1. Thailand Stocks

  2. •

    Consumer Defensive

  3. •

    Food Distribution
Tropical Canning (Thailand) Public Company Limited

Tropical Canning (Thailand) Public Company Limited

TC.BK
Tropical Canning (Thailand) Public Company LimitedTH flagStock Exchange of Thailand
6.70
THB
-0.05
- -
2.21BMarket Cap
Tropical Canning (Thailand) Public Company Limited
TC.BK
(Stock Exchange of Thailand)

Recent

price

6.70

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12.03
12.89
15.97
13.23
16.64
14.52
12.27
13.55
15.16
14.84
15.02
13.1
18.35
14.89
19.91
19.41
18.99
Revenue per Share
0.1
0.22
0.29
-0.08
0.5
0.55
-0.2
-0.41
0.51
0.33
0.75
0.47
1.39
0.13
1
0.63
0.65
Basic EPS, GAAP
0.25
0.09
-0.77
0.71
-0.41
0.7
0.34
-0.03
0.12
0.72
0.26
0.23
0.6
-0.6
-0.44
1.04
0.43
Free Cash Flow per Basic Share
0.12
0.06
0.07
0.1
0.1
0.15
0.15
0.1
0.05
0.15
0.12
0.25
0.15
0.5
0.1
0.3
0.3
Dividend per Share
3.49
3.6
3.79
3.62
4.02
4.4
4.04
3.54
4
4.13
4.76
5
6.24
5.87
6.76
7.08
7.35
Book Value per Share
4.77
4.98
5.17
4.99
5.39
5.78
5.43
4.92
5.37
5.5
6.13
6.38
7.61
7.25
8.13
8.45
8.73
Tangible Book Value per Share
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
330
327
Basic Weighted Avg Shares
3,969
4,255
5,269
4,367
5,490
4,790
4,051
4,473
5,004
4,899
4,957
4,322
6,055
4,915
6,569
6,406
6,205
Sales/Revenue/Turnover
0.72
-0.2
1.49
-0.35
2.68
2.78
-2.7
-2.85
2.8
2.57
5.56
2.73
7.3
0.87
6.49
3.53
3.68
Operating Margin (%)
62
43
40
51
49
50
54
54
52
52
78
95
113
124
135
141
140
Depreciation Expense
34
73
94
-25
165
180
-66
-135
168
107
247
154
458
43
329
208
211
Net Income, GAAP
3.73
9.72
17.66
- -
13.55
12.13
- -
- -
- -
- -
19.89
20.25
1.74
19.75
20.26
8.54
9.45
Effective Tax Rate (%)
0.87
1.71
1.79
-0.57
3.01
3.76
-1.64
-3.03
3.35
2.19
4.99
3.56
7.56
0.88
5.01
3.24
3.4
Profit Margin (%)
1,097
1,125
1,180
1,085
1,215
1,358
1,231
1,109
1,273
1,346
1,462
1,493
1,907
1,762
2,007
2,078
2,057
Working Capital
1
- -
42
26
10
- -
- -
- -
- -
- -
11
5
84
72
109
122
114
LT Debt
1,573
1,642
1,705
1,647
1,779
1,907
1,791
1,622
1,773
1,816
2,023
2,104
2,512
2,391
2,684
2,788
2,854
Total Equity
1.53
-0.41
3.26
- -
6.26
5.37
- -
- -
- -
- -
11.3
4.47
18.2
1.31
11.67
6.63
6.63
Return on Invested Capital (%)
2.73
5.55
6.54
- -
10.92
10.82
- -
- -
- -
- -
16.6
9.42
24.02
2.18
13.98
8.23
8.3
Return on Capital (%)
2.97
6.22
7.72
-2.04
13.12
12.97
-4.76
-10.81
13.47
8.01
16.86
9.55
24.69
2.18
15.81
9.1
8.98
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
176
116
155
LT Borrowings
125
110
95
LT Finance Leases
11
12
19
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
330
330
330
Market Capitalization
1,750
1,629
1,813

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
3,050
2,813
2,936
Cash, Cash Equivalents & STI
223
163
159
Accounts Receivable, Net
1,288
1,208
1,260
Inventories
1,401
1,334
1,515
Total Current Liabilities
965
736
878
Payables & Accruals
789
620
723
ST Debt
176
116
155
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.24%
6.94%
3.89%
Free Cash Flow
-67.42%
-82.81%
-336.74%
Net Income, GAAP
52.81%
138.05%
-36.97%
Sales/Revenue/Turnover
4.55%
7.92%
-2.49%
Total Cash Common Dividend
- -
84.33%
200%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,405
1,569
1,892
1,704
6,569
2025
1,536
1,588
1,672
1,610
6,406
2026
1,336
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.39
0.17
- -
1
2025
0.19
0.14
0.16
- -
0.63
2026
0.2
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.1
- -
- -
0.1
2025
- -
0.3
- -
- -
0.3
2026
- -
- -
- -
- -
- -
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Business
Tropical Canning (Thailand) Public Company Limited (TC.BK) manufactures and exports canned and pouched seafood products worldwide. The company produces regular tuna products such as tuna in spring water, brine and oil, along with salmon in mineral water, brine and oil; canned shellfish including clams and crab meat in brine; ready-to-serve items like sardines and mackerel in tomato sauce, plus ready-to-eat processed tuna and salmon; and canned pet food made from sardines, tuna and animal organs, offered in cans, pouches and aluminum trays including wet cat treats. Founded in 1979 and headquartered in Hat Yai, Songkhla province, Thailand, it operates primarily through exports to Australia, the rest of Asia, the United States, Africa and Europe, with domestic sales representing about 4-5% of revenue; subsidiaries include Farm Fresh Products Manufacturing Co., Ltd. for concentrated tomato juice, canned fruits and vegetables, and Ilofar Co., Ltd. for sales coordination and product development in Bangkok. Recent developments include approval of dividends for the year ended December 31, 2024, payable on May 22, 2025, alongside quarterly earnings releases showing stable operations such as Q3 2025 gross profit of 126.12 million baht despite a year-over-year decline, and issuance of an ISSF final compliance report in June 2025 for 2024 activities confirming adherence to seafood sustainability standards.