New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 8.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 31x earnings per share. Cash payout ratio: 131% Earnings have declined by 8.6% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (฿371.1m market cap, or US$11.4m). Buy Or Sell Opportunity • May 05
Now 21% overvalued Over the last 90 days, the stock has fallen 32% to ฿1.19. The fair value is estimated to be ฿0.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 47%. New Risk • Mar 09
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: 1.0% Last year net profit margin: 5.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 51x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿434.9m market cap, or US$13.7m). Declared Dividend • Mar 04
Dividend of ฿0.075 announced Shareholders will receive a dividend of ฿0.075. Ex-date: 13th March 2026 Payment date: 30th April 2026 Dividend yield will be 4.8%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. 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 27% EPS decline seen over the last 5 years. Duyuru • Mar 03
Chamni's Eye Public Company Limited announces Annual dividend, payable on April 30, 2026 Chamni's Eye Public Company Limited announced Annual dividend of THB 0.0750 per share payable on April 30, 2026, ex-date on March 13, 2026 and record date on March 16, 2026. New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% 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: 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. Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿466.8m market cap, or US$15.0m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: ฿0.013 (vs ฿0.018 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.013 (up from ฿0.018 loss in 3Q 2024). Revenue: ฿112.4m (up 33% from 3Q 2024). Net income: ฿3.67m (up ฿8.99m from 3Q 2024). Profit margin: 3.3% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. 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 28% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.029 (vs ฿0.022 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.029 (up from ฿0.022 in 2Q 2024). Revenue: ฿110.5m (up 13% from 2Q 2024). Net income: ฿8.31m (up 33% from 2Q 2024). Profit margin: 7.5% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 28% per year. New Risk • Jul 22
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 7.3% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 95% Cash payout ratio: 183% Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Market cap is less than US$100m (฿527.7m market cap, or US$16.4m). Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.032 (vs ฿0.032 in 1Q 2024) First quarter 2025 results: EPS: ฿0.032 (in line with 1Q 2024). Revenue: ฿124.9m (up 18% from 1Q 2024). Net income: ฿9.29m (flat on 1Q 2024). Profit margin: 7.4% (down from 8.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 27% per year. Duyuru • Apr 10
Chamni's Eye Public Company Limited Approves Dividend for the Year 2025, Payable on April 28, 2025 Chamni's Eye Public Company Limited at its Annual General Meeting held on 10 April 2025 approved the appropriation of net profit to be the legal reserve in the amount of THB 1,400,000, equivalent to 5.21% and approved the payment of dividends for year 2025 from the net profits from the performance of the Company in year 2024 and retained earnings at the rate of THB 0.075 per share, in total amount of THB 21,747,005.85. The record date for dividend payment to be on 14 March 2025 and to make the dividend payment on 28 April 2025. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: ฿0.078 (vs ฿0.23 in FY 2023) Full year 2024 results: EPS: ฿0.078 (down from ฿0.23 in FY 2023). Revenue: ฿413.8m (down 12% from FY 2023). Net income: ฿22.8m (down 65% from FY 2023). Profit margin: 5.5% (down from 14% in FY 2023). The decrease in margin was driven by lower revenue. Declared Dividend • Mar 02
Dividend reduced to ฿0.075 Dividend of ฿0.075 is 50% lower than last year. Ex-date: 13th March 2025 Payment date: 28th April 2025 Dividend yield will be 3.2%, which is lower than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (181% earnings payout ratio) nor is it covered by cash flows (160% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 102% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.022 (vs ฿0.061 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.022 (down from ฿0.061 in 2Q 2023). Revenue: ฿98.1m (down 16% from 2Q 2023). Net income: ฿6.24m (down 62% from 2Q 2023). Profit margin: 6.4% (down from 14% in 2Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.033 (vs ฿0.081 in 1Q 2023) First quarter 2024 results: EPS: ฿0.033 (down from ฿0.081 in 1Q 2023). Revenue: ฿106.2m (down 13% from 1Q 2023). Net income: ฿9.22m (down 59% from 1Q 2023). Profit margin: 8.7% (down from 18% in 1Q 2023). The decrease in margin was driven by lower revenue. Upcoming Dividend • Mar 08
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 15 March 2024. Payment date: 26 April 2024. Payout ratio is a comfortable 66% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (6.1%). Lower than average of industry peers (6.0%). Reported Earnings • Mar 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.23 (up from ฿0.21 in FY 2022). Revenue: ฿470.7m (up 30% from FY 2022). Net income: ฿64.9m (up 25% from FY 2022). Profit margin: 14% (in line with FY 2022). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Duyuru • Mar 02
Chamni's Eye Public Company Limited, Annual General Meeting, Apr 10, 2024 Chamni's Eye Public Company Limited, Annual General Meeting, Apr 10, 2024, at 09:00 SE Asia Standard Time. Location: No. 331 Seri 6 Road Suanluang Bangkok Thailand Agenda: To Acknowledge the Report the Performance of the Company in the Year 2023; to Consider Approving the Financial Statement for the Year 2023 ending 31 December 2023; to Consider Approving the Allocation of Profit, Reserved Fund, and Payment of Dividend; to Consider the Election of Directors in place of those who Retire by Rotation; and to consider other matters. Duyuru • Mar 01
Chamni's Eye Public Company Limited Proposes Dividend for 2023, Payable on 26 April 2024 Chamni's Eye Public Company Limited announced that at the board meeting held on 29 February 2024, proposed to consider approving the payment of dividend for year 2024 from the net profits from the performance of the Company in year 2023 and retained earnings, at the rate of THB 0.15 per share, and in total amount of THB 43,494,011.70. The record date for dividend payment to be on 18 March 2024 and to make the dividend payment on 26 April 2024. However, the right to receive the dividend payment is uncertain as it is subject to the approval of the shareholders' meeting. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.045 (vs ฿0.032 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.045 (up from ฿0.032 in 3Q 2022). Revenue: ฿105.6m (up 35% from 3Q 2022). Net income: ฿12.2m (up 48% from 3Q 2022). Profit margin: 12% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Entertainment industry in Thailand. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ฿0.061 (vs ฿0.003 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.061 (up from ฿0.003 in 2Q 2022). Revenue: ฿117.1m (up 74% from 2Q 2022). Net income: ฿16.6m (up ฿15.8m from 2Q 2022). Profit margin: 14% (up from 1.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Entertainment industry in Thailand. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ฿0.081 (vs ฿0.11 in 1Q 2022) First quarter 2023 results: EPS: ฿0.081. Revenue: ฿121.6m (up 13% from 1Q 2022). Net income: ฿22.3m (up 2.3% from 1Q 2022). Profit margin: 18% (down from 20% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Entertainment industry in Thailand. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.15 per share at 5.7% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 18 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.7%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.5%). Duyuru • Jan 31
Chamni's Eye Public Company Limited announced that it has received THB 11.312217 million in funding On January 30, 2023, the company closed the transaction. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: ฿0.032 (vs ฿0.048 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.032 (down from ฿0.048 in 3Q 2021). Revenue: ฿78.1m (up 9.4% from 3Q 2021). Net income: ฿8.23m (down 14% from 3Q 2021). Profit margin: 11% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Entertainment industry in Thailand. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 17% share price gain to ฿5.70, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 24x in the Entertainment industry in Thailand. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: ฿0.003 (vs ฿0.001 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.003 (up from ฿0.001 in 2Q 2021). Revenue: ฿67.5m (up 25% from 2Q 2021). Net income: ฿788.0k (up 315% from 2Q 2021). Profit margin: 1.2% (up from 0.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 34% growth forecast for the Entertainment industry in Thailand. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 15% share price gain to ฿4.90, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 20x in the Entertainment industry in Thailand. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 19% share price gain to ฿5.35, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 23x in the Entertainment industry in Thailand. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 19% share price gain to ฿5.30, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Entertainment industry in Thailand.