Upcoming Dividend • Apr 28
Upcoming dividend of ฿0.23 per share Eligible shareholders must have bought the stock before 05 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 7.1%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.0%). Declared Dividend • Feb 25
Dividend reduced to ฿0.23 Dividend of ฿0.23 is 23% lower than last year. Ex-date: 5th May 2026 Payment date: 22nd May 2026 Dividend yield will be 7.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ฿0.43 (vs ฿0.71 in FY 2024) Full year 2025 results: EPS: ฿0.43 (down from ฿0.71 in FY 2024). Revenue: ฿4.91b (down 14% from FY 2024). Net income: ฿180.8m (down 39% from FY 2024). Profit margin: 3.7% (down from 5.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Tillkännagivande • Feb 24
TPBI Public Company Limited announces Annual dividend, payable on May 22, 2026 TPBI Public Company Limited announced Annual dividend of THB 0.2100 per share payable on May 22, 2026, ex-date on May 05, 2026 and record date on May 06, 2026. Tillkännagivande • Feb 23
TPBI Public Company Limited, Annual General Meeting, Apr 25, 2026 TPBI Public Company Limited, Annual General Meeting, Apr 25, 2026, at 10:00 SE Asia Standard Time. New Risk • Nov 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.1% Last year net profit margin: 5.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.1% net profit margin). Market cap is less than US$100m (฿1.21b market cap, or US$37.3m). Reported Earnings • Nov 11
Third quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.14 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.11 (down from ฿0.14 in 3Q 2024). Revenue: ฿1.24b (down 17% from 3Q 2024). Net income: ฿46.3m (down 22% from 3Q 2024). Profit margin: 3.7% (down from 4.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ฿0.11 (vs ฿0.24 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.11 (down from ฿0.24 in 2Q 2024). Revenue: ฿1.22b (down 17% from 2Q 2024). Net income: ฿45.9m (down 55% from 2Q 2024). Profit margin: 3.8% (down from 6.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.14 (vs ฿0.19 in 1Q 2024) First quarter 2025 results: EPS: ฿0.14 (down from ฿0.19 in 1Q 2024). Revenue: ฿1.30b (down 7.3% from 1Q 2024). Net income: ฿58.2m (down 25% from 1Q 2024). Profit margin: 4.5% (down from 5.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 7.7%. Lower than top quartile of Thai dividend payers (7.9%). Higher than average of industry peers (5.0%). Tillkännagivande • Apr 02
TPBI Public Company Limited Announces Board Changes, Effective from 01 April 2025 TPBI Public Company Limited announced resignation of Mr. BANCHONG CHITTCHANG as CHAIRMAN OF BOARD OF DIRECTORS and INDEPENDENT DIRECTOR. Expire Date: 01 April 2025. Terminate Reason Resigned from position /the company due to personal commitments. The company appointed Mr. VORAPOL SOCATIYANURAK as CHAIRMAN OF BOARD OF DIRECTORS and INDEPENDENT DIRECTOR. Effective Date: April 1, 2025. Declared Dividend • Feb 26
Dividend increased to ฿0.30 Dividend of ฿0.30 is 20% higher than last year. Ex-date: 6th May 2025 Payment date: 23rd May 2025 Dividend yield will be 7.8%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 36% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 25
Full year 2024 earnings released: EPS: ฿0.71 (vs ฿0.49 in FY 2023) Full year 2024 results: EPS: ฿0.71 (up from ฿0.49 in FY 2023). Revenue: ฿5.68b (up 7.9% from FY 2023). Net income: ฿296.1m (up 45% from FY 2023). Profit margin: 5.2% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2024 earnings released: EPS: ฿0.14 (vs ฿0.12 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.14 (up from ฿0.12 in 3Q 2023). Revenue: ฿1.49b (up 16% from 3Q 2023). Net income: ฿59.2m (up 15% from 3Q 2023). Profit margin: 4.0% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.17 (vs ฿0.051 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.17 (up from ฿0.051 in 2Q 2023). Revenue: ฿1.49b (up 20% from 2Q 2023). Net income: ฿71.1m (up 233% from 2Q 2023). Profit margin: 4.8% (up from 1.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Tillkännagivande • Jul 10
TPBI Public Company Limited Appoints Natdanai Manothai as Independent Director Committee and Member of the Audit Committee The Board of Directors' Meeting of TPBI Public Company Limited No. 4/2024 on 8 July 2024 has been appointed Mr. Natdanai Manothai to be Independent Director Committee and Member of the Audit Committee. It will be effective from 8 July 2024 onwards. The audit committee is consisted of: 1. Chairman of the audit committee Mr. Thanwa Laohasiriwong remaining term in office 1 years; 2. Member of the audit committee Mr. Krit Phanratanamala remaining term in office 3 years 3. Member of the audit committee Mr. Natdanai Manothai remaining term in office 2 years; Secretary of the audit committee is Ms. Doungporn Wongthap. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ฿0.19 (vs ฿0.059 in 1Q 2023) First quarter 2024 results: EPS: ฿0.19 (up from ฿0.059 in 1Q 2023). Revenue: ฿1.40b (up 11% from 1Q 2023). Net income: ฿77.4m (up 213% from 1Q 2023). Profit margin: 5.5% (up from 2.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 30
TPBI Public Company Limited Approves Dividend for the Year 2023 TPBI Public Company Limited at its AGM held on April 27, 2024, approved dividend payment from the performance of the Company for the year 2023 of THB 0.25 per share, total THB 104,219,975. Tillkännagivande • Feb 22
TPBI Public Company Limited Proposes Dividend for the Year 2023, Payable on May 24,2024 TPBI Public Company Limited proposed dividend for the year 2023 of THB 0.25 per share from registered capital and paid-up capital 416,879,900 shares, total THB 104,219,975, fixed as the Record Date for determining the shareholders entitled to dividend payment on May 7, 2024 and the dividend will be paid on May 24, 2024. Tillkännagivande • Feb 21
TPBI Public Company Limited, Annual General Meeting, Apr 27, 2024 TPBI Public Company Limited, Annual General Meeting, Apr 27, 2024, at 03:00 Coordinated Universal Time. Agenda: To consider and acknowledge the 2023 Annual General Meeting of Shareholders; to consider and acknowledge the Annual Report of the performance of the Company for the year 2023; to consider and approve the Statement of Financial of the Company for the fiscal year ended December 31, 2023; to consider and approve the omission of the allocate of the profit from the performance of the Company for the year 2023 to be a reserve fund as prescribed by law and dividend payment; to consider and approve the nomination of new directors to replace the directors who will be retired by rotation; to consider and approve the remuneration of Directors for the year 2024 and Bonus of Independent Directors for the year 2023; to consider and approve the appointment of the Certified Auditor and the determination of the Company Auditor' s remuneration of auditor for the year 2024; and to consider Other matters (if any). Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: ฿0.49 (vs ฿0.53 in FY 2022) Full year 2023 results: EPS: ฿0.49 (down from ฿0.53 in FY 2022). Revenue: ฿5.26b (down 23% from FY 2022). Net income: ฿203.8m (down 7.8% from FY 2022). Profit margin: 3.9% (up from 3.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿0.12 (vs ฿0.20 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.12 (down from ฿0.20 in 3Q 2022). Revenue: ฿1.29b (down 28% from 3Q 2022). Net income: ฿51.6m (down 39% from 3Q 2022). Profit margin: 4.0% (down from 4.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ฿0.051 (vs ฿0.073 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.051 (down from ฿0.073 in 2Q 2022). Revenue: ฿1.24b (down 27% from 2Q 2022). Net income: ฿21.3m (down 30% from 2Q 2022). Profit margin: 1.7% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2023 earnings released: EPS: ฿0.059 (vs ฿0.068 in 1Q 2022) First quarter 2023 results: EPS: ฿0.059 (down from ฿0.068 in 1Q 2022). Revenue: ฿1.26b (down 23% from 1Q 2022). Net income: ฿24.7m (down 13% from 1Q 2022). Profit margin: 2.0% (up from 1.7% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ฿3.42, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 12x in the Packaging industry in Thailand. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.20 per share at 4.5% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 19 May 2023. Trailing yield: 4.5%. Lower than top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ฿5.05, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Packaging industry in Thailand. Total returns to shareholders of 60% over the past three years. 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. 9 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Prinya Saniwalwaroon was the last independent director to join the board, commencing their role in 2017. 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 08
Third quarter 2022 earnings released: EPS: ฿0.20 (vs ฿0.064 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.20 (up from ฿0.064 in 3Q 2021). Revenue: ฿1.79b (up 23% from 3Q 2021). Net income: ฿84.3m (up 218% from 3Q 2021). Profit margin: 4.7% (up from 1.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: ฿0.073 (vs ฿0.001 loss in 2Q 2021) Second quarter 2022 results: EPS: ฿0.073 (up from ฿0.001 loss in 2Q 2021). Revenue: ฿1.69b (up 26% from 2Q 2021). Net income: ฿30.3m (up ฿30.5m from 2Q 2021). Profit margin: 1.8% (up from 0% 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 79% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to ฿5.00, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 15x in the Packaging industry in Thailand. Total returns to shareholders of 2.8% over the past three years. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: ฿0.068 (vs ฿0.03 loss in 1Q 2021) First quarter 2022 results: EPS: ฿0.068 (up from ฿0.03 loss in 1Q 2021). Revenue: ฿1.65b (up 25% from 1Q 2021). Net income: ฿28.4m (up ฿40.8m from 1Q 2021). Profit margin: 1.7% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 9 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Prinya Saniwalwaroon was the last independent director to join the board, commencing their role in 2017. 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 • Mar 01
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ฿0.09 (down from ฿0.43 in FY 2020). Revenue: ฿5.68b (up 5.0% from FY 2020). Net income: ฿38.9m (down 78% from FY 2020). Profit margin: 0.7% (down from 3.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.9%. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿0.064 (vs ฿0.18 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ฿1.46b (flat on 3Q 2020). Net income: ฿26.5m (down 65% from 3Q 2020). Profit margin: 1.8% (down from 5.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 15% share price gain to ฿6.00, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 13x in the Packaging industry in Thailand. Total loss to shareholders of 37% over the past three years. Reported Earnings • May 12
First quarter 2021 earnings released: ฿0.03 loss per share (vs ฿0.008 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: ฿1.32b (up 6.2% from 1Q 2020). Net loss: ฿12.4m (down 460% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 25
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 21 May 2021. Trailing yield: 3.6%. Lower than top quartile of Thai dividend payers (5.0%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 16% share price gain to ฿7.85, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 12x in the Packaging industry in Thailand. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ฿6.85, the stock is trading at a trailing P/E ratio of 15.9x, down from the previous P/E ratio of 18.8x. This compares to an average P/E of 12x in the Packaging industry in Thailand. Total return to shareholders over the past three years is a loss of 28%. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿0.43 (vs ฿0.082 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿5.41b (up 1.6% from FY 2019). Net income: ฿179.3m (up ฿213.4m from FY 2019). Profit margin: 3.3% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 25
New 90-day high: ฿9.25 The company is up 81% from its price of ฿5.10 on 27 October 2020. The Thai market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 17% share price gain to ฿8.25, the stock is trading at a trailing P/E ratio of 22.5x, up from the previous P/E ratio of 19.2x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total return to shareholders over the past three years is a loss of 22%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 24% share price gain to ฿6.20, the stock is trading at a trailing P/E ratio of 16.9x, up from the previous P/E ratio of 13.6x. This compares to an average P/E of 11x in the Packaging industry in Thailand. Total return to shareholders over the past three years is a loss of 45%. Is New 90 Day High Low • Jan 05
New 90-day high: ฿6.20 The company is up 18% from its price of ฿5.25 on 07 October 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 4.0% over the same period. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS ฿0.18 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.47b (up 14% from 3Q 2019). Net income: ฿75.6m (up ฿92.2m from 3Q 2019). Profit margin: 5.1% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings.