Financials Thai Plaspac

Equities

TPAC

TH0877010007

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-06-05 pm EDT			5-day change	1st Jan Change
14.5 ^THB	-2.03%		-2.03%	-12.65%

May. 10	Thai Plaspac Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
Feb. 23	Thai Plaspac Public Company Limited Proposes Dividend for the Year Ended December 31, 2023, Payable on 24 May 2024	CI

Valuation

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,049	5,127	4,245	5,421	4,735	-
Enterprise Value (EV) ¹	4,049	5,127	4,245	8,347	6,475	4,735
P/E ratio	12.5 x	33.4 x	13.3 x	11.1 x	8.68 x	7.42 x
Yield	-	0.9%	-	2.71%	3.45%	4.1%
Capitalization / Revenue	1 x	0.99 x	-	0.8 x	0.63 x	0.57 x
EV / Revenue	1 x	0.99 x	-	1.23 x	0.86 x	0.57 x
EV / EBITDA	-	5.72 x	-	6.36 x	4.35 x	3 x
EV / FCF	-	12.9 x	-	18.1 x	13.9 x	8.82 x
FCF Yield	-	7.77%	-	5.53%	7.22%	11.3%
Price to Book	-	-	-	2.22 x	1.46 x	-
Nbr of stocks (in thousands)	326,550	326,550	326,550	326,550	326,550	-
Reference price ²	12.40	15.70	13.00	16.60	14.50	14.50
Announcement Date	2/25/21	2/27/22	2/24/23	2/23/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net sales ¹	4,040	5,194	-	6,804	7,500	8,297
EBITDA ¹	-	896.7	-	1,312	1,490	1,580
EBIT ¹	-	468.7	-	728.1	831.5	894
Operating Margin	-	9.02%	-	10.7%	11.09%	10.77%
Earnings before Tax (EBT) ¹	-	387	-	650.9	786	868
Net income ¹	-	152.9	318.8	490.2	545	638.5
Net margin	-	2.94%	-	7.2%	7.27%	7.7%
EPS ²	0.9900	0.4700	0.9800	1.500	1.670	1.955
Free Cash Flow ¹	-	398.3	-	461.4	467.5	537
FCF margin	-	7.67%	-	6.78%	6.23%	6.47%
FCF Conversion (EBITDA)	-	44.42%	-	35.17%	31.38%	33.99%
FCF Conversion (Net income)	-	260.45%	-	94.13%	85.78%	84.1%
Dividend per Share ²	-	0.1410	-	0.4500	0.5000	0.5950
Announcement Date	2/25/21	2/27/22	2/24/23	2/23/24	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2023 Q1	2023 Q2
Net sales	-	-	-	-	-
EBITDA	-	-	-	-	-
EBIT	-	-	-	-	-
Operating Margin	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-
Net income ¹	71.88	88.33	45.51	138.9	114.3
Net margin	-	-	-	-	-
EPS	-	-	-	0.4300	-
Dividend per Share	-	-	-	-	-
Announcement Date	2/27/22	5/12/22	8/14/22	5/12/23	8/11/23

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	2,926	1,740	-
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	2.23 x	1.168 x	-
Free Cash Flow ¹	-	398	-	461	468	537
ROE (net income / shareholders' equity)	-	7.29%	-	21.1%	19.2%	19.3%
ROA (Net income/ Total Assets)	-	2.58%	-	6.59%	7.15%	8%
Assets ¹	-	5,925	-	7,444	7,622	7,981
Book Value Per Share ²	-	-	-	7.470	9.900	-
Cash Flow per Share	-	-	-	-	-	-
Capex ¹	-	326	-	638	517	400
Capex / Sales	-	6.27%	-	9.37%	6.89%	4.82%
Announcement Date	2/25/21	2/27/22	2/24/23	2/23/24	-	-

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 Thai Plaspac

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

14.5 THB

Average target price

21 THB

Spread / Average Target

+44.83%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Plastic Containers & Packaging

	1st Jan change	Capi.
THAI PLASPAC	-12.65%	130M
AMCOR PLC	+5.39%	14.67B
APTARGROUP, INC.	+18.07%	9.67B
BERRY GLOBAL GROUP, INC.	-9.50%	6.98B
TAIWAN HON CHUAN ENTERPRISE CO., LTD.	+32.00%	1.47B
SCIENTEX	+12.60%	1.42B
FP CORPORATION	-19.10%	1.23B
SHANGHAI ZIJIANG ENTERPRISE GROUP CO., LTD.	+16.60%	1.15B
SHENZHEN LEAGUER CO., LTD.	-34.34%	872M
HUANGSHAN NOVEL CO.,LTD	+17.37%	829M

Plastic Containers & Packaging