Reported Earnings • Aug 15
Second quarter 2026 earnings released: EPS: ฿2.43 (vs ฿2.02 in 2Q 2025) Second quarter 2026 results: EPS: ฿2.43 (up from ฿2.02 in 2Q 2025). Revenue: ฿3.60b (up 5.2% from 2Q 2025). Net income: ฿946.8m (up 20% from 2Q 2025). Profit margin: 26% (up from 23% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 40% 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 20
First quarter 2026 earnings released: EPS: ฿2.27 (vs ฿1.82 in 1Q 2025) First quarter 2026 results: EPS: ฿2.27 (up from ฿1.82 in 1Q 2025). Revenue: ฿3.41b (up 3.9% from 1Q 2025). Net income: ฿885.0m (up 25% from 1Q 2025). Profit margin: 26% (up from 22% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿1.67 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 6.0%. Lower than top quartile of Thai dividend payers (7.5%). In line with average of industry peers (5.5%). Reported Earnings • Mar 08
Full year 2025 earnings released: EPS: ฿6.67 (vs ฿1.84 in FY 2024) Full year 2025 results: EPS: ฿6.67 (up from ฿1.84 in FY 2024). Revenue: ฿13.3b (up 37% from FY 2024). Net income: ฿2.60b (up 263% from FY 2024). Profit margin: 20% (up from 7.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 01
Dividend of ฿1.67 announced Shareholders will receive a dividend of ฿1.67. Ex-date: 7th May 2026 Payment date: 29th May 2026 Dividend yield will be 6.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 34% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Feb 18
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ฿40.00. The fair value is estimated to be ฿33.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 8.4%. New Risk • Nov 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: 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 (11% net profit margin). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿1.84 (vs ฿0.06 in 3Q 2024) Third quarter 2025 results: EPS: ฿1.84 (up from ฿0.06 in 3Q 2024). Revenue: ฿3.32b (up 41% from 3Q 2024). Net income: ฿717.6m (up ฿694.2m from 3Q 2024). Profit margin: 22% (up from 1.0% in 3Q 2024). The increase in margin was driven by higher revenue. 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 6% per year, which means it is significantly lagging earnings. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.5% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Profit margins are more than 30% lower than last year (8.5% net profit margin). Declared Dividend • Aug 16
First half dividend of ฿0.65 announced Shareholders will receive a dividend of ฿0.65. Ex-date: 27th August 2025 Payment date: 12th September 2025 Dividend yield will be 7.1%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 76% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿2.02 (vs ฿0.81 in 2Q 2024) Second quarter 2025 results: EPS: ฿2.02 (up from ฿0.81 in 2Q 2024). Revenue: ฿3.42b (up 41% from 2Q 2024). Net income: ฿787.6m (up 150% from 2Q 2024). Profit margin: 23% (up from 13% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • May 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.9% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (113% payout ratio). Profit margins are more than 30% lower than last year (8.9% net profit margin). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿1.82 (vs ฿0.51 in 1Q 2024) First quarter 2025 results: EPS: ฿1.82 (up from ฿0.51 in 1Q 2024). Revenue: ฿4.04b (up 66% from 1Q 2024). Net income: ฿708.5m (up 257% from 1Q 2024). Profit margin: 18% (up from 8.2% in 1Q 2024). The increase in margin was driven by higher revenue. 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 10% per year. Duyuru • Apr 30
Allianz Ayudhya Capital Public Company Limited Approves Dividend for the Year Ended December 31, 2024 Allianz Ayudhya Capital Public Company Limited at its Annual General Meeting of Shareholders held on April 29, 2025, approved the distribution of dividend payment for the year 2024 from the Company's net profits at the rate of THB 1.67 per share, amounting to THB 650,075,775. The total amount of the dividends for the 2024 net profits for the period January 1, 2024 to December 31, 2024 was THB 2.57 per share, amounting to THB 1,000,416,012.67 and the total dividend payout ratio was in line with the Company's dividend policy. Since the Company had paid the interim dividend on September 12, 2024, from net profit for the period January 1, 2024 to June 30, 2024, approved by Board of Directors' resolution on August 13, 2024 of THB 0.90 per share, amounting to THB 350,340,238. Therefore, the Company shall pay the remaining dividend, subject to the approval by the 2025 AGM of shareholders at THB 1.67 per share, amounting to THB 650,075,775 and the Record Date to determine names of shareholders who will be entitled to the dividend payment for the year 2024 is May 8, 2025. The Company had the accumulated legal reserve, which was equal to the rate specified by law. Therefore, the Company was no longer required to allocate its annual net profit as a legal reserve. Upcoming Dividend • Apr 29
Upcoming dividend of ฿1.67 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 27 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.9%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.2%). Declared Dividend • Feb 27
Final dividend of ฿1.67 announced Dividend of ฿1.67 is the same as last year. Ex-date: 6th May 2025 Payment date: 27th May 2025 Dividend yield will be 8.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is not covered by earnings (109% earnings payout ratio). However, it is well covered by cash flows (41% cash payout ratio). The dividend has increased by an average of 2.0% 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 21% to bring the payout ratio under control, which is less than the 28% EPS growth achieved over the last 5 years. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿1.84 (vs ฿2.40 in FY 2023) Full year 2024 results: EPS: ฿1.84 (down from ฿2.40 in FY 2023). Revenue: ฿9.69b (up 3.9% from FY 2023). Net income: ฿714.8m (down 23% from FY 2023). Profit margin: 7.4% (down from 10.0% in FY 2023). The decrease in margin was driven by higher expenses. 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. Buy Or Sell Opportunity • Oct 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to ฿32.00. The fair value is estimated to be ฿40.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ฿32.00. The fair value is estimated to be ฿40.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 16%. Duyuru • Aug 17
Allianz Ayudhya Capital Public Company Limited Announces Change of Directors The Board of Directors' Meeting of Allianz Ayudhya Capital Public Company Limited held on August 13, 2024 had its resolution regarding the change of directors as follows: acknowledged that Mr. Jochen Alexander Haug, Director resigned from the Board of Directors, effective on June 28, 2024; and appointed that Ms. Patchara Taveechaiwattana to be a Director to replace Mr. Jochen Alexander Haug for the remaining period of his term, effective on August 13, 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.81 (vs ฿0.64 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.81 (up from ฿0.64 in 2Q 2023). Revenue: ฿2.42b (up 5.2% from 2Q 2023). Net income: ฿315.2m (up 26% from 2Q 2023). Profit margin: 13% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. 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 4% per year, which means it has not declined as severely as earnings. Duyuru • Jun 28
Allianz Ayudhya Capital Public Company Limited Announces Resignation of Jochen Alexander Haug as Director Allianz Ayudhya Capital Public Company Limited announced that Mr. Jochen Alexander Haug, Director, notified the Company of his intention to resign as a director of the Company due to departure from Allianz Asia Pacific Management. His resignation is effective on June 28, 2024. At this stage, the Company will proceed to appoint a qualified and experienced director as the replacement to fill such vacancy and will make further notification to the Stock Exchange of Thailand in due course. New Risk • Jun 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Paying a dividend despite having no free cash flows. High level of non-cash earnings (30% accrual ratio). Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.51 (vs ฿0.47 in 1Q 2023) First quarter 2024 results: EPS: ฿0.51 (up from ฿0.47 in 1Q 2023). Revenue: ฿2.43b (up 3.7% from 1Q 2023). Net income: ฿198.4m (up 8.3% from 1Q 2023). Profit margin: 8.2% (up from 7.8% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Apr 30
Allianz Ayudhya Capital Public Company Limited Announces Dividends for the 2023 Allianz Ayudhya Capital Public Company Limited announced that 2024 Annual General Meeting of Shareholders No. 75 was held on April 29, 2024, Approved that the distribution of dividend payment for the year 2023 from the Company's net profits at the rate of THB 1.67 per share, amounting to THB 650,075,775. The total amount of the dividends for the 2023 net profits for the period January 1, 2023 to December 31, 2023 was THB 2.57 per share, amounting to THB 1,000,416,013 and the total dividend payout ratio was in line with the Company's dividend policy. Since the Company had paid the interim dividend on September 14, 2023, from net profit for the period January 1, 2023 to June 30, 2023, approved by Board of Directors' resolution on August 15, 2023 of THB 0.90 per share, amounting to THB 350,340,238. Therefore, the Company shall pay the remaining dividend, subject to the approval by the 2024 AGM of shareholders at THB 1.67 per share, amounting to THB 650,075,775. The Company had the accumulated legal reserve, which was equal to the rate specified by law. Therefore, the Company was no longer required to allocate its annual net profit as a legal reserve. Declared Dividend • Mar 02
Final dividend of ฿1.67 announced Shareholders will receive a dividend of ฿1.67. Ex-date: 8th May 2024 Payment date: 29th May 2024 Dividend yield will be 7.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.7% EPS decline seen over the last 5 years. Duyuru • Mar 02
Allianz Ayudhya Capital Public Company Limited, Annual General Meeting, Apr 29, 2024 Allianz Ayudhya Capital Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Agenda: To consider and adopt the Minutes of the Annual General Meeting of Shareholders for the year 2023 (No. 74) held on April 24, 2023; to acknowledge the Board of Directors' Report on 2023 operating results; to consider and approve the audited financial statements for the year ended December 31, 2023 together with the auditor's report; to consider and approve the annual dividend payment and the Record Date for shareholders who are entitled to receive the annual dividend payment and to acknowledge the Company's interim dividend payment; to consider and approve the appointment of the directors to replace those retiring by rotation and appoint a new director; and to consider other matters. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: ฿0.31 (vs ฿0.30 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.31 (up from ฿0.30 in 3Q 2022). Revenue: ฿2.22b (up 12% from 3Q 2022). Net income: ฿118.7m (flat on 3Q 2022). Profit margin: 5.3% (down from 6.0% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Duyuru • Nov 15
Allianz Ayudhya Capital Public Company Limited Approves Board Changes Allianz Ayudhya Capital Public Company Limited announced the resolutions of the board of directors meeting of the company held on November 14, 2023, are as follows: Acknowledged the resignation of the following directors: Mr. Bryan James Smith, a director and Vice Chairman of the Board, resigned from the board of directors, effective on October 9, 2023; and Ms. Jarunee Chaisupakitsin, a director and Authorized Director resigned from the board of directors, effective on December 31, 2023. Approved that the following directors be appointed: Mr. Teh Kim Leng as a director to replace Mr. Bryan James Smith for the remaining period of Mr. Bryan James Smith's term, effective on November 14, 2023; and Ms. Napha Trirattanawongse as a director to replace Ms. Jarunee Chaisupakitsin, effective on December 31, 2023 for the remaining period of Ms. Jarunee Chaisupakitsin's term. Approved that Ms. Napha Trirattanawongse is to be an authorized director of the company subject to completion of relevant legal requirements. Duyuru • Oct 10
Allianz Ayudhya Capital Public Company Limited Announces Resignation of Mr. Bryan James Smith as a Director and Vice Chairman of Board of Directors Allianz Ayudhya Capital Public Company Limited announced that Mr. Bryan James Smith, Director, notified the Company of his intention to resign as a director and Vice Chairman of Board of Directors of the Company due to his retirement. His resignation is effective on 9 October 2023. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.90 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.5%). New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.5% net profit margin). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: ฿0.64 (vs ฿0.96 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.64 (down from ฿0.96 in 2Q 2022). Revenue: ฿2.30b (up 15% from 2Q 2022). Net income: ฿249.8m (down 33% from 2Q 2022). Profit margin: 11% (down from 19% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿1.00 (vs ฿0.97 in 1Q 2022) First quarter 2023 results: EPS: ฿1.00. Revenue: ฿2.34b (up 52% from 1Q 2022). Net income: ฿183.2m (down 52% from 1Q 2022). Profit margin: 7.8% (down from 25% in 1Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.26 per share at 14% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 14%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.30 (vs ฿0.47 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.30 (down from ฿0.47 in 3Q 2021). Revenue: ฿1.98b (up 53% from 3Q 2021). Net income: ฿118.4m (down 35% from 3Q 2021). Profit margin: 6.0% (down from 14% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿45.00, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 17x in the Insurance industry in Thailand. Total returns to shareholders of 32% over the past three years. Upcoming Dividend • Sep 06
Upcoming dividend of ฿5.14 per share Eligible shareholders must have bought the stock before 13 September 2022. Payment date: 28 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 9.9%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 15% share price gain to ฿50.75, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 18x in the Insurance industry in Thailand. Total returns to shareholders of 39% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.96 (vs ฿1.75 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.96 (down from ฿1.75 in 2Q 2021). Revenue: ฿2.00b (up 18% from 2Q 2021). Net income: ฿373.1m (down 45% from 2Q 2021). Profit margin: 19% (down from 40% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: ฿0.97 (vs ฿0.77 in 1Q 2021) First quarter 2022 results: EPS: ฿0.97 (up from ฿0.77 in 1Q 2021). Revenue: ฿1.54b (up 7.1% from 1Q 2021). Net income: ฿379.1m (up 27% from 1Q 2021). Profit margin: 25% (up from 21% in 1Q 2021). 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 remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Mar 29
Upcoming dividend of ฿0.77 per share Eligible shareholders must have bought the stock before 05 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.1%). In line with average of industry peers (3.1%). Upcoming Dividend • Mar 24
Upcoming dividend of ฿0.77 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.2%). In line with average of industry peers (3.1%). Reported Earnings • Mar 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿3.16 (up from ฿1.63 in FY 2020). Revenue: ฿5.67b (up 4.3% from FY 2020). Net income: ฿1.23b (up 95% from FY 2020). Profit margin: 22% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. 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 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ฿46.75, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 21x in the Insurance industry in Thailand. Total returns to shareholders of 28% over the past three years. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.47 (vs ฿0.36 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ฿1.29b (down 6.5% from 3Q 2020). Net income: ฿181.9m (up 30% from 3Q 2020). Profit margin: 14% (up from 10% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 23
Upcoming dividend of ฿0.77 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 10 September 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿1.75 (vs ฿1.00 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿1.72b (up 6.3% from 2Q 2020). Net income: ฿681.1m (up 75% from 2Q 2020). Profit margin: 40% (up from 24% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.77 (vs ฿0.18 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.44b (up 10.0% from 1Q 2020). Net income: ฿298.9m (up ฿367.6m from 1Q 2020). Profit margin: 21% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.59b (up 21% from FY 2019). Net income: ฿631.1m (up 233% from FY 2019). Profit margin: 11% (up from 4.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Executive Departure • Feb 26
Director has left the company On the 25th of February, Anusha Thavarajah's tenure as Director ended after less than a year in the role. We don't have any record of a personal shareholding under Anusha's name. A total of 5 executives have left over the last 12 months. Executive Departure • Feb 26
Director has left the company On the 25th of February, Wanna Thamsirisup's tenure as Director ended after 1.7 years in the role. We don't have any record of a personal shareholding under Wanna's name. A total of 5 executives have left over the last 12 months. Is New 90 Day High Low • Nov 27
New 90-day high: ฿34.50 The company is up 2.0% from its price of ฿33.75 on 28 August 2020. The Thai market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 10.0% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.36 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.39b (up 13% from 3Q 2019). Net income: ฿139.6m (up ฿171.1m from 3Q 2019). Profit margin: 10.0% (up from net loss in 3Q 2019). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 03
New 90-day low: ฿32.25 The company is down 6.0% from its price of ฿34.25 on 05 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is down 4.0% over the same period. 
