View Future GrowthThai O.P.P 과거 순이익 실적과거 기준 점검 4/6Thai O.P.P은 연평균 2.5%의 비율로 수입이 증가해 온 반면, Packaging 산업은 수입이 2.6% 증가했습니다. 매출은 연평균 1.7%의 비율로 증가했습니다. Thai O.P.P의 자기자본이익률은 6.4%이고 순이익률은 6.6%입니다.핵심 정보2.52%순이익 성장률2.52%주당순이익(EPS) 성장률Packaging 산업 성장률0.64%매출 성장률1.68%자기자본이익률6.40%순이익률6.59%최근 순이익 업데이트31 Dec 2025최근 과거 실적 업데이트Reported Earnings • Mar 03Full year 2025 earnings released: EPS: ฿18.71 (vs ฿18.48 in FY 2024)Full year 2025 results: EPS: ฿18.71 (up from ฿18.48 in FY 2024). Revenue: ฿1.70b (flat on FY 2024). Net income: ฿112.3m (up 1.3% from FY 2024). Profit margin: 6.6% (up from 6.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 01Full year 2024 earnings released: EPS: ฿18.48 (vs ฿18.71 in FY 2023)Full year 2024 results: EPS: ฿18.48 (down from ฿18.71 in FY 2023). Revenue: ฿1.72b (up 8.0% from FY 2023). Net income: ฿110.9m (down 1.2% from FY 2023). Profit margin: 6.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿5.72 (vs ฿3.54 in 1Q 2023)First quarter 2024 results: EPS: ฿5.72 (up from ฿3.54 in 1Q 2023). Revenue: ฿415.4m (up 8.4% from 1Q 2023). Net income: ฿34.3m (up 61% from 1Q 2023). Profit margin: 8.3% (up from 5.5% in 1Q 2023). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings.Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿18.71 (vs ฿14.25 in FY 2022)Full year 2023 results: EPS: ฿18.71 (up from ฿14.25 in FY 2022). Revenue: ฿1.59b (down 6.0% from FY 2022). Net income: ฿112.3m (up 31% from FY 2022). Profit margin: 7.1% (up from 5.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year.Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿5.44 (vs ฿3.70 in 3Q 2022)Third quarter 2023 results: EPS: ฿5.44 (up from ฿3.70 in 3Q 2022). Revenue: ฿406.5m (down 4.2% from 3Q 2022). Net income: ฿32.6m (up 47% from 3Q 2022). Profit margin: 8.0% (up from 5.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ฿5.40 (vs ฿5.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿5.40 (up from ฿5.30 in 2Q 2022). Revenue: ฿405.2m (down 12% from 2Q 2022). Net income: ฿32.4m (up 1.8% from 2Q 2022). Profit margin: 8.0% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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.모든 업데이트 보기Recent updatesBoard Change • Apr 22Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Mar 19Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Mar 03Full year 2025 earnings released: EPS: ฿18.71 (vs ฿18.48 in FY 2024)Full year 2025 results: EPS: ฿18.71 (up from ฿18.48 in FY 2024). Revenue: ฿1.70b (flat on FY 2024). Net income: ฿112.3m (up 1.3% from FY 2024). Profit margin: 6.6% (up from 6.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Declared Dividend • Mar 02Dividend of ฿4.42 announcedShareholders will receive a dividend of ฿4.42. Ex-date: 7th May 2026 Payment date: 28th May 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 71% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.0% EPS decline seen over the last 5 years.공지 • Feb 28Thai O.P.P. Public Company Limited announces Annual dividend, payable on May 28, 2026Thai O.P.P. Public Company Limited announced Annual dividend of THB 3.7500 per share payable on May 28, 2026, ex-date on May 07, 2026 and record date on May 08, 2026.공지 • Feb 27Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2026Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2026, at 10:00 SE Asia Standard Time. Location: vimarnthip rm. 5th floor, montien, riverside hotel, rama 3 rd., bangkholaem, bangkok, ThailandBoard Change • Feb 23Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Jan 23Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Nov 24Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Sep 12Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Upcoming Dividend • Apr 30Upcoming dividend of ฿4.91 per shareEligible shareholders must have bought the stock before 07 May 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (4.8%).Board Change • Apr 30Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.공지 • Apr 30Thai O.P.P. Public Company Limited Approves Cash Dividend for Year Ended December 31, 2024, Payable on May 28, 2025Thai O.P.P. Public Company Limited at its Annual General Meeting, held on April 29, 2025, approved the allocation of profit and dividend payment for the year 2024 operative result at the rate of THB 4.91 per share, thus totaling the cash dividend to be paid in the amount of not exceeding THB 29,460,000. The record date for the right of shareholders to receive the dividend payments will be determined on May 8, 2025. The dividend payment date is set to be on May 28, 2025.Declared Dividend • Mar 26Dividend reduced to ฿4.91Dividend of ฿4.91 is 26% lower than last year. Ex-date: 7th May 2025 Payment date: 28th May 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.Board Change • Mar 26Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Declared Dividend • Mar 02Dividend reduced to ฿4.91Dividend of ฿4.91 is 26% lower than last year. Ex-date: 7th May 2025 Payment date: 28th May 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.Reported Earnings • Mar 01Full year 2024 earnings released: EPS: ฿18.48 (vs ฿18.71 in FY 2023)Full year 2024 results: EPS: ฿18.48 (down from ฿18.71 in FY 2023). Revenue: ฿1.72b (up 8.0% from FY 2023). Net income: ฿110.9m (down 1.2% from FY 2023). Profit margin: 6.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.공지 • Feb 28Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2025Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2025, at 10:00 SE Asia Standard Time. Location: vimarnthip rm. 5th floor, montien riverside hotel, rama 3 rd., bangkholaem, bangkok Thailand공지 • Feb 27Thai O.P.P. Public Company Limited Proposes Cash Dividend for the Period from 01 January 2024 to 31 December 2024, Payable on May 28, 2025Thai O.P.P. Public Company Limited at the AGM to be held on 29 April 2025, proposed Cash dividend payment for Operating period from 01 January 2024 to 31 December 2024 of THB 4.91 per share to Common shareholders on Par value of THB 10.00 per share. The Record Date for the right of shareholders to receive the dividend is scheduled to be on May 8, 2025 (if approved at the AGM 2025) and dividend payment will be made on May 28, 2025. Ex-dividend date of 07 May 2025.Board Change • Feb 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Dec 06Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Sep 03Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿5.72 (vs ฿3.54 in 1Q 2023)First quarter 2024 results: EPS: ฿5.72 (up from ฿3.54 in 1Q 2023). Revenue: ฿415.4m (up 8.4% from 1Q 2023). Net income: ฿34.3m (up 61% from 1Q 2023). Profit margin: 8.3% (up from 5.5% in 1Q 2023). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings.Valuation Update With 7 Day Price Move • May 03Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿170, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 14x in the Packaging industry in Thailand. Total loss to shareholders of 15% over the past three years.Declared Dividend • May 02Dividend increased to ฿6.68Dividend of ฿6.68 is 75% higher than last year. Ex-date: 9th May 2024 Payment date: 29th May 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.Board Change • May 02Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Valuation Update With 7 Day Price Move • Apr 11Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿140, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 14x in the Packaging industry in Thailand. Total loss to shareholders of 31% over the past three years.New Risk • Mar 10New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 4.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿900.0m market cap, or US$25.4m).Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿18.71 (vs ฿14.25 in FY 2022)Full year 2023 results: EPS: ฿18.71 (up from ฿14.25 in FY 2022). Revenue: ฿1.59b (down 6.0% from FY 2022). Net income: ฿112.3m (up 31% from FY 2022). Profit margin: 7.1% (up from 5.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year.공지 • Mar 01Thai O.P.P. Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 29, 2024Thai O.P.P. Public Company Limited announced that at its board meeting held on February 28, 2024, the board proposes to the 2024 AGM to approve the dividend payment for the fiscal year of 2023 at THB 6.68 per share, totalling THB 40,080,000 as details shown: Dividend Payment of THB 4.63 per share. The payment was derived from profit under non-BOI privilege which was subject to corporate income tax of 20% whereby individual shareholders are entitled to claim tax credit equaling the product of dividend times 20/80. Dividend Payment of THB 2.05 per share. The payment was derived from profit under BOI privilege. The record date for the right of shareholders to receive the dividend is scheduled to be on May 10, 2024. (if approved at the AGM 2024) and dividend payment will be made on May 29, 2024.Declared Dividend • Mar 01Dividend of ฿6.68 announcedShareholders will receive a dividend of ฿6.68. Ex-date: 9th May 2024 Payment date: 29th May 2024 Dividend yield will be 4.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.Board Change • Jan 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Nov 28Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿5.44 (vs ฿3.70 in 3Q 2022)Third quarter 2023 results: EPS: ฿5.44 (up from ฿3.70 in 3Q 2022). Revenue: ฿406.5m (down 4.2% from 3Q 2022). Net income: ฿32.6m (up 47% from 3Q 2022). Profit margin: 8.0% (up from 5.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.Board Change • Nov 13Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Oct 20Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Oct 02Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ฿5.40 (vs ฿5.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿5.40 (up from ฿5.30 in 2Q 2022). Revenue: ฿405.2m (down 12% from 2Q 2022). Net income: ฿32.4m (up 1.8% from 2Q 2022). Profit margin: 8.0% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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.Board Change • Aug 15Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Jul 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • May 08Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Apr 19Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Dec 01Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Sep 15Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Board Change • Aug 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Aug 13Second quarter 2022 earnings released: EPS: ฿5.30 (vs ฿3.32 in 2Q 2021)Second quarter 2022 results: EPS: ฿5.30 (up from ฿3.32 in 2Q 2021). Revenue: ฿460.6m (up 18% from 2Q 2021). Net income: ฿31.8m (up 60% from 2Q 2021). Profit margin: 6.9% (up from 5.1% in 2Q 2021). The increase in margin was driven by higher revenue. 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 6% per year.Board Change • Aug 03Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • May 16First quarter 2022 earnings released: EPS: ฿3.70 (vs ฿5.41 in 1Q 2021)First quarter 2022 results: EPS: ฿3.70 (down from ฿5.41 in 1Q 2021). Revenue: ฿427.9m (up 6.9% from 1Q 2021). Net income: ฿22.2m (down 32% from 1Q 2021). Profit margin: 5.2% (down from 8.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year.Board Change • May 05Less 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. 10 experienced directors. 1 highly experienced director. 4 independent directors (7 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • Feb 27Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿14.67 (down from ฿21.82 in FY 2020). Revenue: ฿1.60b (flat on FY 2020). Net income: ฿88.0m (down 33% from FY 2020). Profit margin: 5.5% (down from 8.2% in FY 2020). Revenue was in line with analyst estimates. 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 5% per year, which means it is significantly lagging earnings.공지 • Feb 26+ 1 more updateThai O.P.P. Public Company Limited Proposes Dividend for the Fiscal Year of 2021, Payable on May 27, 2022Thai O.P.P. Public Company Limited Board proposed to the 2022 AGM on April 29, 2022 to approve the dividend payment for the fiscal year of 2021 at THB 4.05 per share, totaling THB 24,300,000 as details shown; Dividend Payment of THB 0.83 per share. The payment was derived from profit under non-BOI privilege which was subject to corporate income tax of 20% whereby individual shareholders are entitled to claim tax credit equaling the product of dividend times 20/80. Dividend Payment of THB 3.22 per share. The payment was derived from profit under BOI privilege. The Record Date for the right of shareholders to receive the dividend is scheduled to be on May 10, 2022. (if approved at the AGM 2022) and dividend payment will be made on May 27, 2022.Reported Earnings • Nov 18Third quarter 2021 earnings released: EPS ฿3.51 (vs ฿4.67 in 3Q 2020)The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿405.1m (up 3.2% from 3Q 2020). Net income: ฿21.0m (down 25% from 3Q 2020). Profit margin: 5.2% (down from 7.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.Board Change • Oct 28Less 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. 10 experienced directors. 1 highly experienced director. 4 independent directors (7 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.Reported Earnings • May 16First quarter 2021 earnings released: EPS ฿5.41 (vs ฿6.46 in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿400.2m (down 6.7% from 1Q 2020). Net income: ฿32.4m (down 16% from 1Q 2020). Profit margin: 8.1% (down from 9.0% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.공지 • Apr 30Thai O.P.P. Public Company Limited Approves Dividend for the Year 2020, Payable on May 28, 2021Thai O.P.P. Public Company Limited at its annual general meeting of shareholders held on April 29, 2021, unanimously resolved to approve the allocation of profit and dividend payment for the year 2020 operative result at the rate of THB 6.33 per share, thus totaling the cash dividend to be paid in the amount of not exceeding THB 37,980,000. The record date for the right of shareholders to receive the dividend payments will be determined on May 10, 2021. The dividend payment date is set to be on May 28, 2021.Upcoming Dividend • Apr 30Upcoming dividend of ฿6.33 per shareEligible shareholders must have bought the stock before 07 May 2021. Payment date: 28 May 2021. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.7%).Valuation Update With 7 Day Price Move • Dec 01Market pulls back on stock over the past weekAfter last week's 19% share price decline to ฿189, the stock is trading at a trailing P/E ratio of 8.1x, down from the previous P/E ratio of 10x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total return to shareholders over the past three years is a loss of 10%.Valuation Update With 7 Day Price Move • Nov 24Market bids up stock over the past weekAfter last week's 29% share price gain to ฿232, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 7.8x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total returns to shareholders over the past three years are 12%.Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿4.67The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿392.4m (down 5.6% from 3Q 2019). Net income: ฿28.0m (down 27% from 3Q 2019). Profit margin: 7.1% (down from 9.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.매출 및 비용 세부 내역Thai O.P.P가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이SET:TOPP 매출, 비용 및 순이익 (THB Millions)날짜매출순이익일반관리비연구개발비31 Dec 251,705112137030 Sep 251,747114135030 Jun 251,735102134031 Mar 251,732110132031 Dec 241,717111132030 Sep 241,666110134030 Jun 241,633118133031 Mar 241,622125129031 Dec 231,589112124030 Sep 231,57296121030 Jun 231,59085121031 Mar 231,64585123031 Dec 221,69086123030 Sep 221,72191122030 Jun 221,70290120031 Mar 221,63178118031 Dec 211,60388119030 Sep 211,56189119030 Jun 211,54896116031 Mar 211,572125119031 Dec 201,600131121030 Sep 201,615139125030 Jun 201,638150133031 Mar 201,621132134031 Dec 191,600114135030 Sep 191,677111139030 Jun 191,67695140031 Mar 191,68288141031 Dec 181,67395143030 Sep 181,60295139030 Jun 181,580102136031 Mar 181,583110130031 Dec 171,591118129030 Sep 171,573115124030 Jun 171,575119119031 Mar 171,551118122031 Dec 161,506109117030 Sep 161,502109112030 Jun 161,464104112031 Mar 161,450101106031 Dec 151,44696108030 Sep 151,42799109030 Jun 151,4191011110양질의 수익: TOPP는 고품질 수익을 보유하고 있습니다.이익 마진 증가: TOPP의 현재 순 이익률 (6.6%)은 지난해 (6.5%)보다 높습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: TOPP의 수익은 지난 5년 동안 연평균 2.5% 증가했습니다.성장 가속화: 지난 1년간 TOPP 의 수익 증가율(1.3%)은 5년 평균(연간 2.5%)보다 낮습니다.수익 대 산업: TOPP의 지난 1년 수익 증가율(1.3%)은 Packaging 업계의 0.9%를 상회했습니다.자기자본이익률높은 ROE: TOPP의 자본 수익률(6.4%)은 낮음으로 평가됩니다.총자산이익률투하자본수익률우수한 과거 실적 기업을 찾아보세요7D1Y7D1Y7D1YMaterials 산업에서 과거 실적이 우수한 기업.View Financial Health기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/07 21:40종가2026/05/07 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 소스Thai O.P.P. Public Company Limited는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
Reported Earnings • Mar 03Full year 2025 earnings released: EPS: ฿18.71 (vs ฿18.48 in FY 2024)Full year 2025 results: EPS: ฿18.71 (up from ฿18.48 in FY 2024). Revenue: ฿1.70b (flat on FY 2024). Net income: ฿112.3m (up 1.3% from FY 2024). Profit margin: 6.6% (up from 6.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 01Full year 2024 earnings released: EPS: ฿18.48 (vs ฿18.71 in FY 2023)Full year 2024 results: EPS: ฿18.48 (down from ฿18.71 in FY 2023). Revenue: ฿1.72b (up 8.0% from FY 2023). Net income: ฿110.9m (down 1.2% from FY 2023). Profit margin: 6.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿5.72 (vs ฿3.54 in 1Q 2023)First quarter 2024 results: EPS: ฿5.72 (up from ฿3.54 in 1Q 2023). Revenue: ฿415.4m (up 8.4% from 1Q 2023). Net income: ฿34.3m (up 61% from 1Q 2023). Profit margin: 8.3% (up from 5.5% in 1Q 2023). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings.
Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿18.71 (vs ฿14.25 in FY 2022)Full year 2023 results: EPS: ฿18.71 (up from ฿14.25 in FY 2022). Revenue: ฿1.59b (down 6.0% from FY 2022). Net income: ฿112.3m (up 31% from FY 2022). Profit margin: 7.1% (up from 5.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year.
Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿5.44 (vs ฿3.70 in 3Q 2022)Third quarter 2023 results: EPS: ฿5.44 (up from ฿3.70 in 3Q 2022). Revenue: ฿406.5m (down 4.2% from 3Q 2022). Net income: ฿32.6m (up 47% from 3Q 2022). Profit margin: 8.0% (up from 5.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ฿5.40 (vs ฿5.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿5.40 (up from ฿5.30 in 2Q 2022). Revenue: ฿405.2m (down 12% from 2Q 2022). Net income: ฿32.4m (up 1.8% from 2Q 2022). Profit margin: 8.0% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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.
Board Change • Apr 22Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Mar 19Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Mar 03Full year 2025 earnings released: EPS: ฿18.71 (vs ฿18.48 in FY 2024)Full year 2025 results: EPS: ฿18.71 (up from ฿18.48 in FY 2024). Revenue: ฿1.70b (flat on FY 2024). Net income: ฿112.3m (up 1.3% from FY 2024). Profit margin: 6.6% (up from 6.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Declared Dividend • Mar 02Dividend of ฿4.42 announcedShareholders will receive a dividend of ฿4.42. Ex-date: 7th May 2026 Payment date: 28th May 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 71% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.0% EPS decline seen over the last 5 years.
공지 • Feb 28Thai O.P.P. Public Company Limited announces Annual dividend, payable on May 28, 2026Thai O.P.P. Public Company Limited announced Annual dividend of THB 3.7500 per share payable on May 28, 2026, ex-date on May 07, 2026 and record date on May 08, 2026.
공지 • Feb 27Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2026Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2026, at 10:00 SE Asia Standard Time. Location: vimarnthip rm. 5th floor, montien, riverside hotel, rama 3 rd., bangkholaem, bangkok, Thailand
Board Change • Feb 23Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Jan 23Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Nov 24Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Sep 12Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Upcoming Dividend • Apr 30Upcoming dividend of ฿4.91 per shareEligible shareholders must have bought the stock before 07 May 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (7.9%). Lower than average of industry peers (4.8%).
Board Change • Apr 30Less 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. 11 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
공지 • Apr 30Thai O.P.P. Public Company Limited Approves Cash Dividend for Year Ended December 31, 2024, Payable on May 28, 2025Thai O.P.P. Public Company Limited at its Annual General Meeting, held on April 29, 2025, approved the allocation of profit and dividend payment for the year 2024 operative result at the rate of THB 4.91 per share, thus totaling the cash dividend to be paid in the amount of not exceeding THB 29,460,000. The record date for the right of shareholders to receive the dividend payments will be determined on May 8, 2025. The dividend payment date is set to be on May 28, 2025.
Declared Dividend • Mar 26Dividend reduced to ฿4.91Dividend of ฿4.91 is 26% lower than last year. Ex-date: 7th May 2025 Payment date: 28th May 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.
Board Change • Mar 26Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Declared Dividend • Mar 02Dividend reduced to ฿4.91Dividend of ฿4.91 is 26% lower than last year. Ex-date: 7th May 2025 Payment date: 28th May 2025 Dividend yield will be 3.2%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.
Reported Earnings • Mar 01Full year 2024 earnings released: EPS: ฿18.48 (vs ฿18.71 in FY 2023)Full year 2024 results: EPS: ฿18.48 (down from ฿18.71 in FY 2023). Revenue: ฿1.72b (up 8.0% from FY 2023). Net income: ฿110.9m (down 1.2% from FY 2023). Profit margin: 6.5% (down from 7.1% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
공지 • Feb 28Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2025Thai O.P.P. Public Company Limited, Annual General Meeting, Apr 29, 2025, at 10:00 SE Asia Standard Time. Location: vimarnthip rm. 5th floor, montien riverside hotel, rama 3 rd., bangkholaem, bangkok Thailand
공지 • Feb 27Thai O.P.P. Public Company Limited Proposes Cash Dividend for the Period from 01 January 2024 to 31 December 2024, Payable on May 28, 2025Thai O.P.P. Public Company Limited at the AGM to be held on 29 April 2025, proposed Cash dividend payment for Operating period from 01 January 2024 to 31 December 2024 of THB 4.91 per share to Common shareholders on Par value of THB 10.00 per share. The Record Date for the right of shareholders to receive the dividend is scheduled to be on May 8, 2025 (if approved at the AGM 2025) and dividend payment will be made on May 28, 2025. Ex-dividend date of 07 May 2025.
Board Change • Feb 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Dec 06Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Sep 03Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • May 15First quarter 2024 earnings released: EPS: ฿5.72 (vs ฿3.54 in 1Q 2023)First quarter 2024 results: EPS: ฿5.72 (up from ฿3.54 in 1Q 2023). Revenue: ฿415.4m (up 8.4% from 1Q 2023). Net income: ฿34.3m (up 61% from 1Q 2023). Profit margin: 8.3% (up from 5.5% in 1Q 2023). The increase in margin was driven by higher revenue. 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 9% per year, which means it is significantly lagging earnings.
Valuation Update With 7 Day Price Move • May 03Investor sentiment improves as stock rises 21%After last week's 21% share price gain to ฿170, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 14x in the Packaging industry in Thailand. Total loss to shareholders of 15% over the past three years.
Declared Dividend • May 02Dividend increased to ฿6.68Dividend of ฿6.68 is 75% higher than last year. Ex-date: 9th May 2024 Payment date: 29th May 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover.
Board Change • May 02Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Valuation Update With 7 Day Price Move • Apr 11Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to ฿140, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 14x in the Packaging industry in Thailand. Total loss to shareholders of 31% over the past three years.
New Risk • Mar 10New major risk - Earnings qualityThe company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 4.7% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿900.0m market cap, or US$25.4m).
Reported Earnings • Mar 03Full year 2023 earnings released: EPS: ฿18.71 (vs ฿14.25 in FY 2022)Full year 2023 results: EPS: ฿18.71 (up from ฿14.25 in FY 2022). Revenue: ฿1.59b (down 6.0% from FY 2022). Net income: ฿112.3m (up 31% from FY 2022). Profit margin: 7.1% (up from 5.1% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year.
공지 • Mar 01Thai O.P.P. Public Company Limited Proposes Dividend for the Fiscal Year 2023, Payable on May 29, 2024Thai O.P.P. Public Company Limited announced that at its board meeting held on February 28, 2024, the board proposes to the 2024 AGM to approve the dividend payment for the fiscal year of 2023 at THB 6.68 per share, totalling THB 40,080,000 as details shown: Dividend Payment of THB 4.63 per share. The payment was derived from profit under non-BOI privilege which was subject to corporate income tax of 20% whereby individual shareholders are entitled to claim tax credit equaling the product of dividend times 20/80. Dividend Payment of THB 2.05 per share. The payment was derived from profit under BOI privilege. The record date for the right of shareholders to receive the dividend is scheduled to be on May 10, 2024. (if approved at the AGM 2024) and dividend payment will be made on May 29, 2024.
Declared Dividend • Mar 01Dividend of ฿6.68 announcedShareholders will receive a dividend of ฿6.68. Ex-date: 9th May 2024 Payment date: 29th May 2024 Dividend yield will be 4.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend.
Board Change • Jan 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Nov 28Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Nov 14Third quarter 2023 earnings released: EPS: ฿5.44 (vs ฿3.70 in 3Q 2022)Third quarter 2023 results: EPS: ฿5.44 (up from ฿3.70 in 3Q 2022). Revenue: ฿406.5m (down 4.2% from 3Q 2022). Net income: ฿32.6m (up 47% from 3Q 2022). Profit margin: 8.0% (up from 5.2% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings.
Board Change • Nov 13Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Oct 20Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Oct 02Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Aug 15Second quarter 2023 earnings released: EPS: ฿5.40 (vs ฿5.30 in 2Q 2022)Second quarter 2023 results: EPS: ฿5.40 (up from ฿5.30 in 2Q 2022). Revenue: ฿405.2m (down 12% from 2Q 2022). Net income: ฿32.4m (up 1.8% from 2Q 2022). Profit margin: 8.0% (up from 6.9% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% 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.
Board Change • Aug 15Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Jul 11Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • May 08Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Apr 19Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Dec 01Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Sep 15Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Board Change • Aug 29Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Aug 13Second quarter 2022 earnings released: EPS: ฿5.30 (vs ฿3.32 in 2Q 2021)Second quarter 2022 results: EPS: ฿5.30 (up from ฿3.32 in 2Q 2021). Revenue: ฿460.6m (up 18% from 2Q 2021). Net income: ฿31.8m (up 60% from 2Q 2021). Profit margin: 6.9% (up from 5.1% in 2Q 2021). The increase in margin was driven by higher revenue. 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 6% per year.
Board Change • Aug 03Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (8 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • May 16First quarter 2022 earnings released: EPS: ฿3.70 (vs ฿5.41 in 1Q 2021)First quarter 2022 results: EPS: ฿3.70 (down from ฿5.41 in 1Q 2021). Revenue: ฿427.9m (up 6.9% from 1Q 2021). Net income: ฿22.2m (down 32% from 1Q 2021). Profit margin: 5.2% (down from 8.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year.
Board Change • May 05Less 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. 10 experienced directors. 1 highly experienced director. 4 independent directors (7 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • Feb 27Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: ฿14.67 (down from ฿21.82 in FY 2020). Revenue: ฿1.60b (flat on FY 2020). Net income: ฿88.0m (down 33% from FY 2020). Profit margin: 5.5% (down from 8.2% in FY 2020). Revenue was in line with analyst estimates. 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 5% per year, which means it is significantly lagging earnings.
공지 • Feb 26+ 1 more updateThai O.P.P. Public Company Limited Proposes Dividend for the Fiscal Year of 2021, Payable on May 27, 2022Thai O.P.P. Public Company Limited Board proposed to the 2022 AGM on April 29, 2022 to approve the dividend payment for the fiscal year of 2021 at THB 4.05 per share, totaling THB 24,300,000 as details shown; Dividend Payment of THB 0.83 per share. The payment was derived from profit under non-BOI privilege which was subject to corporate income tax of 20% whereby individual shareholders are entitled to claim tax credit equaling the product of dividend times 20/80. Dividend Payment of THB 3.22 per share. The payment was derived from profit under BOI privilege. The Record Date for the right of shareholders to receive the dividend is scheduled to be on May 10, 2022. (if approved at the AGM 2022) and dividend payment will be made on May 27, 2022.
Reported Earnings • Nov 18Third quarter 2021 earnings released: EPS ฿3.51 (vs ฿4.67 in 3Q 2020)The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ฿405.1m (up 3.2% from 3Q 2020). Net income: ฿21.0m (down 25% from 3Q 2020). Profit margin: 5.2% (down from 7.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.
Board Change • Oct 28Less 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. 10 experienced directors. 1 highly experienced director. 4 independent directors (7 non-independent directors). Independent Chairman of the Board Arin Jira was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
Reported Earnings • May 16First quarter 2021 earnings released: EPS ฿5.41 (vs ฿6.46 in 1Q 2020)The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿400.2m (down 6.7% from 1Q 2020). Net income: ฿32.4m (down 16% from 1Q 2020). Profit margin: 8.1% (down from 9.0% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
공지 • Apr 30Thai O.P.P. Public Company Limited Approves Dividend for the Year 2020, Payable on May 28, 2021Thai O.P.P. Public Company Limited at its annual general meeting of shareholders held on April 29, 2021, unanimously resolved to approve the allocation of profit and dividend payment for the year 2020 operative result at the rate of THB 6.33 per share, thus totaling the cash dividend to be paid in the amount of not exceeding THB 37,980,000. The record date for the right of shareholders to receive the dividend payments will be determined on May 10, 2021. The dividend payment date is set to be on May 28, 2021.
Upcoming Dividend • Apr 30Upcoming dividend of ฿6.33 per shareEligible shareholders must have bought the stock before 07 May 2021. Payment date: 28 May 2021. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (1.7%).
Valuation Update With 7 Day Price Move • Dec 01Market pulls back on stock over the past weekAfter last week's 19% share price decline to ฿189, the stock is trading at a trailing P/E ratio of 8.1x, down from the previous P/E ratio of 10x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total return to shareholders over the past three years is a loss of 10%.
Valuation Update With 7 Day Price Move • Nov 24Market bids up stock over the past weekAfter last week's 29% share price gain to ฿232, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 7.8x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total returns to shareholders over the past three years are 12%.
Reported Earnings • Nov 14Third quarter 2020 earnings released: EPS ฿4.67The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿392.4m (down 5.6% from 3Q 2019). Net income: ฿28.0m (down 27% from 3Q 2019). Profit margin: 7.1% (down from 9.2% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings.