Company Summary
TSE THAI SOLAR ENERGY PUBLIC COMPANY LIMITED
Resources/Energy & Utilities
sSET
CG Report:   
 
  Data as of 15 Jan 2021  
Price (B.) 52 Week High/Low P/E (X) P/BV (X) Paid-up (MB.) Market Cap (MB.) EV (MB.) EBITDA (MB.) EV/EBITDA
2.64 3.52 / 1.54 10.46 0.92 2,117.72 5,590.77 17,695.49 866.71 14.92
News
Date/Time Subject
04 Jan 2021 17:23   Result of Proposal of Addition Agenda or Questions and Name of Director Nominated for the Annual General Meeting of Shareholders 2021 in advance
09 Dec 2020 17:01   Notification of interim dividend payment and resignation of directors
12 Nov 2020 17:06   Management Discussion and Analysis Quarter 3 Ending 30 Sep 2020
12 Nov 2020 17:05   Financial Statement Quarter 3/2020 (Reviewed)
12 Nov 2020 17:05   Financial Performance Quarter 3 (F45) (Reviewed)
more

Company Profile
Address 725 Metropolis, 19th floor, Sukhumvit Road, KlongtanNua, Wattana Bangkok 10110
Telephone 0-2258-4530-3
Fax 0-2258-4534
URL http://www.thaisolarenergy.com
  Annual Report 2019
Establish Date 2008 Listed Date 30/10/2014
IPO Price (Baht) 3.90 @Par1.00 Baht
IPO Financial Advisory
  • BUALUANG SECURITIES PUBLIC COMPANY LIMITED
    		•
    Par 1.00 Baht
    Last Par Change N/A

    Market/Industry/Sector Change
    Effective Date 14/05/2019
    Previous Market/Industry/Sector mai  / Resources / Resources
    Current Market/Industry/Sector SET  / Resources / Energy & Utilities

    Business
    The Company operates in the business of production and distribution of electricity from solar and other renewable energy. It can be divided into 2 types which are Solar PV power plants and Biomass power plants.

    Free Float 03 Jul 2020 14 Mar 2019
    % /Shareholders
    38.94% 7,160 38.63% 7,192
    Foreign Shareholders 6.25% (As of 15/01/2021) Foreign Limit 49.00%
    NVDR Shareholders  0.34% (As of 15/01/2021)
    5 Yr Price Performance (Adjusted Price)
    Price Performance (Adjusted Price) Compare to Stock (%) Compare to Sector (%) Compare to Market (%)
    5 Days -2.22 -2.68 -1.11
    20 Days -0.75 -4.60 -3.49
    60 Days 2.33 -20.69 -16.28
    120 Days -8.97 -16.31 -18.84
    YTD 6.45 0.50 1.56
    P/E (X) 10.46 40.34 30.34
    P/BV (X) 0.92 1.65 1.72
    Turnover Ratio (%) 0.17 0.78 1.50

    Top 10 Major Shareholders(@23 Dec 2020) Share %
    1. บริษัท พี.เอ็ม. เอ็นเนอร์ยี่ จำกัด 783,034,150 36.98
    2. บริษัท ซิโน-ไทย เอ็นจีเนียริ่ง แอนด์ คอนสตรัคชั่น จำกัด (มหาชน) 190,575,000 9.00
    3. น.ส. แคทลีน มาลีนนท์ 184,620,000 8.72
    4. บริษัท เวฟ เอ็นเตอร์เทนเมนท์ จำกัด (มหาชน) 118,290,900 5.59
    5. CREDIT SUISSE AG, SINGAPORE BRANCH 76,247,946 3.60
    6. กองทุนเปิด บัวหลวงหุ้นระยะยาว 55,298,900 2.61
    7. CITI (NOMINEES) LIMITED-S.A PBG CLIENTS SG 39,900,000 1.88
    8. กองทุนเปิด บัวหลวงโครงสร้างพื้นฐานเพื่อการเลี้ยงชีพ 22,341,900 1.06
    9. กองทุนเปิด บัวหลวงหุ้นระยะยาว 75/25 20,319,200 0.96
    10. กองทุนเปิด บัวหลวงเฟล็กซิเบิ้ลเพื่อการเลี้ยงชีพ 13,528,600 0.64

    Management Position
    1. Miss CATHLEEN MALEENONT CHAIRMAN OF BOARD OF DIRECTORS / CHAIRMAN OF THE BOARD OF EXECUTIVE DIRECTORS / CHIEF EXECUTIVE OFFICER
    2. Mr. PROMMIN LERTSURIDEJ VICE CHAIRMAN / INDEPENDENT DIRECTOR
    3. Mr. SOMPHOP PROMPANAPITAK DIRECTOR
    4. Mrs. ANGKANEE RERKSIRISUK DIRECTOR
    5. Mr. MASTHAWIN CHARNVIRAKUL DIRECTOR
    6. MR. PALA SOOKAWESH INDEPENDENT DIRECTOR / AUDIT COMMITTEE
    7. Mrs. SIRIPEN SITASUWAN INDEPENDENT DIRECTOR / CHAIRMAN OF AUDIT COMMITTEE
    8. Mr. PRASAN CHUAPHANICH INDEPENDENT DIRECTOR / AUDIT COMMITTEE
    9. Mr. ARAN APICHARI INDEPENDENT DIRECTOR
    Accumulated: Turnover Ratio, Value Trade/Day
    Statistics YTD
    15 Jan 2021    		 2020
    30 Dec 2020    		 2019
    30 Dec 2019
    Listed share (M.) 2,117.72  2,117.72  2,117.72 
    Market Cap (MB.) 5,590.77  5,251.94  6,226.09 
    Price (B./share) 2.64  2.48  2.94 
    BVPS (B./Share) 2.88  2.88  2.64 
    P/BV (X) 0.92  0.86  1.24 
    P/E (X) 10.46  9.82  15.86 
    Turnover Ratio (%) 6.18  154.54  112.14 
    Value Trade/Day (MB.) 35.01  38.18  24.16 
    Beta 0.93  0.94  0.67 
     
    Rate of Return YTD  2020  2019 
    Price Change (%) 6.45  -15.65  41.35 
    Dividend Yield (%) 4.55  4.84  1.68 
    Payout Ratio 0.67  0.67  0.27 
    Dividend Policy Not less than 40% of net profits after deduction of income taxes and all other types of reserves in accordance with the laws and the Company?s Articles of Association

    Dividend
    Operation Period Dividend/Share Unit Payment Date Type
    01 Jan 2020 - 30 Sep 2020 0.05 Baht 08 Jan 2021 Cash
    01 Jan 2019 - 31 Dec 2019 0.12 Baht 20 Apr 2020 Cash
    01 Jan 2018 - 31 Dec 2018 0.055 Baht 21 May 2019 Cash
    01 Jan 2017 - 31 Dec 2017 20.00 : 1.00 Share 18 May 2018 Stock
    01 Jan 2017 - 31 Dec 2017 0.00556 Baht 18 May 2018 Cash
     
    Auditor
    (Effective Until 31/12/2020)
    MR. KAJORNKIET AROONPIRODKUL/PRICEWATERHOUSE COOPERS ABAS LIMITED
    MR. PISIT THANGTANAGUL/PRICEWATERHOUSE COOPERS ABAS LIMITED
    MISS SAKUNA YAMSAKUL/PRICEWATERHOUSE COOPERS ABAS LIMITED
    		F/S Year ended 31/12
    Latest Type of Report Unqualified opinion
    Financial Data
    Statement of Financial Position (MB.) 9M/2020 
    (01/01/20 
    -30/09/20)     		 9M/2019 
    (01/01/19 
    -30/09/19)     		 2019 
    (01/01/19 
    -31/12/19)     		 2018 
    (01/01/18 
    -31/12/18)     		 2017 
    (01/01/17 
    -31/12/17) 
    Cash 1,044.49 646.75 643.59 561.02 424.75
    A/R Net 387.90 409.86 430.40 478.07 190.96
    Inventories 22.31 28.52 24.03 14.45 -
    Current Assets 1,833.58 1,453.14 1,641.47 1,462.16 899.58
    PP&E Net 9,786.72 7,262.67 7,549.86 6,928.08 5,153.10
    Total Assets 19,253.53 15,246.40 15,869.99 14,689.24 12,218.44
    OD 249.84 99.48 98.47 98.79 2,233.05
    A/P Net 190.71 - 199.27 278.45 -
    Current portion of LT 686.20 3,576.08 1,696.81 439.86 59.71
    Current Liabilities 1,174.32 3,894.72 2,025.35 2,882.47 2,577.22
    Non-Current Liabilities 11,969.60 6,315.81 8,212.31 6,892.15 4,860.48
    Total Liabilities 13,143.93 10,210.53 10,237.67 9,774.61 7,437.70
    Authorized Capital 2,477.47 2,477.47 2,477.47 2,450.25 2,359.50
    Paid-Up Capital 2,117.72 1,905.75 2,117.72 1,905.75 1,815.00
    Premium (Discount) on Share Capital 1,045.50 727.55 1,045.50 727.55 727.55
    Other Surplus (Deficit) - - - - -
    Retained Earnings (Deficit) 2,976.59 2,726.31 2,938.09 2,271.20 2,198.09
    Treasury Stock - - - - -
    Shareholders' Equity 6,104.33 5,031.14 5,628.00 4,770.39 4,618.59
    Minority Interest 5.27 4.73 4.32 144.23 162.15
    more
    Statement of Comprehensive Income (MB.) 9M/2020 
    (01/01/20 
    -30/09/20)     		 9M/2019 
    (01/01/19 
    -30/09/19)     		 2019 
    (01/01/19 
    -31/12/19)     		 2018 
    (01/01/18 
    -31/12/18)     		 2017 
    (01/01/17 
    -31/12/17) 
    Sales 1,198.98 1,032.84 1,348.89 561.37 229.00
    Other Income 10.36 26.36 92.72 156.19 39.30
    Total Revenues 1,708.21 1,534.53 2,101.13 1,327.75 855.27
    COGs 758.76 645.80 911.36 435.17 177.24
    SG&A 219.64 162.24 233.35 206.69 148.69
    Total Expenses 1,137.10 808.04 1,150.12 937.86 325.92
    EBITDA 866.71 973.44 1,292.46 546.93 611.58
    Depre. & Amor. 295.60 246.95 341.45 157.04 82.24
    EBIT 571.11 726.50 951.01 389.88 529.34
    Net Profit 320.03 559.92 774.58 173.95 415.76
    EPS (B.) 0.15 0.29 0.40 0.09 0.23
    more
    Statement of Cash Flow (MB.) 9M/2020 
    (01/01/20 
    -30/09/20)     		 9M/2019 
    (01/01/19 
    -30/09/19)     		 2019 
    (01/01/19 
    -31/12/19)     		 2018 
    (01/01/18 
    -31/12/18)     		 2017 
    (01/01/17 
    -31/12/17) 
    Operating Cash Flow 605.41 489.77 693.08 -204.32 -107.11
    Investing Cash Flow -1,528.83 -101.48 -765.40 -1,543.01 -3,939.36
    Financing Cash Flow 1,487.59 -306.60 220.41 1,946.40 3,565.03
    Net Cash Flow 564.18 81.68 148.09 199.07 -481.44
    more
    Annualized: ROE, ROA
    Ratios 9M/2020  9M/2019  2019  2018 
    Current Ratio (X) 1.56 0.37 0.81 0.51
    ROE (%) 9.60 7.91 14.90 3.71
    ROA (%) 4.61 4.49 6.22 2.90
    D/E (X) 2.15 2.03 1.82 2.05
    Total Asset Turnover (X) 0.13 0.13 0.14 0.10
    Gross Profit Margin (%) 36.72 37.47 32.44 22.48
    EBIT Margin (%) 33.43 47.34 45.26 29.36
    Net Profit Margin (%) 18.73 36.49 36.87 13.10

    Information only PP, PO, XR and XD
    Capital Movement (Last 3 Year)
    Date CA Type Changed paid up share Paid up share Par
    15 Oct 2019 XR 44,240,615 1,949,990,195 1.00
    21 May 2018 XD 90,749,580 1,905,749,580 1.00

    Growth Rate (%) 9M/2020  9M/2019  2019  2018 
    Sales Growth 16.09 234.79 140.29 145.13
    COGs Growth 17.49 166.94 109.42 145.53
    Total Revenue Growth 11.32 84.08 58.25 55.24
    Total Expense Growth 40.72 105.43 22.63 187.76
    Net Profit Growth -42.84 64.02 345.28 -58.16

    Annualized
    Cash Cycle 9M/2020  9M/2019  2019  2018 
    A/R Turnover (Times) 3.80 3.30 2.97 1.68
    Avg. Collection Period (Days) 96.10 110.59 122.91 217.50
    Inventory Turnover (Times) 40.30 49.68 47.37 60.22
    Avg. Inventory Period (Days) 9.06 7.35 7.71 6.06
    A/P Turnover (Times) 10.74 3.30 3.82 3.13
    Avg. Payment Period (Days) 33.98 110.52 95.66 116.77
    Cash Cycle (Days) 71.18 7.42 34.96 106.79


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    Other Securities
    Securities Name -

    Remark - Calculated from adjusted price
      - Presented and calculated from the consolidated statement and displayed as cumulative quarterly statement by fiscal year (Company statement will be presented and calculated incase consolidated statement is not available.)
      - The information is quarterly updated within 7 business days after the new financial statement is submitted.
      -
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