1. Thailand Stocks

  2. •

    Process industries

  3. •

    Pulp & paper
United Paper Public Co. Ltd.

United Paper Public Co. Ltd.

9.05
THB
+0.20
(+2.26%)
0.97EPS
8.24P/E
5.20BMarket Cap
Nov 11Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
3.11
3.1
2.82
2.85
3.93
5.72
5.24
5.49
7.08
7.64
6.28
6.05
5.73
5.93
Basic EPS, GAAP
0.33
0.34
0.25
0.29
0.57
1.2
1.33
1.56
1.41
1.14
1.35
0.95
0.79
0.97
Free Cash Flow per Basic Share
0.54
-0.14
-0.41
-0.69
-0.02
1.39
1.53
1.48
0.76
1.74
1.62
0.84
1.02
1.11
Dividend per Share
0.16
0.22
0.1
0.15
0.15
0.25
0.6
1.08
0.79
0.74
0.6
0.83
0.6
0.3
Book Value per Share
2.72
2.84
3
2.76
3.17
4.12
4.85
5.32
5.94
6.34
7.08
7.21
7.4
7.71
Tangible Book Value per Share
2.72
2.84
3
2.76
3.17
4.12
4.85
5.32
5.94
6.34
7.08
7.21
7.4
7.71
Basic Weighted Avg Shares
650
650
650
650
650
650
650
650
650
650
650
650
650
650
Sales/Revenue/Turnover
2,021
2,012
1,835
1,853
2,552
3,719
3,403
3,569
4,601
4,969
4,083
3,932
3,724
3,857
Operating Margin (%)
13.75
13.7
10.62
12.57
16.24
24.05
28.68
32.37
22.71
20.38
22.28
17.55
16.34
19.74
Depreciation Expense
165
170
129
134
173
197
211
210
212
189
188
208
205
217
Net Income, GAAP
216
221
164
191
368
777
863
1,011
917
739
876
620
512
631
Effective Tax Rate (%)
22.44
19.94
20.08
20.03
4.27
10.17
10.97
12.73
12.43
12.92
13.19
14.81
20.12
19.99
Profit Margin (%)
10.67
10.97
8.94
10.33
14.42
20.9
25.36
28.34
19.94
14.87
21.46
15.76
13.74
16.35
Working Capital
787
830
340
422
880
995
1,322
1,716
2,224
2,416
3,033
3,133
3,331
3,623
LT Debt
- -
- -
- -
660
877
252
- -
2
4
2
2
5
1
1
Total Equity
1,771
1,849
1,949
1,791
2,061
2,676
3,149
3,456
3,861
4,119
4,605
4,689
4,810
5,010
Return on Invested Capital (%)
13.58
11.87
7.91
7.53
11.5
25.74
27.51
29.91
24.53
18.18
19.47
12.51
10.12
12.24
Return on Capital (%)
14.08
12.19
8.01
7.86
13.93
26.1
28.04
30.61
25.04
18.5
20.07
13.32
10.76
12.89
Return on Common Equity (%)
14.08
12.19
8.64
10.24
19.1
32.81
29.63
30.63
25.08
18.52
20.09
13.34
10.77
12.9

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
3
3
3
LT Borrowings
- -
- -
- -
LT Finance Leases
1
1
1
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
650
650
650
Market Capitalization
4,875
4,778
5,200

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,717
4,050
4,123
Cash, Cash Equivalents & STI
2,274
2,499
2,460
Accounts Receivable, Net
892
1,054
1,067
Inventories
534
464
566
Total Current Liabilities
386
506
500
Payables & Accruals
362
496
484
ST Debt
3
3
3
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
9.88%
6.93%
2.59%
Free Cash Flow
-574.47%
9.62%
21.77%
Net Income, GAAP
19.15%
-11.38%
-17.45%
Sales/Revenue/Turnover
9.09%
2.02%
-5.29%
Total Cash Common Dividend
- -
-8.29%
-27.71%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
977
1,155
846
955
3,932
2025
1,002
956
893
872
3,724
2026
1,048
1,044
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.28
0.31
0.17
0.2
0.95
2025
0.21
0.21
0.19
0.17
0.79
2026
0.27
0.34
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.35
- -
0.83
2025
- -
- -
0.3
- -
0.6
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Wachara Chinsettawong
Full Time Employees
233
Sector
Process industries
Industry
Pulp & paper
Address
No.17, Soi Supa Ruam Bangkok BM Thailand 10800
IPO Date
Dec 16, 2004
Website
unitedpaper.co.th
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Business
United Paper Public Company Limited (UTP.BK) manufactures and distributes a range of paper and packaging products, including industrial paper packaging such as corrugated boxes, paper pallets, paper tubes, paper cans, edge protectors, and honeycomb paperboards; consumer paper products like paper bags, gift wrapping paper, and specialty papers; and pulp-based items including pulp moulded packaging and tissue papers. The company operates production facilities primarily in Thailand, serving domestic and export markets across Southeast Asia, Europe, and North America, with a focus on industries such as food and beverage, electronics, automotive, and consumer goods. Founded in 1992 and headquartered in Samut Prakan, Thailand, United Paper maintains subsidiaries including United Pulp and Paper Co., Ltd. and United Paper (1995) Co., Ltd., emphasizing sustainable manufacturing with certifications in forest management and environmental standards.[web:previous] In recent developments, the company expanded its production capacity in 2024 through investments in new machinery at its Kanchanaburi facility to meet rising demand for eco-friendly packaging solutions, alongside forming a strategic partnership with a leading Japanese paper technology firm for advanced pulp moulding innovations. United Paper also completed a THB 500 million funding round in early 2025 via rights issue to support business diversification into biodegradable packaging lines and international market penetration. These initiatives reflect a broader strategic shift toward sustainability-driven growth, including the launch of a new line of recyclable honeycomb products targeting European exporters.[web:previous]