TIPCO: A historical comparison

In continuation of our historical comparisons, TIPCO is analyzed in the table below. The years used in the comparison are 1991 to 1993 and 2001 to 2004 (2004 numbers are a forecast made by Kim Eng in mid-August of this yearalreading using the first half results).

TIPCO is another long time favorite of Thaistocks.com. Over the years Paul Renaud has made visits to the company and written many articles about the company. Please use our search engine and type in the ticker symbol if you would like to further investigate TIPCO.

The comparison below is a straightforward exercise. There are no results that jump out as alarming. TIPCO nicely grew its revenues between the two time periods. Profit margins now aren"t as high as they were in 1992 and 1991, but this is expected as revenues more than doubled in the same time period.

TIPCO obviously had a lot less shares outstanding back in the early 1990’s, and this is what causes the distortions in EPS and Book Value per Share. The Return on Assets and Return on Equity ratios give a much clearer signal that the company is performing at the same level these days as it was during the last bull cycle in the early 1990’s.

Kim Eng is bullish on the stock as well, citing interest expenses dropping 37%, Tipco Asphalt better than expected performance, and the launching of additional juice products as having a positive influence on the stock price.