Khon Kaen Sugar Industry Public Company Limited

KSL.BK

Food Confectioners · Consumer Defensive

Price

1.88 THB

+0.03 (+1.62%)

Market Cap

8.29B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Strong

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Winston Score History

The full picture

Khon Kaen Sugar Industry Public Company Limited, known as KSL, is a Thai company that grows sugarcane and turns it into sugar products. Its core outputs include refined sugar, raw sugar, and molasses, which it sells to food manufacturers, beverage companies, and industrial buyers across Thailand and international markets. KSL is one of Thailand's largest sugar producers, operating within a heavily regulated agricultural industry.

KSL makes money by selling sugar and related byproducts, and it also generates revenue from ethanol production using molasses as a feedstock. The company operates primarily in Thailand, with exports going to regional Asian markets and beyond, giving it a geographic reach tied closely to global sugar commodity prices. Its thin operating margin of around 0.5% highlights the main risk: sugar is a commodity, so profits are highly sensitive to swings in world sugar prices, government price controls in Thailand, and fluctuating sugarcane harvests driven by weather conditions.

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

+23.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+115.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

53.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~10 months

12.5B THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Khon Kaen Sugar Industry Public Company Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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: 4.41B (2021) → 4.41B (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

11.8%

Thin — 11.8% gross margin

Profit after running costs

Operating Margin

4.4%

Thin — 4.4% operating margin

Return on the money invested

ROCE

0.2%

Weak — 0.2% 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

-1.6%

Shrinking sales (-1.6% YoY)

Profit growth

EPS YoY

-248.5%

Earnings shrinking (-248.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-2.1%

Burning cash (-2.1%)

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

1.13

Elevated debt (1.13)

Covers its interest

Interest Cover

0.14x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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

Dividend

Dividend Yield

2.02%

Moderate income — 2.02% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+31.3%

Dividend growing fast (31.3% YoY)

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