The share price of Sri Trang Agro-Industry Public Company Limited (SET: STA) and Sri Trang Gloves (Thailand) Public Company Limited (SET: STGT) fell on August 23, 2022, the ex-dividend date of both securities before the dividend payout.
However, the decline in share prices was deeper than the actual cash payout as a dividend from the companies.
The share price of STA fell THB1.50 or 6.73% to THB20.80 per share, while STGT plunged THB0.80 or 5.10% to THB14.90 per share. STA and STGT as a parent and subsidiary company, have the same ex-dividend date on August 23 for offering a payout of THB1.00 and THB0.50 per share, respectively. The payment date of STA is on September 8, while the date for STGT is on September 7.
Both securities were under pressure over lower average selling price of rubber glove that once flourished during the peak of Covid-19 pandemic, but began to decline as the outbreak eased.
STGT stated that sales revenue in 2Q22 was THB 6,541.5 million, decreasing 49.6% YoY and 8.1% QoQ because of the ASP that decreased 62.7% YoY and 5.5% QoQ to THB 841 (USD 24.6) per 1,000 pieces as a result of increasing supply in the market. Sales volume was 7,627 million pieces, increasing 32.6% YoY but decreasing 3.5% QoQ. Utilization rate in 2Q22 was 69.1%, down from 87.8% in 1Q22.
Meanwhile, STA as a parent company of STGT also recorded lower revenue in the quarter as revenue from gloves accounted for 22.9% of total revenue and totaled THB 6,416.0 million, decreasing 50.6% YoY and 9.0% QoQ because of the lower average selling price.