TAE$1.1356

Thai Agro Energy PCL

Renewable FuelsVerified

Score breakdown

Valuation+26Profitability+20Sentiment+21Risk penalty-3Missing signals-1

Quality breakdown

Key fields100Profile38Conclusion94AI synthesis40Observations3

Thai Agro Energy operates with a debt-to-equity ratio of 0.68 and a current ratio of 0.48, indicating moderate leverage and limited short-term liquidity [doc:THAI-AGRO-10K-2023]. The company's price-to-book ratio of 0.68 and price-to-tangible-book ratio of 0.68 suggest undervaluation relative to its book value. Free cash flow of THB 147.7 million and operating cash flow of THB 54.9 million highlight positive cash generation, though net income is negative at THB -8.1 million [doc:THAI-AGRO-10K-2023]. Profitability metrics show a return on equity of -0.49% and return on assets of -0.28%, both below the industry median for Renewable Fuels. Gross profit of THB 133.98 million and operating income of THB 45.92 million indicate margin compression, with EBITDA of THB 54.9 million (implied from EV/EBITDA of 48.57) suggesting operational inefficiencies [doc:THAI-AGRO-10K-2023]. The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. All ethanol is sold to fuel trading companies, creating customer concentration risk. No material revenue is attributed to international markets [doc:THAI-AGRO-10K-2023]. Outlook for FY2024 shows a 5% revenue decline YoY, with EBITDA expected to remain flat. Capital expenditure of THB -24.86 million suggests maintenance spending rather than expansion. The company's free cash flow is expected to remain positive, but net income is projected to stay negative [doc:THAI-AGRO-10K-2023]. Risk assessment flags include a negative net cash position after subtracting total debt, with liquidity risk rated as medium. Dilution risk is low, with no near-term pressure from share issuance. Adjustments in custom valuations reflect conservative assumptions due to negative net income [doc:THAI-AGRO-10K-2023]. Recent filings disclose no material events, but transcripts from Q3 2023 highlight supply chain disruptions and ethanol price volatility. No new capital-raising activities were disclosed in the last quarter [doc:THAI-AGRO-10K-2023].

Profile

CompanyThai Agro Energy PCL

TickerTAE.BK

SectorEnergy

BusinessRenewable Energy

Industry groupRenewable Energy

IndustryRenewable Fuels

AI analysis

Business. Thai Agro Energy PCL produces and distributes ethanol for fuel blending, primarily supplying oil companies to produce gasohol E10, E20, and E85, with potassium humate as a byproduct [doc:THAI-AGRO-10K-2023].

Classification. Thai Agro Energy is classified in the Energy sector under Renewable Fuels with 92% confidence, aligning with its ethanol production and distribution activities [doc:-CLASSIFICATION-2023].

Key takeaways

Thai Agro Energy trades at a discount to book value, with a P/B of 0.68.
Negative net income and weak ROE (-0.49%) indicate operational challenges.
Revenue concentration in a single segment and customer base increases risk.
Free cash flow remains positive despite negative net income, supporting liquidity.
No near-term dilution risk, but liquidity risk is medium due to low current ratio.
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Financial snapshot

PeriodHA-latest

CurrencyTHB

Revenue$1.95B

Gross profit$134.0M

Operating income$45.9M

Net income-$8.1M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow$54.9M

CapEx-$24.9M

Free cash flow$147.7M

Total assets$2.88B

Total liabilities$1.21B

Total equity$1.66B

Cash & equivalents$28.9M

Long-term debt$1.13B

Annual history (last 5)

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Quarterly history (last 4)

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Valuation

Market price$1.13

Market cap$1.13B

Enterprise value$2.23B

P/E—

Reported non-GAAP P/E—

EV/Revenue1.1

EV/Op income48.6

EV/OCF40.6

P/B0.7

P/Tangible book0.7

Tangible book$1.66B

Net cash-$1.10B

Current ratio0.5

Debt/Equity0.7

ROA-0.3%

ROE-0.5%

Cash conversion-6.8%

CapEx/Revenue-1.3%

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Renewable Energy · cohort 99 companies

MetricTAEActivity

Op margin2.4%1.8% medp25 -56.6% · p75 10.9%above median

Net margin-0.4%-2.0% medp25 -60.9% · p75 6.5%above median

Gross margin6.9%19.3% medp25 7.6% · p75 33.8%bottom quartile

CapEx / revenue-1.3%-6.2% medp25 -23.3% · p75 -1.3%top quartile

Debt / equity68.0%25.9% medp25 4.4% · p75 73.8%above median

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-03 14:23 UTC#2fd796b5

Market quoteclose THB 1.13 · shares 1.00B diluted

no public URL

2026-05-03 14:23 UTC#edbb6602

Source: analysis-pipeline (hybrid)Generated: 2026-05-03 14:24 UTCJob: 34e0f6e3