CAZ Answers Vaguely! Claiming “Income Received in Advance” but No Clarification in Detail
CAZ gives a vague answer, claiming “income received in advance” pushed its liabilities, but did not clarify in detail. 
29 มี.ค. 2562

Following the official statement from CAZ (Thailand) Public Company Limited (CAZ) dated March 29, 2019, to clarify the news on the previous day that published after CAZ’s shares plunged over 20% to analyze the sudden plummet of its share.
 
The statement from CAZ submitted to the Stock Exchange of Thailand stated that the company’s statement of financial position as at December 31, 2018, showed current liabilities totaling THB 830.43 million, comprised with construction income received in advance total of THB 422.43 million. This amount does not count as liabilities of CAZ because it does not have any obligation of repayment. On the other hand, it would gradually recognize as the company’s revenue according to the work completion.
However, if calculate CAZ’s current liabilities which has a total amount of THB 840.43 million by deducting of construction income received in advance total of THB 422.43 million, the company will have THB 418 million of current liabilities. When divided by its total current asset totaling THB 660.11 million, CAZ will have a current ratio at 1.58x.
CAZ confirmed that the company still have strong financial liquidity for business operations and did not have any financial problems.
 
After the official statement from CAZ, Kaohoon Online contacted Mr. Yawayu Sadudeepreda, Chief Executive Officer of The Way Communication, public relation consultant for CAZ, for more detail regarding the construction income received in advance for a total of THB 422.43 million. However, Mr. Yawayu could not give a clear answer and refuse to cooperate with executives to provide more detail. 
 
The share price of CAZ on March 28, 2019, closed at ฿3.04/share, plunged ฿1.16/share or 27.62%. The highest was ฿4.20/share while the lowest was ฿2.96/share with a trading value of THB 45.7 billion.
CAZ closed the morning session on March 29, 2019, at ฿3.24/share, rose ฿0.20/share or 6.58%. The highest in the session was ฿3.36/share while the lowest was ฿3.18/share with a trading value of THB 47.24 million.