Don Muang Tollway Public Company Limited

DMT.BK

Industrial - Infrastructure Operations · Industrials

Price

12.20 THB

+0.00 (+0.00%)

Market Cap

14.41B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 29, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

Don Muang Tollway Public Company Limited manages the development and ongoing operation of an elevated toll highway in Thailand under a granted concession. This vital transportation route extends for 21.9 kilometers, linking Din Daeng to the National Memorial Monument. The company provides a full spectrum of services to those utilizing the tollway, encompassing fare collection, traffic oversight, emergency rescue support, and routine maintenance. Established in 1988, Don Muang Tollway Public Company Limited conducts its operations from its primary office located in Bangkok, Thailand.

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

-3.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

1.7B THB cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Don Muang Tollway 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: 1.18B (2021) → 1.18B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.6%

Healthy — 54.6% gross margin

Profit after running costs

Operating Margin

45.6%

Excellent — 45.6% operating margin

Return on the money invested

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.5%

Slow sales growth (+4.5% YoY)

Profit growth

EPS YoY

+21.1%

Earnings growing fast (+21.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

160%

Turns 160% of profit into real cash

Spare cash per sale

FCF Margin

64.3%

Converts sales into free cash efficiently (64.3%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

414.11x

Comfortably covers interest (414.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.31%

Healthy income — 7.31% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+4.2%

Dividend growing modestly (4.2% YoY)

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