STGT produces and distributes examination gloves and other industrial gloves. Main products include natural latex powdered gloves (NRPD), natural latex powder-free gloves (NRPF) and nitrile gloves (NBR).
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 6,649.68 | 6,172.44 | 25,946.97 | 20,254.47 |
| Expenses | 6,108.30 | 5,963.30 | 24,565.95 | 19,733.48 |
| Net Profit (Loss) | 424.23 | 146.78 | 995.33 | 152.69 |
| Assets | 48,101.24 | 48,036.16 | 48,918.93 | 46,582.13 |
| Liabilities | 9,330.69 | 9,568.18 | 10,397.42 | 9,745.16 |
| Shareholders' Equity | 38,770.55 | 38,467.97 | 38,521.51 | 36,836.97 |
| Operating | 968.97 | 268.43 | 1,221.22 | 1,683.60 |
| Investing | -797.58 | -2,062.33 | -246.98 | -9,145.88 |
| Financing | -836.98 | -503.29 | -1,286.14 | -2,586.79 |
| EPS (Baht) | 0.15 | 0.05 | 0.35 | 0.05 |
| GP Margin (%) | 12.97 | 8.44 | 8.68 | 10.93 |
| NP Margin (%) | 6.38 | 2.38 | 3.84 | 0.75 |
| D/E Ratio (x) | 0.24 | 0.25 | 0.27 | 0.26 |
| ROE (%) | 3.30 | 0.44 | 2.64 | 0.41 |
| ROA (%) | 3.44 | 1.01 | 2.87 | 1.00 |
STGT drives excellence through 8 key pillars: 1) Best Quality, 2) Best Cost, 3) Best Process, 4) Best Service, 5) Best Innovation, 6) Best Sustainability, 7) Best Culture, and 8) Best Performance.
- We enhance efficiency and reduce costs by integrating AI, automation, and advanced technologies across operations.
- We continue expanding our market beyond 175+ countries.
- We expand our specialty glove portfolio with low-protein, surgical, and diamond-textured gloves to meet diverse needs.
- We are prepared to scale up production when the timing aligns, allowing us to capture demand and opportunities from global trade measures.
The Company commits sustainable business practices across the value chain under the "Clean World Clean Gloves" concept, delivering "Deliver the ‘Touch of Life’ on a Global Scale." We proactively manage business risks and emerging challenges while creating value for stakeholders and strengthening trust among customers and consumers.
STGT drives sustainability through the “SHARE” approach:
1) Sustainability for supply chain and fair trade 2) Human rights 3) Animal welfare 4) Responsibility & sharing touch of love and 5) Environmentally friendly technologies.
Additionally, the company has set sustainability goals across all dimensions, encompassing environmental, social, governance, and economic aspects. For more details: Sustainability Report 2024 and 56-1 One Report 2024
The Company delivered a solid profit in 1Q25, driven by global customer diversification and operational efficiency amid ongoing industry challenges. This reaffirms its position as Thailand’s largest and one of the world’s top three rubber glove manufacturers.
- The company made a net profit of 424.2 million baht, an increase of 189.0% YoY, with sales volume of 9,191 mpcs.
- As of Mar-25, production capacity stood at 51,112 million pieces, with an average utilization rate of 79.4%, down from 85.9% in the previous quarter.
- The company has received awards and assessments at both international and national levels. such as ranking as Sustainability Yearbook Member 2024 from S&P Global, MSCI ESG Ratings assessment and FTSE Russel including the assessment of sustainable stocks SET ESG Ratings (formerly THSI) for the year 2024 at the highest level "AAA” for the second consecutive year and SET Awards 2024 for SustainabilityExcellence for the second consecutive year
- The Company has adopted AI and Automation in all parts of the organization, including having a cost advantage from 1) Sourcing natural rubber from STA saves transportation, storage, and CESS costs. 2) Energy saving and environmental friendliness from biomass fuel (Woodchip) and Solar cell 3) Receiving tax benefits (BOI)
- The CompanyMaintain a dividend payment policy of not less than 50 percent of net profit according to the separate financial statements.
The Company reported a net profit of THB 424.2 million in 1Q25, up 189.0% YoY but down 23.8% QoQ due to a one-time gain recorded in the previous quarter, with a net margin of 6.5%. Revenue was THB 6,545.8 million, rising 8.2% YoY on higher ASPs but down 3.4% QoQ following a decline in sales volume to 9,191 million pieces, despite ASP increasing for a fifth consecutive quarter to THB 705 per 1,000 pcs (USD 20.87). Gross profit margin improved to 13.0% from 8.4% YoY and 8.2% QoQ, resulting in gross profit of THB 849.3 million. SG&A declined 2.7% YoY and 18.0% QoQ to THB 441.8 million due to better cost management. EBITDA rose 58.0% YoY to THB 1,093.2 million, with a margin of 16.7%, reflecting business recovery and effective strategic execution, though down 10.9% QoQ due to a THB 483 million from interest subsidy from RAOT recorded in Q4/2024. Further details: Management Discussion and Analysis Q1/2025
- STGT has started to distribute EUDR rubber gloves to Europe.
- Certified with amfori BSCI Grade A at all factories.
The Company recognizes the importance of risk management in addressing current situations and potential future events that may significantly impact business operations. It conducts risk analysis, risk and opportunity assessment, and risk monitoring by key risk indicators to ensure alignment with business objectives and the operating environment. Departmental risk management is integrated to ensure a unified approach across the organization, with regular reporting to the Risk Management Committee.
More details: 56-1 One Report 2024
| as of 31/03/25 | STGT | PERSON | SET |
|---|---|---|---|
| P/E (X) | 20.44 | 13.44 | 15.78 |
| P/BV (X) | 0.53 | 0.91 | 1.10 |
| Dividend yield (%) | 7.04 | 5.31 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 20,342.78 | 28,222.02 | 19,196.71 |
| Price (B/Share) | 7.10 | 9.85 | 6.70 |
| P/E (X) | 20.44 | 71.20 | 122.60 |
| P/BV (X) | 0.53 | 0.77 | 0.51 |
