CFRESH: A Historical Comparison
Seafresh (CFRESH) is analyzed in the table below following the same format as our previous historical comparisons. CFRESH is an exporter of shrimp and other seafood products.
CFRESH has reported both Earnings and Normalised Earnings for the past for years. This is due to the company taking large extraordinary inventory writedowns in 2002 and 2003. This complicates the comparison between the two time periods slightly. For comparative purposes, the Earnings not including the inventory writedowns were used in the gross and net margin calculations.
CFRESH has had negative sales growth in each of the past four years. This is in contrast to the 1990 to 1993 time period where it had impressive sales and earnings growth. The negative sales and earnings results have led the company to have a year 2004 forecated PE ratio of 19.7. The company's PE ratio in 1993 was 9.83. CFRESH is the first company we have analyzed where the PE ratio has increased in the recent time period.
The Return-on-Assets and Return-on-Equity ratios have also weakened in the most recent time period.
On a more positive note, the company does not appear to have any debt problems, as evident from shrinking debt/equity ratio.
Thaistocks.com rates CFRESH as a speculative buy on the basis that it may be oversold and that it may soon be recovering to sales and earnings levels of the past. Lower risk or longer term investors may want to stay away. Shrimp exports has become almost like a commodity, and the company is at the hands of trade protectionist countries who can levy import tariffs on the company's products.
2004F |
2003 |
2002 |
2001 |
1993 |
1992 |
1991 |
1990 |
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|
Sales (Btmn) |
2,763 |
2,756 |
2,977 |
3,785 |
1,579 |
1,387 |
1,024 |
812 |
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|
EBITDA (Btmn) |
168 |
269 |
299 |
688 |
284 |
271 |
130 |
98 |
|||
|
Earnings (Btmn) |
73 |
-39 |
40 |
576 |
182 |
162 |
49 |
33 |
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|
Gross Margin |
6.08% |
9.76% |
10.04% |
18.18% |
17.99% |
19.54% |
12.70% |
12.07% |
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|
Net Margin |
2.64% |
-1.42% |
1.34% |
15.22% |
11.53% |
11.68% |
4.79% |
4.06% |
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|
Normalised earnings* |
67 |
157 |
195 |
580 |
- |
- |
- |
- |
|||
|
PER (x) |
19.7 |
N.A. |
35.4 |
2.5 |
9.83 |
n/a |
n/a |
n/a |
|||
|
BVPS (Bt) |
3.23 |
3.06 |
3.24 |
3.79 |
51.1 |
29.89 |
18.22 |
11.71 |
|||
|
P/BV (x) |
1 |
1.1 |
1 |
0.9 |
2.8 |
n/a |
n/a |
n/a |
|||
|
Dividend yield (%) |
2.50% |
0.00% |
2.10% |
22.80% |
6.51% |
n/a |
n/a |
n/a |
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|
Net debt/equity (x) |
0.1 |
0.8 |
0.9 |
0.4 |
0.15 |
0.5 |
2.1 |
2.2 |
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|
ROA (%) |
3.60% |
-1.50% |
1.50% |
27.60% |
21.60% |
36.21% |
11.49% |
11.59% |
|||
|
ROE (%) |
5.40% |
-2.90% |
2.70% |
38.20% |
24.89% |
54.28% |
35.72% |
37.20% |
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