Reported Earnings • May 19
First quarter 2026 earnings released: EPS: ฿0.28 (vs ฿0.32 in 1Q 2025) First quarter 2026 results: EPS: ฿0.28 (down from ฿0.32 in 1Q 2025). Revenue: ฿2.11b (up 2.1% from 1Q 2025). Net income: ฿621.4m (down 15% from 1Q 2025). Profit margin: 29% (down from 35% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.6%). Reported Earnings • Mar 02
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.96 (up from ฿0.90 in FY 2024). Revenue: ฿8.75b (flat on FY 2024). Net income: ฿2.28b (up 7.7% from FY 2024). Profit margin: 26% (up from 24% in FY 2024). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 7.9%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 2% per year. Declared Dividend • Mar 02
Final dividend of ฿0.25 announced Shareholders will receive a dividend of ฿0.25. Ex-date: 6th May 2026 Payment date: 26th May 2026 Dividend yield will be 6.4%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (250% cash payout ratio). The dividend has increased by an average of 22% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Sep 27
First half dividend of ฿0.25 announced Shareholders will receive a dividend of ฿0.25. Ex-date: 8th October 2025 Payment date: 24th October 2025 Dividend yield will be 7.0%, which is higher than the industry average of 5.3%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but not covered by cash flows (dividend approximately 8x free cash flows). The dividend has increased by an average of 22% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: ฿0.20 (down from ฿0.27 in 2Q 2024). Revenue: ฿2.22b (down 7.1% from 2Q 2024). Net income: ฿447.2m (down 30% from 2Q 2024). Profit margin: 20% (down from 27% in 2Q 2024). 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 8.1%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.31 (vs ฿0.23 in 1Q 2024) First quarter 2025 results: EPS: ฿0.31 (up from ฿0.23 in 1Q 2024). Revenue: ฿2.07b (down 2.9% from 1Q 2024). Net income: ฿730.3m (up 30% from 1Q 2024). Profit margin: 35% (up from 26% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (7.3%). Duyuru • Apr 26
Prima Marine Public Company Limited Approves Dividend for the Year 2024, Payable on 23 May 2025 Prima Marine Public Company Limited at its 2025 Annual General Meeting of Shareholders on 25 April 2025, Approved the dividend payment for the year 2024 to shareholders at the rate of THB 0.48 per share, which THB 0.24 per share was paid as an interim dividend on 25 October 2024. The remaining dividend from the year 2024 operating results will be paid to the shareholders at the rate of THB 0.24 per share which is paid from net profit in the part of NON-BOI, and has allocated net profit meet the requirement of the legal reserve in the amount of THB 250,000,000. It is noted that the Company has repurchased 172,889,300 shares under the First Share Repurchase for Financial Management during the period from 27 December 2023 to 27 June 2024 and is currently implementing Second Share Repurchase for Financial Management, which commenced on 3 March 2025, and will continue until 3 September 2025. Shares repurchased under these programs shall not be entitled to receive dividend payments. The Record Date for specifying the list of shareholders who are entitled to receive the 2024 year-end dividend shall be on 7 May 2025 and the date of the dividend payment will be 23 May 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ฿5.25, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Thailand. Negligible returns to shareholders over past three years. Duyuru • Feb 28
Prima Marine Public Company Limited (SET:PRM) announces an Equity Buyback for 75,000,000 shares, representing 3% for THB 600 million. Prima Marine Public Company Limited (SET:PRM) announces a share repurchase program. Under the program, the company will repurchase up to 75,000,000 shares, representing 3% of its issued share capital, for THB 600 million. The repurchase price will not exceed 115% of average closing price of five consecutive business days prior to each repurchase date. The purpose of the program is to maximize benefit from the company’s excess liquidity, to increase the return on equity (ROE) and the earning per share (EPS). The repurchased shares will be resold. The source of funding for the share repurchase program will primarily come from the company's existing liquidity and retained earnings. The repurchase program will be valid till September 3, 2025. As of March 11, 2024, the company had 2,500,000,000 shares outstanding. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ฿0.90. Revenue: ฿8.79b (up 8.7% from FY 2023). Net income: ฿2.12b (flat on FY 2023). Profit margin: 24% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Major Estimate Revision • Dec 05
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿9.21b to ฿8.96b. EPS estimate also fell from ฿1.02 per share to ฿0.907 per share. Net income forecast to grow 3.2% next year vs 3.2% growth forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿10.53. Share price was steady at ฿8.55 over the past week. Upcoming Dividend • Oct 02
Upcoming dividend of ฿0.24 per share Eligible shareholders must have bought the stock before 09 October 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (6.1%). Duyuru • Sep 26
Prima Marine Public Company Limited Announces Interim Dividend Payment from Unappropriated Retained Earnings for the Operating Results During from 1 January 2024 to 30 June 2024, Payable on October 25, 2024 Prima Marine Public Company Limited at its meeting held on September 26,2024, approve the interim dividend payment from unappropriated retained earnings for the operating results during from 1 January 2024 to 30 June 2024 to the Company's shareholders at the rate of THB 0.24 per share totaling 558.51 MB. Approved an interim dividend payment for the Company's operations from 1 January 2024 to 30 June 2024. The Record Date for specifying the list of shareholders who are entitled to receive the interim dividend will be on October 10, 2024 and the date of the interim dividend payment will be on October 25, 2024. However, the Company repurchased the share for financial management at the amount of 172,889,300 shares. Major Estimate Revision • Aug 30
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿8.71b to ฿9.11b. EPS estimate increased from ฿0.83 to ฿0.935 per share. Net income forecast to grow 3.5% next year vs 22% decline forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿9.28 to ฿9.98. Share price rose 3.2% to ฿8.15 over the past week. Price Target Changed • Aug 29
Price target increased by 12% to ฿9.98 Up from ฿8.90, the current price target is an average from 3 analysts. New target price is 22% above last closing price of ฿8.15. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿0.94 for next year compared to ฿0.85 last year. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: ฿0.27 (up from ฿0.19 in 2Q 2023). Revenue: ฿2.39b (up 14% from 2Q 2023). Net income: ฿641.5m (up 36% from 2Q 2023). Profit margin: 27% (up from 23% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 25
Prima Marine Public Company Limited Appoints Somsak Rasameeviriyanon as Member of the Board of Executives, Effective August 1, 2024 Prima Marine Public Company Limited at its board meeting held on July 25, 2024 approved appointment of Mr. Somsak Rasameeviriyanon to be the Member of the Board of Executives, the effective shall be on August 1,2024 onwards. Executives comprises the following members: 1) Mr. Prompong Chaisrisawatsuk, Chairman of the Board of Executives 2) Mr. Surasak Chaiyen, Member of the Board of Executives 3) Mr. Wang Wei, Member of the Board of Executives 4) Mr. Viritphol Churaisin, Member of the Board of Executives 5) Miss Neeracha Panboonhom, Member of the Board of Executives 6) Miss Suthasinee Muenlamay, Member of the Board of Executives 7) Mr. Somsak Rasameeviriyanon, Member of the Board of Executives. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.23 (vs ฿0.23 in 1Q 2023) First quarter 2024 results: EPS: ฿0.23 (down from ฿0.23 in 1Q 2023). Revenue: ฿2.13b (up 1.5% from 1Q 2023). Net income: ฿561.0m (down 2.8% from 1Q 2023). Profit margin: 26% (down from 28% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 27
Prima Marine Public Company Limited Approves Dividend for the Year 2023, Payable on 24 May 2024 Prima Marine Public Company Limited announced that at its Annual General Meeting of Shareholders held on 26 April 2024, approved the dividend payment for the year 2023 to shareholders at the rate of THB 0.36 per share, totaling approximately THB 900,000,000 which THB 0.10 per share totaling approximately THB 250,000,000 was paid as an interim dividend on 14 December 2023. The remaining dividend from the year 2023 operating results will be paid to the shareholders at the rate of THB 0.26 per share which is paid from net profit in the part of NON-BOI, totaling approximately 650,000,000 Baht. However, the Company during the period of the Shares repurchased for financial management project since December 27, 2023, until June 27, 2024 which the Company's shares received by the share repurchases for financial management purpose project will not receive the dividend payment. The Record Date for specifying the list of shareholders who are entitled to receive the 2023 year-end dividend shall be on 8 May 2024 and the date of the dividend payment will be on 24 May 2024. Price Target Changed • Mar 29
Price target increased by 8.0% to ฿8.68 Up from ฿8.03, the current price target is an average from 4 analysts. New target price is 13% above last closing price of ฿7.65. Stock is up 4.8% over the past year. The company is forecast to post earnings per share of ฿0.81 for next year compared to ฿0.85 last year. Declared Dividend • Feb 25
Final dividend increased to ฿0.26 Dividend of ฿0.26 is 4.0% higher than last year. Ex-date: 7th May 2024 Payment date: 24th May 2024 Dividend yield will be 5.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 23% per year over the past 6 years and payments have been stable during that time. EPS is expected to decline by 1.2% over the next 2 years. However, it would need to fall by 53% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: ฿0.85 (down from ฿0.89 in FY 2022). Revenue: ฿8.09b (up 4.8% from FY 2022). Net income: ฿2.13b (down 4.0% from FY 2022). Profit margin: 26% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Duyuru • Feb 24
Prima Marine Public Company Limited, Annual General Meeting, Apr 26, 2024 Prima Marine Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and adopt the Minutes of the 2023 Annual General Meeting of Shareholders held on 26 April 2023; to acknowledge the Company's operating results for the year 2023; to consider and approve the Company's Financial Statements for the year ended 31 December 2023; to consider and approve the allocation of net profit and dividend payment for the year 2023; to consider and approve the appointment of directors to replace those who retire by rotation in 2024; to consider and approve the remuneration of the Board of Directors and subcommittee for the year 2024; to consider and approve the appointment of auditors and fix the audit fee for the year 2024; to consider and approve the amendment to the Articles of Association of the Company; and to consider other business. Price Target Changed • Jan 25
Price target decreased by 10% to ฿8.03 Down from ฿8.93, the current price target is an average from 3 analysts. New target price is 42% above last closing price of ฿5.65. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿0.76 for next year compared to ฿0.89 last year. New Risk • Dec 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.10 per share at 6.2% yield Eligible shareholders must have bought the stock before 27 November 2023. Payment date: 14 December 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 6.2%. Lower than top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (5.2%). Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.13 (down from ฿0.42 in 3Q 2022). Revenue: ฿1.84b (down 15% from 3Q 2022). Net income: ฿328.5m (down 69% from 3Q 2022). Profit margin: 18% (down from 49% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 5.3% decline forecast for the Oil and Gas 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 fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Nov 15
Prima Marine Public Company Limited Announces Interim Cash Dividend for the Operating Period from 1 January 2023 to 30 September 2023, Payable on December 14, 2023 Prima Marine Public Company Limited announced interim cash dividend for the Operating period from 1 January 2023 to 30 September 2023 of THB 0.10 per share. Record date for the right to receive dividends is November 28, 2023. Ex-dividend date is November 27, 2023. Payment date is December 14, 2023. Price Target Changed • Nov 01
Price target decreased by 10% to ฿8.15 Down from ฿9.08, the current price target is an average from 2 analysts. New target price is 35% above last closing price of ฿6.05. Stock is down 6.2% over the past year. The company is forecast to post earnings per share of ฿0.80 for next year compared to ฿0.89 last year. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: ฿0.19 (up from ฿0.079 in 2Q 2022). Revenue: ฿2.10b (up 23% from 2Q 2022). Net income: ฿471.4m (up 138% from 2Q 2022). Profit margin: 23% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.3% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Jul 23
Prima Marine Public Company Limited Announces Appointment of the Company's Sub-Committees The Board of Directors' Meeting of Prima Marine Public Company Limited held on July 20, 2023, has passed the resolution to approve the appointment of the Company's sub-committees as follows: The Nomination and Remuneration Committee consist of 3 members as follows: Admiral Nibhon Chagsudulya - Chairman of the Nomination and Remuneration Committee, Mr. Chainoi Puankosoom - Member of the Nomination and Remuneration Committee, Mr. Surasak Chaiyen - Member of the Nomination and Remuneration Committee; The Corporate Governance and Sustainable Development Committee consist of 4 members as follows: Mr. Somchai Kuvijitsuwan - Chairman of the Corporate Governance and Sustainable Development Committee, Mr. Bowon Vongsinudom - Member of the Corporate Governance and Sustainable Development Committee, Mr. Suraphon Meesathien - Member of the Corporate Governance and Sustainable Development Committee, Ms. Neeracha Panboonhom - Member of the Corporate Governance and Sustainable Development Committee. Therefore, the list of the Company's Sub Committees as of July 20, 2023, is as follows: The Audit Committee, The Nomination and Remuneration Committee, The Risk Management Committee, The Corporate Governance and Sustainable Development Committee, The Board of Executives. Buying Opportunity • Jul 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿7.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to decline by 22% in the next 2 years. Price Target Changed • May 31
Price target decreased by 10% to ฿9.08 Down from ฿10.14, the current price target is an average from 3 analysts. New target price is 37% above last closing price of ฿6.65. Stock is up 11% over the past year. The company is forecast to post earnings per share of ฿0.67 for next year compared to ฿0.89 last year. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.23 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.23 (up from ฿0.11 in 1Q 2022). Revenue: ฿2.10b (up 43% from 1Q 2022). Net income: ฿577.1m (up 111% from 1Q 2022). Profit margin: 28% (up from 19% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.3% decline forecast for the Oil and Gas industry in Thailand. 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. Buying Opportunity • Apr 27
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be ฿8.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings is forecast to decline by 5.5% per annum over the same time period. Upcoming Dividend • Apr 26
Upcoming dividend of ฿0.25 per share at 5.2% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (6.9%). Reported Earnings • Feb 25
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ฿0.89 (up from ฿0.56 in FY 2021). Revenue: ฿7.72b (up 31% from FY 2021). Net income: ฿2.21b (up 58% from FY 2021). Profit margin: 29% (up from 24% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.0% decline forecast for the Oil and Gas industry in Thailand. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Major Estimate Revision • Jan 28
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast fell from ฿7.53b to ฿7.33b. EPS estimate rose from ฿0.665 to ฿0.743. Net income forecast to grow 0.5% next year vs 1.3% decline forecast for Oil and Gas industry in Thailand. Consensus price target up from ฿9.14 to ฿9.64. Share price rose 4.6% to ฿8.00 over the past week. Major Estimate Revision • Jan 25
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2022 has been updated. 2022 EPS estimate increased from ฿0.665 to ฿0.785. Revenue forecast steady at ฿7.53b. Net income forecast to shrink 4.6% next year vs 2.8% decline forecast for Oil and Gas industry in Thailand. Consensus price target of ฿9.14 unchanged from last update. Share price rose 2.6% to ฿7.85 over the past week. Major Estimate Revision • Jan 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿0.56 to ฿0.67. Revenue forecast steady at ฿7.53b. Net income forecast to shrink 4.8% next year vs 3.1% decline forecast for Oil and Gas industry in Thailand. Consensus price target broadly unchanged at ฿9.14. Share price was steady at ฿7.25 over the past week. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.09 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 61% and the cash payout ratio is 87%. Trailing yield: 3.7%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (5.4%). 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. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Chairman of The Board Bowon Vongsinudom was the last independent director to join the board, commencing their role in 2016. 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 12
Prima Marine Public Company Limited Announces Interim Cash Dividend for the Nine Months Ended September 30, 2022, Payable on December 09, 2022 Prima Marine Public Company Limited announced interim cash dividend for the nine months ended 30 September 2022 of THB 0.09 per share. Record date for the right to receive dividends is November 25, 2022. Ex-dividend date is November 245, 2022. Payment date is December 09, 2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.079 (vs ฿0.16 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.079 (down from ฿0.16 in 2Q 2021). Revenue: ฿1.70b (up 17% from 2Q 2021). Net income: ฿198.5m (down 51% from 2Q 2021). Profit margin: 12% (down from 28% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.3% compared to a 2.9% decline forecast for the industry in Thailand. 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 15% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.11 (down from ฿0.16 in 1Q 2021). Revenue: ฿1.47b (up 3.5% from 1Q 2021). Net income: ฿273.8m (down 32% from 1Q 2021). Profit margin: 19% (down from 28% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.8%). Price Target Changed • Apr 27
Price target decreased to ฿7.82 Down from ฿8.47, the current price target is an average from 3 analysts. New target price is 29% above last closing price of ฿6.05. Stock is down 24% over the past year. The company is forecast to post earnings per share of ฿0.43 for next year compared to ฿0.56 last year. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Chairman of The Board Bowon Vongsinudom was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Mar 17
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿6.84b to ฿6.64b. EPS estimate also fell from ฿0.52 per share to ฿0.43 per share. Net income forecast to shrink 23% next year vs 3.3% growth forecast for Oil and Gas industry in Thailand . Consensus price target of ฿7.82 unchanged from last update. Share price was steady at ฿6.10 over the past week. Major Estimate Revision • Mar 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿6.71b to ฿6.84b. EPS estimate fell from ฿0.58 to ฿0.52 per share. Net income forecast to shrink 6.9% next year vs 2.9% growth forecast for Oil and Gas industry in Thailand . Consensus price target down from ฿8.47 to ฿8.20. Share price rose 11% to ฿6.60 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ฿0.56 (down from ฿0.61 in FY 2020). Revenue: ฿5.88b (flat on FY 2020). Net income: ฿1.40b (down 8.5% from FY 2020). Profit margin: 24% (down from 26% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 14%, compared to a 9.1% growth forecast for the oil industry in Thailand. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Feb 26
Prima Marine Public Company Limited Proposes Dividend for the Year 2021, Payable on 25 May 2022 Prima Marine Public Company Limited proposed to the AGM for approval the allocation of net profit from the year 2021 operating results in the amount of THB 38,600,000 as legal reserve and dividend payment for the year 2021 to shareholders at the rate of THB 0.26 per share, totaling approximately THB 650,000,000, of which THB 0.08 per share totaling approximately THB 200,000,000 was paid as an interim dividend on 9 December 2021. As a consequence, the Company will pay the remaining dividend from the year 2021 operating results to shareholders at the rate of THB 0.18 per share, which will be paid from profit in the part of Non-BOI, totaling approximately THB 450,000,000. The Record Date for specifying the list of shareholders who are entitled to receive the dividend shall be on 9 May 2022 and the date of dividend payment will be on 25 May 2022. However, this dividend payment is subject to the approval of the 2022 AGM. Upcoming Dividend • Nov 17
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 24 November 2021. Payment date: 09 December 2021. Trailing yield: 3.9%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (4.7%). Price Target Changed • Oct 13
Price target decreased to ฿8.05 Down from ฿9.24, the current price target is an average from 4 analysts. New target price is 21% above last closing price of ฿6.65. Stock is down 23% over the past year. Price Target Changed • Aug 15
Price target decreased to ฿9.24 Down from ฿10.22, the current price target is an average from 5 analysts. New target price is 46% above last closing price of ฿6.35. Stock is down 27% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.18 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.46b (down 2.6% from 2Q 2020). Net income: ฿407.0m (down 7.9% from 2Q 2020). Profit margin: 28% (down from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.11 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿1.42b (down 5.4% from 1Q 2020). Net income: ฿400.3m (up 50% from 1Q 2020). Profit margin: 28% (up from 18% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • May 05
Price target decreased to ฿10.28 Down from ฿11.20, the current price target is an average from 4 analysts. New target price is 34% above last closing price of ฿7.70. Stock is up 23% over the past year. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 20 May 2021. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.7%). Analyst Estimate Surprise Post Earnings • Feb 27
Revenue behind estimates Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 21%, compared to a 23% growth forecast for the Oil and Gas industry in Thailand. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.61 (vs ฿0.41 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.93b (up 11% from FY 2019). Net income: ฿1.53b (up 50% from FY 2019). Profit margin: 26% (up from 19% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Dec 21
New 90-day low: ฿7.00 The company is down 20% from its price of ฿8.70 on 22 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.71 per share. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 17%, compared to a 5.7% growth forecast for the Oil and Gas industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.51b (up 8.6% from 3Q 2019). Net income: ฿411.2m (up 63% from 3Q 2019). Profit margin: 27% (up from 18% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 10
New 90-day low: ฿7.40 The company is down 24% from its price of ฿9.80 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.45 per share. Is New 90 Day High Low • Oct 16
New 90-day low: ฿8.00 The company is down 12% from its price of ฿9.10 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is down 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿9.35 per share.