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    Non-energy minerals

  3. •

    Steel
M.C.S. Steel Public Co., Ltd.

M.C.S. Steel Public Co., Ltd.

7.80
THB
+0.10
(+1.30%)
1.55EPS
4.94P/E
3.67BMarket Cap
Nov 16Next Earn
M.C.S. Steel Public Co., Ltd.
SET:MCS
(Stock Exchange of Thailand)

Recent

price

7.80

P/E

ratio

4.94

div

yld

12.07%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
5.88
6.58
4.85
4.47
1.78
7.21
11.91
6.7
7.11
6.92
8.91
14.48
8.92
12.11
11.76
10.87
9.25
Revenue per Share
1.62
0.95
0.45
0.71
0.16
1.24
2.6
1.02
0.91
1.28
2
2.97
0.27
0.35
1.42
2.01
1.56
Basic EPS, GAAP
-0.12
0.49
-0.01
1.06
-1.1
1.39
2.26
0.64
0.78
0.23
0.67
1.7
-0.46
0.13
-0.33
2.06
1.01
Free Cash Flow per Basic Share
0.75
0.8
0.2
0.18
0.19
0.45
1.33
0.69
0.39
0.75
0.8
1.37
0.53
0.2
0.52
0.75
0.94
Dividend per Share
4.49
4.9
4.53
4.71
4.14
4.97
6.02
5.68
6.11
6.27
7.72
9.37
7.92
7.6
7.59
8.33
8.42
Book Value per Share
4.49
4.89
4.29
4.71
4.13
4.94
5.99
5.27
5.75
5.95
7.66
9.28
7.85
7.54
7.56
8.31
8.4
Tangible Book Value per Share
500
500
500
500
537
498
474
463
457
477
477
477
447
477
477
477
482
Basic Weighted Avg Shares
2,941
3,290
2,425
2,234
956
3,587
5,640
3,104
3,248
3,300
4,252
6,907
3,988
5,777
5,607
5,185
4,453
Sales/Revenue/Turnover
30.73
15.36
1.29
9.79
2.45
17.68
24.45
19.35
13.26
19.53
27.51
24.16
4.38
4.77
14.96
20.86
20.05
Operating Margin (%)
66
70
105
81
69
84
109
139
180
135
132
137
140
144
150
169
184
Depreciation Expense
811
476
224
354
86
618
1,229
475
417
609
954
1,416
120
165
679
960
750
Net Income, GAAP
22.17
16.92
8.32
1.45
6.81
6.44
11.53
16.22
4.48
3.8
9.8
10.07
29.73
5.69
2.04
2.42
0.41
Effective Tax Rate (%)
27.57
14.48
9.25
15.86
9
17.24
21.79
15.29
12.84
18.44
22.44
20.5
3.01
2.85
12.1
18.51
16.85
Profit Margin (%)
1,442
1,549
1,575
2,048
1,200
1,331
1,724
1,471
1,550
1,523
2,074
2,894
2,222
2,170
2,593
2,833
2,822
Working Capital
47
38
- -
- -
- -
- -
11
4
- -
2
4
6
4
2
278
202
192
LT Debt
2,246
2,452
2,350
2,470
2,069
2,367
2,841
2,595
2,969
3,055
3,782
4,624
3,944
3,763
3,759
4,137
4,185
Total Equity
37.27
16.62
1.24
9.01
1.68
26.42
44.1
17.47
14.26
20.93
30.09
35.17
3.3
4.61
17.81
23.44
19.81
Return on Invested Capital (%)
37.27
19.55
9.7
14.47
3.96
27.7
45.83
16.96
14.35
19.54
27.53
32.8
2.58
5.51
16.82
21.93
16.81
Return on Capital (%)
39.8
20.28
9.52
15.33
3.89
27.85
47.11
17.57
15.25
20.62
28.59
34.73
2.91
4.45
18.72
25.28
18.74
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
81
86
150
LT Borrowings
197
194
188
LT Finance Leases
5
4
5
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
477
477
477
Market Capitalization
3,983
4,603
3,673

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
4,159
4,288
4,134
Cash, Cash Equivalents & STI
538
390
197
Accounts Receivable, Net
1,129
951
1,035
Inventories
2,346
2,762
2,752
Total Current Liabilities
1,326
1,266
1,312
Payables & Accruals
1,228
1,180
1,163
ST Debt
81
86
150
Deferred Revenue
17
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.54%
2.58%
10.04%
Free Cash Flow
-106.22%
-237.84%
-732.56%
Net Income, GAAP
47.59%
69.58%
41.47%
Sales/Revenue/Turnover
10.19%
10.92%
-7.52%
Total Cash Common Dividend
34.45%
30.39%
44.24%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,409
1,127
1,276
1,796
5,607
2025
1,405
1,327
1,308
1,145
5,185
2026
799
1,201
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.24
0.31
0.73
1.42
2025
0.46
0.5
0.49
0.55
2.01
2026
0.2
0.32
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.31
0.2
- -
0.52
2025
- -
0.5
0.25
- -
0.75
2026
- -
0.7
- -
- -
- -
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Business
M.C.S. Steel Public Company Limited, founded in 1992 and headquartered in Phra Nakhon Si Ayutthaya, Thailand, engages in the design, production, distribution, and erection of structural steel products for building construction, power plants, bridges, and general steel works; it also provides engineering design services, parts fabrication, welder training through subsidiaries such as Tanaka Welding Center Co., Ltd., and real estate activities. The company operates primarily in Thailand, Japan, and China, with a significant focus on exporting high-rise steel structures and project cargo to the Japanese market using advanced facilities for gas cutting, drilling, welding, shot blasting, bending, and production of build-up box columns, H-beams, and diaphragms. In 2025, M.C.S. Steel signed a three-year memorandum of understanding with Siam Pattana Maritime and Japan's Eastern Car Liner for the transportation of 30 project steel shipments valued at THB 1,000 billion from Bangkok to various Japanese ports through 2027, including a THB 300 million contract of affreightment for the first year; it reported earnings for the third quarter and nine months ended September 30, 2025, approved a dividend payable on May 7, 2025, for the year 2024, and announced an interim dividend for the period January 1 to June 30, 2025, payable on September 10, 2025.