Italian-Thai Development Public Company Limited

ITD.BK

Engineering & Construction · Industrials

Price

0.34 THB

+0.00 (+0.00%)

Market Cap

1.80B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Italian-Thai Development Public Company Limited is one of Thailand's largest construction and infrastructure companies. It builds roads, highways, tunnels, dams, airports, and railways, mostly for government agencies and large public projects across Southeast Asia. Despite its name, the company is Thai-owned and has been operating since the 1950s, originally founded with Italian technical partnerships.

The company earns money by winning construction contracts and getting paid as projects are completed. It operates mainly in Thailand but also takes on projects in neighboring countries like Myanmar, Laos, and Cambodia. Its long history and relationships with Thai government agencies give it an edge in winning large public contracts. However, the negative gross and operating margins shown in recent financial periods signal that the company is spending more than it earns on its projects, which is a serious concern — cost overruns, project delays, and heavy debt are the main risks that could continue to pressure its financial health going forward.

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

-9.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-115.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

22.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 years

24.9B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

24.9B THB cash & investments at current burn rate

Revenue declining

Italian-Thai Development 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: 5.28B (2021) → 5.28B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

5.6%

Thin — 5.6% gross margin

Profit after running costs

Operating Margin

2.1%

Thin — 2.1% operating margin

Return on the money invested

ROCE

-14.1%

Weak — -14.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-26.8%

Shrinking sales (-26.8% YoY)

Profit growth

EPS YoY

-261.9%

Earnings shrinking (-261.9% 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

N/A

Data not available

Spare cash per sale

FCF Margin

0.1%

Thin free cash flow (0.1%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

13.41

Heavy debt load (13.41)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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