Sena Development Public Company Limited

SENA.BK

Real Estate - Development · Real Estate

Price

1.70 THB

+0.01 (+0.59%)

Market Cap

2.42B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Weak

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Sena Development Public Company Limited is a Thai real estate developer based in Bangkok. The company builds and sells residential properties, including condominiums, townhouses, and single-family homes, primarily targeting middle-income buyers in the Bangkok metropolitan area. It is one of Thailand's established mid-tier housing developers, known for affordable-to-mid-range residential projects under its own brand.

The company makes money mainly by selling completed or pre-sold residential units, with revenue recognized upon transfer of ownership to buyers. Sena operates almost entirely within Thailand, focusing on Greater Bangkok, and generates additional income from rental and property management services. Its competitive position relies on land bank management and brand recognition among budget-conscious Thai homebuyers. A key risk is Thailand's relatively slow economic growth and household debt levels, which can suppress demand for new housing — and the company's low ROIC of 1.7% suggests it currently earns thin returns on the capital it deploys into new developments.

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

+20.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-80.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

64.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

3.3B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Sena Development Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

−0.4% over 4y

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

Diluted shares outstanding: 1.43B (2021) → 1.43B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.8%

Modest — 28.8% gross margin

Profit after running costs

Operating Margin

12.5%

Healthy — 12.5% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% 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

+20.8%

Fast-growing sales (+20.8% YoY)

Profit growth

EPS YoY

-56.7%

Earnings shrinking (-56.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

471%

Turns 471% of profit into real cash

Spare cash per sale

FCF Margin

14.8%

Converts sales into free cash efficiently (14.8%)

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

2.26

Heavy debt load (2.26)

Covers its interest

Interest Cover

1.41x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly 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

7.77%

Healthy income — 7.77% yield

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

Dividend record

Dividend Growth

-13.8%

Dividend cut (-13.8% YoY) — warning sign

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