POSCO-Thainox Public Company Limited (INOX) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of POSCO-Thainox Public Company Limited THB 6.14, price THB 3.88, upside +58.4%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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POSCO-Thainox Public Company Limited engages in the production and sale of cold-rolled stainless-steel products in Thailand, South Korea, the United States, Germany, Vietnam, Turkey, India, Hong Kong, and internationally.
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POSCO-Thainox Public Company Limited engages in the production and sale of cold-rolled stainless-steel products in Thailand, South Korea, the United States, Germany, Vietnam, Turkey, India, Hong Kong, and internationally. The company offers austenitic and ferritic stainless-steel products used in seat belts, spring coils, water tanks, construction work, transportation, pipes, pit containers, food manufacturing industry, boilers, heat exchangers, chemical industry, and large and hot water tanks, as well as in household appliances, such as kitchenette, sinks, and washing machines. The company was formerly known as Thainox Stainless Public Company Limited and changed its name to POSCO-Thainox Public Company Limited in 2011. POSCO-Thainox Public Company Limited was incorporated in 1990 and is headquartered in Bangkok, Thailand. POSCO-Thainox Public Company Limited is a subsidiary of POSCO Holdings Inc.
Stock analysis
POSCO-Thainox Public Company Limited (INOX) currently trades at 3.88 THB, while our model-based Fair Value estimate is 6.14 THB, implying the stock looks roughly 36.8% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 7.77 THB per share, and 5 of the 9 models we run sit above the 3.88 THB price.
Bear case: the Dividend Discount group reads lowest at 1.85 THB, and 4 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 6.06 THB (bear) to 6.23 THB (bull), the price of 3.88 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 58/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
POSCO-Thainox Public Company Limited reported revenue of 13.3B THB in FY2025 versus 19.1B THB in FY2021, a compound −8.8%/yr. Reported net income was −62.0M THB in FY2025.
Key figures
Market cap 3.0B THB (≈ $90.7M) · P/E ratio 19.4 · P/S ratio 0.24 · EPS (TTM) 0.2000 THB · Dividend yield 5.6% · Net margin −0.5% · Return on equity 1.7% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −45% fair-value upside, at 58%, INOX screens cheaper than that median.
Fair Value models
Bear 6.06 THBFair Value 6.14 THBBull 6.23 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1468 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.Evidence ⓘEvidence = 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.19/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−7.8%
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.
−17.4%
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.
+0.1%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 22 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.
+0.4%
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Profit margin (trend) ⓘ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.
−0.2% (2020) → 0.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare POSCO-Thainox Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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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.Steel · 411 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Top 25%
Fair Value upside+59% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets1% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−1% · Below median
Dividend yield (TTM)5.6% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Steel median · lower = cheaper
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Cite: Fair Value Calculator (2026). "POSCO-Thainox Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/INOX
Frequently asked questions
Is POSCO-Thainox Public Company Limited (INOX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 6.14 THB versus a price of 3.88 THB, about +58% upside (undervalued).
What is the fair value of INOX?
Our model-based fair value for POSCO-Thainox Public Company Limited is 6.14 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 3.88 THB.
What is the quality score of INOX?
POSCO-Thainox Public Company Limited has a Quality Score of 58/100. 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 POSCO-Thainox Public Company Limited (INOX)?
Our model-based price target is the fair value of 6.14 THB (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 6.06 THB, optimistic scenario 6.23 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the POSCO-Thainox Public Company Limited stock forecast for 2026?
Our models put fair value at 6.14 THB, about +58% upside versus a price of 3.88 THB (undervalued). Cautious scenario 6.06 THB, optimistic scenario 6.23 THB. The calculation is refreshed regularly with new filings.
What is the revenue of POSCO-Thainox Public Company Limited (INOX)?
POSCO-Thainox Public Company Limited reported trailing-twelve-month revenue of about 13.2B THB (latest available figure, as of Sep 24, 2026).
Does POSCO-Thainox Public Company Limited pay a dividend?
POSCO-Thainox Public Company Limited currently shows a dividend yield of about 5.61% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of POSCO-Thainox Public Company Limited (INOX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For POSCO-Thainox Public Company Limited it is 6.14 THB per share (as of Sep 24, 2026), against a price of 3.88 THB. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is POSCO-Thainox Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, INOX trades below its calculated fair value: price 3.88 THB, fair value 6.14 THB, a gap of about +58% (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 INOX?
No. The price is what the market pays today (3.88 THB); the fair value is what the company's own numbers justify (6.14 THB). For POSCO-Thainox Public Company Limited the two are 2.26 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is POSCO-Thainox Public Company Limited worth?
The market values POSCO-Thainox Public Company Limited at about 3.0B THB (market capitalisation, as of Sep 24, 2026). Per share that is 3.88 THB; our models calculate a fair value of 6.14 THB per share.
What do the bullish and bearish scenarios say about INOX?
Our models span a range for POSCO-Thainox Public Company Limited: cautious scenario 6.06 THB, base 6.14 THB, optimistic 6.23 THB per share (as of Sep 24, 2026, price 3.88 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INOX?
POSCO-Thainox Public Company Limited trades at a price-to-earnings ratio of 19.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 6.14 THB is built from several models across several years. Other multiples: P/B 0.3, P/S 0.2, EV/EBITDA 1.7.
How solid is the balance sheet of POSCO-Thainox Public Company Limited (INOX)?
Balance-sheet figures for POSCO-Thainox Public Company Limited (as of Sep 24, 2026): return on equity 1.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is INOX from its 52-week high?
POSCO-Thainox Public Company Limited trades at 3.88 THB, about 24% below its 52-week high of 5.10 THB and 11% above the low of 3.50 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 6.14 THB is for.
Which stocks are comparable to POSCO-Thainox Public Company Limited?
From the same area (Basic Materials) we also value Nucor Corporation, Steel Dynamics, Inc, JSW Steel Limited, Tata Steel Limited, 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 POSCO-Thainox Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 3.88 THB, calculated fair value 6.14 THB (+58%), Quality Score 58/100, from 9 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 INOX calculated?
We run POSCO-Thainox Public Company Limited through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 6.14 THB, 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 13.0 % above its aggregate fair value. POSCO-Thainox Public Company Limited currently trades 58 % 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 POSCO-Thainox Public Company Limited (INOX)?
The closing price on Sep 24, 2026 was 3.88 THB. Our model-based fair value is 6.14 THB, about +58% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with POSCO-Thainox Public Company Limited right now?
The price is below even our cautious bear case (6.06 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. Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality. The models converge in a tight band (6.06 THB to 6.23 THB), unusually little disagreement for a valuation.
Key figures of POSCO-Thainox Public Company Limited
How large is the market capitalisation of POSCO-Thainox Public Company Limited (INOX)?
The market capitalisation of POSCO-Thainox Public Company Limited is 3.0B THB (≈ $90.7M). 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 POSCO-Thainox Public Company Limited (INOX)?
The price-to-sales ratio of POSCO-Thainox Public Company Limited is 0.24 (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 POSCO-Thainox Public Company Limited (INOX)?
Earnings per share at POSCO-Thainox Public Company Limited are 0.2000 THB (price ÷ EPS = P/E 19.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of POSCO-Thainox Public Company Limited (INOX)?
The dividend yield of POSCO-Thainox Public Company Limited is 5.6% (payout 109%). 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 POSCO-Thainox Public Company Limited (INOX)?
The net margin of POSCO-Thainox Public Company Limited is −0.5% (fiscal year 2025). 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 POSCO-Thainox Public Company Limited (INOX)?
The return on equity (ROE) of POSCO-Thainox Public Company Limited is 1.7% (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 POSCO-Thainox Public Company Limited (INOX)?
On an EBIT basis the return on assets of POSCO-Thainox Public Company Limited is 2.8% (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 POSCO-Thainox Public Company Limited (INOX)?
The operating margin of POSCO-Thainox Public Company Limited is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at POSCO-Thainox Public Company Limited (INOX)?
Revenue at POSCO-Thainox Public Company Limited is growing −0.7% versus a year earlier (3y avg −17.4%). 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 POSCO-Thainox Public Company Limited (INOX)?
Earnings per share at POSCO-Thainox Public Company Limited are growing −35.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does POSCO-Thainox Public Company Limited (INOX) generate?
The free cash flow of POSCO-Thainox Public Company Limited is −422M 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 cash does POSCO-Thainox Public Company Limited (INOX) hold?
POSCO-Thainox Public Company Limited holds more cash than debt, 2.3B THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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