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2S Metal Public Company Limited

2S Metal Public Company Limited

2S.BK
2S Metal Public Company LimitedTH flagStock Exchange of Thailand
3.08
THB
+0.02
- -
1.69BMarket Cap
2S Metal Public Company Limited
2S.BK
(Stock Exchange of Thailand)

Recent

price

3.08

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
6.14
8.06
7.38
7.44
7.7
6.72
7.16
8.22
9.91
9.81
10.19
11.86
12.2
12.32
13.54
13.71
13.86
Revenue per Share
0.16
0.14
0.1
0.12
0.08
0.06
0.62
0.52
0.19
0.24
0.75
1.34
-0.22
0.29
0.04
0.26
0.4
Basic EPS, GAAP
-0.1
0.11
-0.25
0.18
0.04
0.38
-0.28
0.21
0.2
0.52
0.38
0.98
0.42
0.11
- -
0.13
1.1
Free Cash Flow per Basic Share
0.11
0.07
0.05
0.01
0.07
0.05
0.1
0.1
0.13
0.11
0.06
0.48
0.25
0.3
0.19
0.12
0.08
Dividend per Share
1.01
1.06
0.93
1.04
1.05
1.05
1.58
1.98
2.04
2.16
2.84
3.79
3.31
3.31
3.16
3.29
3.54
Book Value per Share
1.24
1.32
1.14
1.25
1.27
1.35
1.87
2.29
2.36
2.47
3.16
4.11
3.64
3.66
3.51
3.7
3.97
Tangible Book Value per Share
458
458
550
550
550
550
550
550
550
550
550
550
550
550
550
550
550
Basic Weighted Avg Shares
2,813
3,695
4,059
4,092
4,235
3,698
3,936
4,524
5,450
5,396
5,603
6,521
6,709
6,775
7,447
7,542
7,624
Sales/Revenue/Turnover
3.45
2.43
1.88
2.36
1.5
1.25
10.92
7.83
2.43
3.01
8.74
14.01
-2.19
2.21
-0.32
1.41
2.7
Operating Margin (%)
22
23
26
25
27
32
34
38
40
44
47
49
51
55
59
62
62
Depreciation Expense
71
65
53
68
42
34
343
285
106
133
410
738
-122
160
24
145
221
Net Income, GAAP
23.08
21.24
17.33
22.65
22.69
26.83
20.07
19.36
18.51
15.91
15.25
20.18
- -
3.78
22
17.83
18.36
Effective Tax Rate (%)
2.54
1.76
1.3
1.66
0.99
0.91
8.72
6.29
1.94
2.47
7.32
11.31
-1.82
2.36
0.32
1.92
2.9
Profit Margin (%)
380
398
375
432
383
316
558
769
757
837
1,084
1,687
1,383
1,400
1,302
1,401
1,558
Working Capital
1
1
- -
- -
1
- -
- -
- -
- -
- -
6
4
3
6
7
8
8
LT Debt
576
605
628
691
700
761
1,050
1,280
1,314
1,378
1,756
2,278
2,015
2,012
1,931
2,037
2,181
Total Equity
8.13
7.14
5.73
6.29
4.23
3.01
24.97
16.49
6.01
7.96
22.86
33.89
- -
6.9
-0.95
4.43
7.71
Return on Invested Capital (%)
9.81
8.9
6.98
7.67
5.55
4.76
29.92
19.67
7.51
9.43
25.98
38.54
- -
8.46
1.38
8.22
11.14
Return on Capital (%)
15.49
13.7
10.63
12.61
7.31
5.83
47.32
29.05
9.55
11.57
29.88
40.48
-6.25
8.79
1.33
8.16
11.78
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
2
2
2
LT Borrowings
- -
- -
- -
LT Finance Leases
9
8
8
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
550
550
550
Market Capitalization
1,441
1,287
1,606

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,850
1,691
2,063
Cash, Cash Equivalents & STI
234
248
508
Accounts Receivable, Net
437
363
507
Inventories
1,105
1,025
927
Total Current Liabilities
451
290
505
Payables & Accruals
447
268
500
ST Debt
2
2
2
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.43%
3.9%
5.47%
Free Cash Flow
2,053.81%
4,151.59%
20,829.86%
Net Income, GAAP
123.12%
31.99%
513%
Sales/Revenue/Turnover
7.61%
6.29%
1.27%
Total Cash Common Dividend
- -
126.69%
-36.84%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,005
2,004
1,717
1,720
7,447
2025
1,999
1,843
1,871
1,830
7,542
2026
2,081
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.06
-0.13
- -
0.04
2025
0.12
0.14
- -
- -
0.26
2026
0.26
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.07
- -
0.19
2025
- -
- -
0.08
- -
0.12
2026
- -
- -
- -
- -
- -
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Business
2S Metal Public Company Limited 2S Metal Public Company Limited (2S.BK) manufactures and distributes cold-rolled structural steel products and trades complementary steel items in Thailand and Laos; core offerings include steel pipes in round, square, and rectangular shapes up to 4 inches with thicknesses of 0.7-3.2 mm, steel sheets with thicknesses of 1.2-9.0 mm and widths up to 5 feet, C-channel steel in sizes 2.5-6.0 inches with thicknesses of 1.0-3.2 mm, C-line products with thicknesses of 0.31-0.40 mm, steel purlins with thicknesses of 0.50-0.65 mm, wire mesh and stirrups in sizes 3.0-8.0 mm, crimped and chain link meshes in sizes 2.5-3.2 mm, as well as traded products such as galvanized steel pipes, equal angles, H-beams, I-beams, channel steel, checkered plates, hot-rolled coils, cold round bars, cut-and-bend rebars, galvanized steel battens, annealing wires, expanded metals, and barbed wire. Founded in 1992 and headquartered in Bang Klam District, Songkhla Province, Thailand, the company operates through two segments—Production and Trading—with subsidiaries Neastern Steel Co., Ltd. in Nakhon Ratchasima Province (production capacity approximately 154,520 tons/year excluding slitting coil), Mega Trans and Logis Co., Ltd. for transportation services, and Grand Steel Pipe Co., Ltd. in Vientiane, Laos (production capacity approximately 39,800 tons/year); total group production capacity reaches about 335,000 tons/year supported by warehouses in Songkhla, Surat Thani, Nakhon Ratchasima, Bangkok, Samut Prakan, and Laos to enable rapid delivery within three days nationwide and regionally. The company targets resellers like steel shops and modern trade outlets, industrial customers in furniture, automotive, and equipment manufacturing, and direct construction users, maintaining over 5,000 steel items and 400 non-steel products with Thai Industrial Standards Institute (TISI) certifications including Mor.Aor.Kor. standards for hot-rolled flat steel, carbon steel tubes, cold-forming sections, and welded fabrics. In recent developments, 2S Metal received Board of Investment (BOI) promotions in 2023 for efficiency improvements, granting corporate income tax exemptions up to 5.875 million baht for three years from April 2023 and up to 11.75 million baht for Neastern Steel from June 2023; enhanced logistics via expanded distribution points, subsidiary transportation, and 24/7 online platforms like 2sonline.net and DConnect; installed solar roofs at Songkhla and Korat factories generating 3.5 GWh annually and upgraded to LED lighting; moved listing from MAI to SET in 2021 with paid-up capital of 549.995 million baht; and in 2024 achieved 76.57% capacity utilization (up 30% year-over-year), sales volume growth of 20.91%, and revenue increase of 9.92% despite steel price pressures from Chinese imports and economic slowdown.