M.K. Real Estate Development Public Company Limited

MK.BK

Real Estate - Development · Real Estate

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

M.K. Real Estate Development is a Thai property developer based in Bangkok. The company builds and sells residential properties, including houses, townhouses, and housing estates, primarily targeting middle-income Thai families and homebuyers. It operates within Thailand's residential real estate market and has been active in the Bangkok metropolitan area and surrounding provinces for several decades.

The company earns money mainly by selling completed homes and land plots to individual buyers, making its revenue dependent on transaction volume rather than recurring income. With a market cap of around $0.8 billion, it is a mid-sized player in Thailand's competitive property sector, where it competes against larger developers like Pruksa and Land and Houses. Its gross margin of roughly 35% is reasonable for the industry, but a very low return on invested capital of 1.2% signals that growth is consuming significant resources. The key risk the company faces is Thailand's slowing housing demand, driven by high household debt levels and rising interest rates that make mortgages harder for buyers to afford.

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

-37.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

56.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

8.7B THB cash & investments at current burn rate

Revenue declining

M.K. Real Estate 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

35.5%

Modest — 35.5% gross margin

Profit after running costs

Operating Margin

-32.2%

Losing money on operations — -32.2%

Return on the money invested

ROCE

1.4%

Weak — 1.4% 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

-24.9%

Shrinking sales (-24.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

17.1%

Converts sales into free cash efficiently (17.1%)

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

1.92

Elevated debt (1.92)

Covers its interest

Interest Cover

0.24x

Dangerous — barely covers interest (0.2x)

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

no trend

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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