Has STHAI Turned “Opportunity into Crisis”?
STHAI is still in a critical situation as the company has not yet submitted the financial statements of 2018.
STHAI is still in a critical situation as the company has not yet submitted the financial statements of 2018.
18 เม.ย. 2562

Shun Thai Rubber Gloves Industry Public Company Limited (STHAI) is still in a critical situation as the company has not yet submitted the financial statements of 2018, which caused the Stock Exchange of Thailand to post “SP” sign on the share. And there is no telling when STHAI will be able to trade again, and the only thing that all 1,140 individuals that hold STHAI in their portfolios can do is wait.
 
The core business of STHAI is producing rubber gloves that supposed to have a bright future as rubber gloves are highly demanded in the market, especially in medical industry. Moreover, in the past few years, the price of para rubber had significantly decline, which is another benefit to STHAI for a lower cost of material.
However, it turned out that STHAI did not receive positive sentiment from any of the aforementioned factors and faced a deficit instead!
 
Has STHAI turned “Opportunity into Crisis” ?
 
In 2017, the company turned from making profit of THB 4.78 million into a deficit of THB 186.84 million from a total of THB 707.09 million in revenue. While the 1H18 financial statement which was the latest one published, reported that STHAI had a deficit of THB 3.41 million, decreased THB 61.72 million from a deficit of THB 65.13 million YoY. STHAI gained higher sales revenue in 1H18 at THB 357.08 million, increased THB 10.94 million YoY, and administrative expenses was THB 26.61 million, decreased by THB 0.28 million or 1.04% YoY.
 
The first half of 2018 showed a little promising sign as the company lowered the administrative cost and nonrenewable resources, which led to high hopes from investors that STHAI would be able to resume trading soon.
Sadly, the hope disappeared when STHAI failed to submit the financial report of 2018 within the time frame, resulting in a suspension from the Stock Exchange of Thailand (SET) along with NC and NP signs as well.
 
The biggest challenge for STHAI is getting back on track to regain confidence from investors and resume trading as soon as possible.
 