Wattanapat Hospital Trang Public Company Limited

WPH.BK

Medical - Care Facilities · Healthcare

Price

5.65 THB

-0.05 (-0.88%)

Market Cap

4.03B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

Share count rising — dilution

+12.7% over 4y

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

Diluted shares outstanding: 624.2M (2021) → 703.5M (2025)

Wattanapat Hospital Trang is a private hospital group based in Trang province, southern Thailand. It provides general and specialized medical care, including outpatient visits, inpatient stays, surgeries, and diagnostic services. The company serves local Thai patients as well as medical tourists, primarily from nearby Malaysia and other parts of Southeast Asia.

The company earns money by charging fees for medical services, procedures, and hospital stays — a classic fee-for-service model common in private healthcare. It operates mainly in southern Thailand, where it holds a strong regional position as one of the leading private hospital providers in the area. With a market cap of around $4 billion, it is a mid-sized player in Thailand's growing private healthcare sector. The key growth driver is rising demand for quality private healthcare among Thailand's expanding middle class and cross-border medical tourists, though the main risk is increasing competition from larger national hospital chains expanding into regional markets.

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

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+10.2% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

65.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$109M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Wattanapat Hospital Trang Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

41.5%

Healthy — 41.5% gross margin

Operating Margin

28.6%

Excellent — 28.6% operating margin

ROCE

6.9%

Weak — 6.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+10.4%

Steady sales growth (10.4% YoY)

EPS YoY

+6.8%

Modest earnings growth (6.8% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

155%

Turns 155% of profit into real cash

FCF Margin

-3.7%

Burning cash (-3.7%)

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

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Stability

Debt / Equity

0.57

Conservative — low debt load (0.57)

Interest Cover

12.54x

Comfortably covers interest (12.5x)

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

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Valuation

P/E Ratio (TTM)

10.9x

Attractive valuation — P/E 10.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.29%

Small dividend — 1.29% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+11.9%

Dividend growing fast (11.9% YoY)

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