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IRC-

Inoue Rubber (Thailand) SET:IRC-R Stock Report

Last Price

฿15.00

Market Cap

฿2.9b

7D

1.4%

1Y

-18.9%

Updated

06 Jul, 2022

Data

Company Financials +
IRC-R fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance1/6
Financial Health6/6
Dividends3/6

IRC-R Stock Overview

Inoue Rubber (Thailand) Public Company Limited engages in the research, development, manufacture, and distribution of motorcycle tires and tubes in Thailand and internationally.

Inoue Rubber (Thailand) Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Inoue Rubber (Thailand)
Historical stock prices
Current Share Price฿15.00
52 Week High฿19.40
52 Week Low฿14.00
Beta0.76
1 Month Change0.67%
3 Month Change-0.66%
1 Year Change-18.92%
3 Year Change-16.67%
5 Year Change-39.02%
Change since IPO925.65%

Recent News & Updates

Shareholder Returns

IRC-RTH Auto ComponentsTH Market
7D1.4%-7.0%-3.4%
1Y-18.9%-25.4%-1.9%

Return vs Industry: IRC-R exceeded the TH Auto Components industry which returned -25.4% over the past year.

Return vs Market: IRC-R underperformed the TH Market which returned -1.9% over the past year.

Price Volatility

Is IRC-R's price volatile compared to industry and market?
IRC-R volatility
IRC-R Average Weekly Movement2.2%
Auto Components Industry Average Movement5.2%
Market Average Movement5.1%
10% most volatile stocks in TH Market10.8%
10% least volatile stocks in TH Market2.6%

Stable Share Price: IRC-R is less volatile than 75% of TH stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: IRC-R's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1969n/aShigeki Yamadahttps://www.ircthailand.com

Inoue Rubber (Thailand) Public Company Limited engages in the research, development, manufacture, and distribution of motorcycle tires and tubes in Thailand and internationally. The company also provides industrial elastomer rubber parts, including rubber bushing, railway rubber, housing gasket, rubber chip, grommet, rubber level crossing, hole protection, covers, cushion rubber, rubber protector, trim bonnet rear, and rubber isolator for sport track, agriculture and fishery, infrastructure project, construction, and other industries. It also offers automotive elastomer products, such as hose air intake, socket covers, lamp and lens gasket, door and front grommets, column hole/cover assy-hole, weather strip inner and hood, shield fuel tank, gauge oil level, door stoppers, trunk lids, weather strip front window, rubber strap and mirror, and plug for automotive industry; and cover rubbers, socket body products, rubber seats, grommets, guide chains, chain guards, vale comp inlets, rollers, sprockets, O-ring, float, pealing fuel, and rubber bushes for motorcycle industry.

Inoue Rubber (Thailand) Fundamentals Summary

How do Inoue Rubber (Thailand)'s earnings and revenue compare to its market cap?
IRC-R fundamental statistics
Market Cap฿2.88b
Earnings (TTM)฿178.26m
Revenue (TTM)฿5.58b

16.2x

P/E Ratio

0.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
IRC-R income statement (TTM)
Revenue฿5.58b
Cost of Revenue฿5.00b
Gross Profit฿578.49m
Other Expenses฿400.23m
Earnings฿178.26m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.93
Gross Margin10.37%
Net Profit Margin3.20%
Debt/Equity Ratio0%

How did IRC-R perform over the long term?

See historical performance and comparison

Dividends

5.9%

Current Dividend Yield

96%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is IRC-R undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IRC-R?

Other financial metrics that can be useful for relative valuation.

IRC-R key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.3x
Enterprise Value/EBITDA3.1x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does IRC-R's PE Ratio compare to its peers?

IRC-R PE Ratio vs Peers
The above table shows the PE ratio for IRC-R vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average18x
HFT Hwa Fong Rubber (Thailand)
10x17.9%฿4.2b
NDR N.D. Rubber
29.5xn/a฿901.9m
TRV T.R.V. Rubber Products
27.1xn/a฿583.8m
NER North East Rubbers
5.3x5.6%฿10.3b
IRC-R Inoue Rubber (Thailand)
16.2x37.2%฿2.9b

Price-To-Earnings vs Peers: IRC-R is good value based on its Price-To-Earnings Ratio (16.2x) compared to the peer average (18x).


Price to Earnings Ratio vs Industry

How does IRC-R's PE Ratio compare vs other companies in the Asian Auto Components Industry?

Price-To-Earnings vs Industry: IRC-R is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the TH Auto Components industry average (15.9x)


Price to Earnings Ratio vs Fair Ratio

What is IRC-R's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IRC-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.2x
Fair PE Ratio9.1x

Price-To-Earnings vs Fair Ratio: IRC-R is expensive based on its Price-To-Earnings Ratio (16.2x) compared to the estimated Fair Price-To-Earnings Ratio (9.1x).


Share Price vs Fair Value

What is the Fair Price of IRC-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IRC-R (THB15) is trading above our estimate of fair value (THB11.43)

Significantly Below Fair Value: IRC-R is trading above our estimate of fair value.


Price to Earnings Growth Ratio

PEG Ratio: IRC-R is good value based on its PEG Ratio (0.4x)


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Future Growth

How is Inoue Rubber (Thailand) forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


37.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: IRC-R's forecast earnings growth (37.2% per year) is above the savings rate (2%).

Earnings vs Market: IRC-R's earnings (37.2% per year) are forecast to grow faster than the TH market (18.5% per year).

High Growth Earnings: IRC-R's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: IRC-R's revenue (7.5% per year) is forecast to grow slower than the TH market (10.2% per year).

High Growth Revenue: IRC-R's revenue (7.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if IRC-R's Return on Equity is forecast to be high in 3 years time


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Past Performance

How has Inoue Rubber (Thailand) performed over the past 5 years?

Past Performance Score

1/6

Past Performance Score 1/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-13.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IRC-R has high quality earnings.

Growing Profit Margin: IRC-R's current net profit margins (3.2%) are lower than last year (6.8%).


Past Earnings Growth Analysis

Earnings Trend: IRC-R's earnings have declined by 13.6% per year over the past 5 years.

Accelerating Growth: IRC-R's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: IRC-R had negative earnings growth (-43%) over the past year, making it difficult to compare to the Auto Components industry average (47%).


Return on Equity

High ROE: IRC-R's Return on Equity (4.8%) is considered low.


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Financial Health

How is Inoue Rubber (Thailand)'s financial position?

Financial Health Score

6/6

Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: IRC-R's short term assets (THB3.0B) exceed its short term liabilities (THB1.2B).

Long Term Liabilities: IRC-R's short term assets (THB3.0B) exceed its long term liabilities (THB360.1M).


Debt to Equity History and Analysis

Debt Level: IRC-R is debt free.

Reducing Debt: IRC-R currently has no debt however we can't compare to 5 years ago as we have no data for that period.

Debt Coverage: IRC-R has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: IRC-R has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


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Dividend

What is Inoue Rubber (Thailand) current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.90%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: IRC-R's dividend (5.9%) is higher than the bottom 25% of dividend payers in the TH market (1.83%).

High Dividend: IRC-R's dividend (5.9%) is in the top 25% of dividend payers in the TH market (5.6%)


Stability and Growth of Payments

Stable Dividend: IRC-R's dividend payments have been volatile in the past 10 years.

Growing Dividend: IRC-R's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its high payout ratio (96%), IRC-R's dividend payments are not well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (143.6%), IRC-R's dividend payments are not well covered by cash flows.


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Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Shigeki Yamada (59 yo)

0.75

Tenure

Mr. Shigeki Yamada is President & Director of Inoue Rubber (Thailand) Public Company Limited from October 23, 2021.


Leadership Team

Experienced Management: IRC-R's management team is considered experienced (4.8 years average tenure).


Board Members

Experienced Board: IRC-R's board of directors are considered experienced (8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Inoue Rubber (Thailand) Public Company Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Inoue Rubber (Thailand) Public Company Limited
  • Ticker: IRC-R
  • Exchange: SET
  • Founded: 1969
  • Industry: Tires and Rubber
  • Sector: Automobiles
  • Implied Market Cap: ฿2.883b
  • Shares outstanding: 192.21m
  • Website: https://www.ircthailand.com

Location

  • Inoue Rubber (Thailand) Public Company Limited
  • No. 258, Soi Rangsit-Nakornnayok 49
  • Prachathipat sub-district
  • Pathum Thani
  • 12130
  • Thailand

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/06 00:00
End of Day Share Price2022/07/06 00:00
Earnings2022/03/31
Annual Earnings2021/09/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.