COM7 accounts: record profit, negative operating cash flow
Com7's profit has risen every year since 2023, but operating cash flow turned negative in the first half of 2026 and debt to equity reached 2.46x, the highest of the five periods shown. This growth is using more capital than the profit line suggests.
| Price (THB) | P/E (x) | P/BV (x) | ROE | Payout | Dividend yield | 52-week position |
|---|---|---|---|---|---|---|
| 32.75 | 16.6 | 7.09 | 47.2% | 56% | 3.38% | 98% |
Price at the midday break on 12 October 2026. Other ratios are Stock Exchange of Thailand statistics at the previous trading day's close. 52-week position: 0% is the low of the range, 100% the high.
What Com7 does
Com7 PCL sells IT, IoT and lifestyle products and runs Apple repair centres. Its best-known stores are BaNANA and Studio7. Beyond retail it has a hire-purchase lending business, UFUND.
Revenue was THB 87,489 million in 2025, up 10%. Gross margin of about 13.5% is thin next to a manufacturer's, because most of what it sells carries other companies' brands.
Four years and the latest half-year
| Year | Revenue | Net profit | Gross margin | Operating cash flow | Cash after investing | DPS (THB) | Payout |
|---|---|---|---|---|---|---|---|
| 2022 | 63,026 | 3,038 | 13.4% | 1,644 | -791 | 0.75 | 59% |
| 2023 | 69,642 | 2,857 | 13.2% | 910 | -442 | 0.7 | 59% |
| 2024 | 79,233 | 3,307 | 13.2% | 2,153 | 1,408 | 0.86 | 62% |
| 2025 | 87,489 | 4,064 | 13.5% | 6,070 | 4,069 | 1.1 | 64% |
| H1 2026 | 47,769 | 2,529 | 14.2% | -526 | -2,405 | – | – |
Money in THB million, consolidated. Cash after investing = net cash from operating activities + net cash from investing activities. Dividends per share are counted in the year of the results they were paid from. Payout = dividend per share ÷ earnings per share. The half-year row covers January to June 2026 only.
High ROE from fast turnover and leverage
ROE is 47.2% and P/BV 7.09x. ROE splits into three parts: net margin, sales per baht of assets, and assets per baht of equity.
Net margin in 2025 was only 4.7%, but a retailer sells a lot relative to its assets, and Com7 uses debt (D/E of 1.88x at end-2025). So ROE is high despite thin margins. The debt-driven part is the most fragile, because interest rates and loan terms can change.
Profit grows, operating cash lags
From 2022 to 2024 operating cash flow was below net profit every year (0.54, 0.32 and 0.65 times profit). In 2025 it was 1.49 times profit, but in the first half of 2026 it was THB -526 million against net profit of THB 2,529 million.
A retailer opening stores pays for stock before selling it. In a lending business, new loans are recorded as operating cash outflows. The faster loans grow, the lower operating cash flow goes, even as profit rises.
D/E went from 1.88x at end-2025 to 2.46x at 30 June 2026. If operating cash flow stays negative, the company has to borrow more to keep growing.
Dividends against the cash left over
Cash after investing here is net operating cash flow plus net investing cash flow, which covers both capital spending and investments in other companies. Over 2022–2025 Com7 generated THB 4,244 million of cash after investing, against roughly THB 8,142 million of dividends from the same years. The gap came from borrowing or cash on hand.
The company pays once a year after its annual results. The payout from 2025 results was 64% of earnings per share.
Latest results and news
- 22 July 2026 · A Kasikorn Securities note put UFUND's Q2 2026 loan disbursements at about THB 6.5 billion, up 204% year on year. Hoonvision
- Q2 2026 net profit of THB 1,303 million, up about 30% year on year. ข่าวหุ้นธุรกิจ
Figures to watch next
- Q3 operating cash flow: does it turn positive?
- UFUND loans and expected credit loss (ECL) charges: fast loan growth needs provisions to match.
- D/E against the financial covenants on loans and debentures, set out in the notes.
- Inventory ahead of new phone launches, which usually rises before sales do.
Questions
Why can profit rise while operating cash flow is negative?
Profit is booked when goods are sold or interest is earned, but cash leaves first, when stock is bought or new loans are made. Fast-growing companies often show operating cash flow below profit.
How often does COM7 pay dividends?
Since 2022, once a year from full-year results, ex-dividend around early March. The dividend from 2025 results was THB 1.1 a share.
Read next
Financial statements, dividends and share counts are from the Stock Exchange of Thailand website; price and ratios are as of the date on the page; news is from the linked sources. Figures do not update automatically.
Note: this explains how to read a listed company's accounts. It is not a recommendation to buy or sell any security, it sets no valuation or target price, and its author is not a licensed investment adviser. Check the latest information and weigh your own goals and risks before investing.