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Thai Mui Corporation (THMUI) Fair Value & Analysis

Industrials · TH · Market cap 112M THB

TM Thai Mui Corporation THMUI · BK
Price0.3000 THB
Fair Value0.6000 THB
Upside+100.0%
Quality60/100
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Healthy Growth
Thin margins · 3.1% net margin
Low debt · generates free cash flow
Ranks above peers (8/13)
Narrow moat 30/100
Evidence: High Range 0.4400 THB – 0.7700 THB Share as image

Fair value as of: Jul 14, 2026

From 23 valuation models · updated 27 days ago

Share price −3.2% over the past month.

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

What matters now

  • The price is below even our cautious bear case (0.4400 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

1.67 THB 0.2254 THB Fair Value 0.6000 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 0.2254 THB – 1.67 THB · fair‑value band 0.4400 THB – 0.7700 THB · the 0.3000 THB price screens below the 0.6000 THB fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Thai Mui Corporation (THMUI) currently trades at 0.3000 THB, while our model-based Fair Value estimate is 0.6000 THB, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Industrials 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, Thai Mui Corporation generated revenue of 448M THB at a net margin of 3.1%. Revenue grew 0.8% year over year. It earns a return on equity of 4.0%. Net debt stands at 208M THB. Fundamentals as of Jul 14, 2026

Our scenario range runs from 0.4400 THB (bear case) to 0.7700 THB (bull case); at 0.3000 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 29% below its 52-week high and 33% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -35% fair-value upside, at 100%, THMUI 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 0.0900 THB 0.1400 THB 0.2000 THB 80
Residual Income 0.6500 THB 0.6100 THB 0.4700 THB 76
Rev-Margin DCF 0.3000 THB 0.5500 THB 0.8300 THB 74
All 23 models by family
DCF Models
FCF DCF 0.0900 THB 0.1500 THB 0.2200 THB 38
Owner Earnings 0.4800 THB 0.6700 THB 0.9000 THB 31
5Y Revenue Exit 0.3000 THB 0.5600 THB 0.8800 THB 39
5Y EBITDA Exit 0.5200 THB 0.9600 THB 1.46 THB 41
5Y P/E Exit 0.2600 THB 0.4900 THB 0.7200 THB 38
10Y Revenue Exit 0.1900 THB 0.3800 THB 0.6200 THB 36
10Y EBITDA Exit 0.3200 THB 0.6100 THB 0.9800 THB 37
10Y P/E Exit 0.1800 THB 0.3300 THB 0.5100 THB 35
Earnings-Based
Graham-Dodd 0.2400 THB 0.6300 THB 0.8200 THB 54
PEG = 1.0 0.1200 THB 0.1700 THB 0.2200 THB 46
EPV 0.3000 THB 0.3400 THB 0.3800 THB 59
Multiples
P/E Multiple 0.5600 THB 0.7500 THB 0.9300 THB 63
P/S Multiple 0.4500 THB 0.6000 THB 0.7500 THB 58
P/B Multiple 0.4500 THB 0.6000 THB 0.7500 THB 55
EV/EBIT 0.7500 THB 1.03 THB 1.30 THB 53
EV/EBITDA 1.01 THB 1.38 THB 1.74 THB 54
EV/Revenue 0.5100 THB 0.7600 THB 1.02 THB 43
Asset-Based
NCAV (Graham) 0.4900 THB 0.6600 THB 0.9800 THB 50
Growth DCF
Growth DCF 0.0900 THB 0.1400 THB 0.2000 THB 80
Rev-Margin DCF 0.3000 THB 0.5500 THB 0.8300 THB 74
Economic Profit
Residual Income 0.6500 THB 0.6100 THB 0.4700 THB 76
ROIC Compounder 0.3000 THB 0.3400 THB 0.3800 THB 72
Growth Earnings
Growth-Adj P/E 0.4400 THB 0.6200 THB 0.8100 THB 68

Widest divergence: Multiples (0.7500 THB) versus Growth DCF (0.1400 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 448M THB
Revenue growth (YoY) +0.8%
Net margin 3.1%
Return on equity 4.0%
Free cash flow 7.7M THB FY2025
P/E ratio 8.0
More key figures
Operating margin 1.6%
EPS (TTM) 0.0400 THB
EPS growth (YoY) -73.1%
Net debt 208M THB FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 56 · Market factors (momentum, volatility) 43

Profitability 34
Margins and returns on capital today
Quality Growth 91
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 35
Distance to the 52-week high (market factor)
Net Issuance 82
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

Thai Mui Corporation Public Company Limited engages in retail and wholesale of iron ware, wire rope saw, pipes, and loop wire rope in Thailand. The company operates through two segments: Sale and services, and Projects. It also offers elevator, crane and equipment inspection, testing, technical analysis, and transportation service.

Full company description

Thai Mui Corporation Public Company Limited engages in retail and wholesale of iron ware, wire rope saw, pipes, and loop wire rope in Thailand. The company operates through two segments: Sale and services, and Projects. It also offers elevator, crane and equipment inspection, testing, technical analysis, and transportation service. The company is also involved in plumbing contractor project; construction of a water quality improvement business for shrimp farm; and distribution of equipment and machinery parts relating to environment. The company was formerly known as Thai Mui Trading Corporation Co., Ltd. Thai Mui Corporation Public Company Limited was incorporated in 2017 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thai Mui Corporation reported revenue of 445M THB in FY2025 versus 351M THB in FY2021, a compound +6.1%/yr. Reported net income was 12.4M THB in FY2025.

Growth Quality 67/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
445M THB
Latest YoY
+25.4%
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.
+5.7%
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.
+6.2%
Avg. growth/yr (11Y) 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.
+1.7%
Revenue +6.1%/yr
FY21 351M THB
FY22 376M THB
FY23 408M THB
FY24 355M THB
FY25 445M THB
Net income
FY21 −771K THB
FY22 −5.6M THB
FY23 2.0M THB
FY24 −41.3M THB
FY25 12.4M THB
Character of growth · EPS growth decomposed (2014-2025) −7.4 % p.a.
Revenue per share +1.6 pp

of which total revenue +1.6 pp · buybacks/dilution +0.0 pp

EBIT margin −6.8 pp
Tax rate −0.3 pp
Residual (interest, one-offs) −1.9 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). "Thai Mui Corporation Fair Value". https://www.fairvalue-calculator.com/stock/THMUI

Peer Group

Industrial Distribution · 102 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 60 · Above median
Fair Value upside +100% · Top 25%
Return on equity (TTM) 4% · Below median
Return on assets 3% · Below median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 2% · Bottom 25%
Revenue growth 1% · Below median
Debt / equity 0.13× · Lower than median

Valuation Multiples vs Industrial Distribution median · lower = cheaper

P/E (TTM) 8.0× · Cheaper than 75% of peers
P/B 0.33× · Cheaper than 75% of peers
P/S (TTM) 0.25× · Cheaper than 75% of peers
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 4.9× · 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 19
FUTURE 4 · sector 19
PAST 16 · sector 37
HEALTH 94 · sector 90
DIVIDEND 0 · sector 31

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 Industrial Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
W.W. Grainger, Inc GWW $1,376 $625.61 -55%
Fastenal Company FAST $45.49 $20.64 -55%
Ferguson Enterprises Inc FERG $232.02 $151.92 -35%
WESCO International, Inc WCC $326.71 $213.01 -35%
Watsco, Inc WSO $385.16 $268.10 -30%
Toromont Industries Ltd TIH C$232.22 C$127.90 -45%
Applied Industrial Technologies, Inc AIT $329.35 $191.65 -42%
Finning International Inc FTT C$102.50 C$76.38 -25%
Addtech AB ADDTB kr 329.20 kr 156.35 -53%
Core & Main, Inc CNM $44.66 $49.47 +11%

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Frequently asked questions

Is Thai Mui Corporation (THMUI) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 0.6000 THB versus a price of 0.3000 THB, about +100% (undervalued).
What is the fair value of THMUI?
Our model-based fair value for Thai Mui Corporation is 0.6000 THB (as of Jul 14, 2026), built from audited fundamentals. The current price is 0.3000 THB.
What is the quality score of THMUI?
Thai Mui Corporation has a Quality Score of 60/100. 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 Thai Mui Corporation (THMUI)?
Thai Mui Corporation reported trailing-twelve-month revenue of about 448M THB (latest available figure, as of Jul 14, 2026).
What is the net profit margin of THMUI?
The net profit margin of Thai Mui Corporation is about 3.1%, meaning it keeps roughly 3.1% 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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