BEC World Public Company Limited

BEC.BK

Broadcasting · Communication Services

Price

2.04 THB

+0.00 (+0.00%)

Market Cap

4.08B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

BEC World Public Company Limited is a Thai media and entertainment company that operates Channel 3, one of Thailand's most well-known free-to-air television networks. It produces and broadcasts Thai dramas, news, variety shows, and entertainment content aimed at general Thai audiences. The company also has interests in content production, digital media, and licensing its popular TV dramas to other platforms.

BEC World earns money primarily through television advertising, where brands pay to reach viewers watching its broadcast and digital channels. It operates almost entirely within Thailand, making it heavily dependent on the health of the Thai advertising market. The company faces growing pressure from streaming platforms like Netflix and local competitors, which are pulling younger viewers away from traditional TV. Its main challenge going forward is adapting its content and distribution strategy to stay relevant as Thai audiences shift toward on-demand digital viewing.

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: 2.00B (2021) → 2.00B (2025)

Score breakdown

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Quality

Profit per sale

Gross Margin

14.6%

Thin — 14.6% gross margin

Profit after running costs

Operating Margin

1.2%

Thin — 1.2% operating margin

Return on the money invested

ROCE

3.3%

Weak — 3.3% 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

-12.2%

Shrinking sales (-12.2% YoY)

Profit growth

EPS YoY

+112.1%

Earnings growing fast (+112.1% 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

833%

Turns 833% of profit into real cash

Spare cash per sale

FCF Margin

34.1%

Converts sales into free cash efficiently (34.1%)

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

0.14

Conservative — low debt load (0.14)

Covers its interest

Interest Cover

3.88x

Tight — interest eats into profit (3.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.8x

Growth-priced — P/E 25.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.8 → 21.2)

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Dividends

Dividend

Dividend Yield

4.72%

Healthy income — 4.72% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-68.4%

Dividend cut (-68.4% YoY) — warning sign

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