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Hwa Fong Rubber (Thailand) Public Company Limited

Hwa Fong Rubber (Thailand) Public Company Limited

HWAFF
Hwa Fong Rubber (Thailand) Public Company LimitedUS flagOther OTC
0.24
USD
- -
- -
158.02MMarket Cap
Hwa Fong Rubber (Thailand) Public Company Limited
HWAFF
(Other OTC)

Recent

price

0.24

P/E

ratio

- -

div

yld

- -

ROIC.AI

2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
TTM
FRC
34.04
2.69
3.16
3.59
3.79
3.54
3.83
3.93
3.85
4.15
3.88
4.16
4.05
5.2
5.18
4.02
4.43
Revenue per Share
1.16
0.18
0.19
0.2
0.26
0.49
0.44
0.63
0.51
0.39
0.34
0.42
0.63
0.7
0.55
0.38
0.41
Basic EPS, GAAP
-0.19
0.78
0.13
0.26
0.45
0.29
0.06
0.72
0.53
-0.35
-0.29
0.42
0.44
-0.06
1.03
0.61
0.56
Free Cash Flow per Basic Share
1.25
0.2
0.08
0.12
0.06
0.08
0.15
0.15
0.2
0.1
0.2
0.15
0.14
0.31
0.42
0.38
0.57
Dividend per Share
7.18
1.69
1.85
1.74
2
2.37
2.66
3.14
3.55
3.75
3.89
4.16
4.65
5.03
5.15
5.15
4.9
Book Value per Share
20.55
2.03
2.04
2.2
2.46
2.82
3.1
3.55
3.89
4.15
4.23
4.47
4.94
5.37
5.48
5.48
5.21
Tangible Book Value per Share
66
658
640
618
626
658
658
658
658
658
658
658
658
658
658
658
660
Basic Weighted Avg Shares
2,241
1,769
2,019
2,218
2,376
2,327
2,523
2,589
2,535
2,731
2,555
2,737
2,665
3,427
3,412
2,649
2,926
Sales/Revenue/Turnover
3.79
9.55
6.69
7.45
8.1
14.78
14.22
18.52
15.49
11.64
9.87
12.6
17.57
14.66
11.28
10.86
12.61
Operating Margin (%)
129
120
114
104
96
90
97
90
79
81
85
95
96
99
115
112
107
Depreciation Expense
76
115
119
126
161
321
291
414
338
256
224
279
413
461
362
250
270
Net Income, GAAP
8.1
31.18
22.44
30.83
23.33
19.99
20.02
19.43
18.89
20.35
18.19
17.67
16.66
17.87
16.42
16.44
7.69
Effective Tax Rate (%)
3.4
6.53
5.9
5.67
6.76
13.77
11.53
15.98
13.32
9.36
8.75
10.19
15.48
13.45
10.6
9.43
9.23
Profit Margin (%)
702
670
606
661
861
1,091
1,216
1,473
1,671
1,578
1,213
1,358
1,502
1,737
1,868
1,959
1,808
Working Capital
270
170
70
- -
- -
- -
- -
- -
- -
- -
147
1
1
- -
- -
- -
- -
LT Debt
1,353
1,337
1,303
1,357
1,543
1,856
2,040
2,335
2,559
2,731
2,790
2,947
3,253
3,539
3,612
3,612
3,442
Total Equity
4.53
7.09
6.87
7.75
9.79
15.92
14.44
17.31
13.21
10.07
7.66
9.87
12.78
12.58
9.35
6.93
9.89
Return on Invested Capital (%)
7.89
11.23
9.08
10.29
13.48
22.81
17.57
21.68
15.34
10.64
8.77
10.11
13.93
14.49
10.8
7.36
7.99
Return on Capital (%)
9.48
14.54
10.38
11.17
13.82
22.8
17.55
21.66
15.33
10.63
8.89
10.52
14.23
14.47
10.78
7.36
8.21
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'24
Sep'24
ST Debt
16
40
197
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
658
658
658
Market Capitalization
- -
- -
- -

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'24
Sep'24
Total Current Assets
2,316
2,526
2,504
Cash, Cash Equivalents & STI
1,264
1,348
1,303
Accounts Receivable, Net
437
475
420
Inventories
592
658
739
Total Current Liabilities
401
491
695
Payables & Accruals
334
407
453
ST Debt
16
40
197
Deferred Revenue
37
41
44

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.97%
5.37%
-0.01%
Free Cash Flow
-142.27%
-448.6%
-41.25%
Net Income, GAAP
0.97%
6.38%
-30.89%
Sales/Revenue/Turnover
2.05%
2.05%
-22.35%
Total Cash Common Dividend
- -
22.65%
-10.6%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
925
908
799
780
3,412
2023
607
634
667
741
2,649
2024
688
730
767
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
0.15
0.18
0.25
- -
0.55
2023
0.04
0.11
0.15
- -
0.38
2024
0.23
0.17
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2022
- -
- -
0.01
- -
0.42
2023
- -
0.37
- -
- -
0.38
2024
0.3
- -
- -
- -
- -
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Business
Hwa Fong Rubber (Thailand) Public Company Limited manufactures and distributes tires and tubes for bicycles, motorcycles, and small logistics vehicles; operates through two segments comprising sales of goods and services, and investment activities including bonds, securities, and wholesale and retail trade of tires, tubes, and equipment. The company offers motorcycle tires for sport, scooter, vintage, big bike, and motocross applications; bicycle tires encompassing mountain, road racing, city and touring, BMX, freestyle, and electric bike variants; as well as tires and tubes for ATVs, agricultural and industrial uses, golf carts, and related accessories marketed under the Dunlop, Duro, Quick, and Eco Tire trademarks. Founded in 1987 and headquartered in Samut Prakan, Thailand, it serves markets in Thailand, the rest of Asia, Europe, the United States, and internationally as a subsidiary of Hwa Fong Rubber Industries Co., Ltd. In October 2025, its parent signed an asset purchase agreement to acquire a former Sumitomo Rubber USA plant in Tonawanda, New York, planning to repurpose it as HF Tonawanda Industrial Park to support expansion. The company reports steady earnings progress, including positive EPS in recent quarters ending June and September 2025, alongside ongoing investments in production capacity and research supported by alliances such as with Sumitomo Rubber Co., Ltd.