New Risk • May 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (฿560.0m market cap, or US$17.1m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ฿22.70, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total returns to shareholders of 29% over the past three years. Declared Dividend • Mar 20
Dividend increased to ฿2.50 Dividend of ฿2.50 is 26% higher than last year. Ex-date: 30th March 2026 Payment date: 13th May 2026 Dividend yield will be 9.3%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (83% 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 over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿26.25, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Chemicals industry in Thailand. Total returns to shareholders of 30% over the past three years. New Risk • Mar 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿580.0m market cap, or US$18.7m). Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿2.52 (vs ฿2.00 in FY 2024) Full year 2025 results: EPS: ฿2.52 (up from ฿2.00 in FY 2024). Revenue: ฿692.6m (up 6.9% from FY 2024). Net income: ฿63.1m (up 26% from FY 2024). Profit margin: 9.1% (up from 7.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (฿525.0m market cap, or US$16.2m). Reported Earnings • Nov 12
Third quarter 2025 earnings released: ฿0.24 loss per share (vs ฿0.039 loss in 3Q 2024) Third quarter 2025 results: ฿0.24 loss per share (further deteriorated from ฿0.039 loss in 3Q 2024). Revenue: ฿146.3m (down 12% from 3Q 2024). Net loss: ฿6.02m (loss widened ฿5.06m from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 28x cash flows per share). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (฿575.0m market cap, or US$17.7m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: ฿0.15 loss per share (vs ฿0.11 loss in 2Q 2024) Second quarter 2025 results: ฿0.15 loss per share (further deteriorated from ฿0.11 loss in 2Q 2024). Revenue: ฿151.1m (down 1.0% from 2Q 2024). Net loss: ฿3.84m (loss widened 39% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 01
Now 23% undervalued Over the last 90 days, the stock has risen 30% to ฿23.10. The fair value is estimated to be ฿30.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has grown by 36%. New Risk • Jul 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 4.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (4.5% average weekly change). Market cap is less than US$100m (฿527.5m market cap, or US$16.1m). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿25.50, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿2.72 (vs ฿2.10 in 1Q 2024) First quarter 2025 results: EPS: ฿2.72 (up from ฿2.10 in 1Q 2024). Revenue: ฿222.5m (up 32% from 1Q 2024). Net income: ฿68.0m (up 30% from 1Q 2024). Profit margin: 31% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 공지 • Apr 24
Union Plastic Public Company Limited Approves Dividend for 2024, Payable on 14 May 2025 Union Plastic Public Company Limited at AGM held on 23 April 2025, resolved to allocate the 2024 net profit appropriation as dividends to Shareholders at THB 1.98 per share. Total dividends amounted THB 49,500,000 which was equivalent to 99.63% of the net profit. The dividends would be paid from the annual net profit from dividends after 20% Corporate Income Tax. General Shareholders were entitled to tax credit in the calculation of dividend tax payment in accordance with the section 47 bis of the Revenue Code. The remaining profit after dividend payment would be carried forward as retained earnings. Dividends would be paid to Shareholders whose name were recorded in the closing date of the Registration Book on Share Transferring Suspension on 2 April 2025. The dividend payment date is 14 May 2025. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 196% Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (฿507.5m market cap, or US$15.0m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿16.90, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 11x in the Chemicals industry in Thailand. Total loss to shareholders of 14% over the past three years. Declared Dividend • Mar 21
Dividend increased to ฿1.98 Dividend of ฿1.98 is 68% higher than last year. Ex-date: 31st March 2025 Payment date: 14th May 2025 Dividend yield will be 10.0%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (117% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 64% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2024 earnings released: EPS: ฿2.00 (vs ฿1.78 in FY 2023) Full year 2024 results: EPS: ฿2.00 (up from ฿1.78 in FY 2023). Revenue: ฿703.0m (up 2.8% from FY 2023). Net income: ฿50.1m (up 13% from FY 2023). Profit margin: 7.1% (up from 6.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2024 earnings released: ฿0.039 loss per share (vs ฿0.27 loss in 3Q 2023) Third quarter 2024 results: ฿0.039 loss per share (improved from ฿0.27 loss in 3Q 2023). Revenue: ฿165.2m (up 3.5% from 3Q 2023). Net loss: ฿963.0k (loss narrowed 86% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 10
Second quarter 2024 earnings released: ฿0.11 loss per share (vs ฿0.39 loss in 2Q 2023) Second quarter 2024 results: ฿0.11 loss per share (improved from ฿0.39 loss in 2Q 2023). Revenue: ฿152.7m (flat on 2Q 2023). Net loss: ฿2.76m (loss narrowed 72% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (฿430.0m market cap, or US$11.7m). Buy Or Sell Opportunity • May 20
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to ฿18.60. The fair value is estimated to be ฿15.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: ฿2.10 (vs ฿2.07 in 1Q 2023) First quarter 2024 results: EPS: ฿2.10 (up from ฿2.07 in 1Q 2023). Revenue: ฿224.3m (up 26% from 1Q 2023). Net income: ฿52.4m (up 1.2% from 1Q 2023). Profit margin: 23% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. 공지 • Apr 27
Union Plastic Public Company Limited Approves Dividend for the Year 2023, Payable on 14 May 2024 Union Plastic Public Company Limited approved to allocate the 2023 net profit appropriation as dividend to Shareholders at THB 1.18 per share. Total dividends amounted THB 29,500,000 which was equivalent to 99.20% of the annual net profit after accumulated loss. The dividends would be paid from the annual net profit after accumulated loss from dividends after 20% Corporate Income Tax. General Shareholders were entitled to tax credit in the calculation of dividend tax payment in accordance with the section 47 bis of the Revenue Code. The remaining profit after dividend payment, amount of THB 236,930, would be carried forward as retained earnings. Dividends would be paid to Shareholders whose name were recorded in the closing date of the Registration Book on Share Transferring Suspension on 4 April 2024. The dividend payment date is 14 May 2024. Upcoming Dividend • Mar 26
Upcoming dividend of ฿1.18 per share Eligible shareholders must have bought the stock before 02 April 2024. Payment date: 14 May 2024. The company last paid an ordinary dividend in May 2013. The average dividend yield among industry peers is 2.6%. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: ฿1.78 (vs ฿1.12 in FY 2022) Full year 2023 results: EPS: ฿1.78 (up from ฿1.12 in FY 2022). Revenue: ฿733.2m (up 17% from FY 2022). Net income: ฿44.5m (up 59% from FY 2022). Profit margin: 6.1% (up from 4.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Jan 18
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sauwanee Thairungroj was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 15
Third quarter 2023 earnings released: ฿0.27 loss per share (vs ฿0.23 loss in 3Q 2022) Third quarter 2023 results: ฿0.27 loss per share (further deteriorated from ฿0.23 loss in 3Q 2022). Revenue: ฿159.5m (down 3.0% from 3Q 2022). Net loss: ฿6.84m (loss widened 18% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 12
Second quarter 2023 earnings released: ฿0.39 loss per share (vs ฿0.23 loss in 2Q 2022) Second quarter 2023 results: ฿0.39 loss per share (further deteriorated from ฿0.23 loss in 2Q 2022). Revenue: ฿153.8m (up 14% from 2Q 2022). Net loss: ฿9.79m (loss widened 71% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ฿16.70, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 16% over the past three years. Board Change • Apr 18
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sauwanee Thairungroj was the last independent director to join the board, commencing their role in 2020. 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 18
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sauwanee Thairungroj was the last independent director to join the board, commencing their role in 2020. 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 11
Third quarter 2022 earnings released: ฿0.23 loss per share (vs ฿0.63 loss in 3Q 2021) Third quarter 2022 results: ฿0.23 loss per share (improved from ฿0.63 loss in 3Q 2021). Revenue: ฿164.5m (up 35% from 3Q 2021). Net loss: ฿5.78m (loss narrowed 63% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 32% share price gain to ฿27.75, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 19x in the Chemicals industry in Thailand. Total returns to shareholders of 93% over the past three years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: ฿0.23 loss per share (vs ฿0.057 profit in 2Q 2021) Second quarter 2022 results: ฿0.23 loss per share (down from ฿0.057 profit in 2Q 2021). Revenue: ฿135.2m (down 6.6% from 2Q 2021). Net loss: ฿5.74m (down ฿7.15m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to ฿23.80, the stock trades at a trailing P/E ratio of 23.7x. Average trailing P/E is 14x in the Chemicals industry in Thailand. Total returns to shareholders of 25% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: ฿1.83 (vs ฿0.82 in 1Q 2021) First quarter 2022 results: EPS: ฿1.83 (up from ฿0.82 in 1Q 2021). Revenue: ฿207.6m (up 33% from 1Q 2021). Net income: ฿45.7m (up 124% from 1Q 2021). Profit margin: 22% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sauwanee Thairungroj was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ฿0.01 loss per share (up from ฿1.04 loss in FY 2020). Revenue: ฿590.6m (up 16% from FY 2020). Net loss: ฿279.2k (loss narrowed 99% from FY 2020). Profit margin: 0% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 16% share price gain to ฿24.10, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 13x in the Chemicals industry in Thailand. Total loss to shareholders of 9.1% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿144.7m (up 101% from 2Q 2020). Net income: ฿1.42m (up ฿46.4m from 2Q 2020). Profit margin: 1.0% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% 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 • May 17
First quarter 2021 earnings released: EPS ฿0.82 (vs ฿0.67 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: ฿180.6m (up 23% from 1Q 2020). Net income: ฿20.4m (up 21% from 1Q 2020). Profit margin: 11% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2020 earnings released: ฿1.04 loss per share (vs ฿1.40 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: ฿545.6m (down 17% from FY 2019). Net loss: ฿26.1m (loss narrowed 26% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 76% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 14
New 90-day high: ฿18.30 The company is up 7.0% from its price of ฿17.10 on 15 September 2020. The Thai market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 35% over the same period. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS ฿0.02 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿145.7m (down 21% from 3Q 2019). Net income: ฿526.0k (up ฿10.1m from 3Q 2019). Profit margin: 0.4% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 94% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings.