Fine Metal Technologies Public Company Limited

FMT.BK

Manufacturing - Metal Fabrication · Industrials

Price

19.80 THB

+0.10 (+0.51%)

Market Cap

950.4M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Fine Metal Technologies Public Company Limited specializes in the manufacture and international distribution of seamless copper tubes, with operations spanning Thailand, Malaysia, Singapore, Japan, and other global regions. Its product offerings include smooth tubes for heat exchanger and piping systems; multi-grooved tubes optimized for air conditioning applications; accumulator tubes, which function as pressure reservoirs for refrigerants; and capillary tubes. Established in 1988, the company, originally known as Furukawa Metal (Thailand) Public Company Limited, adopted its current name in November 2020. The corporate headquarters are located in Bangkok, Thailand.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+226.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$592M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Fine Metal Technologies Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

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: 48.0M (2021) → 48.0M (2025)

Score breakdown

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Quality

Gross Margin

4.9%

Thin — 4.9% gross margin

Operating Margin

2.3%

Thin — 2.3% 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

-6.2%

Shrinking sales (-6.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

2.0%

Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.08

Elevated debt (1.08)

Interest Cover

1.16x

Dangerous — barely covers interest (1.2x)

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

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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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