Company In Depth Analysis Overview

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12-Jan-15
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Company In Depth Analysis Overview
Ticker:
Language:
Currency:
EASTERN COMMERCIAL LEASING P
ECL TB
English
STOCK EXCH OF THAI INDEX (SET)
Bangkok: ECL, Currency: THB
Local
Sector: Financials
Benchmark:
Industry: Consumer Finance
Consolidated?
Consolidated
Year:
Last FY End
Telephone
66-2-641-5252
Revenue (M)
227
Business Segments in THB (2013)
#N/A N/A
Website
www.ecl.co.th
No of Employees
Hire-Purchase & Leasing Services
Address
976/1 SOI RAMA IX HOSPITAL RIM KHLONG SAEN SEN ROAD BANG Huai Khwang, Bangkok, 10310 Thailand
Share Price Performance in THB
Price
2.96
1M Return
24.4%
52 Week High
3.18
6M Return
173.1%
52 Week Low
0.94
52 Wk Return
220.0%
52 Wk Beta
0.27
YTD Return
11.3%
Credit Ratings
S&P
Moody's
Fitch
-
Date
Date
Date
Fiscal Year
12/10
12.7x
67.6x
19.2x
3.6x
0.7x
6.4%
12/11
12.9x
111.7x
16.8x
2.1x
0.6x
7.4%
12/12
12.0x
34.5x
13.2x
2.2x
1.0x
6.4%
12/13
9.8x
31.0x
12.2x
2.0x
0.9x
0.0%
12/14E
-
12/15E
-
12/16E
-
12/10
45.2
16.5
28.3
2.9
5.8
12/11
54.5
11.8
16.5
1.8
4.6
12/12
64.7
36.0
18.6
2.4
7.9
12/13
64.8
36.7
20.2
2.5
8.0
12/14E
-
12/15E
-
12/16E
-
Leverage and Coverage Ratios
12/10
Current Ratio
Quick Ratio
EBIT/Interest
Tot Debt/Capital
0.5
Tot Debt/Equity
1.1
Eff Tax Rate %
9.3
12/11
0.7
1.9
26.5
12/12
0.7
2.7
24.7
12/13
0.6
1.7
20.9
Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
-
Outlook
Outlook
Outlook
Eastern Commercial Leasing Public Company Limited provides hire-purchase and lease
financing services for used automobiles.
Sales (M)
1
Geographic Segments in THB (2013)
Thailand
Sales (M)
1
-
100%
100%
Hire-Purchase & Leasing Services
Thailand
Current Capitalization in THB
Common Shares Outstanding (M)
Market Capitalization (M)
Cash and Equivalents (M)
Total Debt (M)
Preferred Equity (M)
Minority Interest (M)
Enterprise Value (M)
594.8
1760.5
4.8
1152.6
0.0
0.0
2908.3
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Company In Depth Analysis Overview
EASTERN COMMERCIAL LEASING P
All Pricing data as of 12/01/2015
Pricing
Bloomberg Peers
My Peers
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Ticker
Company Name
Sub-Industry
ECL TB
THANI TB
SAWAD TB
EASTERN COMMERCIAL LEASING P Consumer Finance
RATCHTHANI LEASING PCL
Consumer Finance
SRISAWAD POWER 1979 PCL
Consumer Finance
Curr
(Loc)
THB
THB
THB
Mcap (M)
Performance
Mcap (M)
1M Ret
Valuation Ratio:
Calendarized
6M Ret
(Loc)
Min
Max
Mean
(THB)
7,047
28,750
17,899
(THB)
8.5%
4.2%
(THB)
-15.9%
59.7%
21.9%
1,761
7,047
28,750
1,761
7,047
28,750
24.4%
0.0%
8.5%
173.1%
-15.9%
59.7%
Price to Book
2011
2012
2013
2014
2015
3.3x
3.3x
3.3x
0.2x
2.8x
1.5x
2.2x
19.1x
10.6x
1.8x
8.9x
5.4x
1.7x
7.4x
4.5x
2.6x
3.3x
2.6x
2.8x
0.2x
2.6x
2.2x
19.1x
1.8x
8.9x
1.7x
7.4x
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EASTERN COMMERCIAL LEASING P
Press Button to Calculate Peer Index. Peer index
changes with differing start or end dates as well as
new ticker and peer entries.
Pricing data is in THB
Start Date:
Custom Date
End Date:
Yesterday
Peer Index Type:
Equal Weight
07/08/2014
ECL TB Price versus Peers & Benchmark (Normalized)
300
Peer Index Constituents:
THANI TB
SAWAD TB
RATCHTHANI LEASING PCL
SRISAWAD POWER 1979 PCL
250
200
150
100
50
0
Aug-14
Sep-14
Oct-14
Nov-14
EASTERN COMMERCIAL LEASING P
Dec-14
Peer Index
Jan-15
SET
ECL TB Price Volume Graph
4
800000000
3
700000000
600000000
3
500000000
2
400000000
2
300000000
1
200000000
1
0
Aug-14
100000000
0
Sep-14
Oct-14
Volume
Nov-14
Dec-14
EASTERN COMMERCIAL LEASING P
Jan-15
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EASTERN COMMERCIAL LEASING P
Financial information is in THB (M)
Periodicity:
Fiscal Quarter
3/12
6/12
40
9/12
12/12
3/13
6/13
49
67
50
18
19
23
9/13
12/13
3/14
6/14
9/14
57
71
50
60
54
19
22
24
23
24
25
Income Statement
Revenue
- Cost of Goods Sold
Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
8
13
22
11
15
25
10
19
7
-6
0
11
-6
0
13
-9
0
-10
Pretax Income
- Income Tax Expense
14
3
13
2
11
3
17
4
15
3
11
2
19
4
19
4
17
4
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
11
0
0
11
0
0
8
0
0
13
0
0
12
0
0
9
0
0
15
0
0
15
0
0
14
0
0
13
0
Diluted EPS Before XO Items
Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %
Total Shares Outstanding
Diluted Shares Outstanding
EBITDA
0.07
11
0.03
9
0.02
410
410
27
35
410
0.08
0.02
0.03
0.02
8
0.02
13
0.03
12
0.03
12
0.03
9
0.02
15
0.03
15
0.03
14
0.02
410
420
410
410
410
595
420
595
595
595
595
595
595
46
36
41
43
30
39
28
*Net income excludes extraordinary gains and losses and one-time charges.
Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
11
0
0
4
0
0
7
0
0
7
0
0
5
0
0
9
0
0
4
0
0
6
100
4
101
0
8
100
0
5
5
0
1,411
1,559
1,642
1,716
1,675
1,655
1,615
1,704
1,703
1,739
1,788
31
62
32
13
33
80
33
23
34
71
33
75
31
87
31
32
30
31
30
28
37
29
Total Current Liabilities
+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities
479
16
564
17
644
18
654
18
681
23
692
20
705
17
654
19
705
23
762
21
743
25
Total Long Term Liabilities
+ Long Term Borrowings
+ Other Long Term Borrowings
535
531
4
555
550
4
633
628
4
630
626
5
592
582
10
573
563
10
530
520
10
522
512
11
447
435
11
413
402
12
422
409
12
1,030
0
0
432
53
1,135
0
0
432
42
1,295
0
0
432
35
1,303
0
0
432
43
1,295
0
0
432
59
1,286
0
0
432
54
1,251
0
0
432
54
1,195
0
0
616
62
1,175
0
0
616
77
1,197
0
0
616
92
1,189
0
0
616
58
485
474
467
475
490
486
485
679
693
708
674
1,515
1,608
1,761
1,778
1,785
1,771
1,736
1,873
1,868
1,906
1,864
1.18
1.18
1.15
1.15
1.14
1.14
1.16
1.16
1.20
1.20
1.18
1.18
1.18
1.18
1.14
1.14
1.17
1.17
1.19
1.19
1.13
1.13
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets
Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Shareholders Equity
Total Liabilities & Equity
Book Value Per Share
Tangible Book Value Per Share
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EASTERN COMMERCIAL LEASING P
Financial information is in THB (M)
Periodicity:
Fiscal Quarter
3/12
6/12
9/12
12/12
3/13
6/13
9/13
12/13
3/14
6/14
9/14
11
5
7
15
38
11
7
-1
0
16
8
1
2
-2
13
8
6
3
19
39
13
7
6
26
53
12
8
0
1
22
12
5
-0
2
23
9
2
2
1
18
15
5
7
11
40
15
5
-2
1
22
14
5
-0
30
56
1
-0
0
0
0
-116
0
-2
0
0
0
-108
1
-4
0
0
0
-151
4
-5
0
0
0
-48
0
-3
0
0
0
-35
1
-0
0
0
0
4
2
-0
0
0
-0
22
0
-2
-100
0
0
-148
0
-0
0
0
0
-16
1
-2
0
2
0
-42
0
-9
-105
200
0
1
0
-0
106
-20
0
0
0
85
-21
38
67
0
0
0
0
85
-16
28
508
-378
0
0
0
141
0
-1
140
-130
0
0
0
9
0
24
90
-132
0
0
0
-18
-16
1
125
-132
0
0
0
-22
-12
14
90
-136
0
0
0
-45
0
-52
130
-136
185
0
0
127
0
84
30
-140
0
0
0
-26
0
111
70
-156
0
0
0
25
-48
-2
100
-110
0
0
0
-60
8
-7
3
-0
-1
3
0
-3
-2
4
-3
38
14
9
34
50
21
23
17
40
19
47
124
0.09
119
0.03
168
47
0.08
32
0.12
17
0.05
-8
-41
0.04
14
0.07
45
0.03
35
0.08
11.2x
81.4x
15.4x
2.1x
0.6x
11.9x
60.2x
14.6x
2.3x
0.8x
13.0x
60.9x
2.5x
0.9x
2.2x
1.0x
2.3x
1.0x
2.2x
1.0x
1.0x
0.9x
0.9x
1.0x
18.4x
35.6x
15.4x
3.8x
1.5x
0.0%
66.5%
30.6%
26.9%
2.1%
5.6%
0.0%
70.8%
37.4%
21.8%
2.3%
6.8%
0.0%
0.0%
23.4%
17.5%
2.1%
7.1%
0.0%
69.0%
45.6%
12.0%
0.0%
7.9%
0.0%
71.2%
33.2%
27.0%
0.0%
8.3%
0.0%
71.0%
37.6%
20.7%
0.0%
8.7%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
60.9%
45.6%
12.4%
0.0%
0.0%
0.0%
59.6%
27.9%
29.5%
0.0%
0.0%
0.0%
64.6%
41.5%
24.8%
0.0%
0.0%
0.0%
50.7%
18.2%
25.0%
2.9%
9.0%
0.68
2.08
0.70
2.35
0.73
2.73
0.73
2.70
0.72
2.58
0.72
2.59
0.72
2.52
0.63
1.72
0.62
1.64
0.62
1.64
0.63
1.71
0.11
0.11
0.11
21.6%
15.8%
36.2%
Cash Flows
Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operating Activities
+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities
+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities
Net Changes in Cash
Free Cash Flow (CFO-CAPEX)
Free Cash Flow To Firm
Free Cash Flow To Equity
Free Cash Flow per Share
Ratio Analysis
Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield
Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity
Leverage & Coverage Ratios
Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate
0.13
25.4%
21.0%
20.9%
0.0%
20.8%
20.4%
20.4%
20.8%
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EASTERN COMMERCIAL LEASING P
Ownership Type
Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Ownership (Institutional)
Ownership (Retail & Other)
Ownership (Insider)
594.8
40.3%
Unknown Country
Thailand
Others
0%
33%
0.00%
67.19%
32.81%
Geographic Ownership
Geographic Ownership Distribution
93.67%
6.34%
0.00%
0.00%
0.00%
0.00%
0.00%
0%
0%
0%
6%
0% 0%
0%
67%
Institutional Ownership Distribution
Individual
Other
Corporation
Others
Ownership (Institutional)
Ownership (Retail & Other)
Ownership (Insider)
84.72%
8.94%
6.34%
0.00%
94%
Unknown Country
Thailand
Others
Pricing data is in USD
Top 20 Owners:
Holder Name
VEERAPONG PREECHA
VEERAPONG DANUCHA
VEERAPONG SUMALEE
VEERAPONG PRAPAKORN
VEERAPONG BANGORNSIR
TOP 20 ALL
Position Position Change
% of
Market Value Ownership Report Date
Source
Country
137,355,400
30,000,000
25,400,075
25,190,676
25,000,000
0
0
0
0
0
406,571,984
88,800,000
75,184,222
74,564,401
74,000,000
23.09%
5.04%
4.27%
4.24%
4.20%
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
EXCH
EXCH
EXCH
EXCH
EXCH
n/a
n/a
n/a
n/a
n/a
TANTRAPORN WITTAYA
23,410,000
0
69,293,600
3.94%
03/12/2014
EXCH
n/a
KOSOLTHANAWONG VIROJ
PRASARTPORN JUNIOR L
LAOWANICH VEERAPONG
KORAT INDUSTRY CO LT
TANTRAPORN NAWAN
TANTRAPORN YAJAI
SIRIPRAPAWAT TEERADE
SATIENTHIRAKUL YONGY
DEJAMORNTAN WEERACHA
AUESOODKIJ BOONKIET
PATANANIPOL AUTEN
THONGPRASERT THANAPO
JAENGMONGKOL RAWIK
THAI NVDR CO LTD
17,000,000
10,900,000
9,101,000
9,000,000
6,920,175
5,295,000
4,390,000
4,285,700
3,838,000
3,500,000
3,300,000
3,190,800
3,000,000
2,606,700
0
0
0
0
0
0
0
0
0
0
0
0
0
160,000
50,320,000
32,264,000
26,938,960
26,640,000
20,483,718
15,673,200
12,994,400
12,685,672
11,360,480
10,360,000
9,768,000
9,444,768
8,880,000
7,715,832
2.86%
1.83%
1.53%
1.51%
1.16%
0.89%
0.74%
0.72%
0.65%
0.59%
0.55%
0.54%
0.50%
0.44%
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
03/12/2014
06/01/2015
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
n/a
THAILAND
n/a
THAILAND
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
THAILAND
Key Executives
Name
Position
PREECHA VEERAPONG
PRAPAKORN VEERAPONG
KANCHANA SOPONPONGPIPAT
ISARA SRISUTA
MANASANAN BANJERDKIT
CHAIRMAN
MANAGING DIRECTOR
MANAGER:ACCOUNTING
DEPUTY MANAGING DIRECTOR
SUPERVISOR:FINANCE
Institutional Ownership
0%
0%
6%
9%
85%
Individual
Other
Corporation
Others
NEWS
Date/Time
Symbol
Headline
08/01/2015 18:13
ECL
Notification of the resolution passed at the 1/2015 Extra-ordinary Shareholders Meeting
08/12/2014 17:23
ECL
Distribution Invitation letter to the EGM 1/2015 via Company website
14/11/2014 09:36
ECL
Notification of the resolution approving issuance of ECL-W2,scheduling extra AGM(edittemplate2)
14/11/2014 09:20
ECL
Notification of the resolution approving issuance of Warrant (ECL-W2),scheduling extra AGM(edit)
13/11/2014 19:11
ECL
Notification of the resolution approving issuance of Warrant (ECL-W2),scheduling extra AGM
13/11/2014 17:57
ECL
Summary details of warrant for the acquisition of ordinary shares lot (ECL-W2)
13/11/2014 17:55
ECL
Capital increase Report Form (F53-4)
13/11/2014 17:52
ECL
Notification of the resolution approving issuance of Warrant (ECL-W2),scheduling extra AGM
13/11/2014 17:46
ECL
The results of operation for the nine month of year 2014
13/11/2014 17:40
ECL
Reviewed Quarter 3 F/S (F45-1)
13/11/2014 17:39
ECL
Financial Statement Quarter 3/2014
05/11/2014 13:45
ECL
H sign lifted from ECL's securities
05/11/2014 13:33
ECL
Clarification of News equity participation by PFS,expect rotfit growth of25-30%,issuance of warrant
05/11/2014 09:49
ECL
"H" sign posted on ECL
Source: SET

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