TOA Paint (Thailand) Public Company Limited

SET:TOA Stock Report

Market Cap: ฿39.6b

TOA Paint (Thailand) Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TOA (THB19.8) is trading below our estimate of fair value (THB28.39)

Significantly Below Fair Value: TOA is trading below fair value by more than 20%.


Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

TOA 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/Revenue1.5x
Enterprise Value/EBITDA9.1x
PEG Ratio3.1x

Price to Earnings Ratio vs Peers

How does TOA's PE Ratio compare to its peers?

The above table shows the PE ratio for TOA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.6x
BCT Birla Carbon (Thailand)
4.7xn/a฿21.5b
EPG Eastern Polymer Group
11.8x11.5%฿14.0b
PSP P.S.P. Specialties
12.3xn/a฿7.0b
SPG Siam Pan Group
13.6xn/a฿4.8b
TOA TOA Paint (Thailand)
14.4x4.6%฿39.6b

Price-To-Earnings vs Peers: TOA is expensive based on its Price-To-Earnings Ratio (14.4x) compared to the peer average (10.6x).


Price to Earnings Ratio vs Industry

How does TOA's PE Ratio compare vs other companies in the TH Chemicals Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a62.1%
n/an/an/a
No. of CompaniesPE048121620

Fetching data

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a62.1%
n/an/an/a
No more companies

Price-To-Earnings vs Industry: TOA is expensive based on its Price-To-Earnings Ratio (14.4x) compared to the TH Chemicals industry average (13.9x).


Price to Earnings Ratio vs Fair Ratio

What is TOA'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.

TOA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.4x
Fair PE Ratio12.4x

Price-To-Earnings vs Fair Ratio: TOA is expensive based on its Price-To-Earnings Ratio (14.4x) compared to the estimated Fair Price-To-Earnings Ratio (12.4x).


Analyst Price Targets

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

The above table shows the analyst TOA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿19.80
฿30.83
+55.7%
16.9%฿38.30฿22.00n/a7
Jul ’25฿20.00
฿30.73
+53.6%
15.9%฿38.30฿22.00n/a8
Jun ’25฿22.90
฿30.73
+34.2%
15.9%฿38.30฿22.00n/a8
May ’25฿25.25
฿31.26
+23.8%
16.0%฿38.30฿22.00n/a7
Apr ’25฿20.70
฿32.69
+57.9%
17.8%฿40.00฿22.00n/a7
Mar ’25฿20.20
฿33.47
+65.7%
13.6%฿40.00฿27.50n/a7
Feb ’25฿21.20
฿33.19
+56.5%
14.1%฿40.00฿27.50n/a7
Jan ’25฿22.60
฿33.19
+46.8%
14.1%฿40.00฿27.50n/a7
Dec ’24฿21.10
฿33.19
+57.3%
14.1%฿40.00฿27.50n/a7
Nov ’24฿21.10
฿35.83
+69.8%
12.9%฿40.00฿27.50n/a7
Oct ’24฿22.90
฿37.60
+64.2%
10.6%฿40.00฿27.50n/a8
Sep ’24฿26.50
฿37.60
+41.9%
10.6%฿40.00฿27.50n/a8
Aug ’24฿27.25
฿37.60
+38.0%
10.6%฿40.00฿27.50n/a8
Jul ’24฿27.25
฿38.19
+40.1%
6.6%฿40.00฿32.20฿20.008
Jun ’24฿32.50
฿38.19
+17.5%
6.6%฿40.00฿32.20฿22.908
May ’24฿29.25
฿37.90
+29.6%
5.3%฿40.00฿34.40฿25.258
Apr ’24฿31.00
฿37.90
+22.3%
5.3%฿40.00฿34.40฿20.708
Mar ’24฿31.00
฿36.97
+19.3%
8.7%฿40.00฿30.00฿20.207
Feb ’24฿34.50
฿36.97
+7.2%
8.7%฿40.00฿30.00฿21.207
Jan ’24฿33.75
฿36.80
+9.0%
9.3%฿40.00฿30.00฿22.606
Dec ’23฿33.25
฿36.80
+10.7%
9.3%฿40.00฿30.00฿21.106
Nov ’23฿31.25
฿36.97
+18.3%
9.4%฿40.00฿30.00฿21.107
Oct ’23฿33.00
฿36.85
+11.7%
8.8%฿40.00฿30.00฿22.908
Sep ’23฿31.00
฿35.08
+13.2%
8.4%฿40.00฿30.00฿26.506
Aug ’23฿27.50
฿35.70
+29.8%
5.8%฿40.00฿33.70฿27.256
Jul ’23฿28.00
฿35.82
+27.9%
5.5%฿40.00฿34.00฿27.256

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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