Launch Of New Ultra-Efficient Plant In Indonesia

Launch Of New Ultra-Efficient Plant In Indonesia


Polyplex (Thailand) Public Company Limited is part of the Polyplex group and produces polyester film, which is mainly used in the food industry for packagings such as food pouches and PET bottles.

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It is the only player with a manufacturing presence in all the key markets of Europe, North America, and India, as well as a domestic plant in Thailand.

Business Description

PTL’s core business is polyester film and plastic products made from polyester resin. The Polyplex group is ranked fifth in the world by annual production volume. Applications of the company’s polyester film range from food packaging such as food containers and lids on cartons, and PET bottles, to less commoditized and more specialized high-margin electronics-related products.

The market has been growing at an average rate of 6-7% p.a. for more than 25 years, largely due to the steady demand from the food industry, which tends to be recession-proof. There are now meaningful barriers to entry because of the dominance of only a few players, and the high cost of investing in new facilities; the top 10 competitors already have close to half of the world market.

Polyplex (Thailand) Public Company Limited

What distinguishes PTL from its competitors is that it has manufacturing bases in Southeast Asia, Europe, and North America, with a new ultra-efficient plant in Indonesia planned to come on stream next year. The new plant should have about 20% faster line speed and produce 20% wider film.


Manu Leopairote is the current independent Chairman of PLT and has served in this position since 2004. He also holds Chairmanship and Directorship in multiple other companies such as ARIP Public Company Limited (ARIP TB) and Khon Kaen Sugar Industry Public Company Limited (KSL TB). He received his Bachelor’s degree and Honorary Doctorate from Thammasat University, Thailand and his Master’s degree from the University of Kentucky, US. In addition, he has also been decorated Knight Grand Cross (First Class) of the Most Noble Order of the Crown of Thailand among other decorations.

Polyplex (Thailand) Public Company Limited

Amit Prakash was appointed Managing Director of PLT in 2015 following Rohit’s resignation. He has worked for PLT since 1998 and is currently holding directorship in Polyplex (Singapore) and Polyplex (Asia). His education consists of Bachelor’s degree in Electrical Engineering from Harcourt Butler Technical Institute, India, and MBA from Warwick Business School, UK.

World Class Benchmarking

Profitable Growth has gradually improved from among the worst in 2014 to be ranked in top 3 in the past 12 months. PTL ranked among the top 234 of 780 medium-sized Materials companies worldwide.

Profitability exhibit the same trend as Profitable Growth while Growth has seen heavy fluctuations. Growth ranked at #1 in 2016 and 2017 but fell to #8 in the past 12 months.

Polyplex (Thailand) Public Company Limited

Improvements can be seen in both Asset utilization and Profit margin, both ranked at #4 in the past 12 months.

Sales growth has seen a declining trend since 2013. Margin change has performed well in 2016 and 2017 but has fallen back a #8 rank in the past 12 months.

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Dr. Andrew Stotz, CFA is the CEO of A. Stotz Investment Research, a company providing institutional investors with ready-to- invest portfolios in Asia that aim to beat the benchmark through superior stock selection. The company also provides buy- and sell-side clients with financial models to value any company in the world and World Class Benchmarking to determine what companies are financially world class. Previously, as Head of Research at CLSA, Andrew was voted No. 1 Analyst in Thailand in the Asiamoney Brokers Polls for 2008 and 2009. He was also voted No. 1 Analyst in Thailand in the 2009 Institutional Investor magazine All-Asia Research Team Report. Andrew earned his PhD in finance at the University of Science and Technology of China in Anhui province, with a focus on answering questions raised by fund managers and analysts during his career about picking stocks and managing portfolios. In addition, Andrew has been a lecturer in finance for 22 years at various universities in Thailand. Since 2013, he has been the president of the CFA Society of Thailand. He is also the author of How to Start Building Your Wealth Investing in the Stock Market.

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