Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ฿4.62 (vs ฿3.44 in 1Q 2025) First quarter 2026 results: EPS: ฿4.62 (up from ฿3.44 in 1Q 2025). Revenue: ฿13.6b (down 2.8% from 1Q 2025). Net income: ฿1.38b (up 35% from 1Q 2025). Profit margin: 10% (up from 7.3% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 25
Final dividend of ฿7.00 announced Dividend of ฿7.00 is the same as last year. Ex-date: 5th March 2026 Payment date: 15th May 2026 Dividend yield will be 7.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (67% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.3% to bring the payout ratio under control. EPS is expected to grow by 19% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Feb 21
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ฿11.72 (down from ฿18.08 in FY 2024). Revenue: ฿54.4b (up 23% from FY 2024). Net income: ฿3.49b (down 35% from FY 2024). Profit margin: 6.4% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 9.5%. Revenue is forecast to stay flat during the next 2 years compared to a 3.3% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Feb 21
Siam City Cement Public Company Limited, Annual General Meeting, Apr 30, 2026 Siam City Cement Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time. Price Target Changed • Feb 17
Price target increased by 11% to ฿190 Up from ฿172, the current price target is an average from 2 analysts. New target price is 28% above last closing price of ฿149. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of ฿13.21 for next year compared to ฿18.08 last year. Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: ฿3.04 (up from ฿2.65 in 3Q 2024). Revenue: ฿13.2b (up 34% from 3Q 2024). Net income: ฿906.2m (up 15% from 3Q 2024). Profit margin: 6.9% (down from 8.0% in 3Q 2024). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 10
First half dividend of ฿4.00 announced Shareholders will receive a dividend of ฿4.00. Ex-date: 21st August 2025 Payment date: 5th September 2025 Dividend yield will be 7.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 22% over the next 3 years. However, it would need to fall by 32% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 09
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ฿3.22 (up from ฿2.93 in 2Q 2024). Revenue: ฿13.8b (up 38% from 2Q 2024). Net income: ฿959.1m (up 9.7% from 2Q 2024). Profit margin: 7.0% (down from 8.8% in 2Q 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.6%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 26
Price target increased by 19% to ฿204 Up from ฿172, the current price target is an average from 4 analysts. New target price is 40% above last closing price of ฿146. Stock is up 12% over the past year. The company is forecast to post earnings per share of ฿13.21 for next year compared to ฿18.08 last year. Reported Earnings • May 16
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: ฿3.44 (down from ฿3.90 in 1Q 2024). Revenue: ฿13.9b (up 38% from 1Q 2024). Net income: ฿1.02b (down 12% from 1Q 2024). Profit margin: 7.3% (down from 12% in 1Q 2024). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.5% to ฿158. The fair value is estimated to be ฿202, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.5% in 2 years. Earnings are forecast to decline by 20% in the next 2 years. Upcoming Dividend • Mar 05
Upcoming dividend of ฿7.00 per share Eligible shareholders must have bought the stock before 12 March 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (5.7%). New Risk • Mar 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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: Major Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿18.08 (up from ฿9.00 in FY 2023). Revenue: ฿46.1b (up 8.6% from FY 2023). Net income: ฿5.39b (up 101% from FY 2023). Profit margin: 12% (up from 6.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 47%. Revenue is expected to decline by 1.6% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 2% per year. Duyuru • Feb 28
Siam City Cement Public Company Limited, Annual General Meeting, Apr 30, 2025 Siam City Cement Public Company Limited, Annual General Meeting, Apr 30, 2025, at 14:00 SE Asia Standard Time. Duyuru • Feb 27
Siam City Cement Public Company Limited Proposes Cash Dividend Payment for the Second Half of Year 2024, Payable on May 14, 2025 Siam City Cement Public Company Limited at its board meeting held on 27 February 2025, approved to propose to the Annual General Meeting of Shareholders for consideration and approval of the cash dividend for the second half of year 2024, in the amount of THB 7.00 per share, totaling THB 2,086 million. The Company will pay the dividend on 14 May 2025. Record date for the right to receive dividend is March 13, 2025. Ex-dividend date is March 12, 2025. New Risk • Nov 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ฿2.65 (up from ฿1.48 in 3Q 2023). Revenue: ฿9.86b (down 4.5% from 3Q 2023). Net income: ฿789.5m (up 79% from 3Q 2023). Profit margin: 8.0% (up from 4.3% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 8.9%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Duyuru • Aug 20
Sunrise Equity Company Limited completed the acquisition of an additional 25.54% stake in Siam City Cement Public Company Limited (SET:SCCC) from Jardine Cycle & Carriage Limited (SGX:C07). Sunrise Equity Company Limited agreed to acquire an additional 25.54% stake in Siam City Cement Public Company Limited (SET:SCCC) from Jardine Cycle & Carriage Limited (SGX:C07) for THB 12.1 billion on August 16, 2024. Upon completion, Sunrise Equity Company Limited will own 71.88% stake in Siam City Cement Public Company Limited.
The transaction is subject to resignation of target's directors. The expected completion of the transaction is August 19, 2024.
Sunrise Equity Company Limited completed the acquisition of an additional 25.54% stake in Siam City Cement Public Company Limited (SET:SCCC) from Jardine Cycle & Carriage Limited (SGX:C07) on August 19, 2024. Buy Or Sell Opportunity • Aug 19
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ฿158. The fair value is estimated to be ฿122, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Upcoming Dividend • Aug 08
Upcoming dividend of ฿4.00 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 29 August 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Thai dividend payers (7.0%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 01
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ฿2.93 (up from ฿2.20 in 2Q 2023). Revenue: ฿9.96b (down 9.6% from 2Q 2023). Net income: ฿873.9m (up 33% from 2Q 2023). Profit margin: 8.8% (up from 6.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.8%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 25% 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. Duyuru • Jul 31
Siam City Cement Public Company Limited Announces Cash Dividend for the Period from 1 January 2024 to 30 June 2024, Payable on 29 August 2024 Siam City Cement Public Company Limited announced cash dividend of THB 4.00 per share for the period from 1 January 2024 to 30 June 2024. Date of board resolution is 31 July 2024. Record date for the right to receive dividends is 16 August 2024. Ex-dividend date is 15 August 2024. Payment date is 29 August 2024. Duyuru • Jun 26
Siam City Cement Public Company Limited Announces Change of Chief Accountant Siam City Cement Public Company Limited announced the change of Chief Accountant. The company announced the termination of Miss Sarinthip Yongprawat as Accounting, Reporting & IR Department Manager. Effective date of termination is June 24, 2024. The company also announced the appointment of Miss Nicha Wanchana as Accounting and Group Consolidation Department Manager. Effective date of appointment is June 25, 2024. Duyuru • Apr 30
Siam City Cement Public Company Limited Approves Appointment of Ranjan Sachdeva as Group Chief Executive Officer, Effective May 1, 2024 Siam City Cement Public Company Limited at its board meeting held on April 29, 2024, approved to appoint Mr. Ranjan Sachdeva as the Group Chief Executive Officer (Group CEO) (previously Acting Group CEO), effective May 1, 2024. Mr. Ranjan Sachdeva will continue to serve as Group Chief Financial Officer until the replacement Group Chief Financial Officer is nominated, in accordance with the Succession Plan. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: ฿3.90 (vs ฿2.55 in 1Q 2023) First quarter 2024 results: EPS: ฿3.90 (up from ฿2.55 in 1Q 2023). Revenue: ฿10.1b (down 12% from 1Q 2023). Net income: ฿1.16b (up 53% from 1Q 2023). Profit margin: 12% (up from 6.6% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 30% 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. Upcoming Dividend • Feb 15
Upcoming dividend of ฿7.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 22 February 2024. Payment date: 12 April 2024. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 10
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ฿9.00 (up from ฿6.23 in FY 2022). Revenue: ฿42.4b (down 16% from FY 2022). Net income: ฿2.68b (up 45% from FY 2022). Profit margin: 6.3% (up from 3.7% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 6.9% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • Feb 10
Siam City Cement Public Company Limited, Annual General Meeting, Mar 29, 2024 Siam City Cement Public Company Limited, Annual General Meeting, Mar 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the Report of the Board of Directors for the year 2023; to approve the audited financial statements of the Company for the year ended 31 December 2023; to approve the dividend payment for 2023; to appoint the auditors and fix their remunerations for the year 2024; to approve the re-election of the Directors retiring by rotation; to approve the appointment of Mr. Montri Nithikul as a new Director; and to consider other business matters. Duyuru • Dec 28
Siam City Cement Public Company Limited Announces CEO Changes, Effective January 1, 2024 Siam City Cement Public Company Limited informed that the Board of Directors of the Company, on the basis of the recommendation of the Nomination and Compensation Committee, has resolved to appoint Mr. Ranjan Sachdeva as the Acting Group Chief (Group CEO) effective January 1, 2024, replacing the current Group CEO, Mr. Aidan Lynam. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿47.6b to ฿46.7b. EPS estimate also fell from ฿10.05 per share to ฿9.02 per share. Net income forecast to grow 200% next year vs 5.5% decline forecast for Basic Materials industry in Thailand. Consensus price target broadly unchanged at ฿142. Share price was steady at ฿132 over the past week. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ฿1.48 (vs ฿2.02 in 3Q 2022) Third quarter 2023 results: EPS: ฿1.48 (down from ฿2.02 in 3Q 2022). Revenue: ฿10.3b (down 17% from 3Q 2022). Net income: ฿440.8m (down 27% from 3Q 2022). Profit margin: 4.3% (down from 4.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: ฿2.20 (down from ฿4.55 in 2Q 2022). Revenue: ฿11.0b (down 14% from 2Q 2022). Net income: ฿655.8m (down 52% from 2Q 2022). Profit margin: 6.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 17
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ฿51.9b to ฿46.6b. EPS estimate increased from ฿10.67 to ฿11.48 per share. Net income forecast to grow 90% next year vs 0.08% growth forecast for Basic Materials industry in Thailand. Consensus price target broadly unchanged at ฿146. Share price was steady at ฿140 over the past week. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: ฿2.55 (vs ฿2.69 in 1Q 2022) First quarter 2023 results: EPS: ฿2.55 (down from ฿2.69 in 1Q 2022). Revenue: ฿11.4b (down 9.6% from 1Q 2022). Net income: ฿758.3m (down 5.5% from 1Q 2022). Profit margin: 6.6% (up from 6.4% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 17
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from ฿48.4b to ฿52.9b. EPS estimate fell from ฿13.08 to ฿10.47 per share. Net income forecast to grow 68% next year vs 0.5% growth forecast for Basic Materials industry in Thailand. Consensus price target down from ฿158 to ฿154. Share price rose 3.5% to ฿162 over the past week. Upcoming Dividend • Feb 16
Upcoming dividend of ฿9.00 per share at 5.6% yield Eligible shareholders must have bought the stock before 23 February 2023. Payment date: 12 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.6%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.8%). Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: ฿6.23 (vs ฿14.25 in FY 2021) Full year 2022 results: EPS: ฿6.23 (down from ฿14.25 in FY 2021). Revenue: ฿50.3b (up 20% from FY 2021). Net income: ฿1.86b (down 56% from FY 2021). Profit margin: 3.7% (down from 10% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ฿12.30 to ฿10.71 per share. Revenue forecast steady at ฿46.2b. Net income forecast to grow 2.6% next year vs 1.2% decline forecast for Basic Materials industry in Thailand. Consensus price target down from ฿172 to ฿166. Share price was steady at ฿159 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Onne van der Weijde was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿2.02 (down from ฿2.27 in 3Q 2021). Revenue: ฿12.4b (up 39% from 3Q 2021). Net income: ฿603.2m (down 11% from 3Q 2021). Profit margin: 4.9% (down from 7.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Basic Materials industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 03
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿44.5b to ฿45.4b. EPS estimate increased from ฿11.22 to ฿12.37 per share. Net income forecast to grow 1.4% next year vs 3.3% decline forecast for Basic Materials industry in Thailand. Consensus price target broadly unchanged at ฿167. Share price was steady at ฿154 over the past week. Reported Earnings • Jul 27
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: ฿4.55 (down from ฿4.85 in 2Q 2021). Revenue: ฿12.8b (up 27% from 2Q 2021). Net income: ฿1.35b (down 6.3% from 2Q 2021). Profit margin: 11% (down from 14% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 3.2% compared to a 2.6% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.5%. The fair value is estimated to be ฿189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 6.1% in 2 years. Earnings is forecast to grow by 2.3% in the next 2 years. Buying Opportunity • May 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ฿188, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 6.1% in 2 years. Earnings is forecast to grow by 2.3% in the next 2 years. Reported Earnings • May 08
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: ฿2.69 (down from ฿3.57 in 1Q 2021). Revenue: ฿12.6b (up 21% from 1Q 2021). Net income: ฿802.3m (down 25% from 1Q 2021). Profit margin: 6.3% (down from 10% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 32%. Over the next year, revenue is forecast to stay flat compared to a 3.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • May 01
Price target decreased to ฿164 Down from ฿184, the current price target is an average from 5 analysts. New target price is 7.6% above last closing price of ฿152. Stock is down 16% over the past year. The company is forecast to post earnings per share of ฿11.82 for next year compared to ฿14.25 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Onne van der Weijde was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 17
Upcoming dividend of ฿9.00 per share Eligible shareholders must have bought the stock before 24 February 2022. Payment date: 08 April 2022. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Thai dividend payers (5.0%). In line with average of industry peers (5.2%). Reported Earnings • Feb 13
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿14.25 (up from ฿12.35 in FY 2020). Revenue: ฿41.9b (flat on FY 2020). Net income: ฿4.25b (up 15% from FY 2020). Profit margin: 10% (up from 8.7% in FY 2020). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 4.0%, compared to a 3.8% growth forecast for the industry in Thailand. 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 11% per year, which means it is significantly lagging earnings. Price Target Changed • Dec 28
Price target decreased to ฿180 Down from ฿196, the current price target is an average from 4 analysts. New target price is 16% above last closing price of ฿155. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿13.04 for next year compared to ฿12.35 last year. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ฿2.27 (vs ฿3.02 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿8.91b (down 15% from 3Q 2020). Net income: ฿676.4m (down 25% from 3Q 2020). Profit margin: 7.6% (down from 8.6% in 3Q 2020). The decrease in margin was driven by lower 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 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS ฿4.85 (vs ฿3.44 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ฿10.1b (down 1.1% from 2Q 2020). Net income: ฿1.45b (up 41% from 2Q 2020). Profit margin: 14% (up from 10.0% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • May 27
Price target increased to ฿194 Up from ฿178, the current price target is an average from 5 analysts. New target price is 8.3% above last closing price of ฿179. Stock is up 44% over the past year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿3.57 (vs ฿2.77 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿10.4b (down 6.1% from 1Q 2020). Net income: ฿1.06b (up 29% from 1Q 2020). Profit margin: 10% (up from 7.4% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Executive Departure • Mar 26
Director has left the company On the 24th of March, Benjamin Birks' tenure as Director ended after 1.5 years in the role. We don't have any record of a personal shareholding under Benjamin's name. Benjamin is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 18% share price gain to ฿170, the stock is trading at a trailing P/E ratio of 13.7x, up from the previous P/E ratio of 11.7x. This compares to an average P/E of 13x in the Basic Materials industry in Thailand. Total return to shareholders over the past three years is a loss of 28%. Is New 90 Day High Low • Feb 15
New 90-day high: ฿158 The company is up 18% from its price of ฿134 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 Basic Materials industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿172 per share. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS ฿12.35 (vs ฿10.59 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿42.2b (down 12% from FY 2019). Net income: ฿3.68b (up 17% from FY 2019). Profit margin: 8.7% (up from 6.6% in FY 2019). The increase in margin was driven by lower expenses. 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 18% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 12
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) exceeded analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 10%, compared to a 9.8% growth forecast for the Basic Materials industry in Thailand. Is New 90 Day High Low • Jan 18
New 90-day high: ฿146 The company is up 25% from its price of ฿117 on 20 October 2020. The Thai market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿143 per share. Is New 90 Day High Low • Dec 08
New 90-day high: ฿141 The company is up 3.0% from its price of ฿137 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿121 per share. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 7.7%, compared to a 4.5% growth forecast for the Basic Materials industry in Thailand. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ฿3.02 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: ฿10.5b (down 13% from 3Q 2019). Net income: ฿898.4m (down 4.0% from 3Q 2019). Profit margin: 8.6% (up from 7.8% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 07
New 90-day low: ฿115 The company is down 16% from its price of ฿137 on 09 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is down 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿111 per share.