View Future GrowthUnion Plastic 과거 순이익 실적과거 기준 점검 2/6Union Plastic은 연평균 36.5%의 비율로 수입이 증가해 온 반면, Chemicals 산업은 수입이 7.3% 증가했습니다. 매출은 연평균 2.9%의 비율로 증가했습니다. Union Plastic의 자기자본이익률은 9.5%이고 순이익률은 10.4%입니다.핵심 정보36.53%순이익 성장률36.53%주당순이익(EPS) 성장률Chemicals 산업 성장률8.05%매출 성장률2.92%자기자본이익률9.55%순이익률10.40%최근 순이익 업데이트31 Mar 2026최근 과거 실적 업데이트Reported Earnings • May 17First quarter 2026 earnings released: EPS: ฿2.78 (vs ฿2.72 in 1Q 2025)First quarter 2026 results: EPS: ฿2.78 (up from ฿2.72 in 1Q 2025). Revenue: ฿220.7m (up 41% from 1Q 2025). Net income: ฿69.4m (up 2.2% from 1Q 2025). Profit margin: 32% (down from 43% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.Reported Earnings • Feb 24Full 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.Reported Earnings • Nov 12Third 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.Reported Earnings • Aug 08Second 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.Reported Earnings • May 15First 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.Reported Earnings • Feb 22Full 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.모든 업데이트 보기Recent updatesNew Risk • May 25New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 99% The company is paying a dividend despite having no free cash flows. Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿590.0m market cap, or US$18.1m).Reported Earnings • May 17First quarter 2026 earnings released: EPS: ฿2.78 (vs ฿2.72 in 1Q 2025)First quarter 2026 results: EPS: ฿2.78 (up from ฿2.72 in 1Q 2025). Revenue: ฿220.7m (up 41% from 1Q 2025). Net income: ฿69.4m (up 2.2% from 1Q 2025). Profit margin: 32% (down from 43% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.New Risk • May 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 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 03Investor 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 20Dividend increased to ฿2.50Dividend 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 19Investor 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.공시 • Mar 19+ 1 more updateUnion Plastic Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2025 to 31 December 2025, Payable on 13 May 2026Union Plastic Public Company Limited proposed cash dividend of THB 2.50 per share for the operating period from 01 January 2025 to 31 December 2025. Book closing for the right to receive dividend payment is 01 April 2026. Ex-dividend date is 30 March 2026. Payment date is 13 May 2026. Shareholder's meeting date is 22 April 2026.New Risk • Mar 02New major risk - Earnings qualityThe 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 24Full 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 19New major risk - Earnings qualityThe 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 12Third 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 13New major risk - Earnings qualityThe 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 08Second 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 01Now 23% undervaluedOver 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 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 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 31Investor 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 15First 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.공시 • Apr 24Union Plastic Public Company Limited Approves Dividend for 2024, Payable on 14 May 2025Union 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 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% 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 31Investor 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 21Dividend increased to ฿1.98Dividend 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.공시 • Mar 20+ 1 more updateUnion Plastic Public Company Limited Proposes Cash Dividend for the Period from January 1, 2024 to December 31, 2024, Payable on May 14, 2025Union Plastic Public Company Limited proposed cash dividend for the period from January 1, 2024 to December 31, 2024 is THB 1.98 per share. Book closing for the right to receive dividend payment is 02-Apr-2025. Ex-dividend date is 31-Mar-2025. Payment date is May 14, 2025, at the AGM to be held on April 23, 2025.Reported Earnings • Feb 22Full 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 15Third 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 10Second 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 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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 20Now 23% overvalued after recent price riseOver 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 17First 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.공시 • Apr 27Union Plastic Public Company Limited Approves Dividend for the Year 2023, Payable on 14 May 2024Union 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 26Upcoming dividend of ฿1.18 per shareEligible 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%.공시 • Mar 22+ 1 more updateUnion Plastic Public Company Limited, Annual General Meeting, Apr 25, 2024Union Plastic Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: 9th Floor of Saha - Union Building . No .1828 Sukhumvit Road.Phrakhanong Tai, Phrakhanong Bangkok Thailand Agenda: To consider acknowledging the BOD report on the past year performance; to consider and endorsing the balance sheet and statements of profit and loss or financial statements for the year ending 31 December 2023; and to transact such other business matters.Reported Earnings • Mar 01Full 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 18Less than half of directors are independentFollowing 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 15Third 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 12Second 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 03Investor 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 18Less 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. 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 18Less 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 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 11Third 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 22Investor sentiment improved over the past weekAfter 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 12Second 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 18Investor sentiment improved over the past weekAfter 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 16First 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 27Less than half of directors are independentFollowing 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 27Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull 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 25Investor sentiment improved over the past weekAfter 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 13Second quarter 2021 earnings releasedThe 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 17First 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 28Full 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 14New 90-day high: ฿18.30The 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 13Third quarter 2020 earnings released: EPS ฿0.02The 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.매출 및 비용 세부 내역Union Plastic가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.순이익 및 매출 추이SET:UP 매출, 비용 및 순이익 (THB Millions)날짜매출순이익일반관리비연구개발비31 Mar 266216575031 Dec 256276375030 Sep 256155975030 Jun 256346575031 Mar 256356675031 Dec 246485077030 Sep 246795878030 Jun 246735279031 Mar 246744580031 Dec 236844479030 Sep 236542978030 Jun 236593077031 Mar 236403475031 Dec 226262875030 Sep 226072877030 Jun 225651872031 Mar 225742569031 Dec 21566066030 Sep 21567860030 Jun 215912458031 Mar 21518-2259031 Dec 20509-2661030 Sep 20513-4464030 Jun 20554-5469031 Mar 20640-4575031 Dec 19674-3576030 Sep 19691-3777030 Jun 19677-4277031 Mar 19685-2674031 Dec 18667-2874030 Sep 18663-1374030 Jun 18670775031 Mar 186655376031 Dec 176752975030 Sep 176823974030 Jun 176723773031 Mar 176853972031 Dec 166803472030 Sep 166762173030 Jun 166882174031 Mar 167171975031 Dec 157502877030 Sep 157683379030 Jun 1576633780양질의 수익: UP의 비현금 수익 수준이 높습니다.이익 마진 증가: UP의 현재 순 이익률 (10.4%)은 지난해 (10.3%)보다 높습니다.잉여현금흐름 대비 순이익 분석과거 순이익 성장 분석수익추이: UP는 지난 5년 동안 흑자전환하며 연평균 36.5%의 수익 성장을 기록했습니다.성장 가속화: UP은 지난 1년 동안 수익이 감소하여 5년 평균과 비교할 수 없습니다.수익 대 산업: UP은 지난 1년 동안 수익이 감소(-1.7%)하여 Chemicals 업계 평균(21%)과 비교하기 어렵습니다.자기자본이익률높은 ROE: UP의 자본 수익률(9.5%)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 분석2026/05/30 20:03종가2026/05/29 00:00수익2026/03/31연간 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 소스Union Plastic 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 • May 17First quarter 2026 earnings released: EPS: ฿2.78 (vs ฿2.72 in 1Q 2025)First quarter 2026 results: EPS: ฿2.78 (up from ฿2.72 in 1Q 2025). Revenue: ฿220.7m (up 41% from 1Q 2025). Net income: ฿69.4m (up 2.2% from 1Q 2025). Profit margin: 32% (down from 43% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
Reported Earnings • Feb 24Full 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.
Reported Earnings • Nov 12Third 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.
Reported Earnings • Aug 08Second 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.
Reported Earnings • May 15First 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.
Reported Earnings • Feb 22Full 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.
New Risk • May 25New major risk - Dividend sustainabilityThe dividend is not well covered by earnings and cash flows. Payout ratio: 99% The company is paying a dividend despite having no free cash flows. Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Paying a dividend despite having no free cash flows. High level of non-cash earnings (26% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (฿590.0m market cap, or US$18.1m).
Reported Earnings • May 17First quarter 2026 earnings released: EPS: ฿2.78 (vs ฿2.72 in 1Q 2025)First quarter 2026 results: EPS: ฿2.78 (up from ฿2.72 in 1Q 2025). Revenue: ฿220.7m (up 41% from 1Q 2025). Net income: ฿69.4m (up 2.2% from 1Q 2025). Profit margin: 32% (down from 43% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.
New Risk • May 05New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 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 03Investor 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 20Dividend increased to ฿2.50Dividend 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 19Investor 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.
공시 • Mar 19+ 1 more updateUnion Plastic Public Company Limited Proposes Cash Dividend for the Operating Period from 01 January 2025 to 31 December 2025, Payable on 13 May 2026Union Plastic Public Company Limited proposed cash dividend of THB 2.50 per share for the operating period from 01 January 2025 to 31 December 2025. Book closing for the right to receive dividend payment is 01 April 2026. Ex-dividend date is 30 March 2026. Payment date is 13 May 2026. Shareholder's meeting date is 22 April 2026.
New Risk • Mar 02New major risk - Earnings qualityThe 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 24Full 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 19New major risk - Earnings qualityThe 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 12Third 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 13New major risk - Earnings qualityThe 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 08Second 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 01Now 23% undervaluedOver 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 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 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 31Investor 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 15First 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.
공시 • Apr 24Union Plastic Public Company Limited Approves Dividend for 2024, Payable on 14 May 2025Union 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 31New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 5.8% 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 31Investor 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 21Dividend increased to ฿1.98Dividend 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.
공시 • Mar 20+ 1 more updateUnion Plastic Public Company Limited Proposes Cash Dividend for the Period from January 1, 2024 to December 31, 2024, Payable on May 14, 2025Union Plastic Public Company Limited proposed cash dividend for the period from January 1, 2024 to December 31, 2024 is THB 1.98 per share. Book closing for the right to receive dividend payment is 02-Apr-2025. Ex-dividend date is 31-Mar-2025. Payment date is May 14, 2025, at the AGM to be held on April 23, 2025.
Reported Earnings • Feb 22Full 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 15Third 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 10Second 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 17New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.1% 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 20Now 23% overvalued after recent price riseOver 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 17First 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.
공시 • Apr 27Union Plastic Public Company Limited Approves Dividend for the Year 2023, Payable on 14 May 2024Union 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 26Upcoming dividend of ฿1.18 per shareEligible 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%.
공시 • Mar 22+ 1 more updateUnion Plastic Public Company Limited, Annual General Meeting, Apr 25, 2024Union Plastic Public Company Limited, Annual General Meeting, Apr 25, 2024, at 14:00 SE Asia Standard Time. Location: 9th Floor of Saha - Union Building . No .1828 Sukhumvit Road.Phrakhanong Tai, Phrakhanong Bangkok Thailand Agenda: To consider acknowledging the BOD report on the past year performance; to consider and endorsing the balance sheet and statements of profit and loss or financial statements for the year ending 31 December 2023; and to transact such other business matters.
Reported Earnings • Mar 01Full 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 18Less than half of directors are independentFollowing 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 15Third 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 12Second 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 03Investor 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 18Less 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. 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 18Less 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 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 11Third 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 22Investor sentiment improved over the past weekAfter 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 12Second 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 18Investor sentiment improved over the past weekAfter 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 16First 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 27Less than half of directors are independentFollowing 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 27Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull 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 25Investor sentiment improved over the past weekAfter 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 13Second quarter 2021 earnings releasedThe 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 17First 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 28Full 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 14New 90-day high: ฿18.30The 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 13Third quarter 2020 earnings released: EPS ฿0.02The 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.