Halcyon Technology PLC. and subsidiaries engage in the business of manufacturing and distribution of special cutting tools including polycrystalline diamond (PCD), single crystal diamond (SCD), polycrystalline carbon boron nitride (PCBN) and customized carbide cutting tools for the productions of high-precision parts to serve the manufacturers of hard disk drive (HDD) parts, automotive parts, aerospace parts, and other mechanical related industries domestically and overseas. The Company also manufactures and distributes tool holders and other high-precision metal fabricated products to serve customer's needs.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 939.16 | 918.86 | 1,248.33 | 1,055.18 |
| Expenses | 810.84 | 802.49 | 1,082.28 | 989.32 |
| Net Profit (Loss) | 84.74 | 76.70 | 113.63 | 33.39 |
| Assets | 1,808.22 | 1,756.13 | 1,801.10 | 1,784.10 |
| Liabilities | 307.41 | 329.58 | 319.61 | 393.37 |
| Shareholders' Equity | 1,352.87 | 1,283.46 | 1,334.32 | 1,250.25 |
| Operating | 178.18 | 139.51 | 187.40 | 199.47 |
| Investing | -239.86 | -53.15 | -70.56 | -117.24 |
| Financing | -84.74 | -80.29 | -94.12 | -85.67 |
| EPS (Baht) | 0.28 | 0.26 | 0.38 | 0.11 |
| GP Margin (%) | 34.92 | 35.77 | 36.30 | 31.03 |
| NP Margin (%) | 10.14 | 9.31 | 10.02 | 3.94 |
| D/E Ratio (x) | 0.20 | 0.23 | 0.22 | 0.28 |
| ROE (%) | 9.23 | 6.33 | 8.79 | 2.66 |
| ROA (%) | 9.71 | 7.11 | 9.26 | 3.61 |
The Board of Directors’ Meeting No. 4/2025 considered the acquisition of shares in the Company’s subsidiaries from 11 minority shareholders through the issuance of the Company's newly issued ordinary shares in exchange for the shares of subsidiaries held by each minority shareholder (Share Swap) totaling 27,153,900 shares, at an offer price of THB 8.15 per share, representing a total value of THB 221.30 million. The objective of this transaction is to restructure the group of companies under a unified management platform "HalcyONE" (Halcyon One) in order to enhance the efficiency of management and marketing systems and to maximize long-term benefits for the Company’s shareholders. The expected benefits are as follows:
- Clear Direction and Unified Policy: The Company will be able to establish a shared vision, strategy, and common goals, ensuring that all companies within the group operate in the same direction under a unified policy and standard.
- Reduction of Cross-Border Sales Restrictions and Conflicts: The transaction will eliminate market boundary limitations and reduce conflicts arising from overlapping sales territories, enabling seamless collaboration among group companies and maximizing overall group efficiency.
- Enhanced Investment and Business Expansion Capabilities: The Company will be able to make investment and expansion decisions more swiftly without requiring approval from minority shareholders. This will also strengthen its bargaining power with suppliers, customers, and partners, leveraging the advantages of being part of a listed company group.
- Efficient Shared Resource Utilization: By sharing knowledge, capital, technology, databases across the group, the Company can enhance operational efficiency, minimize redundancy, and create greater growth opportunities at the group level.
The Company has over 20 years of experience in the cutting tools business. Our Management and personnel possess high engineering expertise with continuous skill and knowledge developments to provide efficient and comprehensive customer service. Currently, the Company has 3 manufacturing plants located in Thailand, Vietnam, and USA; and subsidiary distribution offices in 7 countries: Thailand, Philippines, Singapore, Malaysia, Vietnam, Indonesia, and USA.
The Company and its subsidiaries had a total revenue of 939.16 million baht in 9M Q3/2025 (+2.21% YoY). Net profit was 95.28 million baht and net profit for the shareholders of the Company was 84.74 million baht. This represents net profit margins 10.14% and 9.02% of the total revenue, respectively. Overall, performance showed a positive growth trend, particularly for the Company and subsidiaries HV and HENG as a result of the growth in the Data Storage/HDD sector, as well as improved productivity from new machines and the iiMS Project. Despite being affected by sluggish market conditions, the Company remains confident that performance will continue to improve in the second half of the year.
The Special Cutting Tools segment had a revenue of 494.28 million baht (+3.35% YoY). The improved performance is mainly due to growth from the Data Storage/HDD sector as well as improve productivity. This segment has a net profit of 76.07 million baht with a net margin of 14.85%, compared to 12.00% last year. It was a result of the revenue growth as well as higher efficiency from new machines, and slightly lower expenses from subsidiary MDP (including the effect of currency conversion). Even though, the segment had 1.49 million baht increase in loss from exchange rate, compared to last year.
The Standard Cutting Tools segment had a revenue of 367.99 million baht (+0.08% YoY) from 7 trading subsidiaries. The increased revenue is mainly from the launch of iiMS (Intelligent Inventory Management System), which provides comprehensive inventory management service for the customers using automated vending machines, from subsidiary HENG earlier last year. This resulted in sales in wider product range beyond cutting tools, as well as opportunities to expand to other consumables in the future. This segment has a net profit of 5.67 million baht, representing 3.63% of the total revenue, compared to 4.76% in the previous year. The decrease in profit margin is mainly due to the iiMS program, which has lower profit margin compared to selling cutting tools, which are the Company’s core business. However, the Company expects to be able to optimize and reduce costs and expenses for the iiMS project as more customers adopt the system and software development is complete. It is expected that the project will help generate more notable revenue and improve profit from 2026 onwards.
The Toolings and Metal Fabrications segment had a revenue of 54.48 million baht (-6.30% YoY). Its US-based customer was affected by the strike in a major aerospace company in Q4/24 through 2025, even though the strike had ended. This segment had a net profit of 5.67 million baht, with a net margin of 10.37%, compared to 15.72% last year.
The Company has established a risk management plan by defining risk management policies and guidelines in alignment with our business strategies, goals, and directions. These are reviewed annually and developed concurrently with the business plan to ensure consistency. In addition, the internal control system is regularly reviewed and assessed. Follow-up reviews and reports are presented to the Audit Committee and the Board of Directors on a regular basis as well.
| as of 30/09/25 | HTECH | IMM | SET |
|---|---|---|---|
| P/E (X) | 7.32 | 10.64 | 16.67 |
| P/BV (X) | 0.59 | 0.79 | 1.21 |
| Dividend yield (%) | 6.06 | 4.26 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 792.00 | 1,104.00 | 672.00 |
| Price (B/Share) | 2.64 | 3.68 | 2.24 |
| P/E (X) | 7.32 | 13.67 | 24.00 |
| P/BV (X) | 0.59 | 0.86 | 0.53 |