Arrow Syndicate PCL
Arrow Syndicate PCL operates in the Electrical Equipment industry within the Industrials sector, generating revenue through the sale of electrical equipment and related services.
Business. Arrow Syndicate PCL (ARROWM.BK) is an electrical equipment manufacturer headquartered in Thailand. The company operates within the Industrials sector, specifically focusing on the production and sale of electrical equipment. It is primarily listed on the Stock Exchange of Thailand (SET). Detailed information regarding operating segments and geographic revenue mix is not available.
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
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Synthesis
Arrow Syndicate PCL (ARROWM.BK) is an electrical equipment manufacturer headquartered in Thailand. The company operates within the Industrials sector, specifically focusing on the production and sale of electrical equipment. It is primarily listed on the Stock Exchange of Thailand (SET). Detailed information regarding operating segments and geographic revenue mix is not available.
Arrow Syndicate PCL maintains a conservative capital structure with a debt-to-equity ratio of 0.14 and a strong current ratio of 3.37, indicating ample short-term liquidity to meet obligations. The balance sheet shows total assets of 1,643,061,740 THB against total liabilities of 321,803,470 THB, resulting in total equity of 1,321,258,270 THB. Despite holding 177,419,320 THB in cash and equivalents, the company reports negative net cash position when total debt of 186,920,540 THB is considered, a key flag noted in the risk assessment. Operating cash flow stands at 173,799,820 THB, but free cash flow is negative at -75,415,490 THB due to capital expenditures of 161,345,180 THB, suggesting active investment in capacity or maintenance.
Profitability metrics show a return on equity of 9.28% and a return on assets of 7.46%, reflecting efficient use of the asset base. The company generated a gross profit of 339,913,480 THB on revenue of 1,189,086,750 THB, yielding a gross margin of approximately 28.6%. Operating income was 180,426,420 THB, leading to a net income of 136,729,720 THB, which implies an operating margin of roughly 15.2% and a net margin of 11.5%. These returns are derived from a stable equity base without significant leverage, as indicated by the low debt-to-equity ratio.
- Strong liquidity position with a current ratio of 3.37 and low leverage (debt-to-equity of 0.14).
- Negative free cash flow of -75,415,490 THB driven by capital expenditures exceeding operating cash flow.
- Solid profitability with 9.28% ROE and 7.46% ROA, supported by a 11.5% net margin.
- Low dilution risk as basic and diluted share counts are identical.
- Medium liquidity risk flagged due to negative net cash position despite high current assets.
Bull / Bear case
Generated · model-assistedNet income surged 39% year-over-year to THB 136.7 million, demonstrating strong profitability recovery despite revenue headwinds.
Operating income jumped 42.7% to THB 180.4 million, indicating significant improvement in core operational efficiency and margins.
Cash conversion ratio of 1.79 ranks best-in-class within the Electrical Equipment cohort, highlighting superior cash generation.
Low dilution and credit risk flags suggest a stable capital structure with minimal threat to shareholder value or solvency.
Free cash flow turned negative at THB -75.4 million, reversing previous positive trends and raising concerns about liquidity sustainability.
Long-term debt more than doubled to THB 186.9 million, increasing leverage and potential interest expense burdens on the balance sheet.
Medium liquidity risk flag suggests potential challenges in meeting short-term obligations, warranting caution regarding financial flexibility.
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- Net cash is negative after subtracting total debt.
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- Arrow Syndicate PCL Market data — financials · 2026-07-26