Starflex PCL

Starflex maintains a debt-to-equity ratio of 0.57 and a current ratio of 1.19, indicating moderate leverage and adequate short-term liquidity. The company's price-to-book ratio of 1.84 suggests a premium valuation relative to its book value, while the price-to-earnings ratio of 8.76 reflects a relatively low multiple compared to earnings. Profitability metrics show a return on equity of 21.01% and a return on assets of 10.83%, both exceeding the industry median for non-paper packaging firms. Gross margin of 24.12% (calculated from gross profit of 473.54 million THB on revenue of 1.96 billion THB) is in line with sector norms, but operating margin of 13.36% (262.22 million THB on revenue of 1.96 billion THB) suggests strong cost control. The company's revenue is concentrated across three segments: Food packaging, Non-food packaging, and Others. Food packaging is the largest contributor, though exact revenue shares are not disclosed. Geographically, the company is entirely exposed to the Thai market, with no material international revenue streams. Outlook for the current fiscal year shows a projected revenue growth of 4.2% year-over-year, with a 6.8% increase expected in the following year. This growth is supported by rising demand for flexible packaging in the food sector and expansion of the pre-form pouch product line. Risk assessment highlights medium liquidity risk due to negative net cash position after subtracting total debt. Dilution risk is low, with no near-term pressure from share issuance. The company's capital structure remains stable, with long-term debt of 660.91 million THB and total equity of 1.16 billion THB. Recent events include a 10-K filing disclosing no material changes in operations or capital structure. Analysts have issued a mean price target of 3.85 THB, with a median of 3.85 THB and a strong consensus of two "Buy" ratings.