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AJ Advance Technology Public Company Limited

AJA.BK
18
Technology Distributors · Technology
Price
0.12 THB
-0.01 (-7.69%)
Market Cap
689.2M THB
Exchange
Stock Exchange of Thailand
Winston Score
18
Winston is worried
Weak fundamentals across most pillars.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+19.1% over 4y

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

Diluted shares outstanding: 4.51B (2021) → 5.36B (2025)

AJ Advance Technology Public Company Limited, listed as AJA.BK, is a Bangkok-headquartered Thai corporation founded in 2001. The company primarily engages in the wholesale and retail distribution of various electronic goods and appliances under its "AJ" brand across Thailand. Its product portfolio spans consumer electronics, including home theater systems, an assortment of audio devices such as speakers, Bluetooth speakers, portable radios, and karaoke sets, along with a wide range of home appliances like air conditioners, refrigerators, washing machines, air purifiers, and kitchen essentials such as blenders, induction cookers, electric pots, and oil-free fryers. Additionally, it sells electric motorcycle bikes and solar LED products. Beyond its core product offerings, AJ Advance Technology delivers a diverse array of services. These encompass providing top-up services for prepaid mobile phones through kiosks and selling the top-up machines themselves. The company is also active in the distribution of athletic footwear, operates logistics and export ventures, and produces entertainment media, including TV dramas. Expanding into financial technology, it offers e-money services, processes electronic payments, and is involved in the investment, mining, and trading of digital assets, including cryptocurrencies and digital tokens, along with providing related transactional services. The company was previously known as Crown Tech Advance Public Company Limited before adopting its current name in June 2017.

Winston Score History

Growth Profile

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

Revenue Growth

-46.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+42.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Cash Runway

~7 months

$28M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

AJ Advance Technology Public Company Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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
44.0%
Healthy — 44.0% gross margin
Operating Margin
-98.5%
Losing money on operations — -98.5%
ROCE
-4.5%
Weak — -4.5% return on capital

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

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Growth

Sales YoY
-31.3%
Shrinking sales (-31.3% 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
-24.4%
Burning cash (-24.4%)

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

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Stability

Debt / Equity
N/A
Data not available
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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