DPAINT shares closed the first trading day at 12.90 baht, an increase of 5.40 baht (+72%) from the IPO price of 7.50 baht/share, trading value 6,662.77 million baht, with the market opening at 22.50 baht, the highest price was 22.50 baht and the lowest price was 11.50 baht.
TISCO Securities stated in the analysis that Based on preliminary estimates, the appropriate value in 2022 of Delta Color Public Company Limited (DPAINT) is at Bt9.9 (based on P/E 27 times compared to TOA, but discounted due to different company sizes), driven by product launches. New products, focusing on special quality paint products with high margin, investing in the purchase of additional color mixers for placing at the store, which increases the number of sales channels for the company. and the opening of the second factory during the 4th quarter of 21, which helps both in terms of supporting the expansion and increase production efficiency It will also benefit from the recovery of the construction sector in 2022.
Long-term, this will be boosted by a move to the completed Suwinthawong plant, which will boost the company’s profit margins. (From more efficient production due to changing machines and new production methods that reduce the use of people) may have special items from the sale of the first factory after the production has been moved to the Suwinthawong factory. The risk of DPAINT to be aware of is the intense competition in the industry. and the price of raw materials may be higher
DPAINT operates its business as a manufacturer and distributor of decorative paint products with distribution channels through Modern Trade, Retail and Project. Products can be categorized into 3 types: 1) Special quality paints. It is a color that has a lifespan of more than 10 years and has additional special properties in various fields. It will be the product with the highest profit margin. 2) High Quality Paints are standard quality paints and are less expensive than premium quality paints. with a lifespan of about 5 ? 10 years. 3) Quality paint is worth it. which is suitable for jobs with limited budget with a useful life of approximately 5 years.