Aira Factoring PCL

Aira Factoring PCL maintains a highly leveraged capital structure, evidenced by a debt-to-equity ratio of 4.09 and long-term debt of THB 2.17 billion against total equity of THB 530.5 million. The company holds THB 140.9 million in cash and equivalents, resulting in a negative net cash position after subtracting total debt. Liquidity is assessed as medium, supported by a current ratio of 1.19, which indicates modest short-term coverage of liabilities. Operating cash flow is negative at THB -284.6 million, while free cash flow remains positive at THB 22.7 million, driven by low capital expenditures of THB -3.3 million.

Profitability metrics are thin, with a return on equity of 1.57% and a return on assets of 0.30%. The company generated THB 247.9 million in revenue and THB 94.9 million in operating income, but net income was only THB 14.8 million, reflecting significant interest or other expenses associated with its high debt load. Without cohort median data for direct comparison, these returns appear low relative to the high leverage employed, suggesting that the cost of capital is a primary drag on net profitability.

Net income grew at a 35.2% CAGR over four years, demonstrating strong historical profitability expansion.

The company generated 94.9 million THB in operating income in the latest fiscal year, showing robust core operations.

Dilution risk is assessed as low, suggesting limited threat to existing shareholder value from equity issuance.

Cash conversion metrics rank above the cohort median, reflecting relative strength in cash generation capabilities.

The debt-to-equity ratio of 4.09 places the company in the bottom quartile of its financial services cohort.

Credit risk is flagged as high, posing significant potential threats to asset quality and future earnings stability.