The financial statements of "SPECTRE C" linked to the Orange Party's IO reveal a profit recovery in 2024 after six years of operation. The company has three main directors. Leaders of the People’s Party clarify there is no IO involvement; instead, the company provides job security for its staff.
Following revelations by a former People’s Party MP about the Orange Party's social media manipulation involving an IO, representatives of the People’s Party explained that the company was established after the party’s dissolution to prevent issues from party disbandment and to ensure job security for employees. They emphasized that it is not an IO but a private company contracted by the party to produce media content for both the party and external clients, with employees also holding shares.
Thairath Online’s special news team conducted a review through Corpus X, a business data analysis platform, finding that
SPECTRE C CO., LTD.
Legal entity type: Limited company. Registration date: 14 January 2020 GMT+7.
Years of operation: 6 years and 1 month.
Business status: Currently operating. Latest registered capital: 1,430,000 baht.
Location: Huamak Subdistrict, Bang Kapi District, Bangkok.
Business size: Small enterprise. Business type: 1. Publishing and distributing other works online; 2. Publishing and distributing other works online.
Business nature: (Latest) Image and sound editing services; legal and accounting activities. (2024) Image and sound editing services; legal and accounting activities. Director authority: Two directors must sign jointly and affix the company’s official seal.
List of directors
No. | Name |
1 | Mr. Puttipong Ponganekkul |
2 | Mr. Supachai Siangchan |
3 | Ms. Kalyakorn Sriwareerat |
Cash flow statement for the fiscal year ending 31 December 2024 shows net profit of 5,480,054.00 baht.
The company’s current ratio was 10.48 times in 2024 and 1.11 times in 2023, indicating improved liquidity.
Since inventory is a current asset with low liquidity, evaluating the company's ability to pay short-term debts without considering inventory provides a clearer picture, specifically by looking at the quick ratio.
In 2024 and 2023, the quick ratio was 10.48 times and 1.11 times respectively, showing improved liquidity from highly liquid assets.
The 2024 financial statement shows current assets and highly liquid assets exceeding current liabilities, meaning the company has sufficient assets that can quickly convert to cash to pay short-term debts when due.
This ratio measures how efficiently the company manages accounts receivable investments to generate revenue. A low turnover may indicate collection problems and excessive collection periods, while a high turnover suggests strict collection policies. The company’s turnover increased from 10.77 times in 2023 to 17.96 times in 2024, reflecting improved receivables management.
This is evidenced by the average collection period decreasing from 34 days in 2023 to 21 days in 2024, indicating better debt collection systems. Analysts typically compare the average collection period with the credit terms; if collection is slower than allowed, it may indicate credit management issues.
Analysis shows the company’s capital structure consists of 0.10 times liabilities and 0.90 times equity, indicating most investment in assets comes from equity, not debt. In such conditions, creditors face lower risk, and the company is considered low risk.
The company’s debt-to-equity ratio is 0.11 times, reflecting a capital structure with more equity than debt.
This ratio reflects the company’s ability to cover long-term debt interest obligations. A higher ratio indicates lower financial risk. A ratio of at least 1 is desirable.
In 2024, the company’s interest coverage ratio exceeded 1, showing sufficient ability to pay long-term debt interest, reaching 35,037.78 times, up from -286.76 times in 2023, indicating a positive trend.
Net profit margin ratio measures operational efficiency in generating income.
In this case, the net profit margin was 11.65% in 2024 compared to -6.15% in 2023, indicating improved profitability.
Return on assets ratio
This ratio shows profitability from asset investments, with companies typically aiming for higher percentage returns.
The return on assets rose from -30.66% in 2023 to 63.94% in 2024, demonstrating increased profitability.