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Stock

Thanachart Capital Public Company Limited

TCAP.BK
65
Financial - Conglomerates · Financial Services
Price
83.75 THB
-0.75 (-0.89%)
Market Cap
87.82B THB
Exchange
Stock Exchange of Thailand
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Strong

§Winston Score History

The full picture

Thanachart Capital Public Company Limited, an investment holding company headquartered in Bangkok, Thailand, provides a comprehensive suite of financial services across the country. The firm's operations are organized into six primary segments: its main corporate division, Securities Business, Life Insurance Business, Non-Life Insurance Business, Asset Management Business, and Hire Purchase and Leasing Business. The company offers commercial banking and various asset management solutions. Its securities activities encompass brokerage for securities and derivatives, proprietary trading, borrowing and lending services, investment and financial advisory, and roles as an underwriter and securities registrar. Moreover, Thanachart Capital delivers diverse insurance products. This includes non-life coverage for fire, automobiles, marine transport, and other general categories, as well as life and health insurance policies for individuals, institutions, and organizations. The company also specializes in financial leasing and hire purchase agreements for both passenger cars and commercial vehicles, such as pickups, taxis, truck tractors, and lorries. Founded in 1959, the company changed its name from National Finance Public Company Limited to Thanachart Capital Public Company Limited in April 2006.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+27.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

154.9B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Thanachart Capital Public Company Limited is growing revenue at 7% 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.

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: 1.05B (2021) → 1.05B (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
89.8%
Premium pricing power — 89.8% gross margin
Profit after running costs
Operating Margin
27.9%
Excellent — 27.9% operating margin
Return on the money invested
ROCE
5.1%
Weak — 5.1% 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
+1.7%
Nearly flat sales (+1.7% YoY)
Profit growth
EPS YoY
+29.5%
Earnings growing fast (+29.5% 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
91%
Modest — 91% of profit becomes cash
Spare cash per sale
FCF Margin
42.0%
Converts sales into free cash efficiently (42.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.61
Moderate — manageable debt (0.61)
Covers its interest
Interest Cover
4.09x
Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
10.1x
Attractive valuation — P/E 10.1

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
+0.2
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
3.58%
Moderate income — 3.58% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+11.0%
Dividend growing fast (11.0% YoY)

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