TOA accounts: margins up every year, with cash to spare for the dividend
TOA's revenue barely moved in four years, yet profit rose because gross margin widened every year. Operating cash flow has exceeded net profit every year since 2023, and the cash left after investing has more than covered the dividend.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 15.00 | 9.1 | 1.88 | 21.9% | 47% | 5.00% | 66% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What TOA sells
TOA Paint (Thailand) PCL makes and sells architectural paint, coatings and related products through dealers across Thailand, with operations elsewhere in ASEAN.
Revenue was THB 21,779 million in 2025, close to THB 20,826 million in 2022. Part of paint demand comes from repainting and home repair, so it does not depend entirely on new construction.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 20,826 | 1,418 | 29.1% | 1,370 | 430 | 0.5 | 71% |
| 2023 | 22,479 | 2,569 | 33.9% | 3,817 | 2,449 | 0.68 | 54% |
| 2024 | 21,357 | 1,920 | 34.6% | 2,854 | 2,466 | 0.6 | 63% |
| 2025 | 21,779 | 2,917 | 38.4% | 3,986 | 2,470 | 0.75 | 50% |
| H1 2026 | 11,325 | 1,671 | 40.2% | 2,067 | 1,212 | 0.38 | 44% |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
Profit grew from margin, not volume
Gross margin rose from 29.1% in 2022 to 38.4% in 2025 and 40.2% in the first half of 2026. Net profit for 2025 was THB 2,917 million, a change of 52% on the year, while revenue changed by only 2%.
A paint maker's margin depends on raw materials such as titanium dioxide, resins and petrochemical solvents, and on how quickly it can raise prices. 2022 had the lowest gross margin of the period, in a year of high raw material prices worldwide.
With its first-half 2026 results the company said energy and raw material costs had become volatile because of the Middle East, and that it had raised prices to compensate. If costs rise faster than prices can follow, this margin will come down.
Cash after investing exceeds the dividend
Operating cash flow has exceeded net profit every year since 2023. In 2025 it was THB 3,986 million against net profit of THB 2,917 million, 1.37 times.
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 TOA generated THB 7,815 million of cash after investing, against roughly THB 5,133 million of dividends from the same years.
The 2025 payout was 50% of earnings per share, and debt to equity (D/E) held near 0.42 throughout, so the dividend has not relied on borrowing.
Latest results and news
- 13 August 2026 · Q2 2026 revenue of THB 5,642 million, up 4%, and net profit of THB 718 million, up 10% year on year. The company raised prices to offset energy and raw material costs and declared an interim dividend of THB 0.38 a share (ex-dividend 27 August 2026). Posttoday
Figures to watch next
- Quarterly gross margin: two falling quarters in a row mean price rises are not keeping up with costs.
- Days sales outstanding (DSO) from dealers: if it lengthens while sales are flat, the company is extending credit to hold volume.
- The share of revenue from outside Thailand in Form 56-1 One Report, which shows how far other markets offset the home market.
Questions
How often does TOA pay dividends?
Twice a year: an interim dividend from first-half results, ex-dividend around late August, and a final dividend, ex-dividend around early May. Dividends from 2025 results totalled THB 0.75 a share.
Why is operating cash flow above profit?
Partly depreciation, which reduces profit without any cash leaving. The rest depends on movements in receivables, inventory and payables, shown in the cash flow statement.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.