Stock TOA TOA PAINT (THAILAND)
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Financials TOA Paint (Thailand)

Equities

TOA

TH8193010007

Commodity Chemicals

End-of-day quote Thailand S.E.
Other stock markets
 03:30:00 26/04/2024 am IST 		5-day change 1st Jan Change
23.9 THB +0.84% Intraday chart for TOA Paint (Thailand) +2.14% +5.75%
22/03 TOA Paint Public Company Limited Announces Director and Board Changes CI
28/02 TOA Paint Public Company Limited Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 79,638 67,972 64,928 68,479 45,855 48,009 - -
Enterprise Value (EV) 1 78,622 65,752 58,781 63,394 45,855 40,247 38,630 35,778
P/E ratio 36.7 x 33.5 x 33.3 x 48.2 x 17.8 x 17.7 x 16.2 x 15.6 x
Yield 1.27% 1.58% 1.56% 1.48% - 2.97% 3.32% 3.06%
Capitalization / Revenue 4.66 x 4.17 x 3.7 x 3.32 x 2.06 x 2.03 x 1.93 x 1.85 x
EV / Revenue 4.6 x 4.03 x 3.35 x 3.07 x 2.06 x 1.71 x 1.55 x 1.38 x
EV / EBITDA 26.3 x 20.6 x 20.6 x 22.2 x 11.1 x 9.57 x 8.56 x 7.59 x
EV / FCF 46.7 x 40.7 x 27.5 x 78.5 x - 14.9 x 12.5 x 10.2 x
FCF Yield 2.14% 2.45% 3.64% 1.27% - 6.7% 8.03% 9.78%
Price to Book 7.45 x 5.96 x 5.28 x 5.35 x - 3.12 x 2.92 x 2.62 x
Nbr of stocks (in thousands) 20,29,000 20,29,000 20,29,000 20,29,000 20,29,000 20,08,746 - -
Reference price 2 39.25 33.50 32.00 33.75 22.60 23.90 23.90 23.90
Announcement Date 26/02/20 25/02/21 24/02/22 28/02/23 28/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 17,093 16,296 17,570 20,649 22,238 23,600 24,875 25,883
EBITDA 1 2,984 3,199 2,847 2,849 4,142 4,208 4,512 4,714
EBIT 1 2,615 2,641 2,232 2,179 3,421 3,467 3,766 3,945
Operating Margin 15.3% 16.21% 12.7% 10.55% 15.38% 14.69% 15.14% 15.24%
Earnings before Tax (EBT) 1 2,711 2,595 2,454 1,887 3,330 3,528 3,800 3,814
Net income 1 2,162 2,031 1,955 1,418 2,569 2,744 2,991 3,100
Net margin 12.65% 12.46% 11.13% 6.87% 11.55% 11.63% 12.02% 11.98%
EPS 2 1.070 1.000 0.9600 0.7000 1.270 1.353 1.472 1.528
Free Cash Flow 1 1,685 1,614 2,141 807.5 - 2,698 3,101 3,499
FCF margin 9.86% 9.9% 12.19% 3.91% - 11.43% 12.47% 13.52%
FCF Conversion (EBITDA) 56.45% 50.45% 75.21% 28.34% - 64.13% 68.72% 74.22%
FCF Conversion (Net income) 77.9% 79.45% 109.52% 56.94% - 98.33% 103.68% 112.87%
Dividend per Share 2 0.5000 0.5300 0.5000 0.5000 - 0.7090 0.7924 0.7325
Announcement Date 26/02/20 25/02/21 24/02/22 28/02/23 28/02/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 8,108 8,918 3,980 4,672 4,965 5,201 10,166 5,038 5,445 - 5,654 5,458 11,111 5,379 5,747 5,597 - - -
EBITDA 1 1,616 1,773 513.1 663.3 - 757.2 1,498 630.8 - - 1,053 880.3 1,742 1,023 - 1,053 - - -
EBIT 1 1,346 - - - - 593.9 1,180 464.8 - - 869.9 716.2 1,395 - 830.1 868 - - -
Operating Margin 16.6% - - - - 11.42% 11.6% 9.23% - - 15.39% 13.12% 12.56% - 14.44% 15.51% - - -
Earnings before Tax (EBT) 1 - - - - - - - 456.1 413 - 834 953 - 859.4 - 853.3 - - -
Net income 1 1,015 1,214 268.2 472.5 410.1 367.7 777.9 353.8 286.5 - 632.5 741.4 1,373 651.2 544.7 679.8 - - -
Net margin 12.51% 13.62% 6.74% 10.11% 8.26% 7.07% 7.65% 7.02% 5.26% - 11.19% 13.58% 12.36% 12.11% 9.48% 12.15% - - -
EPS - 0.6000 0.1300 0.2300 0.2000 0.1800 0.3800 0.1700 0.1400 - 0.3100 0.3700 0.6800 0.3200 0.2700 - - - -
Dividend per Share 2 - - - 0.1900 - - - - 0.2500 0.2500 - 0.3300 - - - - - - 0.8438
Announcement Date 13/08/20 13/08/21 12/11/21 24/02/22 12/05/22 15/08/22 15/08/22 14/11/22 28/02/23 28/02/23 12/05/23 15/08/23 15/08/23 14/11/23 28/02/24 - - - -
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 1,016 2,220 6,147 5,085 - 7,762 9,379 12,231
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,685 1,614 2,141 807 - 2,699 3,101 3,499
ROE (net income / shareholders' equity) 21.5% 18.4% 16.5% 11.3% - 18.2% 18.5% 17%
ROA (Net income/ Total Assets) 14.1% 12.6% 11.2% 7.5% - 12.9% 13.3% 12.7%
Assets 1 15,321 16,096 17,491 18,917 - 21,307 22,574 24,410
Book Value Per Share 2 5.270 5.630 6.060 6.310 - 7.650 8.180 9.110
Cash Flow per Share 2 1.200 1.600 1.540 0.3900 - 1.700 1.840 1.830
Capex 1 745 469 389 562 - 959 949 1,009
Capex / Sales 4.36% 2.88% 2.21% 2.72% - 4.06% 3.82% 3.9%
Announcement Date 26/02/20 25/02/21 24/02/22 28/02/23 28/02/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TOA Paint (Thailand)

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
23.9 THB
Average target price
31.26 THB
Spread / Average Target
+30.78%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Paint & Coating

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Paint & Coating
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