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Panjawattana Plastic Public Company (PJW) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 1.2B THB

PP Panjawattana Plastic Public Company PJW · BK
Price2.08 THB
Fair Value4.15 THB
Upside+99.5%
Quality56/100
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Healthy Growth
Thin margins · 4.4% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Narrow moat 42/100
Evidence: High Range 2.40 THB – 6.04 THB Share as image

Fair value as of: Jul 12, 2026

From 26 valuation models · updated 29 days ago

A solid business, screening 100% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (2.40 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (2.40 THB to 6.04 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.68 THB 1.81 THB Fair Value 4.15 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 1.81 THB – 4.68 THB · fair‑value band 2.40 THB – 6.04 THB · the 2.08 THB price screens below the 4.15 THB fair value. Dashed = 300-day average. As of Jul 12, 2026.

Full chart & analysis →

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Analysis

Panjawattana Plastic Public Company (PJW) currently trades at 2.08 THB, while our model-based Fair Value estimate is 4.15 THB, implying the stock looks roughly 99.5% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Panjawattana Plastic Public Company generated revenue of 3.8B THB at a net margin of 4.4%. Revenue declined 6.5% year over year. It earns a return on equity of 11.6%. Net debt stands at 1.4B THB. Fundamentals as of Jul 12, 2026

Our scenario range runs from 2.40 THB (bear case) to 6.04 THB (bull case); at 2.08 THB, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 11% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at 100%, PJW screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF 2.05 THB 3.03 THB 4.21 THB 80
Residual Income 2.13 THB 2.37 THB 3.45 THB 76
Rev-Margin DCF 2.41 THB 4.22 THB 6.22 THB 74
All 26 models by family
DCF Models
FCF DCF 2.02 THB 3.12 THB 4.52 THB 38
Owner Earnings 0.8600 THB 1.51 THB 2.33 THB 31
5Y Revenue Exit 2.41 THB 4.20 THB 6.44 THB 39
5Y EBITDA Exit 3.76 THB 6.65 THB 9.96 THB 41
5Y P/E Exit 2.24 THB 3.89 THB 5.56 THB 38
10Y Revenue Exit 2.12 THB 3.61 THB 5.51 THB 36
10Y EBITDA Exit 2.99 THB 5.14 THB 7.89 THB 37
10Y P/E Exit 2.11 THB 3.41 THB 4.90 THB 35
Earnings-Based
Graham-Dodd 1.93 THB 5.19 THB 6.80 THB 54
Lynch FV 1.01 THB 1.45 THB 1.88 THB 50
PEG = 1.0 1.01 THB 1.45 THB 1.88 THB 46
EPV 2.13 THB 2.53 THB 2.86 THB 59
Dividend Discount
Gordon GGM 0.7100 THB 1.29 THB 1.77 THB 70
DDM Multi-Stage 0.7100 THB 1.05 THB 1.35 THB 61
Multiples
P/E Multiple 3.62 THB 4.83 THB 6.04 THB 63
P/S Multiple 3.62 THB 4.83 THB 6.04 THB 58
P/B Multiple 3.62 THB 4.83 THB 6.04 THB 55
EV/EBIT 3.47 THB 4.89 THB 6.31 THB 53
EV/EBITDA 5.77 THB 7.95 THB 10.14 THB 54
EV/Revenue 2.90 THB 4.49 THB 6.07 THB 43
Asset-Based
NCAV (Graham) 1.24 THB 1.66 THB 2.47 THB 50
Growth DCF
Growth DCF 2.05 THB 3.03 THB 4.21 THB 80
Rev-Margin DCF 2.41 THB 4.22 THB 6.22 THB 74
Economic Profit
Residual Income 2.13 THB 2.37 THB 3.45 THB 76
ROIC Compounder 2.13 THB 2.55 THB 3.10 THB 72
Growth Earnings
Growth-Adj P/E 2.91 THB 4.16 THB 5.41 THB 68

Widest divergence: Multiples (4.83 THB) versus Dividend Discount (1.05 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.8B THB
Revenue growth (YoY) -6.5%
Net margin 4.4%
Return on equity 11.6%
Free cash flow 179M THB FY2025
P/E ratio 8.3
More key figures
Operating margin 5.3%
EPS (TTM) 0.2500 THB
EPS growth (YoY) -40.0%
Net debt 1.4B THB FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 53 · Market factors (momentum, volatility) 61

Profitability 45
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Panjawattana Plastic Public Company Limited, together with its subsidiaries, manufactures and distributes plastic packaging and industrial plastic parts in Thailand and internationally. It operates through Plant " Samuthsakhon; Plant " Chonburi; Plant " Bangkok; Plant - Tianjin (China); Plant - Jiangsu (China); Business Trading; and Service segments.

Full company description

Panjawattana Plastic Public Company Limited, together with its subsidiaries, manufactures and distributes plastic packaging and industrial plastic parts in Thailand and internationally. It operates through Plant " Samuthsakhon; Plant " Chonburi; Plant " Bangkok; Plant - Tianjin (China); Plant - Jiangsu (China); Business Trading; and Service segments. The company offers lubricant, milk and yoghurt milk, consumer goods, and chemical liquid packaging products. It also trades in lids and plastic resins; engages in the design and development of products, and commercial laundry services; and manufactures and distributes automotive parts. Panjawattana Plastic Public Company Limited was incorporated in 1987 and is based in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Panjawattana Plastic Public Company reported revenue of 3.8B THB in FY2025 versus 3.1B THB in FY2021, a compound +5.2%/yr. Reported net income was 164M THB in FY2025, compounding −0.7%/yr from FY2021.

Growth Quality 66/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.8B THB
Latest YoY
+1.0%
Avg. growth/yr (3Y) 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.
+3.8%
Avg. growth/yr (5Y) 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.
+6.1%
Avg. growth/yr (15Y) 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.
+6.9%
Revenue +5.2%/yr
FY21 3.1B THB
FY22 3.4B THB
FY23 3.5B THB
FY24 3.7B THB
FY25 3.8B THB
Net income −0.7%/yr
FY21 169M THB
FY22 83.5M THB
FY23 152M THB
FY24 128M THB
FY25 164M THB
Character of growth · EPS growth decomposed (2014-2025) +5.1 % p.a.
Revenue per share +3.5 pp

of which total revenue +3.9 pp · buybacks/dilution −0.4 pp

EBIT margin +6.5 pp
Tax rate −1.6 pp
Residual (interest, one-offs) −3.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Panjawattana Plastic Public Company Fair Value". https://www.fairvalue-calculator.com/stock/PJW

Peer Group

Packaging & Containers · 272 stocks

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.

Quality Score 56 · Above median
Fair Value upside +100% · Top 25%
Return on equity (TTM) 12% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth -7% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.39× · Higher than 75% of peers

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 8.3× · Cheaper than 75% of peers
P/B 0.84× · Cheaper than median
P/S (TTM) 0.32× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 3.1× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 9
FUTURE 0 · sector 1
PAST 46 · sector 21
HEALTH 81 · sector 92
DIVIDEND 0 · sector 42

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Ton Yi Industrial Corp 9907 15.15 TWD 23.17 TWD +53%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%

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Frequently asked questions

Is Panjawattana Plastic Public Company (PJW) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 4.15 THB versus a price of 2.08 THB, about +100% (undervalued).
What is the fair value of PJW?
Our model-based fair value for Panjawattana Plastic Public Company is 4.15 THB (as of Jul 12, 2026), built from audited fundamentals. The current price is 2.08 THB.
What is the quality score of PJW?
Panjawattana Plastic Public Company has a Quality Score of 56/100. 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 revenue of Panjawattana Plastic Public Company (PJW)?
Panjawattana Plastic Public Company reported trailing-twelve-month revenue of about 3.8B THB (latest available figure, as of Jul 12, 2026).
What is the net profit margin of PJW?
The net profit margin of Panjawattana Plastic Public Company is about 4.4%, meaning it keeps roughly 4.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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