TIPCO ASPHALT |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 15.7 THB | 0.00% |
|
+0.64% | -4.27% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 33,427 | 27,621 | 28,568 | 26,674 | 25,885 | 24,780 | - | - |
| Enterprise Value (EV) 1 | 35,522 | 27,536 | 30,767 | 27,836 | 25,885 | 23,883 | 23,354 | 24,780 |
| P/E ratio | 10.7 x | 7.68 x | 12.8 x | 11.3 x | 11.2 x | 9.94 x | 9.32 x | 8.31 x |
| Yield | 3.3% | 9.14% | 5.8% | 7.4% | - | 7.82% | 8.39% | 9.62% |
| Capitalization / Revenue | 0.91 x | 1.06 x | 1.17 x | 0.89 x | 0.83 x | 0.79 x | 0.77 x | 0.7 x |
| EV / Revenue | 0.96 x | 1.05 x | 1.26 x | 0.93 x | 0.83 x | 0.76 x | 0.72 x | 0.7 x |
| EV / EBITDA | 11.5 x | 6.22 x | 6.68 x | 6.85 x | 6.52 x | 5.51 x | 5.13 x | 5.41 x |
| EV / FCF | 7.02 x | 5.65 x | 118 x | 11.2 x | - | 9.14 x | 9.15 x | 8.45 x |
| FCF Yield | 14.2% | 17.7% | 0.85% | 8.91% | - | 10.9% | 10.9% | 11.8% |
| Price to Book | 2.5 x | 1.86 x | 1.86 x | 1.59 x | - | 1.46 x | 1.4 x | - |
| Nbr of stocks (in thousands) | 1,576,763 | 1,578,362 | 1,578,362 | 1,578,362 | 1,578,362 | 1,578,362 | - | - |
| Reference price 2 | 21.20 | 17.50 | 18.10 | 16.90 | 16.40 | 15.70 | 15.70 | 15.70 |
| Announcement Date | 2/14/20 | 2/16/21 | 2/17/22 | 2/17/23 | 2/16/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 36,893 | 26,155 | 24,447 | 30,025 | 31,106 | 31,266 | 32,238 | 35,381 |
| EBITDA 1 | 3,092 | 4,425 | 4,607 | 4,066 | 3,972 | 4,336 | 4,549 | 4,581 |
| EBIT 1 | 2,217 | 3,374 | 3,370 | 3,581 | 2,777 | 3,042 | 3,227 | 3,606 |
| Operating Margin | 6.01% | 12.9% | 13.78% | 11.93% | 8.93% | 9.73% | 10.01% | 10.19% |
| Earnings before Tax (EBT) 1 | 3,655 | 4,355 | 3,005 | 3,120 | 2,909 | 3,126 | 3,326 | 3,710 |
| Net income 1 | 3,123 | 3,592 | 2,220 | 2,367 | 2,306 | 2,484 | 2,652 | 2,976 |
| Net margin | 8.47% | 13.73% | 9.08% | 7.88% | 7.41% | 7.95% | 8.23% | 8.41% |
| EPS 2 | 1.980 | 2.280 | 1.410 | 1.500 | 1.460 | 1.580 | 1.684 | 1.890 |
| Free Cash Flow 1 | 5,061 | 4,870 | 260 | 2,481 | - | 2,613 | 2,553 | 2,931 |
| FCF margin | 13.72% | 18.62% | 1.06% | 8.26% | - | 8.36% | 7.92% | 8.28% |
| FCF Conversion (EBITDA) | 163.69% | 110.05% | 5.64% | 61.02% | - | 60.27% | 56.13% | 63.99% |
| FCF Conversion (Net income) | 162.05% | 135.58% | 11.71% | 104.84% | - | 105.19% | 96.27% | 98.51% |
| Dividend per Share 2 | 0.7000 | 1.600 | 1.050 | 1.250 | - | 1.228 | 1.318 | 1.510 |
| Announcement Date | 2/14/20 | 2/16/21 | 2/17/22 | 2/17/23 | 2/16/24 | - | - | - |
1THB in Million2THB
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 12,509 | 6,187 | 5,751 | - | 7,035 | 13,344 | 8,277 | 9,232 | 8,465 | 7,206 | 7,054 | 6,853 | 6,358 |
| EBITDA 1 | - | 762.4 | 724 | - | 957.5 | - | - | 1,758 | 1,752 | 1,186 | 544.5 | 578.2 | 452 |
| EBIT 1 | - | - | 361.4 | - | 711.9 | - | - | 1,680 | 1,421 | 898.2 | 267.9 | 278.3 | 150 |
| Operating Margin | - | - | 6.28% | - | 10.12% | - | - | 18.19% | 16.79% | 12.46% | 3.8% | 4.06% | 2.36% |
| Earnings before Tax (EBT) 1 | - | 503.7 | 890.9 | - | 729.3 | - | - | 1,455 | 1,376 | 933.2 | 266.8 | 332.9 | 182 |
| Net income 1 | 1,290 | 378.4 | 551.6 | 216.1 | 587 | 803.2 | 509.5 | 1,054 | 1,128 | 744 | 201.7 | 231.6 | 169.5 |
| Net margin | 10.31% | 6.12% | 9.59% | - | 8.34% | 6.02% | 6.16% | 11.42% | 13.33% | 10.33% | 2.86% | 3.38% | 2.67% |
| EPS 2 | 0.8200 | 0.2400 | - | 0.1400 | 0.3700 | 0.5100 | 0.3200 | 0.6700 | 0.7100 | 0.4700 | 0.1300 | 0.1500 | 0.1050 |
| Dividend per Share | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 8/11/21 | 11/10/21 | 2/17/22 | 5/12/22 | 8/10/22 | 8/10/22 | 11/9/22 | 2/17/23 | 5/11/23 | 8/10/23 | 11/13/23 | 2/16/24 | - |
1THB in Million2THB
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,094 | - | 2,199 | 1,162 | - | - | - | - |
| Net Cash position 1 | - | 85.5 | - | - | - | 898 | 1,427 | - |
| Leverage (Debt/EBITDA) | 0.6773 x | - | 0.4773 x | 0.2858 x | - | - | - | - |
| Free Cash Flow 1 | 5,061 | 4,870 | 260 | 2,481 | - | 2,613 | 2,553 | 2,931 |
| ROE (net income / shareholders' equity) | 24.2% | 25.4% | 14.7% | 15% | - | 14.8% | 15.3% | 16.5% |
| ROA (Net income/ Total Assets) | 12.6% | 19.3% | 9.62% | 9.27% | - | 9.83% | 10.4% | 12.1% |
| Assets 1 | 24,758 | 18,659 | 23,068 | 25,529 | - | 25,265 | 25,503 | 24,591 |
| Book Value Per Share 2 | 8.490 | 9.400 | 9.740 | 10.60 | - | 10.80 | 11.20 | - |
| Cash Flow per Share 2 | 4.010 | 3.520 | 0.4700 | 1.840 | - | 2.340 | 2.480 | - |
| Capex 1 | 1,261 | 683 | 484 | 419 | - | 866 | 704 | 700 |
| Capex / Sales | 3.42% | 2.61% | 1.98% | 1.4% | - | 2.77% | 2.18% | 1.98% |
| Announcement Date | 2/14/20 | 2/16/21 | 2/17/22 | 2/17/23 | 2/16/24 | - | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
15.7
THB
Average target price
18.42
THB
Spread / Average Target
+17.36%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -4.27% | 669M | |
| -21.54% | 324M | |
| -9.09% | 291M | |
| +60.05% | 160M |
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- TASCO Stock
- Financials Tipco Asphalt
