Jakpaisan Estate Public Company Limited

JAK.BK

Real Estate - Development · Real Estate

Price

1.24 THB

-0.01 (-0.80%)

Market Cap

396.8M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Jakpaisan Estate is a Thai real estate developer that builds and sells residential properties, including houses, townhouses, and housing estates. Its main customers are middle-income Thai homebuyers looking for affordable to mid-range housing in and around Thailand. The company operates in the Thai property development industry, which is closely tied to local economic conditions and consumer confidence.

Jakpaisan Estate makes money primarily by selling completed residential units, meaning revenue comes in when homes are transferred to buyers rather than through recurring subscriptions or rent. The company operates entirely within Thailand, and with a market cap of around $0.4 billion, it is a smaller regional developer competing against larger Thai builders like Pruksa and LPN. Its gross margin of around 30% is reasonable for the sector, but the key risk it faces is Thailand's sluggish housing demand and rising household debt levels, which can slow home purchases and pressure sales volumes 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

-31.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+165.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

80.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

272M THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

272M THB cash & investments at current burn rate

Revenue declining

Jakpaisan Estate 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

+0.9% over 4y

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

Diluted shares outstanding: 317.3M (2021) → 320.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

39.4%

Modest — 39.4% gross margin

Profit after running costs

Operating Margin

21.9%

Excellent — 21.9% operating margin

Return on the money invested

ROCE

12.2%

Good — 12.2% 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

+8.0%

Steady sales growth (+8.0% YoY)

Profit growth

EPS YoY

+182.9%

Earnings growing fast (+182.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

65%

Modest — 65% of profit becomes cash

Spare cash per sale

FCF Margin

10.1%

Modest free cash flow (10.1%)

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

0.38

Conservative — low debt load (0.38)

Covers its interest

Interest Cover

9.44x

Comfortably covers interest (9.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

5.8x

Attractive valuation — P/E 5.8

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

4.44%

Healthy income — 4.44% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

Data not available

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