Thai Vegetable Oil is a producer and distributor of soybean meal and oil. When Witoon Suewatanakul took over as Managing Director, the rank returned to the top and the rank has been maintained ever since. Learn more at: http://becomeabetterinvestor.net/blog/thai-vegetable-oil/

1. Presented by: Dr. Andrew Stotz, CFA
Thai Vegetable Oil
Public Co., Ltd.

2. 28 August 2016
Background: Thai Vegetable Oil Public Company Limited is a
producer and distributor of soybean meal and oil. The company
operates four crushing facilities and three refineries in Thailand
and exports its products to countries such as Singapore, Malaysia,
Myanmar, and Cambodia.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by product type 2015
Stock information:
Name: Thai Vegetable Oil
Public Co. Ltd.
Ticker: TVO TB
Price (THB): 32.0
Mcap: US$740m
3MADTO: US$1.6m
Beta (6mth): 0.4x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
36% Vitayathanagorn family
8% Thai NVDR
44% Free float
Thai Vegetable Oil Public Company Limited (TVO TB)
 TVO operates four crushing facilities and three refineries in Thailand
 TVO produces soybean meal distributed mainly under the TVO Hipromeal and TVO Full
Fat Soy brands. Its soybean meal is largely used in swine, chicken and shrimp farming as
feed due to its high protein and energy content. It also facilitates ease of digestion
 The soybean oil produced by TVO is sold in stores for home use and in bulk to food
manufacturers. The food industry uses it for canned food as a major ingredient because it
keeps its liquid form even when exposed to cooler temperatures, unlike other vegetable
oils. It also has higher nutritional value than, for example, palm oil
 The company has 32% stake in Prodigy Public Company Limited which is engaged in
manufacture and distribution of packaging
 The company exports its products to countries that include Singapore, Malaysia,
Myanmar, Cambodia, Vietnam, and South Korea
70
90
110
130
150
10
15
20
25
30
35
Aug-13 Apr-14 Jan-15 Sep-15 Jun-16
TVO TB (LHS)
Price relative to local index
(THB) (%)
Manufacture and distribution of products from soybeans 97% Manufacture and distribution of packaging 3%

3. 38 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Thai Vegetable Oil Public Company Limited is
a producer and distributor of soybean meal and oil.
The company operates four crushing facilities and three
refineries in Thailand
and exports its products to countries such as Singapore,
Malaysia, Myanmar, and Cambodia.
Thai Vegetable Oil Public Company Limited (TVO TB)

4. 48 August 2016
70
90
110
130
150
10
15
20
25
30
35
Aug-13 Apr-14 Jan-15 Sep-15 Jun-16
TVO TB (LHS)
Price relative to local index
(THB) (%)
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Stock information:
Name: Thai Vegetable Oil Public
Co. Ltd.
Ticker: TVO TB
Price (THB): 32.0
Mcap: US$740m
3MADTO: US$1.6m
Beta (6mth): 0.4x
Sector: Consumer Staples
Industry: Food Beverage & Tobacco
Major shareholders:
36% Vitayathanagorn family
8% Thai NVDR
44% Free float
Thai Vegetable Oil Public Company Limited (TVO TB)

5. 58 August 2016
Background: Thai Vegetable Oil Public Company Limited is a
producer and distributor of soybean meal and oil. The company
operates four crushing facilities and three refineries in Thailand
and exports its products to countries such as Singapore, Malaysia,
Myanmar, and Cambodia.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by product type 2015
Stock information:
Name: Thai Vegetable Oil
Public Co. Ltd.
Ticker: TVO TB
Price (THB): 32.0
Mcap: US$740m
3MADTO: US$1.6m
Beta (6mth): 0.4x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
36% Vitayathanagorn family
8% Thai NVDR
44% Free float
Thai Vegetable Oil Public Company Limited (TVO TB)
 TVO operates four crushing facilities and three refineries in Thailand
 TVO produces soybean meal distributed mainly under the TVO Hipromeal and TVO Full
Fat Soy brands. Its soybean meal is largely used in swine, chicken and shrimp farming as
feed due to its high protein and energy content. It also facilitates ease of digestion
 The soybean oil produced by TVO is sold in stores for home use and in bulk to food
manufacturers. The food industry uses it for canned food as a major ingredient because it
keeps its liquid form even when exposed to cooler temperatures, unlike other vegetable
oils. It also has higher nutritional value than, for example, palm oil
 The company has 32% stake in Prodigy Public Company Limited which is engaged in
manufacture and distribution of packaging
 The company exports its products to countries that include Singapore, Malaysia,
Myanmar, Cambodia, Vietnam, and South Korea
70
90
110
130
150
10
15
20
25
30
35
Aug-13 Apr-14 Jan-15 Sep-15 Jun-16
TVO TB (LHS)
Price relative to local index
(THB) (%)
Manufacture and distribution of products from soybeans 97% Manufacture and distribution of packaging 3%

6. 68 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 TVO operates four crushing facilities and three
refineries in Thailand
 TVO produces soybean meal distributed mainly
under the TVO Hipromeal and TVO Full Fat Soy
brands
Thai Vegetable Oil Public Company Limited (TVO TB)

7. 78 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Its soybean meal is largely used in swine, chicken
and shrimp farming as feed due to its high
protein and energy content. It also facilitates
ease of digestion
Thai Vegetable Oil Public Company Limited (TVO TB)

8. 88 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The soybean oil produced by TVO is sold in stores
for home use and in bulk to food manufacturers
 The food industry uses it for canned food as a
major ingredient because it keeps its liquid form
even when exposed to cooler temperatures,
unlike other vegetable oils
 It also has higher nutritional value than, for
example, palm oil
Thai Vegetable Oil Public Company Limited (TVO TB)

9. 98 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 The company has 32% stake in Prodigy Public
Company Limited which is engaged in
manufacture and distribution of packaging
 The company exports its products to countries
that include Singapore, Malaysia, Myanmar,
Cambodia, Vietnam, and South Korea
Thai Vegetable Oil Public Company Limited (TVO TB)

10. 108 August 2016
Background: Thai Vegetable Oil Public Company Limited is a
producer and distributor of soybean meal and oil. The company
operates four crushing facilities and three refineries in Thailand
and exports its products to countries such as Singapore, Malaysia,
Myanmar, and Cambodia.
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by product type 2015
Stock information:
Name: Thai Vegetable Oil
Public Co. Ltd.
Ticker: TVO TB
Price (THB): 32.0
Mcap: US$740m
3MADTO: US$1.6m
Beta (6mth): 0.4x
Sector: Consumer Staples
Industry: Food Beverage &
Tobacco
Major shareholders:
36% Vitayathanagorn family
8% Thai NVDR
44% Free float
Thai Vegetable Oil Public Company Limited (TVO TB)
 TVO operates four crushing facilities and three refineries in Thailand
 TVO produces soybean meal distributed mainly under the TVO Hipromeal and TVO Full
Fat Soy brands. Its soybean meal is largely used in swine, chicken and shrimp farming as
feed due to its high protein and energy content. It also facilitates ease of digestion
 The soybean oil produced by TVO is sold in stores for home use and in bulk to food
manufacturers. The food industry uses it for canned food as a major ingredient because it
keeps its liquid form even when exposed to cooler temperatures, unlike other vegetable
oils. It also has higher nutritional value than, for example, palm oil
 The company has 32% stake in Prodigy Public Company Limited which is engaged in
manufacture and distribution of packaging
 The company exports its products to countries that include Singapore, Malaysia,
Myanmar, Cambodia, Vietnam, and South Korea
70
90
110
130
150
10
15
20
25
30
35
Aug-13 Apr-14 Jan-15 Sep-15 Jun-16
TVO TB (LHS)
Price relative to local index
(THB) (%)
Manufacture and distribution of products from soybeans 97% Manufacture and distribution of packaging 3%

11. 118 August 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by product type 2015
Manufacture and distribution
of products from soybeans
97%
Manufacture and
distribution of packaging
3%

13. 138 August 2016
TVO: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
Chairman
Managing
Director
2012 2013 2014 2015 Past 12 months
Sompol Kiatphaibool (Independent)
Oct 2001 – Present
Witoon Suewatanakul
Jan 2014 – Present
Charuphot Neesanant
Aug 1993 – Dec 2013

14. 148 August 2016
'12 '13 '14 '15 PTM
1 4 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 3 1 1 1 1 9 2 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 3 2 2 2 3 5 3 3 3 3 10 8 7 7 1 9 1 3 4
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth has
maintained its #1 rank
except for a dip to #4 in
2013
This means TVO ranks
better than 531 of 590
large Consumer Staples
companies globally
TVO: A. Stotz Profitable Growth
CEO, 2014 – Present
Witoon Suewatanakul
CEO, 1993 – 2013
Charuphot Neesanant

15. 158 August 2016
'12 '13 '14 '15 PTM
1 4 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 3 1 1 1 1 9 2 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 3 2 2 2 3 5 3 3 3 3 10 8 7 7 1 9 1 3 4
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitability maintained
its #1 rank
This means TVO ranks
among the best 59 large
Consumer Staples
companies globally on ROA
Growth fell to #6 from #5
TVO: A. Stotz Profitable Growth
CEO, 2014 – Present
Witoon Suewatanakul

16. 168 August 2016
'12 '13 '14 '15 PTM
1 4 1 1 1
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 3 1 1 1 1 9 2 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
2 3 2 2 2 3 5 3 3 3 3 10 8 7 7 1 9 1 3 4
Benchmarked against 590 large Cons. Staples companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Asset utilization and
Profit margin are strong,
and have remained
unchanged since 2014
Sales growth is the main
drag for TVO’s Growth rank
Margin change worsened
to #4 from #3
TVO: A. Stotz Profitable Growth
CEO, 2014 – Present
Witoon Suewatanakul

17. 178 August 2016
 Do YOU want to see the Profitable Growth rank
for a company in YOUR portfolio?
 Leave a comment below with company name
and country of listing…and I’ll post it if I have it