Rich Sport PCL

Rich Sport PCL maintains a conservative capital structure with a debt-to-equity ratio of 0.26, indicating a relatively low reliance on debt financing. The company holds 346.334 million THB in cash and equivalents, but after subtracting long-term debt of 448.528 million THB, the net cash position is negative, signaling potential liquidity constraints. The current ratio of 6.46 suggests strong short-term liquidity, with current assets significantly outpacing current liabilities. However, the company's free cash flow of 33.339 million THB is modest relative to its operating cash flow of 117.359 million THB, indicating some reinvestment or operational constraints.

Profitability metrics show a return on equity (ROE) of 2.68% and a return on assets (ROA) of 1.93%, both below the industry median for footwear companies, which typically report ROE and ROA in the 5-8% and 3-5% ranges, respectively. The gross profit margin of 59.18% (210.246 million THB / 355.250 million THB revenue) is strong, but the operating margin of 16.95% (60.198 million THB / 355.250 million THB revenue) is relatively low, suggesting pressure on operating efficiency.

The company's revenue is concentrated in a single business segment, as disclosed in its financial statements, with no material geographic diversification reported. This lack of diversification increases exposure to regional economic fluctuations and shifts in consumer demand. No material revenue is attributed to international markets, and the company's operations are primarily localized.

Looking ahead, the company's revenue is projected to remain stable, with no significant growth or contraction expected in the next fiscal year. The current fiscal year revenue of 355.250 million THB is in line with analyst estimates of 967.471 million THB, though the discrepancy suggests potential volatility or misalignment in expectations. The company's capital expenditure of -43.375 million THB indicates a reduction in investment, which may reflect a strategic shift or cost-cutting measures.

The risk assessment highlights a medium liquidity risk, primarily due to the negative net cash position after accounting for long-term debt. While the company has not issued any recent dilutive instruments, the risk of dilution remains low, with no near-term pressure expected. The company's risk profile is further influenced by its exposure to the footwear industry, which is sensitive to macroeconomic conditions and consumer spending trends.

Recent filings and transcripts do not indicate any material events or strategic shifts. The company's latest earnings report and revenue figures align with its historical performance, with no significant deviations or anomalies reported.

Cash conversion ratio of 2.52 is well above the cohort median of 0.82, highlighting efficient cash generation.

Debt-to-equity ratio of 0.26 is lower than the cohort median of 0.40, suggesting a conservative leverage profile.

Revenue declined 11.6% year-over-year to THB 1.28 billion in FY0, signaling weakening top-line growth.

Net income turned negative to THB -15.8 million in FY0, marking a sharp deterioration in profitability.

Free cash flow remained negative at THB -52.8 million in FY0, indicating ongoing cash burn.

Capex to revenue ratio of -12.2% falls in the bottom quartile of the footwear cohort peers.

Revenue THB 341.4M, −9,5% YoY; Operating income −89,4% YoY.

• ▍Revenue THB 341.4M, −9,5% YoY
• ▍Operating income −89,4% YoY
• ▍Net income −153,0% YoY
• ▍Free cash flow −75,1% YoY
• ▍Net margin -4.5%

Revenue THB 295.4M, −12,3% YoY; Operating income −56,9% YoY.

• ▍Revenue THB 295.4M, −12,3% YoY
• ▍Operating income −56,9% YoY
• ▍Net income −67,2% YoY
• ▍Free cash flow −40,4% YoY
• ▍Net margin 4.7%

Revenue THB 311.9M, −10,0% YoY; Operating income −75,6% YoY.

• ▍Revenue THB 311.9M, −10,0% YoY
• ▍Operating income −75,6% YoY
• ▍Net income −201,9% YoY
• ▍Free cash flow −53,9% YoY
• ▍Net margin -5.0%

Revenue THB 336.7M; Operating income THB 58.9M.

• ▍Revenue THB 336.7M
• ▍Operating income THB 58.9M
• ▍Net margin 12.7%

Revenue THB 346.7M; Operating income THB 23.2M.

• ▍Revenue THB 346.7M
• ▍Operating income THB 23.2M
• ▍Net margin 4.5%

Revenue THB 355.2M; Operating income THB 60.2M.

• ▍Revenue THB 355.2M
• ▍Operating income THB 60.2M
• ▍Net margin 13.1%

Revenue THB 1.28B, −9,9% YoY; Operating income −99,3% YoY.

• ▍Revenue THB 1.28B, −9,9% YoY
• ▍Operating income −99,3% YoY
• ▍Net income −111,8% YoY
• ▍Free cash flow −158,8% YoY
• ▍Net margin -1.2%

Revenue THB 1.45B, +14,4% YoY; Operating income −8,8% YoY.

• ▍Revenue THB 1.45B, +14,4% YoY
• ▍Operating income −8,8% YoY
• ▍Net income −7,4% YoY
• ▍Free cash flow −344,0% YoY
• ▍Net margin 7.1%