Buy Or Sell Opportunity • Apr 30
Now 21% overvalued Over the last 90 days, the stock has fallen 5.1% to ฿3.76. The fair value is estimated to be ฿3.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (5.8%). Buy Or Sell Opportunity • Mar 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to ฿3.82. The fair value is estimated to be ฿3.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Mar 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to ฿3.78. The fair value is estimated to be ฿3.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.34 (vs ฿1.27 in FY 2024) Full year 2025 results: EPS: ฿0.34 (down from ฿1.27 in FY 2024). Revenue: ฿6.14b (down 19% from FY 2024). Net income: ฿274.7m (down 73% from FY 2024). Profit margin: 4.5% (down from 14% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Dividend reduced to ฿0.17 Dividend of ฿0.17 is 67% lower than last year. Ex-date: 6th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (119% earnings payout ratio) nor is it covered by cash flows (335% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 32% to bring the payout ratio under control, which is less than the 114% EPS growth achieved over the last 5 years. Reported Earnings • Nov 11
Third quarter 2025 earnings released: ฿0.04 loss per share (vs ฿0.45 profit in 3Q 2024) Third quarter 2025 results: ฿0.04 loss per share (down from ฿0.45 profit in 3Q 2024). Revenue: ฿1.36b (down 25% from 3Q 2024). Net loss: ฿35.4m (down 110% from profit in 3Q 2024). 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 21% per year, which means it is significantly lagging earnings. New Risk • Oct 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.26b (US$99.3m) 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: Minor Risks High level of debt (112% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.26b market cap, or US$99.3m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.04 (vs ฿0.34 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.04 (down from ฿0.34 in 2Q 2024). Revenue: ฿1.60b (down 29% from 2Q 2024). Net income: ฿30.5m (down 89% from 2Q 2024). Profit margin: 1.9% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Jun 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.28b (US$99.3m) 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: Minor Risks High level of debt (97% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.28b market cap, or US$99.3m). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.50 (vs ฿0.56 in 1Q 2024) First quarter 2025 results: EPS: ฿0.50 (down from ฿0.56 in 1Q 2024). Revenue: ฿2.42b (down 4.9% from 1Q 2024). Net income: ฿402.7m (down 11% from 1Q 2024). Profit margin: 17% (down from 18% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.1%). Duyuru • Apr 25
Buriram Sugar Public Company Limited Approves Annual Dividend for 2024, Payable on May 23, 2025 The 2025 Annual General Meeting of Shareholders of Buriram Sugar Public Company Limited was held on April 24th, 2025, Due to the allocation of legal reserves and registered capital, which constitutes 10% of the financial statements of the specific business, a dividend will be paid from the net profits based on the consolidated financial statements for the operating results of 2024. The dividend is set at THB 0.50 per share, totaling THB 406,050,183, which represents a payout ratio of 40% of the company's net profits according to the consolidated financial statements. The company pays annual dividends of THB 0.50 per share, derived from profits that are subject to a corporate income tax rate of 20%. The total amount distributed in dividends is THB 406,050,183. The Record Date for shareholders eligible for dividends is May 7, 2025, with the payment of annual dividends scheduled for May 23, 2025. Declared Dividend • Feb 26
Dividend increased to ฿0.50 Dividend of ฿0.50 is 150% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 11%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 58% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2024 earnings released Full year 2024 results: Revenue: ฿7.77b (up 28% from FY 2023). Net income: ฿1.03b (up 85% from FY 2023). Profit margin: 13% (up from 9.2% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Jan 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.41b (US$98.6m) 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: Minor Risks High level of debt (91% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.41b market cap, or US$98.6m). Duyuru • Dec 23
Buriram Sugar Public Company Limited Announces Changes to Company Secretary Buriram Sugar Public Company Limited announced that the Board of Directors' Meeting No. 10/2024, held on the 20 December 2024, has resolved to appoint Miss Natnicha Punyaniran as the Company Secretary, replacing Mr. Pitak Chaosoun, effective from December 20, 2024, onwards. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock has risen 6.4% to ฿4.64. The fair value is estimated to be ฿5.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 38%. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: ฿0.45 (vs ฿0.08 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.45 (up from ฿0.08 in 3Q 2023). Revenue: ฿2.03b (up 59% from 3Q 2023). Net income: ฿362.7m (up 457% from 3Q 2023). Profit margin: 18% (up from 5.1% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.46b (US$99.3m) 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 Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.46b market cap, or US$99.3m). Duyuru • Oct 04
Buriram Sugar Public Company Limited Appoints Air Chief Marshal Saritpong Wattanavrangkul as Independent Director and Audit Committee Buriram Sugar Public Company Limited No. 4/2024 held on Friday 4th October 2024 has resolved to appoint Air Chief Marshal Saritpong Wattanavrangkul to be Independent Director and Audit Committee which is effective from October 4th, 2024 onward. Duyuru • Oct 01
Buriram Sugar Public Company Limited Announces Changes of Chief Accountant Buriram Sugar Public Company Limited replaced Somyot Changyongsuwan to Krit Panmetanee for the position of Chief Accountant. Effective Date of Termination is 01 October 2024. Effective Date of Appointment 01 October 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.34 (vs ฿0.039 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.34 (up from ฿0.039 in 2Q 2023). Revenue: ฿2.30b (up 61% from 2Q 2023). Net income: ฿275.6m (up ฿243.9m from 2Q 2023). Profit margin: 12% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Jul 31
Korach Industry Company Limited agreed to acquire Chamni Sugar Factory Co., Ltd from Buriram Sugar Public Company Limited (SET:BRR), Anant Tangtongwechakit, Jirawan Pongpichitkul, Chittima Tangtrongwechakit, Sarit Tangtrongwechakij and Adisak Tangtrongweachakit for approximately THB 250 million. Korach Industry Company Limited agreed to acquire Chamni Sugar Factory Co., Ltd from Buriram Sugar Public Company Limited (SET:BRR), Anant Tangtongwechakit, Jirawan Pongpichitkul, Chittima Tangtrongwechakit, Sarit Tangtrongwechakij and Adisak Tangtrongweachakit for approximately THB 250 million on July 30, 2024. Buriram Sugar Public Company Limited holds 99.9997% stake while Anant Tangtongwechakit, Jirawan Pongpichitkul, Chittima Tangtrongwechakit, Sarit Tangtrongwechakij and Adisak Tangtrongweachakit hold 0.0003% stake in Chamni Sugar Factory Co., Ltd. A cash consideration of THB 252.18 million will be paid by Korach Industry Company Limited. As part of the deal, 1.86 million shares of Chamni Sugar Factory Co., Ltd will be acquired. The transaction has been approved by the Board of Directors of Buriram Sugar Public Company Limited. The deal is expected to be completed by 2024. Duyuru • Jul 30
Buriram Sugar Public Company Limited Announces Resignation of Porntip Sookatup Director Buriram Sugar Public Company Limited board of director meeting held on 30th July 2024, acknowledged the resignation of Mrs. Porntip Sookatup, an independent director and audit committee member, due to personal commitments. The resignation is effective from July 30th 2024, onwards. New Risk • Jun 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.65b (US$99.5m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.65b market cap, or US$99.5m). Reported Earnings • May 12
First quarter 2024 earnings released: EPS: ฿0.56 (vs ฿0.42 in 1Q 2023) First quarter 2024 results: EPS: ฿0.56 (up from ฿0.42 in 1Q 2023). Revenue: ฿2.63b (up 3.2% from 1Q 2023). Net income: ฿454.0m (up 34% from 1Q 2023). Profit margin: 17% (up from 13% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.4%). Duyuru • Apr 23
Buriram Sugar Public Company Limited Approves Dividend for the Year Ended December 31, 2023, Payable on May 21, 2024 Buriram Sugar Public Company Limited at the AGM held on April 22, 2024 approved the dividend payment from the operating results for the year ended December 31, 2023 and the appropriation of the net profit as the legal reserve to the shareholders at the rate of THB 0.20 per share, totaling THB 162,420,073.20 or equivalent to 30% of the net profit of the consolidated financial statements, which is not in compliance with the Company's dividend payment policy since the Company aimed to use as the working capital in business operations and invest so the Company agreed to reserve the working capital for support this matter. The dividend payment detail is as follows; The annual dividend payment is at the rate of THB 0.20 per share from the dividend payment drawn from the Company's earnings is subject to 20% of the corporate income tax at the rate of THB 0.20 per share. Thus, the total dividend payment is THB 162,420,073.20. Hence, the record date of the share register book for the right to receive dividends on May 3, 2024 and the annual dividend payment shall be made on May 21, 2024. Buy Or Sell Opportunity • Mar 11
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at ฿4.38. The fair value is estimated to be ฿3.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 45%. Declared Dividend • Mar 01
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 2nd May 2024 Payment date: 21st May 2024 Dividend yield will be 4.7%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 2.0% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Feb 29
Buriram Sugar Public Company Limited, Annual General Meeting, Apr 22, 2024 Buriram Sugar Public Company Limited, Annual General Meeting, Apr 22, 2024, at 13:30 SE Asia Standard Time. Agenda: To certify the Minutes of the Annual General Meeting of Shareholders No.1/2023 held on April 27, 2023; To acknowledge the report on the Company's operating results for the year 2023; To certify and approve the audited financial statements for the year ended on December 31, 2023; To consider and approve the dividend payment from the Company's operating results for the fiscal year ended December 31, 2023 and the allocation of net profit as a legal reserve. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿0.69 (vs ฿0.94 in FY 2022) Full year 2023 results: EPS: ฿0.69 (down from ฿0.94 in FY 2022). Revenue: ฿6.30b (down 14% from FY 2022). Net income: ฿557.7m (down 27% from FY 2022). Profit margin: 8.9% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 22
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to ฿4.34. The fair value is estimated to be ฿3.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 19
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to ฿4.36. The fair value is estimated to be ฿3.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Feb 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.54b (US$98.7m) 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 (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (฿3.54b market cap, or US$98.7m). New Risk • Dec 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.52b (US$98.8m) 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 (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (฿3.52b market cap, or US$98.8m). New Risk • Nov 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.7% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.04 (vs ฿0.37 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.04 (down from ฿0.37 in 2Q 2022). Revenue: ฿1.46b (down 49% from 2Q 2022). Net income: ฿31.7m (down 89% from 2Q 2022). Profit margin: 2.2% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 12
Buriram Sugar Public Company Limited Announces Executive Changes, Effective from August 21, 2023 The Board of Directors' Meeting of Buriram Sugar Public Company Limited, held on August 11, 2023 has resolved to appoint Mr. Pitak Chaosoun Deputy Managing Director in Operation as a Company Secretary (replaced Ms. Patcharee Kosanam), which is effective from August 21, 2023 onward. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.42 (vs ฿0.52 in 1Q 2022) First quarter 2023 results: EPS: ฿0.42 (down from ฿0.52 in 1Q 2022). Revenue: ฿2.59b (up 17% from 1Q 2022). Net income: ฿338.8m (down 20% from 1Q 2022). Profit margin: 13% (down from 19% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 06
Upcoming dividend of ฿0.20 per share at 2.9% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿7.75, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 15x in the Food industry in Thailand. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 17% share price gain to ฿8.35, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 15x in the Food industry in Thailand. Total returns to shareholders of 116% over the past three years. 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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Porntip Sookatup was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿7.65, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 21% share price gain to ฿9.70, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 19x in the Food industry in Thailand. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 20% share price gain to ฿6.65, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 18x in the Food industry in Thailand. Total returns to shareholders of 28% over the past three years. Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: ฿0.37 (vs ฿0.056 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.37 (up from ฿0.056 in 2Q 2021). Revenue: ฿2.85b (up 166% from 2Q 2021). Net income: ฿297.9m (up ฿252.6m from 2Q 2021). Profit margin: 11% (up from 4.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: ฿0.52 (vs ฿0.23 in 1Q 2021) First quarter 2022 results: EPS: ฿0.52 (up from ฿0.23 in 1Q 2021). Revenue: ฿2.30b (up 135% from 1Q 2021). Net income: ฿423.5m (up 128% from 1Q 2021). Profit margin: 18% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 03
Upcoming dividend of ฿0.07 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (3.2%). 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 an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Porntip Sookatup was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.16 (up from ฿0.008 in FY 2020). Revenue: ฿3.79b (down 2.7% from FY 2020). Net income: ฿129.3m (up ฿123.2m from FY 2020). Profit margin: 3.4% (up from 0.2% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: ฿0.15 loss per share (vs ฿0.076 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ฿924.5m (up 11% from 3Q 2020). Net loss: ฿118.5m (down 292% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.056 (vs ฿0.042 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿1.07b (down 37% from 2Q 2020). Net income: ฿45.3m (up ฿79.1m from 2Q 2020). Profit margin: 4.2% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.037 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ฿975.3m (flat on 1Q 2020). Net income: ฿185.7m (up ฿155.3m from 1Q 2020). Profit margin: 19% (up from 3.1% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 06
Upcoming dividend of ฿0.06 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 28 May 2021. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.008 (vs ฿0.63 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿3.89b (down 22% from FY 2019). Net income: ฿6.14m (up ฿517.8m from FY 2019). Profit margin: 0.2% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 05
New 90-day high: ฿3.26 The company is up 12% from its price of ฿2.92 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is flat over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: ฿2.64 The company is down 13% from its price of ฿3.04 on 19 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is flat over the same period.