Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Capital Markets

TOA Paint (Thailand) / Equity Capital Markets

In Singapore, Nippon Paint tycoon Goh Cheng Liang is the fifth richest man, and that fires up our imagination for the Tangkarakun family in Thailand, which founded TOA. TOA is a clear market leader here with almost half the Thai market and 13% of the ASEAN paint market. The paint business is one of slow growth and little advertising, but with big economies of scale, strong branding, and continuous efficiency improvements, this could be an attractive business, and MCorp Reviewvalues the company at Bt22.8/sh and a market cap of US$1.4bn based on existing prospectus data. Currently, indicative pricing is unknown, but around quarter of the shares should be available for free float some time this year. If the indicative price falls below our expectation and we have the cash then, we are definitely participating yo.

In Singapore, Nippon Paint tycoon Goh Cheng Liang is the fifth richest man, and that fires up our imagination for the Tangkarakun family in Thailand, which founded TOA. TOA is a clear market leader here with almost half the Thai market and 13% of the ASEAN paint market. The paint business is one of slow growth and little advertising, but with big economies of scale, strong branding, and continuous efficiency improvements, this could be an attractive business, and MCorp Reviewvalues the company at Bt22.8/sh and a market cap of US$1.4bn based on existing prospectus data. Currently, indicative pricing is unknown, but around quarter of the shares should be available for free float some time this year. If the indicative price falls below our expectation and we have the cash then, we are definitely participating yo.

IPO Radar: TOA, Thailand's New Paint Tycoon

Thailand

TOA Paint (Thailand) Public Company Limited manufactures paint products. The Company offers wood, protective, and marine coatings, as well as decorative and heavy paints, chemical construction, aerosol spray, and abrasive products. TOA Paint serves household and industrial market in southeast Asia.

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TOA Paint (Thailand) (TOA TB)

IPO Radar: TOA, Thailand's New Paint Tycoon

In Singapore, Nippon Paint tycoon Goh Cheng Liang is the fifth richest man, and that fires up our imagination for the Tangkarakun family in...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)