CITY : CITY STEEL PUBLIC COMPANY LIMITED
3M/2024 (Aug - Oct 2023)
Business Overview
City Steel Public Company Limited engages in the business of sales of metal products and has invested in 3 subsidiaries that are Siam ISO Pro Co., Ltd., Mark Worldwide Co., Ltd., and CT Universal Co., Ltd. The Group's business operation is manufacturing and sales of metal products, which includes metal structures, storage systems and material handling equipment, other metal products, metal parts and fabricated metal parts, and sales of metal materials and providing metal processing services, as well as merchandising of industrial materials and consumer products.
Financial Statement
3M24 3M23 2023 2022
Income Statement (MB)
Revenues 20.15 30.00 104.37 132.04
Expenses 23.16 36.51 133.77 135.04
Net Profit (Loss) 2.45 -7.55 -30.36 -3.86
Balance Sheet (MB)
Assets 1,322.60 1,355.02 1,310.15 1,355.02
Liabilities 11.77 16.61 12.61 15.86
Shareholders' Equity 1,310.83 1,338.41 1,297.54 1,339.16
Cash Flow (MB)
Operating -5.48 -12.91 -20.21 37.38
Investing -2.26 -4.31 -143.32 11.21
Financing -0.13 -0.13 -0.53 -0.53
Financial Ratio
EPS (Baht) 0.01 -0.03 -0.10 -0.01
GP Margin (%) 6.94 16.22 16.47 28.11
NP Margin (%) 12.18 -25.15 -29.09 -2.92
D/E Ratio (x) 0.01 0.01 0.01 0.01
ROE (%) 0.19 -0.68 -2.30 -0.29
ROA (%) 0.19 -0.57 -2.21 -0.22
Business Plan

The main business objective of CITY is to manufacture, process and sell metal products with various kinds of services to serve different needs and demands of customers. The products are custom-made using high technology and high precision machines to ensure top quality. CITY also emphasizes on exceptional customer services and on time delivery, and places immense value in offering stable careers and satisfied rewards to employees as well as providing our shareholders with increasing share values to continuously improve our corporate efficiency and effectiveness as a whole.

Business Highlight
  • CITY has a good financial position and high liquidity which has cash and cash equivalent comprises of 49.93% of total assets.
  • CITY has a relatively low liabilities with the D/E Ratio of only 0.00898 (x).
Performance and Analysis
Business Performance Summary

In the first quarter of 2023/2024, CITY’s total revenues were THB 20.15 million, which dropped considerably by THB 9.85 million or 32.83% from the first quarter of 2022/2023 that had the total revenues of THB 30.00 million. The continuous decline in revenues was the result of diminishing demand for CITY’s products, which are capital goods, as the economy has yet to fully recover. Particularly, in the automotive industry, where most customers belong to, the plummeted demand for new cars and higher level of electric cars imports had led to a reduction in automobile production across the domestic market. Thus, falling demand from its main customer group. The diminishing revenues together with other external factors led to a net loss before income tax of THB 3.07 million. The loss decreased by approximately THB 3.51 million or 53.34% from the first quarter of 2022/2023 which had a net loss before income tax of THB 6.58 million. This result can be attributed to the reductions in the cost of sales and services as well as certain selling and administrative expenses, which aligned with the decreased revenues. CITY also recognized deferred tax income worth THB 5.52 million that derived from the accumulated losses over the past years, resulting in an overall net income of THB 2.45 million which is considerably higher than the net loss of THB 7.55 million reported in the first quarter of 2022/2023.

Key Milestones

2017

  • Establishment of CT Universal Co., Ltd. in Republic of Seychelles on January 20, 2017 with registered and paid-up capital of USD 5 million. Its purposes are to support future business expansion plans, merchandise industrial materials and consumer products, and invest in new businesses
  • Dissolution of CT Universal Co., Ltd. (Hong Kong) on February 15, 2017
  • Siam ISO Pro Co., Ltd. increased registered capital to THB 370 million

2021

  • Merger of 2 subsidiaries by making Entire Business Transfer from City Steel Products Co., Ltd. to Mark Worldwide Co., Ltd. in order to reduce redundancy in business operation, increase management efficiency, and reduce operating costs and expenses
  • Dissolution of City Steel Products Co., Ltd. on October 28, 2021

2022

  • CT Universal Co., Ltd. increased registered capital to USD 6 million or approximately THB 205 million
Risk Management Policy

CITY has developed a range of risk management policies which cover operating risk, manufacturing risk, financial risk and investment risk imposed on securities holders. These policies are implemented to determine effective risk management processes and measures that are suitable for the business and correspond with the international standard, as well as to promote risk management in all operational levels to raise awareness throughout the organization and ensure understanding of its importance. Moreover, CITY also defines risk levels, preventive procedures and risks responding guidelines to avoid or limit potential damage as well as to monitor the results and measure its effectiveness. By collecting, verifying and reviewing relevant data based on risk management impacts on operational goals, CITY would, in turn, further develop policies with higher effectiveness.

Revenue Structure
Metal products manufacturing 100%
Stock Information
SET / INDUS / STEEL
Closing price CITY SET index 3.00 2.00 1.00 1724.00 1574.33 1424.67 1275.00 1-11-22 30-1-23 2-5-23 2-8-23 31-10-23
as of 30/10/23 CITY STEEL SET
P/E (X) - - 19.21
P/BV (X) 0.48 0.58 1.35
Dividend yield (%) - 3.33 3.38
30/10/23 31/07/23 27/07/22
Market Cap (MB) 618.00 594.00 738.00
Price (B/Share) 2.06 1.98 2.46
P/E (X) - - -
P/BV (X) 0.48 0.45 0.55
CG Report:
Company Rating:
Major Shareholders
as of 16/10/2023
WKP Asset Plus Co., Ltd. (55.50%)
Mr. Komgrich Phongratanadechachai (2.57%)
Miss Suputtra Phongratanadechachai (2.50%)
Mrs. Kheng Phongratanadechachai (2.50%)
Mr. Wibool Phongratanadechachai (2.50%)
Others (34.43%)
Company Information and Contact
http://www.citysteelpcl.com
ir@citysteelpcl.com
0-3821-4530-2
88/3 MOO 4, BYPASS ROAD, TAMBOL NONGMAIDAENG, AMPHOE MUEANG Chonburi 20000
Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=CITY
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Published on 20/12/2023