Risk factor
Very poor trading liquidity
Profitability factor
Overvalued vs peers
About
Established in 2005 and headquartered in Mueang Samut Prakan, Thailand, Applied DB Public Company Limited specializes in the production and distribution of plastic compounds, various adhesives, and sealants. The company's market reach extends beyond Thailand to include international territories such as Nigeria, Kenya, Singapore, the Philippines, Bangladesh, Myanmar, and Vietnam. Its operations are structured into three primary divisions: Plastic Compound, Adhesive, and Sealant & DIY. The Plastic Compound segment offers a range of PVC and non-PVC materials, including flexible and rigid PVC, pharmaceutical-grade compounds, and thermoplastic elastomers. Within the Adhesive portfolio, customers can find contact, grafted, polyurethane (PU), vinyl, and epoxy glues, alongside essential thinners, primers, and hardeners. The Sealant offerings comprise acetic and neutral silicones, acrylics, super nail construction sealants, and PU sealants, as well as water-based construction adhesives. Additionally, the DIY product line features super glues, RTV gasket makers, general household adhesives and sealants, epoxy adhesives and putties, and other specialized products. Applied DB serves a diverse client base, supplying its products to industries such as wire and cable manufacturing, real estate and construction, and footwear and leather, in addition to directly catering to household consumers.
Company Valuation
Based on key historical and expected multiples, the stock is overvalued relative to its peers. Specifically, the stock is fairly valued on P/E, neutral on EV/EBITDA, over