True Corporation Public Company Limited (TCPFF) fair value: what the stock is really worth
As of Jul 3, 2026: fair value of True Corporation Public Company Limited $0.14, price $0.43, upside -67.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 3, 2026.
How to read this chart
36‑month range $0.0966 – $0.4252 · fair‑value band $0.1300 – $0.2200 · the $0.4252 price screens above the $0.1400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Oct 3, 2026.
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True Corporation Public Company Limited, together with its subsidiaries, provides telecommunications and value-added services in Thailand. The company operates through Mobile, Pay TV, and Broadband internet and others segments. It offers mobile, broadband Internet, Wi-Fi, television, and digital platforms and solutions.
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True Corporation Public Company Limited, together with its subsidiaries, provides telecommunications and value-added services in Thailand. The company operates through Mobile, Pay TV, and Broadband internet and others segments. It offers mobile, broadband Internet, Wi-Fi, television, and digital platforms and solutions. The company is also involved in entertainment, mobile equipment lessor, program production, non-government telecommunication, artist management, Internet services provider and distributor, and marketing management activities. In addition, it operates news channel; and provides business solutions, online digital media services on website and telecommunication devices, distribution center services, advertising sale and agency services, wireless telecommunication services, pay television, and football club and related activities management services. Further, the company designs, develops, produces, and sells software products; and offers digital solutions, and privilege and online-to-offline platforms, as well as business process outsourcing services in technical service, marketing, and customer relations. The company was formerly known as TelecomAsia Corporation Public Company Limited and changed its name to True Corporation Public Company Limited in April 2004. True Corporation Public Company Limited was incorporated in 1990 and is based in Bangkok, Thailand.
Stock analysis
True Corporation Public Company Limited (TCPFF) currently trades at $0.4252, while our model-based Fair Value estimate is $0.1400, 67.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $0.5100 per share, and 7 of the 26 models we run sit above the $0.4252 price.
Bear case: the Asset-Based group reads lowest at $0.0400, and 19 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.1300 (bear) to $0.2200 (bull), the price of $0.4252 sits above 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 56/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
True Corporation Public Company Limited reported revenue of 196B THB in FY2025 versus 144B THB in FY2021, a compound +8.0%/yr. Reported net income was 9.2B THB in FY2025.
Key figures
Market cap $14.7B · P/E ratio 42.5 · P/S ratio 2.01 · EPS (TTM) $0.0100 · Dividend yield 3.3% · Net margin 4.7% · Return on equity 17.9% · Return on assets (EBIT) 2.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
For context, the median of 10 Communication Services peers we cover trades at 36% fair-value upside, at −67%, TCPFF screens richer than that median.
Fair Value models
Bear $0.1300Fair Value $0.1400Bull $0.2200
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.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.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.73/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−5.1%
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.
+13.1%
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.
+7.2%
Start year 2020 (pandemic). Over 10 years: +5.1% a year
Revenue growth 25 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.
+9.7%
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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.
+25.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.7%
Dividend (yield on the price)3.3%
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.21.7% vs 8.2%, picking up
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.12% → 19%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+1.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +0.3% a year for the price and +0.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (14 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare True Corporation 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.Telecom Services · 237 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−54.4% · Bottom 25%
Profitability
Return on equity (TTM)17.9% · Above median
Return on assets3.7% · Above median
Net margin (TTM)7.5% · Above median
Operating margin (TTM)23.1% · Top 25%
Growth and dividend
Revenue growth−9.8% · Bottom 25%
Dividend yield (TTM)3.3% · Below median
Balance sheet
Debt / equity3.43× · Highest 25%
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (TTM)42.5× · Priciest 25%
P/B6.54× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)2.59× · Priciest 25%
P/FCF8.4× · Cheaper than median
EV/EBITDA8.8× · Pricier than median
PEG0.83× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 42
FUTURE (revenue growth)0· sector 22
PAST (return on equity)71· sector 34
HEALTH (low debt)0· sector 87
DIVIDEND (yield)65· sector 71
VALUE 0: the price sits above our fair-value range.
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). "True Corporation Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TCPFF
Frequently asked questions
Is True Corporation Public Company Limited (TCPFF) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $0.1400 versus the last price from Jul 3, 2026 of $0.4252, about −67% upside (overvalued).
What is the fair value of TCPFF?
Our model-based fair value for True Corporation Public Company Limited is $0.1400 (as of Oct 3, 2026), built from audited fundamentals. Last price (from Jul 3, 2026): $0.4252.
What is the quality score of TCPFF?
True Corporation Public Company Limited 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 price target for True Corporation Public Company Limited (TCPFF)?
Our model-based price target is the fair value of $0.1400 (as of Oct 3, 2026) from 26 valuation models. Cautious scenario $0.1300, optimistic scenario $0.2200. It is a calculation from audited fundamentals, not an analyst target.
What is the True Corporation Public Company Limited stock forecast for 2026?
Our models put fair value at $0.1400, about −67% upside versus the last price from Jul 3, 2026 of $0.4252 (overvalued). Cautious scenario $0.1300, optimistic scenario $0.2200. The calculation is refreshed regularly with new filings.
What is the revenue of True Corporation Public Company Limited (TCPFF)?
True Corporation Public Company Limited reported trailing-twelve-month revenue of about 191B THB (latest available figure, as of Oct 3, 2026).
Does True Corporation Public Company Limited pay a dividend?
True Corporation Public Company Limited currently shows a dividend yield of about 3.27% relative to its recent price (as of Oct 3, 2026).
What growth is priced into True Corporation Public Company Limited (TCPFF)?
For today's price to be fair in a discounted-cash-flow model, True Corporation Public Company Limited would have to grow free cash flow by +1.5 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.2 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of TCPFF use?
Our models discount True Corporation Public Company Limited at 9.2 %: a base by market capitalisation (large), country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For True Corporation Public Company Limited that is +1.5 % per year a year over ten years, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has True Corporation Public Company Limited (TCPFF) delivered so far?
Over the past 5 years revenue at True Corporation Public Company Limited grew +7.2 % a year. The price currently implies +1.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of True Corporation Public Company Limited (TCPFF) growing?
The median revenue growth in the sector is +3.0 % a year. That is the yardstick for the growth priced into True Corporation Public Company Limited (+1.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of True Corporation Public Company Limited (TCPFF)?
The free-cash-flow yield on the price is 11.86 %: that much free cash flow True Corporation Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of True Corporation Public Company Limited (TCPFF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For True Corporation Public Company Limited it is $0.1400 per share (as of Oct 3, 2026), against a price of $0.4252. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is True Corporation Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 3, 2026, TCPFF trades above its calculated fair value: price $0.4252, fair value $0.1400, a gap of about −67% (overvalued). 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 TCPFF?
No. The price is what the market pays today ($0.4252); the fair value is what the company's own numbers justify ($0.1400). For True Corporation Public Company Limited the two are $0.2852 per share apart. That gap is exactly why we show both numbers side by side.
How much is True Corporation Public Company Limited worth?
The market values True Corporation Public Company Limited at about $14.7B (market capitalisation, as of Oct 3, 2026). Per share that is $0.4252; our models calculate a fair value of $0.1400 per share.
What do the bullish and bearish scenarios say about TCPFF?
Our models span a range for True Corporation Public Company Limited: cautious scenario $0.1300, base $0.1400, optimistic $0.2200 per share (as of Oct 3, 2026, price $0.4252). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCPFF?
True Corporation Public Company Limited trades at a price-to-earnings ratio of 42.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.1400 is built from several models across several years. Other multiples: PEG 0.8, P/B 6.5, P/S 2.6, EV/EBITDA 8.8.
What is the PEG ratio of TCPFF?
The PEG ratio of True Corporation Public Company Limited is 0.83 (P/E divided by earnings growth, as of Oct 3, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of True Corporation Public Company Limited (TCPFF)?
Balance-sheet figures for True Corporation Public Company Limited (as of Oct 3, 2026): return on equity 17.9%, debt of 3.43 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
Which stocks are comparable to True Corporation Public Company Limited?
From the same area (Communication Services) we also value China Mobile Limited, Verizon Communications Inc, T-Mobile US, Inc, AT&T Inc, 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 True Corporation Public Company Limited stock attractive at the current price?
The data as of Oct 3, 2026: price $0.4252, calculated fair value $0.1400 (−67%), Quality Score 56/100, from 26 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 TCPFF calculated?
We run True Corporation Public Company Limited through 26 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 $0.1400, 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 14.5 % above its aggregate fair value. True Corporation Public Company Limited itself currently trades above fair value. 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 True Corporation Public Company Limited (TCPFF)?
The latest price we hold is from Jul 3, 2026 and stands at $0.4252. Our model-based fair value is $0.1400, about −67% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with True Corporation Public Company Limited right now?
The price sits above even our optimistic bull case ($0.2200). The favourable scenario is already priced in. 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 but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of True Corporation Public Company Limited
How large is the market capitalisation of True Corporation Public Company Limited (TCPFF)?
The market capitalisation of True Corporation Public Company Limited is $14.7B. 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 True Corporation Public Company Limited (TCPFF)?
The price-to-sales ratio of True Corporation Public Company Limited is 2.01 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of True Corporation Public Company Limited (TCPFF)?
Earnings per share at True Corporation Public Company Limited are $0.0100 (price ÷ EPS = P/E 42.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of True Corporation Public Company Limited (TCPFF)?
The dividend yield of True Corporation Public Company Limited is 3.3% (payout 139%). 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 True Corporation Public Company Limited (TCPFF)?
The net margin of True Corporation Public Company Limited is 4.7% (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 True Corporation Public Company Limited (TCPFF)?
The return on equity (ROE) of True Corporation Public Company Limited is 17.9% (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 True Corporation Public Company Limited (TCPFF)?
On an EBIT basis the return on assets of True Corporation 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 True Corporation Public Company Limited (TCPFF)?
The operating margin of True Corporation Public Company Limited is 23.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at True Corporation Public Company Limited (TCPFF)?
Revenue at True Corporation Public Company Limited is growing −9.8% versus a year earlier (3y avg +13.1%). 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 True Corporation Public Company Limited (TCPFF)?
Earnings per share at True Corporation Public Company Limited are growing +280% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does True Corporation Public Company Limited (TCPFF) carry?
The net debt of True Corporation Public Company Limited is 416B THB (fiscal year 2025, ≈ 7.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Oct 3, 2026