1. Thailand Stocks

  2. •

    Utilities

  3. •

    Electric utilities
TPI Polene Power Public Co., Ltd.

TPI Polene Power Public Co., Ltd.

1.59
THB
+0.01
(+0.63%)
0.16EPS
11.02P/E
14.78BMarket Cap
Nov 05Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.24
0.31
0.74
0.62
0.91
1.26
1.32
1.32
1.21
1.31
1.28
1.08
1
Basic EPS, GAAP
0.05
0.06
0.31
0.33
0.44
0.55
0.54
0.5
0.33
0.43
0.39
0.27
0.16
Free Cash Flow per Basic Share
0.09
0.04
-0.43
-0.31
-0.12
-0.28
-0.15
0.16
0.07
-0.2
-0.31
0.03
-0.11
Dividend per Share
- -
- -
0.43
0.48
0.34
0.3
0.32
0.27
0.25
0.24
0.21
0.07
0.07
Book Value per Share
1.16
1.53
1.41
2.88
2.98
3.23
3.44
3.67
3.76
3.95
4.14
4.34
4.33
Tangible Book Value per Share
1.15
1.53
1.41
2.88
2.98
3.23
3.44
3.67
3.76
3.95
4.14
4.34
4.33
Basic Weighted Avg Shares
8,400
8,400
5,900
7,790
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,400
8,352
Sales/Revenue/Turnover
1,985
2,629
4,368
4,865
7,620
10,571
11,119
11,074
10,200
10,990
10,747
9,066
8,361
Operating Margin (%)
12.5
34.33
43.78
49.02
47.02
43.48
41.89
39.58
24.9
31.61
31.64
27.32
22.28
Depreciation Expense
- -
- -
371
364
481
807
876
917
997
1,017
1,033
1,125
1,248
Net Income, GAAP
379
493
1,824
2,592
3,699
4,607
4,506
4,191
2,813
3,653
3,302
2,266
1,334
Effective Tax Rate (%)
4.55
- -
- -
2.83
4.16
2.17
2.64
2.56
0.5
0.46
5.64
4.28
2.73
Profit Margin (%)
19.1
18.76
41.76
53.27
48.54
43.58
40.52
37.85
27.58
33.24
30.73
24.99
15.95
Working Capital
6
312
-1,120
2,675
4,445
4,333
1,374
4,047
1,886
1,691
4,601
-2,347
887
LT Debt
2,751
1,635
6,860
- -
4,000
8,000
8,645
12,154
13,753
19,632
27,616
22,157
26,603
Total Equity
6,816
9,045
8,321
24,214
25,048
27,110
28,928
30,852
31,564
33,202
34,740
36,415
36,336
Return on Invested Capital (%)
- -
- -
- -
11.71
13.28
13.9
12.39
9.86
6.07
7.21
5.9
4.19
3.12
Return on Capital (%)
- -
- -
- -
13.28
13.94
14.82
12.41
9.88
6.08
7.22
5.92
4.2
3.13
Return on Common Equity (%)
- -
6.22
21.01
15.93
15.02
17.66
16.08
14.02
9.01
11.28
9.72
6.37
3.71

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
7,478
2,955
2,955
LT Borrowings
20,553
25,053
25,053
LT Finance Leases
1,604
1,545
1,550
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
8,400
8,400
8,400
Market Capitalization
15,204
15,372
14,784

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
7,743
7,137
6,203
Cash, Cash Equivalents & STI
4,133
3,323
2,498
Accounts Receivable, Net
1,724
1,727
1,628
Inventories
1,452
1,710
1,673
Total Current Liabilities
10,091
5,341
5,316
Payables & Accruals
2,613
2,387
2,361
ST Debt
7,478
2,955
2,955
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
22.5%
4.72%
4.82%
Free Cash Flow
-154.68%
-145.69%
-109.96%
Net Income, GAAP
32.59%
-10.2%
-31.39%
Sales/Revenue/Turnover
15.96%
-3.68%
-15.64%
Total Cash Common Dividend
- -
-21.24%
-66.67%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,559
2,697
2,691
2,801
10,747
2025
2,722
2,130
2,085
2,128
9,066
2026
2,154
1,993
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.08
0.1
0.1
0.11
0.39
2025
0.11
0.06
0.06
0.04
0.27
2026
0.03
0.03
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.12
- -
0.09
- -
0.21
2025
- -
0.07
- -
- -
0.07
2026
- -
0.07
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Prachai Leophairatana
Full Time Employees
740
Sector
Utilities
Industry
Electric utilities
Address
TPI Tower Bangkok BM Thailand 10120
IPO Date
Apr 5, 2017
Website
tpipolenepower.co.th
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Business
TPI Polene Power Public Company Limited (TPIPP.BK) generates and distributes electricity from renewable and waste-derived sources, refuse-derived fuel, and organic waste in Thailand; it operates solid waste power plants, waste heat recovery power plants, coal-fired power plants transitioning to municipal solid waste, solar farms, and petrol and gas service stations under the TPIPL brand. Founded in 1991 and headquartered in Bangkok, the company functions as a subsidiary of TPI Polene Public Company Limited, with a total installed capacity of approximately 440-534 megawatts primarily selling electricity to the Electricity Generating Authority of Thailand (EGAT) and its parent; it processes 7,000-8,000 tons of municipal solid waste daily using advanced systems like Grate Boiler and Continuous Fluidized Bed Boiler, positioning it as the largest waste-to-energy operator in ASEAN and the world's biggest single-location complete WTE power plant. The company serves industrial clients, utilities, and retail fuel customers across Thailand, emphasizing ESG principles, BCG economy integration, and sustainable growth aligned with SDGs, Carbon Neutrality, and Net Zero targets by 2037. In recent developments, TPIPP advances plant modifications for its 150MW coal-fired facility to fully switch to municipal solid waste fuel by end-2025, enabling cost reductions and full profitability from 2026; it commissions solar farm capacity phase-by-phase, starting 16MW in 3Q24 toward 71-94MW total by 2025 for parent company supply, alongside a 20MWh Battery Energy Storage System for stability. The company rolls out new MSW projects in Songkhla and Mukdahan provinces targeting 2025-2026 completion, registered 1.56 million tons of T-VER carbon credits and 2.5 million I-RECs by late 2024, and earned top honors including SET ESG Rating AAA, ESG100 listing for sixth year in 2025, and Thailand Energy Awards 2025 in Biofuels; 2024 revenue reached 11,097 million baht with EBITDA of 4,788 million baht.