WinstonWınston
Stock

C.I. Group Public Company Limited

CIG.BK
31
Industrial - Machinery · Industrials
Price
0.02 THB
-0.01 (-33.33%)
Market Cap
74.7M THB
Exchange
Stock Exchange of Thailand
Winston Score
31
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Strong
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available

Share count rising — dilution

+331.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 864.8M (2021) → 3.73B (2025)

§Winston Score History

The full picture

C.I. Group Public Company Limited, established in 1983 and headquartered in Pathum Thani, Thailand, specializes in the production and global distribution of air conditioning and refrigeration products. Their extensive range includes various heat exchanger coils, such as D-Coat, 5MM, aluminum, condenser, water, evaporator, and tube-in-tube types. They also offer a diverse selection of units, including heavy-duty air purifiers, air handling units, air-cooled condensers, condensing units, unit coolers, and chillers. Beyond HVAC equipment, the company provides comprehensive building envelope solutions. These offerings feature KingZip zipped roofing systems, K-Dek, foilback systems (which include gutters, safety features, and light solutions), BENCHMARK and Kingspan insulated products, architectural wall panels, and cold storage systems. Furthermore, C.I. Group develops ARII smart solutions, a software platform designed for managing energy and environmental meters, as well as applications for cold rooms. Their service portfolio extends beyond manufacturing to encompass coil replacement, air handling unit (AHU) renovation, mechanical & electrical (M&E) design, and the complete design and installation of cold room/store and smart solutions, complemented by maintenance and inspection services for their air conditioning and refrigeration lines. C.I. Group has also diversified into numerous other ventures. These include locomotive construction and maintenance, the development and building of electricity production and distribution networks, and manufacturing and distributing medical equipment (such as rubber gloves) alongside water supply systems. They are also involved in solar power generation, hotel operations, and providing water supply for industrial use. The company actively exports its various products and solutions worldwide.

Growth Profile

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

Revenue Growth

+73.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+72.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

~7 months

43M THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

C.I. Group Public Company Limited grew revenue 73% 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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
7.8%
Thin — 7.8% gross margin
Profit after running costs
Operating Margin
-10.3%
Losing money on operations — -10.3%
Return on the money invested
ROCE
-25.0%
Weak — -25.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+85.5%
Fast-growing sales (+85.5% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-1.9%
Burning cash (-1.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.41
Conservative — low debt load (0.41)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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