Reported Earnings • May 21
First quarter 2026 earnings released: EPS: ฿0.04 (vs ฿0.06 in 1Q 2025) First quarter 2026 results: EPS: ฿0.04 (down from ฿0.06 in 1Q 2025). Revenue: ฿1.24b (down 20% from 1Q 2025). Net income: ฿48.9m (down 44% from 1Q 2025). Profit margin: 3.9% (down from 5.6% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Duyuru • Mar 12
Noble Development Public Company Limited, Annual General Meeting, Apr 28, 2026 Noble Development Public Company Limited, Annual General Meeting, Apr 28, 2026, at 13:00 SE Asia Standard Time. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: ฿0.43 (vs ฿0.32 in FY 2024) Full year 2025 results: EPS: ฿0.43 (up from ฿0.32 in FY 2024). Revenue: ฿6.93b (down 37% from FY 2024). Net income: ฿593.1m (up 37% from FY 2024). Profit margin: 8.6% (up from 3.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.50 (vs ฿0.002 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.50 (up from ฿0.002 loss in 3Q 2024). Revenue: ฿2.02b (down 30% from 3Q 2024). Net income: ฿687.8m (up ฿691.1m from 3Q 2024). Profit margin: 34% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Duyuru • Oct 01
STECX Ventures Company Limited acquired 50% stake in Vertical Phraram 9 Alliance 1 Co., Ltd. from Noble Development Public Company Limited (SET:NOBLE) for approximately THB 610 million. STECX Ventures Company Limited agreed to acquire 50% stake in Vertical Phraram 9 Alliance 1 Co., Ltd. from Noble Development Public Company Limited (SET:NOBLE) for approximately THB 610 million on August 14, 2025. A cash consideration of THB 610 million will be paid by STECX Ventures Company Limited. As part of consideration, THB 610 million is paid towards common equity of Vertical Phraram 9 Alliance 1 Co., Ltd. The transaction will be financed through working capital of Stecon Group Public Company Limited. On September 30, 2025, a share purchase agreement has been signed.
The transaction is subject to approval of merger agreement by target board. The deal has been approved by the board of Noble Development Public Company Limited.
As of March 31, 2024, Vertical Phraram 9 Alliance 1 Co., Ltd. reported total assets of THB 3.49 billion.
STECX Ventures Company Limited completed the acquisition of 50% stake in Vertical Phraram 9 Alliance 1 Co., Ltd. from Noble Development Public Company Limited (SET:NOBLE) on September 30, 2025. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.10, the stock trades at a trailing P/E ratio of 11.2x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 46% over the past three years. Reported Earnings • Aug 16
Second quarter 2025 earnings released: ฿0.04 loss per share (vs ฿0.09 profit in 2Q 2024) Second quarter 2025 results: ฿0.04 loss per share (down from ฿0.09 profit in 2Q 2024). Revenue: ฿1.44b (down 43% from 2Q 2024). Net loss: ฿59.6m (down 148% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.06 (vs ฿0.06 in 1Q 2024) First quarter 2025 results: EPS: ฿0.06 (in line with 1Q 2024). Revenue: ฿1.55b (down 1.6% from 1Q 2024). Net income: ฿86.8m (up 10% from 1Q 2024). Profit margin: 5.6% (up from 5.0% in 1Q 2024). The increase in margin was driven by lower 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 27% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.10 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 19%. Within top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.8%). Duyuru • Apr 29
Noble Development Public Company Limited Approves Dividend for the Operating Result of the Period from October 1, 2024 to December 31, 2024, Payable on May 27, 2025 Noble Development Public Company Limited announced that at its AGM held on April 28, 2025, acknowledged the interim dividends and resolved to approve a dividend payment to the shareholders of THB 0.189 per share from the net profit of the 2024 operating results and retained earnings. According to the Company paid an interim dividend of THB 0.085 per share for the nine-month operating performance (January 1, 2024, to September 30, 2024) and retained
earnings for shareholders. As a result, the remaining dividend payable will be THB 0.104 per share for the three-month operating performance (October 1, 2024, to December 31, 2024) and retained earnings for shareholders. The Record Date to determine the list of shareholders who are entitled to receive dividend will be May 8, 2025, and dividend payment will be made on May 27, 2025, and the non-allocation of the 2024's Company net profit to the legal reserve fund was approved because it has reached the requirement. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿2.38, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Real Estate industry in Thailand. Total loss to shareholders of 44% over the past three years. Declared Dividend • Mar 13
Final dividend of ฿0.10 announced Shareholders will receive a dividend of ฿0.10. Ex-date: 7th May 2025 Payment date: 27th May 2025 Dividend yield will be 8.3%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Duyuru • Mar 12
Noble Development Public Company Limited, Annual General Meeting, Apr 28, 2025 Noble Development Public Company Limited, Annual General Meeting, Apr 28, 2025, at 10:00 SE Asia Standard Time. Duyuru • Mar 11
Noble Development Public Company Limited Proposes Dividend for the Operating Result of the Period from October 1, 2024 to December 31, 2024, Payable on May 27, 2025 Noble Development Public Company Limited proposed to the 2025 Annual General Meeting of Shareholders to consider and approve the dividend payment to the shareholders of THB 0.189 per share dividend payment for the year 2024 from net profit of 2024 operating result and retained earnings. As a result, the remaining dividend payable will be THB 0.104 per share the three-month operating performance (October 1, 2024, to December 31, 2024) and retained earnings for shareholders. The Record Date to determine the list of shareholders who are entitled to receive dividend will be on May 8, 2025 and dividend payment will be made on May 27, 2025 and approved to propose to the 2025 Annual General Meeting of Shareholders to consider and approve non-allocation of the Company's net profit for the year 2024 to the legal reserve fund, because the Company's legal reserve fund has reached the requirement. Reported Earnings • Mar 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.32 (down from ฿0.67 in FY 2023). Revenue: ฿11.0b (up 21% from FY 2023). Net income: ฿431.6m (down 53% from FY 2023). Profit margin: 3.9% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) missed analyst estimates by 42%. 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 26% per year, which means it is significantly lagging earnings. New Risk • Jan 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.45b (US$99.2m) 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 Interest payments are not well covered by earnings (1.3x net interest cover). 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 (4.1% net profit margin). Market cap is less than US$100m (฿3.45b market cap, or US$99.2m). Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.085 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 13 December 2024. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 14%. Within top quartile of Thai dividend payers (6.7%). Higher than average of industry peers (4.6%). Reported Earnings • Nov 16
Third quarter 2024 earnings released: ฿0.002 loss per share (vs ฿0.39 profit in 3Q 2023) Third quarter 2024 results: ฿0.002 loss per share (down from ฿0.39 profit in 3Q 2023). Revenue: ฿2.99b (up 25% from 3Q 2023). Net loss: ฿3.30m (down 101% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 2 years compared to a 4.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Duyuru • Oct 03
Noble Development Public Company Limited (SET:NOBLE) acquired the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million. Noble Development Public Company Limited (SET:NOBLE) acquired the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million on October 1, 2024.
Noble Development Public Company Limited (SET:NOBLE) completed the acquisition of the remaining 50% stake in Ratchada Alliance Co., Ltd. from Thanulux Public Company Limited (SET:TNL) for THB 53.6 million on October 1, 2024. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.09 (vs ฿0.08 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.09 (up from ฿0.08 in 2Q 2023). Revenue: ฿2.54b (up 15% from 2Q 2023). Net income: ฿124.3m (up 11% from 2Q 2023). Profit margin: 4.9% (down from 5.1% in 2Q 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 1.0% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 22% per year. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.05 in 1Q 2023) First quarter 2024 results: EPS: ฿0.06 (up from ฿0.05 in 1Q 2023). Revenue: ฿1.57b (down 20% from 1Q 2023). Net income: ฿78.7m (up 8.4% from 1Q 2023). Profit margin: 5.0% (up from 3.7% in 1Q 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 33% 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. Duyuru • Apr 26
Noble Development Public Company Limited Approves Cash Dividend for the Operating Result of the Period from 01 October, 2023 to 31 December, 2023, Payable on May 24, 2024 Noble Development Public Company Limited announced that at its Annual General Shareholders' Meeting held on April 25, 2024, The meeting acknowledged the interim dividends and approved the Company to make a dividend payment to the shareholders of THB 0.399 per share from the net profit of the 2023 operating results and retained earnings. The Company paid an interim dividend of THB 0.081 per share for the six-month operating performance (January 1, 2023, to June 30, 2023) and retained earnings, and paid THB 0.20 per share for the three-month operating performance (July 1, 2023, to September 30, 2023) and retained earnings for shareholders. As a result, the remaining dividend payable will be THB 0.118 per share for the three-month operating performance (October 1, 2023, to December 31, 2023) and retained earnings for shareholders. The Record Date to determine the list of shareholders who are entitled to receive dividend will be May 7, 2024, and dividend payment will be made on May 24, 2024, and the non-allocation of the 2023's Company net profit to the legal reserve fund due to the Company's legal reserve fund as of December 31, 2023. New Risk • Mar 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. COO of Residential Real Estate & Director Sira Udol was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.66 (up from ฿0.33 in FY 2022). Revenue: ฿9.05b (up 10% from FY 2022). Net income: ฿910.4m (up 100% from FY 2022). Profit margin: 10% (up from 5.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 8.3%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% 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. Upcoming Dividend • Jan 22
Upcoming dividend of ฿0.20 per share at 4.1% yield Eligible shareholders must have bought the stock before 29 January 2024. Payment date: 15 February 2024. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (6.7%). In line with average of industry peers (4.3%). Duyuru • Jan 18
Noble Development Public Company Limited Announces Board Appointments of New Subsidiaries Noble Development Public Company Limited announced the resolutions of the board of directors Meeting held on January 16, 2024, regarding the establishment of 2 new subsidiaries: Company name: Vertical Phraram 9 Alliance 1 Co. Ltd.; Directors: Mr. Sira Udol, Mr. Arttavit Chalermsaphayakorn, and Mr. Theeraphon Voranithiphong. Company name: Vertical Phraram 9 Alliance 2 Co. Ltd.; Directors: Mr. Sira Udol, Mr. Arttavit Chalermsaphayakorn, and Mr. Theeraphon Voranithiphong. Duyuru • Jan 17
Noble Development Public Company Limited Announces Cash Dividend for Operating Period from 01-July-2023 to 30-September-2023, Payable on February 15, 2024 Noble Development Public Company Limited announced cash dividend of THB 0.20 per share for Operating period from 01-July-2023 to 30-September-2023. Record date for the right to receive dividends to January 30, 2024. Ex-dividend date is January 29, 2024. Payment date is February 15, 2024. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: ฿0.39 (vs ฿0.11 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.39 (up from ฿0.11 in 3Q 2022). Revenue: ฿2.39b (up 17% from 3Q 2022). Net income: ฿534.8m (up 290% from 3Q 2022). Profit margin: 22% (up from 6.7% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.081 per share at 4.8% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 08 September 2023. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (4.2%). Major Estimate Revision • Jun 08
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿11.9b to ฿10.3b. EPS estimate fell from ฿0.785 to ฿0.70 per share. Net income forecast to grow 77% next year vs 1.5% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿6.28 to ฿5.72. Share price was steady at ฿4.54 over the past week. Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: ฿1.95b (up 35% from 1Q 2022). Net income: ฿72.6m (up ฿79.2m from 1Q 2022). Profit margin: 3.7% (up from net loss in 1Q 2022). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 02
Upcoming dividend of ฿0.20 per share at 4.1% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (6.2%). In line with average of industry peers (4.1%). Reported Earnings • Feb 26
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿0.33 (down from ฿0.68 in FY 2021). Revenue: ฿8.22b (up 20% from FY 2021). Net income: ฿454.9m (down 51% from FY 2021). Profit margin: 5.5% (down from 14% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 57%. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 06
Now 21% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be ฿7.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Earnings per share has declined by 59%. Revenue is forecast to grow by 80% in a year. Earnings is forecast to grow by 899% in the next year. Price Target Changed • Nov 16
Price target increased to ฿6.05 Up from ฿5.25, the current price target is provided by 1 analyst. New target price is 27% above last closing price of ฿4.76. Stock is down 26% over the past year. The company is forecast to post earnings per share of ฿0.76 for next year compared to ฿0.68 last year. Board Change • Nov 16
High number of new directors Chief Business Development Officer 2 & Director Sira Udol was the last director to join the board, commencing their role in 2022. Price Target Changed • Aug 19
Price target increased to ฿6.05 Up from ฿5.25, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ฿4.98. Stock is down 26% over the past year. The company posted earnings per share of ฿0.68 last year. Reported Earnings • Aug 14
Second quarter 2022 earnings released: ฿0.014 loss per share (vs ฿0.22 profit in 2Q 2021) Second quarter 2022 results: ฿0.014 loss per share (down from ฿0.22 profit in 2Q 2021). Revenue: ฿913.5m (down 55% from 2Q 2021). Net loss: ฿14.1m (down 105% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 116%, compared to a 22% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 45% 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. Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿10.3b to ฿9.89b. EPS estimate also fell from ฿0.82 per share to ฿0.72 per share. Net income forecast to grow 173% next year vs 21% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿6.19 to ฿5.70. Share price was steady at ฿4.76 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: ฿0.01 loss per share (down from ฿0.35 profit in 1Q 2021). Revenue: ฿1.45b (down 41% from 1Q 2021). Net loss: ฿6.63m (down 101% from profit in 1Q 2021). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 77%, compared to a 18% growth forecast for the 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 only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.08 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 8.6%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.1%). Price Target Changed • Apr 27
Price target decreased to ฿5.70 Down from ฿8.95, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ฿4.96. Stock is down 45% over the past year. The company is forecast to post earnings per share of ฿0.82 for next year compared to ฿0.68 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. No highly experienced directors. Second Vice Chairman & Co-CEO Frank Fung is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Mar 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿9.92b to ฿10.3b. EPS estimate fell from ฿1.05 to ฿0.82 per share. Net income forecast to grow 21% next year vs 27% growth forecast for Real Estate industry in Thailand. Consensus price target down from ฿8.95 to ฿8.15. Share price fell 4.6% to ฿5.15 over the past week. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.68 (down from ฿1.37 in FY 2020). Revenue: ฿6.83b (down 36% from FY 2020). Net income: ฿931.8m (down 50% from FY 2020). Profit margin: 14% (down from 18% in FY 2020). Revenue missed analyst estimates by 26%. Earnings per share (EPS) also missed analyst estimates by 26%. Over the next year, revenue is forecast to grow 45%, compared to a 19% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.11 (vs ฿0.38 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: ฿826.1m (down 75% from 3Q 2020). Net income: ฿149.6m (down 71% from 3Q 2020). Profit margin: 18% (up from 16% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 02
Price target decreased to ฿8.95 Down from ฿10.50, the current price target is an average from 2 analysts. New target price is 39% above last closing price of ฿6.45. Stock is up 3.5% over the past year. Upcoming Dividend • Aug 17
Upcoming dividend of ฿0.35 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 07 September 2021. Trailing yield: 14%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS ฿0.22 (vs ฿0.22 in 2Q 2020) The company reported a mediocre second quarter result with weaker profit margins, although earnings were flat and revenues improved. Second quarter 2021 results: Revenue: ฿2.03b (up 13% from 2Q 2020). Net income: ฿301.9m (flat on 2Q 2020). Profit margin: 15% (down from 17% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Reported Earnings • May 15
First quarter 2021 earnings released: EPS ฿0.35 (vs ฿0.30 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿2.44b (up 15% from 1Q 2020). Net income: ฿484.0m (up 18% from 1Q 2020). Profit margin: 20% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ฿7.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Real Estate industry in Thailand. Total returns to shareholders of 443% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿5.70 per share. Upcoming Dividend • May 03
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 10 May 2021. Payment date: 27 May 2021. Trailing yield: 9.7%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (3.8%). Is New 90 Day High Low • Mar 16
New 90-day high: ฿8.60 The company is up 11% from a price of ฿7.73 on 16 December 2020. Outperformed the Thai market which is up 6.0% over the last 90 days. Exceeded the Real Estate industry, which is up 5.0% over the same period. Simply Wall St's valuation model estimates the intrinsic value at ฿4.60 per share. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Over the next year, revenue is forecast to grow 7.2%, compared to a 10% growth forecast for the Real Estate industry in Thailand. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿1.37 (vs ฿2.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿10.7b (down 28% from FY 2019). Net income: ฿1.88b (down 39% from FY 2019). Profit margin: 18% (down from 21% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Dec 15
New 90-day high: ฿22.80 The company is up 73% from its price of ฿13.20 on 15 September 2020. The Thai market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 19% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS ฿1.15 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿3.36b (down 56% from 3Q 2019). Net income: ฿524.0m (down 55% from 3Q 2019). Profit margin: 16% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 12
New 90-day high: ฿20.50 The company is up 65% from its price of ฿12.40 on 14 August 2020. The Thai market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is flat over the same period. Is New 90 Day High Low • Oct 08
New 90-day high: ฿20.00 The company is up 82% from its price of ฿11.00 on 10 July 2020. The Thai market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 8.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: ฿14.90 The company is up 33% from its price of ฿11.20 on 24 June 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is down 10.0% over the same period.