Buy Or Sell Opportunity • 9h
Now 21% overvalued Over the last 90 days, the stock has fallen 5.5% to ฿0.52. The fair value is estimated to be ฿0.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.5% over the last 3 years. Earnings per share has grown by 4.7%. New Risk • Jun 19
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 6.5% 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: Major Risks High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (฿243.8m market cap, or US$7.40m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • May 21
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (฿243.8m market cap, or US$7.47m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (4.3% net profit margin). Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.5%). New Risk • Mar 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (฿248.4m market cap, or US$7.86m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Feb 28
Dividend reduced to ฿0.03 Dividend of ฿0.03 is 40% lower than last year. Ex-date: 7th May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 20% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 29% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.3% EPS decline seen over the last 5 years. Duyuru • Feb 27
Sirakorn Public Company Limited announces Annual dividend, payable on May 22, 2026 Sirakorn Public Company Limited announced Annual dividend of THB 0.0300 per share payable on May 22, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿0.047 (vs ฿0.11 in FY 2024) Full year 2025 results: EPS: ฿0.047 (down from ฿0.11 in FY 2024). Revenue: ฿546.9m (up 1.1% from FY 2024). Net income: ฿21.7m (down 56% from FY 2024). Profit margin: 4.0% (down from 9.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Duyuru • Feb 26
Sirakorn Public Company Limited, Annual General Meeting, Apr 24, 2026 Sirakorn Public Company Limited, Annual General Meeting, Apr 24, 2026, at 10:00 SE Asia Standard Time. Location: physical meeting, westgate residence hotel, Thailand Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.03 (vs ฿0.053 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.03 (down from ฿0.053 in 3Q 2024). Revenue: ฿164.5m (up 36% from 3Q 2024). Net income: ฿14.0m (down 43% from 3Q 2024). Profit margin: 8.5% (down from 20% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.007 (vs ฿0.01 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.007 (down from ฿0.01 in 2Q 2024). Revenue: ฿108.4m (down 5.1% from 2Q 2024). Net income: ฿3.09m (down 31% from 2Q 2024). Profit margin: 2.9% (down from 3.9% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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 Market cap is less than US$10m (฿276.0m market cap, or US$8.27m). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.006 (vs ฿0.01 in 1Q 2024) First quarter 2025 results: EPS: ฿0.006 (down from ฿0.01 in 1Q 2024). Revenue: ฿95.6m (down 40% from 1Q 2024). Net income: ฿2.97m (down 38% from 1Q 2024). Profit margin: 3.1% (up from 3.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.1%). Board Change • Apr 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Sudkhet Kulsarapusit was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 01
Dividend of ฿0.05 announced Dividend of ฿0.05 is the same as last year. Ex-date: 7th May 2025 Payment date: 23rd May 2025 Dividend yield will be 8.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 26% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 55% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.7% EPS decline seen over the last 5 years. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: ฿0.11 (vs ฿0.093 in FY 2023) Full year 2024 results: EPS: ฿0.11 (up from ฿0.093 in FY 2023). Revenue: ฿541.1m (down 21% from FY 2023). Net income: ฿49.9m (up 16% from FY 2023). Profit margin: 9.2% (up from 6.3% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Duyuru • Feb 27
Sirakorn Public Company Limited, Annual General Meeting, Apr 25, 2025 Sirakorn Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Location: westgate residence hotel, Thailand Reported Earnings • Aug 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿114.2m (down 14% from 2Q 2023). Net income: ฿4.46m (down 24% from 2Q 2023). Profit margin: 3.9% (down from 4.4% in 2Q 2023). The decrease in margin was driven by lower revenue. 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 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.01 (vs ฿0.008 in 1Q 2023) First quarter 2024 results: EPS: ฿0.01 (up from ฿0.008 in 1Q 2023). Revenue: ฿158.8m (up 18% from 1Q 2023). Net income: ฿4.81m (up 26% from 1Q 2023). Profit margin: 3.0% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. 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 20% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.05 per share Eligible shareholders must have bought the stock before 09 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (3.5%). New Risk • Apr 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿368.0m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (฿368.0m market cap, or US$9.99m). Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: ฿0.093 (vs ฿0.021 in FY 2022) Full year 2023 results: EPS: ฿0.093 (up from ฿0.021 in FY 2022). Revenue: ฿681.1m (up 9.7% from FY 2022). Net income: ฿42.9m (up 354% from FY 2022). Profit margin: 6.3% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. 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 4% per year, which means it is significantly lagging earnings. Duyuru • Mar 02
Sirakorn Public Company Limited, Annual General Meeting, Apr 26, 2024 Sirakorn Public Company Limited, Annual General Meeting, Apr 26, 2024, at 10:00 SE Asia Standard Time. Location: 53/35 Bangkrang 8 Nonthaburi Nonthaburi Thailand Agenda: To consider and adopt the minutes of Annual General Meeting of shareholders for the year 2023; to consider and acknowledge the report on the company;s operating results of the year 2023; to consider the company's financial statements for the year December 31, 2023; and to consider other matters. Duyuru • Mar 01
Sirakorn Public Company Limited Proposes Dividend for 2023, Payable on May 24 ,2024 Sirakorn Public Company Limited announced that at the AGM to be held on April 26, 2024, proposed the dividend payment at 0.05 per share for the 2023. This calculated from the net profit based on the Company's financial statements for the 31 December 31, 2023. The total amount is THB 23,00,000.00 which is 84% of net profit of the separate financial statements. The date of the dividend payment will be May 24, 2024 and will be paid to he shareholders who are entitled to receive dividends on the Company's Articles of Association, Listed on the record date: May 10, 2024. New Risk • Dec 04
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 8.6% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (฿266.8m market cap, or US$7.63m). Minor Risk Dividend is not well covered by earnings (212% payout ratio). Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.022 (vs ฿0.005 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.022 (up from ฿0.005 in 3Q 2022). Revenue: ฿177.0m (up 16% from 3Q 2022). Net income: ฿10.3m (up 358% from 3Q 2022). Profit margin: 5.8% (up from 1.5% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.013 (vs ฿0.015 loss in 2Q 2022) Second quarter 2023 results: EPS: ฿0.013 (up from ฿0.015 loss in 2Q 2022). Revenue: ฿133.1m (up 8.8% from 2Q 2022). Net income: ฿5.91m (up ฿13.0m from 2Q 2022). Profit margin: 4.4% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Reported Earnings • May 19
First quarter 2023 earnings released: EPS: ฿0.008 (vs ฿0 in 1Q 2022) First quarter 2023 results: EPS: ฿0.008 (up from ฿0 in 1Q 2022). Revenue: ฿134.2m (down 26% from 1Q 2022). Net income: ฿3.81m (up ฿4.01m from 1Q 2022). Profit margin: 2.8% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.005 (vs ฿0.021 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.005 (down from ฿0.021 in 3Q 2021). Revenue: ฿152.6m (down 18% from 3Q 2021). Net income: ฿2.24m (down 77% from 3Q 2021). Profit margin: 1.5% (down from 5.1% in 3Q 2021). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 19
Second quarter 2022 earnings released: ฿0.015 loss per share (vs ฿0.001 loss in 2Q 2021) Second quarter 2022 results: ฿0.015 loss per share (down from ฿0.001 loss in 2Q 2021). Revenue: ฿122.3m (down 3.9% from 2Q 2021). Net loss: ฿7.09m (loss widened ฿6.52m from 2Q 2021). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improved over the past week After last week's 24% share price gain to ฿1.13, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 17x in the Basic Materials industry in Thailand. Total loss to shareholders of 10% over the past year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0 (vs ฿0.012 in 1Q 2021) First quarter 2022 results: EPS: ฿0 (down from ฿0.012 in 1Q 2021). Revenue: ฿180.2m (up 11% from 1Q 2021). Net loss: ฿207.8k (down 104% from profit in 1Q 2021). Upcoming Dividend • May 02
Upcoming dividend of ฿0.025 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (5.6%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.055 (up from ฿0.051 in FY 2020). Revenue: ฿634.4m (up 14% from FY 2020). Net income: ฿25.1m (up 31% from FY 2020). Profit margin: 4.0% (up from 3.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Duyuru • Feb 27
Sirakorn Public Company Limited Proposes Dividend Payment for the Year Ended December 31, 2021, Payable on May 25, 2022 Sirakorn Public Company Limited proposes dividend payment for the year ended December 31, 2021. The company proposes dividend payment at THB 0.025 per share for 2021. The date of the dividend payment will be May 25, 2022, and will be paid to the shareholders who are entitled to receive dividends on the Company's Articles of Association, listed on the record date is May 10, 2022. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.021 (vs ฿0.015 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿186.1m (up 31% from 3Q 2020). Net income: ฿9.55m (up 91% from 3Q 2020). Profit margin: 5.1% (up from 3.5% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ฿1.23, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 19x in the Basic Materials industry in Thailand. Total returns to shareholders of 25% over the past year. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 18% share price gain to ฿1.41, the stock trades at a trailing P/E ratio of 41.6x. Average trailing P/E is 13x in the Basic Materials industry in Thailand. Reported Earnings • Aug 18
Second quarter 2021 earnings released: ฿0.001 loss per share (vs ฿0.021 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ฿127.3m (down 9.3% from 2Q 2020). Net loss: ฿571.4k (down 108% from profit in 2Q 2020). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿1.29, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 16x in the Basic Materials industry in Thailand. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 22% share price gain to ฿1.55, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 17x in the Basic Materials industry in Thailand. Reported Earnings • May 17
First quarter 2021 earnings released: EPS ฿0.013 (vs ฿0.006 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿168.7m (up 27% from 1Q 2020). Net income: ฿5.91m (up 201% from 1Q 2020). Profit margin: 3.5% (up from 1.5% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 30% share price gain to ฿1.40, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 20x in the Basic Materials industry in Thailand. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 30% share price gain to ฿1.18, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 16x in the Basic Materials industry in Thailand. Duyuru • Feb 27
Sirakorn Public Company Limited, Annual General Meeting, Apr 27, 2021 Sirakorn Public Company Limited, Annual General Meeting, Apr 27, 2021, at 08:30 Indian Standard Time. Location: Chitlada room of S.D. Avenue Hotel 94 Borommarat Chachonnani Road, Bang Bamru, Bang Phlat Bangkok Thailand Agenda: To consider the dividend payment at THB 0.02 per share for 460,000,000 shares in the amount of THB 9,200,000 and appropriate net profit as legal reserve in the amount of THB 675,000; to consider the financial statements for the year ended December 31, 2020; to consider the election of directors; to consider the appointment of auditors; and to transact such other business issues. 