Thai Group Holdings Public Company Limited (TGH) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Thai Group Holdings Public Company Limited stock THB 18.94, price THB 10.00, upside +89.4%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 9.81 THB – 44.86 THB · fair‑value band 14.20 THB – 23.67 THB · the 10.00 THB price screens below the 18.94 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
Follow Thai Group Holdings Public Company in your weekly email
Every Wednesday you see whether Thai Group Holdings Public Company is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Thai Group Holdings Public Company Limited, through its subsidiaries, engages in the life insurance, non-life insurance, financial services, and other businesses in Thailand.
Show moreShow less
The company is involved in the underwriting of life assurance; underwriting of non-life, personal accident, and health insurance; leasing and hire purchase services; and lending and selling of secondhand cars.
It is also involved in the rental and development of real estate; management and consultant, investing consultant, and consultant and training services, as well as provision of consultation of management; telephone customer services; operation of outsources surveyors; provision of loan services for businesses and individuals; leasing and lending businesses; and life and non-life insurance brokerage and support services.
The company was incorporated in 2018 and is headquartered in Bangkok, Thailand. Thai Group Holdings Public Company Limited is a subsidiary of Mongkolsiri Company Limited.
Stock analysis
Thai Group Holdings Public Company Limited (TGH) currently trades at 10.00 THB, while our model-based Fair Value estimate is 18.94 THB, implying the stock looks roughly 47% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of 18.94 THB per share, and 3 of the 4 models we run sit above the 10.00 THB price.
Bear case: the Asset-Based group reads lowest at 9.26 THB, and 1 of the 4 models stay below the price. Data coverage for this calculation is low.
Scenario range: 14.20 THB (bear) to 23.67 THB (bull), the price of 10.00 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Thai Group Holdings Public Company Limited reported revenue of 12.9B THB in FY2025 versus 24.3B THB in FY2021, a compound −14.6%/yr. Reported net income was 1.1B THB in FY2025.
Key figures
Market cap 7.5B THB (≈ $225M) Micro · P/E ratio 7.0 · P/S ratio 0.58 · EPS (TTM) 1.42 THB · Dividend yield 1.0% · Net margin 8.2% · Return on equity 10.1% · Return on assets (EBIT) −2.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at 89%, TGH screens cheaper than that median.
Fair Value models
Bear14.20 THBFair Value 18.94 THBBull23.67 THB
Price 10.00 THB · Upside +89.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.13 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.35/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−15.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.1%
Start year 2020 (pandemic)
Revenue growth 9 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.8%
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +16.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +15.8%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 15.8% / −1.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−5% → 10%
⚠ Revenue per share shrinking 6.1%/yr over ~7Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.69 per share, median 1.40 in 2016 to 2018). It measures the recovery from the trough, not lasting growth.
⚠ Approximate: the rate leans on 2025, which sits 178% above its own trend.
Compare Thai Group Holdings Public Company Limited with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Diversified · 73 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Bottom 25%
Fair Value upside+89.4% · Top 25%
Profitability
Return on equity (12 months)10.1% · Below median
Return on assets1.2% · Bottom 25%
Net margin (12 months)8.2% · Below median
Operating margin (12 months)12.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.6% · Bottom 25%
Dividend yield (12 months)1.0% · Bottom 25%
Balance sheet
Debt / equity1.69× · Highest 25%
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
P/E (12 months)7.0× · Cheapest 25%
P/B0.71× · Cheapest 25%
P/S (12 months)0.58× · Cheapest 25%
Price / free cash flow (fiscal year)11.9× · Pricier than median
EV/EBITDA5.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 9
FUTURE (revenue growth)0· sector 38
PAST (return on equity)40· sector 54
HEALTH (low debt)–
DIVIDEND (yield)20· sector 74
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Thai Group Holdings Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TGH
Frequently asked questions
Is Thai Group Holdings Public Company Limited (TGH) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 18.94 THB versus a price of 10.00 THB, about +89% upside (undervalued).
What is the fair value of TGH?
Our model-based fair value for Thai Group Holdings Public Company Limited is 18.94 THB (as of Nov 8, 2026), built from audited fundamentals. The current price: 10.00 THB.
What is the quality score of TGH?
Thai Group Holdings Public Company Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thai Group Holdings Public Company Limited (TGH)?
Our model-based price target is the fair value of 18.94 THB (as of Nov 8, 2026) from 4 valuation models. Cautious scenario 14.20 THB, optimistic scenario 23.67 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Group Holdings Public Company Limited stock forecast for 2026?
Our models put fair value at 18.94 THB, about +89% upside versus a price of 10.00 THB (undervalued). Cautious scenario 14.20 THB, optimistic scenario 23.67 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Group Holdings Public Company Limited (TGH)?
Thai Group Holdings Public Company Limited reported trailing-twelve-month revenue of about 13.0B THB (latest available figure, as of Nov 8, 2026).
Does Thai Group Holdings Public Company Limited pay a dividend?
Thai Group Holdings Public Company Limited currently shows a dividend yield of 1.00% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Thai Group Holdings Public Company Limited (TGH) and when is the ex-dividend date?
Thai Group Holdings Public Company Limited pays a dividend of 0.1 THB per share a year, a dividend yield of 1.0%. The last ex-dividend date was Apr 30, 2026. The payout ratio is 7.0% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Thai Group Holdings Public Company Limited (TGH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Group Holdings Public Company Limited it is 18.94 THB per share (as of Nov 8, 2026), against a price of 10.00 THB. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Thai Group Holdings Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TGH trades below its calculated fair value: price 10.00 THB, fair value 18.94 THB, a gap of about +89% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TGH?
No. The price is what the market pays today (10.00 THB); the fair value is what the company's own numbers justify (18.94 THB). For Thai Group Holdings Public Company Limited the two are 8.94 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Group Holdings Public Company Limited worth?
The market values Thai Group Holdings Public Company Limited at about 7.5B THB (market capitalisation, as of Nov 8, 2026). Per share that is 10.00 THB; our models calculate a fair value of 18.94 THB per share.
What do the bullish and bearish scenarios say about TGH?
Our models span a range for Thai Group Holdings Public Company Limited: cautious scenario 14.20 THB, base 18.94 THB, optimistic 23.67 THB per share (as of Nov 8, 2026, price 10.00 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TGH?
Thai Group Holdings Public Company Limited trades at a price-to-earnings ratio of 7.0 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 18.94 THB is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2019 to 2025), reported earnings: 29.2. Other multiples: P/B 0.7, P/S 0.6, EV/EBITDA 5.3.
How solid is the balance sheet of Thai Group Holdings Public Company Limited (TGH)?
Balance-sheet figures for Thai Group Holdings Public Company Limited (as of Nov 8, 2026): return on equity 10.1%, debt of 1.69 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is TGH from its 52-week high?
Thai Group Holdings Public Company Limited trades at 10.00 THB, about 17% below its 52-week high of 12.10 THB and 2% above the low of 9.81 THB (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of 18.94 THB is for.
Which stocks are comparable to Thai Group Holdings Public Company Limited?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thai Group Holdings Public Company Limited stock attractive at the current price?
The data as of Nov 8, 2026: price 10.00 THB, calculated fair value 18.94 THB (+89%), Quality Score 48/100, from 4 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TGH calculated?
We run Thai Group Holdings Public Company Limited through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 18.94 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Thai Group Holdings Public Company Limited currently trades 47% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Thai Group Holdings Public Company Limited (TGH)?
The closing price on Nov 4, 2026 was 10.00 THB. Our model-based fair value is 18.94 THB, about +89% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Group Holdings Public Company Limited right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (14.20 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Thai Group Holdings Public Company Limited
How large is the market capitalisation of Thai Group Holdings Public Company Limited (TGH)?
The market capitalisation of Thai Group Holdings Public Company Limited is 7.5B THB (≈ $225M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thai Group Holdings Public Company Limited (TGH)?
The price-to-sales ratio of Thai Group Holdings Public Company Limited is 0.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thai Group Holdings Public Company Limited (TGH)?
Earnings per share at Thai Group Holdings Public Company Limited are 1.42 THB (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Group Holdings Public Company Limited (TGH)?
The dividend yield of Thai Group Holdings Public Company Limited is 1.0% (payout 7.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Thai Group Holdings Public Company Limited (TGH)?
The net margin of Thai Group Holdings Public Company Limited is 8.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thai Group Holdings Public Company Limited (TGH)?
The return on equity (ROE) of Thai Group Holdings Public Company Limited is 10.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thai Group Holdings Public Company Limited (TGH)?
On an EBIT basis the return on assets of Thai Group Holdings Public Company Limited is −2.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thai Group Holdings Public Company Limited (TGH)?
The operating margin of Thai Group Holdings Public Company Limited is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Group Holdings Public Company Limited (TGH)?
Revenue at Thai Group Holdings Public Company Limited is growing −7.6% versus a year earlier (3y avg −10.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thai Group Holdings Public Company Limited (TGH)?
Earnings per share at Thai Group Holdings Public Company Limited are growing −38.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thai Group Holdings Public Company Limited (TGH) generate?
The free cash flow of Thai Group Holdings Public Company Limited is 632M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Thai Group Holdings Public Company Limited (TGH) carry?
The net debt of Thai Group Holdings Public Company Limited is 14.6B THB (fiscal year 2025, ≈ 23.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Thai Group Holdings Public Company Limited in the live analysis
One click puts Thai Group Holdings Public Company Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 8, 2026