Pico Thailand PCL

Pico Thailand maintains a strong liquidity position with THB 235.2 million in cash and equivalents, representing 31.5% of total assets. The company's liquidity FPT (free cash flow to total liabilities) is 0.01, indicating a low liquidity risk. The current ratio of 2.03 suggests the company can cover its short-term obligations more than twice over.

Profitability metrics show a return on equity (ROE) of 0.19% and a return on assets (ROA) of 0.10%, both below the industry median for advertising and marketing firms. The operating margin of 0.07% is also weak, indicating limited operating leverage and pricing power.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and client concentration risk.

Recent financial performance shows a 100% year-over-year revenue decline from THB 2.599 billion to THB 1.008 billion, according to analyst estimates. The operating income of THB 187,780 is a marginal positive, but the free cash flow of THB 3.4 million is insufficient to support significant reinvestment or shareholder returns.

Risk factors include low liquidity and dilution risk, with no immediate filing-based flags detected. The company's debt-to-equity ratio of 0.02 is well below the industry median, suggesting a conservative capital structure.

Recent events include the release of the latest financial results, which show a significant drop in revenue and operating income. No major regulatory or geopolitical events have been disclosed that would directly impact the company's operations.

Operating income surged 40.5% year-over-year to THB 51.6 million, demonstrating significant improvement in core operational profitability despite revenue stagnation.

The company exhibits best-in-class cash conversion at 99.66%, vastly outperforming the Advertising & Marketing cohort median of 0.97%.

Revenue grew at a robust 19.2% compound annual growth rate over the four-year period ending in fiscal year 2008.

Long-term debt remains exceptionally low at THB 7.5 million, resulting in a debt-to-equity ratio of just 0.02.

The company maintains a low dilution risk profile, suggesting minimal threat to existing shareholder equity value from share issuance.

Return on equity of 0.19% and return on assets of 0.10% are well below industry medians, signaling inefficient capital utilization.

Revenue THB 455.0M, +41,0% YoY; Operating income +134,4% YoY.

• ▍Revenue THB 455.0M, +41,0% YoY
• ▍Operating income +134,4% YoY
• ▍Net income +145,7% YoY
• ▍Free cash flow +116,2% YoY
• ▍Net margin 6.5%

Revenue THB 298.6M, −33,0% YoY; Operating income −44,3% YoY.

• ▍Revenue THB 298.6M, −33,0% YoY
• ▍Operating income −44,3% YoY
• ▍Net income −9,7% YoY
• ▍Free cash flow −0,1% YoY
• ▍Net margin 4.0%

Revenue THB 235.0M, −9,6% YoY; Operating income −1 510,2% YoY.

• ▍Revenue THB 235.0M, −9,6% YoY
• ▍Operating income −1 510,2% YoY
• ▍Net income −4 148,2% YoY
• ▍Free cash flow −898,1% YoY
• ▍Net margin -12.7%

Revenue THB 294.4M; Operating income THB 9.6M.

• ▍Revenue THB 294.4M
• ▍Operating income THB 9.6M
• ▍Net margin 2.7%

Revenue THB 322.8M; Operating income THB 15.3M.

• ▍Revenue THB 322.8M
• ▍Operating income THB 15.3M
• ▍Net margin 3.7%

Revenue THB 445.5M; Operating income THB 16.8M.

• ▍Revenue THB 445.5M
• ▍Operating income THB 16.8M
• ▍Net margin 3.0%

Revenue THB 259.9M; Operating income THB 187.8k.

• ▍Revenue THB 259.9M
• ▍Operating income THB 187.8k
• ▍Net margin 0.3%

Revenue THB 1.28B, −1,9% YoY; Operating income +40,5% YoY.

• ▍Revenue THB 1.28B, −1,9% YoY
• ▍Operating income +40,5% YoY
• ▍Net income −33,1% YoY
• ▍Free cash flow −74,9% YoY
• ▍Net margin 1.5%

Revenue THB 1.31B, +26,3% YoY; Operating income +31,5% YoY.

• ▍Revenue THB 1.31B, +26,3% YoY
• ▍Operating income +31,5% YoY
• ▍Net income +36,4% YoY
• ▍Free cash flow +6,7% YoY
• ▍Net margin 2.3%

Revenue THB 1.04B, −6,2% YoY; Operating income +5,2% YoY.

• ▍Revenue THB 1.04B, −6,2% YoY
• ▍Operating income +5,2% YoY
• ▍Net income +8,4% YoY
• ▍Free cash flow −2,0% YoY
• ▍Net margin 2.1%

Revenue THB 1.10B, +73,8% YoY; Operating income +194,1% YoY.

• ▍Revenue THB 1.10B, +73,8% YoY
• ▍Operating income +194,1% YoY
• ▍Net income +170,4% YoY
• ▍Free cash flow +290,0% YoY
• ▍Net margin 1.8%

Revenue THB 635.5M; Operating income -THB 28.2M.

• ▍Revenue THB 635.5M
• ▍Operating income -THB 28.2M
• ▍Net margin -4.4%