Thai Rung Union Car Plc has been a fully integrated in the automotive industry that range from product design and development, through die and jig production and manufacture of metal and plastic auto parts and seats, to contract painting and assembly and the production of modified multi-purpose and special purpose vehicles.
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 2,568.06 | 2,546.35 | 2,965.41 | 2,019.31 |
| Expenses | 2,218.39 | 2,357.40 | 2,529.34 | 1,932.12 |
| Net Profit (Loss) | 380.17 | 183.23 | 394.10 | 78.43 |
| Assets | 4,532.85 | 4,366.57 | 4,319.62 | 3,850.32 |
| Liabilities | 563.25 | 662.40 | 598.76 | 503.41 |
| Shareholders' Equity | 3,911.44 | 3,645.49 | 3,660.65 | 3,289.93 |
| Operating | 365.46 | 308.60 | 440.11 | 251.08 |
| Investing | -257.66 | -129.61 | -365.35 | -118.84 |
| Financing | -121.08 | -209.05 | -22.24 | -50.61 |
| EPS (Baht) | 0.57 | 0.27 | 0.66 | 0.13 |
| GP Margin (%) | 18.42 | 13.08 | 22.66 | 15.38 |
| NP Margin (%) | 14.82 | 7.24 | 13.42 | 3.95 |
| D/E Ratio (x) | 0.14 | 0.18 | 0.16 | 0.15 |
| ROE (%) | 10.06 | 5.02 | 11.34 | 2.41 |
| ROA (%) | 9.26 | 4.99 | 11.97 | 2.86 |
The Company is committed to " developing the organization for sustainable growth alongside environmental care," aiming for Carbon Neutrality and Net Zero Emissions in the future. To achieve this, a 3-year mid-term plan (2024-2026) has been set with the following goals:
1. Enter the Electric Vehicle (EV) Supply Chain to support the rapidly growing market and align with the government's carbon neutrality and net zero emissions policy.
- Developing EV products under own-brand and providing assembly and painting services for various EV manufacturers
- Expanding production capabilities for key EV components, such as battery-related parts and other critical components for EV manufacturers.
- Enhance the potential in the production of die and light weight material parts.
2. Expand the domestic and export market for the company's own-brand Purpose Built Vehicles, such as the TR Transformer and bulletproof armored vehicles, etc.
3. Grow customers base for industrial machinery and agricultural machinery, both domestically and internationally.
4. Build Strategic Business Partnerships for long-term growth by exploring various partnership models, such as Joint Ventures and Technical Assistance, to expand existing business, explore new opportunities, and enhance company capabilities.
5. Enhance Competitiveness by continuously improving production processes, adopting environmentally friendly practices, and integrating new technologies (Robot & Automation) to boost production efficiency, improve product quality, control costs, and maximize customer satisfaction.
The company is adapting its strategy to align with the electric vehicle value chain which tends to grow rapidly, through development of own-brand vehicles and contract assembly for various types of EVs.
Expansion of the customer base for OEM parts, contract assembly and painting, and on expansion the market for big bike fuel tanks and cabins of industrial machinery and agricultural machinery to sell both domestically and export to various regions around the world.
Seeking alliances to expand its existing business and develop new ones to boost its potential and increase profitability of the company.
Despite a 6% decline in total sale and services revenue to 2,272 million THB, driven by a 15% drop in parts and assembly works due to Thailand automotive industry headwinds, the company achieved a 70% increase in TR Transformer exports. Effective cost control lifted the gross margin to 14.4%, up 1% YoY. Additional other income increased major from land and building rentals, along with a one-time gain from land sales, drove net profit to 380 million THB, surging 208% YoY. This demonstrates resilience and strategic execution in a challenging market.
The company designed and developed the "Armored vehicle", which has been certified by the Ministry of Defense and is in the process of registering as "Thai Innovative Products" to expand the market for government agencies both domestically and internationally. This would help Thailand to save money on military vehicle imports from other countries while also promoting and supporting Thai defense supply-chain companies.
The company prioritizes the application of risk management principles as a tool for organizational management, adhering to the international risk management framework (COSO). A dedicated Risk Management Committee oversees compliance, monitors key risks, and ensures alignment of risk management plans with the company’s strategic and business objectives.
- the Best Performance Award for listed companies under the SET Awards 2013
- the Thai Chamber of Commerce Business Ethics Standard Test Award 2017
- Corporate Governance Evaluation at “Good” level from the Thai Institute of Directors Association (IOD)
- the National Innovation Award 2017 for its TR Transformer II from the National Innovation Agency of the Ministry Science and Technology
- the Thai Innovation Award under the Thailand Car of the Year 2020 awards from Grand Prix International
- the Outstanding Workplace Award in the category Labour Relations and Welfare for the nineteenth consecutive year (2006 - 2024) from the Department of Labour Protection and Welfare
- Level 3 certification, Green System (Green System) according to the Green Industry Project from the Department of Industrial Works. Ministry of Industry
- Volunteer Organization Award from Ratchaphiphat Hospital
- Quality, Delivery and Cost Performance Award, Zero Defect Award, President Award from many customers
| as of 30/12/24 | TRU | AUTO | SET |
|---|---|---|---|
| P/E (X) | 9.69 | 12.56 | 19.33 |
| P/BV (X) | 0.62 | 0.79 | 1.40 |
| Dividend yield (%) | 5.81 | 7.28 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 2,301.31 | 2,258.45 | 3,896.20 |
| Price (B/Share) | 3.42 | 3.38 | 6.45 |
| P/E (X) | 9.69 | 10.21 | 11.79 |
| P/BV (X) | 0.62 | 0.63 | 1.09 |
