Earth Tech Environment Public Company Limited

ETC.BK

Renewable Utilities · Utilities

Price

0.71 THB

+0.00 (+0.00%)

Market Cap

1.59B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

Earth Tech Environment Public Company Limited (ETC.BK) is a Thai enterprise dedicated to the generation and distribution of electricity, primarily fueled by industrial and processed waste products. The company operates several power plants across Thailand, including a 9.4 MW facility located within the Kaeng Khoi industrial estate, a 7.0 MW plant situated in the NakornLuang industrial estate, and a 5.5 MW site in Phra Nakhon Si Ayutthaya. Beyond its core power production, ETC.BK also offers a range of complementary services, such as the procurement of necessary machinery and equipment, full-cycle power plant construction, and expert engineering design consultations. The company was founded in 2004 and has its main office in Kaeng Khoi, Thailand.

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: 2.24B (2021) → 2.24B (2025)

Score breakdown

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Quality

Gross Margin

34.4%

Modest — 34.4% gross margin

Operating Margin

25.5%

Excellent — 25.5% operating margin

ROCE

1.3%

Weak — 1.3% 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

-4.0%

Shrinking sales (-4.0% YoY)

EPS YoY

+299.5%

Earnings growing fast (299.5% 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

32%

Weak — only 32% of profit becomes cash

FCF Margin

11.5%

Modest free cash flow (11.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

2.70x

Tight — interest eats into profit (2.7x)

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

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Valuation

P/E Ratio (TTM)

3.2x

Attractive valuation — P/E 3.2

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

6.76%

Healthy income — 6.76% yield

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

Dividend Growth

N/A

no trend

Data not available

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