Mr. Data
This has been the talk of the town for two weeks after the Securities and Exchange Commission (SEC) charged two executives of Energy Absolu Public Company Limited (EA), Thailand’s leading clean energy innovator Hunai and Amon Saptaweekul.
A crime was committed against the Department of Special Investigation (DSI) in the case of participating in corruption with a total value of 3,465.64 million baht, on July 12 and 14, the EA Board of Directors held an urgent meeting to form a new executive board
On the same day, Sompot took over as CEO and Amon as Deputy CEO. The spirit of resignation from the position entered the verification process.
July 15, 2024 EA's Board of Directors announces the appointment of a new Executive Board. To lead the business, coinciding with the closing statement of “Sompot”, which came out to apologize to investors and confirm that EA is not like STARK because EA has an income from electricity to the state on average 1,000 million baht per month.
The market posted an H in the morning, an SP in the afternoon, and on July 16, 2024, EA shares returned to trading as usual. Before falling two floors in a row on July 16-17.
From a closing price of 13.10 baht on July 12, the first floor was at 9.15 baht and the second floor at 6.40 baht, and on July 18 it fell to its lowest point in 11 years or since its listing on the Stock Exchange of Thailand at 4.72 baht per share from its IPO price of 5.50 baht.
EA was listed on the Alternative Investment Market (MAI) on January 30, 2013 with a total fundraising value of 3,080 million baht, EA has a securities value at the IPO price of 20,515 million baht, and operates the business of producing and distributing biodiesel oil. Diesel fuel is rapidly circulating pure glycerin raw materials and by-products
Including the production and distribution of electricity from solar energy with a production capacity of 278 MW, which has been gradually invested in the construction and distribution of electricity (SCOD) since 2012 and is expected to be completed in 2015.
There are currently 278MW of solar farms and two wind farm projects, the 126MW Hadkang Project and the 260MW Hanuman Project, generating a steady income of an average of 1 billion baht per month.
Many people worry that Adder will gradually run out, but in fact, EA's income is not zero. Because there is still income from selling electricity to government agencies worth billions of baht annually, unlike Stark who conjures up income – divine profits.
EA's net profit in 2013 after entering the market was 266.75 million baht, continued to increase and in 2023 there was a net profit of more than 7606.17 million baht, while the book value per share was 11.17 baht.
In 2023, EA's total revenue was 31,598 million baht, divided into 40% from electricity business, 30% from battery and electric vehicle business, 16% from diesel business, and the rest from other businesses.
EA has entered the battery and electric vehicle business to create the new S-Curve after Adder ran out Currently, EA has the largest lithium-ion battery production plant in the ASEAN region, with an area of 80,000 square meters or more than 91 rai. It is located in the Blue Technology City Industrial Park to support energy and produces 50 GWh of batteries annually
In addition, there is the “Absolute Assembly Co., Ltd. (AAB)” jointly established by EA Group and NEX Point Group, engaged in the production and assembly of all kinds of commercial electric vehicles, including tractor units, car heads, buses, coaches, vans, boats, pickup trucks and others, complete with production, assembly, distribution as well as sales and after-sales service, covering an area of 55,000 square meters, with a production capacity of 3,000-5,000 vehicles per year.
EA not only looks at domestic growth. But also expanded the empire to foreign countries to increase the source of income creating rapid and sustainable growth.
Recently, EA invested over $200 million to cooperate with the government of Lao People's Democratic Republic (Lao PDR) to establish a Super Holding Company for clean energy management. There is a plan to continue importing and listing on the stock market in the future.
The bonds due in 2024 are worth 5.5 billion baht, divided into 1.5 billion baht in August and another 4 billion baht in September, and EA has a plan to support them, with cash flow from operations of more than 1.9 billion baht, monthly income from electricity sales of about 1,000 million baht and a loan from financial institutions of about 6,000 million baht, which is under consideration. This ensures that the debt can be repaid on time.
Whatever happens with EA at this point, investors may need to reconsider and consciously distinguish between companies that have a clear source of revenue and plans to move forward after the dust settles and the story of the accused former CEO that is under investigation and the board has hired outside auditors in special cases to review purchases according to the SEC’s office charges to create transparency.
Don't become a victim of the money game or even the “thieves” who are exploiting the chaos. The problems are raging at this time and we hope that EA will be the last victim of the game. Take advantage of the capital market
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