Plus Tech Innovation (SET:PTECH) - Share price, News & Analysis

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

PTECH (THB24.9) is trading above our estimate of [[fair value]] (THB22.33)

PTECH fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	0/6
Past Performance	0/6
Financial Health	2/6
Dividends	3/6

PTECH Stock Overview

Plus Tech Innovation Public Company Limited, together with its subsidiaries, manufactures and sells security documents in Thailand and internationally.

Risk Analysis

Earnings have declined by 68.2% per year over past 5 years

Dividend of 7.23% is not well covered by earnings or forecast to be in the next 3 years

Has less than 1 year of cash runway

Shareholders have been diluted in the past year

Plus Tech Innovation Competitors

T.K.S. Technologies

SET:TKS

฿5.3b

Shrinkflex (Thailand)

SET:SFT

฿2.1b

Salee Industry

SET:SALEE

฿1.8b

Salee Printing

SET:SLP

฿948.0m

Price History & Performance

Summary of all time highs, changes and price drops for Plus Tech Innovation
Historical stock prices
Current Share Price	฿24.90
52 Week High	฿50.00
52 Week Low	฿14.50
Beta	-0.099
1 Month Change	16.90%
3 Month Change	8.26%
1 Year Change	46.47%
3 Year Change	71.72%
5 Year Change	63.82%
Change since IPO	678.13%

Shareholder Returns

	PTECH	TH Commercial Services	TH Market
7D	8.7%	-5.3%	1.3%
1Y	46.5%	17.4%	8.0%

Return vs Industry: PTECH exceeded the TH Commercial Services industry which returned 17.4% over the past year.

Return vs Market: PTECH exceeded the TH Market which returned 8% over the past year.

Price Volatility

Is PTECH's price volatile compared to industry and market?
PTECH volatility
PTECH Average Weekly Movement	6.2%
Commercial Services Industry Average Movement	5.8%
Market Average Movement	4.6%
10% most volatile stocks in TH Market	10.2%
10% least volatile stocks in TH Market	2.3%

Stable Share Price: PTECH is not significantly more volatile than the rest of TH stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: PTECH's weekly volatility has decreased from 11% to 6% over the past year.

About the Company

Founded	Employees	CEO	Website
1978	n/a	Wirach Morakotkan	https://www.tbsp.co.th

Plus Tech Innovation Public Company Limited, together with its subsidiaries, manufactures and sells security documents in Thailand and internationally. It prints annual reports, coupons, gift cards, share certificates, commercial cash coupons, postal stamps, postcards, passbooks, cheques, continuous forms, brochures, one-part mailer, payroll slips, and other commercial documents; and debit and credit cards, membership cards, gift cards, contact cards, contactless cards, dual-interface cards, ID cards, transportation cards, biometric cards, plastic, and display cards. The company also offers information, document, and security management solutions; smart office platform; smart label products, such as track and trace solution, a data tracking system to manage and track the delivery process of the supply chain; product inspection and authentication system; and other products in the field of smart factory, Internet of Things, and augmented reality.

Plus Tech Innovation Fundamentals Summary

How do Plus Tech Innovation's earnings and revenue compare to its market cap?
PTECH fundamental statistics
Market Cap	฿6.10b
Earnings (TTM)	-฿333.54m
Revenue (TTM)	฿739.67m

8.2x

P/S Ratio

-18.3x

P/E Ratio

Is PTECH overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PTECH income statement (TTM)
Revenue	฿739.67m
Cost of Revenue	฿543.67m
Gross Profit	฿196.00m
Other Expenses	฿529.54m
Earnings	-฿333.54m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-1.36
Gross Margin	26.50%
Net Profit Margin	-45.09%
Debt/Equity Ratio	31.4%

How did PTECH perform over the long term?

See historical performance and comparison

Dividends

7.2%

Current Dividend Yield

-58%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PTECH?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for PTECH. This is calculated by dividing PTECH's market cap by their current preferred multiple.
What is PTECH's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	฿6.10b

PTECH 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/Revenue	9.1x
Enterprise Value/EBITDA	28x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does PTECH's PS Ratio compare to its peers?

PTECH PS Ratio vs Peers

The above table shows the PS ratio for PTECH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	2.3x
TKS T.K.S. Technologies	3.4x	10.6%	฿5.3b
SFT Shrinkflex (Thailand)	2.6x	n/a	฿2.1b
SALEE Salee Industry	1.3x	n/a	฿1.8b
SLP Salee Printing	1.9x	n/a	฿948.0m
PTECH Plus Tech Innovation	8.2x	n/a	฿6.1b

Price-To-Sales vs Peers: PTECH is expensive based on its Price-To-Sales Ratio (8.2x) compared to the peer average (2.3x).

Price to Earnings Ratio vs Industry

How does PTECH's PE Ratio compare vs other companies in the Asian Commercial Services Industry?

Price-To-Sales vs Industry: PTECH is expensive based on its Price-To-Sales Ratio (8.2x) compared to the TH Commercial Services industry average (2.5x)

Price to Sales Ratio vs Fair Ratio

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

PTECH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	8.2x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate PTECH's Price-To-Sales Fair Ratio for valuation analysis.

Share Price vs Fair Value

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

Below Fair Value: PTECH (THB24.9) is trading above our estimate of fair value (THB22.33)

Significantly Below Fair Value: PTECH is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Plus Tech Innovation forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

15.9%

Forecasted Commercial Services industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Plus Tech Innovation has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Take a look at our analysis of PTECH’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.

Past Performance

How has Plus Tech Innovation performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-68.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PTECH is currently unprofitable.

Growing Profit Margin: PTECH is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: PTECH is unprofitable, and losses have increased over the past 5 years at a rate of 68.2% per year.

Accelerating Growth: Unable to compare PTECH's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: PTECH is unprofitable, making it difficult to compare its past year earnings growth to the Commercial Services industry (-20.5%).

Return on Equity

High ROE: PTECH has a negative Return on Equity (-30.69%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Plus Tech Innovation's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: PTECH's short term assets (THB600.7M) do not cover its short term liabilities (THB667.5M).

Long Term Liabilities: PTECH's short term assets (THB600.7M) exceed its long term liabilities (THB201.9M).

Debt to Equity History and Analysis

Debt Level: PTECH's net debt to equity ratio (25.4%) is considered satisfactory.

Reducing Debt: PTECH's debt to equity ratio has increased from 22% to 31.4% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: PTECH has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if PTECH has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.

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Dividend

What is Plus Tech Innovation 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

7.23%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PTECH's dividend (7.23%) is higher than the bottom 25% of dividend payers in the TH market (1.68%).

High Dividend: PTECH's dividend (7.23%) is in the top 25% of dividend payers in the TH market (5.46%)

Stability and Growth of Payments

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

Growing Dividend: PTECH's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: PTECH is paying a dividend but the company is unprofitable.

Cash Payout to Shareholders

Cash Flow Coverage: PTECH is paying a dividend but the company has no free cash flows.

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Management

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

0.9yrs

Average management tenure

CEO

Wirach Morakotkan

0.92

Tenure

Mr. Wirach Morakotkan serves as Executive Director at Tech Plus Innovation Public Company Limited (Formerly known as TBSP Public Company Limited) since September 15, 2021 and serves as its Chief Executive...

Leadership Team

Experienced Management: PTECH's management team is not considered experienced ( 0.9 years average tenure), which suggests a new team.

Board Members

Experienced Board: PTECH's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.

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 been diluted in the past year, with total shares outstanding growing by 19.9%.

Data	Last Updated (UTC time)
Company Analysis	2022/08/14 00:00
End of Day Share Price	2022/08/11 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31