1. Thailand Stocks

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    Consumer services

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    Restaurants
S&P Syndicate Public Co. Ltd.

S&P Syndicate Public Co. Ltd.

8.50
THB
0.00
(0.00%)
0.48EPS
18.42P/E
4.54BMarket Cap
S&P Syndicate Public Co. Ltd.
SET:SNP.R
(Stock Exchange of Thailand)

Recent

price

8.50

P/E

ratio

18.42

div

yld

5.90%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
10.49
11.99
13.31
14.27
14.8
15.4
15.85
15.88
15.51
14.91
10.6
9.82
11.16
12.11
11.94
11.05
10.63
Revenue per Share
0.76
0.93
1.44
1.28
1.01
1.24
0.89
0.99
0.82
0.64
0.37
0.69
0.9
0.94
0.83
0.53
0.48
Basic EPS, GAAP
0.97
0.79
1.32
0.62
0.77
1.23
0.29
0.84
0.6
0.83
1.44
1.78
1.65
1.59
1.65
1.15
1.24
Free Cash Flow per Basic Share
0.65
0.66
0.85
1.15
0.95
0.9
1
0.77
0.85
0.74
0.57
0.3
0.68
0.95
0.85
0.75
0.5
Dividend per Share
3.48
3.75
4.06
4.49
4.56
4.91
4.75
5.13
5.14
5.08
4.81
5.04
5.27
5.29
5.25
4.99
4.65
Book Value per Share
3.47
3.75
4.05
4.46
4.53
4.88
4.67
4.91
5.07
4.96
4.77
5.01
5.24
5.26
5.22
4.97
4.63
Tangible Book Value per Share
504
490
490
490
490
490
490
490
490
490
490
491
512
514
514
510
511
Basic Weighted Avg Shares
5,282
5,879
6,527
7,000
7,257
7,552
7,775
7,786
7,608
7,312
5,199
4,817
5,712
6,224
6,139
5,642
5,427
Sales/Revenue/Turnover
9.64
10.83
13.3
9.98
7.59
9.38
5.76
5.36
5.03
4.73
4.76
7.36
9.21
8.75
7.31
4.52
3.88
Operating Margin (%)
261
264
260
290
359
368
392
417
382
342
698
707
634
656
699
704
667
Depreciation Expense
383
454
708
626
498
606
438
484
400
314
183
340
460
485
427
271
247
Net Income, GAAP
30.39
34.65
23.56
20.44
21.1
20.26
21.08
13.7
13.98
10.69
16.62
14.65
17.27
16.85
14.42
13.37
14.82
Effective Tax Rate (%)
7.25
7.72
10.84
8.94
6.86
8.03
5.63
6.21
5.26
4.3
3.52
7.06
8.06
7.8
6.95
4.79
4.55
Profit Margin (%)
528
572
749
513
421
532
401
609
616
710
262
540
584
350
336
202
95
Working Capital
64
93
81
41
34
18
30
16
159
128
1,207
850
878
747
460
214
125
LT Debt
1,781
1,910
2,193
2,291
2,319
2,499
2,421
2,625
2,589
2,536
2,395
2,616
2,749
2,760
2,737
2,580
2,408
Total Equity
18.68
21.52
28.74
25.64
19.92
23.3
16.64
14.58
11.85
11.05
6.98
7.37
10.63
11.12
10.07
6.46
5.99
Return on Invested Capital (%)
19.51
23.33
32.49
26.58
21.16
24.69
17.51
18.44
15.78
12.09
7.14
9.74
12.66
13.18
12.47
8.92
9.14
Return on Capital (%)
20.92
25.59
35.68
28.92
22.43
26.1
18.46
19.96
15.89
12.55
7.55
13.77
17.43
17.88
15.74
10.31
10.37
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
359
345
333
LT Borrowings
- -
- -
10
LT Finance Leases
214
171
115
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
511
511
511
Market Capitalization
4,979
4,596
4,545

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,371
1,405
1,189
Cash, Cash Equivalents & STI
730
862
633
Accounts Receivable, Net
264
170
152
Inventories
272
250
265
Total Current Liabilities
1,168
1,124
1,094
Payables & Accruals
727
705
686
ST Debt
359
345
333
Deferred Revenue
25
32
30

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
0.45%
1.63%
-5.72%
Free Cash Flow
18.93%
-2.02%
-30.51%
Net Income, GAAP
-1.98%
15.58%
-36.62%
Sales/Revenue/Turnover
-2.12%
2.15%
-8.09%
Total Cash Common Dividend
6.99%
21.46%
-12.24%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,438
1,453
1,622
1,627
6,139
2025
1,378
1,323
1,422
1,519
5,642
2026
1,286
1,201
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.17
0.23
0.25
0.83
2025
0.09
0.07
0.16
0.21
0.53
2026
0.09
0.03
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.75
0.1
- -
0.85
2025
- -
0.7
0.05
- -
0.75
2026
- -
0.45
- -
- -
- -
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Business
S&P Syndicate Public Company Limited operates as a restaurant and bakery chain operator and food producer headquartered in Bangkok, Thailand. Founded in 1973, the company manufactures and sells a comprehensive range of bakery products including pound cakes, packaged cakes, frozen cakes, pastries, sandwiches, bread, cookies, moon cakes, Thai desserts, and snacks. It also provides Thai cuisine, frozen quick meals, jelio jellies, and international and healthy food products. The company distributes beverage products including coffee and tea under the Bluecup brand, bottled beverages, fruit juices, and smoothies. Its operations extend across domestic and overseas restaurants and bakery shops, offering catering services to hospitals, educational institutions, and events. It also provides original equipment manufacturer (OEM) services producing sticky rice, sausages, cookies, mooncakes, and other food and bakery items. Recent strategic developments include the acquisition of an additional 40% stake in Umenohana S&P Co., Ltd. in 2023, increasing its ownership to nearly 100%, and the acquisition of the remaining 50% stake in MSC Thai Cuisine Co., Ltd. from Minor Food Group Plc in 2025. These acquisitions reinforce the company’s expansion in the restaurant and food service sector. S&P Syndicate continues to innovate and expand its product offerings and brands, including frozen food under the S&P Quick Meal brand, sausages under S&P Premo, cookies and snacks under S&P Delio, jelio jellies under S&P Jelio, and mooncakes under Golden Dragon. The company’s international footprint includes operating well-known restaurant brands such as Tonkatsu Maisen, Umenohana Japanese Restaurant, Patara Fine Thai Cuisine, Patio Kitchen, SNP Cake Studio, and Grand Seaside Restaurant, targeting both local and international consumers. S&P Syndicate operates primarily in the consumer cyclical industry, focusing on the food and beverage sector with a diverse customer base spanning retail, institutional catering, and food service operations across Thailand and international markets. The company has positioned itself as an innovative leader in the hospitality and bakery sectors. Its comprehensive product portfolio and strategic acquisitions have strengthened its market presence and growth trajectory in recent years.