Grand Canal Land PCL

Grand Canal Land PCL maintains a price-to-book ratio of 0.3 and a price-to-tangible-book ratio of 0.3, indicating that the company's market value is significantly below its book value. The company's liquidity position is characterized by a current ratio of 0.24, suggesting limited short-term liquidity, and a negative net cash position after subtracting total debt. The debt-to-equity ratio of 0.41 reflects a moderate level of leverage, with long-term debt amounting to 6.5 billion THB.

The company's profitability metrics are below typical industry benchmarks, with a return on equity of 0.55% and a return on assets of 0.29%. These figures suggest that the company is not generating strong returns relative to its equity and asset base. The operating margin, calculated as operating income of 192.8 million THB on revenue of 386.4 million THB, is 49.9%, which is relatively high but not sufficient to drive strong ROE or ROA.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to local market conditions and regulatory changes in Thailand. The company's capital expenditures are minimal at -15,000 THB, indicating a low level of investment in new projects or asset expansion.

Looking ahead, the company's revenue is expected to remain relatively flat, with no significant growth anticipated in the next fiscal year. The price-to-earnings ratio of 55.14 and an enterprise value-to-revenue ratio of 29.14 suggest that the stock is trading at a premium relative to earnings and revenue, which may reflect investor expectations of future growth or a lack of alternative investment opportunities. The company's dilution risk is currently low, with no near-term pressure to issue additional shares.

Recent filings and transcripts indicate that the company has not disclosed any major strategic initiatives or capital-raising plans. The absence of significant new projects or expansion plans may limit future revenue growth and could impact long-term shareholder value. The company's free cash flow of 97.4 million THB provides some flexibility for dividends or debt reduction, but the low level of cash and equivalents (74.2 million THB) suggests limited financial cushion.

Debt-to-equity ratio of 0.41 is lower than the 0.52 cohort median, suggesting a conservative capital structure.

Cash conversion of 1.84 far surpasses the 0.29 cohort median, highlighting robust cash generation capabilities.

Net income grew 3.1% year-over-year in FY2009, showing resilience despite a slight revenue decline.

Return on equity of 0.55% is significantly below the 1.94% cohort median, indicating poor capital efficiency.

Revenue declined 3.6% year-over-year in FY2009, signaling weakening top-line growth momentum.

The company faces high credit risk, posing a significant threat to financial stability and asset quality.

Net income CAGR of -6.7% over four years reflects a long-term deterioration in profitability.

Medium liquidity risk suggests potential challenges in meeting short-term financial obligations efficiently.

Revenue THB 356.9M, −9,0% YoY; Operating income −26,4% YoY.

• ▍Revenue THB 356.9M, −9,0% YoY
• ▍Operating income −26,4% YoY
• ▍Net income −32,9% YoY
• ▍Free cash flow −45,2% YoY
• ▍Net margin 21.8%

Revenue THB 415.9M, −5,8% YoY; Operating income −1,1% YoY.

• ▍Revenue THB 415.9M, −5,8% YoY
• ▍Operating income −1,1% YoY
• ▍Net income −5,9% YoY
• ▍Free cash flow −4,7% YoY
• ▍Net margin 30.1%

Revenue THB 384.8M, −1,2% YoY; Operating income +11,5% YoY.

• ▍Revenue THB 384.8M, −1,2% YoY
• ▍Operating income +11,5% YoY
• ▍Net income +48,1% YoY
• ▍Free cash flow +49,8% YoY
• ▍Net margin 32.5%

Revenue THB 393.9M, +1,9% YoY; Operating income +5,3% YoY.

• ▍Revenue THB 393.9M, +1,9% YoY
• ▍Operating income +5,3% YoY
• ▍Net income +21,2% YoY
• ▍Free cash flow +22,2% YoY
• ▍Net margin 26.8%

Revenue THB 392.1M; Operating income THB 227.8M.

• ▍Revenue THB 392.1M
• ▍Operating income THB 227.8M
• ▍Net margin 29.6%

Revenue THB 441.7M; Operating income THB 224.3M.

• ▍Revenue THB 441.7M
• ▍Operating income THB 224.3M
• ▍Net margin 30.1%

Revenue THB 389.6M; Operating income THB 192.3M.

• ▍Revenue THB 389.6M
• ▍Operating income THB 192.3M
• ▍Net margin 21.7%

Revenue THB 386.4M; Operating income THB 192.8M.

• ▍Revenue THB 386.4M
• ▍Operating income THB 192.8M
• ▍Net margin 22.6%

Revenue THB 1.55B, −3,6% YoY; Operating income −3,6% YoY.

• ▍Revenue THB 1.55B, −3,6% YoY
• ▍Operating income −3,6% YoY
• ▍Net income +3,1% YoY
• ▍Free cash flow +1,8% YoY
• ▍Net margin 28.0%

Revenue THB 1.61B, +3,7% YoY; Operating income +6,2% YoY.

• ▍Revenue THB 1.61B, +3,7% YoY
• ▍Operating income +6,2% YoY
• ▍Net income +0,7% YoY
• ▍Free cash flow −31,6% YoY
• ▍Net margin 26.2%

Revenue THB 1.55B, +2,5% YoY; Operating income −27,4% YoY.

• ▍Revenue THB 1.55B, +2,5% YoY
• ▍Operating income −27,4% YoY
• ▍Net income −41,4% YoY
• ▍Free cash flow −41,9% YoY
• ▍Net margin 26.9%

Revenue THB 1.51B, −2,6% YoY; Operating income +14,2% YoY.

• ▍Revenue THB 1.51B, −2,6% YoY
• ▍Operating income +14,2% YoY
• ▍Net income +24,4% YoY
• ▍Free cash flow +20,1% YoY
• ▍Net margin 47.1%