Humanica Public Company Limited

HUMAN.BK

Software - Application · Technology

Price

4.46 THB

+0.02 (+0.45%)

Market Cap

3.73B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+25.0% over 4y

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

Diluted shares outstanding: 680.0M (2021) → 850.0M (2025)

Winston Score History

The full picture

Established in Bangkok, Thailand, in 2003, Humanica Public Company Limited delivers a comprehensive array of human resource management solutions and related services to clients across Thailand, Singapore, Japan, Malaysia, and other international markets. The company's operations are strategically divided into five key areas: human resource management system (HRMS) provisions, enterprise resource planning (ERP) implementations, accounting and financial advisory, the distribution of advanced access control systems, and life and general insurance brokerage. Central to its offerings is the Workplaze platform, an employee-centric HR solution featuring modules for Payroll, Time tracking, Benefits administration, Training, Talent Management, Recruitment, Analytics and Reporting, Attendance Recording, and Mobile access. Beyond Workplaze, Humanica specializes in integrating Enterprise Resource Planning (ERP) systems. Further broadening its service portfolio, the company provides accounting and financial services, visa and work permit facilitation, company registration support, software-as-a-service (SaaS) solutions, consulting, and end-to-end project implementation. Additionally, they offer HR and payroll outsourcing, and act as brokers for life and non-life insurance, alongside distributing cutting-edge access control devices.

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

+10.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-16.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Cash Position

Cash flow positive

974M THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Humanica Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

46.9%

Healthy — 46.9% gross margin

Profit after running costs

Operating Margin

46.9%

Excellent — 46.9% operating margin

Return on the money invested

ROCE

14.2%

Good — 14.2% 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

+11.8%

Steady sales growth (+11.8% YoY)

Profit growth

EPS YoY

-4.1%

Earnings shrinking (-4.1% YoY)

Slight earnings drop. Typical near a cyclical low.

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

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

28.3%

Converts sales into free cash efficiently (28.3%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

58.94x

Comfortably covers interest (58.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

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

+0.3

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

17.94%

Healthy income — 17.94% yield

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

Dividend record

Dividend Growth

+55.0%

Dividend growing fast (55.0% YoY)

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