Tanachira Retail Corporation PCL

Tanachira Retail Corporation PCL maintains a relatively conservative capital structure, with a debt-to-equity ratio of 0.33, indicating a moderate reliance on debt financing. The company's liquidity position is characterized as medium, with a current ratio of 1.74, suggesting it can cover its short-term obligations but with limited excess capacity. Free cash flow of 110.92 million THB supports operational flexibility, though net cash is negative after subtracting total debt, signaling potential refinancing needs.

Profitability metrics show a return on equity of 3.75% and a return on assets of 2.54%, both below the typical thresholds for high-performing firms in the apparel and accessories industry. The operating margin, calculated as operating income of 82.29 million THB on revenue of 457.67 million THB, yields a margin of 17.97%, which is in line with industry norms but leaves room for improvement in cost control 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 consumer demand shifts. The absence of segment-specific revenue breakdowns in the financial data limits the ability to assess the performance of individual product lines or geographic regions.

Looking ahead, the company is projected to maintain a stable revenue trajectory, with no significant growth or contraction expected in the next fiscal year. The current fiscal year's revenue of 457.67 million THB is expected to remain relatively flat, with no disclosed capital expenditure plans that would suggest aggressive expansion. The company's operating cash flow of 61.54 million THB supports this stability, though the negative net cash position may constrain future investment opportunities.

Risk factors include a medium liquidity risk, primarily due to the negative net cash position after accounting for total debt. The company's dilution risk is assessed as low, with no near-term pressure from share issuance or convertible instruments. However, the absence of strong buy or buy recommendations from analysts suggests limited investor confidence in the stock's upside potential.

Recent events, including analyst estimates and recommendations, indicate a cautious outlook. The mean price target of 3.82 THB is consistent across all estimates, with a single hold recommendation and no strong buy or buy ratings. This uniformity in analyst sentiment suggests a consensus of moderate expectations, with no significant upside or downside surprises anticipated in the near term.

Free cash flow surged 300.7% year-over-year to THB 196.97 million in fiscal 2026, demonstrating strong cash generation.

Revenue grew 65.2% year-over-year to THB 1.86 billion in fiscal 2026, indicating robust top-line expansion momentum.

Analysts assign a mean price target of THB 3.82, implying a 2.1% upside from the current market price of THB 3.74.

Net income collapsed to THB 46.19 million in fiscal 2026, down sharply from THB 130.07 million in the prior year.

Operating income declined significantly to THB 116.22 million in fiscal 2026, falling from THB 203.66 million in fiscal 2025.

The company carries a high credit risk flag, signaling potential difficulties in meeting financial obligations or debt servicing.

Long-term debt increased to THB 844.67 million in fiscal 2026, up from THB 718.31 million in the previous fiscal year.

Revenue CAGR was negative at -2.7% over the four-year span from fiscal 2024 to fiscal 2023.

Revenue THB 517.6M, +7,3% YoY; Operating income −52,0% YoY.

• ▍Revenue THB 517.6M, +7,3% YoY
• ▍Operating income −52,0% YoY
• ▍Net income −78,6% YoY
• ▍Free cash flow +781,4% YoY
• ▍Net margin 1.0%

Revenue THB 451.7M, +10,3% YoY; Operating income −34,8% YoY.

• ▍Revenue THB 451.7M, +10,3% YoY
• ▍Operating income −34,8% YoY
• ▍Net income −50,6% YoY
• ▍Free cash flow −7,3% YoY
• ▍Net margin 3.0%

Revenue THB 418.4M, +8,0% YoY; Operating income −97,6% YoY.

• ▍Revenue THB 418.4M, +8,0% YoY
• ▍Operating income −97,6% YoY
• ▍Net income −158,2% YoY
• ▍Free cash flow +9 665,8% YoY
• ▍Net margin -2.7%

Revenue THB 476.5M, +4,1% YoY; Operating income −21,5% YoY.

• ▍Revenue THB 476.5M, +4,1% YoY
• ▍Operating income −21,5% YoY
• ▍Net income −35,6% YoY
• ▍Free cash flow −9,0% YoY
• ▍Net margin 8.2%

Revenue THB 482.2M; Operating income THB 44.0M.

• ▍Revenue THB 482.2M
• ▍Operating income THB 44.0M
• ▍Net margin 4.9%

Revenue THB 409.6M; Operating income THB 45.6M.

• ▍Revenue THB 409.6M
• ▍Operating income THB 45.6M
• ▍Net margin 6.6%

Revenue THB 387.4M; Operating income THB 31.7M.

• ▍Revenue THB 387.4M
• ▍Operating income THB 31.7M
• ▍Net margin 4.9%

Revenue THB 457.7M; Operating income THB 82.3M.

• ▍Revenue THB 457.7M
• ▍Operating income THB 82.3M
• ▍Net margin 13.2%

Revenue THB 1.86B, +7,3% YoY; Operating income −42,9% YoY.

• ▍Revenue THB 1.86B, +7,3% YoY
• ▍Operating income −42,9% YoY
• ▍Net income −64,5% YoY
• ▍Free cash flow −1,4% YoY
• ▍Net margin 2.5%

Revenue THB 1.74B, +22,8% YoY; Operating income −20,3% YoY.

• ▍Revenue THB 1.74B, +22,8% YoY
• ▍Operating income −20,3% YoY
• ▍Net income −22,0% YoY
• ▍Free cash flow +20,2% YoY
• ▍Net margin 7.5%

Revenue THB 1.41B, +11,7% YoY; Operating income +26,5% YoY.

• ▍Revenue THB 1.41B, +11,7% YoY
• ▍Operating income +26,5% YoY
• ▍Net income +33,1% YoY
• ▍Free cash flow −31,9% YoY
• ▍Net margin 11.8%