BCH.BK — งบการเงิน (SETSMART)

หุ้นไทย · ข้อมูลงบการเงินจาก SETSMART

📊 CAGR · ตารางสรุป · อัตราส่วนการเงิน

🚀 CAGR อัตราเติบโตทบต้น (ถึงปี 2025)

รายการ 5 ปี 10 ปี 15 ปี 20 ปี
รายได้ 5.9% 7.5% 6.9% 7.6%
กำไรสุทธิ 1.4% 9.6% 4.9% 8.7%
สินทรัพย์รวม 1.1% 5.1% 8.0% 7.6%
ส่วนของผู้ถือหุ้น 13.9% 11.7% 10.1% 9.2%
EPS 1.4% 9.6% 2.1% 3.6%
เงินปันผล/หุ้น 14.4% 14.1% 10.5% 4.1%

🧾 สรุปตัวเลขสำคัญรายปี (สีตามทิศ)

รายการ20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
สินทรัพย์รวม (ลบ.)4,0264,0534,2594,1784,4274,7815,4935,5567,10010,0249,99210,59810,56912,67412,62814,11616,52726,38419,79617,73117,37517,486—
หนี้สินรวม (ลบ.)1,5741,4121,3641,4991,4361,3901,8091,9553,0545,4855,3255,6765,2336,7626,2307,1378,90112,0786,2874,0263,3483,279—
ส่วนของผู้ถือหุ้น (ลบ.)2,1112,2662,4812,2922,5652,9063,1293,2243,6243,9664,1374,3594,7615,1955,7016,2486,88412,98012,44512,59412,95513,186—
มูลค่าหุ้นที่เรียกชำระแล้ว (ลบ.)9509509509509501,6621,6621,9951,9952,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,494—
รายได้รวม (ลบ.)—2,7953,3883,6734,2684,7214,4283,9914,5314,7965,3815,8526,6107,3618,1838,9969,02121,53318,91811,84811,84612,035—
รายได้รวม Growth——21.2%8.4%16.2%10.6%-6.2%-9.9%13.5%5.9%12.2%8.7%13.0%11.4%11.2%9.9%0.3%138.7%-12.1%-37.4%-0.0%1.6%—
กำไร (ขาดทุน) จากกิจกรรมอื่น (ลบ.)—31356747515889659580768799104111867616263839—
กำไรสุทธิ (ลบ.)—2494064746056746396739105855225277539171,0891,1351,2296,8463,0391,4061,2821,316—
EPS (บาท)—0.260.430.500.640.570.380.360.460.250.210.210.300.370.440.460.492.751.220.560.510.53—
EPS Growth——65.4%16.3%28.0%-10.9%-32.9%-5.9%27.8%-46.7%-14.4%0.7%42.8%21.8%18.8%4.2%8.5%457.3%-55.7%-54.3%-7.9%2.7%—
ราคาเฉลี่ยรายปี (บาท)1.241.151.823.292.773.283.914.867.218.548.437.7611.8414.3717.5616.3314.2620.2019.6919.7418.5813.129.98
เงินปันผลต่อหุ้น (บาท)—0.200.050.100.120.130.130.070.160.200.170.100.100.150.210.220.240.231.150.700.430.510.45
อัตราผลตอบแทนปันผล (Yield = ปันผล/ราคาเฉลี่ย)——2.7%3.0%4.2%4.0%3.3%1.5%2.2%2.4%2.0%1.3%0.8%1.1%1.2%1.4%1.7%1.1%5.8%3.6%2.3%3.9%4.5%

📐 อัตราส่วนทางการเงิน (Financial Ratio · สีตามทิศ)

อัตราส่วน20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
— ความสามารถทำกำไร (Profitability) —
GPM (อัตรากำไรขั้นต้น)
Q1—31.2%33.0%30.1%33.9%36.4%34.9%37.1%39.8%35.3%32.5%30.3%32.0%29.9%32.2%31.4%31.0%32.1%45.4%28.3%28.7%28.7%26.7%
Q2—28.8%33.0%31.3%34.8%34.8%34.4%40.1%39.8%30.7%30.3%28.3%30.6%33.0%34.4%31.5%33.8%46.5%37.1%30.9%26.8%30.8%—
Q338.0%30.8%33.0%32.1%36.5%35.7%39.0%39.7%40.7%34.6%32.5%32.5%34.2%35.7%36.5%36.4%37.1%53.8%-1.8%34.5%31.9%28.1%—
Q431.0%33.0%32.2%36.7%32.4%30.0%37.3%35.3%39.9%33.2%31.8%35.5%32.2%35.6%32.9%30.9%32.9%57.1%33.0%31.9%24.1%26.9%—
ทั้งปี—31.0%32.8%32.7%34.4%34.2%36.4%38.2%40.1%33.5%31.8%31.8%32.3%33.8%34.1%32.7%33.8%51.0%32.5%31.5%28.0%28.6%—
Selling Expense (%)
Q1—0.0%0.0%0.0%0.0%0.0%0.7%0.6%0.5%1.4%0.9%1.1%1.2%1.4%2.0%3.0%2.7%2.2%1.2%3.2%2.6%2.3%2.3%
Q2—0.0%0.0%0.0%0.0%0.4%0.7%0.6%0.4%1.0%0.9%1.2%1.5%1.7%1.8%2.4%1.8%1.6%1.4%2.6%2.4%1.9%—
Q30.0%0.0%0.0%0.0%0.0%0.6%0.6%0.5%0.3%0.9%1.1%0.9%1.1%1.5%3.1%2.9%1.5%1.1%2.7%2.7%2.3%2.2%—
Q40.0%0.0%0.0%0.0%0.0%0.3%0.6%0.6%0.5%-0.4%2.5%1.3%1.5%1.8%2.6%3.5%1.5%1.2%2.9%2.7%2.5%2.5%—
ทั้งปี—0.0%0.0%0.0%0.0%0.3%0.7%0.6%0.4%0.7%1.4%1.1%1.3%1.6%2.4%3.0%1.9%1.3%1.8%2.8%2.4%2.3%—
Admin Expense (%)
Q1—0.0%0.0%0.0%0.0%0.0%8.0%10.4%8.9%10.3%11.9%14.3%12.0%11.3%11.8%10.7%10.6%10.0%5.7%11.5%10.5%10.5%11.6%
Q2—0.0%0.0%0.0%0.0%9.7%8.8%10.9%9.9%12.5%12.5%11.9%10.6%14.2%13.0%11.7%11.5%7.6%8.0%14.6%11.1%11.2%—
Q30.0%0.0%0.0%0.0%0.0%9.8%9.0%9.7%9.5%11.1%13.5%13.3%11.3%9.7%10.2%9.8%10.1%3.5%9.4%12.0%10.4%10.7%—
Q40.0%0.0%0.0%0.0%0.0%3.9%8.0%6.4%10.8%13.3%10.2%14.5%11.4%10.9%10.9%10.9%14.0%4.8%15.4%10.0%12.2%12.4%—
ทั้งปี—0.0%0.0%0.0%0.0%5.9%8.5%9.4%9.8%11.8%12.0%13.5%11.3%11.4%11.4%10.7%11.6%5.5%8.5%12.0%11.0%11.2%—
SG&A (%)
Q1—11.0%9.8%10.2%10.3%10.4%8.7%11.0%9.4%11.7%12.8%15.4%13.1%12.7%13.8%13.7%13.4%12.2%6.9%14.7%13.1%12.8%13.9%
Q2—11.8%10.4%11.0%11.2%10.1%9.5%11.4%10.3%13.5%13.4%13.0%12.1%15.9%14.8%14.1%13.3%9.2%9.4%17.2%13.4%13.2%—
Q310.7%11.5%9.3%10.3%10.6%10.3%9.6%10.2%9.8%12.0%14.6%14.2%12.4%11.2%13.3%12.7%11.6%4.6%12.2%14.7%12.7%12.9%—
Q412.8%10.0%8.4%10.1%9.1%4.2%8.6%7.0%11.4%12.9%12.8%15.7%12.9%12.7%13.5%14.4%15.5%6.0%18.2%12.7%14.7%14.9%—
ทั้งปี—11.1%9.4%10.4%10.3%8.8%9.1%10.0%10.2%12.5%13.4%14.6%12.6%13.0%13.8%13.7%13.4%6.8%10.3%14.8%13.5%13.5%—
NPM (อัตรากำไรสุทธิ)
Q1—9.6%11.7%10.9%14.1%15.3%14.2%14.4%20.7%15.5%10.5%7.0%10.0%10.0%11.6%11.8%11.8%13.6%28.5%9.4%11.1%11.0%9.1%
Q2—6.0%11.8%11.4%14.0%14.5%13.1%17.2%20.1%9.3%8.6%7.2%10.0%10.1%12.9%11.3%13.2%26.5%20.6%9.9%9.6%12.7%—
Q315.4%8.0%12.2%12.1%15.2%14.2%15.2%17.5%20.6%13.0%9.2%9.6%13.7%15.0%15.8%16.1%17.4%36.3%-11.7%13.8%13.8%11.4%—
Q48.6%11.7%12.2%16.8%13.4%13.1%15.1%18.4%19.0%10.9%10.5%11.7%11.5%13.9%12.5%10.8%11.9%36.3%9.6%13.9%8.3%8.6%—
ทั้งปี—8.9%12.0%12.9%14.2%14.3%14.4%16.9%20.1%12.2%9.7%9.0%11.4%12.5%13.3%12.6%13.6%31.8%16.1%11.9%10.8%10.9%—
ROA—6.1%9.5%11.3%13.7%14.1%11.6%12.1%12.8%5.8%5.2%5.0%7.1%7.2%8.6%8.0%7.4%25.9%15.4%7.9%7.4%7.5%—
ROIC8.4%11.9%17.3%19.8%23.8%24.8%19.8%18.3%18.4%10.4%10.2%9.5%12.4%11.7%13.2%12.2%10.8%38.4%20.3%11.1%10.6%10.5%—
ROE—11.0%16.4%20.7%23.6%23.2%20.4%20.9%25.1%14.7%12.6%12.1%15.8%17.7%19.1%18.2%17.9%52.7%24.4%11.2%9.9%10.0%—
— สภาพคล่อง (Liquidity) —
Current Ratio (เงินทุนหมุนเวียน)1.091.081.090.980.911.171.670.701.211.231.070.700.741.481.461.360.621.731.951.381.311.34—
Quick Ratio (สภาพคล่องเร็ว)0.950.950.960.870.801.041.540.631.121.140.970.640.661.391.331.250.581.671.841.291.201.22—
— โครงสร้างหนี้ (Leverage) —
Debt to Equity (หนี้มีดอกเบี้ย/ทุน)0.590.390.260.300.220.160.330.350.561.000.971.020.861.060.820.881.050.540.310.120.070.06—
Debt to Net Profit (ปีคืนหนี้)—3.581.601.460.930.701.631.672.246.817.728.465.425.994.304.825.881.021.271.110.680.64—
— ประสิทธิภาพ (Efficiency) —
Collection Period (วันเก็บหนี้)—34 วัน40 วัน53 วัน50 วัน52 วัน57 วัน47 วัน52 วัน61 วัน64 วัน70 วัน60 วัน53 วัน59 วัน69 วัน68 วัน61 วัน70 วัน61 วัน68 วัน58 วัน—
Inventory Period (วันขายของ)—15 วัน15 วัน17 วัน16 วัน17 วัน19 วัน20 วัน19 วัน17 วัน17 วัน17 วัน16 วัน15 วัน15 วัน14 วัน15 วัน12 วัน11 วัน15 วัน14 วัน14 วัน—
Payment Period (วันจ่ายหนี้)—30 วัน34 วัน37 วัน37 วัน39 วัน42 วัน46 วัน49 วัน52 วัน46 วัน39 วัน38 วัน39 วัน46 วัน50 วัน50 วัน37 วัน38 วัน60 วัน58 วัน57 วัน—
Cash Cycle (วงจรเงินสด)—19 วัน22 วัน32 วัน29 วัน30 วัน34 วัน21 วัน21 วัน26 วัน35 วัน48 วัน38 วัน29 วัน28 วัน34 วัน33 วัน36 วัน44 วัน16 วัน23 วัน15 วัน—
— ตลาด/ผู้ถือหุ้น (Market) —
Common Shares (หุ้น)950,000,000950,000,000950,000,000950,000,000950,000,0001,662,498,7691,662,498,7691,994,998,4921,994,998,4922,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,9842,493,747,984
Common Shares Adjusted (M)950.00950.00950.00950.00950.001,662.501,662.501,995.001,995.002,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.752,493.75
Book Value / Share (บาท)2.222.392.612.412.701.751.881.621.821.591.661.751.912.082.292.512.765.204.995.055.205.29—
EPS (บาท)—0.260.430.500.640.410.380.340.460.230.210.210.300.370.440.460.492.751.220.560.510.53—
EPS Growth——62.9%16.8%27.7%-36.4%-5.2%-12.2%35.3%-48.6%-10.8%1.0%42.8%21.8%18.8%4.2%8.3%456.9%-55.6%-53.7%-8.8%2.7%—
Dividend Per Share (บาท)—0.200.250.300.400.250.100.230.150.110.200.120.170.200.230.230.231.200.800.350.400.45—
Dividend Yield——2.7%3.0%4.2%4.0%3.3%1.5%2.2%2.4%2.0%1.3%0.8%1.1%1.2%1.4%1.7%1.1%5.8%3.6%2.3%3.9%4.5%
Dividend Payout Ratio—76.3%11.5%19.5%18.4%32.5%33.2%21.9%34.9%86.7%81.8%48.8%31.8%41.0%48.2%48.5%48.9%8.4%94.5%125.0%82.7%95.7%—
Market Cap (ลบ.)1,1781,0921,7293,1262,6325,4536,5009,69614,38421,29721,02219,35129,52635,83543,79040,72335,56150,37449,10249,22746,33432,71824,888
P / BV (เฉลี่ยปี)0.560.480.701.361.031.882.083.013.975.375.084.446.206.907.686.525.173.883.953.913.582.48—
P / E (เฉลี่ยปี)—4.394.266.604.358.0910.1814.4115.8036.4240.2836.7039.2139.0840.1935.8828.937.3616.1635.0036.1324.85—
EV / EBITDA3.391.631.572.631.873.353.866.028.1813.3611.9510.8512.8614.3115.5513.5311.204.537.6711.2010.777.1038.44
Max Price (สูงสุด/ปี)1.421.273.184.113.184.074.905.808.8010.9610.909.3515.2017.3021.1018.5017.2026.7523.1022.6023.8016.5011.70
Min Price (ต่ำสุด/ปี)0.990.941.012.382.132.593.214.075.365.905.506.207.9511.8014.9014.2010.0013.3016.8016.6014.809.759.10
Price (เฉลี่ย/ปี)1.241.151.823.292.773.283.914.867.218.548.437.7611.8414.3717.5616.3314.2620.2019.6919.7418.5813.129.98

📊 กราฟสรุป (SETSMART)

📊 กำไรต่อหุ้น & โครงสร้างงบกำไรขาดทุน

เทรนด์กำไรต่อหุ้น (EPS) ย้อนหลัง (บาท)
รายได้ & กำไรสุทธิ รายปี (ล้านบาท)
โครงสร้างงบกำไรขาดทุน รายปี (ล้านบาท)

📈 แนวโน้มสัดส่วนงบดุล (Common-Size · % ของสินทรัพย์รวม)

สินทรัพย์ (% ของสินทรัพย์รวม)
หนี้สิน (% ของสินทรัพย์รวม)
ส่วนของผู้ถือหุ้น (% ของสินทรัพย์รวม)

📅 งบการเงินรายไตรมาส — แบบชีตวิเคราะห์ (SETSMART, 2004-2026)

งบดุล (แบบชีต · ล้านบาท · เลื่อนดูปีย้อนหลัง →)

งวด20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
สินทรัพย์ (Assets)
เงินสดและรายการเทียบเท่าเงินสดCash And Cash Equivalents
Q1—2711513212844074697441,1236344254229115634636247611,7134,1732,4931,5191,4541,299
Q2—2001261792252622917337134443293604354574986228031,6271,6181,8981,5811,252—
Q312611787911483273825627467603613023295654177217292,2882,3881,4871,3251,381—
สิ้นปี2102103062863753659927055949854696755134866467929444,5202,5982,1831,3451,591—
%Common Size5.2%5.2%7.2%6.8%8.5%7.6%18.1%12.7%8.4%9.8%4.7%6.4%4.8%3.8%5.1%5.6%5.7%17.1%13.1%12.3%7.7%9.1%—
เงินลงทุนระยะสั้น (สุทธิ)Short-Term Investments - Net
Q1—104223115111514213212881882162486401300000000
Q2—1251646021119637271271144937811922637000000—
Q35010617726212110625617499333207134842000000—
สิ้นปี104121401411615312853221431311681,58010086000000—
%Common Size2.6%3.0%0.9%0.3%0.2%1.3%1.0%0.0%4.0%3.2%1.4%1.2%1.6%12.5%0.8%0.6%0.0%0.0%0.0%0.0%0.0%0.0%—
ลูกหนี้การค้าและลูกหนี้อื่น (สุทธิ)Trade And Other Receivables - Current - Net
Q1—2483305275937587916356247539771,1911,1651,1181,2271,8401,0991,0428,9242,8882,2361,9861,941
Q2—2203765515397358215125688851,1001,3261,3091,1771,2901,9101,3213,23110,0472,7782,1962,198—
Q31912363796445537987196187298211,0541,3541,2241,1801,6132,0351,5299,1874,4772,6112,1541,873—
สิ้นปี2203034476115617965824418397611,1301,1251,0451,0911,5641,8531,5195,6981,5982,3492,0521,775—
%Common Size5.5%7.5%10.5%14.6%12.7%16.6%10.6%7.9%11.8%7.6%11.3%10.6%9.9%8.6%12.4%13.1%9.2%21.6%8.1%13.2%11.8%10.2%—
สินค้าคงเหลือ (สุทธิ)Inventories - Net
Q1—8186107111132138120128158166154185186203230247227422329292315362
Q2—8192102111128128111121146155160190193208238247249431296304325—
Q3707197102114142127117127150163163197197207225244286329284306304—
สิ้นปี7884109115137150140135141164178189195204238231250437362306331322—
%Common Size1.9%2.1%2.5%2.8%3.1%3.1%2.5%2.4%2.0%1.6%1.8%1.8%1.8%1.6%1.9%1.6%1.5%1.7%1.8%1.7%1.9%1.8%—
รวมสินทรัพย์หมุนเวียนTotal Current Assets
Q1—7218061,1061,0151,3371,4821,5931,8801,8681,8631,9742,4992,1342,5402,8273,0943,74615,6975,8754,0553,9003,713
Q2—6397739179251,1581,3611,4311,7031,7631,7311,9602,0331,9582,2252,8103,1995,48712,1915,0994,0903,923—
Q34505407538758541,3051,3731,3471,6702,4891,6931,8711,9832,0892,3222,9873,49411,7849,5934,3893,7933,668—
สิ้นปี6257279131,0381,0981,3851,7811,2921,8612,2361,9332,1371,9373,3642,5492,9673,53813,5416,8354,8433,7733,798—
%Common Size15.5%17.9%21.4%24.8%24.8%29.0%32.4%23.3%26.2%22.3%19.3%20.2%18.3%26.5%20.2%21.0%21.4%51.3%34.5%27.3%21.7%21.7%—
ที่ดิน อาคาร และอุปกรณ์ (สุทธิ)Property, Plant And Equipment - Net
Q1—3,1463,0483,1402,9103,1733,3353,6164,1816,0127,4916,8847,1957,4537,8468,63510,16511,43711,92911,77811,77912,25112,598
Q2—3,1333,0473,3603,1003,1793,4063,7614,3736,1547,5567,1537,3297,5698,0908,82511,05311,45511,59711,71512,17112,267—
Q33,1383,1023,0553,3783,1073,1823,4843,8084,7166,7036,9447,1737,3097,6308,2829,14411,26211,53311,53911,76412,21112,399—
สิ้นปี3,1143,0623,1002,9283,1043,1683,4994,0004,9767,4276,8847,1887,3717,7448,5269,61511,43811,79011,82911,72812,31712,432—
%Common Size77.3%75.6%72.8%70.1%70.1%66.3%63.7%72.0%70.1%74.1%68.9%67.8%69.7%61.1%67.5%68.1%69.2%44.7%59.8%66.1%70.9%71.1%—
สินทรัพย์ไม่มีตัวตน (สุทธิ)Intangible Assets - Net
Q1—20519518017016331375162778212514313913411512111510810610892
Q2—20119117513166344047577596119138135130114117105112104102—
Q321419618917416916743534563721091121391331271081161011159996—
สิ้นปี2092001841701652243525766871211421421391221251209611110796—
%Common Size5.2%4.9%4.3%4.1%3.7%0.5%0.8%0.9%0.8%0.7%0.9%1.1%1.3%1.1%1.1%0.9%0.8%0.5%0.5%0.6%0.6%0.6%—
รวมสินทรัพย์ไม่หมุนเวียนTotal Non-Current Assets
Q1—3,4283,3013,3683,1643,3893,5753,8434,4466,2957,8798,0648,4768,7159,41110,17911,78012,99112,99112,92812,98613,53213,863
Q2—3,4053,2923,5803,3123,3993,6493,9774,6316,4387,9528,5268,5849,1419,64910,37612,67013,01512,65112,82613,39313,528—
Q33,4273,3693,3003,5963,3193,3993,7354,0494,9746,9988,0298,5238,5369,1979,84510,70012,87013,08312,90712,87913,43613,655—
สิ้นปี3,4013,3263,3463,1403,3293,3963,7124,2645,2397,7888,0588,4618,6339,31010,07911,14912,98912,84212,96212,88813,60213,688—
%Common Size84.5%82.1%78.6%75.2%75.2%71.0%67.6%76.7%73.8%77.7%80.7%79.8%81.7%73.5%79.8%79.0%78.6%48.7%65.5%72.7%78.3%78.3%—
สินทรัพย์รวมTotal Assets
Q1—4,1494,1074,4744,1794,7255,0575,4366,3268,1639,74210,03910,97510,84911,95213,00614,87416,73628,68818,80317,04117,43217,576
Q2—4,0444,0654,4964,2374,5575,0115,4076,3348,2019,68310,48610,61711,09911,87513,18615,86918,50324,84217,92517,48417,451—
Q33,8773,9094,0534,4714,1734,7035,1085,3976,6449,4879,72210,39510,52011,28612,16713,68716,36424,86722,50017,26817,22917,323—
สิ้นปี4,0264,0534,2594,1784,4274,7815,4935,5567,10010,0249,99210,59810,56912,67412,62814,11616,52726,38419,79617,73117,37517,486—
หนี้สิน (Liabilities)
เจ้าหนี้การค้าและเจ้าหนี้อื่นTrade And Other Payables - Current
Q1—1451942252402763362083374224114124385175617638457032,0261,1751,2641,2221,266
Q2—1582072622393332992462883523844364385626517497481,2491,9491,2681,3321,258—
Q31391472372672423703262393793783883824765707018467651,9701,8351,4061,3601,215—
สิ้นปี1391822392673023602883393945233994504715677928527841,3581,3001,3681,3401,339—
%Common Size3.5%4.5%5.6%6.4%6.8%7.5%5.2%6.1%5.6%5.2%4.0%4.3%4.5%4.5%6.3%6.0%4.7%5.1%6.6%7.7%7.7%7.7%—
รวมหนี้สินหมุนเวียนTotal Current Liabilities
Q1—5987011,0099701,2699371,2431,8111,8541,4582,5453,2393,6891,3061,8734,0473,1269,1643,2792,4722,5862,626
Q2—5826971,0181,1221,2189901,5061,4451,7911,6113,0472,9473,0261,3021,7045,2224,3467,1333,3153,2962,967—
Q35105267141,0091,0801,1611,0761,5121,6361,6711,6883,0092,8162,2081,5602,0545,6657,8746,3683,4212,9952,935—
สิ้นปี5746768371,0611,2031,1841,0651,8461,5391,8151,8033,0422,6212,2761,7402,1865,6677,8483,5103,5052,8782,840—
%Common Size14.2%16.7%19.7%25.4%27.2%24.8%19.4%33.2%21.7%18.1%18.0%28.7%24.8%18.0%13.8%15.5%34.3%29.7%17.7%19.8%16.6%16.2%—
เงินเบิกเกินบัญชี & เงินกู้ระยะสั้นจากสถาบันการเงินBank Overdrafts And Short-Term Borrowings From Financial Institutions
Q1—29438247186384894458433406946781,68018652671398900111437426
Q2—49701192453192264594258605301,1004191,0261601181,9208044001,001783—
Q35353881742403193124774697306101,1882791603053242,3174701,0103656873—
สิ้นปี4754521342232983384254806206941,138801503444192,165250081573604—
%Common Size1.2%1.3%1.2%3.2%5.0%6.2%6.2%7.6%6.8%6.2%6.9%10.7%0.8%1.2%2.7%3.0%13.1%0.9%0.0%0.5%3.3%3.5%—
หนี้ระยะยาวที่ถึงกำหนดชำระใน 1 ปีCurrent Portion Of Long-Term Debts
Q1—2221921531861291505480148131,5141,000001,8717713,5181,2771611619
Q2—2041921551849753502450148131,5141,00002891,9541,9792,2651,28312516—
Q3233190176169183680350292098131,5071,00002892,0381,8542,2671,1588716—
สิ้นปี23919815819716425069019016138141,5001,00002892,1212,7281,2711,1595216—
%Common Size5.9%4.9%3.7%4.7%3.7%0.5%0.0%12.4%2.7%0.2%0.1%7.7%14.2%7.9%0.0%2.0%12.8%10.3%6.4%6.5%0.3%0.1%—
หนี้สินระยะสั้น (Short-Term Debts) 🔢
Q1—252235235232315544899938433541,5072,1922,6801865262,5841,7603,5181,277272452445
Q2—2532622744294152318096708605441,9131,9332,0261604063,8742,0592,7051,2831,126798—
Q32862432643434233883128277627306192,0021,7861,1603056134,3552,3243,2771,161743889—
สิ้นปี2862522103313883243381,1156706367061,9521,5801,1503447084,2872,9781,2711,240625621—
%Common Size7.1%6.2%4.9%7.9%8.8%6.8%6.2%20.1%9.4%6.3%7.1%18.4%14.9%9.1%2.7%5.0%25.9%11.3%6.4%7.0%3.6%3.5%—
หนี้สินระยะยาว (Long-Term Debts) 🔢
Q1—9755723933111645007005521,8003,3332,5212,5051,4984,3454,3463,2305,3442,9191,540296251222
Q2—8335334692601515003509051,8003,3292,5182,5022,4954,3454,7723,1585,0062,8041,467280238—
Q31,8147914834202102715003501,0803,3003,3302,5142,4993,3454,3464,7573,0605,1332,702390242232—
สิ้นปี952640440361174150700101,3693,3473,3242,5102,4984,3444,3464,7592,9463,9792,599324253223—
%Common Size23.6%15.8%10.3%8.6%3.9%3.1%12.7%0.2%19.3%33.4%33.3%23.7%23.6%34.3%34.4%33.7%17.8%15.1%13.1%1.8%1.5%1.3%—
หนี้สินรวมมีดอกเบี้ย (Total Debts) 🔢
Q1—1,2278076285434795541,1891,5452,6433,6874,0284,6964,1784,5314,8735,8147,1046,4372,817569704667
Q2—1,0867947436895667311,1591,5752,6603,8734,4304,4344,5214,5055,1797,0327,0665,5082,7501,4061,036—
Q32,1011,0347477646336588121,1771,8424,0303,9494,5164,2864,5054,6515,3707,4147,4575,9791,5519851,121—
สิ้นปี1,2388926506925624741,0381,1252,0393,9834,0314,4624,0785,4944,6905,4687,2326,9563,8701,564878844—
D/E0.590.390.260.300.220.160.330.350.561.000.971.020.861.060.820.881.050.540.310.120.070.06—
รวมหนี้สินไม่หมุนเวียนTotal Non-Current Liabilities
Q1—1,0306754763852605508226602,0333,5782,7022,6141,6174,4914,4613,5305,6083,0911,717491476448
Q2—8956305643302175514701,0282,1203,5552,6782,6112,6194,5024,9223,4725,2692,9661,642483463—
Q31,8688495735072743345434641,2083,6173,5452,6522,6103,4754,5054,9213,3595,3702,879580455446—
สิ้นปี1,0017365274382332067441101,5153,6693,5222,6342,6114,4864,4894,9523,2344,2312,776521470439—
%Common Size24.9%18.2%12.4%10.5%5.3%4.3%13.5%2.0%21.3%36.6%35.2%24.9%24.7%35.4%35.6%35.1%19.6%16.0%14.0%2.9%2.7%2.5%—
รวมหนี้สินTotal Liabilities
Q1—1,6281,3761,4851,3551,5291,4872,0652,4713,8885,0365,2475,8535,3065,7976,3357,5788,73412,2554,9962,9633,0623,074
Q2—1,4771,3271,5821,4521,4351,5411,9762,4733,9105,1675,7255,5585,6455,8056,6258,6949,61510,0994,9573,7793,429—
Q32,3781,3751,2871,5171,3541,4951,6191,9762,8445,2885,2335,6605,4265,6846,0656,9759,02413,2449,2464,0013,4503,381—
สิ้นปี1,5741,4121,3641,4991,4361,3901,8091,9553,0545,4855,3255,6765,2336,7626,2307,1378,90112,0786,2874,0263,3483,279—
%Common Size39.1%34.8%32.0%35.9%32.4%29.1%32.9%35.2%43.0%54.7%53.3%53.6%49.5%53.4%49.3%50.6%53.9%45.8%31.8%22.7%19.3%18.8%—
ส่วนของผู้ถือหุ้น (Equity)
กำไรสะสมที่ยังไม่ได้จัดสรรRetained Earnings (Deficits) - Unappropriated
Q1—852785027511,0506375106269797368521,1411,5522,0522,6003,1923,91211,7259,4989,71810,08010,270
Q2—1302854607039825252766475276317651,1221,4772,0012,5443,1464,73510,3758,7859,3719,770—
Q3-41963044847343385432715874956317931,1891,5752,0832,6973,3107,2268,9748,9769,5259,743—
สิ้นปี151814006098754736694027855987589851,3871,8372,3522,9353,5899,6969,2449,3999,75810,002—
%Common Size0.4%4.5%9.4%14.6%19.8%9.9%12.2%7.2%11.1%6.0%7.6%9.3%13.1%14.5%18.6%20.8%21.7%36.8%46.7%53.0%56.2%57.2%—
ส่วนของผู้ถือหุ้นบริษัทใหญ่Equity Attributable To Owners Of The Parent
Q1—2,1752,3562,5772,4342,7403,0712,9703,4483,8184,1044,2324,5154,9265,4025,9426,5247,21814,99412,69912,93313,27213,462
Q2—2,2152,3562,5332,3892,6712,9593,0683,4693,8653,9994,1454,4954,8445,3655,8716,4598,04313,59311,97412,57212,978—
Q31,1722,1772,3712,5512,4202,7562,9763,0633,4083,8333,9994,1684,5634,9385,4386,0176,62210,55912,18912,17912,69012,931—
สิ้นปี2,1112,2662,4812,2922,5652,9063,1293,2243,6243,9664,1374,3594,7615,1955,7016,2486,88412,98012,44512,59412,95513,186—
%Common Size52.4%55.9%58.2%54.9%57.9%60.8%57.0%58.0%51.0%39.6%41.4%41.1%45.0%41.0%45.2%44.3%41.7%49.2%62.9%71.0%74.6%75.4%—

งบกำไรขาดทุน (แบบชีต · ล้านบาท · เลื่อนดูปีย้อนหลัง →)

งวด20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
โครงสร้างรายได้ (Revenue Structure)
รายได้จากการดำเนินงาน (ธุรกิจหลัก)Revenue From Operations
Q1—6507658681,0001,1281,1529761,0671,1161,3031,3301,5411,6221,8222,0782,1782,3297,1022,6912,8622,9222,923
Q2—6688048541,0221,1481,0299831,0811,1171,2671,3541,5311,6761,9182,1372,0834,3265,5392,8662,8753,039—
Q36236918899271,1281,2481,1911,0911,1421,2711,3791,4761,7472,0042,2282,4692,3597,9703,4473,1943,2783,051—
Q46367568959571,0701,1469988521,1751,1981,3511,6061,6931,9532,1052,1962,3086,8282,8063,0532,7802,972—
ทั้งปี—2,7653,3543,6054,2214,6704,3703,9034,4664,7025,3015,7666,5117,2558,0738,8808,92821,45418,89511,80411,79411,984—
%YoY Growth——21.3%7.5%17.1%10.6%-6.4%-10.7%14.4%5.3%12.8%8.8%12.9%11.4%11.3%10.0%0.5%140.3%-11.9%-37.5%-0.1%1.6%—
รายได้อื่นOther Income
Q1—129111116121415322319182422271954165475
Q2—710111214143216231519252425281942644—
Q31748101415172016192122211426311886271—
Q4117735105152319212117233731253110-9132426—
ทั้งปี—31356747515889659580768799104111867616263839—
%Common Size—1.1%1.0%1.8%1.1%1.1%1.3%2.2%1.4%2.0%1.5%1.3%1.3%1.3%1.3%1.2%1.0%0.4%0.1%0.2%0.3%0.3%—
%YoY Growth——13.2%92.9%-30.7%8.6%14.7%52.8%-26.3%44.9%-15.2%-5.3%14.2%13.7%4.8%7.2%-22.2%-12.3%-79.4%66.1%48.3%0.1%—
รายได้ดอกเบี้ยและเงินปันผลInterest And Dividend Income
Q1—0000000000022000103210
Q2—000000000004232223556—
Q30000000000002201202512—
Q40000000000023232324653—
ทั้งปี—0000000000211865748181412—
%Common Size—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.2%0.1%0.1%0.1%0.1%0.0%0.0%0.2%0.1%0.1%—
%YoY Growth————50.0%400.0%-66.7%-100.0%————383.8%-32.0%-25.1%-18.8%49.1%-42.7%103.2%123.3%-24.8%-11.4%—
รายได้รวมทั้งหมดของบริษัทTotal Revenue
Q1—6627748791,0111,1441,1649901,0821,1481,3261,3491,5621,6481,8442,1062,1972,3847,1192,6992,8672,9302,929
Q2—6758148651,0341,1621,0431,0151,0971,1401,2831,3731,5591,7031,9452,1672,1034,3315,5442,8772,8853,050—
Q36406958979371,1431,2631,2081,1111,1581,2901,4011,4981,7692,0192,2542,5002,3787,9783,4563,2003,2853,054—
Q46477639039911,0801,1511,0138751,1941,2181,3721,6321,7191,9912,1392,2232,3436,8402,8003,0722,8093,001—
ทั้งปี—2,7953,3883,6734,2684,7214,4283,9914,5314,7965,3815,8526,6107,3618,1838,9969,02121,53318,91811,84811,84612,035—
%YoY Growth——21.2%8.4%16.2%10.6%-6.2%-9.9%13.5%5.9%12.2%8.7%13.0%11.4%11.2%9.9%0.3%138.7%-12.1%-37.4%-0.0%1.6%—
ต้นทุนขาย (COGS)
ต้นทุนCosts
Q1—4555196156687287586236527438969401,0621,1541,2501,4441,5151,6193,8901,9362,0442,0882,146
Q2—4815465956747586856096607908949841,0821,1401,2771,4831,3922,3183,4871,9882,1122,112—
Q33974816016377258137376706878449451,0121,1631,2991,4321,5901,4963,6893,5192,0982,2382,197—
Q44475116126277308066355667178159351,0531,1661,2831,4351,5351,5712,9351,8762,0942,1332,193—
ทั้งปี—1,9282,2782,4732,7983,1042,8152,4682,7163,1923,6703,9894,4724,8775,3946,0525,97510,56112,7728,1168,5278,589—
%Common Size—69.0%67.2%67.3%65.6%65.8%63.6%61.8%59.9%66.5%68.2%68.2%67.7%66.2%65.9%67.3%66.2%49.0%67.5%68.5%72.0%71.4%—
%YoY Growth——18.1%8.5%13.1%11.0%-9.3%-12.3%10.1%17.5%15.0%8.7%12.1%9.0%10.6%12.2%-1.3%76.8%20.9%-36.5%5.1%0.7%—
กำไรขั้นต้น (Gross Profit) 🔢
Q1—2072552643434164063674314054314095004935946626827653,229763824842783
Q2—1942692713604043594074373503893894785626686847122,0132,057889772938—
Q32432142963004174514714414714464554876067208229118824,290-631,1031,047857—
Q42002522903643503453783094774044375795547097046887723,904924979676808—
ทั้งปี4448671,1101,2001,4701,6161,6141,5241,8151,6051,7111,8632,1372,4842,7882,9443,04710,9726,1473,7333,3193,446783
%GPM—31.0%32.8%32.7%34.4%34.2%36.4%38.2%40.1%33.5%31.8%31.8%32.3%33.8%34.1%32.7%33.8%51.0%32.5%31.5%28.0%28.6%—
%YoY Growth—95.4%28.0%8.1%22.5%10.0%-0.2%-5.6%19.1%-11.6%6.6%8.9%14.7%16.2%12.2%5.6%3.5%260.1%-44.0%-39.3%-11.1%3.8%-77.3%
ค่าใช้จ่ายขาย-บริหาร (SG&A)
ค่าใช้จ่ายในการขายSelling Expenses
Q1—000009651612141823376460528588736967
Q2—0000576411121624303653377079766959—
Q300000776312161420317173368794867567—
Q4000004656-5352125365578368080847076—
ทั้งปี—00001630231934746487120199268169290338334287271—
%Common Size—0.0%0.0%0.0%0.0%0.3%0.7%0.6%0.4%0.7%1.4%1.1%1.3%1.6%2.4%3.0%1.9%1.3%1.8%2.8%2.4%2.3%—
%YoY Growth——————87.7%-23.7%-15.7%75.8%119.2%-12.5%35.6%37.3%66.0%34.7%-36.8%71.0%16.7%-1.3%-14.0%-5.5%—
ค่าใช้จ่ายในการบริหารAdministrative Expenses
Q1—000009310396118158193187186217225233238407310302307339
Q2—000011392110108143161163165241253253242330445419319343—
Q300000124109107110143188199199195229244240280326384342328—
Q400000448156129162140236197218234242327331430307344372—
ทั้งปี—00002813743764445666477917488409339641,0431,1801,6081,4211,3081,350—
%Common Size—0.0%0.0%0.0%0.0%5.9%8.5%9.4%9.8%11.8%12.0%13.5%11.3%11.4%11.4%10.7%11.6%5.5%8.5%12.0%11.0%11.2%—
%YoY Growth——————33.4%0.5%17.9%27.7%14.3%22.2%-5.4%12.3%11.1%3.3%8.3%13.1%36.3%-11.6%-8.0%3.2%—
ค่าใช้จ่ายในการขายและบริหารSelling And Administrative Expenses
Q1—737690104119102109101134170207205209255288293291491398376376406
Q2—80849511611899116113154172179189271288306280401524495388402—
Q369808497121131116113113155204212219226300317276367420470417395—
Q483767610198488761136157175257222254289320363411511392414449—
ทั้งปี—3093203824404154043994636007218558359601,1321,2321,2131,4691,9461,7551,5951,621—
%Common Size—11.1%9.4%10.4%10.3%8.8%9.1%10.0%10.2%12.5%13.4%14.6%12.6%13.0%13.8%13.7%13.4%6.8%10.3%14.8%13.5%13.5%—
%YoY Growth——3.5%19.4%15.0%-5.6%-2.7%-1.3%16.0%29.6%20.2%18.6%-2.3%14.9%18.0%8.8%-1.5%21.2%32.4%-9.8%-9.1%1.7%—
กำไร (ขาดทุน) อื่นOther Gains (Losses)
Q1—00000000000000000000-70
Q2—000000000000000000007—
Q300000000000000000000035—
Q4000000000000000000002117—
ทั้งปี—00000000000000000002152—
%Common Size—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.2%0.4%—
%YoY Growth—————————————————————153.2%—
กำไรจากการดำเนินงาน (Operating Profit) 🔢
Q1—1281721702392962882583292712612022952853403743894752,738364448461378
Q2—1021771712442852462913241962162102902913803794321,6131,534395384543—
Q31691252051992963183383283582922512773874945235946063,923-484633631498—
Q41131692022532442432752483412472623223324554163684093,494413587343376—
ทั้งปี2825257567931,0231,1421,1471,1251,3521,0059901,0101,3031,5261,6591,7151,8379,5054,2011,9791,8061,878378
%EBIT—18.8%22.3%21.6%24.0%24.2%25.9%28.2%29.8%21.0%18.4%17.3%19.7%20.7%20.3%19.1%20.4%44.1%22.2%16.7%15.2%15.6%—
%YoY Growth—86.2%44.1%4.9%29.0%11.6%0.5%-2.0%20.2%-25.7%-1.5%2.1%29.0%17.0%8.7%3.4%7.1%417.4%-55.8%-52.9%-8.7%4.0%-79.9%
EBITDA 🔢
Q1—1842282262873453423133863333663094184154795365666922,972602688719648
Q2—2132912833403863554014383524274285395556607018002,0352,0038678661,062—
Q33242953763724404745044945315425706127708929461,0861,1794,5642291,3411,3631,282—
Q43263974294614374534964725795926947838479939921,0321,1914,3681,3651,5311,3411,443—
ทั้งปี6501,0881,3241,3421,5041,6591,6961,6791,9341,8192,0582,1322,5742,8543,0773,3563,73511,6586,5694,3414,2594,505648
%EBITDA—38.9%39.1%36.5%35.3%35.1%38.3%42.1%42.7%37.9%38.2%36.4%38.9%38.8%37.6%37.3%41.4%54.1%34.7%36.6%36.0%37.4%—
%YoY Growth—67.4%21.7%1.4%12.1%10.3%2.3%-1.0%15.2%-6.0%13.1%3.6%20.7%10.9%7.8%9.1%11.3%212.1%-43.7%-33.9%-1.9%5.8%-85.6%
ต้นทุนทางการเงิน (ดอกเบี้ยจ่าย)Finance Costs
Q1—18151177411639394639333230284828111510
Q2—1616107756227394148283034323539241314—
Q326161410975633241422834313535403530157—
Q420151397660041414139353229354834131513—
ทั้งปี—665741312819146106160163162136126131132151156955550—
%Common Size—2.3%1.7%1.1%0.7%0.6%0.4%0.3%0.1%2.2%3.0%2.8%2.5%1.8%1.5%1.5%1.5%0.7%0.8%0.8%0.5%0.4%—
%YoY Growth——-12.3%-29.3%-24.2%-10.0%-32.3%-27.9%-53.4%1588.1%50.8%2.0%-0.7%-16.1%-7.5%3.9%1.1%14.5%3.0%-38.8%-42.7%-9.1%—
ส่วนแบ่งกำไร (ขาดทุน) จากบริษัทร่วม (วิธีส่วนได้เสีย)Share Of Profit (Loss) From Investments Accounted For Using The Equity Method
Q1—000000000000111111-1001
Q2—000000000000-0011102-00—
Q300000000000200111000-01—
Q40000000000000-01011-1-0-00—
ทั้งปี—0000000000311323201-12—
%Common Size—0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%-0.0%0.0%—
%YoY Growth————————————-54.0%-29.1%181.1%-6.3%26.2%-28.8%-83.6%202.9%-154.7%401.7%—
กำไรก่อนภาษี (EBT) 🔢
Q1—1111571592312882852573282652221632492463083433604482,691335437446369
Q2—851621602372782412853221691771682422633503454001,5791,495373372530—
Q31431091911902883113343223552592112373584614935605723,883-518603615491—
Q4931541892432372372702483412062212822934203843393753,446377573327364—
ทั้งปี2364596997529931,1141,1291,1111,3468998308501,1431,3901,5361,5861,7089,3564,0461,8851,7511,830369
%EBT—16.4%20.6%20.5%23.3%23.6%25.5%27.8%29.7%18.7%15.4%14.5%17.3%18.9%18.8%17.6%18.9%43.4%21.4%15.9%14.8%15.2%—
%YoY Growth—94.7%52.1%7.7%31.9%12.3%1.3%-1.5%21.1%-33.2%-7.7%2.4%34.4%21.7%10.4%3.3%7.7%447.8%-56.8%-53.4%-7.1%4.5%-79.9%
ค่าใช้จ่ายภาษีเงินได้Income Tax Expense
Q1—314745658281807553463850405359638454270879883
Q2—314846677768857332333444516265753123198670118—
Q3293859548290989780544350659588101107772-74135122101—
Q425476056655575687939385249858262686791011146886—
ทั้งปี—1472152012803053223303081781591742082712852863131,846888405346403—
%Common Size—5.3%6.4%5.5%6.6%6.5%7.3%8.3%6.8%3.7%3.0%3.0%3.2%3.7%3.5%3.2%3.5%8.6%4.7%3.4%2.9%3.3%—
%YoY Growth——46.0%-6.6%39.4%8.7%5.7%2.4%-6.7%-42.3%-10.3%9.3%19.6%30.0%5.2%0.3%9.4%490.2%-51.9%-54.5%-14.4%16.4%—
กำไรสุทธิ (ส่วนของผู้ถือหุ้นบริษัทใหญ่)Net Profit (Loss) Attributable To : Owners Of The Parent
Q1—649096142175165143224178139951561652152482593242,028254319321268
Q2—409698144169137174220106110981561722502442791,1461,144284277388—
Q399561091131731791841952391671281442433033574024132,896-403441453347—
Q455901101661451501531612271331441911982782682412782,480270427233260—
ทั้งปี—2494064746056746396739105855225277539171,0891,1351,2296,8463,0391,4061,2821,316—
%NPM—8.9%12.0%12.9%14.2%14.3%14.4%16.9%20.1%12.2%9.7%9.0%11.4%12.5%13.3%12.6%13.6%31.8%16.1%11.9%10.8%10.9%—
%YoY Growth——62.9%16.8%27.7%11.4%-5.2%5.3%35.3%-35.8%-10.8%1.0%42.8%21.8%18.8%4.2%8.3%456.9%-55.6%-53.7%-8.8%2.7%—

งบกระแสเงินสด (แบบชีต · ล้านบาท · เลื่อนดูปีย้อนหลัง →)

งวด20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
กิจกรรมดำเนินงาน (Operating Activities)
ค่าเสื่อมราคาและค่าตัดจำหน่ายDepreciation And Amortisation
Q1—555656494954555762105107124130138161177217234238240258269
Q2—11111411396102109110114156211218249263280323367422469472482518—
Q3154169171172144156165166174251319336383397423492572642712708733784—
สิ้นปี2142282272081932102212232383454334615145385766657828749529449981,067—
เงินสดสุทธิจากกิจกรรมดำเนินงานNet Cash From (Used In) Operating Activities
Q1—157188218233202260216233464971803103012901273581,1332,1031,264676635393
Q2—2922763804613123645216145041793705004906315237622,0591,2662,0481,2051,088—
Q33633734614216774007657178449345346601,1051,1601,0231,1701,0722,6422,7293,1932,0791,974—
สิ้นปี5055998037311,0208401,1431,0771,0361,3948271,3471,7011,8141,6181,9021,8636,2565,7154,1832,6772,682—
CFO/กำไรสุทธิ—2.401.981.541.691.251.791.601.142.381.582.552.261.981.491.681.520.911.882.972.092.04—
กระแสเงินสดอิสระ (Free Cash Flow) 🔢
Q1—129151127205127443614-483-1769117911751-137-3019561,5981,049361408-96
Q2—226187171971791417799-578-259130115-163113-138-1,0751,7386481,629236643—
Q3118280318-203592032522359-806-4820460131113761-1,2232,0932,0092,5257441,115—
สิ้นปี238490563252656563556444-96-733101747967693359153-8385,4944,2653,1601,0551,553—
กิจกรรมลงทุน (Investing Activities)
เงินจ่ายซื้อสินทรัพย์ถาวร (CAPEX)Payment For Purchase Of Fixed Assets
Q1—-28-37-92-27-75-216-180-220-947-273-90-131-184-239-264-659-177-505-215-315-226-489
Q2—-66-89-364-264-134-350-344-515-1,083-437-240-385-652-518-661-1,836-321-618-419-968-445—
Q3-246-93-143-441-318-197-513-482-835-1,740-582-456-504-849-886-1,109-2,295-549-721-668-1,334-859—
สิ้นปี-268-109-240-479-364-277-587-633-1,132-2,127-726-600-734-1,120-1,259-1,750-2,701-762-1,450-1,023-1,622-1,128—
เงินสดสุทธิจากกิจกรรมลงทุนNet Cash From (Used In) Investing Activities
Q1—-39-140-147-54-79-203-604-219-982-245-137-213-260707-293-678-174-1,912-275-312-324-487
Q2—-88-134-362-270-132-382-796-784-1,065-258-519-334-565842-595-1,819-68247-451-829-532—
Q3-329-94-204-405-325-204-545-931-894-2,199-354-653-545-774618-1,006-2,229-541-54-575-1,193-906—
สิ้นปี-409-123-172-436-361-319-531-1,081-1,414-2,258-605-880-729-2,483241-1,729-2,597-1,495-759-919-1,558-1,172—
กิจกรรมจัดหาเงิน (Financing Activities)
เงินสดสุทธิจากกิจกรรมจัดหาเงินNet Cash From (Used In) Financing Activities
Q1—-57-107-56-181-9247140404558-411-901389-1,019144288-190-539-1,095-1,028-195-198
Q2—-218-226-144-252-293-5516179411-57740-40721-1,461491,068-694-4,215-2,298-978-649—
Q3-20-375-379-230-490-244-203-217911,432-804-173-907-334-1,710-881,094-757-4,808-3,730-1,744-1,022—
สิ้นปี2-479-537-314-570-53115-2832681,255-736-257-1,134642-1,699-27886-1,185-6,878-3,680-1,928-1,316—

➕ บรรทัดเพิ่มเติมนอกชีต (พิจารณาเก็บ)

✅ = หนูแนะนำให้เก็บ (มีประโยชน์เชิงวิเคราะห์) · ⚪ = ทางเลือก/รายละเอียดย่อย (ส่วนใหญ่ตัดได้)

➕ งบดุล — บรรทัดเพิ่มเติมจาก SETSMART

รายการ (ทั้งปี)20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
⚪ Other Parties00005617965822337393448483701,8531,51900000—
⚪ Other Current Receivables2203034476110004198037221,0961,0779971,0541,564002,151601,5091,1421,142—
⚪ Short-Term Loan and Interest Receivables0000000000000000000000—
⚪ Related Parties0000000000000000000000—
⚪ Other Current Financial Assets0000000000000000273642237103—
⚪ Other Current Financial Assets - Others0000000000000000273642237103—
⚪ Contract Assets - Current00000000000000008162,1232,216000—
⚪ Other Current Assetsสินทรัพย์หมุนเวียนอื่น1391312141413112413171732482819386—
⚪ Other Current Assets - Others00000141300000000482819386—
⚪ Restricted Deposits - Non-Current0000035036373839191111111111—
⚪ Long-Term Investments - Net (Amended Account)1111111002483738433029000000—
⚪ Investment in Subsidiaries, Associates and Joint Ventures Using the Equity Method - Net000000000027778810101010911—
⚪ Investment in Associates00000000000000000101010911—
⚪ Non-Current Portion of Long-Term Loan Receivables0000000000063000000000—
⚪ Other Non-Current Financial Assets0000000000000000222321188068—
⚪ Other Non-Current Financial Assets - Others0000000000000000222321188068—
✅ Investment Properties - Net0000000000674671669973971969966453453517517517—
⚪ Intangible Assets - Others2092001841701652243525766871211421421391221251209611110796—
✅ Goodwill - Net00000156156156156208202329329329329329329329329329329329—
✅ Deferred Tax Assets000000000223236272841486891199151174164—
⚪ Other Non-Current Assets77636142591414201224914646433329302624257071—
⚪ Other Non-Current Assets - Others77636142591414201224914646433329302624257071—
⚪ Land and Construction Cost Payables000000000000001962217294141199136144—
⚪ Other Current Payables00026700022927739933835541345850200370363391407465—
⚪ Accrued Expenses - Current00000162172153226347365395387375397412396851712571589573—
⚪ Financial Institutions23919815819702501901901613140002896215282711,1595216—
⚪ Bonds00000005000008001,5001,000001,5002,2001,000000—
⚪ Current Portion of Long-Term Debts - Others000016400000000000000000—
⚪ Other Current Financial Liabilities0000000000000000000000—
⚪ Other Current Financial Liabilities - Others0000000000000000000000—
⚪ Contract Liabilities and Unearned Rental Income - Current000014817270445355545855193549291,26168827981—
⚪ Deferred Revenue - Others0000017270445355545855193549291,26168827981—
⚪ Contract Liabilities and Unearned Rental Income - Others000014800000000000000000—
✅ Current Portion of Lease Liabilities07108618168128982761602102344612—
⚪ Income Tax Payableภาษีเงินได้ค้างจ่าย00000131167159144696566691261231201411,32465165128116—
⚪ Other Current Liabilitiesหนี้สินหมุนเวียนอื่น149234377456358171529409613245443948342974917511199—
⚪ Non-Current Portion of Long-Term Debts - Others95264044036117400000000000000000—
✅ Non-Current Portion of Lease Liabilities041302523321792417094160080818214101315—
⚪ Long-Term Provisions0000000000000000000000—
⚪ Provisions for Employee Benefit Obligations - Non-Current00000006672818395100117123118116128126137136138—
✅ Deferred Tax Liabilities00000000000000412000717—
⚪ Other Non-Current Liabilities4955575237242725507220131324973894237506146—
⚪ Authorised Share Capital9509509509509501,6621,6621,9951,9952,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,494—
⚪ Authorised Ordinary Shares9509509509509501,6621,6621,9951,9952,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,494—
⚪ Issued and Paid-Up Share Capital9509509509509501,6621,6621,9951,9952,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,494—
⚪ Paid-Up Ordinary Shares9509509509509501,6621,6621,9951,9952,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,4942,494—
⚪ Premium (Discount) on Share Capital645645645645645645645645645645645645645645645645645645645645645645—
⚪ Premium (Discount) on Ordinary Shares645645645645645645645645645645645645645645645645645645645645645645—
⚪ Premium on Ordinary Shares000000000000000000000645—
⚪ Retained Earnings (Deficits)362184616989705998225849848271,0071,2351,6362,0872,6013,1843,8389,9469,4939,64810,00810,252—
✅ Retained Earnings - Appropriated2137628995126152182200229249249249249249249249249249249249249—
⚪ Legal and Statutory Reserves2137628995126152182200229249249249249249249249249249249249249—
⚪ Other Components of Equity4814544250000000-8-15-14-31-38-75-92-104-187-192-191-204—
⚪ Surplus (Deficits)4814544250000000-800000000000—
⚪ Surplus From Revaluation of Fixed Assets4814534250000000000000000000—
⚪ Surplus (Deficits) From Changes in Interest in Subsidiaries0000000000-800000000000—
⚪ Surplus (Deficits) - Others-01-10000000000000000000—
⚪ Other Components of Equity - Others000000000000000-75-92-104-187-192-191-204—
✅ Non-Controlling Interests3413754143864264855553774225745305635767176967307421,3261,0651,1101,0721,021—
⚪ Total Equityรวมส่วนของผู้ถือหุ้น2,4522,6412,8952,6782,9913,3913,6843,6014,0454,5394,6674,9225,3365,9126,3986,9787,62614,30613,51013,70414,02714,207—
⚪ Total Liabilities and Equity4,0264,0534,2594,1784,4274,7815,4935,5567,10010,0249,99210,59810,56912,67412,62814,11616,52726,38419,79617,73117,37517,486—

➕ งบกำไรขาดทุน — บรรทัดเพิ่มเติมจาก SETSMART

รายการ (ทั้งปี)20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
⚪ Revenue From Sales and Rendering Services—2,7653,3543,6054,2213,5240000000000021,40518,82711,72911,72511,913—
✅ Revenue From Rendering Services—00001,1674,3703,9034,4664,7025,3015,7666,5117,2558,0738,8808,92800000—
⚪ Revenue From Leases—00000000000000004968756971—
⚪ Lease Income—00000000000000004968756971—
⚪ Interest Incomeรายได้ดอกเบี้ยรับ—0000000000211865748181410—
⚪ Dividend Income—000000000000000000002—
⚪ Cost of Rendering Services—00007762,8152,4682,7163,1923,6703,9894,4724,8775,3946,0525,97500000—
⚪ Management and Directors' Remuneration—31225962000000000000000—
⚪ (Reversal Of) Loss on Impairment—13100000000000000000000—
⚪ Other Expenses—181818000000000000000000—
✅ Total Cost and Expenses—2,2712,6322,8803,2443,5793,2812,8673,1793,7914,3914,8445,3085,8366,5267,2847,18712,03114,7179,87010,12210,211—
⚪ Gains (Losses) on Foreign Currency Exchange—00000000000000000000-7—
⚪ Gains (Losses) on Net Monetary Position—00000000000000000002159—
✅ Profit (Loss) Before Finance Costs and Income Tax Expense—5257567931,0231,1421,1471,1251,3521,0059901,0101,3031,5261,6591,7151,8379,5054,2011,9791,8061,878—
⚪ Profit (Loss) for the Period From Continuing Operations—3124845517128108077821,0387216716739331,1191,2481,2981,3927,5073,1571,4791,4051,426—
✅ Net Profit (Loss) for the Period—3124845517128108077821,0387216716739331,1191,2481,2981,3927,5073,1571,4791,4051,426—
⚪ Net Profit (Loss) for the Period / Profit (Loss) for the Period From Continuing Operations—0000007821,0387216716739331,1191,2481,2981,3927,5073,1571,4791,4051,426—
⚪ Gains (Losses) on Investment in Debt Instruments Measured at Fair Value Through Other Comprehensive Income—000000000-3-1114-6-1-700000—
⚪ Currency Translation Adjustments—000000000000-24-8-48-17-24-120-446-6—
⚪ Other Comprehensive Income That Will Be Subsequently Reclassified to Profit or Loss—000000000000000000010—
⚪ Income Taxes Relating to Items That Will Be Subsequently Reclassified to Profit or Loss—00000000000-0311100000—
⚪ Gains (Losses) on Remeasuring Investment in Equity Instruments Measured at Fair Value Through Other Comprehensive Income—00000000000000000-2-411-10—
⚪ Remeasurement of Employee Benefit Obligations—0000000-30000-50-00-40000—
⚪ Other Comprehensive Income That Will Not Be Subsequently Reclassified to Profit or Loss—000000000000000000-200—
⚪ Income Taxes Relating to Items That Will Not Be Subsequently Reclassified to Profit or Loss—0000000000000000302-22—
⚪ Other Comprehensive Income (Expense) - Net of Tax—0000000-30-3-71-38-13-50-23-35-121-1356-14—
✅ Total Comprehensive Income (Expense) for the Period—0000007821,0257216596669331,0801,2361,2481,3697,4733,0371,4661,4611,412—
⚪ Net Profit (Loss) Attributable to : Non-Controlling Interests—63787710713616810912813614914518020215916316366111873123109—
⚪ Total Comprehensive Income (Expense) Attributable to : Owners of the Parent—0000006738985855145237548851,0821,0951,2126,8232,9561,3961,3301,303—
⚪ Total Comprehensive Income (Expense) Attributable to : Non-Controlling Interests—0000001091261361461421801951541531576508070131109—
⚪ Basic Earnings (Loss) per Share (Baht/share)—000110000000000031111—

➕ งบกระแสเงินสด — บรรทัดเพิ่มเติมจาก SETSMART

รายการ (ทั้งปี)20042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026
⚪ Net Profit (Loss) Attributable to Owners of the Parent for the Period2812494064747128108077821,03872167109331,1191,2481,2981,3927,5073,1571,4791,4051,426—
⚪ Profit (Loss) Before Finance Costs And/or Income Tax Expense000000000006730000000000—
⚪ Depreciationค่าเสื่อมราคาสินทรัพย์ถาวร19621021019119300000000000000000—
⚪ Amortisation18181818000000000000003000—
⚪ (Reversal Of) Expected Credit Losses(กลับรายการ) ผลขาดทุนด้านเครดิตที่คาดว่าจะเกิด (ECL)000003315-231113480-21446536348516614-25-17—
⚪ (Reversal Of) Loss From Diminution in Value of Inventories0000000000002141541,58711310—
⚪ Share of (Profit) Loss From Investments Accounted for Using the Equity Method00000000000-3-1-1-3-2-3-2-0-11-2—
⚪ (Gains) Losses on Foreign Currency Exchange000000000000-0000000000—
⚪ (Gains) Losses on Disposal of Other Investments0000000-19000000100-1-1-0-00—
⚪ (Gains) Losses on Fair Value Adjustments of Other Financial Instruments0000000000000000000-000—
⚪ (Gains) Losses on Fair Value Adjustments of Non-Financial Assets0000000000000000000000—
⚪ (Gains) Losses on Fair Value Adjustments of Investments0000000000000-2-00-0-00001—
⚪ (Gains) Losses on Disposal and Write-Off of Fixed Assets0000051-01632142241123-1—
⚪ (Gains) Losses on Disposal of Fixed Assets00000-01-01632142241123-1—
⚪ Loss on Write-Off of Fixed Assets0000060000000000000000—
⚪ (Reversal Of) Impairment Loss of Fixed Assets0000000000000000-700000—
⚪ (Reversal Of) Impairment Loss of Other Assets00000000000000002400000—
⚪ Dividend and Interest Income00000000000000000-4-8-18-14-12—
⚪ Dividend Income000000000000000000000-2—
⚪ Interest Incomeรายได้ดอกเบี้ยรับ00000000000000000-4-8-18-14-10—
⚪ Finance Costsต้นทุนทางการเงิน (ดอกเบี้ยจ่าย)000002819146106160163162136126131132151156955550—
⚪ Income Tax Expenseค่าใช้จ่ายภาษีเงินได้000003053223303081781591742082712852863131,846888405346403—
⚪ Other Reconciliation Items5691365330337-5-08101110224-8-6-5-60-110-82-52—
⚪ Cash Flows From (Used In) Operations Before Changes in Operating Assets and Liabilities5515679981,0131,2411,3851,3841,3151,6021,3781,4701,5721,8022,1022,2982,4112,67010,4616,8882,9302,6902,871—
⚪ (Increase) Decrease in Trade and Other Receivables00000-269199186-39983-366-71102-93-538-325-543-4,2182,900695-39257—
⚪ (Increase) Decrease in Inventories00000-13106-6-15-14-11-8-10-376-24-185-39073-11-18—
⚪ (Increase) Decrease in Other Operating Assets-101-106-172-181-1271-2717-3-2842-017103-3-1,364-12581232526—
⚪ Increase (Decrease) in Trade and Other Payables0000023-73-2448116-61-1130431273482554-82340-17—
⚪ Increase (Decrease) in Accrued Expenses00000000000000000457-126-12727-12—
⚪ Increase (Decrease) in Provisions for Employee Benefit Obligations00000000000000000-2-25-22—
⚪ Increase (Decrease) in Other Operating Liabilities56138-23-100-20914-91-409787-32-28-335471-101,239-1,1672652-35—
✅ Cash Generated From (Used In) Operations5055998037311,0201,1491,4301,4151,3581,6469971,5231,8982,0241,9152,2002,1726,9427,9704,4373,0833,075—
✅ Income Tax (Paid) Received00000-308-287-338-322-252-171-176-197-211-297-297-309-686-2,255-254-406-393—
⚪ (Increase) Decrease in Short-Term Investments00000-50717-284-3611912-36-1,4111,481122402837-3535—
⚪ Proceeds From Investment0080283002000000000901,5773,53212010—
⚪ Proceeds From Disposal of Investments000000000000000001,5773,53212010—
⚪ Purchase of Investments-104-1600000000-0-3160050-30-2,319-2,890-1200-100—
⚪ Proceeds From Disposal of Investment in Subsidiaries, Associates and Joint Ventures0000000000000000000371300—
⚪ Payment for Purchase of Investment in Subsidiaries, Associates and Joint Ventures0000000-48700-2-20000000000—
⚪ (Increase) Decrease in Short-Term Loan Receivables000000-26000000000000000—
⚪ (Increase) Decrease in Short-Term Loan Receivables - Related Parties000000-26000000000000000—
⚪ Loan Receivables Made00000000000-60000000000—
⚪ Long-Term Loan Receivables Made00000000000-60000000000—
⚪ Long-Term Loan Receivables Made - Related Parties00000000000-60000000000—
⚪ Loan Receivables Repayment Received00000026000003300000000—
⚪ Long-Term Loan Receivables Repayment Received0000000000000300000000—
⚪ Long-Term Loan Receivables Repayment Received - Related Parties0000000000000300000000—
⚪ Loan Receivables Repayment Received (Amended Account)00000026000003000000000—
✅ Proceeds From Disposal of Fixed Assets0011181432752781721131210510—
⚪ Property, Plant and Equipment0011181432752781721131210510—
⚪ Intangible Assets00000-21-26-12-7-28-42-39-41-31-27-8-30-19-4-36-12-9—
⚪ (Increase) Decrease in Restricted Deposits00000-035-1-1-0-12018000000-0-00—
⚪ Dividend Received0000000000011122121102—
⚪ Interest Received000000000000111165748181410—
⚪ Other Items (Investing Activities)-371-1214-10000-1010-15032000000-500—
⚪ Increase (Decrease) in Bank Overdrafts and Short-Term Borrowings - Financial Institutions00000754086558574445-1,21670194761,741-1,654-2509149938—
⚪ Proceeds From Borrowings0004290020001,35900001,84601573332,6828400246—
⚪ Proceeds From Long-Term Borrowings0004290020001,35900001,84601573332,6828400246—
⚪ Proceeds From Long-Term Borrowings - Financial Institutions00042900000000000002,68284000—
⚪ Proceeds From Long-Term Borrowings - Related Parties000000000000000000000246—
⚪ Proceeds From Long-Term Borrowings - Other Parties00000020001,35900001,846015733300000—
⚪ Repayments on Borrowings-1,253-345-24200-313-2500-1,559-26-13-2400-644-289-735-531-1,378-1,159-295—
⚪ Repayments on Short-Term Borrowings0000000000000000000000—
⚪ Repayments on Short-Term Borrowings - Financial Institutions0000000000000000000000—
⚪ Repayments on Long-Term Borrowings-1,253-345-242000000-1,559-26-13-2400-644-289-735-531-1,378-1,159-295—
⚪ Repayments on Long-Term Borrowings - Financial Institutions-1,176-345-242000000000-240000-735-531000—
⚪ Repayments on Long-Term Borrowings - Related Parties-76000000000000000000-1,378-1,159-295—
⚪ Repayments on Long-Term Borrowings - Other Parties000000000-1,559-26-13000-644-28900000—
⚪ Repayments on Borrowings (Amended Account)00000-313-25000000000000000—
⚪ Repayments on Lease Liabilities00000-6-17-16-7-74-82-84-76-16-0-3-15-5-4-5-6-12—
⚪ Proceeds From Issuance of Debt Instruments00000150350003,300001,5001,00001,20001,0000000—
⚪ Repayments on Debt Instruments00000000-500000-800-1,500-1,00000-1,500-2,200-1,00000—
⚪ Proceeds From Issuance of Equity Instruments000000000000020120000000—
⚪ Proceeds From Changes in Interest in Subsidiaries000000000000000001900104-450—
⚪ Payments for Changes in Interest in Subsidiaries000000000000000000000-8—
✅ Dividend Paid0-124-228-305-400-409-514-313-580-419-448-440-504-611-758-667-719-984-3,833-1,413-1,162-1,224—
⚪ Interest Paid00000-28-19-40-59-79-163-1650-149-143-144-166-179-143-79-54-61—
⚪ Other Items (Financing Activities)1,255-10-66-51-26000000-890-14-18-40000000—
⚪ Effect of Exchange Rate Changes on Cash and Cash Equivalents0000000000000000000000—
⚪ Other Items00000000000000000000-2952—
⚪ Cash and Cash Equivalents, Beginning Balance1112132103062863753659927055949854666755134866467929444,5202,5982,1831,345—
✅ Cash and Cash Equivalents, Ending Balance2102103062863753659927055949854696755134866467929444,5202,5982,1831,3451,591—

🧮 DCF — คำนวณมูลค่าหุ้น BCH แบบ อ.กล้วยๆ (EP.210)

ใช้ วิธี DCF ที่ อ.กล้วยๆ สอนใน EP.210 (เทปยกเคส CPALL) มาปรับใช้กับ BCH — Bangkok Chain Hospital (เกษมราษฎร์) — รพ.กลาง-ล่าง + ประกันสังคม · เป็นหุ้น cash-cow เข้าเงื่อนไข DCF · ใส่งบจริง 2025 + สมมติฐาน conservative และมี เครื่องคิดเลขสด ให้ปรับเอง

✅ สมมติฐาน conservative: รายได้โต 6%/ปี · Operating margin 13% (ประมาณการ sector — อิง net margin เฉลี่ยหลังโควิด 2023-25 ตัดปีโควิดที่ผิดปกติ ดูตารางล่าง) · WACC 9% · perpetuity 2.5%

⚠️ ประมาณการเชิงการศึกษา ไม่ใช่คำแนะนำซื้อขาย — ค่าเสื่อม/CapEx/margin เป็นประมาณการ (งบ SETSMART ไม่ครบทุกบรรทัด) ปรับได้ในเครื่องคิดเลข · DCF ไวต่อสมมติฐานมาก โดยเฉพาะ Terminal Value

แนวคิด DCF — ทำไมต้อง "คิดลด"

มูลค่ากิจการ = เงินสดที่มันจะปั๊มให้เจ้าของในอนาคตทั้งหมด แปลงกลับเป็นเงินวันนี้ (เงิน 100 บาทปีหน้ามีค่าวันนี้แค่ 100 ÷ (1+WACC)) · ใช้เงินสดไม่ใช้กำไร (กำไรแต่งได้ เงินสดโกหกยาก) · เหมาะหุ้น Value กระแสเงินสดนิ่ง · มี 3 ตัวแปร: FCF · WACC · Terminal Value

PV = กระแสเงินสดปีนั้น ÷ (1 + WACC) ^ จำนวนปี

ตัวแปร 1 · Free Cash Flow (FCFF)

FCF = NOPAT + ค่าเสื่อม − CapEx − ΔNet Working Capital · NOPAT = รายได้ × Operating Margin × (1 − ภาษี)

net profit margin จริงย้อนหลัง (อ้างอิงเลือก operating margin conservative):

ปี 2021 2022 2023 2024 2025
net margin 34.9% † 16.7% † 12.5% 11.9% 11.8%

เฉลี่ย net margin หลังโควิด (2023-25) = 12.1% — † = ปีโควิด 2021-22 (ล็อกดาวน์/รายได้โควิดชั่วคราวทำให้ผิดปกติ ไม่นำมาเฉลี่ย) · เลือก operating margin ให้สอดคล้องค่านี้

ฐานตัวเลขจริงปี 2025 (ล้านบาท):

รายการ ค่า ที่มา
รายได้รวม (ปีฐาน) 12,035 งบ 2025 (SETSMART)
Operating margin 13% ประมาณการ sector (conservative)
อัตราภาษี 20% อัตรานิติบุคคลไทย
ค่าเสื่อม+ตัดจำหน่าย 1,000 ประมาณการ · +~60/ปี
CapEx 900 ประมาณการลงทุน · +~60/ปี
Δ Net Working Cap. +150/ปี วงจรเงินสด —
หนี้สินมีภาระสุทธิ ~913 Debt/NetProfit × กำไรสุทธิ
จำนวนหุ้น 2,494 ล้านหุ้น ทุนชำระแล้ว (SETSMART)
ราคา / Market Cap 9.98 บาท / 24,888 Key Stats

ประมาณการ FCF 5 ปี (รายได้โต 6%/ปี · margin 13% · ภาษี 20%):

ปี รายได้ EBIT (13%) NOPAT +ค่าเสื่อม −CapEx +ΔNWC = FCF
2026 12,757 1,658 1,327 1,060 960 150 1,577
2027 13,523 1,758 1,406 1,120 1,020 150 1,656
2028 14,334 1,863 1,491 1,180 1,080 150 1,741
2029 15,194 1,975 1,580 1,240 1,140 150 1,830
2030 16,106 2,094 1,675 1,300 1,200 150 1,925

ตัวแปร 2 · WACC (Discount Rate)

WACC = ผลตอบแทนขั้นต่ำที่นักลงทุนควรเรียก เอามาคิดลดเงินอนาคต = ต้นทุนเงินทุนเฉลี่ยถ่วงน้ำหนัก equity + หนี้

WACC = (E/V)·Ke + (D/V)·Kd·(1 − ภาษี) · Ke จาก CAPM = พันธบัตร + β×(ตลาด − พันธบัตร)

เคสนี้ใช้ WACC 9% เป็นเคสหลัก (ยิ่งสูง = เข้มงวด = ราคายิ่งต่ำ) — ดู scenario ด้านล่าง

ตัวแปร 3 · Terminal Value

รวบกระแสเงินสดตั้งแต่ปีที่ 6 ไปตลอดกาล (โตนิ่งๆ ปีละ g) เป็นก้อนเดียว:

TV = FCF ปีที่ 6 ÷ (WACC − g) · g = 2.5% (≈ เงินเฟ้อ)

5 ขั้นตอน → มูลค่าที่แท้จริง/หุ้น

ขั้น รายการ ค่า (ล้านบาท)
1 PV ของ FCF 5 ปีแรก 6,732
2 PV ของ Terminal Value 19,729
3 รวม = Enterprise Value (EV) 26,461
4 − หนี้สินมีภาระสุทธิ (Net Debt) −913
5 = Equity Value 25,549
÷ จำนวนหุ้น 2,494 ล้านหุ้น
➡️ มูลค่าที่แท้จริง / หุ้น ≈ 10 บาท

ที่สมมติฐาน conservative ได้ ~10 บาท vs ราคาปัจจุบัน 9.98 บาท → มี upside ~3% (MOS บวก)

ตาราง Scenario: WACC → ราคาเหมาะสม

(คง growth 6% · margin 13% · perpetuity 2.5% — เทียบราคา 9.98 บาท)

WACC ราคาเหมาะสม ส่วนต่างจากราคา
8% ~12 บาท +18%
9% ~10 บาท +3%
10% ~9 บาท -13%
11% ~8 บาท -29%
12% ~7 บาท -46%
ราคาเหมาะสม BCH ตามค่า WACC (DCF · growth 6% · margin 13% · perp 2.5%)
ราคาปัจจุบัน ≈ 9.98 บาท · WACC ยิ่งสูง ราคายิ่งต่ำ

🧮 เครื่องคิดเลข DCF สด — ลองปรับสมมติฐานเอง

6.0%
13.0%
9.0%
2.5%
5 ปี
PV ของ FCF:–PV ของ Terminal Value:–Enterprise Value:–− Net Debt:913 ลบ.= Equity Value:–TV เป็นสัดส่วนของ EV:–
มูลค่าที่แท้จริง ≈ – บาท/หุ้น
– (เทียบราคา 9.98 บาท)
ฐาน: รายได้ 2025 = 12,035 ลบ. · ค่าเสื่อม 1,000 (+60/ปี) · CapEx 900 (+60/ปี) · ΔNWC +150/ปี · ภาษี 20% · หุ้น 2,494 ล้านหุ้น · Net Debt 913 ลบ. — ปรับ slider ได้

⚠️ ข้อควรระวัง

📼 อ้างอิงวิธี: ลงทุนกล้วยๆ Member Club EP.210 (เคสสอนจริง = CPALL — หน้านี้นำวิธีมาปรับใช้)