Thai Enger Holding Public Company Limited

TIGER.BK

Engineering & Construction · Industrials

Price

0.50 THB

+0.02 (+4.17%)

Market Cap

230.0M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Thai Enger Holding Public Company Limited is a Thai engineering and construction company. It provides construction services, engineering solutions, and related infrastructure work primarily to customers in Thailand. The company operates in the industrials sector, taking on projects that can include building construction, industrial facilities, and engineering contracting work for both public and private sector clients.

The company earns revenue by winning and completing construction contracts, meaning it gets paid as projects are delivered. It operates mainly within Thailand and is a small-cap company with a market capitalization of around $0.2 billion. The financial data tells a concerning story — the company is currently losing money at both the gross and operating levels, with negative margins and a negative return on invested capital. The main risk the business faces is its inability to price contracts profitably, which is a common but serious challenge in competitive construction markets where cost overruns and thin bidding can quickly erode financial health.

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

+17.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+254.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

84.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$170M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Thai Enger Holding Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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: 460.0M (2021) → 460.0M (2025)

Score breakdown

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Quality

Gross Margin

8.5%

Thin — 8.5% gross margin

Operating Margin

1.9%

Thin — 1.9% operating margin

ROCE

0.7%

Weak — 0.7% 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

-6.0%

Shrinking sales (-6.0% 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

N/A

Data not available

FCF Margin

-5.3%

Burning cash (-5.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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