New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% 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 1.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • May 13
Price target decreased by 7.8% to ฿17.30 Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿11.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.39 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (2.6%). Ankündigung • Apr 22
TOA Paint (Thailand) Public Company Limited to Report Q1, 2026 Results on May 15, 2026 TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2026 results on May 15, 2026 Price Target Changed • Mar 11
Price target decreased by 7.8% to ฿17.30 Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ฿13.00. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year. Declared Dividend • Mar 04
Final dividend of ฿0.39 announced Shareholders will receive a dividend of ฿0.39. Ex-date: 6th May 2026 Payment date: 26th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Mar 03
TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended 31 December, 2025, Payable on May 26, 2026 TOA Paint (Thailand) Public Company Limited at the AGM to be held on 27 April, 2026, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2025 at the rate of THB 0.39 per share, with the total amount, of approximately THB 756.05 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 7, 2026. The date of dividend payment is determined to be on May 26, 2026. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2025, at the rate of THB 0.36 per share, in the total amount of THB 697.89 million which had been paid on September 12, 2025. Therefore, the total dividend payment from the 2025 operating results will be at the rate of 0.75 THB per share, amounting to approximately THB 1,453.94 million. This represents a dividend payout ratio of 64.60% of the net profit based on the Company's separate financial statements for the fiscal year 2025. Ex-dividend date is 06 May, 2026. Paid from Operating period from 01 July, 2025 to 31 December, 2025. Ankündigung • Mar 02
TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026 TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time. Reported Earnings • Mar 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ฿1.50 (up from ฿0.96 in FY 2024). Revenue: ฿21.6b (up 2.1% from FY 2024). Net income: ฿2.92b (up 52% from FY 2024). Profit margin: 14% (up from 9.1% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 14
Price target increased by 7.9% to ฿18.37 Up from ฿17.03, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿15.80. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.27 for next year compared to ฿0.96 last year. Ankündigung • Jan 19
TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2025 Results on Feb 27, 2026 TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2025 results on Feb 27, 2026 New Risk • Jan 05
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 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change). Reported Earnings • Nov 15
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ฿0.35 (up from ฿0.094 in 3Q 2024). Revenue: ฿5.27b (up 3.8% from 3Q 2024). Net income: ฿687.7m (up 266% from 3Q 2024). Profit margin: 13% (up from 3.7% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Ankündigung • Oct 07
TOA Paint (Thailand) Public Company Limited to Report Q3, 2025 Results on Nov 13, 2025 TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2025 results on Nov 13, 2025 Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.34 (vs ฿0.24 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.34 (up from ฿0.24 in 2Q 2024). Revenue: ฿5.37b (flat on 2Q 2024). Net income: ฿651.8m (up 37% from 2Q 2024). Profit margin: 12% (up from 8.8% in 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Ankündigung • Jul 03
TOA Paint (Thailand) Public Company Limited to Report Q2, 2025 Results on Aug 14, 2025 TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2025 results on Aug 14, 2025 Price Target Changed • Jul 03
Price target decreased by 29% to ฿15.03 Down from ฿21.27, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿11.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿0.96 last year. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿11.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 56% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.40 in 1Q 2024) First quarter 2025 results: EPS: ฿0.37 (down from ฿0.40 in 1Q 2024). Revenue: ฿5.42b (flat on 1Q 2024). Net income: ฿733.1m (down 8.8% from 1Q 2024). Profit margin: 14% (down from 15% in 1Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 02
Upcoming dividend of ฿0.27 per share Eligible shareholders must have bought the stock before 09 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.7%). Ankündigung • Apr 25
Toa Paint (Thailand) Public Company Limited Approves Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025 TOA Paint (Thailand) Public Company Limited at its AGM held on April 25, 2025, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half ended December 31, 2024, at the rate of THB 0.27 per share, totaling approximately, THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the record date for shareholders entitled to receive dividends. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to receive the dividend (Record Date) on May 13, 2025, and determined the date of the dividend payment on May 23, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿9.55, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 64% over the past three years. Ankündigung • Mar 06
TOA Paint (Thailand) Public Company Limited Approves the Appointment of Anuchit Anuchitanukul as Independent Director, Effective from May 1, 2025 TOA Paint (Thailand) Public Company Limited at its Board of Directors Meeting held on February 27, 2025, approved the appointment of Dr. Anuchit Anuchitanukul to the position of Director and Independent Director, effective from May 1, 2025 onwards. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿22.6b to ฿21.4b. EPS estimate also fell from ฿1.26 per share to ฿1.12 per share. Net income forecast to grow 18% next year vs 30% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿23.70 to ฿21.52. Share price was steady at ฿11.80 over the past week. Declared Dividend • Mar 01
Final dividend reduced to ฿0.27 Dividend of ฿0.27 is 23% lower than last year. Ex-date: 9th May 2025 Payment date: 23rd May 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Ankündigung • Feb 28
TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025 TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:00 SE Asia Standard Time. Ankündigung • Feb 27
TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025 TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 27, 2025, agreed to propose to the Annual General Meeting of Shareholders to be held on April 25, 2025, the annual dividend payment from the net profit derived from the operational results of the second half of 2024 at the rate of THB 0.27 per share, with the total amount, of approximately THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 13, 2025. The date of dividend payment is determined to be on May 23, 2025. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2024, at the rate of THB 0.33 per share, in the total amount of THB 659.53 million which had been paid on September 13, 2024. Therefore, the total dividend payment from the 2024 operating results will be at the rate of THB 0.60 per share, amounting to approximately THB 1,192.03 million. Ex-dividend date is May 9, 2025. Price Target Changed • Feb 24
Price target decreased by 7.1% to ฿22.77 Down from ฿24.50, the current price target is an average from 6 analysts. New target price is 87% above last closing price of ฿12.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.27 last year. Ankündigung • Jan 31
TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2024 Results on Feb 27, 2025 TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2024 results on Feb 27, 2025 Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿14.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.83 per share. Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿22.0b to ฿21.6b. EPS estimate also fell from ฿1.17 per share to ฿0.98 per share. Net income forecast to grow 24% next year vs 35% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿24.50 to ฿23.70. Share price fell 15% to ฿14.10 over the past week. Ankündigung • Oct 31
TOA Paint (Thailand) Public Company Limited to Report Q3, 2024 Results on Nov 14, 2024 TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2024 results on Nov 14, 2024 Price Target Changed • Sep 12
Price target decreased by 12% to ฿25.83 Down from ฿29.26, the current price target is an average from 6 analysts. New target price is 36% above last closing price of ฿19.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿1.16 for next year compared to ฿1.27 last year. Ankündigung • Aug 17
Toa Paint (Thailand) Public Company Limited Announces Cash Dividend for the Period from 01 January 2024 to 30 June 2024, Payable on 13 September 2024 TOA Paint (Thailand) Public Company Limited announced cash dividend of THB 0.33 per share for the period from 1 January 2024 to 30 June 2024. Scheduled dates are as follows: Ex-dividend date 28 August 2024, Record date 29 August 2024 and Payment date 13 September 2024. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.36 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.24 (down from ฿0.36 in 2Q 2023). Revenue: ฿5.40b (down 1.0% from 2Q 2023). Net income: ฿477.0m (down 36% from 2Q 2023). Profit margin: 8.8% (down from 14% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 12
Price target decreased by 7.4% to ฿30.26 Down from ฿32.69, the current price target is an average from 7 analysts. New target price is 71% above last closing price of ฿17.70. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿1.25 for next year compared to ฿1.27 last year. Ankündigung • Jul 05
TOA Paint (Thailand) Public Company Limited to Report Q2, 2024 Results on Aug 14, 2024 TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2024 results on Aug 14, 2024 Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 4.9% to ฿21.40. The fair value is estimated to be ฿27.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.4%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 7.6% in the next 2 years. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.31 in 1Q 2023) First quarter 2024 results: EPS: ฿0.40 (up from ฿0.31 in 1Q 2023). Revenue: ฿5.43b (down 4.0% from 1Q 2023). Net income: ฿804.0m (up 27% from 1Q 2023). Profit margin: 15% (up from 11% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals 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 10% per year, which means it is significantly lagging earnings. Ankündigung • Apr 30
TOA Paint (Thailand) Public Company Limited Approves Annual Dividend from the Operational Results of the Second Half of 2023, Payable on May 28, 2024 TOA Paint (Thailand) Public Company Limited at its AGM held on April 29, 2024, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half of 2023, at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (Record Date) on May 9, 2024, and determined the date of the dividend payment on May 28, 2024. Ankündigung • Apr 26
TOA Paint (Thailand) Public Company Limited to Report Q1, 2024 Results on May 14, 2024 TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2024 results on May 14, 2024 Ankündigung • Mar 23
TOA Paint (Thailand) Public Company Limited Announces Director and Board Changes TOA Paint (Thailand) Public Company Limited announced at its board meeting held on February 28, 2024 resolved to acknowledge the resignation of Mr. Prachak Tangkaravakoon and Mrs. Laor Tangkaravakoon from their positions of director and the Executive director, effective February 20, 2024 onward. In this regard, the Board of Directors agreed to appoint Mr. Veerasak Kositpaisal as the acting chairman of the Board, effective from now on, until a permanent replacement is chosen. Ankündigung • Mar 01
TOA Paint (Thailand) Public Company Limited Proposes Dividend for the Second Half of 2023, Payable on May 28, 2024 TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 28, 2024, agreed to propose to the Annual General Meeting of Shareholders to consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023. The board of directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023 at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the board of directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 9, 2024 and determined the date of the dividend payment on May 28, 2024. Ankündigung • Feb 29
TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024 TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Agenda: To endorse the Minutes of 2023 Annual General Meeting of Shareholders, convened on April 27, 2023; to acknowledge the report on the operational results for the year 2023 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2023; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2024; to approve the appointment of the auditors and the determination of the audit fee for the year 2024; and to transact other business. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: ฿1.27 (vs ฿0.70 in FY 2022) Full year 2023 results: EPS: ฿1.27 (up from ฿0.70 in FY 2022). Revenue: ฿22.2b (up 7.7% from FY 2022). Net income: ฿2.57b (up 81% from FY 2022). Profit margin: 12% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Chemicals 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 15% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to ฿19.50. The fair value is estimated to be ฿25.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 5.3%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Ankündigung • Feb 20
TOA Paint (Thailand) Public Company Limited Announces Resignation of Directors TOA Paint (Thailand) Public Company Limited announced the resignation of two directors and executive directors, effective February 20, 2024, due to health concerns. The departing individuals are: 1. Mr. Prachak Tangkaravakoon Chairman /Executive Director, 2. Mrs. Laor Tangkaravakoon Vice Chairman /Executive Director. Ankündigung • Jan 17
TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2023 Results on Feb 28, 2024 TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2023 results on Feb 28, 2024 Price Target Changed • Nov 24
Price target decreased by 7.4% to ฿33.19 Down from ฿35.83, the current price target is an average from 7 analysts. New target price is 60% above last closing price of ฿20.80. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿0.70 last year. Price Target Changed • Nov 21
Price target decreased by 8.7% to ฿34.33 Down from ฿37.60, the current price target is an average from 7 analysts. New target price is 53% above last closing price of ฿22.40. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿1.22 for next year compared to ฿0.70 last year. Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ฿0.32 (up from ฿0.17 in 3Q 2022). Revenue: ฿5.38b (up 6.8% from 3Q 2022). Net income: ฿651.2m (up 84% from 3Q 2022). Profit margin: 12% (up from 7.0% in 3Q 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Oct 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ฿26.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 9.9%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 41% in the next 2 years. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.33 per share at 2.5% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.4%). New Risk • Aug 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Aug 16
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: ฿0.37 (up from ฿0.18 in 2Q 2022). Revenue: ฿5.46b (up 4.9% from 2Q 2022). Net income: ฿741.4m (up 102% from 2Q 2022). Profit margin: 14% (up from 7.1% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. New Risk • Jun 20
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 6.3% 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. This is currently the only risk that has been identified for the company. Ankündigung • May 30
TOA Paint (Thailand) Public Company Limited Announces Resignation of Vonnarat Tangkaravakoon as Director and Member of Executive Committee TOA Paint (Thailand) Public Company Limited announced that Mr. Vonnarat Tangkaravakoon, Director and Member of Executive Committee, has sent a resignation letter notifying to resign from such positions due to more individual businesses, effective from May 29, 2023 onwards. Reported Earnings • May 18
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: ฿0.31 (up from ฿0.20 in 1Q 2022). Revenue: ฿5.65b (up 14% from 1Q 2022). Net income: ฿632.5m (up 54% from 1Q 2022). Profit margin: 11% (up from 8.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Ankündigung • May 05
TOA Paint (Thailand) Public Company Limited Announces CFO Changes TOA Paint (Thailand) Public Company Limited announced termination of Taweeporn Patanakitraung as CFO effective from 30 April, 2023. Company appointed Surasak Mandaeng as CFO effective from 02 May, 2023. Upcoming Dividend • May 02
Upcoming dividend of ฿0.25 per share at 1.7% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.0%). Ankündigung • Jan 16
TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2022 Results on Feb 27, 2023 TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2022 results on Feb 27, 2023 Reported Earnings • Nov 18
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ฿0.17 (up from ฿0.13 in 3Q 2021). Revenue: ฿5.04b (up 27% from 3Q 2021). Net income: ฿353.8m (up 32% from 3Q 2021). Profit margin: 7.0% (up from 6.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. 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 9% per year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Ankündigung • Oct 22
TOA Paint (Thailand) Public Company Limited to Report Q3, 2022 Results on Nov 14, 2022 TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2022 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improved over the past week After last week's 15% share price gain to ฿34.00, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Chemicals industry in Thailand. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿21.85 per share. Upcoming Dividend • Aug 22
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio and cash payout ratio are on the higher end at 86% and 92% respectively. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.8%). Reported Earnings • Aug 17
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: ฿0.18 (down from ฿0.27 in 2Q 2021). Revenue: ฿5.20b (up 16% from 2Q 2021). Net income: ฿367.7m (down 32% from 2Q 2021). Profit margin: 7.1% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 5.6% compared to a 2.9% decline forecast for the Chemicals industry in Thailand. 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 8% per year. Ankündigung • Aug 16
TOA Paint (Thailand) Public Company Limited Announces Interim Cash Dividend for the Period from 01 January 2022 to 30 June 2022, Payable on 13 September 2022 TOA Paint (Thailand) Public Company Limited announced interim cash dividend of THB 0.25 per share for the period from 1 January 2022 to 30 June 2022. Scheduled dates are as follows: Ex-dividend date 29 August 2022, Record date 30 August 2022 and Payment date 13 September 2022. Ankündigung • Jul 19
TOA Paint (Thailand) Public Company Limited to Report Q2, 2022 Results on Aug 15, 2022 TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2022 results at 4:45 PM, SE Asia Standard Time on Aug 15, 2022 Buying Opportunity • Jul 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.3%. The fair value is estimated to be ฿33.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 43% in the next 2 years. Ankündigung • Jul 03
TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited. TOA Paint (Thailand) Public Company Limited (SET:TOA) agreed to acquire a 80% stake in Fast-Mix Company Limited from TOA Group Holding Company Limited for THB 81.5 million on May 12, 2022.
TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited on July 1, 2022. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.20 (down from ฿0.33 in 1Q 2021). Revenue: ฿4.97b (up 12% from 1Q 2021). Net income: ฿410.1m (down 39% from 1Q 2021). Profit margin: 8.3% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 5.3%, compared to a 5.7% growth forecast for the industry in Thailand. 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 5% per year. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.2%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be ฿35.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Feb 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.96 (down from ฿1.00 in FY 2020). Revenue: ฿17.6b (up 7.8% from FY 2020). Net income: ฿1.96b (down 3.7% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 5.2%, compared to a 7.2% 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 6% per year, which means it is significantly lagging earnings. Ankündigung • Feb 26
TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022 TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022, at 03:30 Coordinated Universal Time. Agenda: To endorse the Minutes of Extraordinary General Meeting of Shareholders No. 1/2021, convened on December 16, 2021; to acknowledge the report on the operational results for the year 2021 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2021; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2022; and to consider other matters. Ankündigung • Feb 25
TOA Paint (Thailand) Public Company Limited Proposes Annual Dividend Payment for the Second Half of 2021, Payable on May 23, 2022 TOA Paint (Thailand) Public Company Limited announced that Board of Directors Meeting held on February 24, 2022, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2021 at the rate of THB 0.19 per share, totaling THB 385.51 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 6, 2022 and determined the date of the dividend payment on May 23, 2022. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.26 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.98b (down 1.0% from 3Q 2020). Net income: ฿268.2m (down 49% from 3Q 2020). Profit margin: 6.7% (down from 13% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. 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 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 20
Upcoming dividend of ฿0.31 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.0%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS ฿0.27 (vs ฿0.29 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: ฿4.50b (up 12% from 2Q 2020). Net income: ฿544.1m (down 8.2% from 2Q 2020). Profit margin: 12% (down from 15% 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 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • May 28
Price target increased to ฿39.70 Up from ฿35.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿38.00. Stock is up 7.8% over the past year. Reported Earnings • May 18
First quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿4.42b (up 7.8% from 1Q 2020). Net income: ฿670.3m (up 59% from 1Q 2020). Profit margin: 15% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.26 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 21 May 2021. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.8%). Major Estimate Revision • Mar 04
Analysts lower EPS estimates to ฿1.04 The 2021 consensus revenue estimate was lowered from ฿17.4b to ฿17.2b. Earning per share (EPS) estimate was also lowered from ฿1.16 to ฿1.04 for the same period. Net income is expected to grow by 4.1% next year compared to 45% growth forecast for the Chemicals industry in Thailand. The consensus price target was lowered from ฿38.08 to ฿37.42. Share price is up 1.6% to ฿31.75 over the past week. Is New 90 Day High Low • Mar 01
New 90-day low: ฿30.25 The company is down 16% from its price of ฿36.00 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.49 per share. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS ฿1.00 (vs ฿1.07 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿16.3b (down 4.6% from FY 2019). Net income: ฿2.03b (down 6.1% from FY 2019). Profit margin: 13% (in line with FY 2019). 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. Analyst Estimate Surprise Post Earnings • Feb 27
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.08%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is forecast to grow 5.9%, compared to a 11% growth forecast for the Chemicals industry in Thailand. Ankündigung • Feb 26
TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021 TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021, at 10:30 Singapore Standard Time. Location: Royal Maneeya A, M Floor, Renaissance Bangkok Ratchaprasong Hotel 518/8 Ploenchit Road, Lumpini, Pathumwan Bangkok Thailand Agenda: To endorse the minutes of 2020 annual general meeting of shareholders, convened on august 7, 2020; to acknowledge the report on the operational results for the year 2020 prepared by the board of directors; to approve the audited consolidated financial statements of the company and its subsidiaries for the accounting period ended December 31, 2020; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2021; to approve the appointment of the auditors and the determination of the audit fee for the year 2021; and to consider other matters (if any). Is New 90 Day High Low • Feb 02
New 90-day low: ฿31.75 The company is down 5.0% from its price of ฿33.50 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.65 per share. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.26 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿4.02b (down 1.0% from 3Q 2019). Net income: ฿523.6m (down 3.5% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 2.7%, compared to a 9.6% growth forecast for the Chemicals industry in Thailand. Is New 90 Day High Low • Oct 16
New 90-day low: ฿33.75 The company is down 15% from its price of ฿39.75 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.95 per share.