1. Thailand Stocks

  2. •

    Non-energy minerals

  3. •

    Construction materials
Tipco Asphalt Public Co. Ltd.

Tipco Asphalt Public Co. Ltd.

17.40
THB
0.00
(0.00%)
0.74EPS
18.31P/E
21.31BMarket Cap
Nov 16Next Earn
Tipco Asphalt Public Co. Ltd.
SET:TASCO
(Stock Exchange of Thailand)

Recent

price

17.40

P/E

ratio

18.31

div

yld

5.71%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
15.67
14.62
24.69
22.24
29.9
24.11
15.52
18.14
17.62
23.41
16.58
17.14
21.16
19.71
17.72
17.08
17.97
Revenue per Share
0.6
0.38
0.42
0.54
0.78
3.3
2.01
1.63
0.36
1.98
2.28
1.41
1.5
1.46
0.9
0.72
0.74
Basic EPS, GAAP
1.22
-0.56
-2.68
-0.61
3.86
4.34
2.32
0.67
-2.05
3.25
3.07
0.15
1.57
2.37
0.18
1.57
2.37
Free Cash Flow per Basic Share
0.02
- -
0.12
0.1
0.1
0.6
0.7
0.9
0.9
0.7
1.4
1.55
1.05
1.25
1
1.7
0.99
Dividend per Share
1.97
2.63
2.9
3.44
3.89
6.69
7.83
8.19
7.87
8.5
9.4
9.74
10.28
10.35
10.06
8.68
9.2
Book Value per Share
1.75
2.53
2.79
3.33
3.77
6.58
7.58
7.93
7.63
8.1
9.21
9.44
10.04
10.15
9.87
8.5
9.02
Tangible Book Value per Share
1,678
1,525
1,525
1,526
1,529
1,540
1,549
1,558
1,568
1,576
1,578
1,578
1,578
1,578
1,578
1,578
1,588
Basic Weighted Avg Shares
26,298
22,304
37,663
33,935
45,727
37,137
24,038
28,260
27,632
36,893
26,155
27,053
33,401
31,106
27,964
26,962
28,538
Sales/Revenue/Turnover
5.4
3.9
3.2
2.59
0.25
14.41
11.58
9.96
6.51
6.01
12.68
13.08
10.8
8.25
5.82
4.73
5.65
Operating Margin (%)
379
405
419
434
493
576
826
1,007
1,001
875
1,050
1,237
1,219
1,195
1,112
1,038
1,001
Depreciation Expense
1,008
578
642
831
1,200
5,079
3,110
2,537
564
3,123
3,592
2,220
2,367
2,306
1,417
1,137
1,171
Net Income, GAAP
10.3
34.19
16.09
12.38
13.23
18.62
17.32
12.66
28.78
13.93
17.39
25.07
23.64
20.05
22.03
21.68
22.97
Effective Tax Rate (%)
3.83
2.59
1.71
2.45
2.63
13.68
12.94
8.98
2.04
8.47
13.73
8.21
7.09
7.41
5.07
4.22
4.1
Profit Margin (%)
1,988
2,671
2,123
2,124
1,726
4,688
3,049
3,029
2,910
3,690
5,196
6,371
7,981
8,439
7,964
6,096
6,775
Working Capital
3,110
3,086
2,385
2,196
2,226
2,054
785
220
87
43
225
324
322
328
219
221
253
LT Debt
3,897
4,608
5,043
5,891
6,125
10,564
12,265
12,929
12,537
13,579
15,021
15,937
16,792
16,902
16,093
13,868
14,706
Total Equity
12.14
4.04
6.82
4.54
-2.32
32.07
18.67
17.84
2.67
17.16
-20.92
-12.24
-12.07
-12.55
-8.82
5.76
6.39
Return on Invested Capital (%)
11.8
6.9
5.99
5.64
9.14
38.62
22.75
17.17
3.8
17.54
21.38
12.41
12.08
11.94
7.66
6.76
6.63
Return on Capital (%)
36.39
15.77
15.22
17.2
21.44
62.38
27.67
20.33
4.48
24.22
25.43
14.7
14.98
14.16
8.8
7.68
7.95
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3,464
3,302
2,587
LT Borrowings
- -
- -
- -
LT Finance Leases
221
235
253
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,578
1,578
1,578
Market Capitalization
21,624
21,308
21,308

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
13,528
14,781
13,850
Cash, Cash Equivalents & STI
1,737
1,851
1,900
Accounts Receivable, Net
5,044
5,540
6,473
Inventories
5,189
5,541
3,596
Total Current Liabilities
7,432
8,845
7,075
Payables & Accruals
2,905
3,102
3,138
ST Debt
3,464
3,302
2,587
Deferred Revenue
733
1,047
780

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.09%
-1.3%
-13.83%
Free Cash Flow
80.87%
319.32%
769.23%
Net Income, GAAP
24.09%
-18.5%
-19.8%
Sales/Revenue/Turnover
-0.92%
1.27%
-3.58%
Total Cash Common Dividend
17.28%
9.51%
69.96%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5,679
5,483
9,038
7,764
27,964
2025
7,107
6,459
6,465
6,932
26,962
2026
7,426
7,716
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.06
0.47
0.36
0.9
2025
0.28
0.25
0.11
0.07
0.72
2026
0.29
0.27
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.96
- -
- -
1
2025
- -
0.89
- -
0.8
1.7
2026
- -
0.2
- -
- -
- -
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Business
Tipco Asphalt Public Company Limited Tipco Asphalt Public Company Limited (TASCO.BK) manufactures and distributes asphalt and petroleum products for road pavements, highways, airport runways, and related construction applications throughout Thailand, the Asia-Pacific region, Africa, Australia, and North America; its core offerings encompass asphalt cement, asphalt emulsion, cutback asphalt, modified asphalt emulsion, polymer modified asphalt, premium asphalt, special products including Tipco Premix, Tipco Joint Sealer, Tipco Joint Primer and Tipco Hand Tamper, as well as coating applications, technical services, and research and development support; the company also engages in asphalt refinery operations, storage and tank rental, shipping management, road construction and rehabilitation, marine transportation, and sales of construction materials and equipment to contractors, traders, terminal owners, and distributors. Founded in 1979 and headquartered at 118/1 Rama VI Road, Phayathai District, Bangkok, Thailand, the group operates through manufacturing and trading as well as construction business segments, with a fully integrated value chain including its own asphalt refinery in Malaysia and strategic partnerships such as with Colas S.A. for access to advanced research capabilities. In recent developments, Tipco Asphalt commenced production at a new polymer modified asphalt plant in Palembang, Indonesia, in September 2025 to meet rising demand for premium-grade products; the company suspended operations at one Thailand production facility during the third quarter of 2025 to enhance operating efficiency and recorded an impairment allowance on related subsidiary investments; additionally, it advanced sustainability initiatives with solar roof projects at multiple asphalt plants including Surat Thani starting in April 2025, earned Green Industry Award Level 5 certifications for Nakhon Ratchasima and Surat Thani plants, and received a five-star Corporate Governance Report rating in October 2025; these changes align with a Thai government economic stimulus budget of THB 47.5 billion approved in June 2025 for road maintenance, anticipated to boost domestic asphalt demand in the fourth quarter.