Phol Dhanya (SET:PHOL) - Share price, News & Analysis

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

PHOL (THB3.48) is trading below our estimate of [[fair value]] (THB4.8)

PHOL fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	2/6
Financial Health	6/6
Dividends	4/6

PHOL Stock Overview

Phol Dhanya Public Company Limited distributes occupational safety, health, and environment products in Thailand and internationally.

Rewards

Trading at 27.5% below our estimate of its fair value

Earnings have grown 63.2% per year over the past 5 years

Risk Analysis

Dividend of 9.2% is not well covered by earnings

Does not have a meaningful market cap (THB705M)

Phol Dhanya Competitors

Moong Pattana International

SET:MOONG

฿1.1b

I.C.C. International

SET:ICC

฿8.7b

Saha Pathanapibul

SET:SPC

฿22.5b

Mitsib Leasing

SET:MITSIB

฿787.9m

Price History & Performance

Summary of all time highs, changes and price drops for Phol Dhanya
Historical stock prices
Current Share Price	฿3.48
52 Week High	฿5.80
52 Week Low	฿3.32
Beta	0.68
1 Month Change	-3.87%
3 Month Change	-11.22%
1 Year Change	-24.35%
3 Year Change	86.10%
5 Year Change	51.30%
Change since IPO	-42.40%

Shareholder Returns

	PHOL	TH Retail Distributors	TH Market
7D	-1.1%	-0.4%	0.2%
1Y	-24.3%	9.1%	1.0%

Return vs Industry: PHOL underperformed the TH Retail Distributors industry which returned 9.1% over the past year.

Return vs Market: PHOL underperformed the TH Market which returned 1% over the past year.

Price Volatility

Is PHOL's price volatile compared to industry and market?
PHOL volatility
PHOL Average Weekly Movement	3.0%
Retail Distributors Industry Average Movement	9.1%
Market Average Movement	5.0%
10% most volatile stocks in TH Market	10.7%
10% least volatile stocks in TH Market	2.6%

Stable Share Price: PHOL is less volatile than 75% of TH stocks over the past 3 months, typically moving +/- 3% a week.

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

About the Company

Founded	Employees	CEO	Website
1961	n/a	Boonchai Suwanvutthiwat	https://www.pdgth.com

Phol Dhanya Public Company Limited distributes occupational safety, health, and environment products in Thailand and internationally. The company operates through three segments: Trading in Health and Safety Products, Water Treatment System, and Water Supply Systems for Villages. It offers personal protective equipment, including helmets, safety eye glasses, ear plugs, face shields, safety gloves, shoes, firefighting cloths, and other protective equipment; and safety and environment products, such as toxic gas and flammable gas detectors, emergency eye and body washers, chemical containment systems, moving and transfer equipment, ventilators, safety locks, and safety sign products.

Phol Dhanya Fundamentals Summary

How do Phol Dhanya's earnings and revenue compare to its market cap?
PHOL fundamental statistics
Market Cap	฿704.70m
Earnings (TTM)	฿72.17m
Revenue (TTM)	฿1.18b

9.8x

P/E Ratio

0.6x

P/S Ratio

Is PHOL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
PHOL income statement (TTM)
Revenue	฿1.18b
Cost of Revenue	฿898.87m
Gross Profit	฿280.10m
Other Expenses	฿207.93m
Earnings	฿72.17m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.36
Gross Margin	23.76%
Net Profit Margin	6.12%
Debt/Equity Ratio	28.1%

How did PHOL perform over the long term?

See historical performance and comparison

Dividends

9.2%

Current Dividend Yield

90%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for PHOL. This is calculated by dividing PHOL's market cap by their current preferred multiple.
What is PHOL's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	฿704.70m

PHOL 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	0.6x
Enterprise Value/EBITDA	7.4x
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

PHOL PE Ratio vs Peers

The above table shows the PE ratio for PHOL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	44.9x
MOONG Moong Pattana International	15.1x	n/a	฿1.1b
ICC I.C.C. International	95.4x	n/a	฿8.7b
SPC Saha Pathanapibul	12.8x	n/a	฿22.5b
MITSIB Mitsib Leasing	56.4x	n/a	฿787.9m
PHOL Phol Dhanya	9.8x	n/a	฿704.7m

Forward PE

Price-To-Earnings vs Peers: PHOL is good value based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (44.9x).

Price to Earnings Ratio vs Industry

How does PHOL's PE Ratio compare vs other companies in the Asian Retail Distributors Industry?

Price-To-Earnings vs Industry: PHOL is good value based on its Price-To-Earnings Ratio (9.8x) compared to the Asian Retail Distributors industry average (16.2x)

Price to Earnings Ratio vs Fair Ratio

What is PHOL'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.

PHOL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.8x
Fair PE Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: PHOL (THB3.48) is trading below our estimate of fair value (THB4.8)

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

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PHOL's PEG Ratio to determine if it is good value.

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Future Growth

How is Phol Dhanya 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

-1.6%

Forecasted Retail 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 Phol Dhanya 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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Examine whether Phol Dhanya is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Phol Dhanya performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

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

63.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PHOL has high quality earnings.

Growing Profit Margin: PHOL's current net profit margins (6.1%) are lower than last year (6.4%).

Past Earnings Growth Analysis

Earnings Trend: PHOL has become profitable over the past 5 years, growing earnings by 63.2% per year.

Accelerating Growth: PHOL's earnings growth over the past year (2.6%) is below its 5-year average (63.2% per year).

Earnings vs Industry: PHOL earnings growth over the past year (2.6%) underperformed the Retail Distributors industry 14.4%.

Return on Equity

High ROE: PHOL's Return on Equity (19.8%) is considered low.

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Financial Health

How is Phol Dhanya's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: PHOL's short term assets (THB484.5M) exceed its short term liabilities (THB252.7M).

Long Term Liabilities: PHOL's short term assets (THB484.5M) exceed its long term liabilities (THB41.6M).

Debt to Equity History and Analysis

Debt Level: PHOL's net debt to equity ratio (9.4%) is considered satisfactory.

Reducing Debt: PHOL's debt to equity ratio has reduced from 145% to 28.1% over the past 5 years.

Debt Coverage: PHOL's debt is well covered by operating cash flow (28.7%).

Interest Coverage: PHOL's interest payments on its debt are well covered by EBIT (33.1x coverage).

Balance Sheet

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Dividend

What is Phol Dhanya current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

9.20%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PHOL's dividend (9.2%) is higher than the bottom 25% of dividend payers in the TH market (1.79%).

High Dividend: PHOL's dividend (9.2%) is in the top 25% of dividend payers in the TH market (5.4%)

Stability and Growth of Payments

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

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

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (89.8%), PHOL's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (262.9%), PHOL's dividend payments are not well covered by cash flows.

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Management

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

11.0yrs

Average management tenure

CEO

Boonchai Suwanvutthiwat (58 yo)

9.5yrs

Tenure

฿356,589

Compensation

Mr. Boonchai Suwanvutthiwat has been the Chief Executive Officer of Phol Dhanya Public Company Limited since 2013 and its Director since April 30, 2013. He serves as Acting Information Technology Director...

Leadership Team

Experienced Management: PHOL's management team is seasoned and experienced (11 years average tenure).

Board Members

Experienced Board: PHOL's board of directors are considered experienced (8 years average tenure).

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 not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/07/02 00:00
End of Day Share Price	2022/07/01 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31