Asset Five Group Public Company Limited

A5.BK

Real Estate - Development · Real Estate

Price

1.80 THB

+0.00 (+0.00%)

Market Cap

2.12B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Exceptional

Stability

Good

Valuation

Weak

Dividends

Mixed

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Share count falling — buybacks

−2.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.21B (2021) → 1.18B (2025)

Winston Score History

The full picture

Established in 2013 and headquartered in Bangkok, Thailand, Asset Five Group Public Company Limited actively develops and markets diverse real estate properties across Thailand. The company's offerings include undeveloped land plots, single-family residences, and individual apartments within residential condominium complexes.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.9%

Modest — 31.9% gross margin

Profit after running costs

Operating Margin

14.2%

Healthy — 14.2% operating margin

Return on the money invested

ROCE

2.0%

Weak — 2.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-26.8%

Shrinking sales (-26.8% YoY)

Profit growth

EPS YoY

-89.7%

Earnings shrinking (-89.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

2302%

Turns 2302% of profit into real cash

Spare cash per sale

FCF Margin

49.8%

Converts sales into free cash efficiently (49.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.88

Moderate — manageable debt (0.88)

Covers its interest

Interest Cover

3.72x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

84.9x

Expensive — P/E 84.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.78%

Moderate income — 2.78% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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