Asia Medical and Agricultural Laboratory and Research Center Public Company Limited

AMARC.BK

Specialty Business Services · Industrials

Price

2.88 THB

-0.04 (-1.37%)

Market Cap

1.17B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+40.0% over 4y

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

Diluted shares outstanding: 300.0M (2021) → 420.0M (2025)

Asia Medical and Agricultural Laboratory and Research Center (AMARC) is a Thai company that provides laboratory testing and inspection services. It tests things like food safety, water quality, soil health, and medical samples for businesses and government agencies in Thailand. The company sits at the intersection of healthcare and agriculture — two sectors that are central to Thailand's economy.

AMARC earns money by charging fees each time a client sends in a sample for testing or requests an inspection or certification service. It operates primarily in Thailand, and its strong margins suggest it holds a defensible position, likely built on accredited lab certifications and regulatory approvals that are difficult for new competitors to quickly replicate. The company's growth will likely depend on expanding its testing menu and winning more contracts as Thailand tightens food safety and environmental regulations — but a key risk is that government policy changes or budget cuts could reduce demand from its public-sector clients.

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

+2.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-2.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

74.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$170M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Asia Medical and Agricultural Laboratory and Research Center Public Company Limited is growing revenue at 2% 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.

Score breakdown

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Quality

Gross Margin

45.7%

Healthy — 45.7% gross margin

Operating Margin

20.8%

Excellent — 20.8% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+32.6%

Fast-growing sales (32.6% YoY)

EPS YoY

+173.1%

Earnings growing fast (173.1% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

127%

Turns 127% of profit into real cash

FCF Margin

31.0%

Converts sales into free cash efficiently (31.0%)

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

Debt / Equity

N/A

Data not available

Interest Cover

192.81x

Comfortably covers interest (192.8x)

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

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Valuation

P/E Ratio (TTM)

7.8x

Attractive valuation — P/E 7.8

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

P/E vs Forward

-1.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

8.68%

Healthy income — 8.68% yield

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

Dividend Growth

+50.8%

Dividend growing fast (50.8% YoY)

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