Stock

Syntec Construction Public Company Limited

SYNTEC.BK

Engineering & Construction · Industrials

Price

1.93 THB

+0.00 (+0.00%)

Market Cap

3.05B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 7, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Mixed

Stability

Exceptional

Valuation

Good

Dividends

Exceptional

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§Winston Score History

The full picture

Syntec Construction Public Company Limited, including its subsidiaries, operates primarily in Thailand, specializing in property development and a diverse range of construction activities. Their project scope encompasses residential, commercial, industrial, institutional, leisure, retail, and infrastructure developments. Beyond core construction, the company also engages in developing properties for serviced apartments and rentals, manages hotels, serviced apartments, and other real estate assets, and provides consulting services. Established in 1988 and headquartered in Bangkok, Thailand, the firm was formerly known as Siam Syntech Construction Public Company Limited until it adopted its present name in April 2004.

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: 1.59B (2021) → 1.58B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

14.0%

Thin — 14.0% gross margin

Profit after running costs

Operating Margin

9.6%

Modest — 9.6% operating margin

Return on the money invested

ROCE

11.1%

Below par — 11.1% 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

-7.6%

Shrinking sales (-7.6% YoY)

Profit growth

EPS YoY

+11.0%

Earnings growing (+11.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

72%

Modest — 72% of profit becomes cash

Spare cash per sale

FCF Margin

4.6%

Thin free cash flow (4.6%)

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

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

17.27x

Comfortably covers interest (17.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

4.8x

Attractive valuation — P/E 4.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-6.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.25%

Healthy income — 7.25% yield

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

Dividend record

Dividend Growth

+75.0%

Dividend growing fast (75.0% YoY)

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