Reported Earnings • May 11
First quarter 2026 earnings: Revenues and EPS in line with analyst expectations First quarter 2026 results: EPS: ฿0.055 (up from ฿0.041 in 1Q 2025). Revenue: ฿568.1m (up 20% from 1Q 2025). Net income: ฿340.3m (up 34% from 1Q 2025). Profit margin: 60% (up from 53% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. Buy Or Sell Opportunity • Mar 02
Now 21% undervalued Over the last 90 days, the stock has risen 1.7% to ฿1.77. The fair value is estimated to be ฿2.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.18 (vs ฿0.13 in FY 2024) Full year 2025 results: EPS: ฿0.18 (up from ฿0.13 in FY 2024). Revenue: ฿1.93b (up 1.2% from FY 2024). Net income: ฿1.15b (up 43% from FY 2024). Profit margin: 60% (up from 42% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 20
Dividend increased to ฿0.11 Dividend of ฿0.11 is 57% higher than last year. Ex-date: 2nd March 2026 Payment date: 28th April 2026 Dividend yield will be 5.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (4% 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 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 19
Ratchthani Leasing Public Company Limited announces Annual dividend, payable on April 28, 2026 Ratchthani Leasing Public Company Limited announced Annual dividend of THB 0.1100 per share payable on April 28, 2026, ex-date on March 02, 2026 and record date on March 04, 2026. Price Target Changed • Feb 19
Price target increased by 8.9% to ฿2.17 Up from ฿1.99, the current price target is an average from 4 analysts. New target price is 9.3% above last closing price of ฿1.98. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.13 last year. Duyuru • Feb 19
Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 01, 2026 Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 01, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: ฿0.048 (up from ฿0.013 in 3Q 2024). Revenue: ฿670.9m (up 102% from 3Q 2024). Net income: ฿300.6m (up 277% from 3Q 2024). Profit margin: 45% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to ฿1.70. The fair value is estimated to be ฿1.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 21% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 73% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ฿0.045 (up from ฿0.041 in 2Q 2024). Revenue: ฿417.3m (down 17% from 2Q 2024). Net income: ฿278.7m (up 9.5% from 2Q 2024). Profit margin: 67% (up from 51% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 05
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to ฿1.75. The fair value is estimated to be ฿1.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 64% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ฿0.041 (vs ฿0.055 in 1Q 2024) First quarter 2025 results: EPS: ฿0.041 (down from ฿0.055 in 1Q 2024). Revenue: ฿474.5m (down 23% from 1Q 2024). Net income: ฿253.6m (down 26% from 1Q 2024). Profit margin: 53% (down from 56% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 30% per year whereas the company’s share price has fallen by 25% per year. Duyuru • Apr 02
Ratchthani Leasing Public Company Limited Announces Committee Appointments, Effective 2 April 2025 The Meeting of the Board of Directors of Ratchthani Leasing Public Company Limited held on 18 February 2025, resolved the following manners: Appointment of the audit committee. Member of the audit committee as follows: Mr. Praisun Wongsmith;Mrs. Pittimart Sanguansook; Mr. Paisan Thumpothong. The appointment/renewal of which shall take an effect as of 2 April 2025. The audit committee is consisted of: Member of the audit committee- Mr. Varavudh Varaporn -remaining term in office 1 year; Member of the audit committee -Mrs. Naree Boontherawara -remaining term in office 1 year; Member of the audit committee -Mr. Praisun Wongsmith - remaining term in office 3 years; Member of the audit committee- Mrs. Pittimart Sanguansook -remaining term in office 3 years; Member of the audit committee -Mr. Paisan Thumpothong -remaining term in office 3 years. Major Estimate Revision • Mar 22
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.12 to ฿0.143. Revenue forecast unchanged at ฿2.90b. Net income forecast to grow 13% next year vs 11% growth forecast for Consumer Finance industry in Thailand. Consensus price target up from ฿1.63 to ฿1.91. Share price was steady at ฿1.71 over the past week. Price Target Changed • Mar 22
Price target increased by 17% to ฿1.91 Up from ฿1.63, the current price target is an average from 4 analysts. New target price is 11% above last closing price of ฿1.71. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.14 for next year compared to ฿0.13 last year. Duyuru • Mar 07
Ratchthani Leasing Public Company Limited Announces Board and Committee Retirements, Effective 02 Apr. 2025 Ratchthani Leasing Public Company Limited announced the retirement of Mr. Thakol Nunthirapakorn as Independent Director and Chairman of the Audit Committee, Mr. SURAPON SATIMANONT as Independent Director and from audit committee, and Mr. Suvit Arunanondchai as Independent Director, Audit Committee, Chairman Remuneration and Corporate Governance Committee, effective 02 Apr. 2025. Terminate Reason: Retire from office at the end of the term, at its AGM to be held on 02 Apr. 2025. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to ฿1.65, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Consumer Finance industry in Thailand. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.95 per share. Price Target Changed • Feb 24
Price target decreased by 13% to ฿1.63 Down from ฿1.87, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿1.69. Stock is down 18% over the past year. The company is forecast to post earnings per share of ฿0.12 for next year compared to ฿0.13 last year. New Risk • Feb 19
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 10% 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 Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk High level of debt (249% net debt to equity). Reported Earnings • Feb 19
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.13 (down from ฿0.21 in FY 2023). Revenue: ฿1.91b (down 20% from FY 2023). Net income: ฿800.2m (down 38% from FY 2023). Profit margin: 42% (down from 54% in FY 2023). The decrease in margin was primarily 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 25% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 27% per year. Duyuru • Feb 19
Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 02, 2025 Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 02, 2025, at 10:00 SE Asia Standard Time. Location: conference room of sinnsathorn tower 11st floor, sinnsathorn tower, krungthonburi road, khlongtonsai, khlongsarn, bangkok. Thailand Duyuru • Feb 18
Ratchthani Leasing Public Company Limited Proposes Cash Dividend for the Operating Period from January 01, 2024 to December 31, 2024, Payable on April 29, 2025 The Board of Directors of Ratchthani Leasing Public Company Limited at the Annual General Meeting of Shareholders for the year 2025 to be held on April 2, 2025 deems it appropriate to propose to the meeting of shareholders to consider and approve the allocation of net profit for the year 2024 performance as follows: to acknowledge that there is allocation of the net profit for the year 2024 as a legal reserve amount of THB 55,000,000, making total legal reserve of THB 627,000,000, which was 10.07% of the Company' authorized capital. To consider and approve the cash dividend payment following the resolution of the Board of Directors Meeting No. 1/2025 as proposed above. Cash dividend payment of THB 0.07 for the operating period from January 01, 2024 to December 31, 2024 on April 29, 2025. Record date for the right to receive dividends on March 05, 2025. Ex-dividend date is on March 04, 2025. Buy Or Sell Opportunity • Dec 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to ฿1.51. The fair value is estimated to be ฿1.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 79% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿0.013 (down from ฿0.04 in 3Q 2023). Revenue: ฿1.03b (up 100% from 3Q 2023). Net income: ฿79.8m (down 68% from 3Q 2023). Profit margin: 7.7% (down from 49% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 75%. Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Consumer Finance industry in Thailand are expected to grow by 16%. 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 22% per year. Major Estimate Revision • Nov 07
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.18 to ฿0.155 per share. Revenue forecast steady at ฿3.02b. Net income forecast to grow 16% next year vs 8.5% growth forecast for Consumer Finance industry in Thailand. Consensus price target broadly unchanged at ฿2.03. Share price fell 7.7% to ฿1.80 over the past week. Major Estimate Revision • Aug 09
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿3.32b to ฿3.09b. EPS estimate also fell from ฿0.21 per share to ฿0.18 per share. Net income forecast to grow 28% next year vs 9.4% growth forecast for Consumer Finance industry in Thailand. Consensus price target down from ฿2.53 to ฿2.12. Share price was steady at ฿1.78 over the past week. Price Target Changed • Aug 06
Price target decreased by 8.9% to ฿2.31 Down from ฿2.53, the current price target is an average from 4 analysts. New target price is 35% above last closing price of ฿1.71. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.18 for next year compared to ฿0.21 last year. Reported Earnings • Aug 03
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: ฿0.04 (down from ฿0.068 in 2Q 2023). Revenue: ฿502.7m (down 28% from 2Q 2023). Net income: ฿254.5m (down 40% from 2Q 2023). Profit margin: 51% (down from 61% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿1.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Consumer Finance industry in Thailand. Total loss to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿2.16 per share. Price Target Changed • Jun 13
Price target increased by 7.5% to ฿2.61 Up from ฿2.43, the current price target is an average from 3 analysts. New target price is 21% above last closing price of ฿2.16. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.20 for next year compared to ฿0.21 last year. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.061 (vs ฿0.072 in 1Q 2023) First quarter 2024 results: EPS: ฿0.061 (down from ฿0.072 in 1Q 2023). Revenue: ฿618.3m (down 17% from 1Q 2023). Net income: ฿343.2m (down 24% from 1Q 2023). Profit margin: 56% (down from 60% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 13% per year. New Risk • May 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.3% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Duyuru • Apr 03
Ratchthani Leasing Public Company Limited Approves Cash Dividend for the Year 2023, Payable on 29 April 2024 Ratchthani Leasing Public Company Limited at its AGM held on April 3, 2024 approved cash dividend of THB 0.02 per share for the year 2023, and the date of dividend payment on 29 April 2024. Major Estimate Revision • Mar 20
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿3.61b to ฿3.21b. EPS estimate fell from ฿0.295 to ฿0.20 per share. Net income forecast to grow 0.4% next year vs 14% growth forecast for Consumer Finance industry in Thailand. Consensus price target down from ฿2.59 to ฿2.43. Share price was steady at ฿2.28 over the past week. Price Target Changed • Mar 19
Price target decreased by 11% to ฿2.43 Down from ฿2.73, the current price target is an average from 2 analysts. New target price is 6.7% above last closing price of ฿2.28. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿0.20 for next year compared to ฿0.21 last year. Upcoming Dividend • Feb 22
Upcoming dividend of ฿0.02 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 29 April 2024. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (6.6%). Lower than average of industry peers (3.2%). Declared Dividend • Feb 18
Dividend reduced to ฿0.02 Dividend of ฿0.02 is 88% lower than last year. Ex-date: 29th February 2024 Payment date: 29th April 2024 Dividend yield will be 0.8%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.23 (down from ฿0.31 in FY 2022). Revenue: ฿2.38b (down 20% from FY 2022). Net income: ฿1.29b (down 27% from FY 2022). Profit margin: 54% (down from 59% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Jan 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ฿3.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 47% in 2 years. Earnings is forecast to grow by 26% in the next 2 years. Buying Opportunity • Dec 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ฿3.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 47% in 2 years. Earnings is forecast to grow by 26% in the next 2 years. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.044 (vs ฿0.08 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.044 (down from ฿0.08 in 3Q 2022). Revenue: ฿820.3m (up 5.5% from 3Q 2022). Net income: ฿250.4m (down 45% from 3Q 2022). Profit margin: 31% (down from 58% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.075 (vs ฿0.087 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.075 (down from ฿0.087 in 2Q 2022). Revenue: ฿715.2m (down 11% from 2Q 2022). Net income: ฿425.1m (down 14% from 2Q 2022). Profit margin: 59% (down from 61% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 08
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿3.81b to ฿3.87b. EPS estimate fell from ฿0.375 to ฿0.30 per share. Net income forecast to grow 9.5% next year vs 15% growth forecast for Consumer Finance industry in Thailand. Consensus price target of ฿4.23 unchanged from last update. Share price was steady at ฿3.64 over the past week. Price Target Changed • Mar 31
Price target decreased by 9.7% to ฿4.50 Down from ฿4.98, the current price target is provided by 1 analyst. New target price is 23% above last closing price of ฿3.66. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.31 last year. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: ฿0.31 (vs ฿0.30 in FY 2021) Full year 2022 results: EPS: ฿0.31 (up from ฿0.30 in FY 2021). Revenue: ฿2.96b (up 8.6% from FY 2021). Net income: ฿1.75b (up 2.5% from FY 2021). Profit margin: 59% (down from 63% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 21% 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. Upcoming Dividend • Feb 22
Upcoming dividend of ฿0.17 per share at 4.2% yield Eligible shareholders must have bought the stock before 01 March 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.2%). Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Naree Boontherawara was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.087 (vs ฿0.076 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.087 (up from ฿0.076 in 2Q 2021). Revenue: ฿804.7m (up 21% from 2Q 2021). Net income: ฿492.3m (up 15% from 2Q 2021). Profit margin: 61% (down from 64% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 26%, compared to a 36% growth forecast for the Consumer Finance industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Duyuru • Aug 12
Ratchthani Leasing Public Company Limited Announces Board Changes Ratchthani Leasing Public Company Limited announced that at the board meeting held on 10 August 2022, the company approved the resignation of Mr. Charoensook Kititti from the position of Director due to retirement, which is effective from 10 August 2022 onwards and has resolved to appoint Mr. Pichai Kititti as a director, in order to replace the vacant position, which is effective from 10 August 2022 onwards. Reported Earnings • May 14
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: ฿0.08 (up from ฿0.075 in 1Q 2021). Revenue: ฿737.1m (up 5.8% from 1Q 2021). Net income: ฿455.1m (up 6.6% from 1Q 2021). Profit margin: 62% (in line with 1Q 2021). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 27%, compared to a 36% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. 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. 7 non-independent directors. Independent Director Naree Boontherawara was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 27 April 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 18
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: ฿0.30 (down from ฿0.40 in FY 2020). Revenue: ฿2.73b (down 4.7% from FY 2020). Net income: ฿1.71b (down 8.1% from FY 2020). Profit margin: 63% (down from 65% in FY 2020). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 27%, compared to a 34% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.071 (vs ฿0.13 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿869.6m (up 20% from 3Q 2020). Net income: ฿401.0m (down 15% from 3Q 2020). Profit margin: 46% (down from 65% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.076 (vs ฿0.12 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ฿666.1m (down 4.1% from 2Q 2020). Net income: ฿427.6m (down 3.6% from 2Q 2020). Profit margin: 64% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.075 (vs ฿0.12 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿696.4m (down 3.3% from 1Q 2020). Net income: ฿426.9m (down 8.1% from 1Q 2020). Profit margin: 61% (down from 65% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. 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. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS ฿0.40 (vs ฿0.52 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿2.86b (down 5.7% from FY 2019). Net income: ฿1.86b (down 5.3% from FY 2019). Profit margin: 65% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) also surpassed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 19%, compared to a 32% growth forecast for the Consumer Finance industry in Thailand. Duyuru • Feb 19
Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 08, 2021 Ratchthani Leasing Public Company Limited, Annual General Meeting, Apr 08, 2021, at 07:00 Coordinated Universal Time. Location: Conference Room of Sinnsathorn Tower 11st floor Sinnsathorn Tower, Krungthonburi Road, Khlongtonsai, Khlongsarn, Bangkok Bangkok Thailand Agenda: To acknowledge the company's operating results for the year 2020; to consider and approve the Company Financial Statements for the year ended 31 December 2020; to consider and approve the allocation of net profit for the year 2020 as a legal reserve; to consider and approve dividend payment for the year 2020 and the date of dividend payment; to consider and appoint the election of directors to replace the retired by rotation for the year 2021; to consider and approve remuneration for the directors and members of Sub-Committees for the year 2021; and to consider other issues. Is New 90 Day High Low • Feb 11
New 90-day high: ฿4.38 The company is up 19% from its price of ฿3.68 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Finance industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.42 per share. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to ฿4.36, the stock is trading at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 16x in the Consumer Finance industry in Thailand. Total return to shareholders over the past three years is a loss of 6.8%. Is New 90 Day High Low • Dec 18
New 90-day high: ฿4.10 The company is up 6.0% from its price of ฿3.86 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿2.50 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.13 The company reported a mediocre third quarter result with weaker revenues, although earnings were flat and profit margins were improved. Third quarter 2020 results: Revenue: ฿726.9m (down 2.2% from 3Q 2019). Net income: ฿472.2m (flat on 3Q 2019). Profit margin: 65% (up from 64% in 3Q 2019). The increase in margin was driven by lower expenses. 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 16% per year, which means it is significantly lagging earnings.