Origin Global Empire Public Company Limited

EMPIRE.BK

Industrial - Distribution · Industrials

Price

0.18 THB

-0.01 (-5.26%)

Market Cap

87.3M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

Share count rising — dilution

+12.4% over 4y

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

Diluted shares outstanding: 430.0M (2021) → 483.5M (2025)

Origin Global Empire Public Company Limited is a Thai industrial distribution company listed on the Stock Exchange of Thailand. It distributes industrial products and materials — such as pipes, fittings, and construction-related supplies — primarily to businesses in Thailand's construction and infrastructure sectors. The company operates in a fragmented market where many small distributors compete for contracts with contractors and developers.

The company earns revenue by buying industrial goods from manufacturers and reselling them to business customers, earning a margin on each sale. With a market cap of roughly $0.1 billion, it is a small player in Thailand's industrial supply chain. Its gross margin of around 14% is thin, and its deeply negative operating and return-on-capital figures suggest the business is currently spending significantly more than it earns. The main risk is that the company must improve its cost structure and find a path to profitability, or it risks depleting its financial resources over time.

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

-78.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-300.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

66.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$48M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

Origin Global Empire 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

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Quality

Gross Margin

7.0%

Thin — 7.0% gross margin

Operating Margin

-104.7%

Losing money on operations — -104.7%

ROCE

-74.2%

Weak — -74.2% return on capital

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

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Growth

Sales YoY

-26.8%

Shrinking sales (-26.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-13.0%

Burning cash (-13.0%)

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

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Stability

Debt / Equity

0.24

Conservative — low debt load (0.24)

Interest Cover

N/A

Data not available

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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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