Multibax PCL
Multibax PCL is a manufacturer and distributor of non-paper containers and packaging, primarily serving the chemicals and industrial materials sectors.
Business. Multibax PCL (MBAXM.BK) is a Thai company engaged in the non-paper containers and packaging industry within the basic materials sector. The firm operates primarily through the sale of products, focusing on manufacturing and distributing packaging solutions. Headquartered in Thailand, Multibax is listed on the Stock Exchange of Thailand (SET). Specific details regarding operating segments or geographic revenue breakdowns are not available.
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- ElectionFR French Legislative2027-06-01 · FR
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Multibax PCL (MBAXM.BK) is a Thai company engaged in the non-paper containers and packaging industry within the basic materials sector. The firm operates primarily through the sale of products, focusing on manufacturing and distributing packaging solutions. Headquartered in Thailand, Multibax is listed on the Stock Exchange of Thailand (SET). Specific details regarding operating segments or geographic revenue breakdowns are not available.
Multibax operates with a debt-to-equity ratio of 1.36, indicating a moderate reliance on debt financing, and a current ratio of 0.94, suggesting limited short-term liquidity. The company reported negative operating cash flow of -12.91 million THB, but generated free cash flow of 19.94 million THB, supported by capital expenditures of -3.37 million THB. This suggests that while the company is investing in its operations, it is still generating positive cash flow after capital spending.
Profitability metrics show a return on equity (ROE) of 0.73% and a return on assets (ROA) of 0.26%, both significantly below the industry median for non-paper packaging firms, which typically report ROE and ROA in the 5-10% range. The company's operating income of 9.52 million THB and net income of 3.68 million THB reflect a narrow margin structure, with gross profit of 29.24 million THB on total revenue of 299.85 million THB.
Geographically, Multibax is concentrated in the domestic market, with no disclosed international revenue segments. The company's revenue is primarily derived from the sale of non-paper containers and packaging, with no material diversification across product lines or customer bases. This concentration increases exposure to local economic conditions and regulatory changes.
The company's growth trajectory is modest, with no disclosed revenue growth in the most recent fiscal year. Looking ahead, the outlook for the next fiscal year is neutral, with no significant changes expected in revenue or operating performance. The company's capital expenditures are expected to remain stable, with no major expansion projects currently in the pipeline.
Risk factors include a medium liquidity risk due to the current ratio of 0.94 and a negative net cash position after subtracting total debt. The company has a low dilution risk, with no recent share issuance or dilution events reported. However, the company's reliance on debt financing and limited cash reserves could constrain its ability to respond to market volatility or capital calls.
Recent filings and transcripts indicate no material changes in the company's strategic direction or operational performance. The company has not disclosed any new product launches, major contracts, or regulatory challenges in the latest financial reports.
- Multibax has a moderate debt load and limited short-term liquidity, with a current ratio of 0.94.
- The company's profitability is below industry medians, with ROE and ROA of 0.73% and 0.26%, respectively.
- Revenue is concentrated in a single product line and domestic market, increasing exposure to local economic conditions.
- Growth is expected to remain flat, with no major capital projects or expansion plans disclosed.
- The company has low dilution risk but faces medium liquidity risk due to negative net cash after debt.
Bull / Bear case
Generated · model-assistedNet income surged 284.4% year-over-year to THB 36.9 million, signaling a strong operational turnaround.
Free cash flow improved dramatically by 1,153.6% to THB 70.4 million, enhancing liquidity and financial flexibility.
Revenue grew 23.4% year-over-year to THB 1.7 billion, demonstrating robust top-line expansion momentum.
Operating income skyrocketed 6,614.6% to THB 64.6 million, indicating significant improvement in core profitability.
Long-term debt decreased to THB 674.8 million, reflecting a modest reduction in leverage obligations.
The company faces high credit risk, potentially threatening its ability to meet financial obligations.
Debt-to-equity ratio stands at 1.36, significantly higher than the cohort median of 0.36.
Cash conversion ratio of -3.51 is in the bottom quartile, highlighting poor cash generation quality.
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- Multibax PCL Market data — financials · 2026-05-28