Financial Ratio Analysis Automotive Industry
1. AAPICO HITECH PUBLIC COMPANY LIMITED 2. SOMBOON ADVANCE TECHNOLOGY PUBLIC COMPANY LIMITED 3. INTERHIDES PUBLIC COMPANY LIMITED 4. T.KRUNGTHAI INDUSTRIES PUBLIC COMPANY LIMITED
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AAPICO HITECH PUBLIC COMPANY LIMITED (“AH”) AAPICO Hitech PLC and its subsidiaries operate in 3 countries: Thailand, Malaysia and China where the main focus is the manufacture of automotive parts. The operation can be divided into 5 major sectors: OEM: manufacture of OEM auto parts, dealers: automobile sales and services, jigs: design, manufacture and installation of assembly jigs, dies: design and manufacture of dies, car navigation (Powermap) sales and services. In terms of sales, the main contribution to the Company came from the manufacture of OEM auto parts which accounted for 66%, primarily from the Chassis Frame operation. Sales from the dealership business contributed to 27%i. Customers: Auto Alliance Thailand, General Motors, Honda, Isuzu, Mazda, Mitsubishi Motors, Nissan, Toyota, Yamaha, BMW, Chrysler, Hino, Hyundai, Land Rover, Mercedes Benz, Proton, Suzuki, Volvo, etc. Competitors: Thai Denso Group, Thai Stanley Electric PCL, Interhides Financial Information Sales Net income (loss) Total assets Stock price Y2011 10,355,659,233 (391,970,291) 11,521,206,298 10.20 Y2010 11,344,221,100 394,186,285 11,474,181,598 16.30 Y2009 7,114,457,899 (116,328,468) 9,545,463,421 8.55ii
SOMBOON ADVANCE TECHNOLOGY PUBLIC COMPANY LIMITED (“SAT”) SAT and its subsidiaries (located in the same area) focus on manufacturing automobile parts. The Company target groups are Original Equipment Manufacturers (OEM) for long term contracts, and Replacement Equipment Manufacturers (REM). SAT manufactures parts of motor vehicle industry such as passenger car, pick-up car, trucks and agricultural parts industry. The Company products consist of Axle shaft (31% of total sales), Leaf Spring (12%), Disc& Drum Brake (9%), Stabilizer Bar, Coil Spring, Exhaust Manifold, Fly wheel& Comp, Agricultural engine parts, etc.iii Customers: Mitsubishi Motors, Toyota Motors, Isuzu Motors, Kubota, AAT, Honda Automobile, Thai Honda Manufacturing, Auto Alliance Thailand, Mitsubishi Motors Corporation (Japan), Hino Motors, etc. Competitors: Automotive Products Import and Export Center (APEC), Dana Spicer, Sammitr Autopart, Kobelco, Financial Information Sales Net income Total assets Stock price Y2011 6,420,730,044 408,163,980 8,830,964,063 13.2 Y2010 6,263,137,203 759,149,609 8,077,170,448 29.25 Y2009 4,295,429,812 314,438,503 6,191,911,325 21ii
INTERHIDES PUBLIC COMPANY LIMITED (“IHL”) IHL is a manufacturer and distributor of car seat leather coverings by using cow or buffalo rawhides. All processes and services which are cut parts, trim cover, steering wheels and gear knobs, finishing leather, finishing service, tannery service, and other product services, are provided according to customer’s demand. However, around 80% of company income come from operations of cut parts and trim cover. The main customers are domestic-production vehicle producers, which manufacture domestic-used and exported vehicles.iv Customers: Competitors: Toyota, Honda, Nissan, Ford, Mitsubishi, Isuzu, Mazda, Subaru, and other 2nd Tier OEM Asia Fiber PLC, Chai Watana Tannery Group Financial Information Sales Net income (loss) Total assets Stock price Y2011 1,552,955,134 148,415,675 2,145,710,115 6.45 Y2010 1,822,886,907 272,895,882 1,872,503,398 11.10 Y2009 1,313,329,510 109,063,558 1,664,848,498 5.40ii
T.KRUNGTHAI INDUSTRIES PUBLIC COMPANY LIMITED (“TKT”) TKT engaged in the production and service of plastic parts, which can be divided into two sectors, injection molding, and mold production and repair. Mold production and repair also includes mold designing,...
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