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Mud & Hound Public Company Limited

MUD.BK
24
Restaurants · Consumer Cyclical
Price
0.75 THB
-0.08 (-9.64%)
Market Cap
790.0M THB
Exchange
Stock Exchange of Thailand
Winston Score
24
Winston is worried
Weak fundamentals across most pillars.
Data as of Aug 31, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Weak
Valuation
Data not available
Dividends
Good

Winston Score History

The full picture

Mud & Hound Public Company Limited functions as an investment holding company, primarily engaged in the retail of food and beverages across Thailand and on an international scale. The firm's operations are bifurcated into two main divisions: Food and Beverage, and Garment. Within the Food and Beverage segment, the company handles the production and distribution of snacks, various drinks, and ice cream, alongside managing its restaurant ventures. Conversely, the Garment segment concentrates on the manufacturing and sale of apparel and leather goods. Mud & Hound acts as an authorized franchisee for well-known establishments such as Au Bon Pain bakery café, Baskin Robbins, and Dunkin' Donuts. Additionally, it boasts a collection of proprietary brands, which include Greyhound Café, M Kitchen, Funky Fries, Le Grand Véfour, Pasco, Augustin, A Noste, Another Hound Café, and Baan Hound. Established in 2006, the company was originally named Mudman Public Company Limited, adopting its current name in June 2021. Headquartered in Bangkok, Thailand, Mud & Hound Public Company Limited operates as a subsidiary of Sub Sri Thai Public Company Limited.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-27.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

63M THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Mud & Hound 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.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.05B (2021) → 1.05B (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
59.7%
Premium pricing power — 59.7% gross margin
Profit after running costs
Operating Margin
-13.7%
Losing money on operations — -13.7%
Return on the money invested
ROCE
-13.2%
Weak — -13.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-26.2%
Shrinking sales (-26.2% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
0/8 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
4.5%
Thin free cash flow (4.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
2.29
Heavy debt load (2.29)
Covers its interest
Interest Cover
N/A
Data not available

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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
7.73%
Healthy income — 7.73% yield

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

Dividend record
Dividend Growth
N/A
Data not available

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