MFC Asset Management Public Company Limited

MFC.BK

Asset Management · Financial Services

Price

22.00 THB

+0.00 (+0.00%)

Market Cap

2.76B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

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

How the score breaks down

Quality

Exceptional

Growth

Exceptional

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

MFC Asset Management Public Company Limited operates as a publicly owned investment management entity. It offers professional oversight for both mutual and provident funds on behalf of its clients. The firm's investment strategy encompasses global public equity and fixed-income markets, alongside a focus on industrial real estate. In the industrial property sector, it actively acquires and leases diverse assets, including freehold and leasehold properties, as well as ownership and associated rights for land and factory structures. All investment decisions are informed by comprehensive in-house research. Founded on March 14, 1975, and headquartered in Bangkok, Thailand, the company was formerly known as The Mutual Fund Public Company Limited.

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

+77.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+114.5% 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

Cash Position

Cash flow positive

1.6B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

MFC Asset Management Public Company Limited grew revenue 77% 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: 125.6M (2021) → 125.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

45.0%

Healthy — 45.0% gross margin

Profit after running costs

Operating Margin

37.2%

Excellent — 37.2% operating margin

Return on the money invested

ROCE

27.4%

Exceptional — 27.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+40.7%

Fast-growing sales (+40.7% YoY)

Profit growth

EPS YoY

+35.0%

Earnings growing fast (+35.0% 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

130%

Turns 130% of profit into real cash

Spare cash per sale

FCF Margin

19.9%

Converts sales into free cash efficiently (19.9%)

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

N/A

Data not available

Covers its interest

Interest Cover

46.61x

Comfortably covers interest (46.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

7.8x

Attractive valuation — P/E 7.8

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

5.68%

Healthy income — 5.68% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-8.1%

Dividend cut (-8.1% YoY) — warning sign

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