New Risk • May 21
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ฿117m (US$3.6m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 38% per year over the past 5 years. Minor Risks Revenue is less than US$5m (฿117m revenue, or US$3.6m). Market cap is less than US$100m (฿369.6m market cap, or US$11.3m). Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿0.008 (vs ฿0.046 in FY 2024) Full year 2025 results: EPS: ฿0.008 (down from ฿0.046 in FY 2024). Revenue: ฿230.2m (down 54% from FY 2024). Net income: ฿1.84m (down 83% from FY 2024). Profit margin: 0.8% (down from 2.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Anuncio • Feb 20
T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 24, 2026 T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 24, 2026, at 14:00 SE Asia Standard Time. Anuncio • Jan 23
T.R.V. Rubber Products Public Company Limited Announces Resignation of Sarun Nimitrath as Independent Director, Audit Committee Member, and Chairman of Investment Committee Positions, Effective January 16, 2026 T.R.V. Rubber Products Public Company Limited announced that Mr. Sarun Nimitrath resigned from his positions as Independent Director, Audit Committee member, and Chairman of the Investment Committee, effective January 16, 2026. He resigned due to personal reasons before the term expired. Buy Or Sell Opportunity • Nov 19
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ฿1.57. The fair value is estimated to be ฿2.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 87%. Reported Earnings • Nov 14
Third quarter 2025 earnings released: ฿0.006 loss per share (vs ฿0.003 loss in 3Q 2024) Third quarter 2025 results: ฿0.006 loss per share (further deteriorated from ฿0.003 loss in 3Q 2024). Revenue: ฿27.4m (down 12% from 3Q 2024). Net loss: ฿1.32m (loss widened 93% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.002 (vs ฿0.017 loss in 2Q 2024) Second quarter 2025 results: EPS: ฿0.002 (up from ฿0.017 loss in 2Q 2024). Revenue: ฿31.1m (down 5.0% from 2Q 2024). Net income: ฿402.0k (up ฿4.55m from 2Q 2024). Profit margin: 1.3% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. New Risk • May 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 14% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (฿288.0m market cap, or US$8.83m). Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.016 (vs ฿0.072 in 1Q 2024) First quarter 2025 results: EPS: ฿0.016 (down from ฿0.072 in 1Q 2024). Revenue: ฿142.3m (down 65% from 1Q 2024). Net income: ฿3.73m (down 78% from 1Q 2024). Profit margin: 2.6% (down from 4.3% 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 52% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. New Risk • Apr 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (฿384.0m market cap, or US$11.6m). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿1.52, the stock trades at a trailing P/E ratio of 32.9x. Average trailing P/E is 9x in the Auto Components industry in Thailand. Total loss to shareholders of 51% over the past three years. Reported Earnings • Feb 23
Full year 2024 earnings released: EPS: ฿0.046 (vs ฿0.047 in FY 2023) Full year 2024 results: EPS: ฿0.046. Revenue: ฿495.3m (up 197% from FY 2023). Net income: ฿11.1m (up 2.9% from FY 2023). Profit margin: 2.2% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Anuncio • Feb 22
T.R.V. Rubber Products Public Company Limited Announces Audit Committee Appointments, Effective 22 February 2025 T.R.V. Rubber Products Public Company Limited announced appointment of Mr. CHANAPHAN PIRIYAPHAN as Chairman of the Audit Committee and appointment of Mr. SARUN NIMITRATH to the Audit Committee. Effective Date is 22 February 2025. The Audit Committee is consisted of: Chairman of the Audit Committee- Mr. CHANAPHAN PIRIYAPHAN; AUDIT COMMITTEE- Mr. RAJ TANTA-NANTA and AUDIT COMMITTEE- Mr. SARUN NIMITRATH. Anuncio • Feb 21
T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 25, 2025 T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 25, 2025, at 10:00 SE Asia Standard Time. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ฿2.30, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 11x in the Auto Components industry in Thailand. Total loss to shareholders of 30% over the past year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.017 loss per share (vs ฿0.011 profit in 2Q 2023) Second quarter 2024 results: ฿0.017 loss per share (down from ฿0.011 profit in 2Q 2023). Revenue: ฿32.7m (down 19% from 2Q 2023). Net loss: ฿4.15m (down 272% from profit in 2Q 2023). Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿2.30, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 11x in the Auto Components industry in Thailand. Total loss to shareholders of 40% over the past year. Buy Or Sell Opportunity • Jun 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to ฿2.32. The fair value is estimated to be ฿3.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has declined by 14%. New Risk • Jun 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 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (102% accrual ratio). 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 (7.8% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (฿744.0m market cap, or US$20.3m). Anuncio • Jun 05
T.R.V. Rubber Products Public Company Limited Announces the Termination of Sudarat Sutham as Chief Financial Officer T.R.V. Rubber Products Public Company Limited announced the termination of Mrs. Sudarat Sutham as Chief Financial Officer, effective from June 01, 2024. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿2.42, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 12x in the Auto Components industry in Thailand. Total loss to shareholders of 38% over the past year. Board Change • May 23
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. 5 non-independent directors. Independent Director Chanaphan Piriyaphan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.072 (vs ฿0.02 in 1Q 2023) First quarter 2024 results: EPS: ฿0.072 (up from ฿0.02 in 1Q 2023). Revenue: ฿402.4m (up ฿355.0m from 1Q 2023). Net income: ฿17.3m (up 280% from 1Q 2023). Profit margin: 4.3% (down from 9.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Anuncio • May 15
T.R.V. Rubber Products Public Company Limited Appoints Kannika Phaewatthanalert as Director, Effective May 15, 2024 T.R.V. Rubber Products Public Company Limited announced that Board of Directors' meeting held on May 14, 2024 passed the resolutions to appoint the new director in replacement of the resigned directors as follows: to appoint Miss Kannika Phaewatthanalert to the position of Director. The appointment of which shall take an effect as of May 15, 2024 onwards. Anuncio • May 11
T.R.V. Rubber Products Public Company Limited Announces Resignation of Nopporn Witoonchart as Directors T.R.V. Rubber Products Public Company Limited announced that Mr. Nopporn Witoonchart has resigned from the position as Directors of the company due to other missions, unable to perform duties. His resignation is effective from May 7, 2024 onwards. Board Change • May 03
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. 5 non-independent directors. Independent Director Chanaphan Piriyaphan was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Anuncio • Apr 27
T.R.V. Rubber Products Public Company Limited Appoints Krishna Boonyachai, as Directors T.R.V. Rubber Products Public Company Limited notified that at the 2024 Annual General Meeting of Shareholders held on April 26, 2024, Approved the appointment of Mr. Krishna Boonyachai, to be directors of the Company for another period. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿0.05 (vs ฿0.24 in FY 2022) Full year 2023 results: EPS: ฿0.05 (down from ฿0.24 in FY 2022). Revenue: ฿167.0m (down 3.8% from FY 2022). Net income: ฿10.8m (down 79% from FY 2022). Profit margin: 6.4% (down from 29% in FY 2022). The decrease in margin was primarily driven by higher expenses. Anuncio • Feb 24
T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 26, 2024 T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 26, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the Minutes of the 2023 AGM of Shareholders; To acknowledge the Company's operating results for the year 2023; To acknowledge the amendment in the purpose of funds utilization acquired through private placement; To consider and approve the Company's financial statement for the fiscal year ended December 31, 2023; To consider and approve the allocation of net profit as legal reserve and the omission of dividend payment for the year 2023. Anuncio • Nov 15
T.R.V. Rubber Products Public Company Limited Approves the Appointment of Prasert Ruengleardsatitkul as Company Secretary and Secretary of Sub-Committees T.R.V. Rubber Products Public Company Limited at the Board of Directors Meeting held on 13 November 2023, approved the appointment of Mr. Prasert Ruengleardsatitkul to take the positions Company Secretary and Secretary of Sub-committees, effective from 14 November 2023. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.006 (vs ฿0.18 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.006 (down from ฿0.18 in 3Q 2022). Revenue: ฿42.5m (down 1.4% from 3Q 2022). Net income: ฿1.47m (down 96% from 3Q 2022). Profit margin: 3.5% (down from 86% in 3Q 2022). New Risk • Nov 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (14% increase in shares outstanding). Revenue is less than US$5m (฿169m revenue, or US$4.7m). Market cap is less than US$100m (฿801.6m market cap, or US$22.2m). Anuncio • Sep 09
T.R.V. Rubber Products Public Company Limited Announces Resignation of Ms. Supachaya Pansaeng from the Position of Company Secretary T.R.V. Rubber Products Public Company Limited ("the Company") announced that Ms. Supachaya Pansaeng has resigned from the position of Company Secretary, effective from September 9, 2023 onwards. Furthermore, the Company is in the process of nominating the Company Secretary who will be notified by the Stock Exchange of Thailand once the Board of Directors has resolved to appoint the Company Secretary. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.03 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.01 (down from ฿0.03 in 2Q 2022). Revenue: ฿40.6m (down 11% from 2Q 2022). Net income: ฿2.41m (down 62% from 2Q 2022). Profit margin: 5.9% (down from 14% in 2Q 2022). New Risk • Jun 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Large one-off items impacting financial results. Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (฿964.8m market cap, or US$27.9m). Anuncio • Jun 08
T.R.V. Rubber Products Public Company Limited announced that it has received THB 120 million in funding On June 7, 2023, T.R.V. Rubber Products Public Company Limited closed the transaction. The company announced that it has issued 30,000,000 common shares at an issue price of THB 4 per share for gross proceeds of not exceeding THB 120,000,000 in the transaction. The transaction has included participation from new individual investor, Mr. Vorapote Amnueypol. The transaction has been approved by the board of directors of the company. Anuncio • Dec 17
T.R.V. Rubber Products Public Company Limited Announces Changes in Committee T.R.V. Rubber Products Public Company Limited announced following changes Chairman of the audit committee Mr. Krishna Boonyachai which shall take an effect as of December 14, 2022. Member of the audit committee Mr. Raj Tanta-nanta. Anuncio • Dec 13
T.R.V. Rubber Products Public Company Limited Announces the Resignation of Weerasil Sattayapakdeewong as Independent Director, Chairman of the Audit Committee and Nomination and Remuneration Committee T.R.V. Rubber Products Public Company Limited announced that Mr. Weerasil Sattayapakdeewong has resigned from the position of independent director, chairman of the Audit Committee and Nomination and Remuneration Committee due to other missions, unable to perform duties fully. His resignation is effective from December 12, 2022 onwards. The company will hold a Board of Directors meeting for consideration appointment of independentdirector, chairman of the Audit Committee and member of the Nomination and Remuneration Committee to replace the vacancy and inform to The Stock Exchange of Thailand in due course. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: ฿0.18 (vs ฿0.04 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.18 (up from ฿0.04 in 3Q 2021). Revenue: ฿43.1m (up 5.2% from 3Q 2021). Net income: ฿37.0m (up 493% from 3Q 2021). Profit margin: 86% (up from 15% in 3Q 2021). The increase in margin was primarily driven by lower expenses. Anuncio • Nov 18
T.R.V. Rubber Products Public Company Limited Announces Resignation of Akaphan Amatyakul as Director T.R.V. Rubber Products Public Company Limited informed that Mr. Akaphan Amatyakul has resigned from the position as Director of the company. His resignation is effective from November 17, 2022 onwards. The Nomination and Compensation Committee will consider a new director to replace the vacancy and inform to The Stock Exchange of Thailand in due course. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Sep 13
T.R.V. Rubber Products Public Company Limited Announces Interim Dividend Payment from Unappropriated Retained Earnings for Operating Performance Up to the Six-Month Period Ended June 30, 2022, Payable on October 11, 2022 T.R.V. Rubber Products Public Company Limited announced interim dividend of THB 0.17 per share from unappropriated retained earnings for operating performance up to the six-month period ended June 30, 2022. Record date for the right to receive dividends is September 27, 2022, Ex-dividend date is September 26, 2022. Payment date is October 11, 2022. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.055 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.03 (down from ฿0.055 in 2Q 2021). Revenue: ฿45.5m (down 5.9% from 2Q 2021). Net income: ฿6.28m (down 27% from 2Q 2021). Profit margin: 14% (down from 18% in 2Q 2021). The decrease in margin was driven by lower revenue. Anuncio • Jul 12
T.R.V. Rubber Products Public Company Limited (SET:TRV) agreed to acquire a 99.98% stake in Top Treat Co., Ltd. from Nuttanon Setthavoravichit for THB 19 million. T.R.V. Rubber Products Public Company Limited (SET:TRV) agreed to acquire a 99.98% stake in Top Treat Co., Ltd. from Nuttanon Setthavoravichit for THB 19 million on July 9, 2022. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 20% share price gain to ฿3.08, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 16x in the Auto Components industry in Thailand. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿0.03 (vs ฿0.055 in 1Q 2021) First quarter 2022 results: EPS: ฿0.03 (down from ฿0.055 in 1Q 2021). Revenue: ฿47.0m (down 2.8% from 1Q 2021). Net income: ฿5.98m (down 30% from 1Q 2021). Profit margin: 13% (down from 18% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Anuncio • Apr 02
T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 22, 2022 T.R.V. Rubber Products Public Company Limited, Annual General Meeting, Apr 22, 2022, at 15:00 Singapore Standard Time. Location: 40,88/8-9 Soi Ekachai 76 Yak 1-3-1, Khlong Bang Phran, Bangbon Bangkok Thailand Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 16% share price gain to ฿3.64, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 16x in the Auto Components industry in Thailand. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿0.15 (up from ฿0.14 in FY 2020). Revenue: ฿177.6m (up 11% from FY 2020). Net income: ฿24.2m (up 14% from FY 2020). Profit margin: 14% (in line with FY 2020). Revenue was in line with analyst estimates. Anuncio • Dec 03
T.R.V. Rubber Products Public Company Limited has completed an IPO in the amount of THB 125.4995 million. T.R.V. Rubber Products Public Company Limited has completed an IPO in the amount of THB 125.4995 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 54,565,000
Price\Range: THB 2.3
Transaction Features: Reserved Share Offering Board Change • Dec 03
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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 