Asia Plus Group Holdings Public Company Limited

ASP.BK

Financial - Capital Markets · Financial Services

Price

2.56 THB

+0.02 (+0.79%)

Market Cap

5.20B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Asia Plus Group Holdings is a Thai financial services company based in Bangkok. It runs a full-service brokerage, helping individual and institutional investors buy and sell stocks on the Stock Exchange of Thailand. The company also offers investment banking, financial advisory, and asset management services, making it one of the larger independent financial groups in Thailand.

The company earns money through brokerage commissions, fees from managing investment funds, and advisory fees from helping businesses raise capital or complete deals. It operates almost entirely within Thailand, which means its revenue is closely tied to the health of the Thai stock market and overall economic conditions in the country. Its established client relationships and recognized brand give it a stable position in a competitive local market, but low trading volumes or a prolonged market downturn in Thailand could significantly pressure its earnings, since brokerage commissions are directly linked to how much trading activity happens in the market.

Growth Profile

For growth stock investors

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

Revenue Growth

+144.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+450.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

39.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

9.0B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue accelerating

Asia Plus Group Holdings Public Company Limited grew revenue 144% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

−0.7% over 4y

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

Diluted shares outstanding: 2.11B (2021) → 2.09B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

81.2%

Premium pricing power — 81.2% gross margin

Profit after running costs

Operating Margin

27.9%

Excellent — 27.9% operating margin

Return on the money invested

ROCE

5.8%

Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+47.2%

Fast-growing sales (+47.2% YoY)

Profit growth

EPS YoY

+176.1%

Earnings growing fast (+176.1% YoY)

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

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

99%

Turns 99% of profit into real cash

Spare cash per sale

FCF Margin

14.1%

Converts sales into free cash efficiently (14.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.25

Elevated debt (1.25)

Covers its interest

Interest Cover

12.44x

Comfortably covers interest (12.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.3x

Attractive valuation — P/E 11.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

8.59%

Healthy income — 8.59% yield

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

Dividend record

Dividend Growth

-7.9%

Dividend cut (-7.9% YoY) — warning sign

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