Frasers Property (Thailand) Public Company Limited

FPT.BK

Real Estate - Development · Real Estate

Price

7.40 THB

+0.05 (+0.68%)

Market Cap

17.16B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 31, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Frasers Property (Thailand) Public Company Limited, along with its subsidiaries, primarily specializes in the development of industrial real estate across Thailand. The company constructs and sells a diverse portfolio of residential properties, including detached houses, semi-detached houses, and townhomes. Its industrial property services encompass the development of pre-built and custom-designed factories and warehouses, in addition to providing investment and property management, trust management, and various supplementary services like facility alterations, utility procurement, and permit acquisition. Furthermore, Frasers Property (Thailand) operates in the commercial property sector, managing serviced apartments, hotels, and office complexes. Founded in 1990 and headquartered in Bangkok, Thailand, the company officially rebranded from TICON Industrial Connection Public Company Limited to its current name in January 2019.

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: 2.32B (2021) → 2.32B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.4%

Modest — 30.4% gross margin

Profit after running costs

Operating Margin

12.6%

Healthy — 12.6% operating margin

Return on the money invested

ROCE

1.8%

Weak — 1.8% 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

-12.5%

Shrinking sales (-12.5% YoY)

Profit growth

EPS YoY

+30.8%

Earnings growing fast (+30.8% 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

162%

Turns 162% of profit into real cash

Spare cash per sale

FCF Margin

10.6%

Modest free cash flow (10.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.27

Elevated debt (1.27)

Covers its interest

Interest Cover

1.28x

Dangerous — barely covers interest (1.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.3x

Attractive valuation — P/E 7.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

4.32%

Healthy income — 4.32% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-11.7%

Dividend cut (-11.7% YoY) — warning sign

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