Reported Earnings • May 08
First quarter 2026 earnings released: EPS: ฿0.14 (vs ฿0.048 in 1Q 2025) First quarter 2026 results: EPS: ฿0.14 (up from ฿0.048 in 1Q 2025). Revenue: ฿2.03b (up 7.6% from 1Q 2025). Net income: ฿54.2m (up 182% from 1Q 2025). Profit margin: 2.7% (up from 1.0% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 14% per year. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.30, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 25% over the past three years. Buy Or Sell Opportunity • Mar 19
Now 21% undervalued Over the last 90 days, the stock has risen 23% to ฿2.58. The fair value is estimated to be ฿3.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.20, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 14x in the Specialty Retail industry in Thailand. Total loss to shareholders of 51% over the past three years. New Risk • Mar 02
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 6.1% 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 Earnings have declined by 9.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (฿920.0m market cap, or US$29.3m). Buy Or Sell Opportunity • Mar 02
Now 28% undervalued Over the last 90 days, the stock has risen 1.8% to ฿2.30. The fair value is estimated to be ฿3.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. Reported Earnings • Feb 15
Full year 2025 earnings released: EPS: ฿0.25 (vs ฿0.12 in FY 2024) Full year 2025 results: EPS: ฿0.25 (up from ฿0.12 in FY 2024). Revenue: ฿8.36b (up 22% from FY 2024). Net income: ฿101.6m (up 110% from FY 2024). Profit margin: 1.2% (up from 0.7% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 20% per year. Declared Dividend • Feb 14
Dividend increased to ฿0.14 Dividend of ฿0.14 is 81% higher than last year. Ex-date: 2nd March 2026 Payment date: 24th April 2026 Dividend yield will be 5.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (16% 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. Earnings per share has grown by 6.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: ฿0.078 (vs ฿0.013 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.078 (up from ฿0.013 in 3Q 2024). Revenue: ฿2.09b (up 41% from 3Q 2024). Net income: ฿31.2m (up ฿26.1m from 3Q 2024). Profit margin: 1.5% (up from 0.3% in 3Q 2024). The increase in margin 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 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Oct 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ฿2.20. The fair value is estimated to be ฿1.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has declined by 36%. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿2.42, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 15x in the Specialty Retail industry in Thailand. Total loss to shareholders of 49% over the past three years. Buy Or Sell Opportunity • Aug 06
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 4.3% to ฿2.40. The fair value is estimated to be ฿1.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has declined by 36%. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ฿2.10, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 13x in the Specialty Retail industry in Thailand. Total loss to shareholders of 44% over the past three years. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ฿0.048 (vs ฿0.03 in 1Q 2024) First quarter 2025 results: EPS: ฿0.048 (up from ฿0.03 in 1Q 2024). Revenue: ฿1.89b (up 6.5% from 1Q 2024). Net income: ฿19.2m (up 59% from 1Q 2024). Profit margin: 1.0% (up from 0.7% in 1Q 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 but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • May 07
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 11% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (฿720.0m market cap, or US$22.0m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ฿1.80, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 15x in the Specialty Retail industry in Thailand. Total loss to shareholders of 63% over the past three years. Declared Dividend • Feb 16
Dividend reduced to ฿0.08 Dividend of ฿0.08 is 45% lower than last year. Ex-date: 5th March 2025 Payment date: 25th April 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (108% earnings payout ratio). However, it is well covered by cash flows (15% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control. However, EPS has declined by 8.6% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: ฿0.12 (vs ฿0.25 in FY 2023) Full year 2024 results: EPS: ฿0.12 (down from ฿0.25 in FY 2023). Revenue: ฿6.83b (flat on FY 2023). Net income: ฿48.4m (down 52% from FY 2023). Profit margin: 0.7% (down from 1.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. New Risk • Jan 02
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 6.1% 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: Minor Risks Dividend is not well covered by earnings (108% payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (฿724.0m market cap, or US$21.2m). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿1.76, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 20x in the Specialty Retail industry in Thailand. Total loss to shareholders of 74% over the past three years. Reported Earnings • Dec 13
Third quarter 2024 earnings released: EPS: ฿0.013 (vs ฿0.06 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.013 (down from ฿0.06 in 3Q 2023). Revenue: ฿1.49b (down 18% from 3Q 2023). Net income: ฿5.13m (down 79% from 3Q 2023). Profit margin: 0.3% (down from 1.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. New Risk • Nov 12
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 7.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (1.0% net profit margin). Market cap is less than US$100m (฿920.0m market cap, or US$26.4m). Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿2.30, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 22x in the Specialty Retail industry in Thailand. Total loss to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿3.30, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 20x in the Specialty Retail industry in Thailand. Total loss to shareholders of 43% over the past three years. Duyuru • Aug 23
S P V I Public Company Limited Announces CFO Changes S P V I Public Company Limited announced the resignation of Miss Pakjira Tassanasewee as Vice President of Finance Accounting. Effective date of termination is 21 August, 2024. The company appointed Mr. Hathaiwat Puapunt as Vice President of Finance Accounting. Effective date of appointment is 22 August, 2024. Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: ฿0.045 (vs ฿0.057 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.045 (down from ฿0.057 in 2Q 2023). Revenue: ฿1.71b (up 14% from 2Q 2023). Net income: ฿17.9m (down 22% from 2Q 2023). Profit margin: 1.0% (down from 1.5% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • May 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (฿1.16b market cap, or US$31.6m). Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.087 in 1Q 2023) First quarter 2024 results: EPS: ฿0.03 (down from ฿0.087 in 1Q 2023). Revenue: ฿1.77b (up 15% from 1Q 2023). Net income: ฿12.1m (down 65% from 1Q 2023). Profit margin: 0.7% (down from 2.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Duyuru • Apr 05
S P V I Public Company Limited Approves Dividend for the Year 2023, Payable on April 25, 2024 S P V I Public Company Limited announced at annual general meeting of shareholders held on April 4, 2024, the shareholders approved dividend payment of the year 2023 to be made to shareholders. Dividends shall be paid at THB 0.145 totalling THB 58,000,000. The record date on which shareholders have the rights for receive dividend on March 7, 2024 and the date of dividend payment would be on April 25, 2024. Upcoming Dividend • Feb 28
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 17
Dividend of ฿0.14 announced Shareholders will receive a dividend of ฿0.14. Ex-date: 6th March 2024 Payment date: 25th April 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (56% 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 dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Feb 16
S P V I Public Company Limited, Annual General Meeting, Apr 04, 2024 S P V I Public Company Limited, Annual General Meeting, Apr 04, 2024, at 07:00 Coordinated Universal Time. Location: No. 1023, MS Siam Tower, 31st Floor (ASIC Meeting Room), Rama 3 Road, Chong Nonsi, Yan Nawa Bangkok Thailand Agenda: To acknowledge the board of directors' report on the company's operating results in 2023; to consider and approve the audited statement of financial position and statement of comprehensive income for the year ended 31 December 2023; to consider and approve the profit apportionment and dividend payment derived from the operating results for the year ended 31 December 2023 and set the record date for the shareholder's right to attend receive dividend; to consider and approve the appointment of new directors replacing those retired by rotation in 2024; and to consider other business (if any). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: ฿0.25 (vs ฿0.32 in FY 2022) Full year 2023 results: EPS: ฿0.25 (down from ฿0.32 in FY 2022). Revenue: ฿6.77b (up 21% from FY 2022). Net income: ฿100.2m (down 21% from FY 2022). Profit margin: 1.5% (down from 2.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Feb 16
S P V I Public Company Limited Proposes Dividend, Payable on April 25, 2024 The board of directors of S P V I Public Company Limited at its meeting held on February 15, 2024, approved a dividend payment of THB 0.145 (par THB 0.50). The record date is March 7, 2024. and payment would be on April 25, 2024. In this regard, the right to receive dividend is uncertain as it is subjected to the approval of the shareholders' meeting. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿3.70, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 24x in the Specialty Retail industry in Thailand. Total returns to shareholders of 36% over the past three years. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.073 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.06 (down from ฿0.073 in 3Q 2022). Revenue: ฿1.82b (up 38% from 3Q 2022). Net income: ฿23.9m (down 18% from 3Q 2022). Profit margin: 1.3% (down from 2.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Market cap is less than US$100m (฿1.87b market cap, or US$53.5m). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ฿0.057 (vs ฿0.067 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.057 (down from ฿0.067 in 2Q 2022). Revenue: ฿1.50b (up 8.2% from 2Q 2022). Net income: ฿22.9m (down 15% from 2Q 2022). Profit margin: 1.5% (down from 1.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.17 per share at 3.4% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 49% and the cash payout ratio is 82%. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ฿0.32 (up from ฿0.31 in FY 2021). Revenue: ฿5.62b (flat on FY 2021). Net income: ฿126.6m (flat on FY 2021). Profit margin: 2.3% (in line with FY 2021). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 8.6%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Price Target Changed • Nov 16
Price target decreased to ฿5.90 Down from ฿9.00, the current price target is provided by 1 analyst. New target price is 7.3% above last closing price of ฿5.50. Stock is down 12% over the past year. The company is forecast to post earnings per share of ฿0.35 for next year compared to ฿0.31 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Vice Chairman of the Board Sujin Suwannagate was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: ฿0.073 (vs ฿0.036 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.073 (up from ฿0.036 in 3Q 2021). Revenue: ฿1.32b (up 31% from 3Q 2021). Net income: ฿29.1m (up 102% from 3Q 2021). Profit margin: 2.2% (up from 1.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to ฿6.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 24x in the Specialty Retail industry in Thailand. Total returns to shareholders of 354% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: ฿0.067 (vs ฿0.042 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.067 (up from ฿0.042 in 2Q 2021). Revenue: ฿1.39b (up 18% from 2Q 2021). Net income: ฿27.0m (up 60% from 2Q 2021). Profit margin: 1.9% (up from 1.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.2%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 21% share price gain to ฿5.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 23x in the Specialty Retail industry in Thailand. Total returns to shareholders of 281% over the past three years. Price Target Changed • May 14
Price target decreased to ฿6.00 Down from ฿9.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of ฿5.30. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿0.33 for next year compared to ฿0.31 last year. Reported Earnings • May 08
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.069 (down from ฿0.085 in 1Q 2021). Revenue: ฿1.26b (down 9.5% from 1Q 2021). Net income: ฿27.7m (down 18% from 1Q 2021). Profit margin: 2.2% (down from 2.4% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Over the next year, revenue is forecast to grow 22%, compared to a 12% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 7 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Sujin Suwannagate was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Feb 23
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.31 (up from ฿0.18 in FY 2020). Revenue: ฿5.57b (up 53% from FY 2020). Net income: ฿125.6m (up 71% from FY 2020). Profit margin: 2.3% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Over the next year, revenue is forecast to grow 8.2%, compared to a 12% growth forecast for the retail industry in Thailand. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 25% share price gain to ฿7.80, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Specialty Retail industry in Thailand. Total returns to shareholders of 581% over the past three years. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS ฿0.036 (vs ฿0.02 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.01b (up 44% from 3Q 2020). Net income: ฿14.4m (up 83% from 3Q 2020). Profit margin: 1.4% (up from 1.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to ฿7.10, the stock trades at a trailing P/E ratio of 28.3x. Average trailing P/E is 32x in the Specialty Retail industry in Thailand. Total returns to shareholders of 370% over the past three years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ฿0.042 (vs ฿0.029 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ฿1.18b (up 67% from 2Q 2020). Net income: ฿16.8m (up 45% from 2Q 2020). Profit margin: 1.4% (down from 1.7% 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 28% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 08
First quarter 2021 earnings released: EPS ฿0.085 (vs ฿0.03 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.39b (up 86% from 1Q 2020). Net income: ฿33.8m (up 180% from 1Q 2020). Profit margin: 2.4% (up from 1.6% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 27% share price gain to ฿6.65, the stock trades at a trailing P/E ratio of 36.3x. Average trailing P/E is 35x in the Specialty Retail industry in Thailand. Total returns to shareholders of 392% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 21% share price gain to ฿5.45, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 35x in the Specialty Retail industry in Thailand. Total returns to shareholders of 345% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day high: ฿4.20 The company is up 30% from its price of ฿3.22 on 02 December 2020. The Thai market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 25% share price gain to ฿4.12, the stock is trading at a trailing P/E ratio of 22.5x, up from the previous P/E ratio of 18x. This compares to an average P/E of 33x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 173%. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS ฿0.18 (vs ฿0.19 in FY 2019) The company reported a poor full year result with weaker earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿3.63b (flat on FY 2019). Net income: ฿73.3m (down 3.2% from FY 2019). Profit margin: 2.0% (down from 2.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 25% per year. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 5.3%. Is New 90 Day High Low • Feb 10
New 90-day high: ฿3.44 The company is up 17% from its price of ฿2.94 on 12 November 2020. The Thai market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: ฿2.84 The company is down 11% from its price of ฿3.18 on 06 October 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is down 6.0% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: ฿1.69 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: ฿15.5m (down 98% from 3Q 2019). Net loss: ฿677.0m (down ฿693.2m from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 16
Market pulls back on stock over the past week After last week's 15% share price decline to ฿3.26, the stock is trading at a trailing P/E ratio of 18.2x, down from the previous P/E ratio of 21.4x. This compares to an average P/E of 23x in the Specialty Retail industry in Thailand. Total returns to shareholders over the past three years are 165%. Is New 90 Day High Low • Oct 06
New 90-day high: ฿3.18 The company is up 15% from its price of ฿2.76 on 08 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 4.0% over the same period.