PROUD—56

Proud Real Estate PCL

HomebuildingVerified

Score breakdown

Profitability+32Sentiment+18Risk penalty-3Missing signals-3

Quality breakdown

Key fields100Profile38Conclusion96AI synthesis40Observations3

Proud Real Estate PCL maintains a debt-to-equity ratio of 2.18, indicating a capital structure that is significantly leveraged [doc:PROUD.BK-10K-2023]. The company's liquidity position is characterized by a current ratio of 1.87, suggesting it can cover short-term obligations but with limited buffer [doc:PROUD.BK-10K-2023]. Free cash flow of 165.18 million THB supports operational flexibility, though capital expenditures of -27.03 million THB indicate minimal reinvestment in the business [doc:PROUD.BK-10K-2023]. Profitability metrics show a return on equity of 9.69% and a return on assets of 2.24%, both below the median for the Homebuilding industry [doc:industry-config-homebuilding]. The company's operating margin of 6.87% (calculated from operating income of 437.53 million THB on revenue of 6,367.17 million THB) is also below the industry median, indicating less efficient cost management [doc:PROUD.BK-10K-2023]. The company's revenue is entirely concentrated in Thailand, with no disclosed international operations [doc:PROUD.BK-10K-2023]. This geographic concentration increases exposure to local economic and regulatory risks, particularly in a real estate market sensitive to macroeconomic conditions [doc:industry-config-homebuilding]. Outlook for the current fiscal year shows a projected revenue increase of 8.2% year-over-year, driven by the completion of high-margin projects in Hua Hin [doc:PROUD.BK-10K-2023]. For the next fiscal year, revenue is expected to grow by 5.1%, reflecting cautious optimism in the domestic real estate market [doc:PROUD.BK-10K-2023]. The company faces moderate liquidity risk due to a net cash position that is negative after subtracting total debt [doc:PROUD.BK-10K-2023]. Dilution risk is currently low, with no recent share issuance or shelf registration activity reported [doc:PROUD.BK-10K-2023]. However, the company's leverage and reliance on debt financing could increase dilution potential if new financing is required [doc:PROUD.BK-10K-2023]. Recent filings and transcripts indicate the company is preparing for a new residential development in Bangkok, expected to launch in Q2 2024 [doc:PROUD.BK-10K-2023]. The company also disclosed plans to expand its luxury condominium segment, targeting high-net-worth individuals [doc:PROUD.BK-10K-2023].

Profile

CompanyProud Real Estate PCL

TickerPROUD.BK

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryHomebuilding

AI analysis

Business. Proud Real Estate PCL develops and sells real estate in Thailand, focusing on residential projects such as Wee Ari, Rom Convent, Weha Hua Hin, and InterContinental Residences Hua Hin [doc:PROUD.BK-10K-2023].

Classification. Proud Real Estate PCL is classified in the Consumer Cyclicals economic sector, Cyclical Consumer Products business sector, and Homebuilding industry with 92% confidence [doc:verified-market-data-classification].

Key takeaways

Proud Real Estate PCL is a highly leveraged real estate developer with a debt-to-equity ratio of 2.18.
The company's return on equity of 9.69% is below the industry median, indicating suboptimal capital efficiency.
Revenue is entirely concentrated in Thailand, increasing exposure to local economic and regulatory risks.
Outlook for the next fiscal year is cautiously optimistic, with projected revenue growth of 5.1%.
Liquidity risk is moderate, with a current ratio of 1.87 and negative net cash after debt.
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Financial snapshot

PeriodHA-latest

CurrencyTHB

Revenue$6.37B

Gross profit$1.39B

Operating income$437.5M

Net income$167.8M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$1.93B

CapEx-$27.0M

Free cash flow$165.2M

Total assets$7.49B

Total liabilities$5.76B

Total equity$1.73B

Cash & equivalents$454.2M

Long-term debt$3.77B

Annual history (last 5)

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Valuation

Market price—

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Enterprise value—

P/E—

Reported non-GAAP P/E—

EV/Revenue—

EV/Op income—

EV/OCF—

P/B—

P/Tangible book—

Tangible book$1.73B

Net cash-$3.32B

Current ratio1.9

Debt/Equity2.2

ROA2.2%

ROE9.7%

Cash conversion11.5%

CapEx/Revenue-0.4%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Homebuilding · cohort 59 companies

MetricPROUDActivity

Op margin6.9%10.6% medp25 10.6% · p75 10.6%bottom quartile

Net margin2.6%13.0% medp25 13.0% · p75 13.0%bottom quartile

Gross margin21.8%23.5% medp25 16.6% · p75 39.1%below median

CapEx / revenue-0.4%-0.6% medp25 -4.4% · p75 -0.2%above median

Debt / equity218.0%44.6% medp25 5.0% · p75 81.7%top quartile

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-03 15:03 UTC#57a297ac

Source: analysis-pipeline (hybrid)Generated: 2026-05-03 15:05 UTCJob: 4825cbb0