TPBI Public Company Limited (TPBI.BK)

Industry: Packaging & Containers Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
014160.KS	121	DAE YOUNG Packagin	192	-	-	11.04	12.50	15.21	-
HINDNATGLS.NS	122	Hindusthan Nationa	185	-	-	2.62	3.38	-	2.49
002565.SZ	123	Shanghai Shunho Ne	182	136.35	136.35	56.42	55.78	-	157.86
002263.SZ	124	Zhejiang Great Sou	182	136.37	156.05	53.41	64.51	-	214.13
1008.HK	125	Litu Holdings Limi	182	14.10	28.33	1.85	2.47	4.58	6.03
AKPI.JK	126	PT Argha Karya Pri	176	-	-	12.33	12.73	80.78	19.54
008870.KS	127	Kumbi Corporation	171	25.82	25.82	3.10	2.95	-	15.61
TPBI.BK	128	TPBI Public Compan	162	6.09	5.74	2.51	2.55	5.14	4.13
BORORENEW.BO	129	Borosil Renewables	162	-	-	-	-	20.07	68.38
300501.SZ	130	HySum Flexibles Gl	161	72.39	83.24	56.74	66.27	81.06	105.08
PLCR.TA	131	Plasto-Cargal Grou	160	-	-	8.67	10.00	23.08	11.51
THIP.BK	132	Thantawan Industry	156	7.55	7.53	2.91	2.79	4.93	4.10
300955.SZ	133	Jahen Household Pr	155	-	-	-	-	139.44	-
3954.T	134	Showa Paxxs Corpor	152	7.00	6.75	0.36	0.35	0.49	0.51
3943.T	135	Ohishi Sangyo Co.,	151	13.70	13.70	1.79	1.79	7.24	4.43
603499.SS	136	Shanghai Sunglow P	147	41.66	16.19	27.95	19.05	81.34	38.78

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.10	16.19	3.10	3.38	15.21	11.51
Full Range Median Multiple	25.82	25.82	8.67	10.00	20.07	15.61
Industry Multiple	50.55	52.66	18.40	19.58	41.66	49.88
Market Implied Multiple	5.80	5.47	2.40	2.43	4.91	3.95
Company (TPBI.BK) Multiple	6.09	5.74	2.51	2.55	5.14	4.13
(*) Net Income / EBITDA / Revenue	7	7	17	17	8	10
Winsorized Enterprise Value	N/A	N/A	52	56	125	118
Full Range Median Enterprise Value	N/A	N/A	146	166	165	160
(-) Net Debt	3	3	3	3	3	3
Winsorized Equity Value	92	112	50	53	122	115
Full Range Median Equity Value	168	178	143	163	162	157
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$6.95	$8.46	$3.75	$4.05	$9.28	$8.71
Full Range Median Fair Value	$12.72	$13.49	$10.85	$12.38	$12.31	$11.89
Current Price	$2.86	$2.86	$2.86	$2.86	$2.86	$2.86
Upside / Downside	143.04%	195.78%	31.22%	41.76%	224.57%	204.71%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.87	$5.92	$2.63	$2.84	$6.50	$6.10
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	BUY