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TIPCO Asphalt PCL
SET:TASCO

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TIPCO Asphalt PCL
SET:TASCO
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Price: 13.5 THB
Market Cap: ฿21.3B

P/OCF

6.5
Current
51%
Cheaper
vs 3-y average of 13.4

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
6.5
=
Market Cap
฿22.1B
/
Operating Cash Flow
฿3.3B

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
6.5
=
Market Cap
฿22.1B
/
Operating Cash Flow
฿3.3B

Valuation Scenarios

TIPCO Asphalt PCL is trading below its 3-year average

If P/OCF returns to its 3-Year Average (13.4), the stock would be worth ฿27.66 (105% upside from current price).

Statistics
Positive Scenarios
3/4
Maximum Downside
-25%
Maximum Upside
+105%
Average Upside
45%
Scenario P/OCF Value Implied Price Upside/Downside
Current Multiple 6.5 ฿13.5
0%
3-Year Average 13.4 ฿27.66
+105%
5-Year Average 13.1 ฿26.98
+100%
Industry Average 4.9 ฿10.1
-25%
Country Average 6.6 ฿13.65
+1%

Forward P/OCF
Today’s price vs future operating cash flow

Not enough data available to calculate forward P/OCF

Peer Comparison

All Multiples
P/OCF
P/E
All Countries
Close
Market Cap P/OCF P/E
TH
TIPCO Asphalt PCL
SET:TASCO
21.3B THB 6.5 18.7
IE
CRH PLC
NYSE:CRH
78.9B USD 14 21
CH
Holcim AG
SIX:HOLN
40.3B CHF 14.6 3.1
DE
HeidelbergCement AG
XETRA:HEI
32.8B EUR 10.1 17
US
Vulcan Materials Co
NYSE:VMC
38.1B USD 21 35.4
IN
UltraTech Cement Ltd
NSE:ULTRACEMCO
3.5T INR 25.3 49.2
US
Martin Marietta Materials Inc
NYSE:MLM
37.1B USD 20.8 32.6
US
Amrize AG
SIX:AMRZ
24.7B CHF 14 26.1
DE
Heidelberg Materials AG
XMUN:HEI
21.7B EUR 6.7 11.2
IN
Grasim Industries Ltd
NSE:GRASIM
1.9T INR -13.1 45.1
CN
China Jushi Co Ltd
SSE:600176
131B CNY 31.2 39.9

Market Distribution

In line with most companies in Thailand
Percentile
49th
Based on 352 companies
49th percentile
6.5
Low
0.4 — 4.3
Typical Range
4.3 — 9.7
High
9.7 —
Distribution Statistics
Thailand
Min 0.4
30th Percentile 4.3
Median 6.6
70th Percentile 9.7
Max 13 115.6

TIPCO Asphalt PCL
Glance View

Market Cap
21.3B THB
Industry
Construction

Tipco Asphalt Public Co. Ltd. engages in the manufacture and distribution of asphalt and petroleum oil products. The company is headquartered in Bangkok, Bangkok Metropolis. Its segments include manufacturing and trading and construction. The manufacturing and trading segment conducts manufacturing and trading of asphalt, petroleum oil products and asphalt concrete in both domestic and overseas markets. Whereas the marine logistics business complements the manufacturing and trading of asphalt and petroleum oil products. The construction segment conducts construction services related to highway construction and road rehabilitation in Thailand. The company also sells non-asphalt products, such as naphtha, gas oil and fuel oil, from its asphalt crude refining process to oil traders and refineries in Thailand, Singapore and Malaysia. Its asphalt products are sold to importers and road contractors in Africa, Australia and North America.

TASCO Intrinsic Value
17.31 THB
Undervaluation 22%
Intrinsic Value
Price ฿13.5
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