Stock TTA THORESEN THAI AGENCIES
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Financials Thoresen Thai Agencies

Equities

TTA

TH0535010Z05

Marine Freight & Logistics

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
6.1 THB 0.00% Intraday chart for Thoresen Thai Agencies +0.83% -4.69%
Apr. 26 Thoresen Thai Agencies Public Company Limited Approves Annual Dividend for the Fiscal Year Ended December 31, 2023, Payable on May 13, 2024 CI
Mar. 06 Thoresen Thai Agencies Public Company Limited Proposes Annual Dividend for the Fiscal Year Ended December 31, 2023, Payable on May 13, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,092 10,297 17,405 14,944 11,664 11,117 - -
Enterprise Value (EV) 1 8,092 10,297 16,372 14,944 11,664 6,063 11,117 11,117
P/E ratio 14.3 x -5.28 x 4.5 x 4.58 x 9.55 x 5.35 x 4.66 x 4.69 x
Yield 11.3% - 2.3% 2.68% - 2.7% 2.87% 2.62%
Capitalization / Revenue 0.52 x 0.8 x 0.79 x 0.51 x 0.49 x 0.39 x 0.37 x 0.44 x
EV / Revenue 0.52 x 0.8 x 0.74 x 0.51 x 0.49 x 0.21 x 0.37 x 0.44 x
EV / EBITDA - - 3.19 x - 3.55 x 1.15 x 1.85 x 1.52 x
EV / FCF 9.78 x - - - - 9.21 x 29.8 x 2.83 x
FCF Yield 10.2% - - - - 10.9% 3.36% 35.3%
Price to Book 0.44 x 0.64 x 0.82 x 0.61 x - 0.39 x 0.37 x 0.36 x
Nbr of stocks (in thousands) 1,822,465 1,822,465 1,822,465 1,822,465 1,822,465 1,822,465 - -
Reference price 2 4.440 5.650 9.550 8.200 6.400 6.100 6.100 6.100
Announcement Date 2/28/20 2/28/21 2/28/22 2/27/23 2/29/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,428 12,830 22,128 29,321 23,976 28,572 30,376 25,340
EBITDA 1 - - 5,127 - 3,289 5,256 6,004 7,328
EBIT 1 - - 3,595 - 1,870 2,636 2,636 2,735
Operating Margin - - 16.25% - 7.8% 9.23% 8.68% 10.79%
Earnings before Tax (EBT) 1 - - 3,812 - 1,349 1,916 2,230 2,359
Net income 1 562.6 -1,945 3,859 3,269 1,217 2,080 2,391 2,378
Net margin 3.65% -15.16% 17.44% 11.15% 5.08% 7.28% 7.87% 9.38%
EPS 2 0.3100 -1.070 2.120 1.790 0.6700 1.140 1.310 1.300
Free Cash Flow 1 827.8 - - - - 658 373.6 3,924
FCF margin 5.37% - - - - 2.3% 1.23% 15.48%
FCF Conversion (EBITDA) - - - - - 12.52% 6.22% 53.55%
FCF Conversion (Net income) 147.13% - - - - 31.64% 15.62% 165.01%
Dividend per Share 2 0.5000 - 0.2200 0.2200 - 0.1650 0.1750 0.1600
Announcement Date 2/28/20 2/28/21 2/28/22 2/27/23 2/29/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4
Net sales 1 - 5,948 7,607 - - 8,073 4,766 6,001 10,767 6,568 6,641
EBITDA 1 - 1,936 1,884 - - - 658.2 961.6 1,620 981.5 687.2
EBIT 1 - 1,584 1,492 - - - 149.6 - - - 55
Operating Margin - 26.63% 19.61% - - - 3.14% - - - 0.83%
Earnings before Tax (EBT) 1 - 1,574 1,595 - - - 78.76 702.3 781.1 - 21.56
Net income 1 719.4 1,614 1,525 979.8 1,035 1,449 215 629.8 844.7 374.7 -2.528
Net margin - 27.14% 20.04% - - 17.95% 4.51% 10.49% 7.85% 5.71% -0.04%
EPS 2 0.3900 0.8900 0.8400 0.5400 0.5700 0.7900 0.1200 0.3500 0.4600 0.2100 -0.0100
Dividend per Share - - - - - - - - - - -
Announcement Date 8/11/21 11/11/21 2/28/22 5/11/22 8/15/22 11/10/22 5/15/23 8/10/23 8/10/23 11/14/23 2/29/24
1THB in Million2THB
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - 1,032 - - 5,054 - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 828 - - - - 658 374 3,924
ROE (net income / shareholders' equity) 2.98% -11.3% 20.6% 14.3% - 7.6% 8.15% 8.1%
ROA (Net income/ Total Assets) - - 11% - - 5.8% 6.4% 6.4%
Assets 1 - - 34,990 - - 35,853 37,359 37,156
Book Value Per Share 2 9.980 8.860 11.70 13.50 - 15.60 16.70 16.70
Cash Flow per Share 2 - - 2.810 - - 2.580 3.290 3.850
Capex 1 640 - 1,290 - - 1,000 1,000 -
Capex / Sales 4.15% - 5.83% - - 3.5% 3.29% -
Announcement Date 2/28/20 2/28/21 2/28/22 2/27/23 2/29/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Thoresen Thai Agencies

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
6.1 THB
Average target price
7.783 THB
Spread / Average Target
+27.60%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

1st Jan change Capi.
THORESEN THAI AGENCIES Stock Thoresen Thai Agencies
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Deep Sea Freight
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