Shrinkflex Thailand Public Company Limited ("SFT") operates 2 main businesses which are; (1) Manufacturer and distributor of shrink sleeve labels through gravure and digital printing systems (2) Flexible Packaging (3) Other products such as the printing cylinder and stretch film.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 256.43 | 264.84 | 1,058.28 | 984.10 |
| Expenses | 237.83 | 237.56 | 965.04 | 945.67 |
| Net Profit (Loss) | 12.97 | 19.47 | 67.01 | 24.14 |
| Assets | 1,202.97 | 1,166.83 | 1,116.98 | 1,159.20 |
| Liabilities | 380.63 | 387.08 | 307.61 | 398.93 |
| Shareholders' Equity | 822.33 | 779.75 | 809.37 | 760.27 |
| Operating | 5.63 | 4.22 | 158.34 | 99.61 |
| Investing | -80.11 | -12.30 | -31.64 | -78.29 |
| Financing | 71.44 | 6.68 | -121.33 | -16.63 |
| EPS (Baht) | 0.03 | 0.04 | 0.15 | 0.05 |
| GP Margin (%) | 18.62 | 21.48 | 21.14 | 16.82 |
| NP Margin (%) | 5.06 | 7.35 | 6.33 | 2.45 |
| D/E Ratio (x) | 0.46 | 0.50 | 0.38 | 0.52 |
| ROE (%) | 7.55 | 4.81 | 8.54 | 3.18 |
| ROA (%) | 7.14 | 4.89 | 8.19 | 3.40 |
- Green Shrink Certification: SFT has received APR certification for four recyclable “Green Shrink” label products since 2022.
- Mono Material Development: The Company continues to advance 100% recyclable Mono Material Pouch packaging to support the circular economy.
- New Eco Products: SFT launched two sustainable films 1) rPET, made from post-consumer recycled plastic (PCR), and 2) POF (Polyolefin Shrink Film), recyclable with PE bottles without label removal.
Sales growth plan
SFT is capturing emerging opportunities with a clear ambition: to lead Southeast Asia’s packaging industry through sustainable innovation. SFT drives this vision by delivering eco-friendly, premium packaging solutions, boosting production efficiency, adopting flexographic technology, and expanding its SME customer base.
Financial plan
The Company was able to display a strong financial position and is able to seek for capital to support future business expansion.
Investment plan
Since its IPO in 2020, SFT has consistently invested in growth. The current focus now shifts toward maximizing productivity and returns from existing assets.
- SFT wins 3 awards, reinforcing its strategic partnership with customers.
- SFT organizes a project to donate sports equipment and provide scholarships at Janjaroen School.
- SFT participates in the energy conservation promotion project and receives a certificate from the Department of Alternative Energy Development and Efficiency.
- SFT Commenced Commercial Operations of Flexo Printing System
- Building on Organizational Carbon Footprint Certification, SFT Achieves Product Certification for Both Shrink Sleeve Labels and Flexible Packaging
- SFT Expands Reuse–recycle Collaborations To Deliver Tangible ESG Outcomes
In Q1/26, SFT achieved a total operating revenue of Baht 250.7 million, increased by 1.5%, while the Company’s profit was at Baht 13.0 million, increased by 70.3% compared to Q4/25. The increase was primarily driven by higher sales from both the Shrink Sleeve Label and Flexible Packaging products, as well as lower administrative expenses resulting from the absence of fees related to the Independent Financial Advisor (IFA) opinion incurred in Q4/25. In 2026, SFT remains focused on enhancing operational efficiency and maximizing machinery utilization to support long-term revenue growth and profitability. To strengthen its production capabilities, SFT fully commercialized its Flexographic (Flexo) printing system in Q1/26, enabling it to better serve SMEs and brands that seek for differentiated packaging solutions. At the same time, SFT improved the efficiency of its gravure printing system through optimized production management and workload allocation.
2007 – Shrinkflex (Thailand) Co., Ltd. was established on 20 June 2007 – providing shrink sleeve label production and services.
2008 – The Company started to use 9-color-rotogravure printing in its label production continued its investment in machine upgrade.
2014 – The Company implements digital printing system and purchased additional 10-color-rotogravure printer.
2020 – The Company has registered as public company and listed in Market for Alternative Investment (MAI)
2021 - The Company has started to build a new factory
2022 - New business expansion to Flexible Packaging
Risk from sourcing raw materials and fluctuation of raw material costs: SFT applied contracting strategies for raw material procurement, which helped reduce cost volatility for certain period. SFT also applied hedging tools and placed minimum order of raw material in advance. This helped mitigate risk of raw material shortage and maintain the growth of gross profit margin.
Risk of depreciation of raw materials and finished products: The company applied various approaches to inventory management including inventory control. It also implemented SAP B1, ERP software platform, which can efficiently control the amount of inventory, shelf life as well as logistic quality.
2017 - ISO 9001:2015 certified
2020 - Digital Print Excellence Award from HP Inc.
2020 - Corporate Excellence from Asia Pacific Enterprise Awards
2021 - 2 Winners Awards from HP Inkspiration Awards 2021
2021 - GHP HACCP certified
2021 - Leading Manufacturer from World Business Outlook Awards
2022 - Certified by the Association of Plastic Recyclers
(APR) for Shrink Label Products as “Green Shrink”
2022 - The outstanding “Sustainability Model Organization in the Thai Capital Market of Disability Support” Award 2022 from SEC
2023 - Obtained the Food Safety System Certification (BRC)
2024 - SFT’s Successful Assessment on SMETA 4 Pillar Reinforces its International Reliability
| as of 31/03/26 | SFT | INDUS | mai |
|---|---|---|---|
| P/E (X) | 11.16 | 20.81 | 398.41 |
| P/BV (X) | 0.92 | 0.82 | 1.12 |
| Dividend yield (%) | 4.12 | 5.17 | 3.69 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 748.00 | 941.60 | 1,179.20 |
| Price (B/Share) | 1.70 | 2.14 | 2.68 |
| P/E (X) | 11.16 | 14.88 | 51.04 |
| P/BV (X) | 0.92 | 1.17 | 1.57 |
