A.J. Plast Public Company Limited

AJ.BK

Packaging & Containers · Consumer Cyclical

Price

3.12 THB

-0.02 (-0.64%)

Market Cap

1.86B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+35.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 440.0M (2021) → 596.5M (2025)

A.J. Plast Public Company Limited operates as a manufacturer, distributor, and international exporter of various plastic films and associated scrap products, catering to markets both in Thailand and globally. The company's diverse product range features specialized biaxially oriented films, including polypropylene (BOPP), polyester (BOPET), polyamide (BOPA), and polylactic acid (BOPLA), alongside cast polypropylene (CPP) films. Additionally, it offers metallized versions of these films, as well as its proprietary Krystalox and Krystalent film lines. These advanced films are primarily utilized in sectors such as printed and flexible packaging, industrial applications, lamination, adhesive tape manufacturing, and various wrapping solutions. Established in 1987, A.J. Plast Public Company Limited maintains its corporate headquarters in Bangkok, Thailand.

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

-18.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-511.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

~22 months

$361M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

A.J. Plast Public Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin

3.6%

Thin — 3.6% gross margin

Operating Margin

-2.2%

Losing money on operations — -2.2%

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-9.4%

Shrinking sales (-9.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-0.1%

Burning cash (-0.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.96

Elevated debt (1.96)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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