Business Overview
- Manufacturing and distributing of plastic industrial products and melamine household products.
- Moulds and other businesses : manufacturing moulds and sourcing local and overseas products for sale and distribution.
Financial Statement
| 3M25 | 3M24 | 2024 | 2023 |
|---|
Income Statement (MB)
| Revenues | 1,839.11 | 2,137.11 | 8,171.76 | 8,702.47 |
| Expenses | 1,759.57 | 1,989.98 | 7,745.23 | 8,212.14 |
| Net Profit (Loss) | 60.71 | 119.44 | 284.97 | 372.42 |
Balance Sheet (MB)
| Assets | 7,148.18 | 7,601.91 | 7,190.39 | 7,561.65 |
| Liabilities | 2,630.64 | 2,856.48 | 2,721.02 | 3,032.93 |
| Shareholders' Equity | 4,282.13 | 4,498.19 | 4,226.88 | 4,278.85 |
Cash Flow (MB)
| Operating | 120.64 | 313.68 | 949.63 | 950.79 |
| Investing | -97.91 | -91.80 | -371.72 | -198.47 |
| Financing | -193.42 | -382.27 | -506.49 | -633.41 |
Financial Ratio
| EPS (Baht) | 0.02 | 0.04 | 0.11 | 0.14 |
| GP Margin (%) | 14.42 | 15.79 | 14.50 | 14.10 |
| NP Margin (%) | 3.14 | 5.43 | 3.44 | 4.32 |
| D/E Ratio (x) | 0.58 | 0.60 | 0.61 | 0.67 |
| ROE (%) | 5.15 | 9.42 | 6.70 | 8.86 |
| ROA (%) | 5.07 | 6.87 | 5.93 | 6.53 |
Business Plan
- A leader in the production and delivery of valued industrial plastic products, food and beverage packaging products and melamine household products, ensuring compliance with high-quality standards and environmental friendliness. The Company is recognized as a trusted partner in the supply chain of all forms of plastic cycles.
- Driving sustainable growth through the expansion of existing business operations and strategic business partnerships including M&A in Thailand and Vietnam, guided by ESG principles.
Sustainable Development Plan
SITHAI is committed to conducting business in alignment with sustainable development principles, taking the impacts on all stakeholders into consideration throughout the value chain. Our approach encompasses economic, social, and environmental dimensions, ensuring a balance between corporate growth and social responsibility. This commitment aligns with the Company’s vision and mission and is implemented through internationally recognized standards and operational frameworks, Circular Economy principles, and “3 Saves” approach of the Company: Save Material, Save Energy, Save the World. The Company’s key sustainability initiatives include:
- Expanded the installation of solar rooftops to increase the proportion of renewable energy usage and reduce reliance on fossil fuels.
- Obtained carbon footprint organization (CFO) certification and applied for product carbon footprint (CFP) certification.
- Promoted the use of recycled plastic and PCR pellets and the development of lightweight products to minimize raw material consumption.
Business Highlight
- The business and revenue of the Company’s subsidiaries in Vietnam show a positive growth trend, particularly in Northern Vietnam (Hanoi), driven by an increase in purchase orders resulting from the launch of new products and the expansion into new customer segments.
- The Group continues to focus on selling products with appropriate profit margins, placing emphasis on assessing customers’ creditworthiness, and striving to control expenses in order to maintain profitability and cash flow. This approach remains a priority even though the Group may not achieve its sales target of Q1/2025.
- Innovation of products with less impact on environment and efforts to enter new related industrial plastic products group including products in healthcare & wellness sectors.
- A strong financial structure and healthy liquidity, along with low debt obligations, enhance the Company’s resilience and business stability, enabling it to better withstand the impacts of the global and domestic economic slowdown, tight consumer spending due to high household debt, and rising business costs driven by increasing wages and other expenses.
- On 18 April 2025, the AGM approved the dividend payment based on the second half of the 2024 performance at the rate of THB 0.04 per share (in addition to the interim dividend at the rate of THB 0.02 per share). The record date for shareholders entitled to receive the dividend was set for 29 April 2025, and the dividend was paid on 16 May 2025.
Performance and Analysis
Business Performance Summary
- Total sales revenue in Q1/2025 of THB 1,822 million, decreased by THB 288 million or 13.6% YoY, due to an overall decline across all product segments in both domestic and overseas operations. This was driven by the global and domestic economic slowdown, contracted consumer spending, lower prices of key raw materials compared with the previous year, and the termination of a contract with a domestic beverage packaging customer, which resulted in lower supplementary income from blowing operations.
- Gross profit margin decreased to 14.4% down from 15.8% YoY and net profit margin of 3.2% down from 5.5% YoY, in line with the decrease in sales volume, underutilization of production capacity, high fixed costs and expenses, as well as the impact from the increase in minimum wages in domestic operations.
Key Milestones
- Improving production efficiency, reducing energy consumption and green-house gas emission, and the development of innovative, eco-friendly plastic and packaging solutions to meet sustainability goals.
- Adopting new machines and moulds with new technology.
- Strong financial position to support increased competitiveness, business expansion plans, and production capacity growth.
Risk Management Policy
SITHAI has established an enterprise risk management process in accordance with international best practices in alignment with the Company’s business goals to ensure proper and effective risk management. The Company conducts an annual review and assessment of enterprise risks, covering both current risks and potential future risks arising from internal and external factors. This ensures the implementation of adequate and comprehensive risk mitigation measures, allowing the Company to manage risks and their impacts at an acceptable and appropriate level.
Recent Awards and Recognitions
- On 22 April 2025, the Company was certified for its Carbon Footprint of Organization (CFO) by TGO for its Suksawat factory, marking the fifth consecutive year of certification.
Revenue Structure
Stock Information
SET / INDUS / PKG
| as of 31/03/25 | SITHAI | PKG | SET |
|---|---|---|---|
| P/E (X) | 10.09 | 12.93 | 15.78 |
| P/BV (X) | 0.68 | 0.74 | 1.10 |
| Dividend yield (%) | 5.55 | 4.44 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,953.80 | 3,306.08 | 3,089.29 |
| Price (B/Share) | 1.09 | 1.22 | 1.14 |
| P/E (X) | 10.09 | 8.58 | 9.54 |
| P/BV (X) | 0.68 | 0.76 | 0.72 |
CG Report:
Major Shareholders
as of 11/03/2025
Company Information and Contact
http://www.srithaisuperware.com
company_secretary@srithaisuperware.com
0-2427-0088
15 Suksawat Road, Soi 36, Bangpakok, Rasburana Bangkok 10140
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=SITHAI
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