1. Thailand Stocks

  2. •

    Industrials

  3. •

    Construction
Arrow Syndicate Public Company Limited

Arrow Syndicate Public Company Limited

ARROW.BK
Arrow Syndicate Public Company LimitedTH flagStock Exchange of Thailand
5.90
THB
- -
- -
1.52BMarket Cap
Arrow Syndicate Public Company Limited
ARROW.BK
(Stock Exchange of Thailand)

Recent

price

5.90

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
4.28
4.87
3.91
4.46
5.05
5.39
5.67
5.73
5.71
5.08
4.17
5.24
5.2
5.02
4.63
4.66
Revenue per Share
0.34
0.58
0.58
0.66
1.03
1.04
0.76
0.61
0.81
0.66
0.5
0.36
0.4
0.44
0.53
0.55
Basic EPS, GAAP
-0.26
0.23
0.29
0.47
0.72
0.58
0.01
0.12
0.29
0.35
0.81
0.11
1.23
0.9
0.05
0.13
Free Cash Flow per Basic Share
- -
0.44
0.36
0.36
0.27
0.6
0.6
0.5
0.5
0.55
0.45
0.45
0.35
0.35
0.35
0.35
Dividend per Share
1.65
2.16
1.72
2
2.71
3
3.15
3.24
3.56
3.65
3.71
3.6
3.65
3.74
3.9
4.08
Book Value per Share
1.68
3.59
2.76
3.07
3.79
4.03
4.21
4.31
4.63
4.7
4.82
4.7
4.77
4.86
5.03
5.2
Tangible Book Value per Share
158
159
225
225
239
252
253
254
254
255
255
257
257
257
257
257
Basic Weighted Avg Shares
675
776
880
1,004
1,210
1,356
1,436
1,454
1,451
1,294
1,065
1,345
1,336
1,290
1,189
1,197
Sales/Revenue/Turnover
12.11
15.77
17.07
16.3
22.71
22.38
15.05
9.79
14.2
17.14
14.38
7.47
7.99
10.21
13.38
13.83
Operating Margin (%)
14
19
21
22
24
27
30
35
38
43
44
43
41
42
39
38
Depreciation Expense
53
93
130
148
246
263
191
154
205
169
129
93
102
112
137
142
Net Income, GAAP
29.94
20.5
15.64
12.98
14.77
14.7
15.49
11.41
12.7
25.43
24.32
19.76
19.61
20.78
21.1
21.24
Effective Tax Rate (%)
7.88
12
14.72
14.78
20.31
19.38
13.32
10.58
14.16
13.06
12.09
6.88
7.6
8.7
11.5
11.88
Profit Margin (%)
30
344
355
404
608
692
700
615
687
740
767
730
712
777
702
746
Working Capital
19
31
13
8
5
4
4
3
44
96
67
46
22
19
20
54
LT Debt
268
574
624
695
911
1,026
1,082
1,110
1,188
1,208
1,239
1,216
1,231
1,253
1,295
1,340
Total Equity
- -
16.02
18.76
20.12
28.01
25.99
16.6
10.28
13.22
11.36
7.91
5.45
5.96
7.86
9.12
8.62
Return on Invested Capital (%)
- -
22.49
31.16
33.07
43.36
36.06
23.33
17.86
21.57
16.08
11.52
8.5
9.59
11.34
13.07
12.39
Return on Capital (%)
- -
30.86
35.46
35.43
44.65
37.37
24.66
19
23.81
18.43
13.71
9.9
10.92
11.81
13.93
13.9
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
181
167
116
LT Borrowings
- -
- -
36
LT Finance Leases
21
20
19
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
257
257
257
Market Capitalization
1,310
1,297
1,349

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
1,041
998
1,012
Cash, Cash Equivalents & STI
164
177
195
Accounts Receivable, Net
309
292
310
Inventories
539
509
495
Total Current Liabilities
335
296
266
Payables & Accruals
130
102
122
ST Debt
181
167
116
Deferred Revenue
21
20
22

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
3.65%
1.41%
3.33%
Free Cash Flow
308.7%
193.64%
-94.59%
Net Income, GAAP
-3.39%
-1.98%
21.92%
Sales/Revenue/Turnover
0.49%
-0.67%
-7.8%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
328
295
353
314
1,290
2025
310
277
311
290
1,189
2026
318
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
0.08
0.17
- -
0.44
2025
0.15
0.13
0.16
- -
0.53
2026
0.17
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.25
0.1
- -
0.35
2025
- -
0.25
0.1
- -
0.35
2026
- -
- -
- -
- -
- -
Similar Companies
Daiken Corporation (7905.T)
Titon Holdings Plc (TON.L)
Takasago Thermal Engineering Co., Ltd. (1969.T)
Antelope Enterprise Holdings Limited (AEHL)
Isolite Insulating Products Co., Ltd. (5358.T)
BlueLinx Holdings Inc. (BXC)
Business
Arrow Syndicate Public Company Limited engages in the manufacture and distribution of electrical conduits, piping, and related products primarily for construction and building applications in Thailand. Its core product range includes electrical conduits such as intermediate metallic, rigid steel, squarelocked and interlocked flexible metallic conduits, and liquid-tight flexible metallic conduits under the brands Arrowpipe and Arrowtite. The company also produces electrical metallic tubing products, hot and cool water pipes and fittings, air ducts including spiral, long seam, wind-flex, flexible metal, rectangular, and PID ducts, as well as specialized corrugated and post-tensioned ducts used in structural reinforcement. It manufactures air cooling conduits and offers greenhouse equipment, tools, and spare parts, alongside providing electrical system contracting services. Arrow Syndicate operates its manufacturing and sales primarily in Thailand with export markets including Australia, Japan, the United States, Turkey, the Philippines, Singapore, Indonesia, Vietnam, Egypt, Myanmar, Malaysia, Cambodia, and Saudi Arabia. Founded in 1988 and headquartered in Chonburi, Thailand, the company underwent a name change from J.S.V. Hardware Company Limited to its current name in August 2012. Recent strategic developments include investments approved in 2025 to expand factory construction, machinery, and equipment procurement to enhance operational capacity and support business expansion. The company maintains high standards with product certifications from Thai Industrial Standards and Underwriters Laboratories, reflecting its commitment to quality and safety in its core electrical conduit and piping products. Arrow Syndicate is positioned as a comprehensive provider of conduit and piping solutions with a broad geographic footprint and ongoing investment in scaling production capabilities.