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Winnergy Medical Public Company (WINMED) Fair Value & Analysis

Healthcare · TH · Market cap 332M THB

WM Winnergy Medical Public Company WINMED · BK
Price0.9200 THB
Fair Value0.8300 THB
Upside-9.8%
Quality39/100
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Expensive Growth
Thin margins · 1.9% net margin
Low debt · negative free cash flow
1.63% dividend yield
Trails peers (2/13)
Narrow moat 22/100
Evidence: High Range 0.6300 THB – 0.8600 THB Share as image

Fair value as of: Jul 11, 2026

From 14 valuation models · updated 30 days ago

Share price +10.8% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits above even our optimistic bull case (0.8600 THB). The favourable scenario is already priced in.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

7.46 THB 0.7400 THB Fair Value 0.8300 THB May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 0.7400 THB – 7.46 THB · fair‑value band 0.6300 THB – 0.8600 THB · the 0.9200 THB price screens above the 0.8300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Winnergy Medical Public Company (WINMED) currently trades at 0.9200 THB, while our model-based Fair Value estimate is 0.8300 THB, implying the stock looks roughly 9.8% fairly valued today. The Quality Score stands at 39/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Winnergy Medical Public Company generated revenue of 647M THB at a net margin of 2.4%. Revenue declined 1.5% year over year. It earns a return on equity of 2.4%. Net debt stands at 343M THB. Fundamentals as of Jul 11, 2026

Our scenario range runs from 0.6300 THB (bear case) to 0.8600 THB (bull case); at 0.9200 THB, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 43% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 2% fair-value upside, at -10%, WINMED screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 1.07 THB 1.02 THB 0.7700 THB 76
Gordon GGM 0.1900 THB 0.2800 THB 0.3600 THB 70
Growth-Adj P/E 0.4600 THB 0.6600 THB 0.8600 THB 68
All 14 models by family
DCF Models
Owner Earnings 0.5400 THB 0.7900 THB 1.09 THB 31
Earnings-Based
Graham-Dodd 0.2600 THB 0.5600 THB 0.7100 THB 54
PEG = 1.0 0.0900 THB 0.1200 THB 0.1600 THB 46
Dividend Discount
Gordon GGM 0.1900 THB 0.2800 THB 0.3600 THB 70
DDM Multi-Stage 0.1900 THB 0.2600 THB 0.3300 THB 61
Multiples
P/E Multiple 0.6300 THB 0.8300 THB 1.04 THB 63
P/S Multiple 0.4800 THB 0.6400 THB 0.8100 THB 58
P/B Multiple 0.4800 THB 0.6400 THB 0.8100 THB 55
EV/EBIT 0.0600 THB 0.1500 THB 0.2400 THB 53
EV/EBITDA 1.39 THB 1.93 THB 2.46 THB 54
EV/Revenue 0.0600 THB 0.1500 THB 43
Asset-Based
NCAV (Graham) 0.7900 THB 1.06 THB 1.59 THB 50
Economic Profit
Residual Income 1.07 THB 1.02 THB 0.7700 THB 76
Growth Earnings
Growth-Adj P/E 0.4600 THB 0.6600 THB 0.8600 THB 68

Widest divergence: Asset-Based (1.06 THB) versus Earnings-Based (0.1200 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 647M THB
Revenue growth (YoY) -1.5%
Net margin 2.4%
Return on equity 2.4%
Free cash flow −58.1M THB FY2025
P/E ratio 26.3
More key figures
Operating margin -6.4%
EPS (TTM) 0.0300 THB
EPS growth (YoY) -55.1%
Net debt 343M THB FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 37 · Market factors (momentum, volatility) 42

Profitability 30
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 2
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 73
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Winnergy Medical Public Company Limited engages in the distribution of medical and diagnostic equipment in Thailand. The company imports and distributes technology and diagnostic kits for cervical cancer screening, including cytology examinations using automatic slide preparation machines and testing for human papilloma virus, and colposcopes.

Full company description

Winnergy Medical Public Company Limited engages in the distribution of medical and diagnostic equipment in Thailand. The company imports and distributes technology and diagnostic kits for cervical cancer screening, including cytology examinations using automatic slide preparation machines and testing for human papilloma virus, and colposcopes. It also offers equipment for testing blood quality and blood collection bags for blood donation; blood quality testing products; blood freezers; blood banking, including pathogen inactivation; blood bag tube sealer; blood donor chairs; instrument for counting the number of leukocytes residual in blood; and device used to cut and connect both dry and wet blood bags. In addition, the company sells mosquito trappers for outdoor and indoor use; and offers HPV and STI self-collect test kits under AVA name. The company was formerly known as Winnergy Medical Co., Ltd. and changed its name to Winnergy Medical Public Company Limited in September 2020. Winnergy Medical Public Company Limited was incorporated in 2004 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Winnergy Medical Public Company reported revenue of 647M THB in FY2025 versus 539M THB in FY2021, a compound +4.7%/yr. Reported net income was 15.2M THB in FY2025, compounding −30.5%/yr from FY2021.

Growth Quality 29/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
647M THB
Latest YoY
−1.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Avg. growth/yr (8Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.8%
Revenue +4.7%/yr
FY21 539M THB
FY22 703M THB
FY23 639M THB
FY24 654M THB
FY25 647M THB
Net income −30.5%/yr
FY21 65.2M THB
FY22 60.7M THB
FY23 30.6M THB
FY24 29.3M THB
FY25 15.2M THB

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Cite: Fair Value Calculator (2026). "Winnergy Medical Public Company Fair Value". https://www.fairvalue-calculator.com/stock/WINMED

Peer Group

Medical Distribution · 81 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 39 · Bottom 25%
Fair Value upside −10% · Below median
Return on equity (TTM) 2% · Below median
Return on assets -0% · Bottom 25%
Net margin (TTM) 2% · Above median
Operating margin (TTM) -0% · Bottom 25%
Revenue growth -4% · Below median
Dividend yield (TTM) 1.6% · Below median
Debt / equity 0.16× · Higher than median

Valuation Multiples vs Medical Distribution median · lower = cheaper

P/E (TTM) 27.7× · Pricier than 75% of peers
P/B 0.52× · Cheaper than 75% of peers
P/S (TTM) 0.52× · Pricier than median
EV/EBITDA 10.4× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 20 · sector 32
FUTURE 0 · sector 14
PAST 8 · sector 21
HEALTH 92 · sector 97
DIVIDEND 33 · sector 53

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
McKesson Corporation MCK $805.96 $819.31 +2%
Cencora, Inc COR $303.44 $175.74 -42%
Cardinal Health, Inc CAH $224.94 $141.77 -37%
Henry Schein, Inc HSIC $87.82 $74.67 -15%
Shanghai Pharmaceuticals Holding 601607 ¥16.70 ¥33.96 +103%
Sinopharm Group 1099 HK$16.74 HK$61.33 +266%
Galenica AG GALE CHF 87.05 CHF 61.79 -29%
Guangzhou Baiyunshan Pharmaceutical Holdings 600332 ¥21.50 ¥28.65 +33%
Jointown Pharmaceutical Group 600998 ¥4.99 ¥9.84 +97%
Asker Healthcare Group ASKER kr 79.45 kr 25.69 -68%

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Frequently asked questions

Is Winnergy Medical Public Company (WINMED) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 0.8300 THB versus a price of 0.9200 THB, about −10% (fairly valued).
What is the fair value of WINMED?
Our model-based fair value for Winnergy Medical Public Company is 0.8300 THB (as of Jul 11, 2026), built from audited fundamentals. The current price is 0.9200 THB.
What is the quality score of WINMED?
Winnergy Medical Public Company has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Winnergy Medical Public Company (WINMED)?
Winnergy Medical Public Company reported trailing-twelve-month revenue of about 647M THB (latest available figure, as of Jul 11, 2026).
What is the net profit margin of WINMED?
The net profit margin of Winnergy Medical Public Company is about 2.4%, meaning it keeps roughly 2.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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