Reported Earnings • May 20
First quarter 2026 earnings released: ฿0.02 loss per share (vs ฿0.015 loss in 1Q 2025) First quarter 2026 results: ฿0.02 loss per share (further deteriorated from ฿0.015 loss in 1Q 2025). Revenue: ฿216.6m (down 64% from 1Q 2025). Net loss: ฿29.4m (loss widened 132% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. New Risk • Mar 10
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: 3.6% 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 Risks Debt is not well covered by operating cash flow (7.3% operating cash flow to total debt). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). 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 (5.4% net profit margin). Market cap is less than US$100m (฿1.95b market cap, or US$61.3m). Upcoming Dividend • Mar 09
Upcoming dividend of ฿0.025 per share Eligible shareholders must have bought the stock before 16 March 2026. Payment date: 26 May 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (7.5%). Lower than average of industry peers (4.8%). New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risks Profit margins are more than 30% lower than last year (5.1% net profit margin). Market cap is less than US$100m (฿2.18b market cap, or US$70.1m). Reported Earnings • Mar 01
Full year 2025 earnings released: EPS: ฿0.10 (vs ฿0.50 in FY 2024) Full year 2025 results: EPS: ฿0.10 (down from ฿0.50 in FY 2024). Revenue: ฿2.46b (down 28% from FY 2024). Net income: ฿125.8m (down 71% from FY 2024). Profit margin: 5.1% (down from 13% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 23 percentage points per year, which is a significant difference in performance. Duyuru • Feb 27
Britania Public Company Limited, Annual General Meeting, Apr 27, 2026 Britania Public Company Limited, Annual General Meeting, Apr 27, 2026, at 14:00 SE Asia Standard Time. Board Change • Jan 04
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, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Suphaphong Sukhasapha was the last independent director to join the board, commencing their role in 2025. 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 • Sep 10
Britania Public Company Limited (SET:BRI) completed the acquisition of an additional 50% stake in Britania SPV 24 Company Limited from Pongtrakul Perfect Land Co., Ltd. Britania Public Company Limited (SET:BRI) entered into a share purchase agreement to acquire an additional 50% stake in Britania SPV 24 Company Limited from Pongtrakul Perfect Land Co., Ltd. on August 29, 2025. Upon completion, Britania Public Company Limited will own 99.99% stake in Britania SPV 24 Company Limited.
Britania Public Company Limited (SET:BRI) completed the acquisition of an additional 50% stake in Britania SPV 24 Company Limited from Pongtrakul Perfect Land Co., Ltd. on September 5, 2025. Duyuru • Sep 09
Britania Public Company Limited (SET:BRI) completed the acquisition of an additional 50% stake in Britania SPV 21 Company Limited from Richest estate 789 Co., Ltd. Britania Public Company Limited (SET:BRI) entered into a share purchase agreement to acquire an additional 50% stake in Britania SPV 21 Company Limited from Richest estate 789 Co., Ltd. on September 4, 2025. Upon completion, Britania Public Company Limited will own 99.99% stake in Britania SPV 21 Company Limited. Navin Leknawa was appointed as one of the directors for Britania SPV 21 Company Limited as a result of the transaction.
Britania Public Company Limited (SET:BRI) completed the acquisition of an additional 50% stake in Britania SPV 21 Company Limited from Richest estate 789 Co., Ltd. on September 5, 2025. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.093 (vs ฿0.24 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.093 (down from ฿0.24 in 2Q 2024). Revenue: ฿788.8m (down 16% from 2Q 2024). Net income: ฿95.5m (down 54% from 2Q 2024). Profit margin: 12% (down from 22% in 2Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 45% per year whereas the company’s share price has fallen by 46% per year. New Risk • Jun 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 70% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (฿2.24b market cap, or US$68.4m). Reported Earnings • May 16
First quarter 2025 earnings released: ฿0.015 loss per share (vs ฿0.35 profit in 1Q 2024) First quarter 2025 results: ฿0.015 loss per share (down from ฿0.35 profit in 1Q 2024). Revenue: ฿637.4m (down 43% from 1Q 2024). Net loss: ฿12.7m (down 104% from profit in 1Q 2024). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. New Risk • Mar 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 199% 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 Debt is not well covered by operating cash flow (9.0% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (฿1.81b market cap, or US$53.6m). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to ฿2.12, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿1.82 per share. Price Target Changed • Mar 03
Price target decreased by 11% to ฿4.20 Down from ฿4.70, the current price target is provided by 1 analyst. New target price is 94% above last closing price of ฿2.16. Stock is down 69% over the past year. The company is forecast to post earnings per share of ฿0.84 for next year compared to ฿0.50 last year. Reported Earnings • Mar 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.50 (down from ฿1.40 in FY 2023). Revenue: ฿3.86b (down 33% from FY 2023). Net income: ฿426.6m (down 64% from FY 2023). Profit margin: 11% (down from 21% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Real Estate 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 37% per year, which means it is performing significantly worse than earnings. Duyuru • Mar 01
Britania Public Company Limited, Annual General Meeting, Apr 24, 2025 Britania Public Company Limited, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. New Risk • Dec 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.40b (US$99.8m) This is considered a minor 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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (฿3.40b market cap, or US$99.8m). New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 51% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 25 November 2024. Payment date: 09 December 2024. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 17%. Within top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (4.7%). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.49 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.13 (down from ฿0.49 in 3Q 2023). Revenue: ฿838.5m (down 48% from 3Q 2023). Net income: ฿109.0m (down 74% from 3Q 2023). Profit margin: 13% (down from 26% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Thailand. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ฿5.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Real Estate industry in Thailand. Total loss to shareholders of 35% over the past year. Simply Wall St's valuation model estimates the intrinsic value at ฿5.29 per share. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.41 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.24 (down from ฿0.41 in 2Q 2023). Revenue: ฿1.07b (down 31% from 2Q 2023). Net income: ฿206.5m (down 41% from 2Q 2023). Profit margin: 19% (down from 23% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.2% growth forecast for the Real Estate industry in Thailand. Buy Or Sell Opportunity • Aug 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ฿4.10. The fair value is estimated to be ฿5.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to decline by 16% in 2 years. Earnings are forecast to decline by 29% in the next 2 years. New Risk • Jul 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.60b (US$99.7m) This is considered a minor 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿3.60b market cap, or US$99.7m). Price Target Changed • Jun 08
Price target decreased by 18% to ฿6.28 Down from ฿7.65, the current price target is an average from 2 analysts. New target price is 24% above last closing price of ฿5.05. Stock is down 49% over the past year. The company is forecast to post earnings per share of ฿0.84 for next year compared to ฿1.40 last year. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.35 (vs ฿0.39 in 1Q 2023) First quarter 2024 results: EPS: ฿0.35 (down from ฿0.39 in 1Q 2023). Revenue: ฿1.27b (down 14% from 1Q 2023). Net income: ฿296.4m (down 9.8% from 1Q 2023). Profit margin: 23% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Thailand are expected to grow by 1.3%. Duyuru • Apr 26
Britania Public Company Limited Approves the Dividend Payment from the Operational Results of the Latter Six-Month Period of 2023, Payable on 16 May 2024 Britania Public Company Limited, at its AGM, held on 24 April 2024, approved the dividend payment from the operational results of the latter six-month period of 2023 and retained profits, at the rate of THB 0.603 (Zero point Six Zero Three Thai Baht) per share, totaling of not exceeding than THB 514,407,903.30 (Five Hundred Fourteen Million Four Hundred Seven Thousand Nine Hundred Three Point Thirty). In this regard, the Company will pay the dividends in cash. The Company scheduled the date to record the names of the shareholders who are entitled to dividend payments (Record Date) on 2 May 2024 and scheduled the date for dividend payments on 16 May 2024. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.60 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (4.6%). Price Target Changed • Mar 27
Price target decreased by 7.3% to ฿7.65 Down from ฿8.25, the current price target is an average from 2 analysts. New target price is 8.5% above last closing price of ฿7.05. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿0.95 for next year compared to ฿1.40 last year. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.8% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 5.8% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Mar 06
Final dividend of ฿0.60 announced Shareholders will receive a dividend of ฿0.60. Ex-date: 30th April 2024 Payment date: 16th May 2024 Dividend yield will be 10%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿1.40 (down from ฿1.73 in FY 2022). Revenue: ฿5.86b (flat on FY 2022). Net income: ฿1.19b (down 19% from FY 2022). Profit margin: 20% (down from 25% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Real Estate industry in Thailand. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿8.70, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Real Estate industry in Thailand. Negligible returns to shareholders over past year. Simply Wall St's valuation model estimates the intrinsic value at ฿7.53 per share. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: ฿0.49 (vs ฿0.39 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.49 (up from ฿0.39 in 3Q 2022). Revenue: ฿1.74b (up 30% from 3Q 2022). Net income: ฿417.3m (up 26% from 3Q 2022). Profit margin: 24% (in line with 3Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Real Estate industry in Thailand. Price Target Changed • Nov 07
Price target decreased by 7.9% to ฿12.37 Down from ฿13.43, the current price target is an average from 3 analysts. New target price is 63% above last closing price of ฿7.60. Stock is down 20% over the past year. The company is forecast to post earnings per share of ฿1.75 for next year compared to ฿1.72 last year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.12 per share at 8.0% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 11 September 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 8.0%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.2%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.41 (vs ฿0.44 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.41 (down from ฿0.44 in 2Q 2022). Revenue: ฿1.55b (flat on 2Q 2022). Net income: ฿348.1m (down 7.5% from 2Q 2022). Profit margin: 22% (down from 24% in 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Real Estate industry in Thailand. Duyuru • Aug 12
Britania Public Company Limited Declares Interim Dividend for Operating Period from 01-January-2023 to 30-June-2023, Payable on September 11, 2023 Britania Public Company Limited declared interim dividend of THB 0.115 for Operating period from 01-January-2023 to 30-June-2023. Payable on September 11, 2023. Ex-dividend date is August 24, 2023. Record date for the right to receive dividend is August 25, 2023. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿8.05, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Real Estate industry in Thailand. Total loss to shareholders of 16% over the past year. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.39 (vs ฿0.41 in 1Q 2022) First quarter 2023 results: EPS: ฿0.39 (down from ฿0.41 in 1Q 2022). Revenue: ฿1.48b (up 10% from 1Q 2022). Net income: ฿328.5m (down 6.8% from 1Q 2022). Profit margin: 22% (down from 26% in 1Q 2022). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Real Estate industry in Thailand. Major Estimate Revision • Nov 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿6.04b to ฿5.61b. EPS estimate rose from ฿1.35 to ฿1.57. Net income forecast to grow 18% next year vs 12% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿13.50 to ฿13.05. Share price was steady at ฿9.70 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.39 (vs ฿0.27 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.39 (up from ฿0.27 in 3Q 2021). Revenue: ฿1.42b (up 36% from 3Q 2021). Net income: ฿330.6m (up 101% from 3Q 2021). Profit margin: 23% (up from 16% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Thailand. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from ฿6.79b to ฿6.04b. EPS estimate increased from ฿1.31 to ฿1.35 per share. Net income forecast to grow 35% next year vs 19% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿14.25 to ฿13.50. Share price fell 4.1% to ฿9.25 over the past week. Reported Earnings • Aug 17
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Net income: ฿376.4m (up 188% from 2Q 2021). Revenue missed analyst estimates by 3.9%. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.41 (up from ฿0.22 in 1Q 2021). Revenue: ฿1.48b (up 78% from 1Q 2021). Net income: ฿352.5m (up 170% from 1Q 2021). Profit margin: 24% (up from 16% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 66%, compared to a 18% growth forecast for the industry in Thailand. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ฿1.03 to ฿1.27. Revenue forecast unchanged at ฿6.89b. Net income forecast to grow 80% next year vs 25% growth forecast for Real Estate industry in Thailand. Consensus price target of ฿14.60 unchanged from last update. Share price fell 5.4% to ฿10.50 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: ฿3.82b (up 63% from FY 2020). Net income: ฿602.5m (up 73% from FY 2020). Profit margin: 16% (in line with FY 2020). Revenue missed analyst estimates by 2.9%. Over the next year, revenue is forecast to grow 81%, compared to a 19% growth forecast for the industry in Thailand. 
