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HYDROGEN Freehold And Leasehold Real Estate Investment Trust

HYDROGEN.BK
65
REIT - Diversified · Real Estate
Price
8.20 THB
+0.00 (+0.00%)
Market Cap
1.70B THB
Exchange
Stock Exchange of Thailand
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 14, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Good
Cash Flow
Strong
Stability
Strong
Valuation
Good
Dividends
Good
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§Winston Score History

The full picture

Hydrogen Freehold & Leasehold Real Estate Investment Trust functions as a property investment vehicle, managing a portfolio that includes assets such as Tiger Suvarnabhumi DC and the Sara Group Industrial Parks. The trust's principal office is situated in Pathumwan, Thailand.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Position

Cash flow positive

2.8B THB cash & investments

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

Growth context

HYDROGEN Freehold And Leasehold Real Estate Investment Trust is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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 3y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 207.7M (2022) → 207.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
77.4%
Premium pricing power — 77.4% gross margin
Profit after running costs
Operating Margin
76.5%
Excellent — 76.5% operating margin
Return on the money invested
ROCE
5.9%
Weak — 5.9% 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
+4.2%
Slow sales growth (+4.2% YoY)
Profit growth
EPS YoY
+1.4%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
87%
Modest — 87% of profit becomes cash
Spare cash per sale
FCF Margin
59.3%
Converts sales into free cash efficiently (59.3%)

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
0.46
Conservative — low debt load (0.46)
Covers its interest
Interest Cover
4.58x
Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.1x
Attractive valuation — P/E 11.1

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
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
7.32%
Healthy income — 7.32% yield

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

Dividend record
Dividend Growth
+0.9%
Dividend flat

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