Major Estimate Revision • Jun 03
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2027 has been updated. 2027 revenue forecast fell from ฿14.7b to ฿14.0b. EPS estimate rose from ฿0.47 to ฿0.54. Net income forecast to grow 17% next year vs 36% growth forecast for Chemicals industry in Thailand. Consensus price target up from ฿4.37 to ฿6.15. Share price rose 36% to ฿5.90 over the past week. Declared Dividend • May 30
Final dividend increased to ฿0.13 Dividend of ฿0.13 is 63% higher than last year. Ex-date: 3rd August 2026 Payment date: 20th August 2026 Dividend yield will be 3.4%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 28
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ฿0.46 (up from ฿0.28 in FY 2025). Revenue: ฿13.6b (down 2.0% from FY 2025). Net income: ฿1.30b (up 63% from FY 2025). Profit margin: 9.5% (up from 5.7% in FY 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) exceeded analyst estimates by 6.8%. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ฿4.34, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.22 per share. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿3.60, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 46% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.81 per share. New Risk • Apr 16
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 7.2% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿3.34, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 55% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.69 per share. Buy Or Sell Opportunity • Mar 02
Now 23% undervalued Over the last 90 days, the stock has risen 23% to ฿3.64. The fair value is estimated to be ฿4.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 9.5%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Reported Earnings • Feb 16
Third quarter 2026 earnings: EPS exceeds analyst expectations Third quarter 2026 results: EPS: ฿0.12 (up from ฿0.059 in 3Q 2025). Revenue: ฿3.34b (down 1.8% from 3Q 2025). Net income: ฿333.7m (up 103% from 3Q 2025). Profit margin: 10.0% (up from 4.8% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Duyuru • Feb 14
Eastern Polymer Group Public Company Limited Announces Chief Executive Officer Changes The Board of Directors' Meeting of Eastern Polymer Group Public Company Limited held on February 12, 2026, resolved on the following significant matters: Acknowledged the retirement of Mr. Pawat Vitoorapakorn from the position of Chief Executive Officer, with such retirement scheduled to take effect on 31 July 2026. In this regard, Mr. Pawat Vitoorapakorn will continue to serve as a director of the Company. Resolved to approve the appointment of Mr. Chalieo Vitoorapakorn, who is currently Deputy Chief Executive Officer of Business Development and Investment of the Company, to assume the position of Chief Executive Officer in replacement of Mr. Pawat Vitoorapakorn upon his retirement, effective from 1 August 2026 onwards. Mr. Chalieo Vitoorapakorn has been duly reviewed by the Nomination and Remuneration Committee. Price Target Changed • Nov 14
Price target increased by 9.2% to ฿3.55 Up from ฿3.25, the current price target is an average from 4 analysts. New target price is 17% above last closing price of ฿3.04. Stock is down 37% over the past year. The company is forecast to post earnings per share of ฿0.38 for next year compared to ฿0.28 last year. Declared Dividend • Nov 14
First half dividend of ฿0.07 announced Shareholders will receive a dividend of ฿0.07. Ex-date: 27th November 2025 Payment date: 9th December 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 5.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: ฿0.095 (up from ฿0.091 in 1Q 2025). Revenue: ฿3.35b (down 6.6% from 1Q 2025). Net income: ฿266.6m (up 5.1% from 1Q 2025). Profit margin: 7.9% (up from 7.1% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jul 25
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 01 August 2025. Payment date: 20 August 2025. Payout ratio is a comfortable 49% and the cash payout ratio is 76%. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (8.2%). Higher than average of industry peers (3.2%). Duyuru • Jul 23
Eastern Polymer Group Public Company Limited Approves Dividend for Year Ended as of 31 March 2025, Payable on 20 August 2025 Eastern Polymer Group Public Company Limited at its AGM held on July 23, 2025 approved the dividend payment from the operating results in respect of the fiscal year ended as of 31 March 2025 in addition to the interim dividend at the rate of THB 0.08 per share for the 2,800 million shares, totalling THB 224 million, shall be paid to shareholders of the Company by specifying the record date to be made on 4 August 2025 and the dividend payment to the shareholders to be made on 20 August 2025. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿2.84, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Chemicals industry in Thailand. Total loss to shareholders of 66% over the past three years. Major Estimate Revision • Jun 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ฿14.7b to ฿14.1b. EPS estimate also fell from ฿0.45 per share to ฿0.40 per share. Net income forecast to grow 41% next year vs 29% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿4.18 to ฿3.58. Share price was steady at ฿2.48 over the past week. Reported Earnings • May 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ฿0.28 (down from ฿0.42 in FY 2024). Revenue: ฿13.9b (up 4.8% from FY 2024). Net income: ฿796.0m (down 33% from FY 2024). Profit margin: 5.7% (down from 9.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to ฿2.46. The fair value is estimated to be ฿3.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 8.0% in 2 years. Earnings are forecast to grow by 94% in the next 2 years. New Risk • Apr 16
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 8.1% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (5.0% net profit margin). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.42, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿4.68 per share. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿0.403 to ฿0.313 per share. Revenue forecast steady at ฿14.3b. Net income forecast to grow 78% next year vs 32% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿5.73 to ฿5.16. Share price rose 9.7% to ฿3.38 over the past week. Price Target Changed • Feb 18
Price target decreased by 8.0% to ฿5.49 Down from ฿5.97, the current price target is an average from 5 analysts. New target price is 61% above last closing price of ฿3.40. Stock is down 56% over the past year. The company is forecast to post earnings per share of ฿0.32 for next year compared to ฿0.42 last year. Reported Earnings • Feb 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ฿0.059 (down from ฿0.11 in 3Q 2024). Revenue: ฿3.41b (flat on 3Q 2024). Net income: ฿164.0m (down 45% from 3Q 2024). Profit margin: 4.8% (down from 8.8% in 3Q 2024). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 9.2%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Jan 02
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 6.1% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (5.9% net profit margin). New Risk • Nov 21
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 6.7% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (5.9% net profit margin). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿4.08, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Chemicals industry in Thailand. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿3.82 per share. Price Target Changed • Nov 20
Price target decreased by 7.4% to ฿6.11 Down from ฿6.60, the current price target is an average from 5 analysts. New target price is 41% above last closing price of ฿4.32. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿0.43 for next year compared to ฿0.42 last year. New Risk • Nov 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: 5.9% Last year net profit margin: 9.7% 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 (5.9% net profit margin). Declared Dividend • Nov 14
Dividend reduced to ฿0.06 Dividend of ฿0.06 is 50% lower than last year. Ex-date: 27th November 2024 Payment date: 9th December 2024 Dividend yield will be 3.2%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 12% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued Over the last 90 days, the stock has risen 14% to ฿4.34. The fair value is estimated to be ฿5.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 14%. Revenue is forecast to grow by 8.8% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿4.68, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.70 per share. Price Target Changed • Aug 16
Price target decreased by 14% to ฿7.57 Down from ฿8.75, the current price target is an average from 3 analysts. New target price is 87% above last closing price of ฿4.04. Stock is down 36% over the past year. The company is forecast to post earnings per share of ฿0.56 for next year compared to ฿0.42 last year. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ฿0.091 (vs ฿0.11 in 1Q 2024) First quarter 2025 results: EPS: ฿0.091 (down from ฿0.11 in 1Q 2024). Revenue: ฿3.59b (up 20% from 1Q 2024). Net income: ฿253.6m (down 17% from 1Q 2024). Profit margin: 7.1% (down from 10% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to ฿3.96. The fair value is estimated to be ฿5.03, 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 declined by 11%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • Jul 25
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 21 August 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.4%). Duyuru • Jul 24
Eastern Polymer Group Public Company Limited Approves Dividend for the Fiscal Year Ended as of 31 March 2024, Payable on August 21, 2024 Eastern Polymer Group Public Company Limited at its AGM held on July 24, 2024 approved the dividend payment from the operating results in respect of the fiscal year ended as of 31 March 2024 (in addition to the interim dividend) at the rate of THB 0.10 per share for the 2,800 million shares, totaling THB 280 million, shall be paid to shareholders of the Company by specifying the record date to be made on 2 August 2024 and the dividend payment to the shareholders to be made on 21 August 2024. Price Target Changed • Jun 08
Price target decreased by 13% to ฿8.75 Down from ฿10.03, the current price target is an average from 4 analysts. New target price is 42% above last closing price of ฿6.15. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿0.53 for next year compared to ฿0.42 last year. Declared Dividend • Jun 01
Final dividend reduced to ฿0.10 Dividend of ฿0.10 is 29% lower than last year. Ex-date: 1st August 2024 Payment date: 21st August 2024 Dividend yield will be 3.3%, which is lower than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 14% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • May 31
Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 24, 2024 Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 24, 2024, at 09:00 SE Asia Standard Time. Duyuru • May 30
Eastern Polymer Group Public Company Limited Proposes Dividend for the Fiscal Year Ended as of 31 March 2024, Payable on August 21, 2024 Eastern Polymer Group Public Company Limited Resolved to propose to the 2024 Annual General Meeting of Shareholders to consider and approve the dividend payment from the operating results for the fiscal year ended as of 31 March 2024 in addition to the interim dividend, to the Company' s shareholders, at the rate THB 0.10 per share (Ten Satang) for 2,800 million shares, totaling THB 280 million payable from the net profit of the separate financial statements. The date of 2 August 2024 had fixed as the record date to determine the lists of shareholders entitled to receive the dividend payment, and the payment shall be made on 21 August 2024. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ฿0.42 (vs ฿0.38 in FY 2023) Full year 2024 results: EPS: ฿0.42 (up from ฿0.38 in FY 2023). Revenue: ฿13.2b (up 9.1% from FY 2023). Net income: ฿1.19b (up 10% from FY 2023). Profit margin: 9.0% (up from 8.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ฿0.11 (vs ฿0.076 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.11 (up from ฿0.076 in 3Q 2023). Revenue: ฿3.39b (up 12% from 3Q 2023). Net income: ฿297.0m (up 40% from 3Q 2023). Profit margin: 8.8% (up from 7.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Nov 20
Upcoming dividend of ฿0.12 per share at 3.5% yield Eligible shareholders must have bought the stock before 27 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (6.7%). In line with average of industry peers (3.6%). Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.14 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.15 (up from ฿0.14 in 2Q 2023). Revenue: ฿3.32b (up 1.7% from 2Q 2023). Net income: ฿431.5m (up 13% from 2Q 2023). Profit margin: 13% (up from 12% in 2Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Duyuru • Nov 11
Eastern Polymer Group Public Company Limited Approves Interim Dividend for the Period Ended September 30, 2023, Payable on December 8, 2023 The Board of Directors Meeting of Eastern Polymer Group Public Company Limited approved the consolidated financial statements and interim dividends payment as; Resolved to approve the interim dividends payment for the operating results ended September 30, 2023 at the rate of THB 0.12 per share (Twelve Satang), totaling THB 336,000,000 (Three hundred and thirty six Million Baht) payable to the Company's shareholders whose names listed on the shareholders' registration book as of November 28, 2023, the date set by the Company's Board of Directors to determine the list of shareholders eligible for receiving the dividend (Record Date). The dividend payment payable to shareholders was scheduled for December 8, 2023. Buying Opportunity • Aug 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ฿7.88, however this is not to be taken as a buy 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 5.4%. Revenue is forecast to grow by 18% in 2 years. Earnings is forecast to grow by 35% in the next 2 years. Reported Earnings • Aug 12
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: ฿0.11 (up from ฿0.082 in 1Q 2023). Revenue: ฿3.00b (up 5.1% from 1Q 2023). Net income: ฿305.0m (up 32% from 1Q 2023). Profit margin: 10% (up from 8.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 24
Upcoming dividend of ฿0.14 per share at 3.8% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 18 August 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (3.2%). Price Target Changed • Jun 10
Price target decreased by 7.6% to ฿9.48 Down from ฿10.26, the current price target is an average from 5 analysts. New target price is 29% above last closing price of ฿7.35. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.48 for next year compared to ฿0.38 last year. Major Estimate Revision • Jun 02
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿13.6b to ฿13.4b. EPS estimate also fell from ฿0.523 per share to ฿0.47 per share. Net income forecast to grow 22% next year vs 40% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿10.26 to ฿9.96. Share price was steady at ฿7.00 over the past week. Duyuru • May 29
Eastern Polymer Group Public Company Limited Approve Dividend Payment for the Fiscal Year Ended as of 31 March 2023, Payable on 18 August 2023 The Board of Directors' Meeting of Eastern Polymer Group Public Company Limited, convened on 26 May 2023, approve the dividend payment from the operating results for the fiscal year ended as of 31 March 2023 in addition to the interim dividend, to the Company's shareholders, at the rate of THB 0.14 per share (Fourteen Satang) for 2,800 million shares, totaling THB 392 million payable from the net profit of the separate financial statements. The date of 2nd August 2023 had fixed as the record date to determine the lists of shareholders entitled to receive the dividend payment, and the payment shall be made on 18th August 2023. Reported Earnings • May 27
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.38 (down from ฿0.57 in FY 2022). Revenue: ฿12.1b (up 3.0% from FY 2022). Net income: ฿1.08b (down 33% from FY 2022). Profit margin: 8.9% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Duyuru • May 27
Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 20, 2023 Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 20, 2023, at 09:00 SE Asia Standard Time. Agenda: To consider and approve the audited consolidated financial statement for the fiscal year ended as of 31 March 2023; to consider and approve the dividend payment from the operating results for the fiscal year ended as of 31 March 2023; to consider and approve the re-appointment of directors; to consider and approve the increase in the number of directors from existing 9 persons to 10 persons; and to consider the other business matters. Price Target Changed • Mar 30
Price target decreased by 9.7% to ฿10.26 Down from ฿11.36, the current price target is an average from 5 analysts. New target price is 28% above last closing price of ฿8.00. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿0.46 for next year compared to ฿0.57 last year. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿12.9b to ฿12.6b. EPS estimate also fell from ฿0.543 per share to ฿0.46 per share. Net income forecast to grow 2.5% next year vs 29% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿11.36 to ฿10.97. Share price was steady at ฿8.75 over the past week. Price Target Changed • Feb 13
Price target decreased by 7.8% to ฿11.14 Down from ฿12.09, the current price target is an average from 7 analysts. New target price is 27% above last closing price of ฿8.80. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿0.53 for next year compared to ฿0.57 last year. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.11 per share Eligible shareholders must have bought the stock before 25 November 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (5.6%). In line with average of industry peers (3.4%). Price Target Changed • Nov 16
Price target decreased to ฿12.58 Down from ฿14.29, the current price target is an average from 8 analysts. New target price is 26% above last closing price of ฿10.00. Stock is down 7.4% over the past year. The company is forecast to post earnings per share of ฿0.58 for next year compared to ฿0.57 last year. 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 (5 non-independent directors). Independent Director Sakarindr Bhumiratana 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. Duyuru • Nov 11
Eastern Polymer Group Public Company Limited Approves Interim Dividend for the Period Ended September 30, 2022, Payable on December 8, 2022 The Board of Directors Meeting of Eastern Polymer Group Public Company Limited held on November 10, 2022, passed a resolution approving the consolidated financial statements and interim dividends payment as follows: Resolved to approve the consolidated financial statements and separate financial statements of the Company for Quarter 2 of the Year 2022-2023 ended September 30, 2022, audited by the Certified Public Accountant; and Resolved to approve the interim dividends payment for the operating results ended September 30, 2022 at the rate of THB 0.11 per share (Eleven Satang), totaling THB 308,000,000 (Three hundred Eight Million Baht) payable to the Company's shareholders whose names listed on the shareholders' registration book as of November 28, 2022. The date set by the Company's Board of Directors to determine the list of shareholders eligible for receiving the dividend (Record Date), the dividend payment payable to shareholders was scheduled for December 8, 2022. Buying Opportunity • Aug 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.0%. The fair value is estimated to be ฿12.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Reported Earnings • Aug 14
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: ฿0.082 (down from ฿0.16 in 1Q 2022). Revenue: ฿2.85b (down 2.9% from 1Q 2022). Net income: ฿230.9m (down 49% from 1Q 2022). Profit margin: 8.1% (down from 15% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 16% compared to a 2.5% decline forecast for the industry in Thailand. 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 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 13
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ฿0.65 to ฿0.53. Revenue forecast unchanged from ฿13.4b at last update. Net income forecast to shrink 6.4% next year vs 19% growth forecast for Chemicals industry in Thailand . Consensus price target down from ฿14.85 to ฿13.93. Share price rose 5.3% to ฿10.00 over the past week. Upcoming Dividend • Jul 25
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 19 August 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Thai dividend payers (5.5%). Lower than average of industry peers (4.8%). Duyuru • Jul 22
Eastern Polymer Group Public Company Limited Approves the Dividend Payment from the Operating Results in Respect of the Fiscal Year Ended 31 March 2022, Payable on 19 August 2022 Eastern Polymer Group Public Company Limited at its AGM held on July 21, 2022, approved the dividend payment from the operating results in respect of the fiscal year ended as at 31 March 2022 (in addition to the interim dividend) at the rate of THB 0.19 per share for the 2,800,000,000 shares, totalling THB 532,000,000, shall be paid to shareholders of the Company whose names indicated in the share register book of the Company as of 2 August 2022, which the Board of Directors has fixed as the record date for determining the shareholders entitlement to receive the dividend payment and the dividend payment to the shareholders shall be made on 19 August 2022. Duyuru • Jun 01
Eastern Polymer Group Public Company Limited Proposes Dividend Payment for the Fiscal Year Ended 31 March 2022, Payable on 19 August 2022 Eastern Polymer Group Public Company Limited, at its board meeting May 30, 2022, resolved to propose the Annual General Meeting of Shareholders to consider and approve the dividend payment from the operating results for the fiscal year ended 31 March 2022, in addition to the interim dividends to the Company's shareholders, at the rate of THB 0.19 per share (Nineteen Satang) for 2,800,000,000 shares, totaling THB 532 million from the annual net profit of the separate financial statements. The Board had fixed 2 August 2022 as the record date to determine the lists of shareholders whose name appeared on the shareholders registration book on such date to be entitled to receive the dividend payment, and the dividend payment is set to be paid on 19 August 2022. Reported Earnings • May 31
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ฿0.57 (up from ฿0.43 in FY 2021). Revenue: ฿11.8b (up 23% from FY 2021). Net income: ฿1.60b (up 31% from FY 2021). Profit margin: 14% (in line with FY 2021). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 8.5%, compared to a 7.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 25% per year. Duyuru • May 31
Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 21, 2022 Eastern Polymer Group Public Company Limited, Annual General Meeting, Jul 21, 2022, at 09:00 SE Asia Standard Time. Agenda: To consider and approve the audited consolidated financial statements for the fiscal year ended as of 31 March 2022; to consider and approve the dividend payment from the operating result of the year ended as of 31 March 2022; to consider and approve the appointment of directors replacing those retired by rotation; to consider and approve the directors' remuneration; to consider and approve the appointment of the auditor and their remuneration; and to consider other matters. 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. 1 experienced director. 8 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Sakarindr Bhumiratana 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 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.14 (down from ฿0.15 in 3Q 2021). Revenue: ฿2.95b (up 14% from 3Q 2021). Net income: ฿400.2m (down 7.2% from 3Q 2021). Profit margin: 14% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 4.6%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 19
Now 21% undervalued Over the last 90 days, the stock is up 3.7%. The fair value is estimated to be ฿14.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 19% per annum over the last 3 years. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 08 December 2021. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (2.5%). Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ฿0.15 (vs ฿0.11 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: ฿2.99b (up 28% from 2Q 2021). Net income: ฿412.3m (up 34% from 2Q 2021). Profit margin: 14% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Price Target Changed • Sep 02
Price target increased to ฿14.89 Up from ฿13.90, the current price target is an average from 6 analysts. New target price is 15% above last closing price of ฿13.00. Stock is up 167% over the past year. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ฿0.16 (vs ฿0.027 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ฿2.94b (up 50% from 1Q 2021). Net income: ฿448.4m (up 492% from 1Q 2021). Profit margin: 15% (up from 3.9% 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 11% per year whereas the company’s share price has increased by 12% per year. Price Target Changed • Aug 13
Price target increased to ฿14.52 Up from ฿13.42, the current price target is an average from 6 analysts. New target price is 14% above last closing price of ฿12.70. Stock is up 171% over the past year. Upcoming Dividend • Jul 27
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 03 August 2021. Payment date: 20 August 2021. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (4.9%). In line with average of industry peers (2.0%). Reported Earnings • May 30
Full year 2021 earnings released: EPS ฿0.43 (vs ฿0.36 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ฿9.58b (down 6.3% from FY 2020). Net income: ฿1.22b (up 22% from FY 2020). Profit margin: 13% (up from 9.8% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 25
Price target increased to ฿12.04 Up from ฿11.22, the current price target is an average from 6 analysts. New target price is 9.5% above last closing price of ฿11.00. Stock is up 144% over the past year. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improved over the past week After last week's 20% share price gain to ฿10.30, the stock is trading at a trailing P/E ratio of 27.2x, up from the previous P/E ratio of 22.7x. This compares to an average P/E of 15x in the Chemicals industry in Thailand. Total returns to shareholders over the past three years are 60%. Major Estimate Revision • Feb 18
Analysts increase EPS estimates to ฿0.41 The 2021 consensus revenue estimate increased from ฿9.44b to ฿9.63b. The earnings per share estimate also received an upgrade from ฿0.35 to ฿0.41 for the same period. Net income is expected to grow by 15% next year compared to 22% growth forecast for the Chemicals industry in Thailand. The consensus price target increased from ฿9.11 to ฿11.12. Share price is up 9.2% to ฿9.50 over the past week. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Over the next year, revenue is forecast to grow 11%, compared to a 11% growth forecast for the Chemicals industry in Thailand. Is New 90 Day High Low • Feb 15
New 90-day high: ฿9.30 The company is up 62% from its price of ฿5.75 on 17 November 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.73 per share. Reported Earnings • Feb 13
Third quarter 2021 earnings released: EPS ฿0.15 (vs ฿0.076 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿2.60b (up 6.8% from 3Q 2020). Net income: ฿431.2m (up 102% from 3Q 2020). Profit margin: 17% (up from 8.8% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Price Target Changed • Feb 09
Price target raised to ฿8.48 Up from ฿7.53, the current price target is an average from 6 analysts. The new target price is close to the current share price of ฿8.55. As of last close, the stock is up 53% over the past year. Is New 90 Day High Low • Jan 27
New 90-day high: ฿8.65 The company is up 71% from its price of ฿5.05 on 29 October 2020. The Thai market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.52 per share. Is New 90 Day High Low • Jan 11
New 90-day high: ฿8.25 The company is up 73% from its price of ฿4.76 on 12 October 2020. The Thai market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 40% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.47 per share. Price Target Changed • Jan 08
Price target raised to ฿7.53 Up from ฿6.68, the current price target is an average from 6 analysts. The new target price is 6.5% below the current share price of ฿8.05. As of last close, the stock is up 32% over the past year. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 15% share price gain to ฿8.20, the stock is trading at a trailing P/E ratio of 27.2x, up from the previous P/E ratio of 23.6x. This compares to an average P/E of 11x in the Chemicals industry in Thailand. Total return to shareholders over the past three years is a loss of 17%. Is New 90 Day High Low • Dec 25
New 90-day high: ฿7.10 The company is up 45% from its price of ฿4.88 on 25 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 41% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿7.42 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿6.65 The company is up 36% from its price of ฿4.90 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿6.47 per share. Price Target Changed • Nov 20
Price target raised to ฿6.40 Up from ฿5.88, the current price target is an average from 6 analysts. The new target price is close to the current share price of ฿6.10. As of last close, the stock is down 20% over the past year.