Surapon Foods PCL

Surapon Foods PCL maintains a relatively balanced capital structure, with total liabilities of 21.21 billion THB and total equity of 19.05 billion THB, resulting in a debt-to-equity ratio of 0.47. The company holds 399.11 million THB in cash and equivalents, but its long-term debt of 904.51 million THB suggests a net cash position that is negative after subtracting total debt. The current ratio of 1.15 indicates moderate liquidity, with current assets slightly exceeding current liabilities.

Profitability metrics show a return on equity (ROE) of 1.82% and a return on assets (ROA) of 0.86%, both of which are below the typical thresholds for high-performing food processing firms. The company's net income of 34.72 million THB is derived from a gross profit of 205.25 million THB, with operating income of 108.19 million THB. These figures suggest that Surapon Foods is generating modest returns relative to its asset base and equity.

The company's revenue is concentrated in a single business segment, as disclosed in its financial reporting, with no material geographic diversification beyond its primary market. This lack of diversification increases exposure to regional economic fluctuations and regulatory changes.

Looking ahead, the company's revenue is expected to remain relatively flat, with no significant growth drivers identified in the current fiscal year. The capital expenditure of -16.53 million THB indicates a reduction in investment, which may signal a conservative approach to expansion or asset maintenance.

Risk factors include moderate liquidity risk, as the company's cash reserves are not sufficient to cover its long-term debt obligations. The risk of dilution is currently low, with no significant share issuance activity reported in the latest financial statements. However, the company's net cash position and debt structure suggest a need for careful monitoring of liquidity and leverage.

Recent filings and transcripts do not indicate any material events or strategic shifts in the company's operations. The company continues to operate within its core food processing business, with no new product lines or market expansions disclosed in the latest available data.

Operating margin of 8.0% significantly exceeds the 5.7% Food Processing cohort median, indicating superior cost management.

Cash conversion ratio of 5.51 is best-in-class, vastly outperforming the 0.98 cohort median for efficiency.

Debt-to-equity ratio of 0.47 is below the 0.32 cohort median, suggesting a conservative leverage profile.

Capex intensity of -1.2% is above the 75th percentile, reflecting lower capital requirements than peers.

Revenue remained stable at THB 5.6 billion in FY0, showing resilience despite a 0.2% four-year CAGR.

High credit risk flag suggests potential challenges in debt servicing or counterparty reliability.

Revenue THB 1.33B, −1,0% YoY; Operating income −21,4% YoY.

• ▍Revenue THB 1.33B, −1,0% YoY
• ▍Operating income −21,4% YoY
• ▍Net income −4,7% YoY
• ▍Free cash flow −15,5% YoY
• ▍Net margin 2.5%

Revenue THB 1.39B, +0,8% YoY; Operating income −1,6% YoY.

• ▍Revenue THB 1.39B, +0,8% YoY
• ▍Operating income −1,6% YoY
• ▍Net income +18,8% YoY
• ▍Free cash flow +10,2% YoY
• ▍Net margin 4.2%

Revenue THB 1.45B; Operating income THB 112.2M.

• ▍Revenue THB 1.45B
• ▍Operating income THB 112.2M
• ▍Net margin 3.1%

Revenue THB 1.41B; Operating income THB 52.9M.

• ▍Revenue THB 1.41B
• ▍Operating income THB 52.9M
• ▍Net margin 0.7%

Revenue THB 1.38B; Operating income THB 120.7M.

• ▍Revenue THB 1.38B
• ▍Operating income THB 120.7M
• ▍Net margin 3.5%

Revenue THB 1.35B; Operating income THB 108.2M.

• ▍Revenue THB 1.35B
• ▍Operating income THB 108.2M
• ▍Net margin 2.6%

Revenue THB 5.59B, +6,5% YoY; Operating income +7,6% YoY.

• ▍Revenue THB 5.59B, +6,5% YoY
• ▍Operating income +7,6% YoY
• ▍Net income +6,4% YoY
• ▍Free cash flow +8,1% YoY
• ▍Net margin 2.5%

Revenue THB 5.25B, −10,2% YoY; Operating income +79,0% YoY.

• ▍Revenue THB 5.25B, −10,2% YoY
• ▍Operating income +79,0% YoY
• ▍Net income +56,2% YoY
• ▍Free cash flow −7,7% YoY
• ▍Net margin 2.5%

Revenue THB 5.85B, +4,7% YoY; Operating income −58,7% YoY.

• ▍Revenue THB 5.85B, +4,7% YoY
• ▍Operating income −58,7% YoY
• ▍Net income −59,3% YoY
• ▍Free cash flow −23,5% YoY
• ▍Net margin 1.4%

Revenue THB 5.59B; Operating income THB 495.4M.

• ▍Revenue THB 5.59B
• ▍Operating income THB 495.4M
• ▍Net margin 3.7%