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2S Metal Public Company Limited

2S.BK
64
Steel · Basic Materials
Price
3.54 THB
-0.02 (-0.56%)
Market Cap
1.95B THB
Exchange
Stock Exchange of Thailand
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
15/30
Growth
Good
13/20
Cash Flow
Strong
7/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Good
3/5

64 of 100 counted points = Winston Score 64.

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§Winston Score History

The full picture

2S Metal Public Company Limited is a Thai steel company that processes and distributes steel products. Its core offerings include steel coils, sheets, and other flat-rolled steel products, which it sells to manufacturers in industries like automotive, construction, and appliances. The company operates primarily in Thailand and is part of the broader Southeast Asian steel supply chain.

The company makes money by buying raw steel, processing it into finished or semi-finished forms, and selling it to industrial customers — earning a margin on the difference between input costs and selling prices. With a gross margin around 8% and an operating margin near 3%, the business runs on thin spreads that are typical for steel distributors and service centers. Its main competitive advantage is its established customer relationships and local distribution network in Thailand, though it faces ongoing risk from volatile global steel prices and competition from lower-cost imports, particularly from China.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+192.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

60.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

459M THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

2S Metal Public Company Limited is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 550.0M (2021) → 550.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
18.6%
Thin — 18.6% gross margin
Profit after running costs
Operating Margin
13.0%
Healthy — 13.0% operating margin
Return on the money invested
ROCE
16.6%
Strong — 16.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+7.1%
Steady sales growth (+7.1% YoY)
Profit growth
EPS YoY
+360.2%
Earnings growing fast (+360.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
122%
Turns 122% of profit into real cash
Spare cash per sale
FCF Margin
5.7%
Thin free cash flow (5.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.00
Conservative — low debt load (0.00)
Covers its interest
Interest Cover
1213.13x
Comfortably covers interest (1213.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
5.2x
Attractive valuation — P/E 5.2

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
6.78%
Healthy income — 6.78% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-26.5%
Dividend cut (-26.5% YoY) — warning sign

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