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Asian Sea Corporation Public Company Limited

ASIAN.BK
41
Packaged Foods · Consumer Defensive
Price
7.60 THB
-0.05 (-0.65%)
Market Cap
6.17B THB
Exchange
Stock Exchange of Thailand
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Mar 31, 2026

Asian Sea Corporation Public Company Limited, established in 1964 and based in Mueang Samut Sakhon, Thailand, is a key player in the production and global distribution of diverse processed frozen seafood products. The company strategically organizes its operations across four primary divisions: Frozen Business, Pet Food Business, Tuna Business, and Aquaculture Feed Business. Its extensive product offerings include various frozen seafood items such as shrimp, tuna, sillago, and squid. Beyond foundational seafood, Asian Sea Corporation also crafts an array of ready-to-cook and ready-to-eat meals, featuring specialty items like gluten-free and battered shrimp, shrimp tempura, seasoned squid, fried fish snacks, burgers, fried rice, and even frozen keto diet options. The firm also holds a significant presence in the pet food sector, manufacturing wet pet food varieties including soups, salads, fish and meat dishes, mousses, and pâtés. Additionally, it supplies aquaculture feed pellets, alongside general animal feed and fishmeal. Complementing its manufacturing capabilities, the company offers cold storage services and actively participates in the distribution and marketing of frozen seafood. Its products are sold under a wide range of brand names, including ASIAN FEED, Monchou, Hero, Victor, Allstar, Champ, Hajiko, Rambo, SuperHero, Ruay Puan, and Faster.

Winston Score History

Share count broadly stable

0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 814.1M (2021) → 813.2M (2025)

Score breakdown

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Quality

Gross Margin
10.7%
Thin — 10.7% gross margin
Operating Margin
4.3%
Thin — 4.3% operating margin
ROCE
1.6%
Weak — 1.6% 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
-3.5%
Shrinking sales (-3.5% YoY)
EPS YoY
-25.3%
Earnings shrinking (-25.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
239%
Turns 239% 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
471.81x
Comfortably covers interest (471.8x)

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

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Valuation

P/E Ratio (TTM)
10.3x
Attractive valuation — P/E 10.3

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

P/E vs Forward
+0.7
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
8.87%
Healthy income — 8.87% yield

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

Dividend Growth
+63.2%
Dividend growing fast (63.2% YoY)

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