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    Renewable Utilities
Thachang Green Energy Public Company Limited

Thachang Green Energy Public Company Limited

TGE.BK
Thachang Green Energy Public Company LimitedTH flagStock Exchange of Thailand
1.08
THB
-0.01
- -
2.71BMarket Cap
Thachang Green Energy Public Company Limited
TGE.BK
(Stock Exchange of Thailand)

Recent

price

1.08

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
- -
342.89
0.21
884.74
0.49
0.51
0.41
0.45
- -
0.49
Revenue per Share
- -
- -
108.85
0.06
208.63
0.13
0.12
0.11
0.11
- -
0.09
Basic EPS, GAAP
- -
- -
-471.2
-0.38
-225.87
0.12
0.13
0.11
0.1
- -
0.11
Free Cash Flow per Basic Share
- -
- -
- -
- -
237.5
- -
0.2
- -
- -
- -
- -
Dividend per Share
- -
0.41
927.07
0.52
1,176.85
0.71
0.7
0.68
0.79
- -
0.86
Book Value per Share
- -
0.36
805.13
0.46
987.65
0.62
1.09
1.01
1.11
- -
1.08
Tangible Book Value per Share
- -
1,600
1
1,600
1
1,600
1,828
2,200
2,200
- -
2,512
Basic Weighted Avg Shares
- -
2
274
336
708
781
938
911
1,000
1,226
1,224
Sales/Revenue/Turnover
- -
-62.31
27.27
26.25
29.01
28.87
26.74
27.84
29.28
21.1
21.78
Operating Margin (%)
- -
1
50
59
99
125
142
148
150
159
158
Depreciation Expense
- -
-5
87
94
167
202
216
240
251
232
235
Net Income, GAAP
- -
- -
0.42
1.5
- -
0.17
0.34
1.37
5.01
3.86
4.29
Effective Tax Rate (%)
- -
-196.1
31.75
28.06
23.58
25.87
23.07
26.34
25.14
18.9
19.23
Profit Margin (%)
2
-221
-7
9
-76
63
599
459
344
193
231
Working Capital
3
629
603
1,136
1,399
1,274
896
669
455
225
179
LT Debt
659
585
671
765
880
1,083
2,095
2,330
2,578
3,111
3,160
Total Equity
- -
- -
5.98
5.28
- -
8.83
8.6
7.76
8.57
6.92
6.81
Return on Invested Capital (%)
- -
- -
6.66
5.71
- -
9.59
10.59
11.95
12.01
9.61
9.38
Return on Capital (%)
- -
-0.7
12.47
11.96
18.78
19.49
17.99
17.27
15.48
12.01
11.46
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
231
585
598
LT Borrowings
198
150
110
LT Finance Leases
76
75
69
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
2,512
2,512
2,512
Market Capitalization
3,596
3,353
3,014

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
810
884
938
Cash, Cash Equivalents & STI
489
244
293
Accounts Receivable, Net
159
156
163
Inventories
102
107
122
Total Current Liabilities
331
691
708
Payables & Accruals
59
64
72
ST Debt
231
585
598
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
31.81%
20.68%
Free Cash Flow
- -
-48.95%
-58.76%
Net Income, GAAP
- -
7.2%
-7.84%
Sales/Revenue/Turnover
- -
11.99%
22.59%
Total Cash Common Dividend
- -
- -
39.58%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
258
238
256
248
1,000
2025
291
323
299
313
1,226
2026
289
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.03
0.03
0.03
- -
0.11
2025
0.02
0.03
0.02
- -
- -
2026
0.02
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Green Resources Public Company Limited (GREEN.BK)
Business
Thachang Green Energy Public Company Limited engages in the renewable energy business in Thailand, primarily generating and supplying electricity and steam from biomass and waste-to-energy sources. The company operates through two main segments, Biomass Power Plant Business and Waste Power Plant Business; it utilizes agricultural residues including empty palm bunches, palm fiber, chopped roots, and wood chips as primary fuels for electricity generation, while also providing waste management and construction services. Founded in 2011 and headquartered in Surat Thani, the company maintains operations centered in southern Thailand, particularly Tha Chang district, with a current installed capacity of approximately 76.6 megawatts across its facilities including the TGE, TPG, and TBP biomass power plants, of which 20.3 megawatts are sold to the Provincial Electricity Authority under long-term power purchase agreements. Targeting agricultural communities and local administrative bodies, Thachang Green Energy supports sustainable practices by converting organic waste into energy, contributing to waste reduction and eco-friendly power solutions in the utilities sector. In recent developments, the company plans significant expansion with seven new waste-to-energy power plants utilizing community waste, located in Sa Kaeo, Ratchaburi, Chumphon, Samut Sakhon, Chai Nat, Ubon Ratchathani, and Prachinburi, each with capacities of 8-9.9 megawatts and scheduled to commence operations between 2025 and 2026; these projects, developed under a build-own-operate model with 25-year contracts, are supported by long-term loan agreements entered in April and May 2025, aiming to boost revenue to 2.5 billion baht by 2026 and increase total capacity toward 200 megawatts by 2032, including explorations for waste-to-energy plants in the Asia-Pacific region.