Reported Earnings • Feb 28
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ฿0.82 (up from ฿0.70 in FY 2024). Revenue: ฿5.25b (up 2.8% from FY 2024). Net income: ฿3.27b (up 17% from FY 2024). Profit margin: 62% (up from 55% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. 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 1% per year. Duyuru • Feb 27
TTW Public Company Limited Proposes Dividend for the Operating Period from July 1 to December 31, 2025, Payable on April 28, 2025 The Board of TTW Public Company Limited at its Annual General Meeting of Shareholders to be held on April 9, 2026 proposed an cash dividend of THB 0.30 per share, totaling THB 1,197 million, for the operating period from July 1 to December 31, 2025. Record date: March 11, 2026; Ex-dividend date: March 10, 2026; Payment date: April 28, 2026. Dividend is payable to common shareholders. Declared Dividend • Feb 26
Dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 10th March 2026 Payment date: 28th April 2026 Dividend yield will be 6.3%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (89.6% cash payout ratio). The dividend has decreased over the past 10 years, but has still been somewhat stable with no excessively large reductions to payments. EPS is expected to decline by 3.1% over the next 3 years. However, it would need to fall by 17% to increase the payout ratio to a potentially unsustainable range. Duyuru • Feb 25
TTW Public Company Limited, Annual General Meeting, Apr 09, 2026 TTW Public Company Limited, Annual General Meeting, Apr 09, 2026, at 14:00 SE Asia Standard Time. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: ฿0.24 (up from ฿0.23 in 3Q 2024). Revenue: ฿1.33b (up 3.0% from 3Q 2024). Net income: ฿976.2m (up 6.6% from 3Q 2024). Profit margin: 73% (up from 71% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.3%. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Duyuru • Nov 08
TTW Public Company Limited to Report Q3, 2025 Results on Nov 11, 2025 TTW Public Company Limited announced that they will report Q3, 2025 results on Nov 11, 2025 Declared Dividend • Aug 30
First half dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 10th September 2025 Payment date: 26th September 2025 Dividend yield will be 6.6%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has decreased over the past 10 years, but has still been somewhat stable with no excessively large reductions to payments. EPS is expected to decline by 3.3% over the next 3 years. However, it would need to fall by 58% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 14
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: ฿0.20 (up from ฿0.16 in 2Q 2024). Revenue: ฿1.30b (up 1.7% from 2Q 2024). Net income: ฿796.6m (up 28% from 2Q 2024). Profit margin: 61% (up from 49% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. New Risk • Jun 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (98% cash payout ratio). Buy Or Sell Opportunity • May 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to ฿8.75. The fair value is estimated to be ฿10.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 2.9% in a year. Earnings are forecast to decline by 1.7% in the next year. Reported Earnings • May 14
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: ฿0.17 (up from ฿0.13 in 1Q 2024). Revenue: ฿1.28b (up 2.2% from 1Q 2024). Net income: ฿668.7m (up 33% from 1Q 2024). Profit margin: 52% (up from 40% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Apr 10
TTW Public Company Limited Approves Dividend for the Second Half of 2024, Payable on 28 April 2025 TTW Public Company Limited at its AGM held on April 10, 2025, the meeting passed the resolution by approving the additional 2024 dividend payment of THB 0.30 per share or totally THB 1,197 million to its shareholders. The dividend payment resulted from 20% taxable profit of second half of 2024, which individual shareholders shall be entitled amount to tax credited. The Company determined the list of shareholders entitled to receive dividends on 12 March 2025. Dividend payment shall be made on 28 April 2025. Thus, the company has paid the dividend for the year 2024 at the rate THB 0.60 per share. Declared Dividend • Feb 28
Final dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 11th March 2025 Payment date: 28th April 2025 Dividend yield will be 6.6%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to grow by 2.9% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ฿0.70 (down from ฿0.73 in FY 2023). Revenue: ฿5.11b (down 13% from FY 2023). Net income: ฿2.79b (down 4.8% from FY 2023). Profit margin: 55% (up from 50% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Revenue is forecast to stay flat during the next 2 years compared to a 4.9% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 8% per year. Duyuru • Feb 26
TTW Public Company Limited, Annual General Meeting, Apr 10, 2025 TTW Public Company Limited, Annual General Meeting, Apr 10, 2025, at 14:00 SE Asia Standard Time. Location: electronics meeting, Thailand Declared Dividend • Aug 31
First half dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 12th September 2024 Payment date: 27th September 2024 Dividend yield will be 6.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has not increased over the past 10 years but has been stable with no material reductions to payments, indicating a long track record of dividend stability. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Duyuru • Aug 29
TTW Public Company Limited Announces Cash Dividend for the Operating Period from January 1, 2024 to June 30, 2024, Payable on September 27, 2024 TTW Public Company Limited announced cash dividend of THB 0.30 per share for the operating period from January 1, 2024 to June 30, 2024. Record date for the right to receive dividends is September 13, 2024. Ex-date is September 12, 2024. Payment date is September 27, 2024. Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2024 results: EPS: ฿0.16 (down from ฿0.16 in 2Q 2023). Revenue: ฿1.28b (down 16% from 2Q 2023). Net income: ฿622.7m (flat on 2Q 2023). Profit margin: 49% (up from 41% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Water Utilities industry in Asia are expected to grow by 6.2%. 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 9% per year. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.13 (vs ฿0.15 in 1Q 2023) First quarter 2024 results: EPS: ฿0.13 (down from ฿0.15 in 1Q 2023). Revenue: ฿1.25b (down 16% from 1Q 2023). Net income: ฿503.2m (down 15% from 1Q 2023). Profit margin: 40% (in line with 1Q 2023). Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Water Utilities industry in Asia are expected to grow by 7.2%. 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 9% per year. Duyuru • Apr 12
TTW Public Company Limited Approves Dividend, Payable on April 25, 2024 TTW Public Company Limited at its annual general meeting held on April 11, 2024, approved the additional of 2023 dividend payment of THB 0.30 per share or totally of THB 1,197,000,000 to its shareholder, paid from the net profit without withholding tax that can be tax credited. The Company determined the list of shareholders entitled to receive a dividend on March 8, 2024. The dividend payment shall be made on April 25, 2024. Thus, the company has paid the dividend for the year 2023 at the rate THB 0.60 per share. Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 25 April 2024. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 6.3%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (5.0%). Declared Dividend • Feb 24
Final dividend of ฿0.30 announced Dividend of ฿0.30 is the same as last year. Ex-date: 7th March 2024 Payment date: 25th April 2024 Dividend yield will be 6.1%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 23
TTW Public Company Limited, Annual General Meeting, Apr 11, 2024 TTW Public Company Limited, Annual General Meeting, Apr 11, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the 2023 Annual Ordinary General Meeting of Shareholders; to acknowledge of 2023 Annual Performance Report; to consider and approve the 2023 Financial Statement and Comprehensive income statement; to consider and approve the Dividend Payment; to consider and approve the appointment of Auditor and Determination of Remuneration; to consider and approve the election of directors in replacement of those retired by rotation; to consider and approve the Determination of Director's Remuneration; and to consider any other matters. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: ฿0.73 (vs ฿0.74 in FY 2022) Full year 2023 results: EPS: ฿0.73 (down from ฿0.74 in FY 2022). Revenue: ฿5.85b (up 2.6% from FY 2022). Net income: ฿2.93b (down 1.2% from FY 2022). Profit margin: 50% (down from 52% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.3% p.a. on average during the next 2 years, while revenues in the Water Utilities industry in Asia are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Feb 22
TTW Public Company Limited Proposes Interim Dividend for 2023, Payable on April 25, 2024 TTW Public Company Limited announced that the Board of Directors meeting No.1/2024 held on February 22, 2024, proposed for approval of an additional 2023 Dividend payment at the rate of THB 0.30 per share or a total amount of THB 1,197 million. The dividend payment resulted from Second half of 2023 taxable profit. This is in addition to an interim dividend payment previously paid at the rate of THB 0.30. Thus, the total 2023 dividend payment is at the rate of THB 0.60 per share. The Record Date specifies the list of shareholders entitled to receive dividend is March 8, 2024, and the dividend payment date is set on April 25, 2024. New Risk • Jan 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Duyuru • Dec 08
TTW Public Company Limited Approves Board Changes TTW Public Company Limited hereby notifies that, the Board of Directors Meeting No.6/2023 held on December 7, 2023, passed resolutions as follows: Acknowledged the resignation from office of Mr.Kaoru Umehara and approved the appointment of Mr.Tadashi Ishizuka replacing as Board of Directors, members of the Nomination and Remuneration Committee being effective from December 7, 2023, and the names of directors authorized to sign and bind the Company. Reported Earnings • Nov 10
Third quarter 2023 earnings: Revenues and EPS in line with analyst expectations Third quarter 2023 results: EPS: ฿0.23 (down from ฿0.24 in 3Q 2022). Revenue: ฿1.54b (up 7.1% from 3Q 2022). Net income: ฿896.7m (down 7.0% from 3Q 2022). Profit margin: 58% (down from 67% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Water Utilities industry in Asia are expected to grow by 7.6%. 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 9% per year. Upcoming Dividend • Aug 29
Upcoming dividend of ฿0.30 per share at 6.7% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 21 September 2023. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of Thai dividend payers (6.2%). Higher than average of industry peers (4.3%). Duyuru • Aug 22
TTW Public Company Limited Announces Cash Dividend for the Operating Period from January 1, 2023 to June 30, 2023, Payable on September 21, 2023 TTW Public Company Limited announced cash dividend of THB 0.30 per share for the operating period from January 1, 2023 to June 30, 2023. Record date for the right to receive dividends is September 6, 2023. Ex-date is September 5, 2023. Payment date is September 21, 2023. Reported Earnings • Aug 11
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.16 (down from ฿0.20 in 2Q 2022). Revenue: ฿1.52b (up 6.8% from 2Q 2022). Net income: ฿624.9m (down 24% from 2Q 2022). Profit margin: 41% (down from 57% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Water Utilities industry in Asia are expected to grow by 8.6%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Duyuru • Jun 09
TTW Public Company Limited Announces Board Changes TTW Public Company Limited announced that the board of directors meeting No.3/2023 held on June 8, 2023 passed resolutions acknowledged the Director resigned as member of the board of directors of Mr. Hideo Matsumoto effective from 7 June 2023 and approved the appointment of Mr. Kenichi Ishida to be member of the board of directors, Executive Committee and Risk Management and Corporate Governance Committee effective from 8 June 2023 onwards. Thus, the board of directors will comprise of: 1. Dr. Thanong Bidaya; 2. Mr.Plew Trivisvavet; 3. Mr.Phongsarit Tantisuvanitchkul; 4. Mr.Phairuch Mekarporn; 5. Mr.Somnuk Chaidejsuriya; 6. Mr.Yuttana Yimgarund; 7. Dr. Sombat Kitjalaksana; 8. Mr.Suvich Pungchareon; 9. Mrs. Payao Marittanaporn; 10. Mr.Kaoru Umehara; 11. Mr.Kenichi Ishida; 12. Ms.Walainut Trivisvavet. Buying Opportunity • Mar 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be ฿11.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 23% in 2 years. Earnings is forecast to decline by 1.7% in the next 2 years. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.30 per share at 6.5% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 25 April 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 6.5%. Within top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (4.1%). Reported Earnings • Feb 24
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ฿0.74 (down from ฿0.78 in FY 2021). Revenue: ฿5.70b (down 2.0% from FY 2021). Net income: ฿2.97b (down 4.4% from FY 2021). Profit margin: 52% (down from 53% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.6%. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Water Utilities industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Yuttana Yimgarund was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 18
Price target decreased to ฿9.80 Down from ฿11.33, the current price target is an average from 2 analysts. New target price is 17% above last closing price of ฿8.35. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿0.75 for next year compared to ฿0.78 last year. Buying Opportunity • Oct 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ฿11.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 12% in 2 years. Earnings is forecast to decline by 4.8% in the next 2 years. Upcoming Dividend • Aug 30
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 21 September 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.20 (vs ฿0.21 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.20 (down from ฿0.21 in 2Q 2021). Revenue: ฿1.43b (down 3.3% from 2Q 2021). Net income: ฿819.6m (down 4.3% from 2Q 2021). Profit margin: 57% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 1.5%, compared to a 9.9% growth forecast for the industry in Thailand. 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 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.15 (down from ฿0.18 in 1Q 2021). Revenue: ฿1.41b (down 4.4% from 1Q 2021). Net income: ฿613.3m (down 13% from 1Q 2021). Profit margin: 44% (down from 48% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Over the next year, revenue is forecast to stay flat compared to a 8.4% growth forecast for the industry in Thailand. 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. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Yuttana Yimgarund was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 09
Price target decreased to ฿11.57 Down from ฿13.03, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ฿11.10. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of ฿0.79 for next year compared to ฿0.78 last year. Upcoming Dividend • Mar 01
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 08 March 2022. Payment date: 29 April 2022. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 5.2%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ฿0.78 (up from ฿0.74 in FY 2020). Revenue: ฿5.82b (down 6.1% from FY 2020). Net income: ฿3.10b (up 5.2% from FY 2020). Profit margin: 53% (up from 48% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 6.6%. Over the next year, revenue is forecast to grow 3.0%, compared to a 4.3% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker revenues, although earnings were flat and profit margins improved. Third quarter 2021 results: Revenue: ฿1.44b (down 7.3% from 3Q 2020). Net income: ฿930.9m (flat on 3Q 2020). Profit margin: 65% (up from 60% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Sep 01
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 23 September 2021. Trailing yield: 5.0%. Within top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (3.4%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.18 (vs ฿0.16 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: ฿1.47b (down 4.5% from 1Q 2020). Net income: ฿701.8m (up 10.0% from 1Q 2020). Profit margin: 48% (up from 41% 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 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 08
Price target decreased to ฿12.57 Down from ฿13.53, the current price target is an average from 3 analysts. New target price is 7.4% above last closing price of ฿11.70. Stock is down 12% over the past year. Upcoming Dividend • Mar 01
Upcoming Dividend of ฿0.30 Per Share Will be paid on the 30th of April to those who are registered shareholders by the 8th of March. The trailing yield of 4.9% is below the top quartile of Thai dividend payers (5.9%), but it is higher than industry peers (3.7%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.74 (vs ฿0.78 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: ฿6.19b (flat on FY 2019). Net income: ฿2.95b (down 5.6% from FY 2019). Profit margin: 48% (down from 51% in FY 2019). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.3%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 1.3%, compared to a 5.4% growth forecast for the Water Utilities industry in Thailand. Is New 90 Day High Low • Feb 11
New 90-day low: ฿11.90 The company is down 1.0% from its price of ฿12.00 on 13 November 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿18.94 per share. Price Target Changed • Dec 16
Price target lowered to ฿13.70 Down from ฿15.00, the current price target is an average from 4 analysts. The new target price is 9.6% above the current share price of ฿12.50. As of last close, the stock is down 8.1% over the past year. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.9%. Earnings per share (EPS) also missed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 1.6%, compared to a 5.5% growth forecast for the Water Utilities industry in Thailand. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS ฿0.23 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: ฿1.56b (flat on 3Q 2019). Net income: ฿929.4m (up 28% from 3Q 2019). Profit margin: 60% (up from 47% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 27
New 90-day low: ฿11.60 The company is down 12% from its price of ฿13.20 on 29 July 2020. The Thai market is down 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.16 per share. Price Target Changed • Oct 16
Price target lowered to ฿13.98 Down from ฿15.05, the current price target is an average from 4 analysts. The new target price is 17% above the current share price of ฿11.90. As of last close, the stock is down 13% over the past year. Is New 90 Day High Low • Oct 09
New 90-day low: ฿12.20 The company is down 10.0% from its price of ฿13.50 on 10 July 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.16 per share. Is New 90 Day High Low • Sep 24
New 90-day low: ฿12.90 The company is down 5.0% from its price of ฿13.60 on 25 June 2020. The Thai market is also down 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Water Utilities industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.16 per share.