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Thoresen Thai Agencies Public Company Limited

Thoresen Thai Agencies Public Company Limited

THAFF
Thoresen Thai Agencies Public Company LimitedUS flagOther OTC
0.20
USD
- -
- -
349.47MMarket Cap
Thoresen Thai Agencies Public Company Limited
THAFF
(Other OTC)

Recent

price

0.20

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
21.46
19.97
17.79
16.16
- -
12.49
7.5
7.35
7.65
8.47
7.04
12.14
16.09
13.16
17.67
16.44
15.12
Revenue per Share
0.21
-5.49
-4.93
0.77
- -
-6.61
-0.23
0.32
0.12
0.31
-1.07
2.12
1.79
0.67
0.73
0.83
0.32
Basic EPS, GAAP
-4.86
0.63
-0.49
-3.15
- -
-0.41
0.98
-0.29
-0.01
0.46
-0.33
1.81
1.57
0.01
-0.11
0.89
2.3
Free Cash Flow per Basic Share
0.66
0.44
- -
- -
- -
0.22
0.05
0.05
0.08
0.05
0.06
0.02
0.22
0.22
0.18
0.22
0.25
Dividend per Share
29.73
23.6
17.47
18.22
18.81
11.86
11.45
10.83
10.72
9.98
8.86
11.67
14.47
14.72
15.6
15.69
16.45
Book Value per Share
24.23
21.13
16.23
17.28
17.88
11.79
11.4
10.7
10.51
9.79
8.73
11.51
13.5
13.06
13.58
12.32
13.18
Tangible Book Value per Share
818
818
1,038
1,326
- -
1,715
1,822
1,822
1,822
1,822
1,822
1,822
1,822
1,822
1,822
1,819
1,791
Basic Weighted Avg Shares
17,565
16,347
18,463
21,431
- -
21,426
13,662
13,392
13,946
15,428
12,830
22,128
29,321
23,976
32,206
29,909
27,073
Sales/Revenue/Turnover
0.24
1.81
1
4.23
- -
-7
-2.01
2.74
-2.01
-3.12
-7.49
16.25
11.45
4.59
4.08
0.17
0.51
Operating Margin (%)
2,500
1,821
1,865
1,859
- -
2,263
1,458
1,374
1,388
1,451
1,474
1,532
1,850
2,187
2,474
2,284
2,085
Depreciation Expense
173
-4,494
-5,119
1,015
- -
-11,335
-418
588
210
563
-1,945
3,859
3,269
1,217
1,323
1,516
580
Net Income, GAAP
76.89
- -
- -
16.21
- -
- -
- -
12.41
- -
39.97
- -
3.31
0.67
1.37
8.91
3.92
29.05
Effective Tax Rate (%)
0.99
-27.49
-27.73
4.74
- -
-52.9
-3.06
4.39
1.51
3.65
-15.16
17.44
11.15
5.08
4.11
5.07
2.14
Profit Margin (%)
5,227
3,283
8,460
6,265
6,353
9,898
8,224
4,673
6,913
8,406
6,841
12,143
9,570
10,346
12,554
6,948
8,621
Working Capital
10,649
9,395
10,634
9,332
9,742
7,142
7,032
4,084
7,491
6,707
6,078
7,634
5,090
7,439
9,604
6,397
7,530
LT Debt
29,101
24,080
25,442
31,442
32,474
26,988
26,495
25,054
24,587
22,599
19,191
24,400
29,559
30,105
31,923
31,555
33,015
Total Equity
0.02
- -
- -
1.79
- -
- -
- -
0.9
- -
-0.89
- -
10.93
8.99
2.74
2.84
0.11
- -
Return on Invested Capital (%)
0.89
- -
- -
1.93
- -
- -
- -
2.33
- -
3.66
- -
13.89
10.19
4.54
4.19
4.87
7.48
Return on Capital (%)
0.7
-21.05
-27.65
4.87
- -
-49.18
-1.97
2.9
1.07
2.98
-11.33
20.62
13.73
4.58
4.79
5.34
2.01
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,412
4,120
3,727
LT Borrowings
6,161
7,052
7,319
LT Finance Leases
236
212
211
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,806
1,806
1,806
Market Capitalization
11,392
11,794
11,997

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
17,620
19,173
18,502
Cash, Cash Equivalents & STI
8,458
9,593
8,367
Accounts Receivable, Net
4,646
4,952
4,522
Inventories
1,504
1,510
2,066
Total Current Liabilities
10,672
10,175
9,881
Payables & Accruals
4,653
5,251
5,337
ST Debt
5,412
4,120
3,727
Deferred Revenue
119
274
393

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.27%
11%
-1.15%
Free Cash Flow
-754.35%
-598.63%
-913.19%
Net Income, GAAP
-103.22%
-70.64%
14.56%
Sales/Revenue/Turnover
7.36%
22.79%
-7.13%
Total Cash Common Dividend
- -
- -
22.21%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,523
9,542
8,776
7,365
32,206
2025
7,295
7,227
8,251
7,136
29,909
2026
6,087
5,598
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.61
0.24
-0.6
- -
0.73
2025
0.47
0.05
0.28
- -
0.83
2026
0.11
-0.11
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.18
- -
- -
0.18
2025
- -
0.22
- -
- -
0.22
2026
- -
0.25
- -
- -
- -
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Business
Thoresen Thai Agencies Public Company Limited (THAFF), founded in 1904 and headquartered in Bangkok, Thailand, operates as a strategic investment holding company with diversified interests across five core business groups including shipping; offshore services; agrochemicals; food and beverage; and investments. In shipping, the company owns dry bulk vessels and provides services such as hauling mineral ore, coal, agricultural products, construction materials, and steel products; ship agency; stevedoring; brokerage; maintenance; and repairs across Asia, Africa, the United States, Europe, and Oceania. Offshore services encompass subsea engineering, diving, ROV operations, hydrographic surveys, exploration drilling, installation, decommissioning, and pipeline repair for the oil and gas industry; agrochemicals involve production and marketing of NPK compounds, bulk blending products, and Stork brand fertilizers for crops like coffee, rice, rubber, and vegetables; food and beverage includes operation and franchising of Pizza Hut and Taco Bell restaurants; while investments cover coal mining, logistics, energy, real estate, water management, EV distribution, and other strategic holdings. The company maintains geographic operations primarily in Thailand with presence in Asia, the Middle East, and Europe, serving industrial, agricultural, and consumer markets. Recent developments include the acquisition of over 2.1 million shares in Valeura Energy Inc. between December 2024 and January 2025; partnerships with NIU Technologies and STROM Thailand for launching the STROM BABOON BBN-400LAT electric motorcycle and with P80 Go Co., Ltd. for the KING LONG Dracon 100% EV pickup truck at the 2024 Motor Expo; provision of financial assistance to subsidiary Siam Taco Company Limited totaling 160 million baht in 2024; proposed capital reduction and increase resolutions ahead of an Extraordinary General Meeting in 2025; and affirmation of BBB+ credit ratings by TRIS Rating with a stable outlook in September 2024.