Stock

Siam Steel International Public Company Limited

SIAM.BK

Business Equipment & Supplies · Industrials

Price

0.89 THB

-0.02 (-2.20%)

Market Cap

527.9M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Mixed

Dividends

Good

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§Winston Score History

The full picture

Siam Steel International is a Thai company that makes steel products and building materials. Its main products include steel pipes, roofing sheets, steel structures, and related construction supplies. The company serves builders, contractors, and industrial customers primarily in Thailand and Southeast Asia.

Siam Steel makes money by manufacturing and selling steel-based products to construction and infrastructure projects. It operates mainly in Thailand with some regional exports, and has a market capitalization of around $0.5 billion. The company benefits from established brand recognition and distribution networks in the Thai market, though its recent operating margins have been negative, reflecting cost pressures in the steel industry. A key risk is the cyclical nature of steel prices and construction demand, while infrastructure spending in Southeast Asia remains a potential growth driver.

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: 593.1M (2021) → 593.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

19.6%

Thin — 19.6% gross margin

Profit after running costs

Operating Margin

-8.0%

Losing money on operations — -8.0%

Return on the money invested

ROCE

-2.5%

Weak — -2.5% 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

-24.8%

Shrinking sales (-24.8% YoY)

Profit growth

EPS YoY

+621.9%

Earnings growing fast (+621.9% YoY)

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

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

532%

Turns 532% of profit into real cash

Spare cash per sale

FCF Margin

10.7%

Modest free cash flow (10.7%)

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

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

16.9x

Fair value — P/E 16.9

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

1.12%

Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+25.0%

Dividend growing fast (25.0% YoY)

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