Buy Or Sell Opportunity • May 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to ฿4.04. The fair value is estimated to be ฿5.06, 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. Meanwhile, the company has become profitable. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.70 (vs ฿1.31 in FY 2024) Full year 2025 results: EPS: ฿0.70 (down from ฿1.31 in FY 2024). Revenue: ฿2.80b (down 6.5% from FY 2024). Net income: ฿69.5m (down 47% from FY 2024). Profit margin: 2.5% (down from 4.4% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.18 loss per share (vs ฿0.30 profit in 3Q 2024) Third quarter 2025 results: ฿0.18 loss per share (down from ฿0.30 profit in 3Q 2024). Revenue: ฿459.2m (down 39% from 3Q 2024). Net loss: ฿17.5m (down 159% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2025 earnings released: ฿0.003 loss per share (vs ฿0.27 profit in 2Q 2024) Second quarter 2025 results: ฿0.003 loss per share (down from ฿0.27 profit in 2Q 2024). Revenue: ฿715.1m (up 10% from 2Q 2024). Net loss: ฿301.0k (down 101% from profit in 2Q 2024). Profit margin: 0% (down from 4.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ฿1.31 (vs ฿1.09 loss in FY 2023) Full year 2024 results: EPS: ฿1.31 (up from ฿1.09 loss in FY 2023). Revenue: ฿2.99b (up 19% from FY 2023). Net income: ฿130.4m (up ฿238.9m from FY 2023). Profit margin: 4.4% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Jan 09
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 Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (฿399.6m market cap, or US$11.5m). Duyuru • Jan 03
Varopakorn Public Company Limited Announces Chief Accountant Changes Varopakorn Public Company Limited announced the termination of Miss Wassana Suksayan as Chief Accountant - Vice President for Accounting Manager Admin&Support Division, Date of Termination December 31, 2024 and appointed Miss. Nittaya Pinyo as Chief Accountant - Accounting Manager (Accountant), Effective Date of Appointment is January 01, 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.40 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.30 (up from ฿0.40 loss in 3Q 2023). Revenue: ฿750.7m (up 36% from 3Q 2023). Net income: ฿29.9m (up ฿69.8m from 3Q 2023). Profit margin: 4.0% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.27 (vs ฿0.38 loss in 2Q 2023) Second quarter 2024 results: EPS: ฿0.27 (up from ฿0.38 loss in 2Q 2023). Revenue: ฿649.5m (up 7.3% from 2Q 2023). Net income: ฿27.3m (up ฿65.7m from 2Q 2023). Profit margin: 4.2% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.29 (vs ฿0.003 loss in 1Q 2023) First quarter 2024 results: EPS: ฿0.29 (up from ฿0.003 loss in 1Q 2023). Revenue: ฿766.4m (down 2.3% from 1Q 2023). Net income: ฿29.0m (up ฿29.3m from 1Q 2023). Profit margin: 3.8% (up from 0% in 1Q 2023). The increase in margin was driven by lower expenses. 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 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 02
Full year 2023 earnings released: ฿1.09 loss per share (vs ฿0.59 loss in FY 2022) Full year 2023 results: ฿1.09 loss per share (further deteriorated from ฿0.59 loss in FY 2022). Revenue: ฿2.52b (down 33% from FY 2022). Net loss: ฿108.5m (loss widened 85% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.38 loss per share (vs ฿0.33 loss in 2Q 2022) Second quarter 2023 results: ฿0.38 loss per share (further deteriorated from ฿0.33 loss in 2Q 2022). Revenue: ฿605.3m (down 41% from 2Q 2022). Net loss: ฿38.4m (loss widened 15% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released: ฿0.003 loss per share (vs ฿0.35 profit in 1Q 2022) First quarter 2023 results: ฿0.003 loss per share (down from ฿0.35 profit in 1Q 2022). Revenue: ฿787.1m (down 27% from 1Q 2022). Net loss: ฿314.0k (down 101% from profit in 1Q 2022). Profit margin: 0% (down from 3.2% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released: ฿0.60 loss per share (vs ฿0.27 loss in 3Q 2021) Third quarter 2022 results: ฿0.60 loss per share (further deteriorated from ฿0.27 loss in 3Q 2021). Revenue: ฿966.0m (up 53% from 3Q 2021). Net loss: ฿59.7m (loss widened 126% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Pitiphong Pisalbutra 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. Lack of board continuity. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.33 loss per share (vs ฿0.17 profit in 2Q 2021) Second quarter 2022 results: ฿0.33 loss per share (down from ฿0.17 profit in 2Q 2021). Revenue: ฿1.02b (up 85% from 2Q 2021). Net loss: ฿33.3m (down 296% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 29% share price gain to ฿10.80, the stock trades at a trailing P/E ratio of 25x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ฿9.70, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 7x in the Metals and Mining industry in Thailand. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 25% share price gain to ฿15.20, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 8x in the Metals and Mining industry in Thailand. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 39% share price gain to ฿6.40, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 8x in the Metals and Mining industry in Thailand. Total loss to shareholders of 9.9% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.35 (vs ฿0.04 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.35 (up from ฿0.04 loss in 1Q 2021). Revenue: ฿1.09b (up 109% from 1Q 2021). Net income: ฿35.0m (up ฿39.3m from 1Q 2021). Profit margin: 3.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Apr 28
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Pitiphong Pisalbutra 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. Lack of board continuity. Duyuru • Apr 07
Varopakorn Public Company Limited Announces Resignation of Etsuo Yamamura as Director Varopakorn Public Company Limited informed that Mr. Etsuo Yamamura, Director has resigned from his position, effective from April 5, 2022 onwards. Duyuru • Mar 03
Varopakorn Public Company Limited, Annual General Meeting, Apr 27, 2022 Varopakorn Public Company Limited, Annual General Meeting, Apr 27, 2022, at 07:00 Coordinated Universal Time. Location: Evergreen Hall, 2nd Roor, Evergreen Laurel Hotel, Soi Pipat, North Sathorn Road,Bangrak Bangkok Thailand Agenda: To adopt the minutes of the 2021 Annual General Meeting of Shareholder; to acknowledge the company's annual report and operation performance of year 2021; to consider and approve the omission of dividend payment; to consider to appointment of the Certified Public Accountant and their fee for the year 2022; to consider and approve the remuneration and reward for directors and Audit committee; and to consider any other matters. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.04 (up from ฿1.38 loss in FY 2020). Revenue: ฿2.59b (up 154% from FY 2020). Net income: ฿3.87m (up ฿142.1m from FY 2020). Profit margin: 0.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 11% per year, which means it is performing significantly worse than earnings. Duyuru • Feb 25
Varopakorn Public Company Limited Announces Resignation of Mamoru Kubota, Director and Audit Committee Varopakorn Public Company Limited announced that Mr. Mamoru Kubota, Director and Audit Committee has resigned from his position due to his personal mission, effective from February 24, 2022 onwards. Reported Earnings • Nov 18
Third quarter 2021 earnings released: ฿0.27 loss per share (vs ฿0.49 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: ฿635.1m (up 277% from 3Q 2020). Net loss: ฿26.5m (loss narrowed 46% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Executive Departure • May 23
Independent Director has left the company On the 13th of May, Songsiri Soontornwipat's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Songsiri's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 17
First quarter 2021 earnings released: ฿0.04 loss per share (vs ฿0.32 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: ฿521.8m (up 76% from 1Q 2020). Net loss: ฿4.28m (loss narrowed 87% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Executive Departure • May 06
Independent Director has left the company On the 28th of April, Somkiat Twiltermsup's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Somkiat's name. A total of 2 executives have left over the last 12 months. Duyuru • Mar 12
Varopakorn Public Company Limited, Annual General Meeting, Apr 28, 2021 Varopakorn Public Company Limited, Annual General Meeting, Apr 28, 2021, at 07:00 Coordinated Universal Time. Location: Evergreen Hall, 2nd floor, Evergreen Laurel Hotel, Soi Pipat, North Sathorn, Bangkok Thailand Agenda: To consider the minutes of annual general meeting of Shareholder No.42; to acknowledge the company's annual report and operation performance of year 2020; to consider and approve the financial statement balance sheet and income statement of year end as of December 31, 2020; to propose to the Shareholders there will be no dividend; and to consider other matters. Is New 90 Day High Low • Mar 02
New 90-day low: ฿3.54 The company is down 3.0% from its price of ฿3.66 on 01 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released: ฿1.38 loss per share (vs ฿1.49 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: ฿1.03b (down 35% from FY 2019). Net loss: ฿138.2m (loss narrowed 7.2% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2020 earnings released: ฿0.49 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ฿169.2m (down 57% from 3Q 2019). Net loss: ฿49.0m (loss widened 55% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 94% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 15
New 90-day low: ฿3.00 The company is down 21% from its price of ฿3.82 on 17 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: ฿3.96 The company is up 4.0% from its price of ฿3.80 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 3.0% over the same period.