The company and its subsidiaries produce air conditioning parts for residential and automotive applications, undertake contract manufacturing and assembly of residential air conditioners, refrigeration units, repair and manufacture molds, and are also involved in industrial estate real estate development, waste-to-energy power plant operations, and golf course businesses.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 6,564.63 | 4,624.68 | 8,799.38 | 9,387.73 |
| Expenses | 6,289.76 | 4,520.54 | 8,671.67 | 9,310.70 |
| Net Profit (Loss) | 436.93 | -16.61 | -94.26 | -17.78 |
| Assets | 13,190.73 | 12,382.84 | 13,847.50 | 11,698.54 |
| Liabilities | 7,899.39 | 7,433.99 | 8,976.81 | 6,729.41 |
| Shareholders' Equity | 5,208.27 | 4,850.77 | 4,773.24 | 4,866.67 |
| Operating | 541.33 | 508.39 | 1,524.98 | 1,008.46 |
| Investing | -283.85 | -474.60 | -914.05 | -2,396.48 |
| Financing | -280.96 | 200.71 | -611.11 | -77.32 |
| EPS (Baht) | 1.21 | -0.05 | -0.26 | -0.05 |
| GP Margin (%) | 7.02 | 6.35 | 6.75 | 6.63 |
| NP Margin (%) | 6.66 | -0.28 | -1.04 | -0.05 |
| D/E Ratio (x) | 1.49 | 1.50 | 1.84 | 1.35 |
| ROE (%) | 7.14 | -3.65 | -1.96 | -0.36 |
| ROA (%) | 5.05 | 0.07 | 0.94 | 1.33 |
The Group currently divides its core businesses into 4 groups: PPSO (Pipe, Plastic Sheet, and OEM/ODM), and 3 new main business groups, namely:
- Industrial estate development business Under the subsidiary Hermes Cooperation Co., Ltd. , established with the objective of real estate development in cooperation with the Industrial Estate Authority of Thailand, on an area of 1,231 rai. The project is located in Khao Mai Kaeo Subdistrict, Bang Lamung District, Chonburi Province, and has been announced in the Royal Gazette regarding the establishment of the Hermes General Industrial Estate. Currently, the project is in the process of developing various infrastructures.
- Waste-to-energy power plant business Under the subsidiary Yala Fah Sa-ard Co., Ltd. (YALA), established with the objective of waste disposal by converting it into electricity. The company received a project concession from Yala City Municipality and signed a power purchase agreement with the Provincial Electricity Authority. The project area is 80 rai, located in Sateng Nok Subdistrict, Mueang Yala District, Yala Province. It can dispose of 300 tons of waste per day and has an electricity generation capacity of 3 megawatts using Vertical Rotary Gasification Overview System technology. Currently, the project is in the process of machinery installation.
- Industrial Solution Under the subsidiary 99 Industrial Solutions Co., Ltd., engaged in the production of semi-automatic to automatic systems, robots, automated guided vehicles, design services, computer programs, software, websites, and applications.
The company has developed its production system by adopting the concept of Industry 4.0, which is considered a key strategy under the keyword ARAI: A: automation, R: robot, A: AI, I: IOT. This implementation of technology in the production process modernizes the production line, results in low costs, and enables benchmarking against leading companies.
For the six-month period of 2025.
- The company had a total revenue of 6,564.63 million Baht, an increase of 42 percent compared to the same period last year, due to increased orders for air conditioners from existing and new customers. Meanwhile, depreciation decreased from the sale of assets, resulting in a gross profit of 458 million Baht and a net profit of 437 million Baht.
- The company recorded a profit of 340 million Baht from the sale of assets (net profit after corporate income tax of 276 million Baht) from the disposal of unused land and buildings.
- The company had an EBITDA of 897 million Baht, representing 14 percent of sales revenue.
- 1994: The company was established with a registered capital of 30 million Baht, primarily engaging in the manufacturing of air conditioner components, household electrical appliance components, and automotive air conditioner components.
- 2007: The Group expanded its business into Original Equipment Manufacturing (OEM), starting with the contract manufacturing and assembly of air conditioners, a product in which the Group possesses expertise.
- 2016: The Group relocated its contract manufacturing and assembly base for air conditioners from Chonburi Province to Rayong Province to integrate with upstream production lines, enhance production efficiency, and reduce logistics costs.
- 2019: The Group received orders for contract manufacturing and assembly of air conditioners from a major client in Vietnam, and also received orders for contract manufacturing and assembly of toolboxes from a leading global toolbox manufacturer.
- 2021: The Group expanded its factory and warehouse space at the Rayong Province facility to support air conditioner production, achieving a production capacity of 3,000,000 units per year for air conditioners and 600,000 units per year for televisions.
- 2022-Present: The Group has adopted modern technologies, artificial intelligence, robotics, and automated production systems to develop and implement in its manufacturing processes, thereby enhancing production efficiency.
- The company initiated new businesses, including industrial estate property development and waste-to-energy power plant operations.
1. Risk from reliance on a small number of customers: Expand the customer base both domestically and internationally by diversifying customer groups across various businesses, including negotiating with Original Equipment Manufacturer (OEM) customers to establish long-term manufacturing contracts.
2. Risk from labor shortage and labor wage costs, Risk from rapid technological changes affecting the business: The company is gradually improving work processes by incorporating robotics and artificial intelligence technologies to assist in operations within the group, particularly in production lines requiring precision and speed, to control product quality, increase operational efficiency, and reduce personnel costs required for production.
| as of 30/06/25 | SNC | IMM | SET |
|---|---|---|---|
| P/E (X) | 6.73 | 11.47 | 14.76 |
| P/BV (X) | 0.41 | 0.73 | 1.03 |
| Dividend yield (%) | - | 4.56 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 2,118.99 | 2,064.66 | 3,169.43 |
| Price (B/Share) | 5.85 | 5.70 | 8.75 |
| P/E (X) | 6.73 | - | 13.70 |
| P/BV (X) | 0.41 | 0.44 | 0.64 |
