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BTS Group Holdings Public Company Limited

BTS.BK
26
Railroads · Industrials
Price
2.08 THB
-0.00 (-0.00%)
Market Cap
33.48B THB
Exchange
Stock Exchange of Thailand
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+22.3% over 4y

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

Diluted shares outstanding: 13.16B (2022) → 16.09B (2026)

BTS Group Holdings Public Company Limited, a conglomerate based in Bangkok, Thailand, was founded in 1968 and rebranded from Tanayong Public Company Limited in May 2010. The company operates a diversified portfolio across its three core segments: Move, Mix, and Match, focusing on mass transit, property, media, and various service industries throughout Thailand. Under its "Move" segment, the company is responsible for the operation and maintenance of the BTS SkyTrain system. This also extends to the construction, operation, installation, and upkeep of electric rail lines, along with train procurement and related supporting services, and the provision of bus rapid transit services. The "Mix" segment delivers comprehensive media and marketing solutions. This includes offering advertising, digital, and sales services, providing system installation and integration, and acting as an insurance broker across both traditional and online distribution channels. Additionally, it provides services associated with the Rabbit card. The "Match" segment encompasses strategic investments and other specialized services. This involves stakes in diverse businesses such as restaurant chains, construction, and golf course operations, as well as investments in the securities of other corporations. Further offerings include architectural and engineering consultancy, management of food and beverage ventures, electronic payment, e-money, and bill payment solutions. The company also engages in software development, technology and system integration services, and the management of CRM loyalty programs and coupon kiosks.

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

+4.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+22.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$192.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

BTS Group Holdings Public Company Limited is growing revenue at 5% 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

Every number that matters to educated investors.

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Quality

Gross Margin
37.9%
Modest — 37.9% gross margin
Operating Margin
-4.8%
Losing money on operations — -4.8%
ROCE
-0.1%
Weak — -0.1% return on capital

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

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Growth

Sales YoY
+21.3%
Fast-growing sales (21.3% YoY)
EPS YoY
-154.7%
Earnings shrinking (-154.7% YoY)

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

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
137.9%
Converts sales into free cash efficiently (137.9%)

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
3.24
Heavy debt load (3.24)
Interest Cover
0.56x
Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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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