V.L. Enterprise Public Company Limited

VL.BK

Marine Shipping · Industrials

Price

0.80 THB

-0.01 (-1.23%)

Market Cap

814.7M THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+24.6% over 4y

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

Diluted shares outstanding: 950.2M (2021) → 1.18B (2025)

V.L. Enterprise Public Company Limited engages in a tanker fleet business in Thailand and internationally. The company offers logistical cargo shipping services. It also transports petroleum and chemical products through a fleet of vessels. It operates through 12 vessels for service. V.L. Enterprise Public Company Limited was incorporated in 1991 and is headquartered in Bangkok, Thailand.

Winston Score History

Score breakdown

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Quality

Gross Margin

20.0%

Thin — 20.0% gross margin

Operating Margin

14.0%

Healthy — 14.0% operating margin

ROCE

1.8%

Weak — 1.8% 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

-1.1%

Shrinking sales (-1.1% YoY)

EPS YoY

-25.5%

Earnings shrinking (-25.5% YoY)

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

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

349%

Turns 349% of profit into real cash

FCF Margin

21.3%

Converts sales into free cash efficiently (21.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.27

Conservative — low debt load (0.27)

Interest Cover

4.74x

Adequate interest coverage (4.7x)

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

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Valuation

P/E Ratio (TTM)

16.8x

Fair value — P/E 16.8

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

P/E vs Forward

+10.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (16.8 → 6.7)

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Dividends

Dividend Yield

1.88%

Small dividend — 1.88% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-15.8%

Dividend cut (-15.8% YoY) — warning sign

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