Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿8.50, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 10x in the Electrical industry in Thailand. Total returns to shareholders of 382% over the past three years. New Risk • May 25
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 7.1% 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: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿2.65b market cap, or US$81.6m). New Risk • May 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 146% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (฿2.11b market cap, or US$64.6m). Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿5.65, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 12x in the Electrical industry in Thailand. Total returns to shareholders of 193% over the past three years. Upcoming Dividend • May 01
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 28 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.2%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.6%). New Risk • Mar 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 59% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (59% net debt to equity). Dividend is not well covered by earnings (146% payout ratio). Market cap is less than US$100m (฿1.22b market cap, or US$38.7m). Duyuru • Feb 27
Tirathai Public Company Limited Proposes Cash Dividend for the Operating Period from January 1, 2025 to December 31, 2025, Payable on May 28, 2026 Tirathai Public Company Limited in its AGM to be held on April 29, 2026 proposed cash dividend of THB 0.14 per share for the Operating period from January 1, 2025 to December 31, 2025. Ex-dividend date May 8, 2026, Record date for the right to receive dividends March 11, 2026. Payment date May 28, 2026. Declared Dividend • Feb 26
Dividend of ฿0.14 announced Shareholders will receive a dividend of ฿0.14. Ex-date: 8th May 2026 Payment date: 28th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is not covered by earnings (146% earnings payout ratio). However, it is well covered by cash flows (8% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 62% to bring the payout ratio under control, which is more than the 17% EPS growth achieved over the last 5 years. Duyuru • Feb 24
Tirathai Public Company Limited, Annual General Meeting, Apr 29, 2026 Tirathai Public Company Limited, Annual General Meeting, Apr 29, 2026, at 10:00 SE Asia Standard Time. Location: physical meeting, tirathai public company limited, located at 516/2 moo 2 bangpoo industrial estate, (soi 1b), sukhumvit road, bangpoomai sub-district, muang samut prakan district, samutprakan, Thailand Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: ฿0.014 (vs ฿0.31 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.014 (down from ฿0.31 in 3Q 2024). Revenue: ฿281.1m (down 60% from 3Q 2024). Net income: ฿4.26m (down 96% from 3Q 2024). Profit margin: 1.5% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 26 August 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 9.6%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (6.7%). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.17 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.17 in 2Q 2024). Revenue: ฿575.6m (down 28% from 2Q 2024). Net income: ฿34.3m (down 36% from 2Q 2024). Profit margin: 6.0% (down from 6.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.15 (vs ฿0.31 in 1Q 2024) First quarter 2025 results: EPS: ฿0.15 (down from ฿0.31 in 1Q 2024). Revenue: ฿620.2m (down 23% from 1Q 2024). Net income: ฿46.6m (down 52% from 1Q 2024). Profit margin: 7.5% (down from 12% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Apr 24
Tirathai Public Company Limited Approves Dividend for Operating Period from January 1, 2024 to December 31, 2024, Payable on May 21, 2025 Tirathai Public Company Limited at its AGM, held on April 22, 2024, approved the appropriation of profit of the year 2024 and the dividend payment for the operation period of January 1, 2024, to December 31, 2024 at the rate of THB 0.37 per share which is equal to the total dividend payment THB 113,963,060.64. This represents 51.19% of the net profit for the year based on the consolidated financial statements, in accordance with the Company's dividend policy of which THB 0.13 per share for a total of THB 40,041,075.36 was paid as an interim dividend on January 10, 2025. The remaining dividend payment will be THB 0.24 per share for a total of THB 73,921,985.28 . The record date for the eligible shareholders who have the right to receive the dividend will be on May 7, 2025 and the dividend payment will be completed within May 21, 2025 with a majority vote of the shareholders attending the meeting and casting their votes, excluding abstentions from the calculation base. Declared Dividend • Feb 28
Final dividend of ฿0.24 announced Shareholders will receive a dividend of ฿0.24. Ex-date: 6th May 2025 Payment date: 21st May 2025 Dividend yield will be 11%, which is higher than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (5% 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 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Feb 27
Tirathai Public Company Limited, Annual General Meeting, Apr 22, 2025 Tirathai Public Company Limited, Annual General Meeting, Apr 22, 2025, at 10:00 SE Asia Standard Time. Location: at tirathai public company limited located, at 516/2 moo 2 bangpoo industrial estate, (soi 1b), sukhumvit road,bangpoomai sub-district, muang samut prakan district, samutprakan, Thailand Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: ฿0.72 (vs ฿0.42 in FY 2023) Full year 2024 results: EPS: ฿0.72 (up from ฿0.42 in FY 2023). Revenue: ฿2.88b (up 37% from FY 2023). Net income: ฿223.4m (up 72% from FY 2023). Profit margin: 7.8% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Feb 26
Tirathai Public Company Limited Proposes Dividend for Operating Period from January 1, 2024 to December 31, 2024, Payable on May 21, 2025 Tirathai Public Company Limited announced that at its AGM to be held on 22 April 2025, to propose to the shareholders' meeting to consider and approve the dividend payment for the operation period of January 1, 2024, to December 31, 2024 at the rate of THB 0.37 per share which is equal to the total dividend payment THB 113,963,060.64, of which THB 0.13 per share for a total of THB 40,041,075.36 was paid as an interim dividend on January 10, 2025. The remaining dividend payment will be THB 0.24 per share for a total of THB 73,921,985.28. Record date for the right to receive dividends is 07 May 2025. Ex-dividend date is 06 May 2025. Payment date is 21 May 2025. Upcoming Dividend • Dec 19
Upcoming dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 26 December 2024. Payment date: 10 January 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.9%). Lower than average of industry peers (5.5%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.31 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.31 (down from ฿0.31 in 3Q 2023). Revenue: ฿702.8m (up 21% from 3Q 2023). Net income: ฿95.8m (down 1.1% from 3Q 2023). Profit margin: 14% (down from 17% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿4.24, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 12x in the Electrical industry in Thailand. Total returns to shareholders of 45% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.082 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.17 (up from ฿0.082 loss in 2Q 2023). Revenue: ฿796.4m (up 93% from 2Q 2023). Net income: ฿53.3m (up ฿78.5m from 2Q 2023). Profit margin: 6.7% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿4.36, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Electrical industry in Thailand. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿5.05, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 12x in the Electrical industry in Thailand. Total returns to shareholders of 151% over the past three years. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.11 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.31 (up from ฿0.11 loss in 1Q 2023). Revenue: ฿800.1m (up 104% from 1Q 2023). Net income: ฿96.3m (up ฿131.5m from 1Q 2023). Profit margin: 12% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.21 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 21 May 2024. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (5.9%). In line with average of industry peers (5.2%). Duyuru • Apr 17
Tirathai Public Company Limited Approves Board and Committee Changes Tirathai Public Company Limited announced that at its board meeting held on April 17, 2024, approved the appointment of Mr. Singchai Thaninson to take the position of independent director to replace the vacant independent director position, with the term ended on April 28, 2025, which effective from April 17, 2024; the appointment of Mr. Boonchai Sowanwanichakul, the independent director, who meet the qualification of audit committee to replace the vacant audit committee position, which effective from April 17, 2024; the increasing in number of audit committee members by one position and the appointment of Dr. Pisit Leeahtam, the independent director, who meet the qualification of audit committee to take that additional position resulting in a total number of the company's audit committee will be 4 positions, which effective from April 17, 2024. New Risk • Mar 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.24b market cap, or US$34.0m). Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿0.42 (vs ฿0.30 loss in FY 2022) Full year 2023 results: EPS: ฿0.42 (up from ฿0.30 loss in FY 2022). Revenue: ฿2.10b (up 23% from FY 2022). Net income: ฿129.6m (up ฿221.7m from FY 2022). Profit margin: 6.2% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.31 (vs ฿0.083 loss in 3Q 2022) Third quarter 2023 results: EPS: ฿0.31 (up from ฿0.083 loss in 3Q 2022). Revenue: ฿581.8m (up 14% from 3Q 2022). Net income: ฿96.8m (up ฿122.5m from 3Q 2022). Profit margin: 17% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ฿0.082 loss per share (vs ฿0.16 loss in 2Q 2022) Second quarter 2023 results: ฿0.082 loss per share (improved from ฿0.16 loss in 2Q 2022). Revenue: ฿411.9m (up 27% from 2Q 2022). Net loss: ฿25.3m (loss narrowed 50% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2023 earnings released: ฿0.11 loss per share (vs ฿0.078 loss in 1Q 2022) First quarter 2023 results: ฿0.11 loss per share (further deteriorated from ฿0.078 loss in 1Q 2022). Revenue: ฿392.7m (down 11% from 1Q 2022). Net loss: ฿35.2m (loss widened 46% from 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Duyuru • May 05
Tirathai Public Company Limited Appoints Sermsakool Klaikaew as Member of the Audit Committee Tirathai Public Company Limited at its shareholders meeting held on February 7, 2023, approved the appointment of Mr. Sermsakool Klaikaew as Member of the audit committee. The audit committee is consisted of: Chairman of the audit committee. Mr. Annop Tagajarin remaining term in office 1year -months -days; Member of the audit committee Mr. Singha Nikornpun remaining term in office 2years -months -days and Member of the audit committee Mr. Sermsakool Klaikaew remaining term in office 3years -months -days. Reported Earnings • Mar 05
Full year 2022 earnings released: ฿0.30 loss per share (vs ฿0.24 profit in FY 2021) Full year 2022 results: ฿0.30 loss per share (down from ฿0.24 profit in FY 2021). Revenue: ฿1.71b (down 16% from FY 2021). Net loss: ฿92.1m (down 227% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.083 loss per share (vs ฿0.20 profit in 3Q 2021) Third quarter 2022 results: ฿0.083 loss per share (down from ฿0.20 profit in 3Q 2021). Revenue: ฿508.7m (flat on 3Q 2021). Net loss: ฿25.7m (down 142% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Chairman Sermsakool Klaikaew was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Nov 15
Tirathai Public Company Limited Announces Resignation of Somchai Roadrungwasinkul as Independent Director and Member of Audit Committee Tirathai Public Company Limited announced that Mr. Somchai Roadrungwasinkul has delivered the letter to the Company, expressing an intention to resign from the positions of Independent Director and Audit Committee of the Company, because he has an important mission to working as an executive management position of one company. As a result, he is unable to allocate sufficient time to be an independent director/audit committee member of the Company. The resignation shall be effective from November 15, 2022 onwards. Reported Earnings • Aug 17
Second quarter 2022 earnings released: ฿0.16 loss per share (vs ฿0.11 profit in 2Q 2021) Second quarter 2022 results: ฿0.16 loss per share (down from ฿0.11 profit in 2Q 2021). Revenue: ฿323.8m (down 44% from 2Q 2021). Net loss: ฿50.6m (down 251% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 07
Tirathai Public Company Limited Announces Executive Changes Tirathai Public Company Limited announced change the position of Mr. Kanta Vongphan from Finance Accounting and Information Technology Manager (Acting) to the position of Financial, Accounting and Information Technology Department Manager effective as of July 1, 2022 onwards. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿3.08, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 17x in the Electrical industry in Thailand. Total returns to shareholders of 71% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿78.00 loss per share. Revenue: ฿441.3m (up 17% from 1Q 2021). Net loss: ฿24.1m (loss narrowed 31% from 1Q 2021). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) were also behind analyst expectations. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Chairman Sermsakool Klaikaew was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.92, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 20x in the Electrical industry in Thailand. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 36% share price gain to ฿4.96, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 19x in the Electrical industry in Thailand. Total returns to shareholders of 223% over the past three years. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.24 (up from ฿0.039 in FY 2020). Revenue: ฿2.04b (down 20% from FY 2020). Net income: ฿72.6m (up ฿60.7m from FY 2020). Profit margin: 3.6% (up from 0.5% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 26
Tirathai Public Company Limited, Annual General Meeting, Apr 28, 2022 Tirathai Public Company Limited, Annual General Meeting, Apr 28, 2022, at 03:00 Coordinated Universal Time. Location: 516/2 Moo 2 Bangpoo Industrial Estate (Soi 1B), Sukhumvit Road, Bangpoomai Sub-District, Muang Samut Prakan District, Samutprakan Thailand Agenda: To consider and approve the Minutes of the Annual General Meeting of Shareholders of the year 2021; to consider acknowledge the Company operating results of the year 2021; to consider and approve the financial statement of the year 2021 ended at 31 December 2021; to consider and approve the allocation of net profit of the year 2021 and dividend payment; to consider the election of directors to replace those retiring by rotation; to consider and approve the remuneration of directors of the year 2022; to consider the appointment of the auditor and the remuneration of auditor; and to consider other matters. Duyuru • Feb 25
Tirathai Public Company Limited Proposes Dividend for the Year Ended December 31, 2021, Payable on May 27, 2022 Tirathai Public Company Limited approved to propose to the shareholders' meeting to consider the allocation of the 2021 net profit and approve the dividend payment for the operation period of January 1, 2021, to December 31, 2021 at the rate of THB 0.12 per share which is equal to the total dividend payment THB 36,960,992.64, at its board meeting held on February 23, 2022. The record date for the eligible shareholders who have the right to receive the dividend will be on May 5, 2022 and the dividend payment will be completed within May 27, 2022. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 33% share price gain to ฿4.18, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 21x in the Electrical industry in Thailand. Total returns to shareholders of 128% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ฿2.68, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 42% over the past three years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.027 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿505.3m (down 15% from 3Q 2020). Net income: ฿61.2m (up ฿69.5m from 3Q 2020). Profit margin: 12% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.054 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿578.4m (up 38% from 2Q 2020). Net income: ฿33.5m (up ฿50.1m from 2Q 2020). Profit margin: 5.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 19
First quarter 2021 earnings released: ฿0.11 loss per share (vs ฿0.20 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: ฿377.6m (down 18% from 1Q 2020). Net loss: ฿35.0m (loss narrowed 42% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 04
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 11 May 2021. Payment date: 25 May 2021. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (3.7%). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 20% share price gain to ฿2.38, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 24x in the Electrical industry in Thailand. Total returns to shareholders of 4.5% over the past three years. Duyuru • Apr 28
Tirathai Public Company Limited Approves Dividend for the Year 2020, Payable on May 25, 2021 Tirathai Public Company Limited approved the appropriation of profit for the year 2020 and dividend payment at the rate of THB 0.02 per share, total dividend to be paid to THB 6,160,165.44, representing of 72.29% of net profit. The company has a net profit equal to THB 8,521,062.89 baht from the operation period January 1, 2020 to December 31, 2020. The list of shareholders who had the right to receive dividend (Record Date) on May 12, 2021 and dividend would pay on May 25, 2021. Duyuru • Mar 02
Tirathai Public Company Limited, Annual General Meeting, Apr 07, 2021 Tirathai Public Company Limited, Annual General Meeting, Apr 07, 2021, at 03:00 Coordinated Universal Time. Location: 516/2 Moo 2 Bangpoo Industrial Estate (Soi 1B) Sukhumvit Road, Bangpoomai Sub-District, Mueang Samut Prakan District Samut Prakarn Thailand Agenda: To consider and approve the Minutes of the Annual General Meeting of Shareholders for the year 2020; to acknowledge the operating results for the year 2020; to consider and approve financial statement for the year ended 31 December 2020; to consider and approve appropriation of net profit for the year 2020 and dividend payment; to consider the election of directors to replace those retiring by rotation; to consider and approve remuneration of directors for the year 2021; to consider and approve the amendment of Clause 3 of the Memorandum of Association; and to consider other matters. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿0.039 (vs ฿0.24 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ฿2.57b (up 4.9% from FY 2019). Net income: ฿11.9m (down 84% from FY 2019). Profit margin: 0.5% (down from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 18
New 90-day high: ฿1.77 The company is up 11% from its price of ฿1.60 on 20 October 2020. The Thai market is up 26% 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 29
New 90-day high: ฿1.75 The company is up 8.0% from its price of ฿1.62 on 30 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 98% over the same period. Reported Earnings • Nov 21
Third quarter 2020 earnings released: ฿0.027 loss per share The company reported a soft third quarter result with increased losses and weaker control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: ฿594.0m (up 2.4% from 3Q 2019). Net loss: ฿8.36m (loss widened ฿7.51m from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: ฿1.61 The company is down 5.0% from its price of ฿1.69 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 11% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: ฿1.62 The company is down 4.0% from its price of ฿1.68 on 02 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is down 8.0% over the same period. 
