Tillkännagivande • Jun 23
AGPH (Thailand) Ltd proposed to acquire Polyplex (Thailand) Public Company Limited (SET:PTL) from Polyplex Corporation Limited (BSE:524051) and other shareholders for THB 13.5 billion. AGPH (Thailand) Ltd proposed to acquire Polyplex (Thailand) Public Company Limited (SET:PTL) from Polyplex Corporation Limited (BSE:524051) and other shareholders for THB 13.5 billion on June 22, 2026. A cash consideration of THB 13.5 billion valued at THB 15 per share will be paid by AGPH (Thailand) Ltd.
Kiatnakin Phatra Securities Public Company Limited acted as financial advisor for AGPH (Thailand) Ltd. Trilegal acted as legal advisor for AGPH (Thailand) Ltd. TTT & Partners Company Limited acted as legal advisor for AGPH (Thailand) Ltd. Declared Dividend • May 25
Dividend of ฿0.12 announced Shareholders will receive a dividend of ฿0.12. Ex-date: 10th August 2026 Payment date: 27th August 2026 Dividend yield will be 1.3%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (35% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • May 24
Full year 2026 earnings released: ฿0.20 loss per share (vs ฿1.28 profit in FY 2025) Full year 2026 results: ฿0.20 loss per share (down from ฿1.28 profit in FY 2025). Revenue: ฿20.4b (down 8.7% from FY 2025). Net loss: ฿177.4m (down 115% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 23
Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 30, 2026 Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 30, 2026, at 11:00 SE Asia Standard Time. New Risk • Apr 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 114% Earnings have declined by 40% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ฿0.099 (vs ฿0.38 in 3Q 2025) Third quarter 2026 results: EPS: ฿0.099 (down from ฿0.38 in 3Q 2025). Revenue: ฿4.76b (down 13% from 3Q 2025). Net income: ฿89.4m (down 74% from 3Q 2025). Profit margin: 1.9% (down from 6.3% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ฿0.047 (vs ฿0.68 in 2Q 2025) Second quarter 2026 results: EPS: ฿0.047 (down from ฿0.68 in 2Q 2025). Revenue: ฿5.33b (down 6.4% from 2Q 2025). Net income: ฿42.2m (down 93% from 2Q 2025). Profit margin: 0.8% (down from 11% in 2Q 2025). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. New Risk • Sep 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 26% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (127% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ฿12.00, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 9x in the Packaging industry in Thailand. Total loss to shareholders of 48% over the past three years. Reported Earnings • Aug 14
First quarter 2026 earnings released: ฿0.40 loss per share (vs ฿0.39 profit in 1Q 2025) First quarter 2026 results: ฿0.40 loss per share (down from ฿0.39 profit in 1Q 2025). Revenue: ฿5.36b (down 7.6% from 1Q 2025). Net loss: ฿359.6m (down 203% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 01
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 08 August 2025. Payment date: 27 August 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Thai dividend payers (8.1%). In line with average of industry peers (4.1%). Tillkännagivande • Jul 29
Polyplex (Thailand) Public Company Limited Approves Final Dividend for 2024, Payable August 27, 2025 Polyplex (Thailand) Public Company Limited's meeting of the 2025 Annual General Meeting of Shareholders of Polyplex (Thailand) Public Company Limited (the Company) held on July 29th 2025 approved the final dividend payment of THB 0.20 per share or total of THB 180,000,000 be paid to the Company's shareholders as per Record date of 13 August, 2025 and (ii) the dividend payment schedule of THB 0.20 per share or total of THB 180,000,000 by 27 August 2025. The payment of annual dividend for the year 1st April 2024 to 31st March 2025, of THB 360,000,000 (including Interim dividend of THB 180,000,000 paid in December 2024) will be subject to 10% WHT due to non-availability of BOI tax exempt profits/accumulated reserves. Tillkännagivande • Jun 24
Polyplex (Thailand) Public Company Limited (SET : PTL) entered into a Shareholders’ Agreement to acquire an additional unknown minority stake in EcoBlue Limited from Zero Karbon Pte. Ltd. for THB 1.3 billion. Polyplex (Thailand) Public Company Limited (SET : PTL) entered into a Shareholders’ Agreement to acquire an additional unknown minority stake in EcoBlue Limited from Zero Karbon Pte. Ltd. for THB 1.3 billion on June 23, 2025. A cash consideration of THB 1.31 billion will be paid by Polyplex (Thailand) Public Company Limited for the common equity of EcoBlue Limited. Tillkännagivande • May 30
Polyplex (Thailand) Public Company Limited Announces Board and Audit Committee Changes, Effective May 27, 2025 Polyplex (Thailand) Public Company Limited announced the resignation of Mr. Praphad Phodhivorakhun from his positions as Independent Director and Audit Committee member due to personal reasons, effective May 27, 2025. Mr. Phodhivorakhun served as Independent Director since September 2, 2004, and as Audit Committee member since November 12, 2021. Additionally, the company elected Mr. Chavapas Ongmahutmongkol as the new Independent Director and Audit Committee member, effective May 27, 2025. The audit committee is consisted of: Chairman of the audit committee Mr. Manu Leopairote remaining term in office 1 Year 3 month 2. Member of the audit committee Mr. Shiraz Erach Poonevala remaining term in office 1 Year 3 month 3. Member of the audit committee Mr.Chavapas Ongmahutmongkol remaining term in office 1 Year 3 month. Declared Dividend • May 29
Final dividend increased to ฿0.20 Dividend of ฿0.20 is 5.3% higher than last year. Ex-date: 8th August 2025 Payment date: 27th August 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 74% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.5% EPS decline seen over the last 5 years. Tillkännagivande • May 28
Polyplex (Thailand) Public Company Limited Recommends Final Dividend for the Operating Period from 1 April 2024 to 31 March 2025, Payable on 27 August 2025 Polyplex (Thailand) Public Company Limited at its Annual General Meeting of Shareholders to be held on 29 July 2025 announced that its board recommended to approve payment of Final dividend of THB 0.20 per share or THB 180 million for the operating period from 1 April 2024 to 31 March 2025. Payment date to be 27 August 2025. Record date to be 13 August 2025. Ex-dividend date to be 08 August 2025. Reported Earnings • May 28
Full year 2025 earnings released: EPS: ฿1.28 (vs ฿0.33 in FY 2024) Full year 2025 results: EPS: ฿1.28 (up from ฿0.33 in FY 2024). Revenue: ฿22.5b (up 7.6% from FY 2024). Net income: ฿1.16b (up 284% from FY 2024). Profit margin: 5.1% (up from 1.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 38 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 28
Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 29, 2025 Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 29, 2025, at 14:00 SE Asia Standard Time. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ฿0.38 (vs ฿0.084 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.38 (up from ฿0.084 in 3Q 2024). Revenue: ฿5.50b (up 9.3% from 3Q 2024). Net income: ฿343.9m (up 355% from 3Q 2024). Profit margin: 6.3% (up from 1.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ฿0.68 (vs ฿0.16 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.68 (up from ฿0.16 in 2Q 2024). Revenue: ฿5.80b (up 14% from 2Q 2024). Net income: ฿612.8m (up 320% from 2Q 2024). Profit margin: 11% (up from 2.9% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ฿0.39 (vs ฿0.098 loss in 1Q 2024) First quarter 2025 results: EPS: ฿0.39 (up from ฿0.098 loss in 1Q 2024). Revenue: ฿5.86b (up 17% from 1Q 2024). Net income: ฿349.3m (up ฿437.1m from 1Q 2024). Profit margin: 6.0% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ฿10.40, the stock trades at a trailing P/E ratio of 31.1x. Average trailing P/E is 11x in the Packaging industry in Thailand. Total loss to shareholders of 54% over the past three years. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Thai stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Upcoming Dividend • Jul 25
Upcoming dividend of ฿0.19 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 22 August 2024. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (6.8%). Lower than average of industry peers (2.8%). Tillkännagivande • Jul 24
Polyplex (Thailand) Public Company Limited Approves Final Dividend, Payable on 22 August 2024 Polyplex (Thailand) Public Company Limited at its AGM held on July 24th 2024, approved the final dividend payment of THB 0.19 per share or total of THB 171,000,000 be paid to the Company's shareholders as per Record date of 2 August, 2024 and (ii) the dividend payment schedule of THB 0.19 per share or total of THB 171,000,000 by 22 August 2024 be approved. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ฿11.50, the stock trades at a trailing P/E ratio of 34.4x. Average trailing P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 54% over the past three years. Reported Earnings • May 18
Full year 2024 earnings released: EPS: ฿0.33 (vs ฿2.33 in FY 2023) Full year 2024 results: EPS: ฿0.33 (down from ฿2.33 in FY 2023). Revenue: ฿20.9b (down 21% from FY 2023). Net income: ฿300.7m (down 86% from FY 2023). Profit margin: 1.4% (down from 8.0% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 18
Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 24, 2024 Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 24, 2024, at 14:00 SE Asia Standard Time. Buy Or Sell Opportunity • May 17
Now 23% overvalued Over the last 90 days, the stock has fallen 8.3% to ฿10.00. The fair value is estimated to be ฿8.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 32%. Buy Or Sell Opportunity • Mar 27
Now 20% overvalued Over the last 90 days, the stock has fallen 2.5% to ฿9.85. The fair value is estimated to be ฿8.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 32%. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ฿0.084 (vs ฿0.048 loss in 3Q 2023) Third quarter 2024 results: EPS: ฿0.084 (up from ฿0.048 loss in 3Q 2023). Revenue: ฿5.15b (down 21% from 3Q 2023). Net income: ฿75.7m (up ฿119.2m from 3Q 2023). Profit margin: 1.5% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 13
Upcoming dividend of ฿0.05 per share at 8.4% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 04 December 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 8.4%. Within top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.8%). Tillkännagivande • Nov 10
Polyplex (Thailand) Public Company Limited Approves Board Changes Polyplex (Thailand) Public Company Limited announced the following significant resolutions of the board of directors' meeting no. 6/2023 of the company held on November 9, 2023: Acknowledged the resignation of Mrs. Sakhi Saraf from her directorship in the company with effect from November 9, 2023 onwards; Approved the appointment of Mr. Iyad Malas as a new director of the company with effect from November 9, 2023 onwards to replace Mrs. Sakhi Saraf who has resigned from her position. Tillkännagivande • Nov 07
Polyplex (Thailand) Public Company Limited Approves Interim Dividend, Payable on 4 December 2023 Polyplex (Thailand) Public Company Limited at its board meeting held on 6 November 2023, approved the payment of an interim dividend at THB 0.05 per share, totalling to THB 45 million from Retained Earnings. Payment date to be 4 December 2023. Record date to be 21 November 2023. New Risk • Nov 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,479% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 9x earnings per share). Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ฿0.16 (vs ฿1.02 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.16 (down from ฿1.02 in 2Q 2023). Revenue: ฿5.11b (down 31% from 2Q 2023). Net income: ฿145.8m (down 84% from 2Q 2023). Profit margin: 2.9% (down from 12% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Sep 13
Now 20% undervalued Over the last 90 days, the stock is up 1.4%. The fair value is estimated to be ฿17.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 11
First quarter 2024 earnings released: ฿0.098 loss per share (vs ฿1.28 profit in 1Q 2023) First quarter 2024 results: ฿0.098 loss per share (down from ฿1.28 profit in 1Q 2023). Revenue: ฿5.00b (down 29% from 1Q 2023). Net loss: ฿87.9m (down 108% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 31
Upcoming dividend of ฿0.27 per share at 5.8% yield Eligible shareholders must have bought the stock before 07 August 2023. Payment date: 24 August 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (2.6%). Tillkännagivande • Jul 26
Polyplex (Thailand) Public Company Limited Approves Final Dividend for the Period Ended 31 March 2023, Payable on 24 August 2023 Polyplex (Thailand) Public Company Limited announced that at its AGM held on July 26, 2023, the shareholders approved the final dividend payment of THB 0.27 per share or total of THB 243,000,000 be paid to the company's shareholders as per Record date of 8 August 2023 and (ii) the dividend payment schedule of THB 0.27 per share or total of THB 243,000,000 by 24 August 2023 be approved. The payment of annual dividend for the year 1st April 2022 to 31st March 2023, of THB 756,000,000 (including Interim dividend of THB 513,000,000 paid in December 2022) will be subject to 10% WHT due to non-availability of BOI tax exempt profits/accumulated reserves. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ฿13.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Packaging industry in Thailand. Total loss to shareholders of 2.0% over the past three years. Tillkännagivande • May 25
Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 26, 2023 Polyplex (Thailand) Public Company Limited, Annual General Meeting, Jul 26, 2023, at 10:00 SE Asia Standard Time. Agenda: To certify the Minutes of the Annual General Meeting of Shareholders dated July 27, 2022; yo acknowledge the report on the Company's operating results and to approve the Directors' Report; to consider and approve the Company's audited Statement of Financial position and Income statements for the year ended 31st March 2023; to consider and approve the distribution of dividend for the fiscal year 2022-23; to consider and approve the appointment of directors to replace those retiring by rotation; to consider and approve the remuneration of Directors for the fiscal year 2023-24; to consider and approve the appointment of auditors and their remuneration for fiscal year 2023-24; and to consider other business (if any). Tillkännagivande • May 24
Polyplex (Thailand) Public Company Limited Approves Dividend for April 01, 2022 to March 31, 2023, payable on August 24, 2023 Polyplex (Thailand) Public Company Limited at its AGM held on May 23, 2023 approved dividend of THB 0.27 per share for Operating period from April 01, 2022 to March 31, 2023. Ex-dividend date is August 07, 2023; Record date for the right to attend the meeting is June 07, 2023; Ex-meeting date is June 06, 2023 and payment date is August 24, 2023. Reported Earnings • May 24
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ฿2.33 (down from ฿3.94 in FY 2022). Revenue: ฿26.6b (up 23% from FY 2022). Net income: ฿2.10b (down 41% from FY 2022). Profit margin: 7.9% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ฿28.3b to ฿27.9b. EPS estimate also fell from ฿4.03 per share to ฿2.87 per share. Net income forecast to shrink 8.6% next year vs 7.5% decline forecast for Packaging industry in Thailand. Consensus price target down from ฿31.00 to ฿24.00. Share price fell 25% to ฿18.80 over the past week. Reported Earnings • Feb 15
Third quarter 2023 earnings released: ฿0.048 loss per share (vs ฿1.25 profit in 3Q 2022) Third quarter 2023 results: ฿0.048 loss per share (down from ฿1.25 profit in 3Q 2022). Revenue: ฿6.56b (up 14% from 3Q 2022). Net loss: ฿43.5m (down 104% from profit in 3Q 2022). Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 14
Price target decreased by 20% to ฿24.00 Down from ฿30.00, the current price target is provided by 1 analyst. New target price is 21% above last closing price of ฿19.90. Stock is down 28% over the past year. The company is forecast to post earnings per share of ฿4.03 for next year compared to ฿3.94 last year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ฿19.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 10x in the Packaging industry in Thailand. Total returns to shareholders of 67% over the past three years. Upcoming Dividend • Nov 21
Upcoming dividend of ฿0.57 per share Eligible shareholders must have bought the stock before 28 November 2022. Payment date: 13 December 2022. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (5.6%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 16
First quarter 2023 earnings released: EPS: ฿1.28 (vs ฿0.73 in 1Q 2022) First quarter 2023 results: EPS: ฿1.28 (up from ฿0.73 in 1Q 2022). Revenue: ฿7.04b (up 57% from 1Q 2022). Net income: ฿1.15b (up 76% from 1Q 2022). Profit margin: 16% (up from 15% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Packaging industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. 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. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Oct 28
Now 20% undervalued Over the last 90 days, the stock is up 3.9%. The fair value is estimated to be ฿29.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 21% in a year. Earnings is forecast to decline by 6.8% in the next year. Reported Earnings • Aug 13
First quarter 2023 earnings released: EPS: ฿1.28 (vs ฿0.73 in 1Q 2022) First quarter 2023 results: EPS: ฿1.28 (up from ฿0.73 in 1Q 2022). Revenue: ฿7.04b (up 57% from 1Q 2022). Net income: ฿1.15b (up 76% from 1Q 2022). Profit margin: 16% (up from 15% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • Jul 29
Upcoming dividend of ฿0.34 per share Eligible shareholders must have bought the stock before 05 August 2022. Payment date: 25 August 2022. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.3%). Buying Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.1%. The fair value is estimated to be ฿28.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 5.1% in a year. Earnings is forecast to decline by 6.4% in the next year. Reported Earnings • May 25
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ฿3.94 (up from ฿3.30 in FY 2021). Revenue: ฿21.6b (up 42% from FY 2021). Net income: ฿3.55b (up 20% from FY 2021). Profit margin: 17% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 5.1%, compared to a 8.7% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. 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. 4 non-independent directors. Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 21
Upcoming dividend of ฿0.42 per share Eligible shareholders must have bought the stock before 28 February 2022. Payment date: 11 March 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 15
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: ฿1.25 (up from ฿0.81 in 3Q 2021). Revenue: ฿5.78b (up 54% from 3Q 2021). Net income: ฿1.12b (up 55% from 3Q 2021). Profit margin: 19% (in line with 3Q 2021). Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 18
Upcoming dividend of ฿0.55 per share Eligible shareholders must have bought the stock before 25 November 2021. Payment date: 08 December 2021. Trailing yield: 4.1%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.7%). Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ฿0.88 (vs ฿0.33 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ฿5.03b (up 34% from 2Q 2021). Net income: ฿795.2m (up 172% from 2Q 2021). Profit margin: 16% (up from 7.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Board Change • Nov 11
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. 4 non-independent directors. Independent Chairman Manu Leopairote was the last independent director to join the board, commencing their role in 2004. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ฿0.73 (vs ฿1.35 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: ฿4.47b (up 19% from 1Q 2021). Net income: ฿656.2m (down 46% from 1Q 2021). Profit margin: 15% (down from 32% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 02
Upcoming dividend of ฿0.46 per share Eligible shareholders must have bought the stock before 09 August 2021. Payment date: 26 August 2021. Trailing yield: 4.0%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (1.5%). Reported Earnings • May 25
Full year 2021 earnings released: EPS ฿3.30 (vs ฿2.00 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ฿15.2b (up 7.6% from FY 2020). Net income: ฿2.97b (up 65% from FY 2020). Profit margin: 20% (up from 13% in FY 2020). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 20% per year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 15% share price gain to ฿26.25, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 79% over the past three years. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS ฿0.81 (vs ฿0.46 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.77b (up 15% from 3Q 2020). Net income: ฿724.2m (up 76% from 3Q 2020). Profit margin: 19% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Is New 90 Day High Low • Jan 13
New 90-day high: ฿24.40 The company is up 2.0% from its price of ฿24.00 on 15 October 2020. The Thai market is up 22% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: ฿21.80 The company is down 1.0% from its price of ฿22.00 on 25 September 2020. The Thai market is up 14% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Packaging industry, which is also down 1.0% over the same period. Reported Earnings • Nov 10
Second quarter 2021 earnings released: EPS ฿0.33 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: ฿3.76b (up 12% from 2Q 2020). Net income: ฿292.3m (down 61% from 2Q 2020). Profit margin: 7.8% (down from 22% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. 
