M.K. Real Estate Development Public Company Limited

MK.BK

Real Estate - Development · Real Estate

Price

0.59 THB

-0.02 (-3.28%)

Market Cap

840.3M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

Share count rising — dilution

+30.5% over 4y

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

Diluted shares outstanding: 1.09B (2021) → 1.42B (2025)

M.K. Real Estate Development is a Thai property developer based in Bangkok. The company builds and sells residential properties, including houses, townhouses, and housing estates, primarily targeting middle-income Thai families and homebuyers. It operates within Thailand's residential real estate market and has been active in the Bangkok metropolitan area and surrounding provinces for several decades.

The company earns money mainly by selling completed homes and land plots to individual buyers, making its revenue dependent on transaction volume rather than recurring income. With a market cap of around $0.8 billion, it is a mid-sized player in Thailand's competitive property sector, where it competes against larger developers like Pruksa and Land and Houses. Its gross margin of roughly 35% is reasonable for the industry, but a very low return on invested capital of 1.2% signals that growth is consuming significant resources. The key risk the company faces is Thailand's slowing housing demand, driven by high household debt levels and rising interest rates that make mortgages harder for buyers to afford.

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

-37.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-22.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

56.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$8.7B cash & investments at current burn rate

Revenue declining

M.K. Real Estate Development Public Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

35.5%

Modest — 35.5% gross margin

Operating Margin

-32.2%

Losing money on operations — -32.2%

ROCE

-0.4%

Weak — -0.4% return on capital

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

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Growth

Sales YoY

-24.9%

Shrinking sales (-24.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

17.1%

Converts sales into free cash efficiently (17.1%)

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

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Stability

Debt / Equity

1.92

Elevated debt (1.92)

Interest Cover

0.24x

Dangerous — barely covers interest (0.2x)

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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