Today (27 Oct 2025), the share price of TOA Paint (Thailand) Public Company Limited (SET: TOA), as of 15:46 (Thailand time), was at THB 13.00 baht, up by THB 0.50 or 4.00%, with a trading value of THB 27.86 million.
Krungsri Securities stated in its analysis that AOT’s 3Q25 profit is projected at THB 682 million, an increase of 263% year-on-year and 5% from the previous quarter. Excluding last year’s special items, normalized profit is projected at THB 682 million, increasing 24% year-on-year but declining 12% from the previous quarter.
Growth support factors include: 1.) Sales are projected to rebound by 2% year-on-year, compared with a 1% year-on-year decline in the first half. The recovery is mainly driven by overseas markets, which make up 17% of total revenue. Markets like Myanmar continue to perform well, with consistent product sales and additional demand resulting from recent earthquakes. In addition, the Vietnam market has begun to recover after sales strategies were restructured.
For the Thai market, which accounts for 83% of revenue, sales have stabilized year-on-year. This is based on its primary customer base, which is the second-hand and renovation home group, declining less than the new home group. It is also based on demand for repair products during the rainy season and following earthquakes.
2.) The company’s gross margin is projected at 38.1%, compared with 3Q24 and 2Q25 at 34.0% and 38.0%, respectively. This is supported by lower costs, such as TiO₂, accounting for 20% of total costs, dropping to a 5-year low, and oil-linked costs, which make up 18%, dropping 13% year-on-year but up 2% from last quarter.
However, selling, general,and administrative expenses (SG&A/Sales) are expected to rise to 22.0%, compared to 3Q24 and 2Q25 at 21.9% and 21.0%, respectively, due to advertising for 2-in-1 paint products. The investment strategy recommends “BUY,” with a target price of THB 19.80 per share.
