2S Metal Public Company Limited

2S.BK

Steel · Basic Materials

Price

3.86 THB

+0.68 (+21.38%)

Market Cap

2.12B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

2S Metal Public Company Limited is a Thai steel company that processes and distributes steel products. Its core offerings include steel coils, sheets, and other flat-rolled steel products, which it sells to manufacturers in industries like automotive, construction, and appliances. The company operates primarily in Thailand and is part of the broader Southeast Asian steel supply chain.

The company makes money by buying raw steel, processing it into finished or semi-finished forms, and selling it to industrial customers — earning a margin on the difference between input costs and selling prices. With a gross margin around 8% and an operating margin near 3%, the business runs on thin spreads that are typical for steel distributors and service centers. Its main competitive advantage is its established customer relationships and local distribution network in Thailand, though it faces ongoing risk from volatile global steel prices and competition from lower-cost imports, particularly from China.

Winston Score History

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

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+116.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

60.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$523M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

2S Metal Public Company Limited is growing revenue at 4% 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: 550.0M (2021) → 550.0M (2025)

Score breakdown

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Quality

Gross Margin

12.8%

Thin — 12.8% gross margin

Operating Margin

7.5%

Modest — 7.5% operating margin

ROCE

7.2%

Weak — 7.2% 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 YoY

+2.5%

Nearly flat sales (+2.5% YoY)

EPS YoY

+464.3%

Earnings growing fast (+464.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

293%

Turns 293% of profit into real cash

FCF Margin

8.0%

Modest free cash flow (8.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

161.76x

Comfortably covers interest (161.8x)

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

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Valuation

P/E Ratio (TTM)

9.5x

Attractive valuation — P/E 9.5

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

6.25%

Healthy income — 6.25% yield

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

Dividend Growth

-56.8%

Dividend cut (-56.8% YoY) — warning sign

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