Plus Tech Innovation PCL

The company's capital structure shows a debt-to-equity ratio of 0.61, indicating a moderate reliance on debt financing. However, its liquidity position is weak, with a current ratio of 0.54, suggesting that the company may struggle to meet short-term obligations. The company's cash and equivalents amount to 23.1 million THB, which is significantly lower than its long-term debt of 590.0 million THB, resulting in a negative net cash position.

Profitability metrics are concerning, with a return on equity of -5.56% and a return on assets of -2.81%, both well below the industry median for Commodity Chemicals. The company reported a net loss of 54.2 million THB and an operating loss of 54.6 million THB, indicating a significant decline in operational performance. Gross profit of 70.3 million THB is insufficient to cover operating expenses, highlighting inefficiencies in cost management.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic downturns and regulatory changes. The absence of segment-specific data limits the ability to assess the performance of individual product lines or markets.

Growth trajectory is negative, with the company reporting a net loss in the latest fiscal year. Analyst estimates indicate a revenue of 935.8 million THB, which is lower than the 332.4 million THB reported in the financial snapshot, suggesting a potential data inconsistency or a significant decline in performance. The company's capital expenditure of 18.2 million THB is minimal, indicating a lack of investment in future growth.

Risk factors include a medium liquidity risk due to the weak current ratio and a negative net cash position. The company's dilution risk is low, with no significant changes in shares outstanding between basic and diluted figures. However, the operating cash flow of 105.9 million THB is insufficient to cover the capital expenditure, leading to a negative free cash flow of 20.2 million THB.

Recent events include the disclosure of a net loss and a significant operating loss, which may impact investor confidence. The company's financial performance has deteriorated, and there are no indications of recent strategic initiatives or cost-cutting measures to address these issues.

Revenue grew at a 50.8% CAGR over four years, demonstrating strong top-line expansion despite recent volatility.

Debt-to-equity ratio of 0.61 is below the cohort median of 0.31, indicating relatively lower leverage than peers.

Dilution risk is assessed as low, providing some protection for existing shareholders against equity value erosion.

Credit risk is flagged as high, suggesting significant potential for financial distress or default issues.

Free cash flow turned deeply negative at -860 million THB, reflecting substantial cash burn in the latest period.

Revenue THB 81.3M; Operating income −191,2% YoY.

• ▍Revenue THB 81.3M
• ▍Operating income −191,2% YoY
• ▍Net income +92,1% YoY
• ▍Free cash flow −113,0% YoY
• ▍Net margin -25.2%

Revenue THB 64.4M, −29,3% YoY; Operating income −328,2% YoY.

• ▍Revenue THB 64.4M, −29,3% YoY
• ▍Operating income −328,2% YoY
• ▍Net income −482,6% YoY
• ▍Free cash flow −608,1% YoY
• ▍Net margin -1195.0%

Revenue THB 49.4M, −76,0% YoY; Operating income −33,1% YoY.

• ▍Revenue THB 49.4M, −76,0% YoY
• ▍Operating income −33,1% YoY
• ▍Net income −31,6% YoY
• ▍Free cash flow +27,0% YoY
• ▍Net margin -270.5%

Revenue THB 25.5M, −92,3% YoY; Operating income −220,7% YoY.

• ▍Revenue THB 25.5M, −92,3% YoY
• ▍Operating income −220,7% YoY
• ▍Net income −220,8% YoY
• ▍Free cash flow −612,2% YoY
• ▍Net margin -682.2%

Operating income THB 17.3M.

• ▍Operating income THB 17.3M

Revenue THB 91.1M; Operating income -THB 120.0M.

• ▍Revenue THB 91.1M
• ▍Operating income -THB 120.0M
• ▍Net margin -145.0%

Revenue THB 219.9M, −17,9% YoY; Operating income −230,0% YoY.

• ▍Revenue THB 219.9M, −17,9% YoY
• ▍Operating income −230,0% YoY
• ▍Net income −100,6% YoY
• ▍Free cash flow −1 182,8% YoY
• ▍Net margin -499.0%

Revenue THB 268.0M, −80,7% YoY; Operating income −1 006,1% YoY.

• ▍Revenue THB 268.0M, −80,7% YoY
• ▍Operating income −1 006,1% YoY
• ▍Net income −3 139,6% YoY
• ▍Free cash flow −35,9% YoY
• ▍Net margin -204.2%