AAPICO Hitech PCL

The company's capital structure shows a debt-to-equity ratio of 0.54, indicating a moderate reliance on debt financing. With total liabilities of 14,044.596 million THB and total equity of 11,432.893 million THB, the firm maintains a balanced capital structure. However, the liquidity position is constrained, as evidenced by a current ratio of 0.99 and negative net cash after subtracting total debt. Free cash flow stands at 335.194 million THB, suggesting the company generates sufficient cash to support operations and potentially fund growth initiatives.

Profitability metrics reveal a return on equity (ROE) of 2.79% and a return on assets (ROA) of 1.25%, both below the industry median for the Auto, Truck & Motorcycle Parts sector. The operating margin is 5.04% (calculated from operating income of 375.383 million THB on revenue of 7,452.336 million THB), which is also below the sector median. These figures suggest the company is underperforming in terms of asset utilization and profitability relative to its peers.

Geographically, AAPICO Hitech PCL is concentrated in the domestic market, with no disclosed international revenue segments. The company's revenue is entirely attributed to its operations in the Auto, Truck & Motorcycle Parts industry, with no diversification across product lines or geographic regions. This concentration increases exposure to regional economic fluctuations and industry-specific risks.

Looking ahead, the company is projected to experience modest revenue growth, with a current FY outlook of 2.5% and a next FY outlook of 3.0%. These growth rates are in line with the industry average but do not indicate a strong competitive position. Historical revenue trends show a stable but slow growth trajectory, with no significant acceleration in recent periods.

Risk factors include medium liquidity risk due to the current ratio being near 1 and negative net cash after debt. The company has a low dilution risk, with no near-term pressure for equity issuance. However, the risk assessment highlights the need for careful monitoring of cash flow and debt management to ensure financial stability.

Recent events include analyst estimates indicating a mean price target of 14.68 THB and a median price target of 14.90 THB. The mean recommendation score of 2.50 suggests a mixed outlook, with three "hold" ratings and one "strong buy" rating. No recent filings or transcripts have been disclosed that would significantly alter the company's strategic direction or financial outlook.

Operating and net margins exceed the 473-company auto parts cohort median, indicating superior profitability relative to peers.

Analysts project 9.5% upside to a mean price target of 14.675 THB, maintaining a buy recommendation.

Long-term debt decreased from 8.2 billion THB in 2022 to 5.76 billion THB in 2025, reducing leverage.

Revenue grew at a 6.0% CAGR over four years, demonstrating historical top-line expansion capability.

Free cash flow turned positive in 2026, reaching 256 million THB, improving from previous years.

The company faces high credit risk, posing significant potential for financial instability or losses.

Return on equity of 2.79% trails the 3.39% cohort median, indicating inefficient capital utilization.

Revenue contracted by 3.0% year-over-year in 2026, marking a reversal of prior growth trends.

Cash conversion ratio of 0.57 is significantly below the 1.37 cohort median, suggesting poor cash generation.

Revenue THB 6.40B, +3,7% YoY; Operating income −44,6% YoY.

• ▍Revenue THB 6.40B, +3,7% YoY
• ▍Operating income −44,6% YoY
• ▍Net income −12,0% YoY
• ▍Free cash flow +60,9% YoY
• ▍Net margin 1.7%

Revenue THB 6.12B, −6,3% YoY; Operating income +16,3% YoY.

• ▍Revenue THB 6.12B, −6,3% YoY
• ▍Operating income +16,3% YoY
• ▍Net income +3,3% YoY
• ▍Free cash flow −127,4% YoY
• ▍Net margin 3.5%

Revenue THB 6.52B, +1,3% YoY; Operating income −0,4% YoY.

• ▍Revenue THB 6.52B, +1,3% YoY
• ▍Operating income −0,4% YoY
• ▍Net income +5,2% YoY
• ▍Free cash flow −8,7% YoY
• ▍Net margin 1.7%

Revenue THB 6.75B, −9,5% YoY; Operating income −6,5% YoY.

• ▍Revenue THB 6.75B, −9,5% YoY
• ▍Operating income −6,5% YoY
• ▍Net income −4,2% YoY
• ▍Free cash flow +13,8% YoY
• ▍Net margin 4.5%

Revenue THB 6.17B; Operating income THB 223.6M.

• ▍Revenue THB 6.17B
• ▍Operating income THB 223.6M
• ▍Net margin 1.9%

Revenue THB 6.53B; Operating income THB 209.1M.

• ▍Revenue THB 6.53B
• ▍Operating income THB 209.1M
• ▍Net margin 3.1%

Revenue THB 6.44B; Operating income THB 157.5M.

• ▍Revenue THB 6.44B
• ▍Operating income THB 157.5M
• ▍Net margin 1.6%

Revenue THB 7.45B; Operating income THB 375.4M.

• ▍Revenue THB 7.45B
• ▍Operating income THB 375.4M
• ▍Net margin 4.3%

Revenue THB 25.78B, −3,0% YoY; Operating income −9,4% YoY.

• ▍Revenue THB 25.78B, −3,0% YoY
• ▍Operating income −9,4% YoY
• ▍Net income −2,1% YoY
• ▍Free cash flow +3,2% YoY
• ▍Net margin 2.8%

Revenue THB 26.59B, −11,5% YoY; Operating income −46,6% YoY.

• ▍Revenue THB 26.59B, −11,5% YoY
• ▍Operating income −46,6% YoY
• ▍Net income −53,6% YoY
• ▍Free cash flow −81,9% YoY
• ▍Net margin 2.8%

Revenue THB 30.03B, +7,4% YoY; Operating income −5,1% YoY.

• ▍Revenue THB 30.03B, +7,4% YoY
• ▍Operating income −5,1% YoY
• ▍Net income −11,7% YoY
• ▍Free cash flow −7,3% YoY
• ▍Net margin 5.4%

Revenue THB 27.97B, +36,9% YoY; Operating income +57,1% YoY.

• ▍Revenue THB 27.97B, +36,9% YoY
• ▍Operating income +57,1% YoY
• ▍Net income +78,1% YoY
• ▍Free cash flow +435,0% YoY
• ▍Net margin 6.5%