TOA Paint (Thailand) Public Company Limited

SET:TOA Stock Report

Market Cap: ฿33.0b

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 (THB16.5) is trading below our estimate of fair value (THB23.69)

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?

Key metric: As TOA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TOA. This is calculated by dividing TOA's market cap by their current earnings.
What is TOA's PE Ratio?
PE Ratio16.4x
Earnings฿2.01b
Market Cap฿32.98b

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 Average11.9x
BCT Birla Carbon (Thailand)
9.2xn/a฿20.6b
EPG Eastern Polymer Group
13.7x22.7%฿11.4b
PSP P.S.P. Specialties
10.2xn/a฿6.1b
SPG Siam Pan Group
14.6xn/a฿4.8b
TOA TOA Paint (Thailand)
16.4x13.5%฿33.0b

Price-To-Earnings vs Peers: TOA is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the peer average (11.9x).

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
No more companies available in this PE range
TOA 16.4xIndustry Avg. 13.2xNo. of Companies4PE0612182430+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TOA is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the TH Chemicals industry average (13.2x).

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 Ratio16.4x
Fair PE Ratio13.9x

Price-To-Earnings vs Fair Ratio: TOA is expensive based on its Price-To-Earnings Ratio (16.4x) compared to the estimated Fair Price-To-Earnings Ratio (13.9x).

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฿16.50
฿24.50
+48.5%
25.6%฿37.00฿20.00n/a6
Nov ’25฿17.70
฿25.83
+46.0%
24.9%฿37.00฿20.00n/a6
Oct ’25฿19.50
฿25.83
+32.5%
24.9%฿37.00฿20.00n/a6
Sep ’25฿18.00
฿27.61
+53.4%
26.8%฿38.30฿20.00n/a7
Aug ’25฿18.30
฿30.83
+68.5%
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฿27.50฿17.707
Oct ’24฿22.90
฿37.60
+64.2%
10.6%฿40.00฿27.50฿19.508
Sep ’24฿26.50
฿37.60
+41.9%
10.6%฿40.00฿27.50฿18.008
Aug ’24฿27.25
฿37.60
+38.0%
10.6%฿40.00฿27.50฿18.308
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

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.

Discover undervalued companies

Global Green Chemicals

฿4.7b

Produces, distributes, and transports oleochemical products in Thailand, the People’s Republic of China, India, Korea, and internationally.

GGC-R

฿4.58

7D

-2.1%

1Y

-49.4%

PTT Global Chemical

฿116.1b

Operates as a chemical company in Thailand and internationally.

PTTGC-R

฿25.75

7D

6.8%

1Y

-32.7%

Indorama Ventures

฿143.2b

Engages in the manufacture and distribution of petrochemical products in Thailand and internationally.

IVL-R

฿25.50

7D

-1.9%

1Y

-1.0%