Asia Sermkij Leasing Public Company Limited

ASK.BK

Financial - Credit Services · Financial Services

Price

12.00 THB

+0.20 (+1.69%)

Market Cap

8.45B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+39.0% over 4y

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

Diluted shares outstanding: 458.4M (2021) → 637.3M (2025)

Asia Sermkij Leasing Public Company Limited, together with its subsidiaries, engages in the provision of auto hire purchase services in Thailand. It operates through hire purchase, leasing, and loan segment. The company provides automobile hire purchase services mainly to individual customers for both new and used automobiles, including passenger and commercial cars, such as pickups, vans, trucks, taxis, and minibuses. It also offers financing services, such as car loans, sale and hire purchase back services, and SHB services; insurance, comprising vehicle voluntary and compulsory motor, machine, fire, marine and cargo, life, credit life, personal accident, and third-party liability insurance. In addition, it is involved in machinery, equipment, and vehicle leasing and hire purchase business; solar power purchase agreement business; and auto registrations and transfers, and tax renewal services. The company was founded in 1984 and is based in Bangkok, Thailand.

Winston Score History

Score breakdown

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Quality

Gross Margin

96.1%

Premium pricing power — 96.1% gross margin

Operating Margin

51.9%

Excellent — 51.9% operating margin

ROCE

1.1%

Weak — 1.1% 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

-11.5%

Shrinking sales (-11.5% YoY)

EPS YoY

+49.5%

Earnings growing fast (49.5% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

1730%

Turns 1730% of profit into real cash

FCF Margin

185.4%

Converts sales into free cash efficiently (185.4%)

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

3.77

Heavy debt load (3.77)

Interest Cover

1.78x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

13.8x

Attractive valuation — P/E 13.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

3.33%

Moderate income — 3.33% yield

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

Dividend Growth

-46.2%

Dividend cut (-46.2% YoY) — warning sign

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