New Risk • Mar 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 459% Minor Risks Profit margins are more than 30% lower than last year (7.3% net profit margin). Market cap is less than US$100m (฿1.59b market cap, or US$50.4m). Declared Dividend • Mar 02
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 13th March 2026 Payment date: 8th May 2026 Dividend yield will be 7.0%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (317% cash payout ratio). The dividend has increased by an average of 34% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control, which is more than the 9.1% EPS growth achieved over the last 5 years. Upcoming Dividend • Nov 19
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 26 November 2025. Payment date: 12 December 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 17%. Within top quartile of Thai dividend payers (8.1%). Higher than average of industry peers (6.5%). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.16 (vs ฿0.06 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.16 (up from ฿0.06 in 3Q 2024). Revenue: ฿446.6m (down 20% from 3Q 2024). Net income: ฿47.8m (up 164% from 3Q 2024). Profit margin: 11% (up from 3.3% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2025 earnings released: EPS: ฿0.14 (vs ฿1.18 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.14 (down from ฿1.18 in 2Q 2024). Revenue: ฿482.8m (down 12% from 2Q 2024). Net income: ฿40.6m (down 89% from 2Q 2024). Profit margin: 8.4% (down from 65% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: ฿0.14 (vs ฿0.30 in 1Q 2024) First quarter 2025 results: EPS: ฿0.14 (down from ฿0.30 in 1Q 2024). Revenue: ฿434.6m (down 7.3% from 1Q 2024). Net income: ฿43.3m (down 52% from 1Q 2024). Profit margin: 10.0% (down from 19% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 01
Full year 2024 earnings released: EPS: ฿1.78 (vs ฿0.67 in FY 2023) Full year 2024 results: EPS: ฿1.78 (up from ฿0.67 in FY 2023). Revenue: ฿2.10b (up 7.4% from FY 2023). Net income: ฿533.0m (up 164% from FY 2023). Profit margin: 25% (up from 10% in FY 2023). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: ฿0.06 (vs ฿0.22 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.06 (down from ฿0.22 in 3Q 2023). Revenue: ฿558.0m (up 28% from 3Q 2023). Net income: ฿18.1m (down 73% from 3Q 2023). Profit margin: 3.3% (down from 15% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 09
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 16 August 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 41% and the cash payout ratio is 78%. Trailing yield: 4.9%. Lower than top quartile of Thai dividend payers (7.1%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: ฿1.18 (vs ฿0.12 in 2Q 2023) Second quarter 2024 results: EPS: ฿1.18 (up from ฿0.12 in 2Q 2023). Revenue: ฿550.6m (up 12% from 2Q 2023). Net income: ฿355.3m (up ฿320.7m from 2Q 2023). Profit margin: 65% (up from 7.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 05
Thai Nippon Rubber Industry Public Co., Ltd. Announces Cash Dividend for the Period from January 01, 2024 to June 30, 2024, Payable on September 02, 2024 Thai Nippon Rubber Industry Public Co., Ltd. announced cash dividend of THB 0.30 per share for the period from January 01, 2024 to June 30, 2024. Record date for the right to receive dividends: August 19, 2024. Ex-dividend date: August 16, 2024. Payment date: September 02, 2024. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: ฿0.30 (vs ฿0.064 in 1Q 2023) First quarter 2024 results: EPS: ฿0.30 (up from ฿0.064 in 1Q 2023). Revenue: ฿468.9m (down 4.8% from 1Q 2023). Net income: ฿89.4m (up 362% from 1Q 2023). Profit margin: 19% (up from 3.9% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 10
Thai Nippon Rubber Industry Public Co., Ltd. Annoyances Board Changes Thai Nippon Rubber Industry Public Company Limited informed that the Board of Directors Meeting No. 2/2024 (the Meeting) held on 9 May 2024 has passed the resolutions to appoint an Independent Director, to change a member of the Audit Committee, and to change a member of the Nomination and Remuneration Committee as follows: The Meeting approved the appointment of Mr. Silpachai Ruksapol to serve as Independent Director. The Meeting determined, in adherence to the principles of Section 89/7, that the individual's appointment did not affect the execution of responsibilities or the provision of impartial, advantageous judgments in the best interest of the Company. This shall take an effect as of 9 May 2024 onwards. The Meeting approved the appointment of Mr. Silpachai Ruksapol to serve as the Chairman of the Audit Committee and a member of the Nomination and Remuneration Committee of the Company. This shall take an effect as of 9 May 2024 onwards. Therefore, the Company's Audit Committee and the Nomination and Remuneration Committee shall be consisted of the following individuals; Audit Committee is comprised of: Mr. Silpachai Ruksapol, Chairman of the Audit Committee; Mr. Mechai Viravaidya, A member of Audit Committee; Mr. Nopparat Panthongwiriyakul, A member of Audit Committee. Nomination and Remuneration Committee is comprised of: Mr. Nopparat Panthongwiriyakul, Chairman of the Nomination and Remuneration Committee; Mr. Mechai Viravaidya, A member of the Nomination and Remuneration Committee; Mr. Amorn Dararattanaroj, A member of the Nomination and Remuneration Committee. Upcoming Dividend • Mar 11
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 74% and the cash payout ratio is 78%. Trailing yield: 5.3%. Lower than top quartile of Thai dividend payers (5.9%). Higher than average of industry peers (3.1%). Declared Dividend • Feb 29
Final dividend reduced to ฿0.25 Dividend of ฿0.25 is 17% lower than last year. Ex-date: 18th March 2024 Payment date: 10th May 2024 Dividend yield will be 5.4%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is not covered by earnings (142% earnings payout ratio). However, it is covered by cash flows (78% cash payout ratio). The dividend has increased by an average of 41% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 58% to bring the payout ratio under control. However, EPS has declined by 5.9% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: ฿0.67 (vs ฿0.87 in FY 2022) Full year 2023 results: EPS: ฿0.67 (down from ฿0.87 in FY 2022). Revenue: ฿1.96b (down 1.4% from FY 2022). Net income: ฿202.0m (down 23% from FY 2022). Profit margin: 10% (down from 13% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ฿10.10, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 25x in the Personal Products industry in Thailand. Total loss to shareholders of 15% over the past three years. Upcoming Dividend • Nov 16
Upcoming dividend of ฿0.25 per share at 6.9% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (3.3%). Announcement • Nov 12
Thai Nippon Rubber Industry Public Co., Ltd. Announces Cash Dividend for the Operating Period from January 01, 2023 to September 30, 2023, Payable on December 8, 2023 Thai Nippon Rubber Industry Public Co., Ltd. announced cash dividend of THB 0.25 per share on the par value of THB 1.00 for the operating period from January 01, 2023 to September 30, 2023. Record date for the right to receive dividends is November 24, 2023. Ex-dividend date is November 23, 2023. Payment date is December 8, 2023. New Risk • Aug 10
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks High level of debt (44% net debt to equity). Dividend is not well covered by cash flows (138% cash payout ratio). Market cap is less than US$100m (฿2.63b market cap, or US$74.8m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.23 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.12 (down from ฿0.23 in 2Q 2022). Revenue: ฿492.7m (up 10% from 2Q 2022). Net income: ฿34.6m (down 50% from 2Q 2022). Profit margin: 7.0% (down from 15% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ฿0.06 (vs ฿0.23 in 1Q 2022) First quarter 2023 results: EPS: ฿0.06 (down from ฿0.23 in 1Q 2022). Revenue: ฿492.4m (down 5.1% from 1Q 2022). Net income: ฿19.3m (down 72% from 1Q 2022). Profit margin: 3.9% (down from 13% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Nopparat Panthongwiriyakul was the last independent director to join the board, commencing their role in 2019. 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 10
Third quarter 2022 earnings released: EPS: ฿0.43 (vs ฿0.14 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.43 (up from ฿0.14 in 3Q 2021). Revenue: ฿626.5m (up 43% from 3Q 2021). Net income: ฿129.4m (up 206% from 3Q 2021). Profit margin: 21% (up from 9.6% in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 19
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 14 September 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Thai dividend payers (5.4%). In line with average of industry peers (4.0%). Reported Earnings • Aug 17
Second quarter 2022 earnings released: EPS: ฿0.23 (vs ฿0.025 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.23 (up from ฿0.025 in 2Q 2021). Revenue: ฿446.8m (up 21% from 2Q 2021). Net income: ฿68.8m (up ฿61.3m from 2Q 2021). Profit margin: 15% (up from 2.0% in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ฿0.23 (down from ฿0.23 in 1Q 2021). Revenue: ฿518.6m (up 20% from 1Q 2021). Net income: ฿68.2m (down 2.0% from 1Q 2021). Profit margin: 13% (down from 16% in 1Q 2021). Revenue missed analyst estimates by 31%. Earnings per share (EPS) also missed analyst estimates by 93%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following 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. 5 non-independent directors. Independent Director Nopparat Panthongwiriyakul was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: ฿1.55 loss per share (down from ฿0.37 profit in FY 2020). Revenue: ฿1.65b (down 5.7% from FY 2020). Net loss: ฿464.8m (down ฿576.3m from profit in FY 2020). Revenue missed analyst estimates by 31%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿0.14 (vs ฿0.19 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿438.3m (down 4.3% from 3Q 2020). Net income: ฿42.3m (down 27% from 3Q 2020). Profit margin: 9.6% (down from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Executive Departure • Jul 23
Director Komol Dararattaroj has left the company On the 19th of July, Komol Dararattaroj's tenure as Director ended. We don't have any record of a personal shareholding under Komol's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.23 (vs ฿0.037 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿434.1m (up 20% from 1Q 2020). Net income: ฿69.6m (up ฿58.4m from 1Q 2020). Profit margin: 16% (up from 3.1% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Executive Departure • Mar 03
Independent Director has left the company On the 28th of February, Suvit Arunanondchai's tenure in the role of Independent Director ended. We don't have any record of a personal shareholding under Suvit's name. Suvit is the only executive to leave the company over the last 12 months. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS ฿0.37 (vs ฿0.33 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿1.75b (flat on FY 2019). Net income: ฿111.4m (up 11% from FY 2019). Profit margin: 6.4% (up from 5.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS ฿0.37 (vs ฿0.33 in FY 2019) The company reported a solid full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ฿1.75b (flat on FY 2019). Net income: ฿111.4m (up 11% from FY 2019). Profit margin: 6.4% (up from 5.7% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS ฿0.19 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ฿458.0m (down 3.4% from 3Q 2019). Net income: ฿58.3m (up 35% from 3Q 2019). Profit margin: 13% (up from 9.1% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 20% share price gain to ฿13.80, the stock is trading at a trailing P/E ratio of 36.5x, up from the previous P/E ratio of 30.5x. This compares to an average P/E of 23x in the Personal Products industry in Thailand. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Nov 03
New 90-day high: ฿12.00 The company is up 8.0% from its price of ฿11.10 on 05 August 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Personal Products industry, which is up 2.0% over the same period. 
