Thai Agro Energy Public Company Limited

TAE.BK

Chemicals · Basic Materials

Price

1.64 THB

-0.01 (-0.61%)

Market Cap

1.64B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Jul 25, 2026 · filings through Mar 31, 2026

Thai Agro Energy Public Company Limited is a Thai company that produces ethanol, mainly from molasses and cassava — byproducts of the sugar and tapioca industries. It sells this ethanol primarily to oil companies and fuel distributors in Thailand, where it is blended into gasoline to create cleaner-burning fuels like E10 and E20. The company is one of Thailand's key domestic ethanol producers, operating within the country's government-supported biofuel sector.

The company earns revenue by selling ethanol in bulk to fuel blenders and industrial buyers, making its income closely tied to ethanol prices and raw material costs like molasses and cassava. It operates entirely within Thailand and is a mid-sized player in the local market. Its competitive position benefits from long-standing supplier relationships and government mandates requiring ethanol blending in fuel. The main risk is that ethanol prices and feedstock costs can swing sharply, squeezing margins, while any change in government blending policy could directly affect demand.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+31.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

69.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$21M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Thai Agro Energy Public Company Limited grew revenue 31% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.00B (2021) → 1.00B (2025)

Score breakdown

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Quality

Gross Margin

28.5%

Modest — 28.5% gross margin

Operating Margin

26.1%

Excellent — 26.1% operating margin

ROCE

6.0%

Weak — 6.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+0.6%

Nearly flat sales (0.6% YoY)

EPS YoY

+371.9%

Earnings growing fast (371.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

188%

Turns 188% of profit into real cash

FCF Margin

9.6%

Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.49

Conservative — low debt load (0.49)

Interest Cover

3.53x

Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

13.4x

Attractive valuation — P/E 13.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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