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Heng Leasing and Capital Public Company Limited

HENG.BK
56
Financial - Credit Services · Financial Services
Price
0.88 THB
+0.00 (+0.00%)
Market Cap
3.35B THB
Exchange
Stock Exchange of Thailand
Winston Score
56
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 13, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Weak
Cash Flow
Exceptional
Stability
Good
Valuation
Good
Dividends
Mixed
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Share count rising — dilution

+19.6% over 4y

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

Diluted shares outstanding: 3.19B (2021) → 3.81B (2025)

§Winston Score History

The full picture

Based in San Sai, Thailand, Heng Leasing and Capital Public Company Limited delivers a comprehensive suite of financial services throughout the country. Since its inception in 2015, the firm has expanded its operations to 617 branches. Its offerings span hire purchase agreements, loans collateralized by vehicle registrations, real estate-backed financing for land and buildings, personal loans, and unsecured nano finance. Additionally, the company serves as a broker for both non-life and life insurance policies.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
95.0%
Premium pricing power — 95.0% gross margin
Profit after running costs
Operating Margin
22.9%
Excellent — 22.9% operating margin
Return on the money invested
ROCE
7.9%
Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-26.3%
Shrinking sales (-26.3% YoY)
Profit growth
EPS YoY
-57.9%
Earnings shrinking (-57.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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
4733%
Turns 4733% of profit into real cash
Spare cash per sale
FCF Margin
157.5%
Converts sales into free cash efficiently (157.5%)

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
0.51
Conservative — low debt load (0.51)
Covers its interest
Interest Cover
2.67x
Tight — interest eats into profit (2.7x)

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)
55.3x
Expensive — P/E 55.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+33.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (55.3 → 21.9)

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Dividends

Dividend
Dividend Yield
2.98%
Moderate income — 2.98% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
N/A
Data not available

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