1. Thailand Stocks

  2. •

    Real Estate

  3. •

    Real Estate - Development
MDX Public Company Limited

MDX Public Company Limited

MDX.BK
MDX Public Company LimitedTH flagStock Exchange of Thailand
2.50
THB
- -
- -
1.19BMarket Cap
MDX Public Company Limited
MDX.BK
(Stock Exchange of Thailand)

Recent

price

2.50

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
0.42
1.25
2.54
1.62
1.44
0.69
0.58
0.65
0.89
0.64
0.79
0.83
0.76
0.7
0.61
0.93
0.89
Revenue per Share
0.36
0.35
1.06
0.54
0.82
0.48
0.13
0.61
0.97
0.17
0.36
0.98
0.16
0.36
0.56
0.84
0.82
Basic EPS, GAAP
-0.18
0.31
0.35
0.05
-0.55
0.11
-0.64
-0.69
-0.31
-0.55
-0.29
-1.14
-0.02
-0.49
-0.97
-0.43
-0.49
Free Cash Flow per Basic Share
0.04
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
1.77
2.35
3.5
3.72
6.08
6.54
6.49
7.21
8.26
8.46
8.71
9.73
9.93
10.3
10.86
11.69
11.83
Book Value per Share
6.19
7.54
8.22
9.06
10.04
10.92
10.7
11.43
12.83
12.69
13.03
15.04
16.06
16.47
17.25
17.71
18.34
Tangible Book Value per Share
476
413
413
409
412
407
418
411
410
408
413
412
411
411
411
411
411
Basic Weighted Avg Shares
201
515
1,049
661
595
281
241
267
366
261
328
341
314
286
253
381
366
Sales/Revenue/Turnover
-92.24
7.56
38.48
-40.54
-27.71
-27.79
-94.79
-81.93
-43.53
-84.3
-48.37
-45.19
-92.98
-90.74
-110
-58.22
-62.32
Operating Margin (%)
27
49
48
47
69
79
69
22
20
22
26
26
27
28
76
80
81
Depreciation Expense
171
144
437
221
338
195
54
251
398
69
149
404
66
149
230
344
335
Net Income, GAAP
3.96
33.77
22.45
14.87
9.76
9.69
- -
0.04
0.06
- -
5.79
6.85
6.86
0.41
- -
4.81
4.9
Effective Tax Rate (%)
84.93
28.05
41.71
33.4
56.81
69.57
22.53
93.8
108.66
26.6
45.44
118.5
20.95
52.29
91.09
90.38
91.55
Profit Margin (%)
957
993
1,108
1,388
1,464
1,586
855
1,627
1,999
1,893
2,006
2,532
2,826
3,020
3,411
3,575
3,697
Working Capital
2
2
6
11
2
2
2
43
52
11
18
11
4
2
33
10
4
LT Debt
2,946
3,112
3,394
3,704
4,136
4,446
4,474
4,693
5,260
5,177
5,389
6,197
6,597
6,763
7,088
7,274
7,541
Total Equity
-4.94
0.84
9.83
-6.75
-3.91
-1.66
- -
-4.76
-3.18
- -
-2.8
-2.45
-4.21
-3.84
- -
-2.91
-2.92
Return on Invested Capital (%)
1.52
3.86
12.09
5.39
6.08
1.52
- -
2.35
3.79
- -
1.48
3.33
0.31
0.84
- -
2.42
2.31
Return on Capital (%)
22.12
15.95
36.27
14.89
16.77
7.56
2.02
8.83
12.53
2.03
4.22
10.61
1.63
3.6
5.3
7.43
7.14
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
87
73
74
LT Borrowings
142
2
2
LT Finance Leases
14
8
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
476
476
476
Market Capitalization
1,045
1,004
946

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
4,097
3,930
4,028
Cash, Cash Equivalents & STI
3,519
3,367
3,440
Accounts Receivable, Net
17
16
19
Inventories
499
500
506
Total Current Liabilities
358
355
331
Payables & Accruals
141
153
128
ST Debt
87
73
74
Deferred Revenue
73
73
73

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.15%
6.28%
2.63%
Free Cash Flow
185.24%
512.31%
-55.91%
Net Income, GAAP
69.81%
63.71%
49.62%
Sales/Revenue/Turnover
5.69%
5.27%
50.79%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
80
54
71
48
253
2025
70
53
207
51
381
2026
55
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.13
0.07
0.26
- -
0.56
2025
0.18
0.12
0.4
- -
0.84
2026
0.16
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
MDX Public Company Limited engages primarily in real estate development, infrastructure, and energy businesses. The company focuses on industrial land development and sales, real estate rental and utility services, electricity generation, and distribution. Its core real estate asset is the Gateway City Industrial Estate in the Eastern Economic Corridor of Thailand, covering approximately 2,134 acres with developed land plots equipped with full infrastructure for industrial investors. The company’s energy segment includes power plant investments such as a 350 MW combined cycle plant in Thailand and a 500 MW hydropower plant in Laos, alongside renewable energy projects including solar rooftops, floating solar installations within the industrial estate, biomass wood plantations, and commercial hemp and eucalyptus plantations for sustainability. MDX operates through three segments: Real Estate, Electricity Generation and Distribution, and Other Businesses, serving industrial, commercial, and energy market sectors primarily in Thailand and neighboring Laos. Founded in 1988 and headquartered in Bangkok, MDX has expanded its investment portfolio recently to emphasize renewable and alternative energy, particularly solar and biomass, reflecting a strategic shift toward sustainable power generation. Recent company developments include the launch of floating solar power projects and expansion into medical health crop plantations such as cannabis, aligning with its sustainability goals and diversification strategy. MDX also maintains a subsidiary, GMS Power Public Company Limited, which manages its power generation assets and projects. The company aims to continuously enhance its earnings by optimizing its property portfolio and expanding its presence in the renewable energy sector to meet evolving market demands and government policies. This comprehensive approach underscores MDX's role as a key player in industrial estate management, infrastructure development, and sustainable energy solutions in Southeast Asia.