Thoresen Thai Agencies Public Company Limited

TTA.BK

Conglomerates · Industrials

Price

5.45 THB

+0.15 (+2.83%)

Market Cap

9.84B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

Thoresen Thai Agencies (TTA) is a Thai conglomerate based in Bangkok that operates across several different industries. Its main businesses include dry bulk shipping, which moves raw materials like coal and grain around the world, as well as fertilizers, infrastructure, and energy-related services. The company serves customers in agriculture, mining, and construction, and it is one of Thailand's larger diversified industrial groups.

TTA earns money through a mix of freight revenue from its shipping fleet, product sales from its fertilizer business, and fees from various services and investments. It operates primarily across Asia, with shipping routes spanning global trade lanes. With a market cap of around $9.1 billion but an operating margin near zero, the company's profitability is thin and heavily tied to volatile shipping rates and commodity cycles. The key risk is that dry bulk freight markets can swing sharply depending on global trade volumes and fuel costs, making consistent earnings difficult to achieve.

Winston Score History

Share count broadly stable

−0.2% over 4y

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

Diluted shares outstanding: 1.82B (2021) → 1.82B (2025)

Score breakdown

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Quality

Gross Margin

12.8%

Thin — 12.8% gross margin

Operating Margin

-3.1%

Losing money on operations — -3.1%

ROCE

-0.4%

Weak — -0.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-13.0%

Shrinking sales (-13.0% YoY)

EPS YoY

-17.2%

Earnings shrinking (-17.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

566%

Turns 566% of profit into real cash

FCF Margin

12.5%

Converts sales into free cash efficiently (12.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.35

Conservative — low debt load (0.35)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

11.3x

Attractive valuation — P/E 11.3

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

P/E vs Forward

+2.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

4.95%

Healthy income — 4.95% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+148.6%

Dividend growing fast (148.6% YoY)

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