In today’s briefing:
- TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events
TOA Paint (Thailand) (TOA TB) – An Unfortunate Turn of Events
- TOA Paint is Thailand’s leading decorative paints player with a 48% market share and a good track record but it has become caught up by association with STARK Corporation.
- This looks like a guilt by association sell down given there are no visible business connections between STARK and TOA Paint but the eldest son of the family controls Stark.
- The second son of the Patriarch is CEO of TOA Paint, which is otherwise enjoying a strong recovery in demand plus lower input costs. Valuations have declined to attractive levels.
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