1. Thailand Stocks

  2. •

    Utilities

  3. •

    Renewable Utilities
Absolute Clean Energy Public Company Limited

Absolute Clean Energy Public Company Limited

ACE.BK
Absolute Clean Energy Public Company LimitedTH flagStock Exchange of Thailand
1.29
THB
+0.01
- -
12.58BMarket Cap
Absolute Clean Energy Public Company Limited
ACE.BK
(Stock Exchange of Thailand)

Recent

price

1.29

P/E

ratio

- -

div

yld

- -

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.14
0.23
0.23
0.46
0.53
0.54
0.58
0.56
0.68
0.65
0.64
0.66
0.66
Revenue per Share
- -
- -
0.01
0.04
0.06
0.09
0.15
0.15
0.13
0.11
0.08
0.08
0.09
Basic EPS, GAAP
-0.05
-0.21
-0.28
0.03
0.15
0.11
0.04
0.01
-0.03
0.04
-0.26
0.14
0.11
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
0.03
0.02
0.02
- -
- -
- -
- -
Dividend per Share
- -
0.03
0.51
0.55
0.61
0.74
0.8
0.92
0.99
1.11
1.19
1.24
1.28
Book Value per Share
0.73
-0.04
0.4
0.45
0.52
1.07
1.01
1.15
1.24
1.37
1.43
1.5
1.54
Tangible Book Value per Share
9,158
9,158
9,158
9,158
9,158
9,309
10,176
10,176
10,169
10,076
10,076
9,912
9,859
Basic Weighted Avg Shares
1,315
2,096
2,151
4,243
4,833
5,055
5,858
5,727
6,917
6,583
6,451
6,554
6,511
Sales/Revenue/Turnover
23.4
10.23
20.09
22.2
21.56
25.63
25.09
27.39
20.74
20.32
18.43
20.64
20.92
Operating Margin (%)
244
261
288
516
532
527
541
667
730
759
839
929
941
Depreciation Expense
- -
-3
134
334
547
815
1,508
1,506
1,282
1,073
839
799
887
Net Income, GAAP
- -
343
0.96
- -
2.76
- -
2.75
6.38
6.75
5.37
6.88
13.46
13.98
Effective Tax Rate (%)
- -
-0.16
6.23
7.86
11.31
16.13
25.74
26.29
18.53
16.29
13
12.18
13.62
Profit Margin (%)
-16
-7,340
-2,226
-2,709
-493
61
629
1,345
1,263
1,984
1,114
1,612
1,342
Working Capital
2,582
2,282
5,825
5,198
6,632
1,911
3,106
3,862
3,880
4,490
6,645
6,906
6,726
LT Debt
6,691
277
4,614
5,022
5,572
10,793
11,993
13,369
14,185
15,303
16,161
16,532
16,846
Total Equity
- -
-6.49
4.58
- -
7.51
- -
9.59
8.59
7.13
6.27
4.89
4.77
4.72
Return on Invested Capital (%)
- -
-6.73
4.58
- -
7.4
- -
14.57
12.37
9.44
7.71
5.92
5.24
5.52
Return on Capital (%)
- -
-2.3
5.44
6.89
10.28
13.03
20.08
17.22
13.14
10.08
7.24
6.58
7.15
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
1,395
1,355
1,269
LT Borrowings
7,200
6,764
6,589
LT Finance Leases
57
142
138
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
9,751
9,751
9,751
Market Capitalization
13,057
13,057
12,620

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
3,946
3,528
3,264
Cash, Cash Equivalents & STI
1,347
1,030
756
Accounts Receivable, Net
561
535
513
Inventories
998
974
1,015
Total Current Liabilities
1,960
1,916
1,922
Payables & Accruals
518
517
595
ST Debt
1,395
1,355
1,269
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
172.49%
6.67%
2.3%
Free Cash Flow
-149.37%
-338.75%
-153.53%
Net Income, GAAP
-374.19%
-11.58%
-4.78%
Sales/Revenue/Turnover
14.76%
2.66%
1.61%
Total Cash Common Dividend
- -
- -
-70.52%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,471
1,567
1,734
1,679
6,451
2025
1,635
1,637
1,660
1,623
6,554
2026
1,592
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.03
0.02
0.01
- -
0.08
2025
0.02
0.01
0.02
- -
0.08
2026
0.03
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
Similar Companies
Greenbriar Capital Corp. (GEBRF)
EDP Renováveis, S.A. (EDRVF)
Audax Renovables, S.A. (0EIB.L)
TPI Polene Power Public Company Limited (TPIPP-R.BK)
China Longyuan Power Group Corporation Limited (CLPXY)
Heliogen, Inc. (HLGN-WT)
Business
Absolute Clean Energy Public Company Limited (ACE.BK) Absolute Clean Energy Public Company Limited is a holding company engaged in the generation and distribution of electricity and steam from renewable and clean energy sources primarily in Thailand. The company operates through four main segments: Biomass Power Plants, including very small power producer (VSPP) biomass facilities and community power plants; Solid Waste Power Plants, such as municipal solid waste (MSW) and waste landfill projects; Natural Gas Power Plants, encompassing small power producer (SPP) cogeneration and hybrid facilities; and Solar Energy Power Plants, featuring rooftop solar, floating solar, and solar farms. It maintains 24 commercial operation date (COD) projects with a total capacity of 277.57 megawatts across locations in Chonburi, Khon Kaen, Surin, Nakhon Ratchasima, Roi Et, Nong Khai, Lampang, Ubon Ratchathani, Krabi, Buriram, Chachoengsao, Kanchanaburi, Samut Sakhon, and Kamphaeng Phet, while developing 65 additional projects exceeding 324.72 megawatts in capacity, including further biomass, MSW, biogas, solar rooftop, and solar farm initiatives in regions such as Ranong, Suphan Buri, Nakhon Pathom, Amnat Charoen, Lop Buri, Prachin Buri, Sisaket, Udon Thani, Chiang Rai, Ratchaburi, Phetchaburi, Nakhon Si Thammarat, Phitsanulok, Phichit, and Chainat. Through numerous subsidiaries such as Asia Clean Energy Co., Ltd., Advance Clean Power Co., Ltd., ACE SOLAR Co., Ltd., and various Advance and Renewable Energy entities, the company supports its operations in electricity generation, steam distribution, engineering services, power supply maintenance, and provincial renewable energy projects. Founded in 1979 and headquartered in Bangkok, Thailand, Absolute Clean Energy focuses on the renewable energy sector, targeting industrial customers, utilities, and communities under power purchase agreements (PPAs) with entities like the Electricity Generating Authority of Thailand. In recent developments, the company rolled out five new solar farms in April 2024 and signed a Grant of Rights Agreement for investment projects in March 2025, advancing its green ambitions and portfolio expansion. TRIS Ratings affirmed its company rating at BBB+ with a stable outlook in 2025, reflecting solid operational progress amid ongoing development of over 602 megawatts in total capacity.