Thai Metal Drum Manufacturing Public Company Limited

TMD.BK

Packaging & Containers · Consumer Cyclical

Price

27.00 THB

+0.00 (+0.00%)

Market Cap

4.05B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Thai Metal Drum Manufacturing Public Company Limited makes steel drums and metal containers used to store and transport liquids like chemicals, lubricants, and food-grade products. Its main customers are industrial companies, oil and petrochemical firms, and food manufacturers across Thailand and Southeast Asia. The company is one of Thailand's leading producers of industrial metal packaging.

The company earns money by selling its drums and containers directly to businesses that need safe, durable storage for their products. It operates primarily in Thailand, with some regional exposure across Southeast Asia, and benefits from long-standing customer relationships and the high cost of switching suppliers in industrial packaging. Its main growth driver is rising industrial and chemical activity in the region, but its biggest risk is raw material costs — steel prices can swing sharply and squeeze profit margins if the company cannot pass those increases on to customers.

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: 150.0M (2021) → 150.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

31.7%

Modest — 31.7% gross margin

Profit after running costs

Operating Margin

22.2%

Excellent — 22.2% operating margin

Return on the money invested

ROCE

11.2%

Below par — 11.2% 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

-2.9%

Shrinking sales (-2.9% YoY)

Profit growth

EPS YoY

+7.3%

Modest earnings growth (+7.3% YoY)

Single-digit earnings growth — steady but not exciting.

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

83%

Modest — 83% of profit becomes cash

Spare cash per sale

FCF Margin

12.4%

Converts sales into free cash efficiently (12.4%)

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

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

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

6.36%

Healthy income — 6.36% yield

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

Dividend record

Dividend Growth

+48.9%

Dividend growing fast (48.9% YoY)

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