JSP Pharmaceutical Manufacturing (Thailand) Public Co.

JSP.BK

Medical - Pharmaceuticals · Healthcare

Price

1.77 THB

+0.02 (+1.14%)

Market Cap

840.0M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

Share count rising — dilution

+31.7% over 4y

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

Diluted shares outstanding: 360.5M (2021) → 474.6M (2025)

JSP Pharmaceutical Manufacturing is a Thai company that makes medicines and healthcare products. It produces generic drugs, dietary supplements, and consumer health products sold to hospitals, pharmacies, and retail customers across Thailand. The company is one of the larger domestic pharmaceutical manufacturers in the country, operating in an industry that serves everyday healthcare needs.

JSP earns money primarily by selling its manufactured products to distributors, hospitals, and retail chains. It operates mainly in Thailand, though it has some export activity in Southeast Asia. Its competitive position comes from its local manufacturing scale and established distribution relationships, which give it an edge over imported alternatives on price. However, with a relatively low return on invested capital of around 2.7%, the company faces pressure to improve efficiency, and its main risk is competition from both cheaper generic imports and larger multinational pharmaceutical companies entering the Thai market.

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

-11.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-93.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

74.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~8 months

$53M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

JSP Pharmaceutical Manufacturing (Thailand) Public Co. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

37.6%

Modest — 37.6% gross margin

Operating Margin

0.2%

Thin — 0.2% operating margin

ROCE

0.0%

Weak — 0.0% 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

+9.7%

Steady sales growth (9.7% YoY)

EPS YoY

+319.0%

Earnings growing fast (319.0% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

135%

Turns 135% of profit into real cash

FCF Margin

-20.0%

Burning cash (-20.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.39

Conservative — low debt load (0.39)

Interest Cover

5.44x

Adequate interest coverage (5.4x)

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

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Valuation

P/E Ratio (TTM)

13.8x

Attractive valuation — P/E 13.8

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

5.65%

Healthy income — 5.65% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

Data not available

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