Raimon Land Public Company Limited

RML.BK

Real Estate - Development · Real Estate

Price

0.10 THB

+0.01 (+11.11%)

Market Cap

579.5M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+38.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.17B (2021) → 5.80B (2025)

Winston Score History

The full picture

Raimon Land is a Thai real estate developer that builds and sells high-end condominiums and luxury residential properties. Its main customers are wealthy Thai buyers and foreign investors looking for premium urban living spaces, mostly in Bangkok and popular resort destinations like Pattaya and Phuket. The company is known for developing some of Thailand's most recognizable luxury condo towers, such as The River and Zire.

Raimon Land makes money primarily by selling completed residential units, which means revenue can be lumpy and depends heavily on project completion timelines and buyer demand. It operates entirely within Thailand, making it sensitive to the local economy, tourism trends, and foreign ownership rules that limit how many units non-Thai citizens can buy. The company's negative gross and operating margins reflect the challenges of a high-cost development model in a slow market, and its key risk is managing debt and unsold inventory while waiting for Thailand's luxury property demand to recover.

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

+113.3% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+16.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

61.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

2.3B THB cash & investments at current burn rate

Strong grower

Raimon Land Public Company Limited is growing revenue at 113% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

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.

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

-47.2%

Thin — -47.2% gross margin

Profit after running costs

Operating Margin

-570.9%

Losing money on operations — -570.9%

Return on the money invested

ROCE

-5.1%

Weak — -5.1% 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

-46.2%

Shrinking sales (-46.2% 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

-57.3%

Burning cash (-57.3%)

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

1.88

Elevated debt (1.88)

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

Not applicable for this business.

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