Major Estimate Revision • Apr 30
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ฿0.812 to ฿0.726 per share. Revenue forecast steady at ฿56.8b. Net income forecast to grow 176% next year vs 18% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿16.80. Share price rose 5.7% to ฿12.90 over the past week. Duyuru • Apr 23
B.Grimm Power Public Company Limited Approves Interim Dividend for 2025, Payable on 7 May 2026 B.Grimm Power Public Company Limited at its AGM, held on April 22, 2026, approved the dividend payment for 2025 from retained earnings of THB 0.412 per share, totalling THB 1,074,042,800, equivalent to 50.1% of the Normalised Net Profits to Owner of the Parent per share, which was consistent with the dividend payment policy. The dividends were dividend into: Interim dividend of THB 0.18 per share amounting to THB 469,242,000 in total, which was paid to shareholders on 10 September 2025; and The remaining dividend of THB 0.232 per share amounting to THB 604,800,800 in total. Dividend payment shall be made to the shareholders whose names appeared on the Record Date for the right to receive dividends on 11 March 2026, with payment to be made on 7 May 2026. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ฿11.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 68% over the past three years. Duyuru • Feb 27
B.Grimm Power Public Company Limited Proposes the Remaining Dividend, Payment Shall Be Made on 7 May 2026 B.Grimm Power Public Company Limited at the Board of Directors' Meeting No. 2/2026 held on 24 February 2026, proposed the remaining dividend of THB 0.232 per share would be paid this time, which is derived from the profit under the Non-BOI privilege of THB 0.22659 per share; and BOI privilege of THB 0.00541 per share, totaling THB 604,800,800. In this regard, B.Grimm Power has completed legal reserves as required by law. The Board of Directors has set 11 March 2026 as Record Date for determining shareholders' right to receive the dividends, and the dividend payment shall be made on 7 May 2026. However, the right to receive the dividends is still uncertain as it is subject to approval of the 2026 Annual General Meeting of Shareholders. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: ฿0.29 (vs ฿0.26 in FY 2024) Full year 2025 results: EPS: ฿0.29 (up from ฿0.26 in FY 2024). Revenue: ฿55.4b (flat on FY 2024). Net income: ฿1.68b (up 144% from FY 2024). Profit margin: 3.0% (up from 1.2% in FY 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 26
Final dividend of ฿0.23 announced Shareholders will receive a dividend of ฿0.23. Ex-date: 10th March 2026 Payment date: 7th May 2026 Dividend yield will be 2.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (117% earnings payout ratio). However, it is well covered by cash flows (13% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 30% to bring the payout ratio under control. EPS is expected to grow by 156% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Feb 25
B.Grimm Power Public Company Limited, Annual General Meeting, Apr 22, 2026 B.Grimm Power Public Company Limited, Annual General Meeting, Apr 22, 2026, at 10:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿15.20, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 11x in the Renewable Energy industry in Thailand. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿27.22 per share. New Risk • Feb 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 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (117% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Duyuru • Feb 04
B.Grimm Power Public Company Limited to Report Fiscal Year 2025 Results on Feb 24, 2026 B.Grimm Power Public Company Limited announced that they will report fiscal year 2025 results at 4:45 PM, SE Asia Standard Time on Feb 24, 2026 Reported Earnings • Nov 16
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ฿0.11 (up from ฿0.02 loss in 3Q 2024). Revenue: ฿13.4b (down 9.0% from 3Q 2024). Net income: ฿521.0m (up 220% from 3Q 2024). Profit margin: 3.9% (up from 1.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.3%. Revenue is forecast to stay flat during the next 3 years compared to a 7.7% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. President & Chairman Harald Link was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Sep 22
B.Grimm Power Public Company Limited(SET:BGRIM) dropped from FTSE All-World Index (USD) B.Grimm Power Public Company Limited(SET:BGRIM) dropped from FTSE All-World Index (USD) Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿14.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 10x in the Renewable Energy industry in Thailand. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿25.89 per share. Declared Dividend • Aug 15
First half dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 26th August 2025 Payment date: 10th September 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio). However, it is well covered by cash flows (24% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 2.0% to bring the payout ratio under control. EPS is expected to grow by 167% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: ฿0.08 loss per share (down from ฿0.011 profit in 2Q 2024). Revenue: ฿15.1b (up 10% from 2Q 2024). Net loss: ฿221.3m (down ฿250.3m from profit in 2Q 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Duyuru • Jul 02
B.Grimm Power Public Company Limited(SET:BGRIM) dropped from SET 50 Index B.Grimm Power Public Company Limited has been dropped from the SET 50 Index . Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿11.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Renewable Energy industry in Thailand. Total loss to shareholders of 67% over the past three years. New Risk • Jun 24
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 8.1% 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 Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Dividend is not well covered by earnings (92% payout ratio). Share price has been volatile over the past 3 months (8.1% average weekly change). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.02 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.16 (up from ฿0.02 loss in 1Q 2024). Revenue: ฿13.7b (down 3.2% from 1Q 2024). Net income: ฿653.9m (up ฿705.4m from 1Q 2024). Profit margin: 4.8% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Board Change • May 07
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Thaweesak Koanantakool was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 29
B.Grimm Power Public Company Limited Appoints Kalin Sarasin as Director B.Grimm Power Public Company Limited at its AGM held on April 29, 2025, the shareholders approved to elect Mr. Kalin Sarasin to be a new director. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿11.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Renewable Energy industry in Thailand. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿18.34 per share. Price Target Changed • Mar 25
Price target decreased by 8.3% to ฿18.05 Down from ฿19.67, the current price target is an average from 13 analysts. New target price is 67% above last closing price of ฿10.80. Stock is down 61% over the past year. The company is forecast to post earnings per share of ฿0.63 for next year compared to ฿0.26 last year. New Risk • Mar 17
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 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Dividend is not well covered by earnings (164% payout ratio). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Major Estimate Revision • Mar 15
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from ฿0.50 to ฿0.608. Revenue forecast steady at ฿55.1b. Net income forecast to grow 149% next year vs 22% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿19.30. Share price fell 3.2% to ฿12.00 over the past week. Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 36% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿56.1b to ฿55.4b. EPS estimate also fell from ฿0.784 per share to ฿0.50 per share. Net income forecast to grow 90% next year vs 22% growth forecast for Renewable Energy industry in Thailand. Consensus price target down from ฿20.79 to ฿19.67. Share price rose 11% to ฿12.40 over the past week. Reported Earnings • Mar 02
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ฿0.26 (down from ฿0.44 in FY 2023). Revenue: ฿55.9b (down 2.2% from FY 2023). Net income: ฿685.4m (down 40% from FY 2023). Profit margin: 1.2% (down from 2.0% in FY 2023). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 64%. Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • Feb 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 294% Dividend yield: 3.0% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risk Dividend is not well covered by earnings (294% payout ratio). Price Target Changed • Feb 07
Price target decreased by 14% to ฿21.14 Down from ฿24.51, the current price target is an average from 13 analysts. New target price is 63% above last closing price of ฿13.00. Stock is down 54% over the past year. The company is forecast to post earnings per share of ฿0.72 for next year compared to ฿0.44 last year. Price Target Changed • Jan 22
Price target decreased by 11% to ฿24.51 Down from ฿27.52, the current price target is an average from 12 analysts. New target price is 59% above last closing price of ฿15.40. Stock is down 43% over the past year. The company is forecast to post earnings per share of ฿0.71 for next year compared to ฿0.44 last year. Major Estimate Revision • Nov 19
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿56.2b to ฿55.4b. EPS estimate also fell from ฿0.709 per share to ฿0.616 per share. Net income forecast to grow 815% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target up from ฿26.57 to ฿27.15. Share price was steady at ฿20.60 over the past week. Reported Earnings • Nov 14
Third quarter 2024 earnings released: ฿0.02 loss per share (vs ฿0.05 profit in 3Q 2023) Third quarter 2024 results: ฿0.02 loss per share (down from ฿0.05 profit in 3Q 2023). Revenue: ฿14.7b (up 11% from 3Q 2023). Net income: ฿162.7m (down 53% from 3Q 2023). Profit margin: 1.1% (down from 2.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 12
Price target decreased by 7.1% to ฿26.70 Down from ฿28.73, the current price target is an average from 12 analysts. New target price is 14% above last closing price of ฿23.40. Stock is down 27% over the past year. The company is forecast to post earnings per share of ฿0.76 for next year compared to ฿0.44 last year. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 26 August 2024. Payment date: 06 September 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (3.0%). Declared Dividend • Aug 15
First half dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 26th August 2024 Payment date: 6th September 2024 Dividend yield will be 1.8%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (196% earnings payout ratio). However, it is well covered by cash flows (7% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 6 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 117% to bring the payout ratio under control. EPS is expected to grow by 185% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: ฿0.01 (down from ฿0.18 in 2Q 2023). Revenue: ฿13.7b (down 8.3% from 2Q 2023). Net income: ฿228.5m (down 66% from 2Q 2023). Profit margin: 1.7% (down from 4.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 77%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 50% 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 • Aug 03
B.Grimm Power Public Company Limited Announces Board and Committee Resignations B.Grimm Power Public Company Limited announced that Mr. Somkiat Sirichatchai, Independent Director, Chairman of the Nomination and Compensation Committee, and Member of the Corporate Governance and Sustainability Committee and Mrs. Katevalee Napasab, Independent Director, Member of the Nomination and Compensation Committee have resigned from directorship due to their business engagement, effective from 31 July 2024 onwards. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿55.9b to ฿51.5b. EPS estimate also fell from ฿1.01 per share to ฿0.896 per share. Net income forecast to grow 120% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿30.43. Share price was steady at ฿24.90 over the past week. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.11 in 1Q 2023) First quarter 2024 results: EPS: ฿0.06 (down from ฿0.11 in 1Q 2023). Revenue: ฿14.2b (down 10% from 1Q 2023). Net income: ฿378.7m (down 5.1% from 1Q 2023). Profit margin: 2.7% (up from 2.5% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Duyuru • Apr 26
B.Grimm Power Public Company Limited Approves Dividend for the Year 2023, Payable on 10 May 2024 B.Grimm Power Public Company Limited announced that at its AGM held on 24 April 2024, The meeting approved the dividend payment from the 2023 operational results and retained earnings of THB 0.36 per share, totaling THB 938,484,000, or equivalent to 45% of the normalized net profits, which is consistent with the company's dividend payment policy. The dividends were divided into: Interim dividend payment at the rate of THB 0.18 per share amounting to THB 469,242,000 in total, which was paid to shareholders on 8 September 2023 and The remaining dividend of THB 0.18 per share amounting to THB 469,242,000 in total. Dividend payment shall be made to the shareholders entitled to receive the dividend whose names appeared on the record date for the right to receive a dividend on 14 March 2024 and the dividend shall be paid on 10 May 2024. Upcoming Dividend • Mar 06
Upcoming dividend of ฿0.18 per share Eligible shareholders must have bought the stock before 13 March 2024. Payment date: 10 May 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (2.7%). Declared Dividend • Mar 02
Final dividend of ฿0.18 announced Shareholders will receive a dividend of ฿0.18. Ex-date: 13th March 2024 Payment date: 10th May 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 197%. Cash payout ratio: 9%. Duyuru • Mar 01
B.Grimm Power Public Company Limited, Annual General Meeting, Apr 24, 2024 B.Grimm Power Public Company Limited, Annual General Meeting, Apr 24, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the report on B.Grimm Power's performance for 2023; to approve the Audited Financial Statements for the fiscal year ended December 31, 2023; to approve the annual dividend payment for 2023; to elect directors to replace directors who will retire by rotation; to approve the remuneration of directors for 2024; to appoint the auditors and determine the auditor's fee for 2024; to approve the amendment to Articles 24, 25, 29, 31, 32, 33 and 44 of B.Grimm Power's Articles of Association; and to consider Other matters. Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿0.44 (up from ฿0.63 loss in FY 2022). Revenue: ฿57.1b (down 8.5% from FY 2022). Net income: ฿1.88b (up ฿3.53b from FY 2022). Profit margin: 3.3% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Duyuru • Feb 29
B.Grimm Power Public Company Limited Proposes Annual Dividend for the Year 2023, Payable on 10 May 2024 B.Grimm Power Public Company Limited at its board meeting held on 28 February 2024, approved to propose the 2024 Annual General Meeting of Shareholders to consider and approve the annual dividend payment from the 2023 operational results and retained earnings of THB 0.36 per share totaling THB 938,484,000, which is not less than 45% of the Normalised Net Profits and in consistent with B.Grimm Power's dividend payment policy. B.Grimm Power already paid interim dividend of THB 0.18 per share totaling THB 469,242,000 to shareholders on 8 September 2023, and would pay the remaining dividend of THB 0.18 per share, of which derived from the profit under the Non-BOI privilege of THB 0.176 per share; and BOI privilege of THB 0.004 per share, totaling THB 469,242,000. B.Grimm Power has completed legal reserves as required by law. In this regard, the Board of Directors has set 14 March 2024 as Record Date for determining shareholders' right to receive the dividends and the dividend payment shall be made on 10 May 2024. However, the right to receive the dividends is uncertain as it is subject To Approve the 2024 Annual General Meeting of Shareholders. In addition, individual shareholders are not entitled to any dividend tax credits. New Risk • Nov 30
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 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ฿0.05 (up from ฿0.24 loss in 3Q 2022). Revenue: ฿13.2b (down 28% from 3Q 2022). Net income: ฿344.1m (up ฿873.4m from 3Q 2022). Profit margin: 2.6% (up from net loss in 3Q 2022). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) also missed analyst estimates by 58%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Price Target Changed • Oct 27
Price target decreased by 8.9% to ฿34.01 Down from ฿37.35, the current price target is an average from 14 analysts. New target price is 46% above last closing price of ฿23.30. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿0.79 next year compared to a net loss per share of ฿0.63 last year. Price Target Changed • Oct 11
Price target decreased by 7.8% to ฿38.19 Down from ฿41.41, the current price target is an average from 15 analysts. New target price is 47% above last closing price of ฿26.00. Stock is down 14% over the past year. The company is forecast to post earnings per share of ฿0.82 next year compared to a net loss per share of ฿0.63 last year. Price Target Changed • Oct 05
Price target decreased by 10% to ฿39.40 Down from ฿43.98, the current price target is an average from 14 analysts. New target price is 46% above last closing price of ฿27.00. Stock is down 14% over the past year. The company is forecast to post earnings per share of ฿0.82 next year compared to a net loss per share of ฿0.63 last year. Upcoming Dividend • Aug 21
Upcoming dividend of ฿0.18 per share at 0.6% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 08 September 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (1.9%). Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.18 (up from ฿0.11 loss in 2Q 2022). Revenue: ฿14.9b (up 1.5% from 2Q 2022). Net income: ฿678.4m (up ฿871.5m from 2Q 2022). Profit margin: 4.6% (up from net loss in 2Q 2022). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to stay flat during the next 3 years compared to a 5.0% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Duyuru • Aug 12
B.Grimm Power Public Company Limited Announces Cash Dividend, Payable on September 8, 2023 B.Grimm Power Public Company Limited announced cash dividend of THB 0.18. Record date for the right to receive dividends is August 296, 2023. Ex-dividend date is August 28, 2023. The dividend will be payable on September 8, 2023. The dividend paid from retained earnings. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: Revenue: ฿15.8b (up 6.7% from 1Q 2022). Net income: ฿398.9m (up ฿375.6m from 1Q 2022). Profit margin: 2.5% (up from 0.2% in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.035 per share at 0.2% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 10 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Thai dividend payers (5.7%). Lower than average of industry peers (1.7%). Reported Earnings • Mar 05
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: ฿0.63 loss per share (down from ฿0.72 profit in FY 2021). Revenue: ฿62.4b (up 34% from FY 2021). Net loss: ฿1.24b (down 166% from profit in FY 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Nov 16
B.Grimm Power Public Company Limited (SET:BGRIM) acquired 240MWp Tay Ninh Solar Power Plant. B.Grimm Power Public Company Limited (SET:BGRIM) acquired 240MWp Tay Ninh Solar Power Plant on November 14, 2022.
B.Grimm Power Public Company Limited (SET:BGRIM) completed the acquisition of 240MWp Tay Ninh Solar Power Plant on November 14, 2022. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: ฿0.24 loss per share (down from ฿0.13 profit in 3Q 2021). Revenue: ฿18.4b (up 57% from 3Q 2021). Net loss: ฿529.3m (down 218% from profit in 3Q 2021). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 39% 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. Duyuru • Nov 15
B.Grimm Power Public Company Limited (SET:BGRIM) acquired 80% stake in 48MW Quang Tri wind power project. B.Grimm Power Public Company Limited (SET:BGRIM) acquired 80% stake in 48MW Quang Tri wind power project in 2022. Reported Earnings • Nov 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: ฿0.24 loss per share (down from ฿0.13 profit in 3Q 2021). Revenue: ฿18.4b (up 57% from 3Q 2021). Net loss: ฿529.3m (down 218% from profit in 3Q 2021). Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Renewable Energy industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿58.2b to ฿59.8b. EPS estimate fell from ฿0.45 to ฿0.34 per share. Net income forecast to grow 2,640% next year vs 34% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿40.64. Share price rose 6.9% to ฿34.75 over the past week. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.03 per share Eligible shareholders must have bought the stock before 25 August 2022. Payment date: 09 September 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (1.8%). Duyuru • Aug 12
B.Grimm Power Public Company Limited Announces Cash Dividend, Payable on September 9, 2022 B.Grimm Power Public Company Limited announced cash dividend of THB 0.03. Record date for the right to receive dividends is August 26, 2022. Ex-dividend date is August 25, 2022. The dividend will be payable on September 9, 2022. The dividend paid from retained earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: ฿0.11 loss per share (down from ฿0.35 profit in 2Q 2021). Revenue: ฿14.7b (up 28% from 2Q 2021). Net loss: ฿193.2m (down 119% from profit in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 11%, compared to a 29% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Major Estimate Revision • Jul 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ฿57.2b to ฿58.6b. EPS estimate fell from ฿0.77 to ฿0.66 per share. Net income forecast to grow 56% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿40.16. Share price rose 2.7% to ฿37.50 over the past week. Duyuru • Jul 09
B.Grimm Power Public Company Limited (SET:BGRIM) acquired a 20% stake in Sekong Investment Advisory Company Limited for LAK 1 billion. B.Grimm Power Public Company Limited (SET:BGRIM) acquired a 20% stake in Sekong Investment Advisory Company Limited for LAK 1 billion on July 8, 2022. Under the terms B.Grimm Power Public Company purchased 0.1 million ordinary shares at price of LAK 0.01 million per share.
B.Grimm Power Public Company Limited (SET:BGRIM) completed the acquisition a 20% stake in Sekong Investment Advisory Company Limited on July 8, 2022. Major Estimate Revision • May 20
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿56.5b to ฿55.9b. EPS estimate also fell from ฿0.83 per share to ฿0.63 per share. Net income forecast to grow 58% next year vs 30% growth forecast for Renewable Energy industry in Thailand. Consensus price target broadly unchanged at ฿39.87. Share price rose 2.3% to ฿33.00 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: ฿0.03 loss per share (down from ฿0.20 profit in 1Q 2021). Revenue: ฿14.8b (up 41% from 1Q 2021). Net income: ฿23.3m (down 96% from 1Q 2021). Profit margin: 0.2% (down from 5.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 14%, compared to a 26% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Mar 23
Price target decreased to ฿42.40 Down from ฿45.71, the current price target is an average from 12 analysts. New target price is 24% above last closing price of ฿34.25. Stock is down 25% over the past year. The company is forecast to post earnings per share of ฿0.95 for next year compared to ฿0.72 last year. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.27 per share Eligible shareholders must have bought the stock before 11 March 2022. Payment date: 12 May 2022. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (1.7%). Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.72 (up from ฿0.68 in FY 2020). Revenue: ฿46.6b (up 5.8% from FY 2020). Net income: ฿2.28b (up 28% from FY 2020). Profit margin: 4.9% (up from 4.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 27%. Over the next year, revenue is forecast to grow 14%, compared to a 32% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Price Target Changed • Feb 17
Price target decreased to ฿45.71 Down from ฿49.56, the current price target is an average from 13 analysts. New target price is 35% above last closing price of ฿33.75. Stock is down 33% over the past year. The company is forecast to post earnings per share of ฿1.01 for next year compared to ฿0.68 last year. Price Target Changed • Feb 11
Price target decreased to ฿46.87 Down from ฿52.02, the current price target is an average from 13 analysts. New target price is 41% above last closing price of ฿33.25. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿1.03 for next year compared to ฿0.68 last year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.16 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿11.7b (up 4.7% from 3Q 2020). Net income: ฿447.5m (down 11% from 3Q 2020). Profit margin: 3.8% (down from 4.5% in 3Q 2020). The decrease in margin was driven by higher expenses. 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 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 10 September 2021. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (1.8%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.35 (vs ฿0.35 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: ฿11.5b (up 2.1% from 2Q 2020). Net income: ฿1.02b (flat on 2Q 2020). Profit margin: 8.9% (down from 9.0% 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 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.20 (vs ฿0.031 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿10.5b (down 6.9% from 1Q 2020). Net income: ฿611.0m (up ฿530.3m from 1Q 2020). Profit margin: 5.8% (up from 0.7% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿0.68 (vs ฿0.88 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: ฿44.1b (flat on FY 2019). Net income: ฿1.77b (down 23% from FY 2019). Profit margin: 4.0% (down from 5.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 34%. Over the next year, revenue is forecast to grow 1.9%, compared to a 24% growth forecast for the Renewable Energy industry in Thailand. Duyuru • Feb 26
B.Grimm Power Public Company Limited, Annual General Meeting, Apr 22, 2021 B.Grimm Power Public Company Limited, Annual General Meeting, Apr 22, 2021, at 10:00 SE Asia Standard Time. Agenda: To approve the Audited Financial Statements for the fiscal year ended 31 December 2020; To approve the allocation of net profit as legal reserve and annual dividend payment for 2020; To approve the appointment of directors to replace the directors retiring by rotation and the apppointment of a new director and remuneration of directors for 2021; To approve the appointment of the auditors and the auditor's fee for 2021 ; and Other matters (if any). Is New 90 Day High Low • Feb 22
New 90-day low: ฿48.00 The company is down 1.0% from its price of ฿48.50 on 24 November 2020. The Thai market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿430 per share. Is New 90 Day High Low • Jan 05
New 90-day high: ฿54.25 The company is up 29% from its price of ฿42.00 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿10.25 per share. Duyuru • Dec 17
B.Grimm Power Public Company Limited Announces Management Appointments B.Grimm Power Public Company Limited announced the approved the appointment of Mrs. Preeyanart Soontornwata to be Vice Chairperson and acknowledged her change in roles and responsibilities from the President to be a member of Executive Committee; approved the appointment of Mr. Harald Link to be a member of Executive Committee and the President to replace the vacancy and acknowledged his resignation from the member of Nomination and Compensation Committee; and approved the appointment of Khunying Suchada Kiranandana to be Lead Independent Director and a member of Nomination and Compensation Committee. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue and earnings miss expectations Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 45%. Over the next year, revenue is forecast to grow 3.2%, compared to a 14% growth forecast for the Renewable Energy industry in Thailand. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.16 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿11.2b (down 4.8% from 3Q 2019). Net income: ฿500.8m (down 34% from 3Q 2019). Profit margin: 4.5% (down from 6.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Nov 13
B.Grimm Power Public Company Limited Appoints Prof. Emeritus Dr. Khunying Suchada Kiranandana as A New Independent Director B.Grimm Power Public Company Limited informed that the Board of Directors' Meeting held on 11 November 2020 has passed the resolution to appoint Prof. Emeritus Dr. Khunying Suchada Kiranandana as a new independent director in replacement of Mr. Surachai Saibua, resigning director, with effective from 11 November 2020 onwards. Valuation Update With 7 Day Price Move • Nov 06
Market bids up stock over the past week After last week's 17% share price gain to ฿46.00, the stock is trading at a trailing P/E ratio of 59.1x, up from the previous P/E ratio of 50.5x. This compares to an average P/E of 16x in the Renewable Energy industry in Thailand. Total returns to shareholders over the past three years are 70%. Is New 90 Day High Low • Oct 27
New 90-day low: ฿40.50 The company is down 20% from its price of ฿50.50 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Renewable Energy industry, which is also down 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿39.79 per share. Duyuru • Oct 06
B.Grimm Power Public Company Limited Enters into Memorandum of Understanding with the Provincial Electricity Authority and PEA ENCOM International Co., Ltd. for Jointly Expanding Business B.Grimm Power Public Company Limited ("B.Grimm Power") informed that, B.Grimm Power has entered into the Memorandum of Understanding (MOU) with the Provincial Electricity Authority ("PEA") and PEA ENCOM International Co., Ltd. ("PEA ENCOM") (a company under PEA group) to jointly study for the new business opportunities with cooperation in both technical and financial aspects. These include expansion of service area by Small Power Producer (SPP) projects to serve more number of potential industrial users, increasing the electricity supplying efficiency for private sector by the direct supply to end users or the Independent Power Supply (IPS), renewable project expansion, and jointly exploring the Microgrid and Smart Microgrid System which would strengthening B.Grimm Power's leading position and competitiveness in the power industry. This cooperation is also expected to provide the potential cost saving in future investment in transmission lines and other facilities with total value of no less than THB 1,000 million including the initial cost saving of THB 315 million in B.Grimm Power (AIE-MTP) project, together with the enhancement in both customer coverage and service efficiency. Is New 90 Day High Low • Sep 24
New 90-day low: ฿41.50 The company is down 23% from its price of ฿53.75 on 26 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿39.96 per share.