NDR : N.D. RUBBER PUBLIC COMPANY LIMITED
YE/2564 (Jan - Dec 2021)
Business Overview

The Company is a manufacturer of motorcycle tires and tubes.

Business Highlight
  1. It is a product development leader in the industry, applying advanced tools and equipment in its designing process.
  2. It is an international company as it has invested in overseas.
  3. It has entered ‘EV Motorcycle”, a business with potential of high growth in global market.
Revenue Structure
Motorcycle Tires 65.31% Motorcycle Tubes 18.13% Automotive Rubber Part 7.14% Battery and Others 9.42%
Stock Information
mai / INDUS
Closing price NDR mai index 4.00 2.00 0.00 607.00 492.67 378.33 264.00 4-1-21 31-3-21 5-7-21 1-10-21 30-12-21
as of 31/12/21 NDR INDUS mai
P/E (X) 19.75 33.85 58.21
P/BV (X) 1.10 2.31 3.42
Dividend yield (%) 1.65 1.86 1.18
31/12/21 31/12/20 31/12/19
Market Cap (MB) 957.42 457.32 340.62
Price (B/Share) 2.76 1.45 1.08
P/E (X) 19.75 35.81 14.75
P/BV (X) 1.10 0.61 0.47
CG Report:
Performance and Analysis 2021
2021 2020 2019 2018
Income Statement (MB)
Revenues 851.48 778.87 857.26 1,012.44
Expenses 800.66 717.22 873.03 961.98
Net Profit (Loss) 41.63 45.26 -19.54 28.69
Balance Sheet (MB)
Assets 1,226.24 1,085.14 1,061.35 1,224.98
Liabilities 317.39 331.03 358.69 460.66
Shareholders' Equity 906.81 752.19 701.80 761.90
Cash Flow (MB)
Operating 58.27 137.76 42.25 65.98
Investing -20.30 -22.39 -68.23 -83.22
Financing -6.13 -62.32 -20.20 101.38
Income Statement (MB)
EPS (Baht) 0.13 0.14 -0.06 0.10
GP Margin (%) 18.52 23.82 17.80 17.57
NP Margin (%) 4.92 5.80 -2.32 2.79
D/E Ratio (x) 0.35 0.44 0.51 0.60
ROE (%) 5.02 6.23 -2.67 4.80
ROA (%) 4.43 5.98 -0.98 5.66
Business Performance Summary

In 2021, our total revenue is 851.48 Million Baht, net profit of 41.63 Million Baht, equal to 0.13 Baht per share resulting from fast adaptation of the Company strategy to match with the situation and from the expansion of the export market.

 The Company was able to keep the net profit to be closed with the year 2020. The net profit for the year 2021 was 41.63 Million Baht which is a little lower than 2020 by 3.63 Million Baht.

Current asset was increased from the cash and cash equivalent items and the account receivable because of higher sales.

Overall debt was decreased because of usual install payment back to the financial institution.

Key Milestones
  • Jan'2015 – Listed in market for Alternative Investment.
  • Apr'2016 – Launched ‘Air Lock’, an innovative product inaugurally introduced to motorcycle tire industry in Thailand.
  • Oct'2016 – Started generating electricity from solar panels.
  • Feb'2018 – Acquired the entire stake of FKRMM, Malaysia’s motorcycle tire and tube key distributor.
  • May'2021 – Invested in ETRAN, an electric motorcycle manufacturer and distributor in Thailand.
Business Plan

The Company has focused on new product development and generated new businesses as well as increasing new type of distribution channel to increasingly penetrate to target customers. The move is also aimed to enable the Company to be recognized in Asia and Southeast Asia. In addition, the company has implemented cost efficiency policy, focusing on upgrading production process to automation. The company is also committed to complying with good corporate governance principles and performing for the benefit of stakeholders to pave the way to become an organization with sustainable development. Besides playing a part in driving economic growth, the Company is an organization that supports the balanced growth between social and environment development.

Sustainable Development Plan

The Company has appointed a sustainability development committee to drive and review economic, social and environment strategies to ensure they sustainably fit the Company’s context and are put into action. Parties involved are brought in to drive projects and key performance indicators of all activities will be evaluated.

Risk Management Policy

Significant business risk factors and risk prevention measures are as follows.

  • Fluctuation of raw material price – The main raw material used in tire and tube production process is natural rubber, of which its price movement tracks global market price. To mitigate risk, the company has placed orders of natural rubber 2-3 months in advance on agreed price. This has enabled the Company to be aware of product cost in advance.
  • Foreign exchange rate volatility – The Company has used derivative instruments to hedge its exposure as appropriate.
Major Shareholders
as of 12/03/2021
BANK OF SINGAPORE LIMITED (24.95%)
MRS. NITAYA SAMRITVANITCHA (23.81%)
MR. CHAIYASIT SAMRITTIVANICHA (23.26%)
น.ส. ธัญญรัตน์ สัมฤทธิวณิชชา (4.89%)
MR. SOMCHAI VIJITSANGRAT (1.65%)
Others (21.44%)
Company Information and Contact
http://www.ndrubber.co.th
contact@ndrubber.co.th
0-3816-0707
129 Moo 3 Nongchak-Phanasnikom Rd., Nongeiroon Banbueng Chonburi 20220
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