Thai (SET) Paper Packaging Industry Analysis

Industry Valuation and Performance

Has the Thai Paper Packaging Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 08 Jul 2026	฿157.7b	฿176.9b	฿5.8b	9.2x	27.1x	0.9x
Fri, 05 Jun 2026	฿136.1b	฿176.9b	฿5.8b	8.6x	23.4x	0.8x
Sun, 03 May 2026	฿134.5b	฿178.2b	฿5.7b	8.5x	23.6x	0.8x
Tue, 31 Mar 2026	฿113.3b	฿178.0b	฿4.9b	9x	23.2x	0.6x
Thu, 26 Feb 2026	฿116.5b	฿178.6b	฿4.6b	10.1x	25.3x	0.7x
Sat, 24 Jan 2026	฿112.6b	฿180.6b	฿3.7b	9.2x	30.7x	0.6x
Mon, 22 Dec 2025	฿90.9b	฿180.6b	฿3.7b	8.7x	24.8x	0.5x
Wed, 19 Nov 2025	฿94.8b	฿181.1b	฿3.7b	7.8x	25.7x	0.5x
Fri, 17 Oct 2025	฿100.7b	฿189.4b	฿5.7b	9x	17.6x	0.5x
Sun, 14 Sep 2025	฿108.9b	฿189.4b	฿5.7b	9.5x	19.1x	0.6x
Tue, 12 Aug 2025	฿103.8b	฿187.9b	฿6.5b	8.7x	15.9x	0.6x
Thu, 10 Jul 2025	฿97.2b	฿187.6b	฿5.3b	8.2x	18.3x	0.5x
Sat, 07 Jun 2025	฿96.7b	฿187.6b	฿5.3b	8.5x	18.2x	0.5x
Mon, 05 May 2025	฿89.9b	฿187.1b	฿5.7b	8.4x	15.7x	0.5x
Wed, 02 Apr 2025	฿82.2b	฿188.9b	฿6.5b	8.2x	12.6x	0.4x
Fri, 28 Feb 2025	฿85.0b	฿187.8b	฿6.8b	8.6x	12.4x	0.5x
Sun, 26 Jan 2025	฿99.7b	฿187.9b	฿7.9b	9.1x	12.6x	0.5x
Tue, 24 Dec 2024	฿112.4b	฿187.9b	฿7.9b	9.1x	14.2x	0.6x
Thu, 21 Nov 2024	฿137.8b	฿187.5b	฿8.0b	9.6x	17.3x	0.7x
Sat, 19 Oct 2024	฿149.4b	฿184.5b	฿8.4b	12.5x	17.8x	0.8x
Mon, 16 Sep 2024	฿153.8b	฿184.5b	฿8.4b	13x	18.3x	0.8x
Wed, 14 Aug 2024	฿131.1b	฿183.5b	฿7.9b	13.5x	16.6x	0.7x
Fri, 12 Jul 2024	฿165.3b	฿181.3b	฿7.9b	13.1x	20.8x	0.9x
Sun, 09 Jun 2024	฿178.1b	฿181.3b	฿7.9b	13.3x	22.5x	1x
Tue, 07 May 2024	฿168.9b	฿180.8b	฿7.5b	14.8x	22.5x	0.9x
Thu, 04 Apr 2024	฿159.7b	฿180.6b	฿7.0b	14.2x	22.8x	0.9x
Sat, 02 Mar 2024	฿151.8b	฿180.4b	฿6.8b	14.2x	22.3x	0.8x
Mon, 29 Jan 2024	฿168.1b	฿182.0b	฿6.4b	16.1x	26.1x	0.9x
Wed, 27 Dec 2023	฿187.5b	฿183.6b	฿5.7b	17.3x	33.1x	1x
Fri, 24 Nov 2023	฿196.0b	฿183.6b	฿5.7b	17.5x	34.6x	1.1x
Sun, 22 Oct 2023	฿179.6b	฿193.5b	฿6.8b	19.7x	26.3x	0.9x
Tue, 19 Sep 2023	฿202.9b	฿193.5b	฿6.8b	20.4x	29.7x	1x
Thu, 17 Aug 2023	฿194.6b	฿193.6b	฿6.8b	21x	28.5x	1x
Sat, 15 Jul 2023	฿207.9b	฿203.3b	฿8.7b	16x	23.9x	1x

Current Industry PE

Investors are optimistic on the Thai Paper Packaging industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 27.1x which is higher than its 3-year average PE of 22.1x.

The industry is trading close to its 3-year average PS ratio of 0.76x.

Past Earnings Growth

The earnings for companies in the Paper Packaging industry have declined 12% per year over the last three years,
Revenues have also declined 4.5% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Comparison

How does Thai Paper Packaging compare with similar industries?


TH Market	0.80%
Materials	1.27%
Packaging	1.90%
Paper Packaging	2.06%
Metal and Glass Containers	1.14%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
AJ A.J. Plast	฿3.06	6.3% +฿107.4m	26.4%	PS0.2x
STP Sahathai Printing & Packaging	฿12.10	9.0% +฿100.0m	26.0%	PE7x
UTP United Paper	฿8.20	1.9% +฿97.5m	7.2%	PE9.7x
TPBI TPBI	฿3.14	1.9% +฿25.0m	4.7%	PE7.6x
THIP Thantawan Industry	฿21.00	1.0% +฿18.0m	-15.0%	PE12.8x

New major risk - Dividend sustainability

The dividend is not well covered by earnings and cash flows. Payout ratio: 98% Dividend per share is over 12x cash flows per share. Dividend yield: 7.7% 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: 98% Dividend per share is over 12x cash flows per share. Earnings have declined by 11% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (฿1.88b market cap, or US$57.8m).

Thai (SET) Paper Packaging Industry Analysis

Industry Valuation and Performance

Industry Comparison

Top Stock Gainers and Losers

Latest News

Now 26% undervalued

New minor risk - Share price stability

AGPH (Thailand) Ltd proposed to acquire Polyplex (Thailand) Public Company Limited (SET:PTL) from Polyplex Corporation Limited (BSE:524051) and other shareholders for THB 13.5 billion.

Less than half of directors are independent

New major risk - Dividend sustainability

First quarter 2026 earnings released: EPS: ฿0.001 (vs ฿0.002 in 1Q 2025)

New minor risk - Dividend sustainability

First quarter 2026 earnings released: ฿0.17 loss per share (vs ฿0.028 loss in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.56 (vs ฿0.22 in 1Q 2025)

First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind

First quarter 2026 earnings released: EPS: ฿0.27 (vs ฿0.21 in 1Q 2025)

First quarter 2026 earnings released: EPS: ฿0.12 (vs ฿0.14 in 1Q 2025)

Upcoming dividend of ฿0.42 per share