend for the Period of October - December 31, 2024, Payment Will Be on April 9, 2025 Dynasty Ceramic Public Company Limited at the board meeting held on February 10, 2025, recommended fourth quarter dividend for the period of October - December 31, 2024 at the AGM to be held on March 31, 2025 of THB 0.020 per share would be further paid out totally THB 181.7 million. The record date to determine names of shareholders who have the right to receive dividend payment will be on April 9, 2025. (Will mark XD or the date of excluding dividend on April 8, 2025). The dividend date will be on April 30, 2025. Major Estimate Revision • Nov 08
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿7.73b to ฿7.16b. EPS estimate also fell from ฿0.135 per share to ฿0.12 per share. Net income forecast to grow 2.4% next year vs 24% growth forecast for Building industry in Thailand. Consensus price target broadly unchanged at ฿2.14. Share price was steady at ฿1.85 over the past week. Declared Dividend • Nov 07
Second quarter dividend of ฿0.02 announced Shareholders will receive a dividend of ฿0.02. Ex-date: 18th November 2024 Payment date: 4th December 2024 Dividend yield will be 3.9%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 08
Dynasty Ceramic Public Company Limited (SET:DCC) announces an Equity Buyback for 250,000,000 shares, representing 2.74% for THB 500 million. Dynasty Ceramic Public Company Limited (SET:DCC) announces a share repurchase program. Under the program, the company will repurchase up to up to 250,000,000 shares, representing 2.74% for THB 500 million. The share repurchases price will not exceed 115% of the average share closing price for 5 working days prior to the share repurchase date. The repurchased shares will be used for resale. The purpose of the share repurchases is to ensure the company's excess liquidity management and to increase the Return on Equity ratio and Earnings Per Share ratio, to generate future income and profit of the company and to ensure the strong financial position of the company. The program is valid till February 12, 2025. As of February 27, 2024, the company had 9,125,611,266 shares are issued and outstanding. Declared Dividend • Aug 08
Second quarter dividend of ฿0.02 announced Shareholders will receive a dividend of ฿0.02. Ex-date: 19th August 2024 Payment date: 5th September 2024 Dividend yield will be 3.5%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ฿0.03 (in line with 2Q 2023). Revenue: ฿1.76b (down 9.6% from 2Q 2023). Net income: ฿270.1m (down 2.7% from 2Q 2023). Profit margin: 15% (up from 14% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Building industry in Asia. 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 13% per year. Duyuru • Aug 06
Dynasty Ceramic Public Company Limited Announces Cash Dividend Payment for the Operating Period from 01 April 2024 to 30 June 2024, Payable on 05 September 2024 Dynasty Ceramic Public Company Limited announced cash dividend payment for the operating period from 01 April 2024 to 30 June 2024 of THB 0.02 per share on Par value THB 0.10 per share. The dividend will be payable on 05 September 2024 with record date for the right to receive dividends 20 August 2024 and Ex-dividend date of 19 August 2024. Buy Or Sell Opportunity • Jul 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ฿2.04. The fair value is estimated to be ฿1.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Buy Or Sell Opportunity • May 31
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to ฿2.00. The fair value is estimated to be ฿1.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Buy Or Sell Opportunity • May 14
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.6% to ฿1.94. The fair value is estimated to be ฿1.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Declared Dividend • May 09
First quarter dividend increased to ฿0.02 Dividend of ฿0.02 is 33% higher than last year. Ex-date: 20th May 2024 Payment date: 6th June 2024 Dividend yield will be 3.4%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.037 (vs ฿0.037 in 1Q 2023) First quarter 2024 results: EPS: ฿0.037 (in line with 1Q 2023). Revenue: ฿2.02b (down 8.9% from 1Q 2023). Net income: ฿340.6m (flat on 1Q 2023). Profit margin: 17% (up from 15% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 16% per year. Duyuru • May 08
Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Operating Period from January 1, 2024 to March 31, 2024, Payable on 06 June 2024 Dynasty Ceramic Public Company Limited announced cash dividend of THB 0.02 per share for the operating period from January 1, 2024 to March 31, 2024. Record date for the right to receive dividends is 21 May, 2024. Ex-dividend date is 20 May 2024. Par value is THB 0.10. Payment date is 06 June 2024. Upcoming Dividend • Mar 25
Upcoming dividend of ฿0.012 per share Eligible shareholders must have bought the stock before 01 April 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Thai dividend payers (5.8%). Lower than average of industry peers (15%). Duyuru • Feb 14
Dynasty Ceramic Public Company Limited Proposes Dividend for the Period From October 1, 2023 to December 31, 2023, Payable on April 25, 2024 Dynasty Ceramic Public Company Limited proposed a dividend payment for the year 2023 Dividend payment approval at the rate of THB 0.057 per share, or 44% of Net Profit consolidated financial statements for total number of 9,125,611,266 shares as the issued and paid-up share capital of the Company, totally THB 520.1 million, of which THB 0.045 per share was paid as interim in cash dividend during the year 2023. The remaining for Quarter 4 (Oct-Dec 2023) of THB 0.012 per share would be further paid out totally THB 109.5 million (Such dividend payment shall be further proposed to the Annual General Meeting of Shareholders 2024 for approval) and to receive dividend within 10 years. The record date to determine names of shareholders who have the right to receive dividend payment will be on April 2, 2024. (Will mark XD or the date of excluding dividend on April 1, 2024). The dividend date will be on April 25, 2024. Reported Earnings • Feb 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.13 (down from ฿0.18 in FY 2022). Revenue: ฿7.74b (down 7.2% from FY 2022). Net income: ฿1.18b (down 28% from FY 2022). Profit margin: 15% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the Building industry in Asia. 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 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿1.94, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Building industry in Asia. Total loss to shareholders of 3.8% over the past three years. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: ฿0.032 (vs ฿0.035 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.032 (down from ฿0.035 in 3Q 2022). Revenue: ฿1.84b (down 3.0% from 3Q 2022). Net income: ฿296.3m (down 8.0% from 3Q 2022). Profit margin: 16% (in line with 3Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Nov 13
Upcoming dividend of ฿0.017 per share at 8.5% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 41% and the cash payout ratio is 78%. Trailing yield: 8.5%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (5.5%). Duyuru • Nov 07
Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Operating Period from 1 July 2023 to 30 September 2023, Payable on 6 December 2023 Dynasty Ceramic Public Company Limited announced cash dividend payment of THB 0.017 per share for the operating period from 1 July 2023 to 30 September 2023. Record date for the right to receive dividends is 21 November 2023. Ex-dividend date is 20 November 2023. Payment date is 6 December 2023. Price Target Changed • Sep 07
Price target decreased by 9.6% to ฿2.43 Down from ฿2.69, the current price target is an average from 3 analysts. New target price is 23% above last closing price of ฿1.98. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.18 last year. Upcoming Dividend • Aug 14
Upcoming dividend of ฿0.013 per share at 6.2% yield Eligible shareholders must have bought the stock before 21 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.7%). Duyuru • Aug 09
Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Period from 01 April 2023 to 30 June 2023, Payable on 06 September 2023 Dynasty Ceramic Public Company Limited announces cash dividend of THB 0.013 per share, THB 0.10 par value for the period from 01 April 2023 to 30 June 2023. Ex-dividend date 21 August 2023, Record date for the right to receive dividends 22 August 2023 and Payment date 06 September 2023. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: ฿0.03 (vs ฿0.047 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.047 in 2Q 2022). Revenue: ฿1.95b (down 8.2% from 2Q 2022). Net income: ฿277.5m (down 36% from 2Q 2022). Profit margin: 14% (down from 20% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Building industry in Asia. 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. Price Target Changed • May 18
Price target decreased by 9.5% to ฿2.69 Down from ฿2.97, the current price target is an average from 4 analysts. New target price is 27% above last closing price of ฿2.12. Stock is down 23% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.18 last year. Upcoming Dividend • May 15
Upcoming dividend of ฿0.015 per share at 5.9% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 06 June 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (4.7%). Reported Earnings • May 12
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: ฿0.037 (down from ฿0.059 in 1Q 2022). Revenue: ฿2.21b (down 7.5% from 1Q 2022). Net income: ฿339.6m (down 36% from 1Q 2022). Profit margin: 15% (down from 22% in 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 28
Upcoming dividend of ฿0.011 per share at 5.4% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.38, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Building industry in Asia. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.15 per share. Upcoming Dividend • Nov 16
Upcoming dividend of ฿0.025 per share Eligible shareholders must have bought the stock before 22 November 2022. Payment date: 06 December 2022. Payout ratio is on the higher end at 87%, and the cash payout ratio is above 100%. Trailing yield: 6.8%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (5.7%). Board Change • Nov 16
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 Chairman Trakul Winitnaiyapak 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 • Nov 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.035 (down from ฿0.04 in 3Q 2021). Revenue: ฿1.89b (up 3.3% from 3Q 2021). Net income: ฿322.1m (down 12% from 3Q 2021). Profit margin: 17% (down from 20% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) missed analyst estimates by 5.4%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Duyuru • Nov 08
Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Period from July 1, 2022 to September 30, 2022, Payable on December 6, 2022 Dynasty Ceramic Public Company Limited announced cash dividend payment of THB 0.025 per share with par value of THB 0.10 for the period from July 1, 2022 to September 30, 2022, Ex dividend date is November 22, 2022, Record date for the right to receive dividends is November 23, 2022, Payable on December 6, 2022. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.035 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 06 September 2022. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 6.6%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (5.3%). Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: EPS: ฿0.047 (down from ฿0.051 in 2Q 2021). Revenue: ฿2.13b (down 2.4% from 2Q 2021). Net income: ฿432.6m (down 3.1% from 2Q 2021). Profit margin: 20% (in line with 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 4.5%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Duyuru • Aug 09
Dynasty Ceramic Public Company Limited Announces Cash Dividend Payable on September 6, 2022 Dynasty Ceramic Public Company Limited announced Cash dividend payment of THB 0.035 per share for the operating period from 01-Apr-2022 to 30-Jun-2022, payable on September 6, 2022 with record date of August 23, 2022 and Ex-dividend date of August 22, 2022. Upcoming Dividend • May 06
Upcoming dividend of ฿0.055 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 31 May 2022. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (4.8%). Duyuru • May 05
Dynasty Ceramic Public Company Limited Announces Cash Dividend for the Operating Period from 1 January 2022 to 31 March 2022, Payable on 31 May 2022 Dynasty Ceramic Public Company Limited announced Cash dividend payment of THB 0.055 per share for the Operating period from 1 January 2022 to 31 March 2022, payable on 31 May 2022 with record date of 17 May 2022 and Ex-dividend date of 13 May 2022. Board Change • Apr 27
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 Chairman Trakul Winitnaiyapak 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. Duyuru • Mar 30
Dynasty Ceramic Public Company Limited Approves Annual Dividend for the Year 2021, Payable on April 28, 2022 Dynasty Ceramic Public Company Limited announced that at its Annual General Shareholders' Meeting held on March 29, 2022, approved the payment of the annual dividend for the year 2021 at the rate of THB 0.185 per share, THB 0.140 of which was paid as interim dividend during the year 2021 and the remaining THB 0.045 or THB 410.6 million, the profits from the operations during the period of fourth quarter (Oct-Dec 2021) of the year 2021. The dividends are payable to shareholders those listed in the shareholders' Register at the Stock Exchange of Thailand as of April 7, 2022 (Record Date). The payment will be made on April 28, 2022. Upcoming Dividend • Mar 29
Upcoming dividend of ฿0.045 per share Eligible shareholders must have bought the stock before 05 April 2022. Payment date: 28 April 2022. Payout ratio and cash payout ratio are on the higher end at 96% and 92% respectively. Trailing yield: 6.2%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (4.9%). Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.19 (down from ฿0.20 in FY 2020). Revenue: ฿8.40b (down 1.2% from FY 2020). Net income: ฿1.70b (up 7.3% from FY 2020). Profit margin: 20% (up from 19% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 6.3%, compared to a 12% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Nov 12
Upcoming dividend of ฿0.04 per share Eligible shareholders must have bought the stock before 19 November 2021. Payment date: 03 December 2021. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (3.6%). Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.04 (vs ฿0.05 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ฿1.83b (down 11% from 3Q 2020). Net income: ฿366.4m (down 11% from 3Q 2020). Profit margin: 20% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 03 September 2021. Trailing yield: 5.5%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.052 (vs ฿0.057 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿2.18b (down 8.1% from 2Q 2020). Net income: ฿456.8m (up 3.0% from 2Q 2020). Profit margin: 21% (up from 19% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Price Target Changed • Jul 21
Price target increased to ฿3.12 Up from ฿2.90, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿3.16. Stock is up 31% over the past year. Duyuru • Jul 03
Dynasty Ceramic Public Company Limited (SET:DCC) completed the acquisition of remaining 8.13% stake in The Royal Ceramic Industry Public Company Limited (SET:RCI) from Wall Street Finance & Securities and others. Dynasty Ceramic Public Company Limited (SET:DCC) made a tender offer to acquire remaining 8.13% stake in The Royal Ceramic Industry Public Company Limited (SET:RCI) from Wall Street Finance & Securities and others for approximately THB 200 million on February 10, 2021. Dynasty Ceramic Public Company Limited offered to acquire remaining 50.147341 million shares at a price of THB 3.9 per share. Dynasty Ceramic Public Company Limited wants to delist The Royal Ceramic Industry Public Company Limited's securities from being securities listed on the SET. On May 21, 2021, parties entered into amended terms of agreement, which included delisting of RCI, among others. On April 2, 2021, DCC received a letter of financial support for the Tender Offer from the Bank of Ayudhya Public Company Limited in the amount not exceeding THB 200 million covering all the capital required by DCC for the payment of the value of the Tender Offer to purchase all securities of the business. DCC will fund the transaction from internal cash flows and from loans from financial institutions. Board of Directors of The Royal Ceramic Industry Public Company Limited pass a resolution approved to propose the Annual General Shareholders’ Meeting to consider and approve the delisting of The Royal Ceramic Industry Public Company Limited's securities from being securities listed on the Stock Exchange of Thailand (SET). Transaction is subject to an approval for the delisting from the shareholders of The Royal Ceramic Industry Public Company Limited by votes of no less than three-quarters of the total issued and sold shares, with no shareholders holding shares in an aggregate amount of more than 10% of the total issued and sold shares opposing such delisting and the delisting of the securities from being the listed securities in the SET is approved and/or waived by the relevant regulatory agencies, including the SET, the financial institutions, and other contractual parties under the relevant agreements (where this is necessary). Board of Directors also resolved to propose to the shareholders’ meeting to consider and approve the delegation to the working team comprising of Maruth Saengsastra and/or Chanin Suppapinyopong, to consider and determine the details and/or to undertake any acts relating to the delisting of the Company’s securities from being listed securities on the SET. Annual General Meeting of Shareholders to be held on March 29, 2021. On March 29, 2021, shareholders of Royal Ceramic Industry approved the transaction. On April 26, 2021, the precedent condition of the tender offer has been completed. Tender offer period is from April 27, 2021 till July 2, 2021.
KTB Securities (Thailand) Company Limited acted as financial advisor to The Royal Ceramic Industry Public Company Limited. Jay Capital Advisory Limited acted as financial advisor to Dynasty Ceramic Public Company Limited. Chiranat Chatcherdsak, Wasin Suteerayongprasert, Paphon Sirichotikul or Suthasinee Wannageera of Maybank Kim Eng Securities (Thailand) Public Company Limited (SET:MBKET) acted as tender offer agent to Dynasty Ceramic Public Company Limited. KTB Securities considers the deal as reasonable and recommends shareholders to approve the deal. Karin Audit Company Limited provided auditor’s report on financials of RCI.
Dynasty Ceramic Public Company Limited (SET:DCC) completed the acquisition of remaining 8.13% stake in The Royal Ceramic Industry Public Company Limited (SET:RCI) from Wall Street Finance & Securities and others on July 2, 2021. Upcoming Dividend • May 10
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 28 May 2021. Trailing yield: 5.3%. Within top quartile of Thai dividend payers (4.7%). Higher than average of industry peers (3.8%). Reported Earnings • May 02
First quarter 2021 earnings released: EPS ฿0.06 (vs ฿0.051 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿2.41b (up 11% from 1Q 2020). Net income: ฿493.1m (up 34% from 1Q 2020). Profit margin: 20% (up from 17% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Duyuru • Apr 30
Dynasty Ceramic Public Company Limited Announces Quarterly Dividend for the Period Ended March 31, 2021, Payable on May 28, 2021 Dynasty Ceramic Public Company Limited announced dividend of THB 0.10 per share for the period ended March 31, 2021. Payment date is may 28, 2021 with the record date of may 18, 2021. Upcoming Dividend • Mar 29
Upcoming dividend of ฿0.044 per share Eligible shareholders must have bought the stock before 05 April 2021. Payment date: 27 April 2021. Trailing yield: 6.3%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (5.2%). Is New 90 Day High Low • Mar 16
New 90-day high: ฿2.58 The company is up 13% from a price of ฿2.28 on 16 December 2020. Outperformed the Thai market which is up 6.0% over the last 90 days. Lagged the Building industry, which is up 24% over the same period. Simply Wall St's valuation model estimates the intrinsic value at ฿2.07 per share. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS ฿0.20 (vs ฿0.14 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿8.50b (up 4.7% from FY 2019). Net income: ฿1.59b (up 63% from FY 2019). Profit margin: 19% (up from 12% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.4%. Earnings per share (EPS) also missed analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 1.5%, compared to a 13% growth forecast for the Building industry in Thailand. Duyuru • Feb 11
Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 30, 2021 Dynasty Ceramic Public Company Limited, Annual General Meeting, Mar 30, 2021, at 07:30 Coordinated Universal Time. Location: 4th floor, 37/7 Suttisarnvinijchai Road SamsenNok, Huai khwang Bangkok Thailand Agenda: To consider and acknowledge the Board of Director's report on the Company's operating results for the year 2020 and acknowledge he opinion on the delisting of the RCI's shares from being listed on the SET; to consider and approve the Statement of financial for the year ended December 31, 2019; to consider and approve a dividend payment and reserve legal for the year 2020; to consider and approve the re-election of directors who are due to be retired by rotation; to consider and approve the remuneration for Directors and sub-committee for the year 2021; to consider and approve the appointment of auditor and audit fees for the year 2021; and to consider Other any issues and concerns (if any). Is New 90 Day High Low • Feb 10
New 90-day high: ฿2.44 The company is up 6.0% from its price of ฿2.30 on 11 November 2020. The Thai market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Building industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.82 per share. Duyuru • Jan 29
Dynasty Ceramic Public Company Limited Announces Board Changes Dynasty Ceramic Public Company Limited, in a Board of Directors' Meeting held on January 26, 2021 acknowledged the resignation of Mr. Roongroj Saengsastra from the Director and Chairman of the Board. The Board also a acknowledged the resignation of Ms. Cattleya Saengsastra from the Director while still holding the position of Company Secretary. The Board appointed Mr. Trakul Winitnaiyapak as a Director, Independent Director and Chairman of the Board in replacement of Mr. Roongroj Saengsastra (The term of the Director is equivalent to the remaining term of Mr. Roongroj Saengsastra) and appoint Mr. Monrak Saengsastra as a Vice Chairman of the Board. The Board also appointed Mr. Roongroj Saengsastra as an Advisor to the Board of Directors. All these changes are effective from January 26, 2021. The board also approved appointment of Ms. Somruthai Boonyarit as a Director in replacement of Ms. Cattleya Saengsastra (The term of the Director is equivalent to the remaining term of Ms.Cattleya Saengsastra), effective on January 26, 2021. Duyuru • Jan 28
Dynasty Ceramic Public Company Limited Announces Chief Executive Officer Changes Dynasty Ceramic Public Company Limited, in a Board of Directors' Meeting held on January 26, 2021, acknowledged the resignation of Mr. Roongroj Saengsastra from Chief Executive Officer effective from January 26, 2021 and appointed Mr. Maruth Saengsastra as a Chief Executive Officer in replacement of Mr. Roongroj Saengsastra effective on January 26, 2021. Is New 90 Day High Low • Jan 21
New 90-day high: ฿2.42 The company is up 4.0% from its price of ฿2.32 on 22 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.82 per share. Is New 90 Day High Low • Nov 24
New 90-day low: ฿2.20 The company is down 13% from its price of ฿2.52 on 26 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building 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 ฿3.91 per share. Duyuru • Nov 10
Dynasty Ceramic Public Co., Ltd. Announces Board Changes Dynasty Ceramic Public Co. Ltd., at the Board of Directors' Meeting held on November 4, 2020 acknowledged the resignation of Mr. Suvit Samarnpanchai from Director, effective from November 4, 2020 onwards. The company approved the appointment of Mr. Chanin Suppapinyopong as a replacement director, effective November 4, 2020, counting the remaining terms after Mr. Suvit Samarnpanchai. Price Target Changed • Nov 08
Price target raised to ฿2.87 Up from ฿2.67, the current price target is an average from 3 analysts. The new target price is 21% above the current share price of ฿2.38. As of last close, the stock is up 23% over the past year. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS ฿0.05 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿2.07b (up 12% from 3Q 2019). Net income: ฿413.0m (up 87% from 3Q 2019). Profit margin: 20% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 3.5%, compared to a 7.1% growth forecast for the Building industry in Thailand. Price Target Changed • Nov 04
Price target raised to ฿2.67 Up from ฿2.49, the current price target is an average from 3 analysts. The new target price is 12% above the current share price of ฿2.38. As of last close, the stock is up 23% over the past year. Is New 90 Day High Low • Oct 15
New 90-day low: ฿2.28 The company is down 10.0% from its price of ฿2.52 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building 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 ฿2.45 per share.