JSP Pharmaceutical Manufacturing (Thailand) Public Co.

JSP.BK

Medical - Pharmaceuticals · Healthcare

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Good

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

JSP Pharmaceutical Manufacturing is a Thai company that makes medicines and healthcare products. It produces generic drugs, dietary supplements, and consumer health products sold to hospitals, pharmacies, and retail customers across Thailand. The company is one of the larger domestic pharmaceutical manufacturers in the country, operating in an industry that serves everyday healthcare needs.

JSP earns money primarily by selling its manufactured products to distributors, hospitals, and retail chains. It operates mainly in Thailand, though it has some export activity in Southeast Asia. Its competitive position comes from its local manufacturing scale and established distribution relationships, which give it an edge over imported alternatives on price. However, with a relatively low return on invested capital of around 2.7%, the company faces pressure to improve efficiency, and its main risk is competition from both cheaper generic imports and larger multinational pharmaceutical companies entering the Thai market.

Score breakdown

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Quality

Profit per sale

Gross Margin

36.4%

Modest — 36.4% gross margin

Profit after running costs

Operating Margin

6.3%

Modest — 6.3% operating margin

Return on the money invested

ROCE

4.6%

Weak — 4.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-0.4%

Shrinking sales (-0.4% YoY)

Profit growth

EPS YoY

+50.7%

Earnings growing fast (+50.7% YoY)

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

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

248%

Turns 248% of profit into real cash

Spare cash per sale

FCF Margin

-17.9%

Burning cash (-17.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.39

Conservative — low debt load (0.39)

Covers its interest

Interest Cover

3.43x

Tight — interest eats into profit (3.4x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

19.1x

no trend

Fair value — P/E 19.1

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

5.65%

no trend

Healthy income — 5.65% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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