Raimon Land Public Company Limited

RML.BK

Real Estate - Development · Real Estate

Price

0.09 THB

+0.00 (+0.00%)

Market Cap

521.6M 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

+38.9% over 4y

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

Diluted shares outstanding: 4.17B (2021) → 5.80B (2025)

Raimon Land is a Thai real estate developer that builds and sells high-end condominiums and luxury residential properties. Its main customers are wealthy Thai buyers and foreign investors looking for premium urban living spaces, mostly in Bangkok and popular resort destinations like Pattaya and Phuket. The company is known for developing some of Thailand's most recognizable luxury condo towers, such as The River and Zire.

Raimon Land makes money primarily by selling completed residential units, which means revenue can be lumpy and depends heavily on project completion timelines and buyer demand. It operates entirely within Thailand, making it sensitive to the local economy, tourism trends, and foreign ownership rules that limit how many units non-Thai citizens can buy. The company's negative gross and operating margins reflect the challenges of a high-cost development model in a slow market, and its key risk is managing debt and unsold inventory while waiting for Thailand's luxury property demand to recover.

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

-11.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-3.7% 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

61.8%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$2.3B cash & investments at current burn rate

Revenue declining

Raimon Land 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

7.2%

Thin — 7.2% gross margin

Operating Margin

-38.7%

Losing money on operations — -38.7%

ROCE

-0.6%

Weak — -0.6% return on capital

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

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Growth

Sales YoY

-50.4%

Shrinking sales (-50.4% 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

-114.2%

Burning cash (-114.2%)

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

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Stability

Debt / Equity

1.60

Elevated debt (1.60)

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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