Pacific Pipe Public Company Limited

PAP.BK

Steel · Basic Materials

Price

2.64 THB

+0.20 (+8.20%)

Market Cap

1.74B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Jul 28, 2026 · filings through Mar 31, 2026

Operating with its subsidiaries, Pacific Pipe Public Company Limited manufactures and supplies steel pipes for various construction applications throughout Thailand. The company also provides bespoke steel fabrication services, including cutting, drilling, and bending. Founded in 1972, its main offices are situated in Phra Samut Chedi, 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

+10.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+137.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Position

Cash flow positive

$487M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Pacific Pipe Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. 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: 660.0M (2021) → 660.0M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

10.5%

Thin — 10.5% gross margin

Operating Margin

6.6%

Modest — 6.6% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+1.1%

Nearly flat sales (1.1% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

198%

Turns 198% of profit into real cash

FCF Margin

3.8%

Thin free cash flow (3.8%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.84

Moderate — manageable debt (0.84)

Interest Cover

4.36x

Adequate interest coverage (4.4x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

11.2x

Attractive valuation — P/E 11.2

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend Yield

3.03%

Moderate income — 3.03% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-13.8%

Dividend cut (-13.8% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial