Reported Earnings • May 27
Full year 2026 earnings released: EPS: ฿6.14 (vs ฿8.19 in FY 2025) Full year 2026 results: EPS: ฿6.14 (down from ฿8.19 in FY 2025). Revenue: ฿10.7b (down 11% from FY 2025). Net income: ฿1.84b (down 25% from FY 2025). Profit margin: 17% (down from 21% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Declared Dividend • May 27
Dividend of ฿1.00 announced Dividend of ฿1.00 is the same as last year. Ex-date: 5th June 2026 Payment date: 10th August 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (17% 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 5.2% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ฿0.77 (vs ฿5.20 in 3Q 2025) Third quarter 2026 results: EPS: ฿0.77 (down from ฿5.20 in 3Q 2025). Revenue: ฿2.47b (down 3.3% from 3Q 2025). Net income: ฿230.2m (down 85% from 3Q 2025). Profit margin: 9.3% (down from 61% in 3Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿51.00, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 12x in the Chemicals industry in Thailand. Total loss to shareholders of 7.2% over the past three years. New Risk • Feb 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 11
Second quarter 2026 earnings released: EPS: ฿1.90 (vs ฿3.50 loss in 2Q 2025) Second quarter 2026 results: EPS: ฿1.90 (up from ฿3.50 loss in 2Q 2025). Revenue: ฿2.63b (down 13% from 2Q 2025). Net income: ฿570.6m (up ฿1.62b from 2Q 2025). Profit margin: 22% (up from net loss in 2Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ฿0.53 (vs ฿3.94 in 1Q 2025) First quarter 2026 results: EPS: ฿0.53 (down from ฿3.94 in 1Q 2025). Revenue: ฿2.86b (down 18% from 1Q 2025). Net income: ฿159.8m (down 87% from 1Q 2025). Profit margin: 5.6% (down from 34% in 1Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% 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. Declared Dividend • May 31
Dividend reduced to ฿1.00 Dividend of ฿1.00 is 29% lower than last year. Ex-date: 9th June 2025 Payment date: 13th August 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (12% 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 remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Duyuru • May 28
Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 25, 2025 Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 25, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • May 28
Full year 2025 earnings released: EPS: ฿8.19 (vs ฿15.31 in FY 2024) Full year 2025 results: EPS: ฿8.19 (down from ฿15.31 in FY 2024). Revenue: ฿13.3b (up 1.9% from FY 2024). Net income: ฿2.46b (down 47% from FY 2024). Profit margin: 19% (down from 35% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿53.25, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total returns to shareholders of 15% over the past three years. Duyuru • Mar 03
Birla Carbon (Thailand) Public Company Limited Announces the Resignation of Rajeev Sonthalia as Director Birla Carbon (Thailand) Public Company Limited announced the resignation of Mr. Rajeev Sonthalia as Director, Expire Date from 28 February 2025. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ฿5.20 (vs ฿0.88 in 3Q 2024) Third quarter 2025 results: EPS: ฿5.20 (up from ฿0.88 in 3Q 2024). Revenue: ฿2.56b (down 24% from 3Q 2024). Net income: ฿1.56b (up 492% from 3Q 2024). Profit margin: 61% (up from 7.9% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Board Change • Jan 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. Independent Director Purshottam Sharma was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ฿3.94 (vs ฿4.19 in 1Q 2024) First quarter 2025 results: EPS: ฿3.94 (down from ฿4.19 in 1Q 2024). Revenue: ฿3.84b (up 24% from 1Q 2024). Net income: ฿1.18b (down 6.0% from 1Q 2024). Profit margin: 31% (down from 41% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 26
Birla Carbon (Thailand) Public Company Limited Approves Cash Dividend, Payable on August 15, 2024 Birla Carbon (Thailand) Public Company Limited announced that at its AGM held on July 25, 2024, the meeting approved the dividend payment at THB 1.40 per share amounting to THB 420 million, the dividend payment will be made by the company on August 15, 2024 by majority vote of the shareholders who attend the meeting. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ฿15.31 (vs ฿13.50 in FY 2023) Full year 2024 results: EPS: ฿15.31 (up from ฿13.50 in FY 2023). Revenue: ฿14.3b (up 11% from FY 2023). Net income: ฿4.59b (up 13% from FY 2023). Profit margin: 32% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Declared Dividend • Jun 01
Dividend of ฿1.40 announced Dividend of ฿1.40 is the same as last year. Ex-date: 12th June 2024 Payment date: 15th August 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (24% 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 9.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 31
Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 25, 2024 Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 25, 2024, at 14:00 SE Asia Standard Time. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ฿0.88 (vs ฿2.27 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.88 (up from ฿2.27 loss in 3Q 2023). Revenue: ฿3.67b (up 26% from 3Q 2023). Net income: ฿263.4m (up ฿945.4m from 3Q 2023). Profit margin: 7.2% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: ฿4.05 (vs ฿14.18 in 2Q 2023) Second quarter 2024 results: EPS: ฿4.05 (down from ฿14.18 in 2Q 2023). Revenue: ฿3.60b (down 45% from 2Q 2023). Net income: ฿1.22b (down 71% from 2Q 2023). Profit margin: 34% (down from 65% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Oct 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (28% net profit margin). Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿48.00, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 16x in the Chemicals industry in Thailand. Total returns to shareholders of 23% over the past three years. New Risk • Aug 13
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: 28% Last year net profit margin: 48% 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 cash flows (94% cash payout ratio). Profit margins are more than 30% lower than last year (28% net profit margin). Upcoming Dividend • Jun 02
Upcoming dividend of ฿1.40 per share at 2.5% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 25 August 2023. Payout ratio is a comfortable 12% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.2%). Duyuru • May 31
Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 26, 2023 Birla Carbon (Thailand) Public Company Limited, Annual General Meeting, Jul 26, 2023, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the minutes of 29th annual general meeting held on 26th July 2022; to consider and approve the performance of the company for the year ended march 31 2023; to consider and approve the company audited financial statements for accounting year ended march 31 2023; and to consider other matters. Duyuru • May 30
Birla Carbon (Thailand) Public Company Limited Recommends Dividend for the Operating Period from 1 April 2023 to 31 March 2023, Payable on 25 August 2023 Birla Carbon (Thailand) Public Company Limited recommended to the 30th Annual General Meeting of the Shareholders for approval, to pay dividend of THB 1.40 per share for the year 2022-23. The dividend payment will be made on 25 August 2023. The record date to determine the right of shareholders who are entitled to receive dividend will be on 12 June 2023 (subject to shareholder's approval). Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: ฿6.37 (vs ฿5.00 in 2Q 2022) Second quarter 2023 results: EPS: ฿6.37 (up from ฿5.00 in 2Q 2022). Revenue: ฿3.43b (up 54% from 2Q 2022). Net income: ฿1.91b (up 28% from 2Q 2022). Profit margin: 56% (down from 67% in 2Q 2022). The decrease in margin was driven by higher expenses. 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 14% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. President & Director Sanjeev Sood was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Oct 03
Now 22% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be ฿73.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 43%. Buying Opportunity • Sep 07
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be ฿72.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.2% over the last 3 years. Earnings per share has grown by 43%. Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: ฿5.96 (vs ฿3.13 in 1Q 2022) First quarter 2023 results: EPS: ฿5.96 (up from ฿3.13 in 1Q 2022). Revenue: ฿3.40b (up 64% from 1Q 2022). Net income: ฿1.79b (up 91% from 1Q 2022). Profit margin: 53% (up from 45% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 28
Birla Carbon (Thailand) Public Company Limited Approves Dividend, Payable on August 25, 2022 Birla Carbon (Thailand) Public Company Limited, at its annual general meeting held on July 26, 2022, declared the dividend payment of THB 1.65 per share amounting to THB 495 million. The dividend payment will be made by the company on August 25, 2022. Duyuru • Jul 27
Birla Carbon (Thailand) Public Company Limited Approves Dividend, Payable on August 25, 2022 Birla Carbon (Thailand) Public Company Limited approved the dividend payment of THB 1.65 per share amounting to THB 495 million, at its annual general meeting held on July 26, 2022. The dividend payment will be made by the company on August 25, 2022. Duyuru • Jul 13
Birla Carbon (Thailand) Public Announces Appointment G. K. Tulsian as Vice Chairman of Board of Director Birla Carbon (Thailand) Public Company Limited at the board meeting held on July 12, 2022, have unanimously elected Mr. G. K. Tulsian (Independent Director /Audit Committee member) as Vice Chairman of Board of Directors and the board resolution has been passed, effective from 12th July 2022. Upcoming Dividend • Jun 02
Upcoming dividend of ฿1.65 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 5.6% and the cash payout ratio is 80%. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.3%). Lower than average of industry peers (4.5%). Reported Earnings • May 29
Full year 2022 earnings released: EPS: ฿14.29 (vs ฿3.46 in FY 2021) Full year 2022 results: EPS: ฿14.29 (up from ฿3.46 in FY 2021). Revenue: ฿10.7b (up 108% from FY 2021). Net income: ฿4.29b (up 314% from FY 2021). Profit margin: 40% (up from 20% in FY 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. President & Director Sanjeev Sood was the last director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ฿2.21 (up from ฿0.063 loss in 3Q 2021). Revenue: ฿2.80b (up 112% from 3Q 2021). Net income: ฿663.8m (up ฿682.8m from 3Q 2021). Profit margin: 24% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Second quarter 2022 earnings released: EPS ฿5.00 (vs ฿2.37 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ฿2.23b (up 86% from 2Q 2021). Net income: ฿1.50b (up 111% from 2Q 2021). Profit margin: 67% (up from 59% 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 1% per year and the company’s share price has also increased by 1% per year. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS ฿3.13 (vs ฿2.37 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ฿2.16b (up 135% from 1Q 2021). Net income: ฿938.9m (up ฿1.65b from 1Q 2021). Profit margin: 44% (up from net loss in 1Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% 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. Upcoming Dividend • May 31
Upcoming dividend of ฿0.80 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 25 August 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (4.8%). Lower than average of industry peers (1.9%). Reported Earnings • May 28
Full year 2021 earnings released: EPS ฿3.46 (vs ฿7.98 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ฿5.14b (down 32% from FY 2020). Net income: ฿1.04b (down 57% from FY 2020). Profit margin: 20% (down from 32% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% 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. Is New 90 Day High Low • Mar 10
New 90-day high: ฿45.50 The company is up 8.0% from its price of ฿42.00 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 16% over the same period. Reported Earnings • Feb 13
Third quarter 2021 earnings released: ฿0.063 loss per share (vs ฿0.66 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿1.32b (down 20% from 3Q 2020). Net loss: ฿19.0m (down 110% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 06
New 90-day high: ฿44.25 The company is up 5.0% from its price of ฿42.00 on 06 November 2020. The Thai market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 36% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ฿43.50 The company is up 9.0% from its price of ฿40.00 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 42% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ฿43.00 The company is up 6.0% from its price of ฿40.50 on 21 August 2020. The Thai market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 13% over the same period. Reported Earnings • Nov 16
Second quarter 2021 earnings released: EPS ฿2.37 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿1.20b (down 39% from 2Q 2020). Net income: ฿710.5m (up 35% from 2Q 2020). Profit margin: 59% (up from 27% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 20
New 90-day high: ฿42.75 The company is up 8.0% from its price of ฿39.50 on 22 July 2020. The Thai market is down 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 16% over the same period.