Buy Or Sell Opportunity • Jun 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.3% to ฿8.85. The fair value is estimated to be ฿11.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 41% over the last 3 years. Earnings per share has declined by 67%. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: ฿0.36 (vs ฿0.65 in FY 2024) Full year 2025 results: EPS: ฿0.36 (down from ฿0.65 in FY 2024). Revenue: ฿1.73b (down 16% from FY 2024). Net income: ฿378.3m (down 45% from FY 2024). Profit margin: 22% (down from 33% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 61% 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 • Feb 26
SPCG Public Company Limited Proposes Cash Dividend for the Year 2025, Payable on May 22, 2026 SPCG Public Company Limited proposed to the meeting for consideration and approval the allocation of profits and payment of dividends from the operating results for the year 2025 and retained earnings at a rate of THB 2.16 per share. An interim dividend of THB 1.90 per share has already been paid from retained earnings for 1,055,790,000 shares, totaling THB 2,006,001,000. The remaining dividend to be paid in this period is at a rate of THB 0.26 per share for 1,055,790,000 shares, totaling THB 274,505,400. The record date for shareholders entitled to receive dividends is March 16, 2026, and the payment date is May 22, 2026, Ex-dividend date is 13 March, 2026. However, the right to receive such dividends remains uncertain until approved by the 2026 Annual General Meeting of Shareholders on 30 April, 2026. Declared Dividend • Feb 26
Dividend of ฿0.26 announced Shareholders will receive a dividend of ฿0.26. Ex-date: 13th March 2026 Payment date: 22nd May 2026 Dividend yield will be 24%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (272% earnings payout ratio) nor is it covered by cash flows (112% cash payout ratio). The dividend has increased by an average of 2.1% 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 202% to bring the payout ratio under control. However, EPS has declined by 33% over the last 5 years so the company would need to reverse this trend. Duyuru • Feb 25
SPCG Public Company Limited, Annual General Meeting, Apr 30, 2026 SPCG Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿8.40, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 13x in the Renewable Energy industry in Thailand. Total loss to shareholders of 4.9% over the past three years. New Risk • Nov 28
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 6.6% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 272% Cash payout ratio: 123% Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (23% net profit margin). Upcoming Dividend • Nov 21
Upcoming dividend of ฿1.50 per share Eligible shareholders must have bought the stock before 28 November 2025. Payment date: 12 December 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of Thai dividend payers (8.0%). Higher than average of industry peers (4.4%). Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ฿0.07 (vs ฿0.09 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.07 (down from ฿0.09 in 3Q 2024). Revenue: ฿449.5m (up 23% from 3Q 2024). Net income: ฿76.9m (down 16% from 3Q 2024). Profit margin: 17% (down from 25% in 3Q 2024). The decrease in margin was driven by higher expenses. 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 11% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿9.70, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 14x in the Renewable Energy industry in Thailand. Total loss to shareholders of 4.5% over the past three years. Board Change • Oct 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Vice President of Business Development & Director Narinporn Malasri 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. Declared Dividend • Aug 16
First half dividend of ฿0.40 announced Shareholders will receive a dividend of ฿0.40. Ex-date: 1st September 2025 Payment date: 12th September 2025 Dividend yield will be 13%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (168% earnings payout ratio) nor is it covered by cash flows (116% cash payout ratio). The dividend has increased by an average of 4.1% 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 87% to bring the payout ratio under control. However, EPS has declined by 32% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.09 (vs ฿0.14 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.09 (down from ฿0.14 in 2Q 2024). Revenue: ฿388.5m (down 21% from 2Q 2024). Net income: ฿94.4m (down 34% from 2Q 2024). Profit margin: 24% (down from 29% in 2Q 2024). The decrease in margin was driven by lower revenue. 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 19% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: ฿0.13 (vs ฿0.31 in 1Q 2024) First quarter 2025 results: EPS: ฿0.13 (down from ฿0.31 in 1Q 2024). Revenue: ฿534.4m (down 27% from 1Q 2024). Net income: ฿137.8m (down 58% from 1Q 2024). Profit margin: 26% (down from 45% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% 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. Buy Or Sell Opportunity • Mar 11
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.8% to ฿7.80. The fair value is estimated to be ฿10.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 30%. New Risk • Feb 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 186% Cash payout ratio: 92% Dividend yield: 14% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 186% Cash payout ratio: 92% Earnings have declined by 16% per year over the past 5 years. Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: ฿0.65 (vs ฿1.74 in FY 2023) Full year 2024 results: EPS: ฿0.65 (down from ฿1.74 in FY 2023). Revenue: ฿2.05b (down 50% from FY 2023). Net income: ฿682.5m (down 63% from FY 2023). Profit margin: 33% (down from 45% in FY 2023). The decrease in margin was driven by lower revenue. 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 23% per year, which means it has not declined as severely as earnings. Duyuru • Feb 14
SPCG Public Company Limited Announces Resignation of Narinporn Malasri as Director SPCG Public Company Limited announced the resignation of Mrs. Narinporn Malasri as director, due to Personal Mission, effective 14 February 2025. Duyuru • Feb 12
SPCG Public Company Limited Announces Resignation of Art-ong Jumsai Na Ayudhya as Independent Director, Member of Audit, Nomination, Remuneration and Corporate Governance Committee SPCG Public Company Limited announced that Dr. Art-ong Jumsai Na Ayudhya, an Independent Director/Member of Audit Committee/Member of Nomination, Remuneration and Corporate Governance Committee, has submitted his resignation from all the above positions due to health problems, effective from February 11, 2025 onwards. Duyuru • Aug 17
SPCG Public Company Limited Declares Interim Cash Dividend for the Period from January 1, 2024 to June 30, 2024, Payable on September 13, 2024 SPCG Public Company Limited declares interim cash dividend of THB 0.50 per share for the period from January 1, 2024 to June 30, 2024, payable on September 13, 2024. Record date for the right to receive dividends is August 30, 2024. Ex-dividend date is August 29, 2024. Declared Dividend • Aug 16
First half dividend increased to ฿0.50 Dividend of ฿0.50 is 67% higher than last year. Ex-date: 29th August 2024 Payment date: 13th September 2024 Dividend yield will be 14%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 1.7% 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 decline by 4.2% to shift the payout ratio to a potentially unsustainable range, which is less than the 16% EPS decline seen over the last 5 years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.52 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.14 (down from ฿0.52 in 2Q 2023). Revenue: ฿493.8m (down 59% from 2Q 2023). Net income: ฿143.7m (down 74% from 2Q 2023). Profit margin: 29% (down from 46% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿0.31 (vs ฿0.56 in 1Q 2023) First quarter 2024 results: EPS: ฿0.31 (down from ฿0.56 in 1Q 2023). Revenue: ฿735.5m (down 38% from 1Q 2023). Net income: ฿329.4m (down 45% from 1Q 2023). Profit margin: 45% (down from 51% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 16% per year. Duyuru • Apr 20
SPCG Public Company Limited Approves Dividend, Payable on May 17, 2024 SPCG Public Company Limited announced at the AGM held on April 19, 2024, resolved to acknowledge the interim dividend payment from the operating results for the period January 1, 2023 - June 30, 2023 and retained earnings at the rate of THB 0.30 per share, amounting to 1,0 5 5,7 9 0,0 0 0 shares, totaling 3 1 6,7 3 7,0 0 0 and approve the dividends payment to be paid in this period at the rate of THB 0.65 per share, totaling 686,263,500baht (together, the dividend for the year 2 0 2 3 will be equal to THB 0.95 per share, totaling amount THB 1,003,000,500 by specifying the list of shareholders who are entitled to receive the dividend (Record Date) on March 12, 2024 and the dividend payment date May 17, 2024. Upcoming Dividend • Mar 04
Upcoming dividend of ฿0.65 per share Eligible shareholders must have bought the stock before 11 March 2024. Payment date: 17 May 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.6%). Declared Dividend • Feb 25
Final dividend increased to ฿0.65 Dividend of ฿0.65 is 8.3% higher than last year. Ex-date: 11th March 2024 Payment date: 17th May 2024 Dividend yield will be 7.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 1.2% 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 decline by 50% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.4% EPS decline seen over the last 5 years. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿1.74 (vs ฿2.20 in FY 2022) Full year 2023 results: EPS: ฿1.74 (down from ฿2.20 in FY 2022). Revenue: ฿4.13b (down 5.3% from FY 2022). Net income: ฿1.84b (down 21% from FY 2022). Profit margin: 45% (down from 53% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year. Duyuru • Feb 24
SPCG Public Company Limited, Annual General Meeting, Apr 19, 2024 SPCG Public Company Limited, Annual General Meeting, Apr 19, 2024, at 14:00 SE Asia Standard Time. Agenda: To acknowledge the Performance of the Company for the year 2023; To consider and approve the consolidated financial statements and the Company's financial statements for the fiscal period ended on December 31, 2023; To consider and approve the appropriation and dividend payment from the Company's operating results for the year 2023. Upcoming Dividend • Nov 15
Upcoming dividend of ฿0.60 per share at 7.1% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.2%). Board Change • Sep 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. 2 experienced directors. 7 highly experienced directors. Non-Executive Director Alisa Khunchornyakong 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. Upcoming Dividend • Aug 18
Upcoming dividend of ฿0.30 per share at 7.0% yield Eligible shareholders must have bought the stock before 25 August 2023. Payment date: 08 September 2023. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: ฿0.52 (vs ฿0.52 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.52 (in line with 2Q 2022). Revenue: ฿1.20b (up 25% from 2Q 2022). Net income: ฿553.4m (flat on 2Q 2022). Profit margin: 46% (down from 57% in 2Q 2022). The decrease in margin was driven by higher expenses. 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 13% per year. Duyuru • Aug 12
SPCG Public Company Limited Declares Interim Cash Dividend for the Period from January 1, 2023 to June 30, 2023, Payable on September 8, 2023 SPCG Public Company Limited declares interim cash dividend of THB 0.30 per share for the period from January 1, 2023 to June 30, 2023, payable on September 8, 2023. Record date for the right to receive dividends is August 28, 2023. Ex-dividend date is August 25, 2023. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.56 (vs ฿0.58 in 1Q 2022) First quarter 2023 results: EPS: ฿0.56 (down from ฿0.58 in 1Q 2022). Revenue: ฿1.18b (up 12% from 1Q 2022). Net income: ฿596.5m (down 2.6% from 1Q 2022). Profit margin: 51% (down from 58% in 1Q 2022). The decrease in margin was driven by higher expenses. 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 10% per year. Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.60 per share at 5.9% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ฿0.46 (vs ฿0.51 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.46 (down from ฿0.51 in 3Q 2021). Revenue: ฿1.00b (down 2.8% from 3Q 2021). Net income: ฿483.2m (down 11% from 3Q 2021). Profit margin: 48% (down from 52% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year. Board Change • Nov 16
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. 1 experienced director. 7 highly experienced directors. Executive VP of Management & Director Narinporn Malasri was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 09 September 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ฿0.52. Revenue: ฿964.3m (down 19% from 2Q 2021). Net income: ฿554.0m (down 13% from 2Q 2021). Profit margin: 57% (up from 54% in 2Q 2021). The increase in margin was driven by lower expenses. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.58 (vs ฿0.69 in 1Q 2021) First quarter 2022 results: EPS: ฿0.58 (down from ฿0.69 in 1Q 2021). Revenue: ฿1.11b (down 5.7% from 1Q 2021). Net income: ฿666.1m (down 4.8% from 1Q 2021). Profit margin: 60% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Board Change • Apr 27
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. 1 experienced director. 7 highly experienced directors. Executive VP of Management & Director Narinporn Malasri was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 14
Upcoming dividend of ฿0.55 per share Eligible shareholders must have bought the stock before 21 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 34% and the cash payout ratio is 94%. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.7%). Upcoming Dividend • Mar 07
Upcoming dividend of ฿0.55 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 34% and the cash payout ratio is 94%. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿2.37 (down from ฿2.81 in FY 2020). Revenue: ฿4.49b (down 8.7% from FY 2020). Net income: ฿2.48b (down 9.2% from FY 2020). Profit margin: 55% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS ฿0.51 (vs ฿0.70 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.03b (down 13% from 3Q 2020). Net income: ฿540.8m (down 21% from 3Q 2020). Profit margin: 52% (down from 58% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 5.0%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS ฿0.61 (vs ฿0.68 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿1.24b (up 5.9% from 2Q 2020). Net income: ฿637.1m (down 4.0% from 2Q 2020). Profit margin: 51% (down from 56% 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 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.69 (vs ฿0.77 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ฿1.19b (down 18% from 1Q 2020). Net income: ฿700.1m (down 6.5% from 1Q 2020). Profit margin: 59% (up from 52% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS ฿2.80 (vs ฿2.74 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ฿5.05b (down 3.8% from FY 2019). Net income: ฿2.73b (up 2.3% from FY 2019). Profit margin: 54% (up from 51% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 26
New 90-day low: ฿19.50 The company is down 4.0% from its price of ฿20.40 on 28 October 2020. The Thai market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 29% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ฿21.20 The company is up 9.0% from its price of ฿19.40 on 11 August 2020. The Thai market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 9.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ฿0.70 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ฿1.18b (flat on 3Q 2019). Net income: ฿684.8m (up 19% from 3Q 2019). Profit margin: 58% (up from 48% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 22
New 90-day high: ฿19.90 The company is up 3.0% from its price of ฿19.30 on 24 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is down 19% over the same period. 
