1. Thailand Stocks

  2. •

    Consumer Cyclical

  3. •

    Packaging & Containers
Starflex Public Company Limited

Starflex Public Company Limited

SFLEX.BK
Starflex Public Company LimitedTH flagStock Exchange of Thailand
2.98
THB
+0.02
- -
2.19BMarket Cap
Starflex Public Company Limited
SFLEX.BK
(Stock Exchange of Thailand)

Recent

price

2.98

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
2.65
2.69
2.06
1.7
2.02
2.04
2.25
2.39
2.56
2.62
Revenue per Share
- -
0.29
0.27
0.13
0.17
0.18
0.07
0.23
0.36
0.32
0.32
Basic EPS, GAAP
- -
0.25
0.05
0.27
- -
-0.16
-0.01
0.23
0.13
0.39
0.4
Free Cash Flow per Basic Share
- -
0.26
0.26
0.17
0.12
0.08
0.04
0.07
0.11
0.19
0.2
Dividend per Share
- -
0.76
0.85
0.83
0.67
0.76
0.79
0.84
1.04
1.07
1.16
Book Value per Share
- -
0.77
0.87
1.35
1.07
1.15
1.2
1.25
1.45
1.5
1.59
Tangible Book Value per Share
- -
505
505
610
820
830
820
796
782
767
749
Basic Weighted Avg Shares
- -
1,338
1,361
1,256
1,398
1,677
1,669
1,795
1,869
1,963
1,962
Sales/Revenue/Turnover
- -
14.76
13.6
8.57
12.42
9.59
4.03
12.81
15.67
13.34
13.44
Operating Margin (%)
- -
33
36
41
59
62
57
58
66
71
71
Depreciation Expense
- -
147
136
79
143
149
55
184
281
243
240
Net Income, GAAP
- -
19.96
20.28
16.91
16.33
4.78
14.89
17.42
1.36
- -
1.24
Effective Tax Rate (%)
- -
10.96
10
6.26
10.21
8.91
3.3
10.27
15.02
12.39
12.22
Profit Margin (%)
91
149
156
487
339
357
349
-65
179
137
136
Working Capital
146
122
122
97
26
84
175
168
352
290
267
LT Debt
375
392
445
830
881
960
985
1,001
1,140
1,158
1,202
Total Equity
- -
24.7
21.88
10
14.38
14.45
4.7
12.96
16.62
- -
- -
Return on Invested Capital (%)
- -
25.55
22.71
12.61
21.52
21.01
6.5
17.07
22.47
- -
33.07
Return on Capital (%)
- -
38.55
33.44
16.85
27.06
25.37
8.63
28.03
38.07
29.8
27.54
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
409
371
382
LT Borrowings
288
285
264
LT Finance Leases
6
5
4
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
759
750
744
Market Capitalization
2,123
2,415
2,202

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
824
860
868
Cash, Cash Equivalents & STI
86
94
99
Accounts Receivable, Net
354
375
356
Inventories
334
307
322
Total Current Liabilities
744
723
733
Payables & Accruals
334
352
351
ST Debt
409
371
382
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
5.74%
1.52%
Free Cash Flow
- -
1,174.18%
188.24%
Net Income, GAAP
- -
43.02%
-13.37%
Sales/Revenue/Turnover
- -
7.23%
5.02%
Total Cash Common Dividend
- -
21%
78.77%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
485
452
476
455
1,869
2025
492
468
510
493
1,963
2026
491
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.08
0.1
- -
0.36
2025
0.08
0.07
0.08
- -
0.32
2026
0.09
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.05
0.06
- -
0.11
2025
- -
0.07
0.12
- -
0.19
2026
- -
- -
- -
- -
- -
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Business
Starflex Public Company Limited manufactures and distributes flexible packaging products in Thailand, primarily serving consumer goods manufacturers with made-to-order soft plastic solutions in roll and pre-formed pouch formats. The company offers roll form films for primary and secondary packaging, including single-layer and multi-layer films suitable for detergents, fabric softeners, dishwashing liquids, instant noodles, ice cream, seasonings, and medical equipment; pre-formed pouches such as stand-up pouches with zip or spout, 3-sided seal pouches, center seal and gusset pouches, 4-sided seal pouches, flat bottom pouches, and free-shape die-cut pouches for snacks, pet food, beverages, condiments, and household products. Founded in 2003 and headquartered in Bang Bo, Samut Prakarn, Thailand, Starflex operates factories in Samut Prakarn, focusing on food and non-food segments while emphasizing sustainability through certifications like FSSC 22000, HACCP, GMP, and GHPs. Starflex targets leading Thai consumer product firms including Unilever Thai Holding, Perfect Companion Group, and Neo Factory, with geographic operations centered in Thailand and aspirations for CLMV expansion. Recent developments include the 2024 establishment of Star Union Packaging Co., Ltd., a joint venture with Thai Union Graphics (51% Starflex ownership) to produce flexible packaging for food products, expected to commence operations by late 2024 and boost earnings in 2025; and the acquisition of SPV to integrate paper packaging, enhancing product diversity, customer base, and international growth potential. In 2025, the company proposes reducing registered capital by 40.997 million Baht ahead of its annual general meeting, reflecting ongoing capital management amid production expansions like new factories, blown film machines, and solar power installations.