KGI Securities (Thailand) Public Company Limited

KGI.BK

Financial - Capital Markets · Financial Services

Price

5.10 THB

-0.05 (-0.97%)

Market Cap

10.16B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 24, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

KGI Securities (Thailand) is a brokerage and financial services firm based in Thailand. It helps people and institutions buy and sell stocks, bonds, and other investments on the Thai stock exchange. The company also offers investment banking, wealth management, and derivatives trading services.

KGI Securities earns money mainly through brokerage commissions, fees from advisory services, and interest income from margin lending. It is one of the larger securities firms in Thailand, backed by its parent group KGI Securities based in Taiwan, which gives it access to regional expertise and resources. The company operates primarily in the Thai market with a market capitalization of around $10.2 billion. Key growth opportunities include expanding its digital trading platforms and wealth management business, though the firm faces risks from volatile trading volumes and intense competition among Thai brokerages.

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

+71.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+60.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

35.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

11.3B THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

11.3B THB cash & investments at current burn rate

Revenue accelerating

KGI Securities (Thailand) Public Company Limited grew revenue 71% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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: 1.99B (2021) → 1.99B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

74.9%

Premium pricing power — 74.9% gross margin

Profit after running costs

Operating Margin

29.7%

Excellent — 29.7% operating margin

Return on the money invested

ROCE

9.7%

Below par — 9.7% 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

+12.9%

Fast-growing sales (+12.9% YoY)

Profit growth

EPS YoY

+25.2%

Earnings growing fast (+25.2% 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

-176%

Weak — only -176% of profit becomes cash

Spare cash per sale

FCF Margin

-47.1%

Burning cash (-47.1%)

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

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

12.01x

Comfortably covers interest (12.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.3x

Attractive valuation — P/E 10.3

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

6.08%

Healthy income — 6.08% yield

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

Dividend record

Dividend Growth

-15.8%

Dividend cut (-15.8% YoY) — warning sign

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