1. Thailand Stocks

  2. •

    Consumer Cyclical

  3. •

    Packaging & Containers
Multibax Public Company Limited

Multibax Public Company Limited

MBAX.BK
Multibax Public Company LimitedTH flagStock Exchange of Thailand
1.91
THB
- -
- -
379.67MMarket Cap
Multibax Public Company Limited
MBAX.BK
(Stock Exchange of Thailand)

Recent

price

1.91

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
10.57
10.05
11.46
11.42
13.62
12.84
10.25
9.64
8.1
7.47
9.81
7.6
10.27
5.72
6.92
8.53
8.17
Revenue per Share
-0.24
-0.13
0.51
0.07
0.33
0.56
0.39
0.36
0.43
0.27
0.92
0.33
0.64
-0.2
-0.1
0.19
0.22
Basic EPS, GAAP
-0.33
0.88
0.39
-0.37
0.29
1.01
1.05
-0.24
0.33
0.32
0.74
0.02
0.51
0.42
-0.39
0.71
1.24
Free Cash Flow per Basic Share
0.08
- -
0.1
0.12
0.2
0.37
0.45
0.32
0.32
0.37
0.45
0.56
0.42
0.37
- -
- -
- -
Dividend per Share
1.1
0.87
1.28
1.23
1.36
1.56
1.42
1.5
1.45
1.34
1.81
1.57
1.75
1.18
1.07
1.25
1.32
Book Value per Share
2.12
1.98
2.39
2.33
2.47
2.87
2.7
2.95
2.73
2.63
3.09
2.8
2.97
2.44
2.31
2.51
2.55
Tangible Book Value per Share
128
128
128
128
128
134
148
171
192
192
192
192
192
195
198
199
201
Basic Weighted Avg Shares
1,353
1,287
1,466
1,462
1,743
1,727
1,520
1,645
1,554
1,434
1,882
1,459
1,971
1,118
1,374
1,695
1,645
Sales/Revenue/Turnover
-3.15
0.59
4.27
1.47
3.26
5.69
4
2.21
4.23
3.21
10.91
4.45
9.22
-3.35
0.12
3.87
4.4
Operating Margin (%)
87
60
59
64
65
63
66
71
67
59
74
79
79
79
79
77
77
Depreciation Expense
-31
-17
65
10
42
76
58
61
83
51
176
62
123
-38
-20
37
45
Net Income, GAAP
- -
- -
- -
- -
13.29
1.85
1.02
0.13
- -
10.33
14.48
14.79
15.48
- -
- -
9.14
9.18
Effective Tax Rate (%)
-2.31
-1.33
4.42
0.65
2.4
4.4
3.82
3.73
5.33
3.55
9.35
4.28
6.22
-3.41
-1.45
2.17
2.71
Profit Margin (%)
-206
-166
-91
-106
-53
-22
-61
34
-50
-53
-32
-9
55
-125
-131
-38
-17
Working Capital
8
10
5
25
43
28
13
10
25
59
105
132
98
64
56
78
154
LT Debt
275
258
310
304
321
388
403
504
526
505
595
550
590
498
480
518
534
Total Equity
- -
- -
8.15
2.65
5.74
11.12
7.22
4.26
- -
4.37
16.78
4.73
12.43
- -
- -
4.92
5.1
Return on Invested Capital (%)
- -
- -
14.11
4.55
8.15
12.93
10.82
11.73
- -
8.69
23.77
8.91
14.55
- -
- -
7.04
7.1
Return on Capital (%)
-19.31
-13.55
47.23
5.94
25.25
39.49
27.57
26.31
31.07
19.08
58.34
19.25
38.47
-13.46
-9.03
16
18.29
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
649
597
556
LT Borrowings
34
28
25
LT Finance Leases
52
50
129
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
199
199
199
Market Capitalization
291
293
407

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
774
757
696
Cash, Cash Equivalents & STI
56
80
87
Accounts Receivable, Net
368
361
314
Inventories
328
296
254
Total Current Liabilities
827
795
712
Payables & Accruals
175
166
137
ST Debt
649
597
556
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.54%
-2.33%
7.84%
Free Cash Flow
212.51%
473.08%
-281.84%
Net Income, GAAP
-20.72%
-86.25%
-284.42%
Sales/Revenue/Turnover
2.99%
3.12%
23.37%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
300
333
352
389
1,374
2025
407
422
449
418
1,695
2026
357
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
0.03
-0.08
- -
-0.1
2025
0.04
0.03
0.06
- -
0.19
2026
0.08
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Multibax Public Company Limited engages in the manufacture and distribution of polyethylene polymer bags for packaging applications. The company produces food packaging bags, including rectangular bags with white stripes, folded-rim bags for sandwiches and dry foods, zipper profile bags, and slider bags; garbage bags, such as drawstring bags, handled bags, four-end tie bags, degradable bags, and dog waste collection bags; bioplastic bags, including compostable biopolymer resin variants; and green plastic bags made from post-consumer recycled resin for enhanced environmental sustainability. Multibax Public Company Limited operates five production facilities in Thailand's Laem Chabang Industrial Estate, Chonburi province, exporting products to North America, Australia, Europe, and other Asian markets; it was founded on June 19, 1995, became a public company in 2005, and listed on the Market for Alternative Investment (MAI) under ticker MBAX.BK on January 29, 2007, with headquarters at No. 211 Moo 3, Thungsukhla Subdistrict, Sriracha District, Chonburi 20230, Thailand. Recent developments include the issuance and trading commencement of new shares from MBAX-W2 warrant exercises in September 2024, ongoing clarifications of financial ratio maintenance measures amid operational challenges reported in early 2025, appointment of new management team members such as the Engineering and Maintenance Director in February 2024, director resignations and board leadership changes in October 2024 and earlier periods, and the celebration of its 30th anniversary in July 2025 with special events reinforcing its focus on sustainable growth in the plastic packaging sector.