Sri Trang Agro-Industry Public Company Limited

STA.BK

Industrial - Specialties · Basic Materials

Price

18.70 THB

-0.70 (-3.61%)

Market Cap

28.72B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Sri Trang Agro-Industry is one of the world's largest producers of natural rubber and rubber gloves. The company collects raw rubber from plantations, mainly in Thailand and Southeast Asia, and processes it into sheets, blocks, and latex concentrate sold to manufacturers around the world. It also makes disposable rubber gloves used in healthcare, food handling, and industrial settings.

The company earns money by selling processed rubber and finished gloves to customers in Asia, Europe, and North America. It is listed in Thailand and operates across the full rubber supply chain, from raw material sourcing to finished products, which gives it some cost advantages over smaller rivals. However, its thin gross margin of around 6% and negative operating margin show how sensitive the business is to swings in natural rubber prices and global glove demand, which surged during the COVID-19 pandemic but has since normalized — leaving overcapacity and pricing pressure as the main risks going forward.

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

-21.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-6.7% 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

45.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$19.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Sri Trang Agro-Industry 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

0.0% over 4y

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

Diluted shares outstanding: 1.54B (2021) → 1.54B (2025)

Score breakdown

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Quality

Gross Margin

9.6%

Thin — 9.6% gross margin

Operating Margin

3.2%

Thin — 3.2% operating margin

ROCE

1.0%

Weak — 1.0% 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

-15.3%

Shrinking sales (-15.3% YoY)

EPS YoY

-148.3%

Earnings shrinking (-148.3% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

11.5%

Modest free cash flow (11.5%)

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

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Stability

Debt / Equity

0.81

Moderate — manageable debt (0.81)

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

Dividend Yield

2.67%

Moderate income — 2.67% yield

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

Dividend Growth

-15.7%

Dividend cut (-15.7% YoY) — warning sign

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