Sena Development Public Company Limited

SENA.BK

Real Estate - Development · Real Estate

Price

1.78 THB

+0.00 (+0.00%)

Market Cap

2.53B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Sena Development Public Company Limited is a Thai real estate developer based in Bangkok. The company builds and sells residential properties, including condominiums, townhouses, and single-family homes, primarily targeting middle-income buyers in the Bangkok metropolitan area. It is one of Thailand's established mid-tier housing developers, known for affordable-to-mid-range residential projects under its own brand.

The company makes money mainly by selling completed or pre-sold residential units, with revenue recognized upon transfer of ownership to buyers. Sena operates almost entirely within Thailand, focusing on Greater Bangkok, and generates additional income from rental and property management services. Its competitive position relies on land bank management and brand recognition among budget-conscious Thai homebuyers. A key risk is Thailand's relatively slow economic growth and household debt levels, which can suppress demand for new housing — and the company's low ROIC of 1.7% suggests it currently earns thin returns on the capital it deploys into new developments.

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

-1.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-54.1% 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

64.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$7.1B cash & investments at current burn rate

Revenue declining

Sena 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.

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.43B (2021) → 1.43B (2025)

Score breakdown

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Quality

Gross Margin

33.4%

Modest — 33.4% gross margin

Operating Margin

16.5%

Healthy — 16.5% operating margin

ROCE

0.7%

Weak — 0.7% 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

+34.5%

Fast-growing sales (+34.5% YoY)

EPS YoY

-34.4%

Earnings shrinking (-34.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

112%

Turns 112% of profit into real cash

FCF Margin

4.1%

Thin free cash flow (4.1%)

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

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Stability

Debt / Equity

2.21

Heavy debt load (2.21)

Interest Cover

1.58x

Dangerous — barely covers interest (1.6x)

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

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Valuation

P/E Ratio (TTM)

9.7x

Attractive valuation — P/E 9.7

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

7.77%

Healthy income — 7.77% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-13.8%

Dividend cut (-13.8% YoY) — warning sign

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