MBK Public Company Limited

MBK.BK

Conglomerates · Industrials

Price

23.80 THB

-0.40 (-1.65%)

Market Cap

33.26B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+19.1% over 4y

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

Diluted shares outstanding: 1.35B (2021) → 1.61B (2025)

MBK Public Company Limited is a Thai conglomerate that owns and operates a wide range of businesses across Thailand and parts of Asia. Its most famous asset is MBK Center, one of Bangkok's largest and busiest shopping malls, which attracts millions of local shoppers and tourists each year. The company also has interests in hotels, golf courses, real estate, financial services, and education.

MBK makes money through a mix of rental income from retail space, hotel room revenue, property sales, and fees from its financial and service businesses. It operates primarily in Thailand, with some regional exposure, and its large, established mall and property portfolio gives it a stable base of recurring income. However, the company faces risks from slower tourism recovery, rising competition from newer retail developments in Bangkok, and relatively low returns on invested capital, which suggest the business may struggle to grow profits quickly even as revenue holds steady.

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

+0.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+15.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

63.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$47.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

MBK Public Company Limited is growing revenue at 1% 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

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Quality

Gross Margin

54.1%

Healthy — 54.1% gross margin

Operating Margin

31.3%

Excellent — 31.3% operating margin

ROCE

2.0%

Weak — 2.0% 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

+5.1%

Slow sales growth (+5.1% YoY)

EPS YoY

+45.5%

Earnings growing fast (+45.5% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

103%

Turns 103% of profit into real cash

FCF Margin

33.3%

Converts sales into free cash efficiently (33.3%)

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

0.70

Moderate — manageable debt (0.70)

Interest Cover

2.43x

Tight — interest eats into profit (2.4x)

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

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Valuation

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

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

4.60%

Healthy income — 4.60% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+28.1%

Dividend growing fast (28.1% YoY)

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