City Steel Public Company Limited

CITY.BK

Manufacturing - Metal Fabrication · Industrials

Price

1.32 THB

+0.02 (+1.54%)

Market Cap

396.0M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

City Steel Public Company Limited is a Thai steel manufacturer that produces steel products such as steel bars, wire rods, and billets. These materials are used mainly in construction projects — things like buildings, bridges, and infrastructure. The company sells to contractors and distributors primarily within Thailand, making it part of the country's domestic steel supply chain.

City Steel earns revenue by selling steel products directly to buyers, so its income rises and falls with steel prices and construction demand. The company operates in Thailand and is a relatively small player in a highly competitive regional market where larger producers in China and elsewhere can often make steel more cheaply. The financial data reflects serious challenges — negative gross and operating margins mean the company is currently losing money on its core business. The main risks are continued pressure from low-cost steel imports, weak construction demand, and volatile raw material costs, all of which make a return to profitability difficult without significant operational improvements.

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

-18.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+72.0% 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

Insider Activity

72.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

1.1B THB cash & investments

Quarterly Free Cash Flow

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

Revenue declining

City Steel Public Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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: 300.0M (2021) → 300.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-3.5%

Thin — -3.5% gross margin

Profit after running costs

Operating Margin

-35.1%

Losing money on operations — -35.1%

Return on the money invested

ROCE

-2.7%

Weak — -2.7% 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

+7.5%

Steady sales growth (+7.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-16.5%

Burning cash (-16.5%)

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

0.00

Conservative — low debt load (0.00)

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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