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Tipco Asphalt Public Company Limited

Tipco Asphalt Public Company Limited

TASCO-R.BK
Tipco Asphalt Public Company LimitedTH flagStock Exchange of Thailand
13.90
THB
+0.10
- -
21.94BMarket Cap
Tipco Asphalt Public Company Limited
TASCO-R.BK
(Stock Exchange of Thailand)

Recent

price

13.90

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
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
16.98
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
0.72
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
2.13
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
1.67
Dividend per Share
1.53
2.05
2.33
2.76
3.43
6.09
7.38
8.07
7.48
8.73
9.58
9.42
9.87
10.08
9.97
8.98
8.76
Book Value per Share
2.1
2.92
3.2
3.75
3.89
6.74
7.68
8.04
7.75
8.22
9.33
9.8
10.39
10.5
10.01
8.6
8.64
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
1,607
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
27,281
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
5.7
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
1,011
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
1,152
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
21.71
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
4.22
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
5,936
Working Capital
3,110
3,086
2,385
2,196
2,226
2,054
785
220
87
43
225
324
322
328
219
221
235
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
14,165
Total Equity
12.14
5.27
7.2
4.48
0.63
33.18
16.59
16.45
7.37
10.24
15.73
14.52
13.74
10.31
6.67
5.59
6.54
Return on Invested Capital (%)
12.76
7.46
6.39
5.97
9.68
41.21
24.19
17.73
3.9
17.68
20.99
12.49
12.44
12.27
7.77
6.7
6.64
Return on Capital (%)
50.93
20.31
19.25
21.43
25.4
69.42
29.88
21.14
4.64
24.5
24.87
14.8
15.55
14.64
8.95
7.6
7.75
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
3,732
3,464
3,302
LT Borrowings
- -
- -
- -
LT Finance Leases
229
221
235
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,578
1,578
1,578
Market Capitalization
23,422
21,978
21,694

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
14,931
13,528
14,781
Cash, Cash Equivalents & STI
1,920
1,737
1,851
Accounts Receivable, Net
5,320
5,044
5,540
Inventories
6,289
5,189
5,541
Total Current Liabilities
7,527
7,432
8,845
Payables & Accruals
2,945
2,905
3,102
ST Debt
3,732
3,464
3,302
Deferred Revenue
580
733
1,047

Growth Rates

FRC

•

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

FRC

•

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
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

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

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.96
- -
- -
1
2025
- -
0.89
- -
- -
1.7
2026
- -
- -
- -
- -
- -
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Business
Tipco Asphalt Public Company Limited Tipco Asphalt Public Company Limited (TASCO-R.BK) manufactures and distributes asphalt and petroleum products for road construction, maintenance, and paving industries in Thailand and internationally. The company operates through Manufacturing and Trading; and Construction Business segments, producing 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 coating applications; it also provides refinery, storage, and tank rental services for asphalt and petroleum products, shipping management and agency, distribution of machines, materials, and tools, road construction and rehabilitation services, marine transportation services, and sale of construction materials to contractors, traders, terminal owners, and distributors. Founded in 1979 and headquartered in Bangkok, Thailand, Tipco Asphalt maintains manufacturing facilities and asphalt terminals across Thailand, a refinery in Kemaman, Malaysia through subsidiary Kemaman Bitumen Company Sdn. Bhd., and operations in Indonesia, Vietnam, Australia, New Zealand, and other Asian Pacific markets; it partners strategically with Colas S.A., a French civil engineering firm. Recent developments include the commencement of production at a new polymer modified asphalt plant in Palembang, Indonesia in September 2025 to meet demand for premium-grade asphalt; completion by subsidiary Thanomwongse Services, in which Colas holds a 31.09% stake, of the third runway and two taxiways at Suvarnabhumi International Airport in Bangkok in collaboration with Nawarat Patanakarn PLC; suspension of one Thailand production facility in Q3 2025 to enhance operating efficiency; initiation of Solar Roof projects at multiple asphalt plants including Surat Thani in April 2025 to boost renewable energy use and cut emissions; and receipt of Green Industry Award Level 5 at Nakhon Ratchasima and Surat Thani plants along with a 5-star Corporate Governance Report rating in 2025.