Srisawad Corporation PCL

Srisawad Corporation maintains a leveraged capital structure typical of consumer finance entities, with total liabilities of THB 70.2 billion against total equity of THB 37.5 billion. The debt-to-equity ratio stands at 1.71, driven primarily by long-term debt of THB 63.9 billion. Despite the high leverage, liquidity remains adequate with a current ratio of 2.24, indicating sufficient short-term assets to cover immediate obligations. The company generates positive operating cash flow of THB 8.2 billion and free cash flow of THB 5.4 billion, supporting its debt service requirements.

Profitability metrics reflect efficient capital utilization, with a return on equity (ROE) of 14.05% and a return on assets (ROA) of 4.89%. The company trades at a price-to-earnings ratio of 7.77 and a price-to-book ratio of 1.09, suggesting modest valuation multiples relative to its earnings and book value. The enterprise value-to-EBITDA ratio is 10.64, while the EV-to-revenue ratio is 5.39, providing context for its valuation relative to cash generation and top-line performance.

Revenue concentration and geographic exposure details are not provided in the available data, preventing a specific analysis of segment or regional risk. The company’s total revenue for the latest period is THB 19.3 billion, with operating income of THB 9.5 billion, indicating a strong operating margin. Without segment breakdowns, the revenue mix is assumed to be dominated by its core consumer finance activities.

Growth trajectory analysis is limited due to the absence of historical period data in the input. The current financial snapshot shows a net income of THB 5.0 billion on a revenue base of THB 19.3 billion, but year-over-year trends cannot be established from the provided information.

Risk assessment indicates medium liquidity risk and low dilution risk. A key flag notes that net cash is negative after subtracting total debt, highlighting the company’s reliance on external financing. The absence of significant dilution risk is supported by the identical basic and diluted share counts of 1.66 billion shares.

Recent investor relations observations show a mean analyst price target of THB 28.59, with a median target of THB 28.00. The mean recommendation is 2.00, indicating a buy consensus, with 4 strong buys, 9 buys, and 2 holds. The high price target is THB 35.00, and the low is THB 21.00, reflecting a range of analyst expectations.

Revenue grew at a 17.2% CAGR over four years, demonstrating strong top-line expansion momentum.

Free cash flow surged to THB 6.1 billion in FY2025, reflecting significant cash generation capability.

Analysts project 16.2% upside to a mean price target of THB 28.59, signaling positive market sentiment.

Long-term debt ballooned to THB 76.0 billion in FY2024, creating substantial leverage and credit risk exposure.

The company faces a high credit risk flag, suggesting potential difficulties in meeting financial obligations.

Net income growth lagged significantly with only a 1.5% CAGR over four years, despite revenue expansion.

Revenue THB 4.90B, +2,6% YoY; Operating income +16,6% YoY.

• ▍Revenue THB 4.90B, +2,6% YoY
• ▍Operating income +16,6% YoY
• ▍Net income +22,0% YoY
• ▍Free cash flow +29,4% YoY
• ▍Net margin 27.4%

Revenue THB 4.83B, −4,0% YoY; Operating income +1,1% YoY.

• ▍Revenue THB 4.83B, −4,0% YoY
• ▍Operating income +1,1% YoY
• ▍Net income +8,4% YoY
• ▍Free cash flow −28,8% YoY
• ▍Net margin 27.5%

Revenue THB 4.89B, −7,3% YoY; Operating income −0,7% YoY.

• ▍Revenue THB 4.89B, −7,3% YoY
• ▍Operating income −0,7% YoY
• ▍Net income +1,7% YoY
• ▍Free cash flow +0,1% YoY
• ▍Net margin 27.1%

Revenue THB 4.80B, −9,9% YoY; Operating income −3,3% YoY.

• ▍Revenue THB 4.80B, −9,9% YoY
• ▍Operating income −3,3% YoY
• ▍Net income +0,4% YoY
• ▍Free cash flow −1,1% YoY
• ▍Net margin 26.5%

Revenue THB 4.77B; Operating income THB 2.18B.

• ▍Revenue THB 4.77B
• ▍Operating income THB 2.18B
• ▍Net margin 23.0%

Revenue THB 5.03B; Operating income THB 2.41B.

• ▍Revenue THB 5.03B
• ▍Operating income THB 2.41B
• ▍Net margin 24.3%

Revenue THB 5.27B; Operating income THB 2.51B.

• ▍Revenue THB 5.27B
• ▍Operating income THB 2.51B
• ▍Net margin 24.7%

Revenue THB 5.33B; Operating income THB 2.47B.

• ▍Revenue THB 5.33B
• ▍Operating income THB 2.47B
• ▍Net margin 23.7%

Revenue THB 19.30B, −8,3% YoY; Operating income −3,4% YoY.

• ▍Revenue THB 19.30B, −8,3% YoY
• ▍Operating income −3,4% YoY
• ▍Net income −0,6% YoY
• ▍Free cash flow −10,4% YoY
• ▍Net margin 26.0%

Revenue THB 21.05B, +11,3% YoY; Operating income +10,6% YoY.

• ▍Revenue THB 21.05B, +11,3% YoY
• ▍Operating income +10,6% YoY
• ▍Net income +1,0% YoY
• ▍Free cash flow +84,1% YoY
• ▍Net margin 24.0%

Revenue THB 18.91B, +54,1% YoY; Operating income +31,3% YoY.

• ▍Revenue THB 18.91B, +54,1% YoY
• ▍Operating income +31,3% YoY
• ▍Net income +11,7% YoY
• ▍Free cash flow +10,5% YoY
• ▍Net margin 26.4%

Revenue THB 12.28B, +20,0% YoY; Operating income −6,3% YoY.

• ▍Revenue THB 12.28B, +20,0% YoY
• ▍Operating income −6,3% YoY
• ▍Net income −5,2% YoY
• ▍Free cash flow −7,2% YoY
• ▍Net margin 36.5%