Smart Concrete Public Company Limited

SMART.BK

Construction Materials · Basic Materials

Price

0.68 THB

+0.06 (+9.68%)

Market Cap

708.3M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

Dividends

Good

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Share count rising — dilution

+9.6% over 4y

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

Diluted shares outstanding: 950.6M (2021) → 1.04B (2025)

Winston Score History

The full picture

Smart Concrete Public Company Limited is a Thai construction materials company that makes and sells concrete and related building products. Its core offerings include ready-mixed concrete, precast concrete components, and other construction materials used by property developers, contractors, and infrastructure projects across Thailand. The company operates in a sector that is closely tied to the pace of construction activity in the Thai economy.

Smart Concrete earns revenue primarily by selling concrete products directly to construction sites and development projects, making its income highly dependent on order volumes and raw material costs like cement and aggregates. The company operates mainly within Thailand, and with a market cap of around $0.6 billion, it is a mid-sized player in a fragmented regional market. Its modest operating margin of roughly 6.7% and low return on invested capital of 3.0% reflect the competitive, commodity-like nature of the business. The key risk it faces is a slowdown in Thai real estate and infrastructure spending, which would directly reduce demand for its products.

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

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+121.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

271M THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Smart Concrete Public Company Limited is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale

Gross Margin

30.4%

Modest — 30.4% gross margin

Profit after running costs

Operating Margin

6.1%

Modest — 6.1% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-13.3%

Shrinking sales (-13.3% YoY)

Profit growth

EPS YoY

-44.4%

Earnings shrinking (-44.4% YoY)

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

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

219%

Turns 219% of profit into real cash

Spare cash per sale

FCF Margin

11.6%

Modest free cash flow (11.6%)

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

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

24.34x

Comfortably covers interest (24.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

27.2x

Growth-priced — P/E 27.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

11.84%

Healthy income — 11.84% 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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