Thai Mitsuwa Public Company Limited

TMW.BK

Chemicals - Specialty · Basic Materials

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 Mitsuwa Public Company Limited is a Thai specialty chemicals company that makes and sells chemical products used in industries like construction, automotive, and manufacturing. Its core products include adhesives, sealants, and surface treatment chemicals sold to factories, contractors, and industrial customers across Thailand. The company is part of a Japanese-Thai partnership, giving it access to Japanese chemical technology and formulations.

Thai Mitsuwa earns revenue by selling its chemical products directly to industrial buyers and distributors, rather than through subscriptions or licensing. It operates primarily in Thailand, with some regional exposure in Southeast Asia, and its Japanese technical ties give it a product quality edge over purely local competitors. The company's main growth driver is Thailand's ongoing industrial expansion and infrastructure investment, but it faces risk from rising raw material costs — since many chemical inputs are oil-based — which can squeeze margins when crude prices climb.

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

+13.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+8.9% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

82.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

1.2B THB cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Thai Mitsuwa Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 14%. 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

23.0%

Thin — 23.0% gross margin

Profit after running costs

Operating Margin

14.4%

Healthy — 14.4% operating margin

Return on the money invested

ROCE

15.1%

Strong — 15.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.1%

Slow sales growth (+6.1% YoY)

Profit growth

EPS YoY

+2.2%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

126%

Turns 126% of profit into real cash

Spare cash per sale

FCF Margin

5.2%

Thin free cash flow (5.2%)

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

N/A

Data not available

Covers its interest

Interest Cover

492.46x

Comfortably covers interest (492.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

4.4x

no trend

Attractive valuation — P/E 4.4

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

7.11%

no trend

Healthy income — 7.11% yield

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

Dividend record

Dividend Growth

+127.8%

no trend

Dividend growing fast (127.8% YoY)

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