Thai Metal Drum Manufacturing Public Company Limited

TMD.BK

Packaging & Containers · Consumer Cyclical

Price

26.75 THB

+0.25 (+0.94%)

Market Cap

4.01B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

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

Thai Metal Drum Manufacturing Public Company Limited, operating with its various subsidiaries, is primarily involved in the production and distribution of metal drums across Thailand. The company supplies steel and plastic drums engineered for the containment and transport of diverse products, including lubricant oils, petrochemicals, chemicals, agricultural commodities, and food items. In addition to drums, its product portfolio extends to polyethylene terephthalate (PET) plastic bottles and preforms, along with polypropylene corrugated sheets, which are supplied to businesses in the drinking water and beverage industries. Furthermore, the company has diversified its operations to include the management of the Lake Rajada office complex, providing a total of 51,730 square meters of rentable space within a prominent business district on Rachadapisek Road in Thailand. A trading division also contributes to its commercial activities. The company was founded in 1958 and maintains its principal executive offices in Bangkok, Thailand.

Winston Score History

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: 150.0M (2021) → 150.0M (2025)

Score breakdown

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Quality

Gross Margin

29.2%

Modest — 29.2% gross margin

Operating Margin

22.1%

Excellent — 22.1% operating margin

ROCE

2.8%

Weak — 2.8% 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

-6.1%

Shrinking sales (-6.1% YoY)

EPS YoY

+7.5%

Modest earnings growth (7.5% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

104%

Turns 104% of profit into real cash

FCF Margin

17.9%

Converts sales into free cash efficiently (17.9%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

P/E Ratio (TTM)

11.0x

Attractive valuation — P/E 11.0

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

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Dividends

Dividend Yield

6.36%

Healthy income — 6.36% yield

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

Dividend Growth

+48.9%

Dividend growing fast (48.9% YoY)

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