Reported Earnings • Mar 08
Full year 2025 earnings released: ฿0.25 loss per share (vs ฿0.72 loss in FY 2024) Full year 2025 results: ฿0.25 loss per share (improved from ฿0.72 loss in FY 2024). Revenue: ฿588.4m (down 15% from FY 2024). Net loss: ฿58.0m (loss narrowed 65% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Anuncio • Feb 24
Delta Paint Public Company Limited, Annual General Meeting, Apr 01, 2026 Delta Paint Public Company Limited, Annual General Meeting, Apr 01, 2026, at 13:00 SE Asia Standard Time. Reported Earnings • Nov 16
Third quarter 2025 earnings released: ฿0.15 loss per share (vs ฿0.19 loss in 3Q 2024) Third quarter 2025 results: ฿0.15 loss per share (improved from ฿0.19 loss in 3Q 2024). Revenue: ฿118.6m (down 22% from 3Q 2024). Net loss: ฿33.5m (loss narrowed 24% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Anuncio • Aug 21
Athapon Tangkaravakoon, Ronnarit Tangkaravakoon and Wanupan Tangkaravakoon acquired 26.09% stake in Delta Paint Public Company Limited (SET:DPAINT). Athapon Tangkaravakoon, Ronnarit Tangkaravakoon and Wanupan Tangkaravakoon acquired 26.09% stake in Delta Paint Public Company Limited (SET:DPAINT) on August 19, 2025.
Athapon Tangkaravakoon, Ronnarit Tangkaravakoon and Wanupan Tangkaravakoon completed the acquisition of 26.09% stake in Delta Paint Public Company Limited (SET:DPAINT) on August 19, 2025. Reported Earnings • Aug 20
Second quarter 2025 earnings released: ฿0.058 loss per share (vs ฿0.18 loss in 2Q 2024) Second quarter 2025 results: ฿0.058 loss per share (improved from ฿0.18 loss in 2Q 2024). Revenue: ฿155.8m (down 12% from 2Q 2024). Net loss: ฿13.3m (loss narrowed 68% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. New Risk • Jul 30
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 11% 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 Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 72% per year over the past 5 years. Market cap is less than US$10m (฿188.6m market cap, or US$5.80m). Reported Earnings • Mar 02
Full year 2024 earnings released: ฿0.72 loss per share (vs ฿0.06 profit in FY 2023) Full year 2024 results: ฿0.72 loss per share (down from ฿0.06 profit in FY 2023). Revenue: ฿692.8m (down 32% from FY 2023). Net loss: ฿165.0m (down ฿178.7m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Anuncio • Mar 01
Delta Paint Public Company Limited, Annual General Meeting, Apr 04, 2025 Delta Paint Public Company Limited, Annual General Meeting, Apr 04, 2025, at 13:00 SE Asia Standard Time. Anuncio • Jan 13
Delta Paint Public Company Limited Announces Chief Accountant Changes Delta Paint Public Company Limited announces Changing of Chief Accountant. Mrs. Kanjanaporn Kongcharoen: Position of Chief Accountant: Vice President Accounting Departments. Effective Date of Termination 31 August 2024. Mrs. Kanjanaporn Kongcharoen (Sentinel): Position of Chief Accountant: Accounting supervisor. Effective Date of Appointment: 01 September 2024. New Risk • Nov 28
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 11% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (11% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (฿273.7m market cap, or US$7.95m). New Risk • Nov 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿322.0m (US$9.33m) This is considered a major risk. Companies with a small market capitalization 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (฿322.0m market cap, or US$9.33m). Minor Risk Share price has been volatile over the past 3 months (9.7% average weekly change). Buy Or Sell Opportunity • Oct 04
Now 22% undervalued Over the last 90 days, the stock has risen 13% to ฿1.93. The fair value is estimated to be ฿2.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 15
Second quarter 2024 earnings released: ฿0.18 loss per share (vs ฿0.029 profit in 2Q 2023) Second quarter 2024 results: ฿0.18 loss per share (down from ฿0.029 profit in 2Q 2023). Revenue: ฿176.4m (down 29% from 2Q 2023). Net loss: ฿41.0m (down ฿47.7m from profit in 2Q 2023). Anuncio • Aug 15
Delta Paint Public Company Limited Announces Resignation of Kanjanaporn Kongcharoen as Director, Effective 31 August 2024 Delta Paint Public Company Limited informed that Mrs. Kanjanaporn Kongcharoen resigned from the Director and Account Supervisor of the Company due to her personal mission which would lead to her incapacity to perform the duties to the fullest. This resignation is effective from 31 August 2024 onwards. New Risk • Jul 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ฿354.2m (US$9.80m) This is considered a major risk. Companies with a small market capitalization 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Market cap is less than US$10m (฿354.2m market cap, or US$9.80m). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Buy Or Sell Opportunity • Jul 23
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ฿1.61. The fair value is estimated to be ฿2.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jul 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to ฿1.71. The fair value is estimated to be ฿2.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿404.8m market cap, or US$11.1m). New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 107% Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (฿464.6m market cap, or US$12.8m). Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿2.02, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Chemicals industry in Thailand. Total loss to shareholders of 65% over the past year. Anuncio • May 16
Delta Paint Public Company Limited Informs Resignation of Surakiat Wongwasin as Director Delta Paint Public Company Limited informed that Mr. Surakiat Wongwasin resigned from the Director (Independent Director) and Chairman of the Board of Director of the Company due to personal mission which would lead to his incapacity to perform the duties to the fullest. This resignation is effective from 16 May 2024 onward. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿2.48, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Chemicals industry in Thailand. Total loss to shareholders of 75% over the past year. Reported Earnings • Mar 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ฿0.06 (down from ฿0.24 in FY 2022). Revenue: ฿1.02b (up 13% from FY 2022). Net income: ฿13.7m (down 75% from FY 2022). Profit margin: 1.3% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 73%. Anuncio • Mar 02
Delta Paint Public Company Limited, Annual General Meeting, Apr 25, 2024 Delta Paint Public Company Limited, Annual General Meeting, Apr 25, 2024, at 13:00 SE Asia Standard Time. Agenda: To consider and approve the consolidated financial statements for the year ended 31 December 2023;To consider and approve the non-payment of dividend in respect of the Company's operating results of the year of 2023;To consider and approve the determination of the director's remuneration for the year 2024; and to discuss other matters. Anuncio • Mar 01
Delta Paint Public Company Limited Announces Omit Dividend Payment for the Operating Period from 1 January 2023 to 31 December 2023 Delta Paint Public Company Limited announced omitted dividend payment for the operating period from 1 January 2023 to 31 December 2023. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿3.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Chemicals industry in Asia. Total loss to shareholders of 63% over the past year. Reported Earnings • Nov 17
Third quarter 2023 earnings released: ฿0.02 loss per share (vs ฿0.065 profit in 3Q 2022) Third quarter 2023 results: ฿0.02 loss per share (down from ฿0.065 profit in 3Q 2022). Revenue: ฿237.0m (up 8.3% from 3Q 2022). Net loss: ฿4.94m (down 133% from profit in 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. New Risk • Aug 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.4% average weekly change). High level of non-cash earnings (20% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿1.24b market cap, or US$35.1m). New Risk • Aug 17
New major 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 8.4% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (฿1.21b market cap, or US$34.0m). Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ฿0.03 (down from ฿0.056 in 2Q 2022). Revenue: ฿247.7m (up 17% from 2Q 2022). Net income: ฿6.71m (down 48% from 2Q 2022). Profit margin: 2.7% (down from 6.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Chemicals industry in Thailand. Reported Earnings • May 20
First quarter 2023 earnings released: EPS: ฿0.07 (vs ฿0.047 in 1Q 2022) First quarter 2023 results: EPS: ฿0.07 (up from ฿0.047 in 1Q 2022). Revenue: ฿260.3m (up 19% from 1Q 2022). Net income: ฿16.2m (up 48% from 1Q 2022). Profit margin: 6.2% (up from 5.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Anuncio • May 05
Delta Paint Public Company Limited Appoints Supoch Sangannam as A Member of the Audit Committee Delta Paint Public Company Limited appointed Mr. Supoch Sangannam as a Member of the Audit committee of the Company. Starting from April 26, 2023, the Audit Committee is consisted of: Chairman of the Audit Committee, Mr. Parnkorn Kirativarasedt, remaining term in office 2 year. Member of the Audit Committee, Ms. Napaporn Wongnoppharatlert, remaining term in office 3 year. Member of the Audit Committee, Mr. Supoch Sangannam, remaining term in office 3 year. Secretary of the Audit Committee, Ms. Siripaporn Wongjon. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿6.25, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Chemicals industry in Thailand. Total loss to shareholders of 26% over the past year. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ฿7.90, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 16x in the Chemicals industry in Thailand. Negligible returns to shareholders over past year. Reported Earnings • Nov 20
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ฿0.065 (up from ฿0.055 in 3Q 2021). Revenue: ฿218.8m (up 33% from 3Q 2021). Net income: ฿15.0m (up 55% from 3Q 2021). Profit margin: 6.9% (up from 5.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 1.1% decline forecast for the Chemicals industry in Thailand. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improved over the past week After last week's 25% share price gain to ฿11.40, the stock trades at a trailing P/E ratio of 60.6x. Average trailing P/E is 15x in the Chemicals industry in Thailand. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 23% share price gain to ฿9.30, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 18x in the Chemicals industry in Thailand. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: ฿0.056 (vs ฿0.068 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.056. Revenue: ฿212.5m (up 7.7% from 2Q 2021). Net income: ฿12.8m (up 7.1% from 2Q 2021). Profit margin: 6.0% (in line with 2Q 2021). Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ฿0.047 (down from ฿0.093 in 1Q 2021). Revenue: ฿218.1m (up 13% from 1Q 2021). Net income: ฿10.9m (down 34% from 1Q 2021). Profit margin: 5.0% (down from 8.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿0.28 (down from ฿0.36 in FY 2020). Revenue: ฿760.5m (up 36% from FY 2020). Net income: ฿52.6m (up 23% from FY 2020). Profit margin: 6.9% (down from 7.7% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Over the next year, revenue is forecast to grow 8.7%, compared to a 6.2% growth forecast for the industry in Thailand. Buying Opportunity • Feb 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be ฿11.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% per annum over the last 3 years. Earnings per share has grown by 19% per annum over the last 3 years.