BEC World Public Company Limited

BEC.BK

Broadcasting · Communication Services

Price

2.12 THB

+0.02 (+0.95%)

Market Cap

4.24B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

BEC World Public Company Limited is a Thai media and entertainment company that operates Channel 3, one of Thailand's most well-known free-to-air television networks. It produces and broadcasts Thai dramas, news, variety shows, and entertainment content aimed at general Thai audiences. The company also has interests in content production, digital media, and licensing its popular TV dramas to other platforms.

BEC World earns money primarily through television advertising, where brands pay to reach viewers watching its broadcast and digital channels. It operates almost entirely within Thailand, making it heavily dependent on the health of the Thai advertising market. The company faces growing pressure from streaming platforms like Netflix and local competitors, which are pulling younger viewers away from traditional TV. Its main challenge going forward is adapting its content and distribution strategy to stay relevant as Thai audiences shift toward on-demand digital viewing.

Winston Score History

Share count broadly stable

0.0% over 4y

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

Diluted shares outstanding: 2.00B (2021) → 2.00B (2025)

Score breakdown

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Quality

Gross Margin

20.6%

Thin — 20.6% gross margin

Operating Margin

6.8%

Modest — 6.8% operating margin

ROCE

0.8%

Weak — 0.8% 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

-10.2%

Shrinking sales (-10.2% YoY)

EPS YoY

+54.6%

Earnings growing fast (+54.6% YoY)

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

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

715%

Turns 715% of profit into real cash

FCF Margin

32.9%

Converts sales into free cash efficiently (32.9%)

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

0.12

Conservative — low debt load (0.12)

Interest Cover

3.86x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

21.9x

Growth-priced — P/E 21.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+0.7

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

4.72%

Healthy income — 4.72% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-68.4%

Dividend cut (-68.4% YoY) — warning sign

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