Inoue Rubber (Thailand) (IRC) Stock Overview

Engages in the research, development, manufacture, and distribution of motorcycle tires and tubes in Thailand and internationally. More details

IRC fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	1/6
Financial Health	6/6
Dividends	3/6

Rewards

Trading at 62.4% below our estimate of its fair value

Risk Analysis

Earnings have declined by 4.3% per year over past 5 years

Profit margins (4.5%) are lower than last year (6.6%)

Does not have a meaningful market cap (THB2B)

Unstable dividend track record

IRC Community Fair Values

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Inoue Rubber (Thailand) Public Company Limited Competitors

Price History & Performance

Summary of share price highs, lows and changes for Inoue Rubber (Thailand)
Historical stock prices
Current Share Price	฿11.40
52 Week High	฿12.60
52 Week Low	฿10.50
Beta	0.084
1 Month Change	0%
3 Month Change	-3.39%
1 Year Change	3.64%
3 Year Change	-16.18%
5 Year Change	-32.94%
Change since IPO	-52.50%

Recent updates

Shareholder Returns

	IRC	TH Auto Components	TH Market
7D	0%	-0.3%	1.5%
1Y	3.6%	10.6%	33.6%

Return vs Industry: IRC underperformed the TH Auto Components industry which returned 10.6% over the past year.

Return vs Market: IRC underperformed the TH Market which returned 33.6% over the past year.

Price Volatility

Is IRC's price volatile compared to industry and market?
IRC volatility
IRC Average Weekly Movement	3.0%
Auto Components Industry Average Movement	3.5%
Market Average Movement	5.0%
10% most volatile stocks in TH Market	10.0%
10% least volatile stocks in TH Market	2.4%

Stable Share Price: IRC has not had significant price volatility in the past 3 months compared to the TH market.

Volatility Over Time: IRC's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1969	n/a	Praewphan Songhong	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 offers industrial elastomer rubber parts for automobile, motorcycle, machinery for agriculture and fishery, infrastructure project, construction, and other industries. It also offers automotive elastomer products; rubber parts for the automotive industry such as air hoses, window and door seals, engine mountings, fuel tank floats, rubber gaskets, trunk seals, fuel hoses, as well as cabin seals for noise and dust prevention, among others.

Inoue Rubber (Thailand) Public Company Limited Fundamentals Summary

How do Inoue Rubber (Thailand)'s earnings and revenue compare to its market cap?
IRC fundamental statistics
Market cap	฿2.19b
Earnings (TTM)	฿208.80m
Revenue (TTM)	฿4.62b

10.5x

P/E Ratio

0.5x

P/S Ratio

Is IRC overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
IRC income statement (TTM)
Revenue	฿4.62b
Cost of Revenue	฿4.00b
Gross Profit	฿625.86m
Other Expenses	฿417.06m
Earnings	฿208.80m

Last Reported Earnings

Dec 31, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	1.09
Gross Margin	13.54%
Net Profit Margin	4.52%
Debt/Equity Ratio	0%

How did IRC perform over the long term?

See historical performance and comparison

Dividends

4.3%

Current Dividend Yield

45%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/04/16 15:55
End of Day Share Price	2026/04/16 00:00
Earnings	2025/12/31
Annual Earnings	2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Inoue Rubber (Thailand) Public Company Limited is covered by 2 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Suwat Bumrungchatudom	Bualuang Securities PCL
Thakol Banjongruck	Krungsri Securities Public Company Limited

Inoue Rubber (Thailand) (IRC) Stock Overview

Rewards

Risk Analysis

Inoue Rubber (Thailand) Public Company Limited Competitors

Hwa Fong Rubber (Thailand)

Goodyear (Thailand)

N.D. Rubber

North East Rubber

Price History & Performance

Recent News & Updates

New minor risk - Profit margin trend

First quarter 2026 earnings released: EPS: ฿0.30 (vs ฿0.17 in 1Q 2025)

New major risk - Revenue and earnings growth

Upcoming dividend of ฿0.49 per share

Dividend reduced to ฿0.49

Inoue Rubber (Thailand) Public Company Limited Proposes Cash Dividend for the Year 2025, Payable on 27 February 2026

Recent updates

New minor risk - Profit margin trend

First quarter 2026 earnings released: EPS: ฿0.30 (vs ฿0.17 in 1Q 2025)

New major risk - Revenue and earnings growth

Upcoming dividend of ฿0.49 per share

Dividend reduced to ฿0.49

Inoue Rubber (Thailand) Public Company Limited Proposes Cash Dividend for the Year 2025, Payable on 27 February 2026

Inoue Rubber (Thailand) Public Company Limited, Annual General Meeting, Jan 30, 2026

Full year 2025 earnings: EPS and revenues miss analyst expectations

Third quarter 2025 earnings released: EPS: ฿0.33 (vs ฿0.83 in 3Q 2024)

Now 21% overvalued

New minor risk - Earnings quality

Second quarter 2025 earnings released: EPS: ฿0.27 (vs ฿0.47 in 2Q 2024)

Now 25% overvalued

First quarter 2025 earnings released: EPS: ฿0.17 (vs ฿0.20 in 1Q 2024)

Upcoming dividend of ฿0.87 per share

Inoue Rubber (Thailand) Public Company Limited Announces Board and Committee Changes

Price target decreased by 15% to ฿12.40

New minor risk - Shareholder dilution

Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Inoue Rubber (Thailand) Public Company Limited, Annual General Meeting, Jan 30, 2025

New minor risk - Earnings quality

New major risk - Revenue and earnings growth

Third quarter 2024 earnings released: EPS: ฿0.83 (vs ฿0.15 in 3Q 2023)

New minor risk - Earnings quality

Second quarter 2024 earnings released: EPS: ฿0.47 (vs ฿0.32 in 2Q 2023)

Inoue Rubber (Thailand) Public Company Limited Announces Board and Committee Changes

First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Upcoming dividend of ฿0.42 per share at 3.0% yield

Inoue Rubber (Thailand) Public Company Limited Approves the Appointment of Kenjiro Miwa as Director

Consensus EPS estimates fall by 30%

New minor risk - Shareholder dilution

Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Inoue Rubber (Thailand) Public Company Limited Announces Executive Changes

Consensus EPS estimates fall by 16%

Third quarter 2023 earnings released: EPS: ฿0.15 (vs ฿0.07 loss in 3Q 2022)

Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind

Upcoming dividend of ฿0.29 per share at 2.0% yield

Inoue Rubber (Thailand) Public Company Limited Approve the Cash Dividend Payment for the Year 2022 (1 October 2021 30 September 2022) Dividend Payment Date Is 28 February 2023

Consensus forecasts updated

Price target decreased to ฿16.00

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Inoue Rubber (Thailand) Public Company Limited Proposes Dividend for the Year 2022, Payable on 28 February 2023

Less than half of directors are independent

Consensus EPS estimates fall by 55%

Third quarter 2022 earnings released: ฿0.07 loss per share (vs ฿0.30 profit in 3Q 2021)

Inoue Rubber (Thailand) Public Company Limited Resolves to Change in Dividend Payment Policy

Consensus forecasts updated

Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Inoue Rubber (Thailand) Public Company Limited Announces Director Changes

Less than half of directors are independent

Consensus EPS estimates fall by 13%

First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind

Upcoming dividend of ฿0.88 per share

Upcoming dividend of ฿0.88 per share

Inoue Rubber (Thailand) Public Company Limited Approves Cash Dividend for the Year 2021, Payable on 28 February 2022

Consensus forecasts updated

Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind

Third quarter 2021 earnings released: EPS ฿0.30 (vs ฿0.11 loss in 3Q 2020)

Second quarter 2021 earnings released: EPS ฿0.69 (vs ฿0.50 in 2Q 2020)

Investor sentiment improved over the past week

First quarter 2021 earnings released: EPS ฿0.63 (vs ฿0.30 in 1Q 2020)

New 90-day high: ฿15.20

Upcoming Dividend of ฿0.57 Per Share