AH reports 2025 total revenue up 1.7%, net profit surges 81% to 195 million baht

Earnings
โดย ทันหุ้น·TH·Read original
Summary · why it matters

AH reported total revenue up 1.7% year on year, even as revenue from its automotive parts business fell 4.7% on the slowdown in Thai vehicle production and competition in China. That was offset by its dealership business, which grew 16.8%, along with growth at its Portugal and Malaysia production bases. As a result, gross profit rose 17.4% and gross profit margin improved from 7.4% to 8.5%. Net profit rose to 195 million baht from 108 million baht a year earlier, a gain of 81% year on year, driven by better margins, a higher share of profit from joint ventures, and lower financial costs. For the first half of 2026, net profit stood at 510 million baht, up 23% year on year, even though revenue fell 2.2%, reflecting that this earnings recovery is driven more by margin than by revenue growth. The company expects 2026 revenue to be close to the prior year, while the third quarter of 2026 may slow slightly quarter on quarter because of roughly three weeks of holidays at its Portugal plant, before support kicks in from new parts that begin mass production in the second half of 2026. For 2027, growth drivers become clearer, led by a new axle expected to generate about 200 million baht in revenue, along with new orders and new products in Malaysia. Its joint venture in the United States is building a plant and is expected to start production late in 2028, with revenue becoming clear in 2029. The balance sheet can still support investment, with more than 2.5 billion baht in cash and net interest-bearing debt to equity of just 0.3 times. The Federation of Thai Industries has cut its target for Thai vehicle production in 2026 to 1.45 million units, while in the first half of 2026 production fell 1% year on year and exports fell 8.3%, though domestic sales rose 14.6% on strong growth in battery electric and hybrid vehicles. AH's overseas revenue has risen from just 21% in 2012 to about 50% in the first half of 2026. On valuation, the stock trades at a price-to-earnings ratio of 6.1 times, close to its five-year average at minus 0.5 standard deviations, while the price still lags the market by about 7.2% year to date, with an expected dividend yield of about 5.5% to 6% a year. Technically, the price has rebounded from support at the 100-day exponential moving average of 14.70 and is holding firmly above 15.00, forming a short-term double bottom, with a chance to hold above neckline resistance at 15.70 to 15.90. The next resistance is 16.80, with support at 15.00 and 14.70.

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