New Risk • Jul 03
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 6.0% 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 (9.1% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (฿1.35b market cap, or US$40.8m). Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿0.09 (vs ฿0.069 in 1Q 2025) First quarter 2026 results: EPS: ฿0.09 (up from ฿0.069 in 1Q 2025). Revenue: ฿470.2m (down 14% from 1Q 2025). Net income: ฿102.8m (up 28% from 1Q 2025). Profit margin: 22% (up from 15% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is expected to decline by 3.1% p.a. on average during the next 3 years, while revenues in the Commercial Services industry in Asia are expected to grow by 9.5%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 46% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: ฿0.47 loss per share (down from ฿0.21 profit in FY 2024). Revenue: ฿2.17b (up 6.9% from FY 2024). Net loss: ฿543.2m (down 325% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 4.5% p.a. on average during the next 2 years, while revenues in the Commercial Services industry in Asia are expected to grow by 9.4%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has fallen by 49% per year, which means it is performing significantly worse than earnings. New Risk • Feb 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (฿1.40b market cap, or US$45.0m). Duyuru • Feb 27
Chayo Group Public Company Limited, Annual General Meeting, Apr 29, 2026 Chayo Group Public Company Limited, Annual General Meeting, Apr 29, 2026, at 10:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿1.41, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 16x in the Commercial Services industry in Asia. Total loss to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.07 per share. Major Estimate Revision • Nov 23
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.15b to ฿2.12b. EPS estimate also fell from ฿0.36 per share to ฿0.22 per share. Net income forecast to grow 23% next year vs 21% growth forecast for Commercial Services industry in Thailand. Consensus price target down from ฿2.75 to ฿2.23. Share price was steady at ฿1.34 over the past week. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.024 (vs ฿0.086 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.024 (down from ฿0.086 in 3Q 2024). Revenue: ฿585.6m (up 11% from 3Q 2024). Net income: ฿28.3m (down 72% from 3Q 2024). Profit margin: 4.8% (down from 19% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 17
Price target decreased by 14% to ฿2.75 Down from ฿3.21, the current price target is an average from 2 analysts. New target price is 43% above last closing price of ฿1.92. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.21 last year. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.082 (vs ฿0.067 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.082 (up from ฿0.067 in 2Q 2024). Revenue: ฿529.2m (up 10% from 2Q 2024). Net income: ฿94.6m (up 23% from 2Q 2024). Profit margin: 18% (up from 16% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. New Risk • Aug 15
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 9.7% 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 Interest payments are not well covered by earnings (2.9x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Minor Risk Market cap is less than US$100m (฿1.71b market cap, or US$52.9m). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿1.92, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Commercial Services industry in Asia. Total loss to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿1.45, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 15x in the Commercial Services industry in Asia. Total loss to shareholders of 84% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿0.74 per share. Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿1.91, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Commercial Services industry in Asia. Total loss to shareholders of 84% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.003 in 1Q 2024) First quarter 2025 results: EPS: ฿0.07 (up from ฿0.003 in 1Q 2024). Revenue: ฿548.6m (up 11% from 1Q 2024). Net income: ฿80.2m (up ฿77.0m from 1Q 2024). Profit margin: 15% (up from 0.6% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Commercial Services industry in Asia. 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 42% per year, which means it is significantly lagging earnings. Duyuru • Apr 24
Chayo Group Public Company Limited Approves Cash Dividend for the Fiscal Year Ended 2024 , Payable on May 22, 2025 Chayo Group Public Company Limited at its General Meeting of Shareholders, held on April 23, 2025, approved to distribute common stock dividend from the Company's operating results for the fiscal year ended 2024 from
unallocated retained earnings as the newly issued ordinary shares of the Company to the existing shareholders of the Company at the rate of 40 existing shares per 1 ordinary share, with the total number of shares not exceeding 31,272,566 shares at a par value of THB 0.50, totaling not exceeding THB 15,636,283, representing stock dividend at the rate of 0.0125000 per share. Where the shareholder has share fraction derived from the allocation of stock dividend, the Company will pay such shareholder for the fraction in cash at the rate of THB 0.0125000 per share, and to distribute cash dividend at the rate of THB 0.0013889 per share, totaling in equivalent to approximately not exceeding THB 1,737,379 (to accommodate for 10% withholding tax of assessable income pursuant to Article 50(2)(Jor) of Thailand Revenue Code for the dividend's receiver). In this regard, the Company has set the date of May 6, 2025, as the date for determining the shareholders' right to receive the dividend (Record Date) and within May 22, 2025, as the dividend payment date. Duyuru • Mar 13
Chayo Group Public Company Limited announces Annual dividend, payable on May 22, 2025 Chayo Group Public Company Limited announced Annual dividend of THB 0.0014 per share payable on May 22, 2025, ex-date on May 02, 2025 and record date on May 06, 2025. Reported Earnings • Feb 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.21 (down from ฿0.34 in FY 2023). Revenue: ฿2.03b (up 33% from FY 2023). Net income: ฿241.2m (down 38% from FY 2023). Profit margin: 12% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. 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 41% per year, which means it is significantly lagging earnings. New Risk • Feb 27
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 6.7% 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 Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (฿2.62b market cap, or US$77.1m). New Risk • Nov 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.41b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Market cap is less than US$100m (฿3.41b market cap, or US$99.1m). Major Estimate Revision • Nov 19
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿1.74b to ฿1.83b. EPS estimate fell from ฿0.317 to ฿0.26 per share. Net income forecast to grow 39% next year vs 22% growth forecast for Commercial Services industry in Thailand. Consensus price target of ฿3.97 unchanged from last update. Share price was steady at ฿3.14 over the past week. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.088 (vs ฿0.066 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.088 (up from ฿0.066 in 3Q 2023). Revenue: ฿526.4m (up 40% from 3Q 2023). Net income: ฿100.5m (up 33% from 3Q 2023). Profit margin: 19% (down from 20% in 3Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿4.06, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Commercial Services industry in Asia. Total loss to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿3.22, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Commercial Services industry in Asia. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.38 per share. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.067 (vs ฿0.081 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.067 (down from ฿0.081 in 2Q 2023). Revenue: ฿479.2m (up 44% from 2Q 2023). Net income: ฿76.8m (down 16% from 2Q 2023). Profit margin: 16% (down from 28% in 2Q 2023). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Aug 05
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 7.3% 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 Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (฿2.71b market cap, or US$76.8m). Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.74, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Commercial Services industry in Asia. Total loss to shareholders of 77% over the past three years. New Risk • Jul 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.46b (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (29% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (฿3.46b market cap, or US$96.1m). New Risk • Jun 05
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: 17% Last year net profit margin: 25% 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 Interest payments are not well covered by earnings (2.7x net interest cover). High level of non-cash earnings (29% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (17% net profit margin). Upcoming Dividend • May 23
Upcoming dividend of ฿0.035 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 0.7% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Thai dividend payers (6.1%). Lower than average of industry peers (1.7%). Major Estimate Revision • May 15
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from ฿1.62b to ฿1.72b. EPS estimate fell from ฿0.36 to ฿0.315 per share. Net income forecast to shrink 10% next year vs 20% growth forecast for Commercial Services industry in Thailand . Consensus price target down from ฿6.75 to ฿5.85. Share price fell 6.0% to ฿4.04 over the past week. Duyuru • May 11
Chayo Group Public Company Limited Announces Cash Dividend, Payable on June 10, 2024 Chayo Group Public Company Limited announced cash dividend of THB 0.035 per share, payable on June 10, 2024 with Record date for the right to receive dividends of June 4, 2024 and Ex-dividend date of May 31, 2024. Duyuru • Apr 26
Chayo Group Public Company Limited Approves the Omission of Dividend Payment for the Fiscal Year Ended December 31, 2023 Chayo Group Public Company Limited at its 2024 Annual General Meeting of Shareholders, held on April 24, 2024, approved the omission of dividend payment for the fiscal year ended December 31, 2023. New Risk • Apr 09
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 6.0% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). New Risk • Mar 05
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (33% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿0.34 (up from ฿0.23 in FY 2022). Revenue: ฿1.53b (up 53% from FY 2022). Net income: ฿391.1m (up 56% from FY 2022). Profit margin: 26% (in line with FY 2022). Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Dec 08
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 6.1% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (45% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.1% average weekly change). Major Estimate Revision • Nov 17
Consensus revenue estimates increase by 32% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿1.24b to ฿1.64b. EPS estimate increased from ฿0.265 to ฿0.34 per share. Net income forecast to grow 12% next year vs 22% growth forecast for Commercial Services industry in Thailand. Consensus price target down from ฿10.59 to ฿7.50. Share price was steady at ฿5.50 over the past week. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.066 (vs ฿0.032 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.066 (up from ฿0.032 in 3Q 2022). Revenue: ฿376.4m (up 48% from 3Q 2022). Net income: ฿75.6m (up 110% from 3Q 2022). Profit margin: 20% (up from 14% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 13
Price target decreased by 27% to ฿7.50 Down from ฿10.29, the current price target is provided by 1 analyst. New target price is 44% above last closing price of ฿5.20. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.34 for next year compared to ฿0.23 last year. Duyuru • Sep 28
Chayo Group Public Company Limited Approves Interim Cash Dividend, Payable on October 27, 2023 Chayo Group Public Company Limited at its EGM held on September 27, 2023 approved to distribute interim cash dividend at the rate of THB 0.00111112 per share, totaling in equivalent to approximately not exceeding THB 1,238,787 (to accommodate for 10% withholding tax of assessable income pursuant to Article 50 (2) (Jor) of Thailand Revenue Code for the dividend's receiver). In this regard, the Company has set the date of October 10, 2023, as the date for determining the shareholders' right to receive the dividend (Record Date) and within October 27, 2023, as the dividend payment date. Duyuru • Aug 26
Chayo Group Public Company Limited Announces Appointment of Kitti Tungsriwong as Acting Chief Financial Officer Chayo Group Public Company Limited announced appointment of Mr. Kitti Tungsriwong as Acting Chief Financial Officer. Effective Date of Appointment: 25 August 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.081 (vs ฿0.051 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.081 (up from ฿0.051 in 2Q 2022). Revenue: ฿412.2m (up 83% from 2Q 2022). Net income: ฿91.8m (up 62% from 2Q 2022). Profit margin: 22% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Commercial Services industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿7.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the Commercial Services industry in Asia. Total returns to shareholders of 12% over the past three years. New Risk • Jun 27
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 6.0% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (48% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿6.45, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Commercial Services industry in Asia. Total returns to shareholders of 29% over the past three years. Duyuru • Dec 28
Chayo Group Public Company Limited Approves Dividend, Payable on or Before 26 January 2022 Chayo Group Public Company Limited at its EGM held on December 27, 2022 approved cash dividend at the rate of THB 0.0013890 per share, totaling in equivalent to approximately not exceeding THB 1,795,422 (to accommodate for 10% withholding tax of assessable income pursuant to Article 50 (2) (Jor) of Thailand Revenue Code for the dividend's receiver). In this regard, the Company has set the date of January 10, 2023, as the date for determining the shareholders' right to receive the dividend (Record Date) and the dividend payment date will be on or before 26 January 2022. Price Target Changed • Nov 16
Price target decreased to ฿15.27 Down from ฿18.30, the current price target is an average from 3 analysts. New target price is 87% above last closing price of ฿8.15. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿0.22 for next year compared to ฿0.23 last year. 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 not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director Arnon Jarrayapun was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Nov 11
Chayo Group Public Company Limited Proposes Cash Dividend, Payable Within January 26, 2023 The board of directors of Chayo Group Public Company Limited at its meeting held on November 10, 2022, proposed distribute cash dividend at the rate of THB 0.0013890 per share, totaling in equivalent to approximately not exceeding THB 1,795,422 (to accommodate for 10% withholding tax of assessable income pursuant to Article 50 (2) (Jor) of Thailand Revenue Code for the dividend's receiver). In this regard, the Company has set the date of January 10, 2023, as the date for determining the shareholders' right to receive the dividend (Record Date) and within January 26, 2023, as the dividend payment date. Major Estimate Revision • Aug 18
Consensus revenue estimates fall by 14% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ฿1.25b to ฿1.07b. EPS estimate fell from ฿0.49 to ฿0.36 per share. Net income forecast to grow 63% next year vs 21% growth forecast for Commercial Services industry in Thailand. Consensus price target down from ฿18.30 to ฿16.47. Share price was steady at ฿10.70 over the past week. Price Target Changed • Aug 16
Price target decreased to ฿16.47 Down from ฿18.30, the current price target is an average from 3 analysts. New target price is 52% above last closing price of ฿10.80. Stock is down 0.6% over the past year. The company is forecast to post earnings per share of ฿0.36 for next year compared to ฿0.23 last year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.053 (vs ฿0.039 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.053 (up from ฿0.039 in 2Q 2021). Revenue: ฿225.1m (up 44% from 2Q 2021). Net income: ฿56.5m (up 61% from 2Q 2021). Profit margin: 25% (up from 22% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 49%, compared to a 15% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 16
First quarter 2022 earnings: Revenues in line with analyst expectations First quarter 2022 results: Revenue: ฿221.8m (up 26% from 1Q 2021). Net income: ฿72.5m (up 13% from 1Q 2021). Profit margin: 33% (down from 37% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 63%, compared to a 16% growth forecast for the industry in Thailand. 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 not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director Arnon Jarrayapun was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 03
Price target increased to ฿19.43 Up from ฿17.59, the current price target is an average from 3 analysts. New target price is 53% above last closing price of ฿12.70. Stock is up 17% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.24 last year. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: ฿720.4m (up 50% from FY 2020). Net income: ฿219.0m (up 41% from FY 2020). Profit margin: 30% (down from 32% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 19%, compared to a 16% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jan 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ฿705.0m to ฿688.7m. EPS estimate also fell from ฿0.27 per share to ฿0.24 per share. Net income forecast to grow 49% next year vs 19% growth forecast for Commercial Services industry in Thailand. Consensus price target down from ฿16.48 to ฿15.95. Share price fell 2.3% to ฿12.60 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.074 (vs ฿0.045 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿174.0m (up 44% from 3Q 2020). Net income: ฿70.9m (up 121% from 3Q 2020). Profit margin: 41% (up from 27% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.041 (vs ฿0.066 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿156.3m (up 29% from 2Q 2020). Net income: ฿35.1m (down 30% from 2Q 2020). Profit margin: 22% (down from 41% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿12.00, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 16x in the Commercial Services industry in Asia. Total returns to shareholders of 296% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 21% share price gain to ฿17.60, the stock trades at a forward P/E ratio of 60x. Average forward P/E is 17x in the Commercial Services industry in Asia. Total returns to shareholders of 589% over the past three years. Price Target Changed • May 14
Price target increased to ฿12.94 Up from ฿11.19, the current price target is an average from 2 analysts. New target price is 9.5% below last closing price of ฿14.30. Stock is up 167% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ฿0.091 (vs ฿0.049 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿176.4m (up 59% from 1Q 2020). Net income: ฿64.5m (up 74% from 1Q 2020). Profit margin: 37% (up from 33% 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 24% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 28% share price gain to ฿15.70, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 17x in the Commercial Services industry in Asia. Total returns to shareholders of 484% over the past three years. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 25%, compared to a 24% growth forecast for the Commercial Services industry in Thailand. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.22 (vs ฿0.16 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ฿479.1m (up 62% from FY 2019). Net income: ฿155.4m (up 39% from FY 2019). Profit margin: 32% (down from 38% in FY 2019). The decrease in margin was driven by higher expenses. Duyuru • Feb 26
Chayo Group Public Company Limited, Annual General Meeting, Apr 27, 2021 Chayo Group Public Company Limited, Annual General Meeting, Apr 27, 2021, at 03:00 Coordinated Universal Time. Location: Venus meeting room, 3rd Floor, Miracle Grand Convention Hotel, 99 Kamphaeng Phet 6 Road, Talad Bangkhen, Laksi Bangkok Thailand Agenda: To consider For acknowledgement; to acknowledge the Company's operating results of the year 2020; to consider and approve the financial statements of the Company for the fiscal year ended December 31, 2020; to consider and approve the allocation of net profit as legal reserve and the dividend payment; to consider and approve the issuance and allocation of warrants to purchase the newly issued ordinary shares of Chayo Group Public Company Limited No. 2 (CHAYO-W2) to existing shareholders on a pro rata basis to their respective shareholdings (Rights Offering); to consider and approve the amendment of Clause 4 of the memorandum of Association of the Company to be in line with the reduction of the Company's registered capital; and to consider other matter. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿9.50, the stock is trading at a trailing P/E ratio of 50.1x, down from the previous P/E ratio of 59.5x. This compares to an average P/E of 21x in the Commercial Services industry in Thailand. Total returns to shareholders over the past year are 60%. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 18% share price gain to ฿11.40, the stock is trading at a trailing P/E ratio of 60.1x, up from the previous P/E ratio of 50.8x. This compares to an average P/E of 21x in the Commercial Services industry in Thailand. Total returns to shareholders over the past year are 124%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to ฿9.35, the stock is trading at a trailing P/E ratio of 49.3x, up from the previous P/E ratio of 42.2x. This compares to an average P/E of 22x in the Commercial Services industry in Thailand. Total returns to shareholders over the past year are 81%. Is New 90 Day High Low • Jan 15
New 90-day high: ฿8.80 The company is up 19% from its price of ฿7.40 on 16 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.59 per share. Is New 90 Day High Low • Dec 23
New 90-day high: ฿8.75 The company is up 19% from its price of ฿7.38 on 24 September 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿0.52 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.048 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ฿120.6m (up 76% from 3Q 2019). Net income: ฿32.0m (up 3.4% from 3Q 2019). Profit margin: 27% (down from 45% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Oct 07
New 90-day high: ฿8.40 The company is up 23% from its price of ฿6.81 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 20% over the same period.