Dental Corporation PCL

Dental Corporation PCL maintains a debt-to-equity ratio of 0.59, indicating a moderate level of leverage, and a current ratio of 1.37, suggesting adequate short-term liquidity to cover its obligations. The company's free cash flow of 26.47 million THB and operating cash flow of 48.77 million THB demonstrate its ability to generate positive cash from operations. However, the company's net cash position is negative after subtracting total debt, signaling potential liquidity constraints.

In terms of profitability, Dental Corporation PCL reports a return on equity of 3.07% and a return on assets of 1.7%, which are below the industry benchmarks for healthcare facilities and services. These figures suggest that the company is not generating returns as efficiently as its peers. The operating margin, calculated as operating income of 27.94 million THB on revenue of 227.34 million THB, is 12.29%, which is in line with the industry average.

The company's revenue is primarily concentrated in Thailand, with no significant international operations disclosed. The lack of geographic diversification may expose the company to local economic and regulatory risks. There are no disclosed segments beyond the primary dental services, indicating a single business line with no diversification in product or service offerings.

Dental Corporation PCL's growth trajectory is modest, with no significant revenue growth reported in the latest financial period. The company's capital expenditure of -2.25 million THB indicates a reduction in investment in physical assets, which may affect its long-term growth potential. Analysts have provided a mean price target of 2.78 THB, with a single "hold" recommendation, suggesting limited upside potential in the near term.

The company faces a medium liquidity risk due to its current ratio and negative net cash position. The dilution risk is assessed as low, with no significant changes in shares outstanding between basic and diluted shares. The risk assessment highlights the need for the company to manage its debt levels and maintain sufficient liquidity to support operations.

Recent events include the publication of the latest financial results, which show a stable but not growing revenue base. There are no recent filings or transcripts indicating significant changes in strategy or operations.

Revenue grew 18.6% CAGR over four years, demonstrating strong top-line expansion for the dental services provider.

Cash conversion ratio of 2.63 ranks in the top quartile, reflecting high quality of earnings relative to peers.

Long-term debt decreased from 555.6 million THB in 2022 to 316.7 million THB in 2026, strengthening the balance sheet.

The company faces high credit risk, posing a significant threat to financial stability and potential borrowing costs.

Return on equity of 3.1% trails the 4.6% cohort median, suggesting inefficient use of shareholder capital compared to peers.

Medium liquidity risk flags potential challenges in meeting short-term obligations, requiring careful monitoring of cash reserves.

Revenue THB 240.9M; Operating income THB 11.0M.

• ▍Revenue THB 240.9M
• ▍Operating income THB 11.0M
• ▍Net margin 2.6%

Revenue THB 245.5M; Operating income THB 18.5M.

• ▍Revenue THB 245.5M
• ▍Operating income THB 18.5M
• ▍Net margin 4.1%

Revenue THB 240.6M; Operating income THB 23.6M.

• ▍Revenue THB 240.6M
• ▍Operating income THB 23.6M
• ▍Net margin 6.5%

Revenue THB 227.3M; Operating income THB 27.9M.

• ▍Revenue THB 227.3M
• ▍Operating income THB 27.9M
• ▍Net margin 8.1%

Revenue THB 1.05B, +9,7% YoY; Operating income +52,8% YoY.

• ▍Revenue THB 1.05B, +9,7% YoY
• ▍Operating income +52,8% YoY
• ▍Net income +70,0% YoY
• ▍Free cash flow −60,2% YoY
• ▍Net margin 8.2%

Revenue THB 954.4M, +2,9% YoY; Operating income −25,4% YoY.

• ▍Revenue THB 954.4M, +2,9% YoY
• ▍Operating income −25,4% YoY
• ▍Net income −29,2% YoY
• ▍Free cash flow −30,2% YoY
• ▍Net margin 5.3%

Revenue THB 927.3M, +13,8% YoY; Operating income +29,6% YoY.

• ▍Revenue THB 927.3M, +13,8% YoY
• ▍Operating income +29,6% YoY
• ▍Net income +23,9% YoY
• ▍Free cash flow +9,8% YoY
• ▍Net margin 7.7%

Revenue THB 814.6M, +54,1% YoY; Operating income +959,7% YoY.

• ▍Revenue THB 814.6M, +54,1% YoY
• ▍Operating income +959,7% YoY
• ▍Net income +337,3% YoY
• ▍Free cash flow +1 064,2% YoY
• ▍Net margin 7.1%

Revenue THB 528.5M; Operating income -THB 9.8M.

• ▍Revenue THB 528.5M
• ▍Operating income -THB 9.8M
• ▍Net margin -4.6%