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
 06:00:00 2024-05-30 pm EDT 		5-day change 1st Jan Change
22.9 THB -2.97% Intraday chart for TOA Paint (Thailand) -0.43% +1.33%
May. 14 TOA Paint Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Apr. 29 TOA Paint Public Company Limited Approves Annual Dividend from the Operational Results of the Second Half of 2023, Payable on May 28, 2024 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 45,768 - -
Enterprise Value (EV) 1 78,622 65,752 58,781 63,394 39,566 38,642 36,451 34,517
P/E ratio 36.7 x 33.5 x 33.3 x 48.2 x 17.8 x 18.3 x 16 x 15.1 x
Yield 1.27% 1.58% 1.56% 1.48% 2.57% 3.08% 3.45% 3.47%
Capitalization / Revenue 4.66 x 4.17 x 3.7 x 3.32 x 2.06 x 1.99 x 1.86 x 1.78 x
EV / Revenue 4.6 x 4.03 x 3.35 x 3.07 x 1.78 x 1.68 x 1.48 x 1.34 x
EV / EBITDA 26.3 x 20.6 x 20.6 x 22.2 x 9.55 x 9.58 x 8.22 x 7.38 x
EV / FCF 46.7 x 40.7 x 27.5 x 78.5 x 14 x 14.3 x 11.8 x 10.2 x
FCF Yield 2.14% 2.45% 3.64% 1.27% 7.15% 6.98% 8.51% 9.84%
Price to Book 7.45 x 5.96 x 5.28 x 5.35 x 3.26 x 3.1 x 2.81 x 2.56 x
Nbr of stocks (in thousands) 2,029,000 2,029,000 2,029,000 2,029,000 2,029,000 1,998,584 - -
Reference price 2 39.25 33.50 32.00 33.75 22.60 22.90 22.90 22.90
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
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 23,028 24,623 25,702
EBITDA 1 2,984 3,199 2,847 2,849 4,142 4,032 4,436 4,678
EBIT 1 2,615 2,641 2,232 2,179 3,421 3,451 3,723 3,941
Operating Margin 15.3% 16.21% 12.7% 10.55% 15.38% 14.99% 15.12% 15.33%
Earnings before Tax (EBT) 1 2,711 2,595 2,454 1,887 3,330 3,528 3,800 3,848
Net income 1 2,162 2,031 1,955 1,418 2,569 2,546 2,910 3,076
Net margin 12.65% 12.46% 11.13% 6.87% 11.55% 11.06% 11.82% 11.97%
EPS 2 1.070 1.000 0.9600 0.7000 1.270 1.254 1.432 1.516
Free Cash Flow 1 1,685 1,614 2,141 807.5 2,829 2,698 3,101 3,398
FCF margin 9.86% 9.9% 12.19% 3.91% 12.72% 11.72% 12.59% 13.22%
FCF Conversion (EBITDA) 56.45% 50.45% 75.21% 28.34% 68.29% 66.93% 69.91% 72.64%
FCF Conversion (Net income) 77.9% 79.45% 109.52% 56.94% 110.09% 105.99% 106.59% 110.45%
Dividend per Share 2 0.5000 0.5300 0.5000 0.5000 0.5800 0.7056 0.7908 0.7953
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 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 2025 Q1 2025 Q2
Net sales 8,108 8,918 4,672 4,965 5,201 10,166 5,038 5,445 - 5,654 5,458 11,111 5,379 5,747 5,428 - - - - -
EBITDA 1,616 1,773 663.3 - 757.2 1,498 630.8 - - 1,053 880.3 1,742 1,023 - 1,112 - - - - -
EBIT 1,346 - - - 593.9 1,180 464.8 - - 869.9 716.2 1,395 - 830.1 921.5 - - - - -
Operating Margin 16.6% - - - 11.42% 11.6% 9.23% - - 15.39% 13.12% 12.56% - 14.44% 16.98% - - - - -
Earnings before Tax (EBT) - - - - - - 456.1 413 - 834 953 - 859.4 - 1,056 - - - - -
Net income 1 1,015 1,214 472.5 410.1 367.7 777.9 353.8 286.5 - 632.5 741.4 1,373 651.2 544.7 804 705.9 678.7 526.3 - -
Net margin 12.51% 13.62% 10.11% 8.26% 7.07% 7.65% 7.02% 5.26% - 11.19% 13.58% 12.36% 12.11% 9.48% 14.81% - - - - -
EPS 2 - 0.6000 0.2300 0.2000 0.1800 0.3800 0.1700 0.1400 - 0.3100 0.3700 0.6800 0.3200 0.2700 - 0.3479 0.3345 0.2594 - -
Dividend per Share 2 - - 0.1900 - - - - 0.2500 0.2500 - 0.3300 - - - - - - 0.7813 - -
Announcement Date 8/13/20 8/13/21 2/24/22 5/12/22 8/15/22 8/15/22 11/14/22 2/28/23 2/28/23 5/12/23 8/15/23 8/15/23 11/14/23 2/28/24 5/15/24 - - - - -
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 6,289 7,125 9,316 11,251
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,685 1,614 2,141 807 2,829 2,699 3,101 3,398
ROE (net income / shareholders' equity) 21.5% 18.4% 16.5% 11.3% 19.1% 17.6% 18.1% 17.3%
ROA (Net income/ Total Assets) 14.1% 12.6% 11.2% 7.5% 12.8% 12.9% 13.3% 12.7%
Assets 1 15,321 16,096 17,491 18,917 20,015 19,767 21,959 24,223
Book Value Per Share 2 5.270 5.630 6.060 6.310 6.940 7.390 8.150 8.930
Cash Flow per Share 2 1.200 1.600 1.540 0.3900 1.630 1.700 1.840 1.830
Capex 1 745 469 389 562 989 959 949 932
Capex / Sales 4.36% 2.88% 2.21% 2.72% 4.45% 4.16% 3.85% 3.63%
Announcement Date 2/26/20 2/25/21 2/24/22 2/28/23 2/28/24 - - -
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
8
Last Close Price
22.9 THB
Average target price
30.72 THB
Spread / Average Target
+34.17%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Paint & Coating
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