S P V I Public Company Limited

SPVI.BK

Technology Distributors · Technology

Price

3.76 THB

-0.06 (-1.57%)

Market Cap

1.50B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 28, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

SPVI Public Company Limited functions as a key distributor of both Apple and a diverse range of other branded products across Thailand. The company's extensive inventory features Apple's primary offerings, including Mac computers, iPods, iPads, and iPhones. Beyond Apple, it also supplies smartphones from prominent manufacturers such as Samsung, Vivo, Oppo, Huawei, Xiaomi, and Realme. Its hardware distribution extends to laptops, printers, printing consumables, digital imaging equipment, and graphic art products. Furthermore, SPVI provides various software solutions, encompassing Adobe programs, the EFI Colorproof XF application, and human capital management systems. Complementing its product lines, the company offers accessories like speakers, headphones, protective cases, screen films, networking hardware, and both specialized video storage and portable hard drives. Customers also benefit from comprehensive after-sales and repair services. Established in 1989, SPVI is headquartered in Bangkok, Thailand.

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

+1.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+145.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Cash Runway

~5 months

182M THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

S P V I 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: 400.0M (2021) → 400.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.6%

Thin — 11.6% gross margin

Profit after running costs

Operating Margin

2.8%

Thin — 2.8% operating margin

Return on the money invested

ROCE

29.2%

Exceptional — 29.2% 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

+18.9%

Fast-growing sales (+18.9% YoY)

Profit growth

EPS YoY

+188.0%

Earnings growing fast (+188.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

126%

Turns 126% of profit into real cash

Spare cash per sale

FCF Margin

2.1%

Thin free cash flow (2.1%)

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

0.10

Conservative — low debt load (0.10)

Covers its interest

Interest Cover

24.60x

Comfortably covers interest (24.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.9x

Attractive valuation — P/E 8.9

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

3.86%

Moderate income — 3.86% yield

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

Dividend record

Dividend Growth

+22.5%

Dividend growing fast (22.5% YoY)

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