Thaicom Public Company Limited (THCOM) fair value: what the stock is really worth
As of Oct 15, 2026: fair value (intrinsic value) of Thaicom Public Company Limited stock THB 1.18, price THB 9.65, upside -87.8%, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Thaicom Public Company Limited, together with its subsidiaries, provides transponder services for domestic and international communications in Thailand, Australia, India, Myanmar, and internationally.
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It operates through Services relating to the satellite business and the transponder services; Sales and services relating to the internet and media business; and Sales and services relating to the telephone network business segments.
The company also engages in the sale of direct television equipment; system integration consultancy service for broadband network and content services; providing transponder services; engineering and development services, technology, and electronics; satellite equipment; and technical support for satellite network.
It also provides internet data center, satellite uplink-downlink services, and internet services. In addition, it provides technical consulting, telecommunication, telephone system services, mobile phones services, and broadcasting television services.
Further, the company offers communication and electronic technology, engineering, and development services, as well as distributes iPSTAR, a television receiving equipment. Thaicom Public Company Limited was founded in 1991 and is based in Bangkok, Thailand.
Stock analysis
Thaicom Public Company Limited (THCOM) currently trades at 9.65 THB, while our model-based Fair Value estimate is 1.18 THB, 87.8% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 5.72 THB per share, and 1 of the 12 models we run sit above the 9.65 THB price.
Bear case: the Earnings-Based group reads lowest at 0.3000 THB, and 11 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.7200 THB (bear) to 1.64 THB (bull), the price of 9.65 THB 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 49/100 (below-average quality), in the Communication Services sector.
Mixed Growth: Spin-off in 2007: revenue and profit before it include the divested business. Growth is measured afresh from 2007.
Thaicom Public Company Limited reported revenue of 2.5B THB in FY2025 versus 3.3B THB in FY2021, a compound −7.0%/yr. Reported net income was 40.1M THB in FY2025, compounding −27.3%/yr from FY2021.
Key figures
Market cap 10.6B THB (≈ $315M) Small · P/E ratio 16.6 · P/S ratio 4.43 · EPS (TTM) 0.5800 THB · Net margin 26.3% · Return on equity 6.1% · Return on assets (EBIT) 1.3% · Operating margin −17.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 30% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 37% fair-value upside, at −88%, THCOM screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.3000 THB to 29.88 THB). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear0.7200 THBFair Value 1.18 THBBull1.64 THB
Price 9.65 THB · Upside -87.8%
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 10 months old). Earnings retained since then (0.4640 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.55/100
Spin-off in 2007: revenue and profit before it include the divested business. Growth is measured afresh from 2007.
Revenue growth 1 year
+2.6%
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.
−5.4%
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.
−7.0%
Start year 2020 (pandemic). Over 10 years: −14.9% a year
Revenue growth 18 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.
−5.2%
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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.
−34.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−34.3%
Dividend (yield on the price)0.0%
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.−34.3% vs −30.9%, slowing
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.7% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 13.2%/yr over ~10Y (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.
Compare Thaicom 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 · 238 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−87.8% · Bottom 25%
Profitability
Return on equity (12 months)6.1% · Below median
Return on assets0.2% · Below median
Net margin (12 months)26.3% · Top 25%
Operating margin (12 months)−17.4% · Bottom 25%
Growth and dividend
Revenue growth−7.1% · Bottom 25%
Balance sheet
Debt / equity0.05× · Below median
Valuation Multiplesvs Telecom Services median · lower = cheaper
P/E (12 months)16.6× · Cheaper than median
P/B1.05× · Cheaper than median
P/S (12 months)4.43× · Priciest 25%
EV/EBITDA8.6× · Pricier than median
PEG0.37× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 45
FUTURE (revenue growth)0· sector 18
PAST (return on equity)25· sector 33
HEALTH (low debt)97· sector 83
DIVIDEND (yield)0· sector 73
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). "Thaicom Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/THCOM
Frequently asked questions
Is Thaicom Public Company Limited (THCOM) overvalued or undervalued?
As of Oct 19, 2026, our model estimates a fair value of 1.18 THB versus a price of 9.65 THB, about −88% upside (overvalued).
What is the fair value of THCOM?
Our model-based fair value for Thaicom Public Company Limited is 1.18 THB (as of Oct 19, 2026), built from audited fundamentals. The current price: 9.65 THB.
What is the quality score of THCOM?
Thaicom Public Company Limited has a Quality Score of 49/100. 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 Thaicom Public Company Limited (THCOM)?
Our model-based price target is the fair value of 1.18 THB (as of Oct 19, 2026) from 12 valuation models. Cautious scenario 0.7200 THB, optimistic scenario 1.64 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thaicom Public Company Limited stock forecast for 2026?
Our models put fair value at 1.18 THB, about −88% upside versus a price of 9.65 THB (overvalued). Cautious scenario 0.7200 THB, optimistic scenario 1.64 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thaicom Public Company Limited (THCOM)?
Thaicom Public Company Limited reported trailing-twelve-month revenue of about 2.4B THB (latest available figure, as of Oct 19, 2026).
What is the intrinsic value of Thaicom Public Company Limited (THCOM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thaicom Public Company Limited it is 1.18 THB per share (as of Oct 19, 2026), against a price of 9.65 THB. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Thaicom Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 19, 2026, THCOM trades above its calculated fair value: price 9.65 THB, fair value 1.18 THB, a gap of about −88% (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 THCOM?
No. The price is what the market pays today (9.65 THB); the fair value is what the company's own numbers justify (1.18 THB). For Thaicom Public Company Limited the two are 8.47 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thaicom Public Company Limited worth?
The market values Thaicom Public Company Limited at about 10.6B THB (market capitalisation, as of Oct 19, 2026). Per share that is 9.65 THB; our models calculate a fair value of 1.18 THB per share.
What do the bullish and bearish scenarios say about THCOM?
Our models span a range for Thaicom Public Company Limited: cautious scenario 0.7200 THB, base 1.18 THB, optimistic 1.64 THB per share (as of Oct 19, 2026, price 9.65 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of THCOM?
Thaicom Public Company Limited trades at a price-to-earnings ratio of 16.6 (as of Oct 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.18 THB is built from several models across several years. Other multiples: PEG 0.4, P/B 1.1, P/S 4.4, EV/EBITDA 8.6.
What is the PEG ratio of THCOM?
The PEG ratio of Thaicom Public Company Limited is 0.37 (P/E divided by earnings growth, as of Oct 19, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Thaicom Public Company Limited (THCOM)?
Balance-sheet figures for Thaicom Public Company Limited (as of Oct 19, 2026): return on equity 6.1%, debt of 0.05 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is THCOM from its 52-week high?
Thaicom Public Company Limited trades at 9.65 THB, about 30% below its 52-week high of 13.80 THB and 25% above the low of 7.70 THB (as of Oct 15, 2026). Distance from the high says nothing about value: that is what the fair value of 1.18 THB is for.
Which stocks are comparable to Thaicom 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 Thaicom Public Company Limited stock attractive at the current price?
The data as of Oct 19, 2026: price 9.65 THB, calculated fair value 1.18 THB (−88%), Quality Score 49/100, from 12 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 THCOM calculated?
We run Thaicom Public Company Limited through 12 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 1.18 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 13.8 % above its aggregate fair value. Thaicom 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 Thaicom Public Company Limited (THCOM)?
The closing price on Oct 15, 2026 was 9.65 THB. Our model-based fair value is 1.18 THB, about −88% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thaicom Public Company Limited right now?
The price sits above even our optimistic bull case (1.64 THB). 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 (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (0.7200 THB to 1.64 THB) leaves room in how you read the outcome.
Where does the earnings growth of Thaicom Public Company Limited (THCOM) come from?
Earnings per share at Thaicom Public Company Limited grew −21.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share −15.3 %, EBIT margin −6.7 %, tax rate −2.9 %, residual (interest, one-offs) +2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thaicom Public Company Limited
How large is the market capitalisation of Thaicom Public Company Limited (THCOM)?
The market capitalisation of Thaicom Public Company Limited is 10.6B THB (≈ $315M). 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 Thaicom Public Company Limited (THCOM)?
The price-to-sales ratio of Thaicom Public Company Limited is 4.43 (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 Thaicom Public Company Limited (THCOM)?
Earnings per share at Thaicom Public Company Limited are 0.5800 THB (price ÷ EPS = P/E 16.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Thaicom Public Company Limited (THCOM)?
The net margin of Thaicom Public Company Limited is 26.3% (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 Thaicom Public Company Limited (THCOM)?
The return on equity (ROE) of Thaicom Public Company Limited is 6.1% (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 Thaicom Public Company Limited (THCOM)?
On an EBIT basis the return on assets of Thaicom Public Company Limited is 1.3% (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 Thaicom Public Company Limited (THCOM)?
The operating margin of Thaicom Public Company Limited is −17.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thaicom Public Company Limited (THCOM)?
Revenue at Thaicom Public Company Limited is growing −7.1% versus a year earlier (3y avg −5.4%). 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 Thaicom Public Company Limited (THCOM)?
Earnings per share at Thaicom Public Company Limited are growing +393% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thaicom Public Company Limited (THCOM) generate?
The free cash flow of Thaicom Public Company Limited is −1.4B 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 Thaicom Public Company Limited (THCOM) carry?
The net debt of Thaicom Public Company Limited is 397M THB (fiscal year 2025). 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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Oct 19, 2026