View ValuationTOA Paint (Thailand) 향후 성장Future 기준 점검 0/6TOA Paint (Thailand) (는) 각각 연간 1% 및 3.3% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 0.4% 만큼 쇠퇴할 것으로 예상됩니다. 자기자본이익률은 3년 후 16.7% 로 예상됩니다.핵심 정보1.0%이익 성장률-0.35%EPS 성장률Chemicals 이익 성장65.9%매출 성장률3.3%향후 자기자본이익률16.70%애널리스트 커버리지Low마지막 업데이트19 May 2026최근 향후 성장 업데이트Price Target Changed • May 13Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿11.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.Price Target Changed • Mar 11Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ฿13.00. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.Price Target Changed • Feb 14Price target increased by 7.9% to ฿18.37Up from ฿17.03, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿15.80. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.27 for next year compared to ฿0.96 last year.Price Target Changed • Jul 03Price target decreased by 29% to ฿15.03Down from ฿21.27, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿11.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿0.96 last year.Major Estimate Revision • Mar 06Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿22.6b to ฿21.4b. EPS estimate also fell from ฿1.26 per share to ฿1.12 per share. Net income forecast to grow 18% next year vs 30% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿23.70 to ฿21.52. Share price was steady at ฿11.80 over the past week.Price Target Changed • Feb 24Price target decreased by 7.1% to ฿22.77Down from ฿24.50, the current price target is an average from 6 analysts. New target price is 87% above last closing price of ฿12.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.27 last year.모든 업데이트 보기Recent updatesPrice Target Changed • May 13Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿11.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.Upcoming Dividend • Apr 29Upcoming dividend of ฿0.39 per shareEligible shareholders must have bought the stock before 06 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (2.6%).공시 • Apr 22TOA Paint (Thailand) Public Company Limited to Report Q1, 2026 Results on May 15, 2026TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2026 results on May 15, 2026Price Target Changed • Mar 11Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ฿13.00. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.Declared Dividend • Mar 04Final dividend of ฿0.39 announcedShareholders will receive a dividend of ฿0.39. Ex-date: 6th May 2026 Payment date: 26th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Mar 03TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended 31 December, 2025, Payable on May 26, 2026TOA Paint (Thailand) Public Company Limited at the AGM to be held on 27 April, 2026, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2025 at the rate of THB 0.39 per share, with the total amount, of approximately THB 756.05 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 7, 2026. The date of dividend payment is determined to be on May 26, 2026. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2025, at the rate of THB 0.36 per share, in the total amount of THB 697.89 million which had been paid on September 12, 2025. Therefore, the total dividend payment from the 2025 operating results will be at the rate of 0.75 THB per share, amounting to approximately THB 1,453.94 million. This represents a dividend payout ratio of 64.60% of the net profit based on the Company's separate financial statements for the fiscal year 2025. Ex-dividend date is 06 May, 2026. Paid from Operating period from 01 July, 2025 to 31 December, 2025.공시 • Mar 02TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time.Reported Earnings • Mar 01Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: ฿1.50 (up from ฿0.96 in FY 2024). Revenue: ฿21.6b (up 2.1% from FY 2024). Net income: ฿2.92b (up 52% from FY 2024). Profit margin: 14% (up from 9.1% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings.Price Target Changed • Feb 14Price target increased by 7.9% to ฿18.37Up from ฿17.03, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿15.80. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.27 for next year compared to ฿0.96 last year.공시 • Jan 19TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2025 Results on Feb 27, 2026TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2025 results on Feb 27, 2026New Risk • Jan 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change).Reported Earnings • Nov 15Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: ฿0.35 (up from ฿0.094 in 3Q 2024). Revenue: ฿5.27b (up 3.8% from 3Q 2024). Net income: ฿687.7m (up 266% from 3Q 2024). Profit margin: 13% (up from 3.7% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.공시 • Oct 07TOA Paint (Thailand) Public Company Limited to Report Q3, 2025 Results on Nov 13, 2025TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2025 results on Nov 13, 2025Reported Earnings • Aug 16Second quarter 2025 earnings released: EPS: ฿0.34 (vs ฿0.24 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.34 (up from ฿0.24 in 2Q 2024). Revenue: ฿5.37b (flat on 2Q 2024). Net income: ฿651.8m (up 37% from 2Q 2024). Profit margin: 12% (up from 8.8% in 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.공시 • Jul 03TOA Paint (Thailand) Public Company Limited to Report Q2, 2025 Results on Aug 14, 2025TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2025 results on Aug 14, 2025Price Target Changed • Jul 03Price target decreased by 29% to ฿15.03Down from ฿21.27, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿11.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿0.96 last year.Valuation Update With 7 Day Price Move • Jun 30Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿11.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 56% over the past three years.Reported Earnings • May 15First quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.40 in 1Q 2024)First quarter 2025 results: EPS: ฿0.37 (down from ฿0.40 in 1Q 2024). Revenue: ฿5.42b (flat on 1Q 2024). Net income: ฿733.1m (down 8.8% from 1Q 2024). Profit margin: 14% (down from 15% in 1Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings.Upcoming Dividend • May 02Upcoming dividend of ฿0.27 per shareEligible shareholders must have bought the stock before 09 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.7%).공시 • Apr 25Toa Paint (Thailand) Public Company Limited Approves Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025TOA Paint (Thailand) Public Company Limited at its AGM held on April 25, 2025, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half ended December 31, 2024, at the rate of THB 0.27 per share, totaling approximately, THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the record date for shareholders entitled to receive dividends. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to receive the dividend (Record Date) on May 13, 2025, and determined the date of the dividend payment on May 23, 2025.Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿9.55, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 64% over the past three years.공시 • Mar 06TOA Paint (Thailand) Public Company Limited Approves the Appointment of Anuchit Anuchitanukul as Independent Director, Effective from May 1, 2025TOA Paint (Thailand) Public Company Limited at its Board of Directors Meeting held on February 27, 2025, approved the appointment of Dr. Anuchit Anuchitanukul to the position of Director and Independent Director, effective from May 1, 2025 onwards.Major Estimate Revision • Mar 06Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿22.6b to ฿21.4b. EPS estimate also fell from ฿1.26 per share to ฿1.12 per share. Net income forecast to grow 18% next year vs 30% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿23.70 to ฿21.52. Share price was steady at ฿11.80 over the past week.Declared Dividend • Mar 01Final dividend reduced to ฿0.27Dividend of ฿0.27 is 23% lower than last year. Ex-date: 9th May 2025 Payment date: 23rd May 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Feb 28TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:00 SE Asia Standard Time.공시 • Feb 27TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 27, 2025, agreed to propose to the Annual General Meeting of Shareholders to be held on April 25, 2025, the annual dividend payment from the net profit derived from the operational results of the second half of 2024 at the rate of THB 0.27 per share, with the total amount, of approximately THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 13, 2025. The date of dividend payment is determined to be on May 23, 2025. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2024, at the rate of THB 0.33 per share, in the total amount of THB 659.53 million which had been paid on September 13, 2024. Therefore, the total dividend payment from the 2024 operating results will be at the rate of THB 0.60 per share, amounting to approximately THB 1,192.03 million. Ex-dividend date is May 9, 2025.Price Target Changed • Feb 24Price target decreased by 7.1% to ฿22.77Down from ฿24.50, the current price target is an average from 6 analysts. New target price is 87% above last closing price of ฿12.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.27 last year.공시 • Jan 31TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2024 Results on Feb 27, 2025TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2024 results on Feb 27, 2025Valuation Update With 7 Day Price Move • Dec 02Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿14.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.83 per share.Major Estimate Revision • Nov 28Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿22.0b to ฿21.6b. EPS estimate also fell from ฿1.17 per share to ฿0.98 per share. Net income forecast to grow 24% next year vs 35% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿24.50 to ฿23.70. Share price fell 15% to ฿14.10 over the past week.공시 • Oct 31TOA Paint (Thailand) Public Company Limited to Report Q3, 2024 Results on Nov 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2024 results on Nov 14, 2024Price Target Changed • Sep 12Price target decreased by 12% to ฿25.83Down from ฿29.26, the current price target is an average from 6 analysts. New target price is 36% above last closing price of ฿19.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿1.16 for next year compared to ฿1.27 last year.공시 • Aug 17Toa Paint (Thailand) Public Company Limited Announces Cash Dividend for the Period from 01 January 2024 to 30 June 2024, Payable on 13 September 2024TOA Paint (Thailand) Public Company Limited announced cash dividend of THB 0.33 per share for the period from 1 January 2024 to 30 June 2024. Scheduled dates are as follows: Ex-dividend date 28 August 2024, Record date 29 August 2024 and Payment date 13 September 2024.Reported Earnings • Aug 16Second quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.36 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.24 (down from ฿0.36 in 2Q 2023). Revenue: ฿5.40b (down 1.0% from 2Q 2023). Net income: ฿477.0m (down 36% from 2Q 2023). Profit margin: 8.8% (down from 14% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings.Price Target Changed • Aug 12Price target decreased by 7.4% to ฿30.26Down from ฿32.69, the current price target is an average from 7 analysts. New target price is 71% above last closing price of ฿17.70. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿1.25 for next year compared to ฿1.27 last year.공시 • Jul 05TOA Paint (Thailand) Public Company Limited to Report Q2, 2024 Results on Aug 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2024 results on Aug 14, 2024Buy Or Sell Opportunity • Jun 11Now 21% undervaluedOver the last 90 days, the stock has risen 4.9% to ฿21.40. The fair value is estimated to be ฿27.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.4%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 7.6% in the next 2 years.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.31 in 1Q 2023)First quarter 2024 results: EPS: ฿0.40 (up from ฿0.31 in 1Q 2023). Revenue: ฿5.43b (down 4.0% from 1Q 2023). Net income: ฿804.0m (up 27% from 1Q 2023). Profit margin: 15% (up from 11% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.공시 • Apr 30TOA Paint (Thailand) Public Company Limited Approves Annual Dividend from the Operational Results of the Second Half of 2023, Payable on May 28, 2024TOA Paint (Thailand) Public Company Limited at its AGM held on April 29, 2024, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half of 2023, at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (Record Date) on May 9, 2024, and determined the date of the dividend payment on May 28, 2024.공시 • Apr 26TOA Paint (Thailand) Public Company Limited to Report Q1, 2024 Results on May 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2024 results on May 14, 2024공시 • Mar 23TOA Paint (Thailand) Public Company Limited Announces Director and Board ChangesTOA Paint (Thailand) Public Company Limited announced at its board meeting held on February 28, 2024 resolved to acknowledge the resignation of Mr. Prachak Tangkaravakoon and Mrs. Laor Tangkaravakoon from their positions of director and the Executive director, effective February 20, 2024 onward. In this regard, the Board of Directors agreed to appoint Mr. Veerasak Kositpaisal as the acting chairman of the Board, effective from now on, until a permanent replacement is chosen.공시 • Mar 01TOA Paint (Thailand) Public Company Limited Proposes Dividend for the Second Half of 2023, Payable on May 28, 2024TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 28, 2024, agreed to propose to the Annual General Meeting of Shareholders to consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023. The board of directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023 at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the board of directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 9, 2024 and determined the date of the dividend payment on May 28, 2024.공시 • Feb 29TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Agenda: To endorse the Minutes of 2023 Annual General Meeting of Shareholders, convened on April 27, 2023; to acknowledge the report on the operational results for the year 2023 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2023; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2024; to approve the appointment of the auditors and the determination of the audit fee for the year 2024; and to transact other business.Reported Earnings • Feb 29Full year 2023 earnings released: EPS: ฿1.27 (vs ฿0.70 in FY 2022)Full year 2023 results: EPS: ฿1.27 (up from ฿0.70 in FY 2022). Revenue: ฿22.2b (up 7.7% from FY 2022). Net income: ฿2.57b (up 81% from FY 2022). Profit margin: 12% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.Buy Or Sell Opportunity • Feb 28Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.0% to ฿19.50. The fair value is estimated to be ฿25.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 5.3%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 26% in the next 2 years.공시 • Feb 20TOA Paint (Thailand) Public Company Limited Announces Resignation of DirectorsTOA Paint (Thailand) Public Company Limited announced the resignation of two directors and executive directors, effective February 20, 2024, due to health concerns. The departing individuals are: 1. Mr. Prachak Tangkaravakoon Chairman /Executive Director, 2. Mrs. Laor Tangkaravakoon Vice Chairman /Executive Director.공시 • Jan 17TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2023 Results on Feb 28, 2024TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2023 results on Feb 28, 2024Price Target Changed • Nov 24Price target decreased by 7.4% to ฿33.19Down from ฿35.83, the current price target is an average from 7 analysts. New target price is 60% above last closing price of ฿20.80. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿0.70 last year.Price Target Changed • Nov 21Price target decreased by 8.7% to ฿34.33Down from ฿37.60, the current price target is an average from 7 analysts. New target price is 53% above last closing price of ฿22.40. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿1.22 for next year compared to ฿0.70 last year.Reported Earnings • Nov 16Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2023 results: EPS: ฿0.32 (up from ฿0.17 in 3Q 2022). Revenue: ฿5.38b (up 6.8% from 3Q 2022). Net income: ฿651.2m (up 84% from 3Q 2022). Profit margin: 12% (up from 7.0% in 3Q 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.Buying Opportunity • Oct 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 19%. The fair value is estimated to be ฿26.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 9.9%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 41% in the next 2 years.Upcoming Dividend • Aug 22Upcoming dividend of ฿0.33 per share at 2.5% yieldEligible shareholders must have bought the stock before 29 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.4%).New Risk • Aug 17New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change).Reported Earnings • Aug 16Second quarter 2023 earnings: EPS exceeds analyst expectationsSecond quarter 2023 results: EPS: ฿0.37 (up from ฿0.18 in 2Q 2022). Revenue: ฿5.46b (up 4.9% from 2Q 2022). Net income: ฿741.4m (up 102% from 2Q 2022). Profit margin: 14% (up from 7.1% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year.New Risk • Jun 20New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.공시 • May 30TOA Paint (Thailand) Public Company Limited Announces Resignation of Vonnarat Tangkaravakoon as Director and Member of Executive CommitteeTOA Paint (Thailand) Public Company Limited announced that Mr. Vonnarat Tangkaravakoon, Director and Member of Executive Committee, has sent a resignation letter notifying to resign from such positions due to more individual businesses, effective from May 29, 2023 onwards.Reported Earnings • May 18First quarter 2023 earnings: EPS exceeds analyst expectationsFirst quarter 2023 results: EPS: ฿0.31 (up from ฿0.20 in 1Q 2022). Revenue: ฿5.65b (up 14% from 1Q 2022). Net income: ฿632.5m (up 54% from 1Q 2022). Profit margin: 11% (up from 8.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.공시 • May 05TOA Paint (Thailand) Public Company Limited Announces CFO ChangesTOA Paint (Thailand) Public Company Limited announced termination of Taweeporn Patanakitraung as CFO effective from 30 April, 2023. Company appointed Surasak Mandaeng as CFO effective from 02 May, 2023.Upcoming Dividend • May 02Upcoming dividend of ฿0.25 per share at 1.7% yieldEligible shareholders must have bought the stock before 08 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.0%).공시 • Jan 16TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2022 Results on Feb 27, 2023TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2022 results on Feb 27, 2023Reported Earnings • Nov 18Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: ฿0.17 (up from ฿0.13 in 3Q 2021). Revenue: ฿5.04b (up 27% from 3Q 2021). Net income: ฿353.8m (up 32% from 3Q 2021). Profit margin: 7.0% (up from 6.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year.Board Change • Nov 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.공시 • Oct 22TOA Paint (Thailand) Public Company Limited to Report Q3, 2022 Results on Nov 14, 2022TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2022 results on Nov 14, 2022Valuation Update With 7 Day Price Move • Sep 26Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿34.00, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Chemicals industry in Thailand. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿21.85 per share.Upcoming Dividend • Aug 22Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio and cash payout ratio are on the higher end at 86% and 92% respectively. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.8%).Reported Earnings • Aug 17Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: EPS: ฿0.18 (down from ฿0.27 in 2Q 2021). Revenue: ฿5.20b (up 16% from 2Q 2021). Net income: ฿367.7m (down 32% from 2Q 2021). Profit margin: 7.1% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 5.6% compared to a 2.9% decline forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year.공시 • Aug 16TOA Paint (Thailand) Public Company Limited Announces Interim Cash Dividend for the Period from 01 January 2022 to 30 June 2022, Payable on 13 September 2022TOA Paint (Thailand) Public Company Limited announced interim cash dividend of THB 0.25 per share for the period from 1 January 2022 to 30 June 2022. Scheduled dates are as follows: Ex-dividend date 29 August 2022, Record date 30 August 2022 and Payment date 13 September 2022.공시 • Jul 19TOA Paint (Thailand) Public Company Limited to Report Q2, 2022 Results on Aug 15, 2022TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2022 results at 4:45 PM, SE Asia Standard Time on Aug 15, 2022Buying Opportunity • Jul 13Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 5.3%. The fair value is estimated to be ฿33.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 43% in the next 2 years.공시 • Jul 03TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited.TOA Paint (Thailand) Public Company Limited (SET:TOA) agreed to acquire a 80% stake in Fast-Mix Company Limited from TOA Group Holding Company Limited for THB 81.5 million on May 12, 2022. TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited on July 1, 2022.Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: ฿0.20 (down from ฿0.33 in 1Q 2021). Revenue: ฿4.97b (up 12% from 1Q 2021). Net income: ฿410.1m (down 39% from 1Q 2021). Profit margin: 8.3% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 5.3%, compared to a 5.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year.Upcoming Dividend • Apr 28Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 05 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.2%).Board Change • Apr 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Buying Opportunity • Apr 18Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 8.9%. The fair value is estimated to be ฿35.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.Reported Earnings • Feb 27Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿0.96 (down from ฿1.00 in FY 2020). Revenue: ฿17.6b (up 7.8% from FY 2020). Net income: ฿1.96b (down 3.7% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 5.2%, compared to a 7.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.공시 • Feb 26TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022, at 03:30 Coordinated Universal Time. Agenda: To endorse the Minutes of Extraordinary General Meeting of Shareholders No. 1/2021, convened on December 16, 2021; to acknowledge the report on the operational results for the year 2021 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2021; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2022; and to consider other matters.공시 • Feb 25TOA Paint (Thailand) Public Company Limited Proposes Annual Dividend Payment for the Second Half of 2021, Payable on May 23, 2022TOA Paint (Thailand) Public Company Limited announced that Board of Directors Meeting held on February 24, 2022, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2021 at the rate of THB 0.19 per share, totaling THB 385.51 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 6, 2022 and determined the date of the dividend payment on May 23, 2022.Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.26 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.98b (down 1.0% from 3Q 2020). Net income: ฿268.2m (down 49% from 3Q 2020). Profit margin: 6.7% (down from 13% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Upcoming Dividend • Aug 20Upcoming dividend of ฿0.31 per shareEligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.0%).Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.27 (vs ฿0.29 in 2Q 2020)The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿4.50b (up 12% from 2Q 2020). Net income: ฿544.1m (down 8.2% from 2Q 2020). Profit margin: 12% (down from 15% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.Price Target Changed • May 28Price target increased to ฿39.70Up from ฿35.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿38.00. Stock is up 7.8% over the past year.Reported Earnings • May 18First quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.21 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿4.42b (up 7.8% from 1Q 2020). Net income: ฿670.3m (up 59% from 1Q 2020). Profit margin: 15% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Upcoming Dividend • Apr 28Upcoming dividend of ฿0.26 per shareEligible shareholders must have bought the stock before 05 May 2021. Payment date: 21 May 2021. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.8%).Major Estimate Revision • Mar 04Analysts lower EPS estimates to ฿1.04The 2021 consensus revenue estimate was lowered from ฿17.4b to ฿17.2b. Earning per share (EPS) estimate was also lowered from ฿1.16 to ฿1.04 for the same period. Net income is expected to grow by 4.1% next year compared to 45% growth forecast for the Chemicals industry in Thailand. The consensus price target was lowered from ฿38.08 to ฿37.42. Share price is up 1.6% to ฿31.75 over the past week.Is New 90 Day High Low • Mar 01New 90-day low: ฿30.25The company is down 16% from its price of ฿36.00 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.49 per share.Reported Earnings • Feb 27Full year 2020 earnings released: EPS ฿1.00 (vs ฿1.07 in FY 2019)The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿16.3b (down 4.6% from FY 2019). Net income: ฿2.03b (down 6.1% from FY 2019). Profit margin: 13% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.Analyst Estimate Surprise Post Earnings • Feb 27Revenue beats expectations, earnings disappointRevenue exceeded analyst estimates by 0.08%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is forecast to grow 5.9%, compared to a 11% growth forecast for the Chemicals industry in Thailand.공시 • Feb 26TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021, at 10:30 Singapore Standard Time. Location: Royal Maneeya A, M Floor, Renaissance Bangkok Ratchaprasong Hotel 518/8 Ploenchit Road, Lumpini, Pathumwan Bangkok Thailand Agenda: To endorse the minutes of 2020 annual general meeting of shareholders, convened on august 7, 2020; to acknowledge the report on the operational results for the year 2020 prepared by the board of directors; to approve the audited consolidated financial statements of the company and its subsidiaries for the accounting period ended December 31, 2020; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2021; to approve the appointment of the auditors and the determination of the audit fee for the year 2021; and to consider other matters (if any).Is New 90 Day High Low • Feb 02New 90-day low: ฿31.75The company is down 5.0% from its price of ฿33.50 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.65 per share.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.26The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿4.02b (down 1.0% from 3Q 2019). Net income: ฿523.6m (down 3.5% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year.Analyst Estimate Surprise Post Earnings • Nov 14Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 2.7%, compared to a 9.6% growth forecast for the Chemicals industry in Thailand.Is New 90 Day High Low • Oct 16New 90-day low: ฿33.75The company is down 15% from its price of ฿39.75 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.95 per share.이익 및 매출 성장 예측SET:TOA - 애널리스트 향후 추정치 및 과거 재무 데이터 (THB Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/202823,8822,9663,2043,854212/31/202722,7522,8822,8903,651312/31/202621,9212,5882,8273,418212/31/202521,5892,9173,2753,986N/A9/30/202521,2892,5232,7733,527N/A6/30/202521,0962,0232,7683,437N/A3/31/202521,1301,8492,0112,690N/A12/31/202421,1401,9202,1792,854N/A9/30/202421,6702,0141,9592,651N/A6/30/202421,9952,4771,8882,651N/A3/31/202422,0562,7412,4293,595N/A12/31/202322,2792,5692,7173,817N/A9/30/202321,9632,3162,3073,376N/A6/30/202321,6042,0161,7832,744N/A3/31/202321,3431,6401,6422,167N/A12/31/202220,6491,4178141,376N/A9/30/202219,8761,5988941,421N/A6/30/202218,8181,5151,1331,594N/A3/31/202218,1141,6941,2771,697N/A12/31/202117,5701,9552,1412,530N/A9/30/202117,0651,9762,2042,568N/A6/30/202117,1062,2312,5442,941N/A3/31/202116,6172,2802,1792,559N/A12/31/202016,2962,0311,4971,969N/A9/30/202016,5462,0461,9992,416N/A6/30/202016,5862,0651,4872,096N/A3/31/202016,7451,9501,8362,589N/A12/31/201916,9782,1621,6582,410N/A9/30/201916,8532,092N/A2,589N/A6/30/201916,7931,950N/A2,386N/A3/31/201916,4621,918N/A1,798N/A12/31/201816,3481,825N/A1,998N/A9/30/201816,3561,854N/A1,702N/A6/30/201816,1171,803N/A1,911N/A3/31/201816,0681,754N/A2,139N/A12/31/201715,8251,710N/A1,804N/A9/30/201715,6621,771N/A2,392N/A6/30/201715,8202,010N/A2,519N/A3/31/201716,2232,266N/A2,467N/A12/31/201616,5292,526N/A2,775N/A12/31/201517,035990N/A3,101N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: TOA 의 연간 예상 수익 증가율(1%)이 saving rate(2.2%) 미만입니다.수익 vs 시장: TOA 의 연간 수익(1%)이 TH 시장(10.3%)보다 느리게 성장할 것으로 예상됩니다.고성장 수익: TOA 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: TOA 의 수익(연간 3.3%)이 TH 시장(연간 9.6%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: TOA 의 수익(연간 3.3%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: TOA의 자본 수익률은 3년 후 16.7%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YMaterials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/21 10:41종가2026/05/21 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스TOA Paint (Thailand) Public Company Limited는 7명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Thanyatorn SongwuttiFSS International AdvisoryNigel KiernanHSBCAnuwat SrikajornratkulKrungsri Securities Public Company Limited4명의 분석가 더 보기
Price Target Changed • May 13Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿11.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.
Price Target Changed • Mar 11Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ฿13.00. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.
Price Target Changed • Feb 14Price target increased by 7.9% to ฿18.37Up from ฿17.03, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿15.80. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.27 for next year compared to ฿0.96 last year.
Price Target Changed • Jul 03Price target decreased by 29% to ฿15.03Down from ฿21.27, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿11.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿0.96 last year.
Major Estimate Revision • Mar 06Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿22.6b to ฿21.4b. EPS estimate also fell from ฿1.26 per share to ฿1.12 per share. Net income forecast to grow 18% next year vs 30% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿23.70 to ฿21.52. Share price was steady at ฿11.80 over the past week.
Price Target Changed • Feb 24Price target decreased by 7.1% to ฿22.77Down from ฿24.50, the current price target is an average from 6 analysts. New target price is 87% above last closing price of ฿12.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.27 last year.
Price Target Changed • May 13Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 45% above last closing price of ฿11.90. Stock is up 18% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.
Upcoming Dividend • Apr 29Upcoming dividend of ฿0.39 per shareEligible shareholders must have bought the stock before 06 May 2026. Payment date: 26 May 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (2.6%).
공시 • Apr 22TOA Paint (Thailand) Public Company Limited to Report Q1, 2026 Results on May 15, 2026TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2026 results on May 15, 2026
Price Target Changed • Mar 11Price target decreased by 7.8% to ฿17.30Down from ฿18.77, the current price target is an average from 3 analysts. New target price is 33% above last closing price of ฿13.00. Stock is up 15% over the past year. The company is forecast to post earnings per share of ฿1.36 for next year compared to ฿1.50 last year.
Declared Dividend • Mar 04Final dividend of ฿0.39 announcedShareholders will receive a dividend of ฿0.39. Ex-date: 6th May 2026 Payment date: 26th May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 10.0% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Mar 03TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended 31 December, 2025, Payable on May 26, 2026TOA Paint (Thailand) Public Company Limited at the AGM to be held on 27 April, 2026, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2025 at the rate of THB 0.39 per share, with the total amount, of approximately THB 756.05 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 7, 2026. The date of dividend payment is determined to be on May 26, 2026. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2025, at the rate of THB 0.36 per share, in the total amount of THB 697.89 million which had been paid on September 12, 2025. Therefore, the total dividend payment from the 2025 operating results will be at the rate of 0.75 THB per share, amounting to approximately THB 1,453.94 million. This represents a dividend payout ratio of 64.60% of the net profit based on the Company's separate financial statements for the fiscal year 2025. Ex-dividend date is 06 May, 2026. Paid from Operating period from 01 July, 2025 to 31 December, 2025.
공시 • Mar 02TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 27, 2026, at 10:00 SE Asia Standard Time.
Reported Earnings • Mar 01Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: ฿1.50 (up from ฿0.96 in FY 2024). Revenue: ฿21.6b (up 2.1% from FY 2024). Net income: ฿2.92b (up 52% from FY 2024). Profit margin: 14% (up from 9.1% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings.
Price Target Changed • Feb 14Price target increased by 7.9% to ฿18.37Up from ฿17.03, the current price target is an average from 3 analysts. New target price is 16% above last closing price of ฿15.80. Stock is up 28% over the past year. The company is forecast to post earnings per share of ฿1.27 for next year compared to ฿0.96 last year.
공시 • Jan 19TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2025 Results on Feb 27, 2026TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2025 results on Feb 27, 2026
New Risk • Jan 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change).
Reported Earnings • Nov 15Third quarter 2025 earnings: EPS and revenues exceed analyst expectationsThird quarter 2025 results: EPS: ฿0.35 (up from ฿0.094 in 3Q 2024). Revenue: ฿5.27b (up 3.8% from 3Q 2024). Net income: ฿687.7m (up 266% from 3Q 2024). Profit margin: 13% (up from 3.7% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 2.9%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings.
공시 • Oct 07TOA Paint (Thailand) Public Company Limited to Report Q3, 2025 Results on Nov 13, 2025TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2025 results on Nov 13, 2025
Reported Earnings • Aug 16Second quarter 2025 earnings released: EPS: ฿0.34 (vs ฿0.24 in 2Q 2024)Second quarter 2025 results: EPS: ฿0.34 (up from ฿0.24 in 2Q 2024). Revenue: ฿5.37b (flat on 2Q 2024). Net income: ฿651.8m (up 37% from 2Q 2024). Profit margin: 12% (up from 8.8% in 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.
공시 • Jul 03TOA Paint (Thailand) Public Company Limited to Report Q2, 2025 Results on Aug 14, 2025TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2025 results on Aug 14, 2025
Price Target Changed • Jul 03Price target decreased by 29% to ฿15.03Down from ฿21.27, the current price target is an average from 3 analysts. New target price is 32% above last closing price of ฿11.40. Stock is down 42% over the past year. The company is forecast to post earnings per share of ฿1.12 for next year compared to ฿0.96 last year.
Valuation Update With 7 Day Price Move • Jun 30Investor sentiment improves as stock rises 16%After last week's 16% share price gain to ฿11.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Chemicals industry in Thailand. Total loss to shareholders of 56% over the past three years.
Reported Earnings • May 15First quarter 2025 earnings released: EPS: ฿0.37 (vs ฿0.40 in 1Q 2024)First quarter 2025 results: EPS: ฿0.37 (down from ฿0.40 in 1Q 2024). Revenue: ฿5.42b (flat on 1Q 2024). Net income: ฿733.1m (down 8.8% from 1Q 2024). Profit margin: 14% (down from 15% in 1Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings.
Upcoming Dividend • May 02Upcoming dividend of ฿0.27 per shareEligible shareholders must have bought the stock before 09 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (3.7%).
공시 • Apr 25Toa Paint (Thailand) Public Company Limited Approves Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025TOA Paint (Thailand) Public Company Limited at its AGM held on April 25, 2025, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half ended December 31, 2024, at the rate of THB 0.27 per share, totaling approximately, THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the record date for shareholders entitled to receive dividends. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to receive the dividend (Record Date) on May 13, 2025, and determined the date of the dividend payment on May 23, 2025.
Valuation Update With 7 Day Price Move • Apr 08Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to ฿9.55, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Chemicals industry in Thailand. Total loss to shareholders of 64% over the past three years.
공시 • Mar 06TOA Paint (Thailand) Public Company Limited Approves the Appointment of Anuchit Anuchitanukul as Independent Director, Effective from May 1, 2025TOA Paint (Thailand) Public Company Limited at its Board of Directors Meeting held on February 27, 2025, approved the appointment of Dr. Anuchit Anuchitanukul to the position of Director and Independent Director, effective from May 1, 2025 onwards.
Major Estimate Revision • Mar 06Consensus EPS estimates fall by 11%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿22.6b to ฿21.4b. EPS estimate also fell from ฿1.26 per share to ฿1.12 per share. Net income forecast to grow 18% next year vs 30% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿23.70 to ฿21.52. Share price was steady at ฿11.80 over the past week.
Declared Dividend • Mar 01Final dividend reduced to ฿0.27Dividend of ฿0.27 is 23% lower than last year. Ex-date: 9th May 2025 Payment date: 23rd May 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 14% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Feb 28TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 24, 2025, at 10:00 SE Asia Standard Time.
공시 • Feb 27TOA Paint (Thailand) Public Company Limited Proposes Cash Dividend for the Second Half Ended December 31, 2024, Payable on May 23, 2025TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 27, 2025, agreed to propose to the Annual General Meeting of Shareholders to be held on April 25, 2025, the annual dividend payment from the net profit derived from the operational results of the second half of 2024 at the rate of THB 0.27 per share, with the total amount, of approximately THB 532.50 million. The Company will pay dividends based on the number of voting shares, net of treasury shares, as of the date of determining shareholders names who are entitled to receive dividends (the Record date of dividend payment) on May 13, 2025. The date of dividend payment is determined to be on May 23, 2025. Moreover, the Company paid the interim dividends from the net profit from the separated financial statements derived from the first half operational results ended June 30, 2024, at the rate of THB 0.33 per share, in the total amount of THB 659.53 million which had been paid on September 13, 2024. Therefore, the total dividend payment from the 2024 operating results will be at the rate of THB 0.60 per share, amounting to approximately THB 1,192.03 million. Ex-dividend date is May 9, 2025.
Price Target Changed • Feb 24Price target decreased by 7.1% to ฿22.77Down from ฿24.50, the current price target is an average from 6 analysts. New target price is 87% above last closing price of ฿12.20. Stock is down 40% over the past year. The company is forecast to post earnings per share of ฿1.14 for next year compared to ฿1.27 last year.
공시 • Jan 31TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2024 Results on Feb 27, 2025TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2024 results on Feb 27, 2025
Valuation Update With 7 Day Price Move • Dec 02Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to ฿14.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Chemicals industry in Thailand. Total loss to shareholders of 53% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿23.83 per share.
Major Estimate Revision • Nov 28Consensus EPS estimates fall by 16%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿22.0b to ฿21.6b. EPS estimate also fell from ฿1.17 per share to ฿0.98 per share. Net income forecast to grow 24% next year vs 35% growth forecast for Chemicals industry in Thailand. Consensus price target down from ฿24.50 to ฿23.70. Share price fell 15% to ฿14.10 over the past week.
공시 • Oct 31TOA Paint (Thailand) Public Company Limited to Report Q3, 2024 Results on Nov 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2024 results on Nov 14, 2024
Price Target Changed • Sep 12Price target decreased by 12% to ฿25.83Down from ฿29.26, the current price target is an average from 6 analysts. New target price is 36% above last closing price of ฿19.00. Stock is down 21% over the past year. The company is forecast to post earnings per share of ฿1.16 for next year compared to ฿1.27 last year.
공시 • Aug 17Toa Paint (Thailand) Public Company Limited Announces Cash Dividend for the Period from 01 January 2024 to 30 June 2024, Payable on 13 September 2024TOA Paint (Thailand) Public Company Limited announced cash dividend of THB 0.33 per share for the period from 1 January 2024 to 30 June 2024. Scheduled dates are as follows: Ex-dividend date 28 August 2024, Record date 29 August 2024 and Payment date 13 September 2024.
Reported Earnings • Aug 16Second quarter 2024 earnings released: EPS: ฿0.24 (vs ฿0.36 in 2Q 2023)Second quarter 2024 results: EPS: ฿0.24 (down from ฿0.36 in 2Q 2023). Revenue: ฿5.40b (down 1.0% from 2Q 2023). Net income: ฿477.0m (down 36% from 2Q 2023). Profit margin: 8.8% (down from 14% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings.
Price Target Changed • Aug 12Price target decreased by 7.4% to ฿30.26Down from ฿32.69, the current price target is an average from 7 analysts. New target price is 71% above last closing price of ฿17.70. Stock is down 31% over the past year. The company is forecast to post earnings per share of ฿1.25 for next year compared to ฿1.27 last year.
공시 • Jul 05TOA Paint (Thailand) Public Company Limited to Report Q2, 2024 Results on Aug 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2024 results on Aug 14, 2024
Buy Or Sell Opportunity • Jun 11Now 21% undervaluedOver the last 90 days, the stock has risen 4.9% to ฿21.40. The fair value is estimated to be ฿27.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 6.4%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 7.6% in the next 2 years.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.31 in 1Q 2023)First quarter 2024 results: EPS: ฿0.40 (up from ฿0.31 in 1Q 2023). Revenue: ฿5.43b (down 4.0% from 1Q 2023). Net income: ฿804.0m (up 27% from 1Q 2023). Profit margin: 15% (up from 11% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings.
공시 • Apr 30TOA Paint (Thailand) Public Company Limited Approves Annual Dividend from the Operational Results of the Second Half of 2023, Payable on May 28, 2024TOA Paint (Thailand) Public Company Limited at its AGM held on April 29, 2024, approved the annual dividend payment from the net profit under the separated financial statements derived from the operational results of the second half of 2023, at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (Record Date) on May 9, 2024, and determined the date of the dividend payment on May 28, 2024.
공시 • Apr 26TOA Paint (Thailand) Public Company Limited to Report Q1, 2024 Results on May 14, 2024TOA Paint (Thailand) Public Company Limited announced that they will report Q1, 2024 results on May 14, 2024
공시 • Mar 23TOA Paint (Thailand) Public Company Limited Announces Director and Board ChangesTOA Paint (Thailand) Public Company Limited announced at its board meeting held on February 28, 2024 resolved to acknowledge the resignation of Mr. Prachak Tangkaravakoon and Mrs. Laor Tangkaravakoon from their positions of director and the Executive director, effective February 20, 2024 onward. In this regard, the Board of Directors agreed to appoint Mr. Veerasak Kositpaisal as the acting chairman of the Board, effective from now on, until a permanent replacement is chosen.
공시 • Mar 01TOA Paint (Thailand) Public Company Limited Proposes Dividend for the Second Half of 2023, Payable on May 28, 2024TOA Paint (Thailand) Public Company Limited announced that at its board meeting held on February 28, 2024, agreed to propose to the Annual General Meeting of Shareholders to consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023. The board of directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2023 at the rate of THB 0.35 per share, totaling THB 710.15 million. In this regard, the board of directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 9, 2024 and determined the date of the dividend payment on May 28, 2024.
공시 • Feb 29TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 29, 2024, at 10:00 SE Asia Standard Time. Agenda: To endorse the Minutes of 2023 Annual General Meeting of Shareholders, convened on April 27, 2023; to acknowledge the report on the operational results for the year 2023 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2023; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2024; to approve the appointment of the auditors and the determination of the audit fee for the year 2024; and to transact other business.
Reported Earnings • Feb 29Full year 2023 earnings released: EPS: ฿1.27 (vs ฿0.70 in FY 2022)Full year 2023 results: EPS: ฿1.27 (up from ฿0.70 in FY 2022). Revenue: ฿22.2b (up 7.7% from FY 2022). Net income: ฿2.57b (up 81% from FY 2022). Profit margin: 12% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings.
Buy Or Sell Opportunity • Feb 28Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 8.0% to ฿19.50. The fair value is estimated to be ฿25.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 5.3%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to grow by 26% in the next 2 years.
공시 • Feb 20TOA Paint (Thailand) Public Company Limited Announces Resignation of DirectorsTOA Paint (Thailand) Public Company Limited announced the resignation of two directors and executive directors, effective February 20, 2024, due to health concerns. The departing individuals are: 1. Mr. Prachak Tangkaravakoon Chairman /Executive Director, 2. Mrs. Laor Tangkaravakoon Vice Chairman /Executive Director.
공시 • Jan 17TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2023 Results on Feb 28, 2024TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2023 results on Feb 28, 2024
Price Target Changed • Nov 24Price target decreased by 7.4% to ฿33.19Down from ฿35.83, the current price target is an average from 7 analysts. New target price is 60% above last closing price of ฿20.80. Stock is down 38% over the past year. The company is forecast to post earnings per share of ฿1.26 for next year compared to ฿0.70 last year.
Price Target Changed • Nov 21Price target decreased by 8.7% to ฿34.33Down from ฿37.60, the current price target is an average from 7 analysts. New target price is 53% above last closing price of ฿22.40. Stock is down 29% over the past year. The company is forecast to post earnings per share of ฿1.22 for next year compared to ฿0.70 last year.
Reported Earnings • Nov 16Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2023 results: EPS: ฿0.32 (up from ฿0.17 in 3Q 2022). Revenue: ฿5.38b (up 6.8% from 3Q 2022). Net income: ฿651.2m (up 84% from 3Q 2022). Profit margin: 12% (up from 7.0% in 3Q 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings.
Buying Opportunity • Oct 09Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 19%. The fair value is estimated to be ฿26.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 9.9%. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 41% in the next 2 years.
Upcoming Dividend • Aug 22Upcoming dividend of ฿0.33 per share at 2.5% yieldEligible shareholders must have bought the stock before 29 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Thai dividend payers (6.3%). Lower than average of industry peers (3.4%).
New Risk • Aug 17New minor risk - Dividend sustainabilityThe company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change).
Reported Earnings • Aug 16Second quarter 2023 earnings: EPS exceeds analyst expectationsSecond quarter 2023 results: EPS: ฿0.37 (up from ฿0.18 in 2Q 2022). Revenue: ฿5.46b (up 4.9% from 2Q 2022). Net income: ฿741.4m (up 102% from 2Q 2022). Profit margin: 14% (up from 7.1% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year.
New Risk • Jun 20New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company.
공시 • May 30TOA Paint (Thailand) Public Company Limited Announces Resignation of Vonnarat Tangkaravakoon as Director and Member of Executive CommitteeTOA Paint (Thailand) Public Company Limited announced that Mr. Vonnarat Tangkaravakoon, Director and Member of Executive Committee, has sent a resignation letter notifying to resign from such positions due to more individual businesses, effective from May 29, 2023 onwards.
Reported Earnings • May 18First quarter 2023 earnings: EPS exceeds analyst expectationsFirst quarter 2023 results: EPS: ฿0.31 (up from ฿0.20 in 1Q 2022). Revenue: ฿5.65b (up 14% from 1Q 2022). Net income: ฿632.5m (up 54% from 1Q 2022). Profit margin: 11% (up from 8.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings.
공시 • May 05TOA Paint (Thailand) Public Company Limited Announces CFO ChangesTOA Paint (Thailand) Public Company Limited announced termination of Taweeporn Patanakitraung as CFO effective from 30 April, 2023. Company appointed Surasak Mandaeng as CFO effective from 02 May, 2023.
Upcoming Dividend • May 02Upcoming dividend of ฿0.25 per share at 1.7% yieldEligible shareholders must have bought the stock before 08 May 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (6.2%). Lower than average of industry peers (3.0%).
공시 • Jan 16TOA Paint (Thailand) Public Company Limited to Report Fiscal Year 2022 Results on Feb 27, 2023TOA Paint (Thailand) Public Company Limited announced that they will report fiscal year 2022 results on Feb 27, 2023
Reported Earnings • Nov 18Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindThird quarter 2022 results: EPS: ฿0.17 (up from ฿0.13 in 3Q 2021). Revenue: ฿5.04b (up 27% from 3Q 2021). Net income: ฿353.8m (up 32% from 3Q 2021). Profit margin: 7.0% (up from 6.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Thailand are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 9% per year.
Board Change • Nov 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
공시 • Oct 22TOA Paint (Thailand) Public Company Limited to Report Q3, 2022 Results on Nov 14, 2022TOA Paint (Thailand) Public Company Limited announced that they will report Q3, 2022 results on Nov 14, 2022
Valuation Update With 7 Day Price Move • Sep 26Investor sentiment improved over the past weekAfter last week's 15% share price gain to ฿34.00, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the Chemicals industry in Thailand. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿21.85 per share.
Upcoming Dividend • Aug 22Upcoming dividend of ฿0.25 per shareEligible shareholders must have bought the stock before 29 August 2022. Payment date: 13 September 2022. Payout ratio and cash payout ratio are on the higher end at 86% and 92% respectively. Trailing yield: 1.5%. Lower than top quartile of Thai dividend payers (5.4%). Lower than average of industry peers (4.8%).
Reported Earnings • Aug 17Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2022 results: EPS: ฿0.18 (down from ฿0.27 in 2Q 2021). Revenue: ฿5.20b (up 16% from 2Q 2021). Net income: ฿367.7m (down 32% from 2Q 2021). Profit margin: 7.1% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 5.6% compared to a 2.9% decline forecast for the Chemicals industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year.
공시 • Aug 16TOA Paint (Thailand) Public Company Limited Announces Interim Cash Dividend for the Period from 01 January 2022 to 30 June 2022, Payable on 13 September 2022TOA Paint (Thailand) Public Company Limited announced interim cash dividend of THB 0.25 per share for the period from 1 January 2022 to 30 June 2022. Scheduled dates are as follows: Ex-dividend date 29 August 2022, Record date 30 August 2022 and Payment date 13 September 2022.
공시 • Jul 19TOA Paint (Thailand) Public Company Limited to Report Q2, 2022 Results on Aug 15, 2022TOA Paint (Thailand) Public Company Limited announced that they will report Q2, 2022 results at 4:45 PM, SE Asia Standard Time on Aug 15, 2022
Buying Opportunity • Jul 13Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 5.3%. The fair value is estimated to be ฿33.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 43% in the next 2 years.
공시 • Jul 03TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited.TOA Paint (Thailand) Public Company Limited (SET:TOA) agreed to acquire a 80% stake in Fast-Mix Company Limited from TOA Group Holding Company Limited for THB 81.5 million on May 12, 2022. TOA Paint (Thailand) Public Company Limited (SET:TOA) completed the acquisition of a 89% stake in Fast-Mix Co.,Ltd. from TOA Group Holding Company Limited on July 1, 2022.
Reported Earnings • May 15First quarter 2022 earnings: EPS and revenues miss analyst expectationsFirst quarter 2022 results: EPS: ฿0.20 (down from ฿0.33 in 1Q 2021). Revenue: ฿4.97b (up 12% from 1Q 2021). Net income: ฿410.1m (down 39% from 1Q 2021). Profit margin: 8.3% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is forecast to grow 5.3%, compared to a 5.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year.
Upcoming Dividend • Apr 28Upcoming dividend of ฿0.19 per shareEligible shareholders must have bought the stock before 05 May 2022. Payment date: 23 May 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.1%). Lower than average of industry peers (4.2%).
Board Change • Apr 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. 5 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Veerasak Kositpaisal was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Buying Opportunity • Apr 18Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 8.9%. The fair value is estimated to be ฿35.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 2.7%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period.
Reported Earnings • Feb 27Full year 2021 earnings: EPS and revenues exceed analyst expectationsFull year 2021 results: EPS: ฿0.96 (down from ฿1.00 in FY 2020). Revenue: ฿17.6b (up 7.8% from FY 2020). Net income: ฿1.96b (down 3.7% from FY 2020). Profit margin: 11% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 5.2%, compared to a 7.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings.
공시 • Feb 26TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 25, 2022, at 03:30 Coordinated Universal Time. Agenda: To endorse the Minutes of Extraordinary General Meeting of Shareholders No. 1/2021, convened on December 16, 2021; to acknowledge the report on the operational results for the year 2021 prepared by the Board of Directors; to approve the audited consolidated financial statements of the Company and its subsidiaries for the accounting period ended December 31, 2021; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2022; and to consider other matters.
공시 • Feb 25TOA Paint (Thailand) Public Company Limited Proposes Annual Dividend Payment for the Second Half of 2021, Payable on May 23, 2022TOA Paint (Thailand) Public Company Limited announced that Board of Directors Meeting held on February 24, 2022, the Board of Directors deemed it appropriate that the shareholders consider and approve the annual dividend payment from the net profit derived from the operational results of the second half of 2021 at the rate of THB 0.19 per share, totaling THB 385.51 million. In this regard, the Board of Directors determined the date to record the names of the shareholders who are entitled to the dividend payment (record date) on May 6, 2022 and determined the date of the dividend payment on May 23, 2022.
Reported Earnings • Nov 15Third quarter 2021 earnings released: EPS ฿0.13 (vs ฿0.26 in 3Q 2020)The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.98b (down 1.0% from 3Q 2020). Net income: ฿268.2m (down 49% from 3Q 2020). Profit margin: 6.7% (down from 13% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Aug 20Upcoming dividend of ฿0.31 per shareEligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.0%).
Reported Earnings • Aug 18Second quarter 2021 earnings released: EPS ฿0.27 (vs ฿0.29 in 2Q 2020)The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ฿4.50b (up 12% from 2Q 2020). Net income: ฿544.1m (down 8.2% from 2Q 2020). Profit margin: 12% (down from 15% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
Price Target Changed • May 28Price target increased to ฿39.70Up from ฿35.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ฿38.00. Stock is up 7.8% over the past year.
Reported Earnings • May 18First quarter 2021 earnings released: EPS ฿0.33 (vs ฿0.21 in 1Q 2020)The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿4.42b (up 7.8% from 1Q 2020). Net income: ฿670.3m (up 59% from 1Q 2020). Profit margin: 15% (up from 10% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Upcoming Dividend • Apr 28Upcoming dividend of ฿0.26 per shareEligible shareholders must have bought the stock before 05 May 2021. Payment date: 21 May 2021. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (1.8%).
Major Estimate Revision • Mar 04Analysts lower EPS estimates to ฿1.04The 2021 consensus revenue estimate was lowered from ฿17.4b to ฿17.2b. Earning per share (EPS) estimate was also lowered from ฿1.16 to ฿1.04 for the same period. Net income is expected to grow by 4.1% next year compared to 45% growth forecast for the Chemicals industry in Thailand. The consensus price target was lowered from ฿38.08 to ฿37.42. Share price is up 1.6% to ฿31.75 over the past week.
Is New 90 Day High Low • Mar 01New 90-day low: ฿30.25The company is down 16% from its price of ฿36.00 on 01 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.49 per share.
Reported Earnings • Feb 27Full year 2020 earnings released: EPS ฿1.00 (vs ฿1.07 in FY 2019)The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿16.3b (down 4.6% from FY 2019). Net income: ฿2.03b (down 6.1% from FY 2019). Profit margin: 13% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.
Analyst Estimate Surprise Post Earnings • Feb 27Revenue beats expectations, earnings disappointRevenue exceeded analyst estimates by 0.08%. Earnings per share (EPS) missed analyst estimates by 4.8%. Over the next year, revenue is forecast to grow 5.9%, compared to a 11% growth forecast for the Chemicals industry in Thailand.
공시 • Feb 26TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021TOA Paint (Thailand) Public Company Limited, Annual General Meeting, Apr 23, 2021, at 10:30 Singapore Standard Time. Location: Royal Maneeya A, M Floor, Renaissance Bangkok Ratchaprasong Hotel 518/8 Ploenchit Road, Lumpini, Pathumwan Bangkok Thailand Agenda: To endorse the minutes of 2020 annual general meeting of shareholders, convened on august 7, 2020; to acknowledge the report on the operational results for the year 2020 prepared by the board of directors; to approve the audited consolidated financial statements of the company and its subsidiaries for the accounting period ended December 31, 2020; to approve the annual dividend payment; to approve the election of the directors in place of those who are due to retire by rotation; to approve the determination of the remuneration for directors and the sub-committees for the year 2021; to approve the appointment of the auditors and the determination of the audit fee for the year 2021; and to consider other matters (if any).
Is New 90 Day High Low • Feb 02New 90-day low: ฿31.75The company is down 5.0% from its price of ฿33.50 on 04 November 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿21.65 per share.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿0.26The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: ฿4.02b (down 1.0% from 3Q 2019). Net income: ฿523.6m (down 3.5% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year.
Analyst Estimate Surprise Post Earnings • Nov 14Revenue and earnings beat expectationsRevenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Over the next year, revenue is forecast to grow 2.7%, compared to a 9.6% growth forecast for the Chemicals industry in Thailand.
Is New 90 Day High Low • Oct 16New 90-day low: ฿33.75The company is down 15% from its price of ฿39.75 on 17 July 2020. The Thai market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿16.95 per share.