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Thanulux Public Company Limited

Thanulux Public Company Limited

TNL.BK
Thanulux Public Company LimitedTH flagStock Exchange of Thailand
23.60
THB
- -
- -
7.19BMarket Cap
Thanulux Public Company Limited
TNL.BK
(Stock Exchange of Thailand)

Recent

price

23.60

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
17.26
20.79
22.36
19.55
18.41
17.67
16.67
15.84
15.27
14.18
9.7
11.37
14.26
0.82
0.68
0.71
0.59
Revenue per Share
1.54
2.32
2.45
1.72
1.73
1.44
1.7
1.26
1.62
0.74
0.09
0.52
0.8
1.76
1.31
1.36
1.32
Basic EPS, GAAP
0.86
0.21
1.3
1.95
1.7
0.59
1.46
0.63
-0.16
-0.14
0.02
-0.22
-15.01
-8.77
-2.2
-1.38
-0.31
Free Cash Flow per Basic Share
1.28
0.77
0.63
1.2
0.95
0.85
0.75
0.85
1.04
0.4
0.55
0.07
0.47
0.21
0.3
0.4
0.4
Dividend per Share
16.35
16.29
17.99
18.39
19.08
19.58
20.46
20.8
21.34
21.68
21.6
22.48
23.8
12.43
13.19
14.16
14.6
Book Value per Share
22.85
23.75
26.87
26.05
27.32
27.47
28.9
31.08
31.11
31.28
31.5
32.92
49.74
34.27
32.49
33.27
33.68
Tangible Book Value per Share
120
120
120
120
120
120
120
120
120
120
120
120
128
286
305
305
305
Basic Weighted Avg Shares
2,079
2,504
2,694
2,355
2,218
2,128
2,009
1,908
1,840
1,708
1,164
1,370
1,823
235
207
215
180
Sales/Revenue/Turnover
2.66
10.3
9.83
5.72
5.23
3.74
5.9
3.29
4.37
0.75
-7.04
0.74
0.71
-39.1
-123.96
-68.13
-110.36
Operating Margin (%)
52
42
53
58
55
55
53
46
44
53
58
53
43
36
25
22
24
Depreciation Expense
186
280
295
207
208
173
205
152
196
90
11
63
102
503
400
415
403
Net Income, GAAP
6.58
14.51
10.68
5.16
1.52
3.94
1.17
2.12
7.53
- -
- -
17.58
27.23
28.18
32.39
13.11
12.74
Effective Tax Rate (%)
8.93
11.18
10.94
8.8
9.38
8.14
10.22
7.97
10.63
5.25
0.92
4.57
5.62
214.31
192.88
193
224.27
Profit Margin (%)
870
957
1,266
1,311
1,321
1,226
1,183
1,176
1,141
1,057
1,130
1,162
2,512
5,973
5,572
7,197
6,683
Working Capital
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
14
10
8
1,594
1,298
3,479
2,775
LT Debt
2,771
2,872
3,250
3,155
3,307
3,328
3,512
3,759
3,761
3,779
3,794
3,978
7,063
10,493
10,599
10,854
10,979
Total Equity
1.89
7.77
7.7
4.02
3.57
2.32
3.44
1.7
1.99
- -
- -
0.22
0.14
-0.58
-1.32
-0.89
-1.2
Return on Invested Capital (%)
9.43
13.98
14.17
9.59
9.32
7.69
8.62
6.18
7.73
- -
- -
2.37
2.49
9.44
7.66
7.82
7.71
Return on Capital (%)
9.5
14.24
14.27
9.46
9.22
7.44
8.51
6.12
7.7
3.46
0.41
2.36
3.56
15.27
10.56
9.95
9.37
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
910
516
1,219
LT Borrowings
3,562
3,460
2,758
LT Finance Leases
16
19
17
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
305
305
305
Market Capitalization
8,834
6,458
7,189

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
7,945
7,947
8,080
Cash, Cash Equivalents & STI
2,152
1,776
1,715
Accounts Receivable, Net
5
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
1,091
750
1,398
Payables & Accruals
181
200
146
ST Debt
910
516
1,219
Deferred Revenue
- -
22
12

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
14.79%
26.87%
2.41%
Free Cash Flow
550.3%
1,132.65%
-37.38%
Net Income, GAAP
79.97%
184.13%
3.77%
Sales/Revenue/Turnover
-9.77%
-8.9%
3.71%
Total Cash Common Dividend
61.3%
122.43%
33.21%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
272
288
263
-616
207
2025
287
274
284
-625
215
2026
246
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.4
0.44
0.25
- -
1.31
2025
0.41
0.23
0.52
- -
1.36
2026
0.38
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.3
2025
- -
0.4
- -
- -
0.4
2026
- -
- -
- -
- -
- -
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Business
Thanulux Public Company Limited (TNL.BK), an investment holding company, provides financial solutions in Thailand through four core segments: secured lending, asset management, financial advisory, and real estate development. The company offers secured lending via Oxygen Asset Co., Ltd. (90%-owned), specializing in real estate-backed loans exceeding THB 10 million to high-net-worth individuals and corporates; asset management through Oxygen Asset Management Co., Ltd. (100%-owned), which acquires and manages collateralized non-performing loans and assets from financial institutions using negotiation, restructuring, and litigation; financial advisory services through Oxygen Advisory Co., Ltd. (100%-owned), encompassing debt financing and restructuring, rehabilitation and liquidation analysis, merger and acquisition advisory, due diligence, valuation, and business planning for SMEs and listed companies; and residential real estate development-for-sale via TNL Alliance Co., Ltd. (100%-owned), with investments in nine projects across five joint ventures with Noble Development Public Company Limited, including Nue Core Khu Khot Station, Nue Coast Khu Khot Station, Nue Riverest Ratburana, Noble Create, and Noble Aqua Riverfront Ratburana. Thanulux operates primarily in Thailand, targeting real estate, financial institutions, and corporate clients, and is a subsidiary of Saha Pathana Inter-Holding Public Company Limited; it was founded in 1975 and is headquartered at 989 Kingbridge Tower, 33rd Floor, Rama 3 Road, Bangpongpang, Yannawa, Bangkok 10120. In late 2022, the company underwent a major restructuring and expansion valued at THB 8.8 billion, including a private placement to BTS Group Holdings, rights offering, acquisition of Oxygen Asset from its parent, and 50% stakes in seven real estate joint ventures from Rabbit Holdings; more recently, in September 2025, it established TNLA SPV 1 Co., Ltd. through TNL Alliance to pursue high-potential real estate projects and relocated its head office within Yannawa, Bangkok.