|
Investment feasibility analysis of sugarcane harvesters: a case study of farmers in Udon Thani, Nakhon Ratchasima, and Khon Kaen, Thailand |
|---|---|
| รหัสดีโอไอ | |
| Creator | Patcharee Suriya |
| Title | Investment feasibility analysis of sugarcane harvesters: a case study of farmers in Udon Thani, Nakhon Ratchasima, and Khon Kaen, Thailand |
| Contributor | Warinya Tribart, Panatda Utaranakorn |
| Publisher | Asia-Pacific Journal of Science and Technology |
| Publication Year | 2566 |
| Journal Title | Asia-Pacific Journal of Science and Technology |
| Journal Vol. | 28 |
| Journal No. | 6 |
| Page no. | 14 |
| Keyword | Investment feasibility, Financial feasibility, Sugarcane harvester, Green sugarcane harvesting |
| URL Website | https://so01.tci-thaijo.org/index.php/APST |
| Website title | https://so01.tci-thaijo.org/index.php/APST/article/view/262460 |
| ISSN | 2539-6293 |
| Abstract | Despite the continued growth and expansion of Thailand’s sugarcane harvester service business, not all investments in sugarcane harvesters have been successful. The study herein aimed to analyze the feasibility of investing in sugarcane harvesters for farmers in Northeast Thailand. Data were collected in the production year 2019/20 by interviewing 30 farmers with sugarcane harvesters in Udon Thani, Nakhon Ratchasima, and Khon Kaen. The study was based on financial feasibility, which was determined by calculating a proforma financial statement for a period of 12 years with a discount rate of 6.11%. The results found that a new small-scale sugarcane harvester presented the most worthwhile investment, with a net present value (NPV) of united states dollar (USD) 196,304, an internal rate of return (IRR) of 11.15%, and a payback period of 9.71 years. These results were followed by a new large-scale harvester, a used small-scale harvester, and a used large-scale harvester with NPVs of USD 152,630, USD 79,476, and USD 70,201, respectively. The IRRs were 9.25%, 9.56%, and 8.66%, respectively; and the respective discounted payback period was 10.75, 10.56, and 11.12 years. The results indicated that an investment in a new or smaller sugarcane harvester was more worthwhile than a used or larger sugarcane harvester under the same conditions. The investment of a new large-scale or small-scale harvester was better suited for an annual harvest of over 16,000 and 13,000 tons, respectively; whereas a used large-scale harvester or a used small-scale harvester would be appropriate for a minimum annual harvest of 11,000 and 10,000 tons, respectively. |
