Thai Airways International Public Company Limited

THAI.BK

Airlines, Airports & Air Services · Industrials

Price

6.00 THB

+0.15 (+2.56%)

Market Cap

169.82B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Mixed

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Share count rising — dilution

+1196.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.18B (2021) → 28.30B (2025)

Winston Score History

The full picture

Thai Airways International Public Company Limited, alongside its subsidiary companies, primarily operates an airline enterprise. Its business is divided into three key segments: Air Transportation Activities, Business Units, and Other Activities. The Air Transportation segment is dedicated to delivering services for passengers, freight, and postal deliveries. The Business Units segment covers commercial cargo and mail operations, ground-based customer support, maintenance of ground support equipment, and catering provisions. The Other Activities segment involves various auxiliary transportation services, including flight management, the sale of duty-free products, and souvenir merchandising. Furthermore, the company offers aviation training, tourism assistance, specialized staffing, and information technology solutions for the travel sector. The organization was established in 1959 and maintains its head office in Bangkok, Thailand.

Score breakdown

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Quality

Gross Margin

14.7%

Thin — 14.7% gross margin

Operating Margin

9.1%

Modest — 9.1% operating margin

ROCE

4.7%

Weak — 4.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.2%

Shrinking sales (-1.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

147%

Turns 147% of profit into real cash

FCF Margin

9.4%

Modest free cash flow (9.4%)

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

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Stability

Debt / Equity

0.13

Conservative — low debt load (0.13)

Interest Cover

2.56x

Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

8.2x

Attractive valuation — P/E 8.2

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.50%

Moderate income — 3.50% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-37.9%

Dividend cut (-37.9% YoY) — warning sign

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