CPL Group Public Company Limited

CPL.BK

Apparel - Footwear & Accessories · Consumer Cyclical

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

CPL Group Public Company Limited is a Thai company that makes and sells footwear, bags, and accessories. It operates retail stores across Thailand and sells products under its own brands as well as licensed international brands. The company serves everyday consumers looking for affordable fashion footwear and accessories in the Southeast Asian market.

CPL Group earns money primarily through retail sales at its physical stores and through wholesale distribution. It operates mainly in Thailand, with a market capitalization of around $0.3 billion, making it a small player in the regional consumer goods space. The company's thin gross margin of roughly 19% and negative operating margin suggest it is currently spending more than it earns from operations, which is a meaningful financial risk. The key challenge ahead is improving cost efficiency and growing sales volume enough to return to profitability in a competitive retail environment where consumers have many affordable alternatives.

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

-8.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+92.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

81.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

130M THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

CPL Group 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

21.4%

Thin — 21.4% gross margin

Profit after running costs

Operating Margin

10.0%

Modest — 10.0% operating margin

Return on the money invested

ROCE

2.8%

Weak — 2.8% 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

-6.2%

Shrinking sales (-6.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.53

Elevated debt (1.53)

Covers its interest

Interest Cover

0.88x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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