V.L. Enterprise Public Company Limited

VL.BK

Marine Shipping · Industrials

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Mixed

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Winston Score History

The full picture

V.L. Enterprise Public Company Limited is a Thai marine shipping and logistics company listed on the Stock Exchange of Thailand. It provides cargo transportation services, primarily moving goods by sea, and serves industrial and commercial customers across Southeast Asia. The company operates in the regional shipping market, which connects Thailand with neighboring countries and broader Asian trade routes.

The company earns revenue mainly through freight charges for transporting cargo on its fleet of vessels. It operates primarily in Thailand and the surrounding Southeast Asian region, with a market capitalization of roughly 0.8 billion baht, making it a relatively small player in the broader shipping industry. Its modest gross margin of around 15% reflects the capital-intensive and competitive nature of marine shipping. The key risk the business faces is exposure to volatile fuel costs and freight rate fluctuations, both of which can significantly compress margins when global shipping markets soften or energy prices rise.

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

+1.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+75.7% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

75.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

105M THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

V.L. Enterprise Public Company Limited is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.7%

Thin — 12.7% gross margin

Profit after running costs

Operating Margin

6.7%

Modest — 6.7% operating margin

Return on the money invested

ROCE

6.1%

Weak — 6.1% 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

+0.3%

Nearly flat sales (+0.3% YoY)

Profit growth

EPS YoY

-26.7%

Earnings shrinking (-26.7% YoY)

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

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

309%

Turns 309% of profit into real cash

Spare cash per sale

FCF Margin

19.1%

Converts sales into free cash efficiently (19.1%)

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

0.23

Conservative — low debt load (0.23)

Covers its interest

Interest Cover

5.51x

Adequate interest coverage (5.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.9x

no trend

Fair value — P/E 15.9

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

Cheaper or dearer next year

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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