View Future GrowthThai Plaspac 過去の業績過去 基準チェック /56Thai Plaspacは、平均年間17.6%の収益成長を遂げていますが、 Packaging業界の収益は、年間 成長しています。収益は、平均年間4.3% 7.7%収益成長率で 成長しています。 Thai Plaspacの自己資本利益率は16.3%であり、純利益率は7.2%です。主要情報17.59%収益成長率17.59%EPS成長率Packaging 業界の成長0.64%収益成長率7.75%株主資本利益率16.33%ネット・マージン7.24%前回の決算情報31 Mar 2026最近の業績更新Reported Earnings • May 11First quarter 2026 earnings released: EPS: ฿0.43 (vs ฿0.37 in 1Q 2025)First quarter 2026 results: EPS: ฿0.43 (up from ฿0.37 in 1Q 2025). Revenue: ฿1.82b (flat on 1Q 2025). Net income: ฿141.4m (up 17% from 1Q 2025). Profit margin: 7.8% (up from 6.6% in 1Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 04Full year 2025 earnings released: EPS: ฿1.46 (vs ฿1.27 in FY 2024)Full year 2025 results: EPS: ฿1.46 (up from ฿1.27 in FY 2024). Revenue: ฿6.89b (down 5.6% from FY 2024). Net income: ฿477.0m (up 15% from FY 2024). Profit margin: 6.9% (up from 5.7% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.30 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.37 (up from ฿0.30 in 3Q 2024). Revenue: ฿1.69b (down 7.5% from 3Q 2024). Net income: ฿121.3m (up 22% from 3Q 2024). Profit margin: 7.2% (up from 5.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 19% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿1.69b (down 9.3% from 2Q 2024). Net income: ฿88.3m (down 19% from 2Q 2024). Profit margin: 5.2% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Packaging industry in Asia. 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 14% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿1.27 (down from ฿1.50 in FY 2023). Revenue: ฿7.30b (up 5.9% from FY 2023). Net income: ฿414.1m (down 16% from FY 2023). Profit margin: 5.7% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.Reported Earnings • Nov 12Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.44 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.30 (down from ฿0.44 in 3Q 2023). Revenue: ฿1.83b (up 6.2% from 3Q 2023). Net income: ฿99.2m (down 31% from 3Q 2023). Profit margin: 5.4% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.すべての更新を表示Recent updatesReported Earnings • May 11First quarter 2026 earnings released: EPS: ฿0.43 (vs ฿0.37 in 1Q 2025)First quarter 2026 results: EPS: ฿0.43 (up from ฿0.37 in 1Q 2025). Revenue: ฿1.82b (flat on 1Q 2025). Net income: ฿141.4m (up 17% from 1Q 2025). Profit margin: 7.8% (up from 6.6% in 1Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.Upcoming Dividend • May 01Upcoming dividend of ฿0.44 per shareEligible shareholders must have bought the stock before 08 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.6%).Reported Earnings • Mar 04Full year 2025 earnings released: EPS: ฿1.46 (vs ฿1.27 in FY 2024)Full year 2025 results: EPS: ฿1.46 (up from ฿1.27 in FY 2024). Revenue: ฿6.89b (down 5.6% from FY 2024). Net income: ฿477.0m (up 15% from FY 2024). Profit margin: 6.9% (up from 5.7% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.Declared Dividend • Mar 04Dividend increased to ฿0.44Dividend of ฿0.44 is 15% higher than last year. Ex-date: 8th May 2026 Payment date: 27th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.お知らせ • Mar 03Thai Plaspac Public Company Limited announces Annual dividend, payable on May 27, 2026Thai Plaspac Public Company Limited announced Annual dividend of THB 0.4380 per share payable on May 27, 2026, ex-date on May 08, 2026 and record date on May 11, 2026.お知らせ • Mar 02Thai Plaspac Public Company Limited, Annual General Meeting, Apr 30, 2026Thai Plaspac Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time.Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.30 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.37 (up from ฿0.30 in 3Q 2024). Revenue: ฿1.69b (down 7.5% from 3Q 2024). Net income: ฿121.3m (up 22% from 3Q 2024). Profit margin: 7.2% (up from 5.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 19% per year, which means it is significantly lagging earnings.Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿1.69b (down 9.3% from 2Q 2024). Net income: ฿88.3m (down 19% from 2Q 2024). Profit margin: 5.2% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Packaging industry in Asia. 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 14% per year, which means it is significantly lagging earnings.Upcoming Dividend • May 01Upcoming dividend of ฿0.38 per shareEligible shareholders must have bought the stock before 08 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (4.8%).Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿1.27 (down from ฿1.50 in FY 2023). Revenue: ฿7.30b (up 5.9% from FY 2023). Net income: ฿414.1m (down 16% from FY 2023). Profit margin: 5.7% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.お知らせ • Mar 01+ 1 more updateThai Plaspac Public Company Limited Proposes Cash Dividend for the Operating Period from 01 Jan. 2024 to 31 Dec. 2024, Payable on 23 May 2025Thai Plaspac Public Company Limited proposed cash dividend payment of THB 0.38 per share for Common shareholders or THB 124,089,000 for the Operating period from 01 Jan. 2024 to 31 Dec. 2024 to the Annual General Meeting of Shareholders to be held on 30 Apr. 2025, at Date of Board resolution on 28 Feb. 2025. Record date for the right to receive dividends 09 May 2025. Ex-dividend date 08 May 2025. Payment date 23 May 2025.お知らせ • Dec 05Thai Plaspac Public Company Limited NVDR SHARES Depositary Receipts to Be Deleted from OTC EquityThai Plaspac Public Company Limited NVDR SHARES Depositary Receipts will be deleted from OTC Equity effective December 04, 2024, due to Inactive Security.Reported Earnings • Nov 12Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.44 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.30 (down from ฿0.44 in 3Q 2023). Revenue: ฿1.83b (up 6.2% from 3Q 2023). Net income: ฿99.2m (down 31% from 3Q 2023). Profit margin: 5.4% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.New Risk • Nov 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: ฿3.36b (US$99.8m) This is considered a minor 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: Minor Risks High level of debt (95% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.36b market cap, or US$99.8m).Reported Earnings • Aug 10Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: ฿0.33 (down from ฿0.35 in 2Q 2023). Revenue: ฿1.86b (up 12% from 2Q 2023). Net income: ฿108.7m (down 4.9% from 2Q 2023). Profit margin: 5.8% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • Jun 28Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿11.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.29 per share.Reported Earnings • May 12First quarter 2024 earnings released: EPS: ฿0.42 (vs ฿0.42 in 1Q 2023)First quarter 2024 results: EPS: ฿0.42 (down from ฿0.42 in 1Q 2023). Revenue: ฿1.86b (up 4.7% from 1Q 2023). Net income: ฿136.4m (down 1.7% from 1Q 2023). Profit margin: 7.3% (down from 7.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.Upcoming Dividend • May 02Upcoming dividend of ฿0.45 per shareEligible shareholders must have bought the stock before 09 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.6%).Declared Dividend • Mar 22Dividend increased to ฿0.45Dividend of ฿0.45 is 54% higher than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover.Valuation Update With 7 Day Price Move • Mar 01Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿15.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿27.27 per share.Reported Earnings • Feb 24Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: ฿1.50 (up from ฿0.98 in FY 2022). Revenue: ฿6.89b (down 2.6% from FY 2022). Net income: ฿490.2m (up 54% from FY 2022). Profit margin: 7.1% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 30% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.お知らせ • Feb 24+ 1 more updateThai Plaspac Public Company Limited, Annual General Meeting, Apr 29, 2024Thai Plaspac Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the audited consolidated financial statements of the Company and its subsidiaries for the year ended 31 December 2023; to consider and approve the allocation of profit from the operating results for the year ended 31 December 2023, as statutory reserve and as dividend payment; to consider and approve the election of directors to replace those who retire by rotation; to consider and approve the remuneration of directors for the year ended 31 December 2024; and to consider other matters.Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿0.44 (vs ฿0.24 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.44 (up from ฿0.24 in 3Q 2022). Revenue: ฿1.72b (down 6.7% from 3Q 2022). Net income: ฿143.3m (up 82% from 3Q 2022). Profit margin: 8.3% (up from 4.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Buying Opportunity • Oct 26Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 24%. The fair value is estimated to be ฿17.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 42% in the next 2 years.Reported Earnings • Aug 12Second quarter 2023 earnings released: EPS: ฿0.35 (vs ฿0.14 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.35 (up from ฿0.14 in 2Q 2022). Revenue: ฿1.66b (down 8.6% from 2Q 2022). Net income: ฿114.3m (up 151% from 2Q 2022). Profit margin: 6.9% (up from 2.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year.Reported Earnings • May 18First quarter 2023 earnings released: EPS: ฿0.43 (vs ฿0.27 in 1Q 2022)First quarter 2023 results: EPS: ฿0.43 (up from ฿0.27 in 1Q 2022). Revenue: ฿1.78b (up 8.1% from 1Q 2022). Net income: ฿138.9m (up 57% from 1Q 2022). Profit margin: 7.8% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth.Upcoming Dividend • May 02Upcoming dividend of ฿0.29 per share at 2.0% yieldEligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (2.4%).Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Kittiphat Suthisamphat was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Aug 16Second quarter 2022 earnings released: EPS: ฿0.14 (vs ฿0.16 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.14 (down from ฿0.16 in 2Q 2021). Revenue: ฿1.82b (up 58% from 2Q 2021). Net income: ฿45.5m (down 10% from 2Q 2021). Profit margin: 2.5% (down from 4.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.5%, compared to a 7.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.Reported Earnings • May 16First quarter 2022 earnings: Revenues exceed analyst expectationsFirst quarter 2022 results: Revenue: ฿1.64b (up 49% from 1Q 2021). Net income: ฿88.3m (up ฿108.4m from 1Q 2021). Profit margin: 5.4% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 13%, compared to a 9.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • May 02Upcoming dividend of ฿0.14 per shareEligible shareholders must have bought the stock before 09 May 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (2.3%).Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Kittiphat Suthisamphat was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Mar 02Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: ฿0.47 (down from ฿0.99 in FY 2020). Revenue: ฿5.25b (up 30% from FY 2020). Net income: ฿152.9m (down 53% from FY 2020). Profit margin: 2.9% (down from 8.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 22%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.24 in 3Q 2020)The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿1.41b (up 35% from 3Q 2020). Net income: ฿50.4m (down 37% from 3Q 2020). Profit margin: 3.6% (down from 7.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.27 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: ฿1.15b (up 22% from 2Q 2020). Net income: ฿50.8m (down 42% from 2Q 2020). Profit margin: 4.4% (down from 9.3% 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 48% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jun 05Investor sentiment improved over the past weekAfter last week's 20% share price gain to ฿19.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 63% over the past three years.Reported Earnings • May 16First quarter 2021 earnings released: ฿0.06 loss per share (vs ฿0.28 profit in 1Q 2020)The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿1.10b (up 5.2% from 1Q 2020). Net loss: ฿20.1m (down 122% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Upcoming Dividend • May 01Upcoming dividend of ฿0.29 per shareEligible shareholders must have bought the stock before 07 May 2021. Payment date: 20 May 2021. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (1.7%).Valuation Update With 7 Day Price Move • Apr 28Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿16.70, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 13x in the Packaging industry in Thailand. Total returns to shareholders of 18% over the past three years.Valuation Update With 7 Day Price Move • Apr 12Investor sentiment improved over the past weekAfter last week's 23% share price gain to ฿14.30, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 8.2% over the past three years.Reported Earnings • Feb 27Full year 2020 earnings released: EPS ฿0.99 (vs ฿0.53 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.03b (up 6.2% from FY 2019). Net income: ฿322.0m (up 132% from FY 2019). Profit margin: 8.0% (up from 3.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.Is New 90 Day High Low • Dec 08New 90-day low: ฿12.40The company is down 3.0% from its price of ฿12.80 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is flat over the same period.Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.24The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.05b (up 19% from 3Q 2019). Net income: ฿79.8m (up 357% from 3Q 2019). Profit margin: 7.6% (up from 2.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Is New 90 Day High Low • Sep 29New 90-day high: ฿13.90The company is up 13% from its price of ฿12.30 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 19% over the same period.収支内訳Thai Plaspac の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史SET:TPAC 収益、費用、利益 ( )THB Millions日付収益収益G+A経費研究開発費31 Mar 266,877498940031 Dec 256,891477924030 Sep 256,964400958030 Jun 257,101378980031 Mar 257,275399985031 Dec 247,299414973030 Sep 247,284438910030 Jun 247,178482843031 Mar 246,977488785031 Dec 236,893490732030 Sep 236,929503681030 Jun 237,052438678031 Mar 237,208369686031 Dec 227,074319669030 Sep 226,897284652030 Jun 226,462256625031 Mar 225,793261567031 Dec 215,253153535030 Sep 214,658144523030 Jun 214,296174496031 Mar 214,088211475031 Dec 204,033322473030 Sep 203,991304460030 Jun 203,827242439031 Mar 203,837170433031 Dec 193,798139410030 Sep 193,81776422030 Jun 193,63638432031 Mar 193,13075381031 Dec 182,54431333030 Sep 181,95470251030 Jun 181,668127182031 Mar 181,624101171031 Dec 171,597107161030 Sep 171,602121152030 Jun 171,568105146031 Mar 171,546102143031 Dec 161,534105140030 Sep 161,52897133030 Jun 161,54399129031 Mar 161,56497126031 Dec 151,596104124030 Sep 151,634102122030 Jun 151,673981220質の高い収益: TPACは 高品質の収益 を持っています。利益率の向上: TPACの現在の純利益率 (7.2%)は、昨年(5.5%)よりも高くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: TPACの収益は過去 5 年間で年間17.6%増加しました。成長の加速: TPACの過去 1 年間の収益成長率 ( 24.9% ) は、5 年間の平均 ( 年間17.6%を上回っています。収益対業界: TPACの過去 1 年間の収益成長率 ( 24.9% ) はPackaging業界7.4%を上回りました。株主資本利益率高いROE: TPACの 自己資本利益率 ( 16.3% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/26 15:20終値2026/05/26 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Thai Plaspac Public Company Limited 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Nat PanassutrakornKGI Securities Co. Ltd.Natchapon PraesicharoenYuanta Securities (Thailand) Company Limited
Reported Earnings • May 11First quarter 2026 earnings released: EPS: ฿0.43 (vs ฿0.37 in 1Q 2025)First quarter 2026 results: EPS: ฿0.43 (up from ฿0.37 in 1Q 2025). Revenue: ฿1.82b (flat on 1Q 2025). Net income: ฿141.4m (up 17% from 1Q 2025). Profit margin: 7.8% (up from 6.6% in 1Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 04Full year 2025 earnings released: EPS: ฿1.46 (vs ฿1.27 in FY 2024)Full year 2025 results: EPS: ฿1.46 (up from ฿1.27 in FY 2024). Revenue: ฿6.89b (down 5.6% from FY 2024). Net income: ฿477.0m (up 15% from FY 2024). Profit margin: 6.9% (up from 5.7% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.30 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.37 (up from ฿0.30 in 3Q 2024). Revenue: ฿1.69b (down 7.5% from 3Q 2024). Net income: ฿121.3m (up 22% from 3Q 2024). Profit margin: 7.2% (up from 5.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 19% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿1.69b (down 9.3% from 2Q 2024). Net income: ฿88.3m (down 19% from 2Q 2024). Profit margin: 5.2% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Packaging industry in Asia. 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 14% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿1.27 (down from ฿1.50 in FY 2023). Revenue: ฿7.30b (up 5.9% from FY 2023). Net income: ฿414.1m (down 16% from FY 2023). Profit margin: 5.7% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
Reported Earnings • Nov 12Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.44 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.30 (down from ฿0.44 in 3Q 2023). Revenue: ฿1.83b (up 6.2% from 3Q 2023). Net income: ฿99.2m (down 31% from 3Q 2023). Profit margin: 5.4% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
Reported Earnings • May 11First quarter 2026 earnings released: EPS: ฿0.43 (vs ฿0.37 in 1Q 2025)First quarter 2026 results: EPS: ฿0.43 (up from ฿0.37 in 1Q 2025). Revenue: ฿1.82b (flat on 1Q 2025). Net income: ฿141.4m (up 17% from 1Q 2025). Profit margin: 7.8% (up from 6.6% in 1Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings.
Upcoming Dividend • May 01Upcoming dividend of ฿0.44 per shareEligible shareholders must have bought the stock before 08 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (3.6%).
Reported Earnings • Mar 04Full year 2025 earnings released: EPS: ฿1.46 (vs ฿1.27 in FY 2024)Full year 2025 results: EPS: ฿1.46 (up from ฿1.27 in FY 2024). Revenue: ฿6.89b (down 5.6% from FY 2024). Net income: ฿477.0m (up 15% from FY 2024). Profit margin: 6.9% (up from 5.7% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
Declared Dividend • Mar 04Dividend increased to ฿0.44Dividend of ฿0.44 is 15% higher than last year. Ex-date: 8th May 2026 Payment date: 27th May 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 8.2% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
お知らせ • Mar 03Thai Plaspac Public Company Limited announces Annual dividend, payable on May 27, 2026Thai Plaspac Public Company Limited announced Annual dividend of THB 0.4380 per share payable on May 27, 2026, ex-date on May 08, 2026 and record date on May 11, 2026.
お知らせ • Mar 02Thai Plaspac Public Company Limited, Annual General Meeting, Apr 30, 2026Thai Plaspac Public Company Limited, Annual General Meeting, Apr 30, 2026, at 14:00 SE Asia Standard Time.
Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.30 in 3Q 2024)Third quarter 2025 results: EPS: ฿0.37 (up from ฿0.30 in 3Q 2024). Revenue: ฿1.69b (down 7.5% from 3Q 2024). Net income: ฿121.3m (up 22% from 3Q 2024). Profit margin: 7.2% (up from 5.4% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Packaging industry in Asia. 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 19% per year, which means it is significantly lagging earnings.
Reported Earnings • Aug 09Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.33 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.27 (down from ฿0.33 in 2Q 2024). Revenue: ฿1.69b (down 9.3% from 2Q 2024). Net income: ฿88.3m (down 19% from 2Q 2024). Profit margin: 5.2% (down from 5.8% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Packaging industry in Asia. 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 14% per year, which means it is significantly lagging earnings.
Upcoming Dividend • May 01Upcoming dividend of ฿0.38 per shareEligible shareholders must have bought the stock before 08 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Thai dividend payers (7.9%). In line with average of industry peers (4.8%).
Reported Earnings • Mar 02Full year 2024 earnings: EPS misses analyst expectationsFull year 2024 results: EPS: ฿1.27 (down from ฿1.50 in FY 2023). Revenue: ฿7.30b (up 5.9% from FY 2023). Net income: ฿414.1m (down 16% from FY 2023). Profit margin: 5.7% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings.
お知らせ • Mar 01+ 1 more updateThai Plaspac Public Company Limited Proposes Cash Dividend for the Operating Period from 01 Jan. 2024 to 31 Dec. 2024, Payable on 23 May 2025Thai Plaspac Public Company Limited proposed cash dividend payment of THB 0.38 per share for Common shareholders or THB 124,089,000 for the Operating period from 01 Jan. 2024 to 31 Dec. 2024 to the Annual General Meeting of Shareholders to be held on 30 Apr. 2025, at Date of Board resolution on 28 Feb. 2025. Record date for the right to receive dividends 09 May 2025. Ex-dividend date 08 May 2025. Payment date 23 May 2025.
お知らせ • Dec 05Thai Plaspac Public Company Limited NVDR SHARES Depositary Receipts to Be Deleted from OTC EquityThai Plaspac Public Company Limited NVDR SHARES Depositary Receipts will be deleted from OTC Equity effective December 04, 2024, due to Inactive Security.
Reported Earnings • Nov 12Third quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.44 in 3Q 2023)Third quarter 2024 results: EPS: ฿0.30 (down from ฿0.44 in 3Q 2023). Revenue: ฿1.83b (up 6.2% from 3Q 2023). Net income: ฿99.2m (down 31% from 3Q 2023). Profit margin: 5.4% (down from 8.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings.
New Risk • Nov 04New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: ฿3.36b (US$99.8m) This is considered a minor 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: Minor Risks High level of debt (95% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (฿3.36b market cap, or US$99.8m).
Reported Earnings • Aug 10Second quarter 2024 earnings: EPS misses analyst expectationsSecond quarter 2024 results: EPS: ฿0.33 (down from ฿0.35 in 2Q 2023). Revenue: ฿1.86b (up 12% from 2Q 2023). Net income: ฿108.7m (down 4.9% from 2Q 2023). Profit margin: 5.8% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 9.8% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • Jun 28Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿11.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.29 per share.
Reported Earnings • May 12First quarter 2024 earnings released: EPS: ฿0.42 (vs ฿0.42 in 1Q 2023)First quarter 2024 results: EPS: ฿0.42 (down from ฿0.42 in 1Q 2023). Revenue: ฿1.86b (up 4.7% from 1Q 2023). Net income: ฿136.4m (down 1.7% from 1Q 2023). Profit margin: 7.3% (down from 7.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
Upcoming Dividend • May 02Upcoming dividend of ฿0.45 per shareEligible shareholders must have bought the stock before 09 May 2024. Payment date: 24 May 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.6%).
Declared Dividend • Mar 22Dividend increased to ฿0.45Dividend of ฿0.45 is 54% higher than last year. Ex-date: 9th May 2024 Payment date: 24th May 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 3.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
Valuation Update With 7 Day Price Move • Mar 01Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿15.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿27.27 per share.
Reported Earnings • Feb 24Full year 2023 earnings: EPS and revenues miss analyst expectationsFull year 2023 results: EPS: ฿1.50 (up from ฿0.98 in FY 2022). Revenue: ฿6.89b (down 2.6% from FY 2022). Net income: ฿490.2m (up 54% from FY 2022). Profit margin: 7.1% (up from 4.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 30% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.
お知らせ • Feb 24+ 1 more updateThai Plaspac Public Company Limited, Annual General Meeting, Apr 29, 2024Thai Plaspac Public Company Limited, Annual General Meeting, Apr 29, 2024, at 14:00 SE Asia Standard Time. Agenda: To consider and approve the audited consolidated financial statements of the Company and its subsidiaries for the year ended 31 December 2023; to consider and approve the allocation of profit from the operating results for the year ended 31 December 2023, as statutory reserve and as dividend payment; to consider and approve the election of directors to replace those who retire by rotation; to consider and approve the remuneration of directors for the year ended 31 December 2024; and to consider other matters.
Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿0.44 (vs ฿0.24 in 3Q 2022)Third quarter 2023 results: EPS: ฿0.44 (up from ฿0.24 in 3Q 2022). Revenue: ฿1.72b (down 6.7% from 3Q 2022). Net income: ฿143.3m (up 82% from 3Q 2022). Profit margin: 8.3% (up from 4.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Buying Opportunity • Oct 26Now 21% undervalued after recent price dropOver the last 90 days, the stock is down 24%. The fair value is estimated to be ฿17.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 42% in the next 2 years.
Reported Earnings • Aug 12Second quarter 2023 earnings released: EPS: ฿0.35 (vs ฿0.14 in 2Q 2022)Second quarter 2023 results: EPS: ฿0.35 (up from ฿0.14 in 2Q 2022). Revenue: ฿1.66b (down 8.6% from 2Q 2022). Net income: ฿114.3m (up 151% from 2Q 2022). Profit margin: 6.9% (up from 2.5% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year.
Reported Earnings • May 18First quarter 2023 earnings released: EPS: ฿0.43 (vs ฿0.27 in 1Q 2022)First quarter 2023 results: EPS: ฿0.43 (up from ฿0.27 in 1Q 2022). Revenue: ฿1.78b (up 8.1% from 1Q 2022). Net income: ฿138.9m (up 57% from 1Q 2022). Profit margin: 7.8% (up from 5.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth.
Upcoming Dividend • May 02Upcoming dividend of ฿0.29 per share at 2.0% yieldEligible shareholders must have bought the stock before 09 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (2.4%).
Board Change • Nov 16Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Kittiphat Suthisamphat was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Aug 16Second quarter 2022 earnings released: EPS: ฿0.14 (vs ฿0.16 in 2Q 2021)Second quarter 2022 results: EPS: ฿0.14 (down from ฿0.16 in 2Q 2021). Revenue: ฿1.82b (up 58% from 2Q 2021). Net income: ฿45.5m (down 10% from 2Q 2021). Profit margin: 2.5% (down from 4.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 2.5%, compared to a 7.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
Reported Earnings • May 16First quarter 2022 earnings: Revenues exceed analyst expectationsFirst quarter 2022 results: Revenue: ฿1.64b (up 49% from 1Q 2021). Net income: ฿88.3m (up ฿108.4m from 1Q 2021). Profit margin: 5.4% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 13%, compared to a 9.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • May 02Upcoming dividend of ฿0.14 per shareEligible shareholders must have bought the stock before 09 May 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (2.3%).
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Kittiphat Suthisamphat was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Mar 02Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behindFull year 2021 results: EPS: ฿0.47 (down from ฿0.99 in FY 2020). Revenue: ฿5.25b (up 30% from FY 2020). Net income: ฿152.9m (down 53% from FY 2020). Profit margin: 2.9% (down from 8.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) missed analyst estimates by 18%. Over the next year, revenue is forecast to grow 22%, compared to a 11% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS ฿0.16 (vs ฿0.24 in 3Q 2020)The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿1.41b (up 35% from 3Q 2020). Net income: ฿50.4m (down 37% from 3Q 2020). Profit margin: 3.6% (down from 7.6% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Aug 13Second quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.27 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: ฿1.15b (up 22% from 2Q 2020). Net income: ฿50.8m (down 42% from 2Q 2020). Profit margin: 4.4% (down from 9.3% 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 48% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jun 05Investor sentiment improved over the past weekAfter last week's 20% share price gain to ฿19.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 63% over the past three years.
Reported Earnings • May 16First quarter 2021 earnings released: ฿0.06 loss per share (vs ฿0.28 profit in 1Q 2020)The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿1.10b (up 5.2% from 1Q 2020). Net loss: ฿20.1m (down 122% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Upcoming Dividend • May 01Upcoming dividend of ฿0.29 per shareEligible shareholders must have bought the stock before 07 May 2021. Payment date: 20 May 2021. Trailing yield: 1.8%. Lower than top quartile of Thai dividend payers (4.8%). In line with average of industry peers (1.7%).
Valuation Update With 7 Day Price Move • Apr 28Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿16.70, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 13x in the Packaging industry in Thailand. Total returns to shareholders of 18% over the past three years.
Valuation Update With 7 Day Price Move • Apr 12Investor sentiment improved over the past weekAfter last week's 23% share price gain to ฿14.30, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 8.2% over the past three years.
Reported Earnings • Feb 27Full year 2020 earnings released: EPS ฿0.99 (vs ฿0.53 in FY 2019)The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿4.03b (up 6.2% from FY 2019). Net income: ฿322.0m (up 132% from FY 2019). Profit margin: 8.0% (up from 3.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth.
Is New 90 Day High Low • Dec 08New 90-day low: ฿12.40The company is down 3.0% from its price of ฿12.80 on 09 September 2020. The Thai market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is flat over the same period.
Reported Earnings • Nov 16Third quarter 2020 earnings released: EPS ฿0.24The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.05b (up 19% from 3Q 2019). Net income: ฿79.8m (up 357% from 3Q 2019). Profit margin: 7.6% (up from 2.0% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Is New 90 Day High Low • Sep 29New 90-day high: ฿13.90The company is up 13% from its price of ฿12.30 on 01 July 2020. The Thai market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Packaging industry, which is up 19% over the same period.