Smart Concrete Public Company Limited

SMART.BK

Construction Materials · Basic Materials

Price

0.57 THB

-0.01 (-1.72%)

Market Cap

593.7M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

Share count rising — dilution

+9.6% over 4y

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

Diluted shares outstanding: 950.6M (2021) → 1.04B (2025)

Smart Concrete Public Company Limited is a Thai construction materials company that makes and sells concrete and related building products. Its core offerings include ready-mixed concrete, precast concrete components, and other construction materials used by property developers, contractors, and infrastructure projects across Thailand. The company operates in a sector that is closely tied to the pace of construction activity in the Thai economy.

Smart Concrete earns revenue primarily by selling concrete products directly to construction sites and development projects, making its income highly dependent on order volumes and raw material costs like cement and aggregates. The company operates mainly within Thailand, and with a market cap of around $0.6 billion, it is a mid-sized player in a fragmented regional market. Its modest operating margin of roughly 6.7% and low return on invested capital of 3.0% reflect the competitive, commodity-like nature of the business. The key risk it faces is a slowdown in Thai real estate and infrastructure spending, which would directly reduce demand for its products.

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

-22.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-70.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$340M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Smart Concrete 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

27.9%

Modest — 27.9% gross margin

Operating Margin

3.8%

Thin — 3.8% operating margin

ROCE

0.5%

Weak — 0.5% 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

-25.0%

Shrinking sales (-25.0% YoY)

EPS YoY

-67.0%

Earnings shrinking (-67.0% YoY)

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

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

301%

Turns 301% of profit into real cash

FCF Margin

13.0%

Converts sales into free cash efficiently (13.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

21.01x

Comfortably covers interest (21.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

25.1x

Growth-priced — P/E 25.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

11.84%

Healthy income — 11.84% yield

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

Dividend Growth

N/A

Data not available

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