Thai Agro Energy Public Company Limited

TAE.BK

Chemicals · Basic Materials

Price

1.71 THB

+0.01 (+0.59%)

Market Cap

1.71B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

+10.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+540.7% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

0 THB/ 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

36M THB 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 Agro Energy Public Company Limited is a rare growth stock that's already generating positive cash flow while growing at 10%. 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: 1.00B (2021) → 1.00B (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.6%

Thin — 24.6% gross margin

Profit after running costs

Operating Margin

20.6%

Excellent — 20.6% operating margin

Return on the money invested

ROCE

12.9%

Good — 12.9% 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 growth

Sales YoY

+12.3%

Fast-growing sales (+12.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

153%

Turns 153% of profit into real cash

Spare cash per sale

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.39

Conservative — low debt load (0.39)

Covers its interest

Interest Cover

6.86x

Adequate interest coverage (6.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

7.0x

Attractive valuation — P/E 7.0

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

5.85%

Healthy income — 5.85% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-76.7%

Dividend cut (-76.7% YoY) — warning sign

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