Thai Reinsurance Public Company Limited (THRE) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of Thai Reinsurance Public Company Limited stock THB 0.16, price THB 0.45, upside -64.4%, quality 58 out of 100. Rating: strongly overvalued. 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 28, 2026.
How to read this chart
60‑month range 0.3200 THB – 1.54 THB · fair‑value band 0.1500 THB – 0.1800 THB · the 0.4500 THB price screens above the 0.1600 THB 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 28, 2026.
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Thai Reinsurance Public Company Limited, together with its subsidiaries, provides reinsurance products and services in Thailand and internationally.
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The company offers reinsurance products, including motor, property, fire, industrial all risk, marine hull and cargo, liability, financial, personal accident, health, and other products; and professional risk pool management services.
It also provides personal accident, health, and other insurance products. In addition, the company offers reinsurance capacity, co-developed reinsurance products, and related services, as well as personal line insurance product customization services and specialty reinsurance solutions.
Further, it is involved in computer services related to motor claim management; claim management and marketing services; actuarial, training, and advisory services; development of electronic commerce services; and health care management and advisory services.
The company was founded in 1978 and is based in Bangkok, Thailand.
Stock analysis
Thai Reinsurance Public Company Limited (THRE) currently trades at 0.4500 THB, while our model-based Fair Value estimate is 0.1600 THB, 64.4% 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 0.5600 THB per share, and 1 of the 13 models we run sit above the 0.4500 THB price.
Bear case: the Earnings-Based group reads lowest at 0.1400 THB, and 12 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.1500 THB (bear) to 0.1800 THB (bull), the price of 0.4500 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 58/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Thai Reinsurance Public Company Limited reported revenue of 3.5B THB in FY2025 versus 4.6B THB in FY2021, a compound −7.0%/yr. Reported net income was −2.7M THB in FY2025.
Key figures
Market cap 1.9B THB (≈ $55.2M) Micro · P/E ratio 11.3 · P/S ratio 0.60 · EPS (TTM) 0.0400 THB · Dividend yield 0.6% · Net margin 4.9% · Return on equity 4.3% · Return on assets (EBIT) −0.4%.
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 38% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 13% fair-value upside, at −64%, THRE screens richer than that median.
Fair Value models
Bear0.1500 THBFair Value 0.1600 THBBull0.1800 THB
Price 0.4500 THB · Upside -64.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0331 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.32/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−37.9%
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.
−8.0%
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.
−4.8%
Start year 2020 (pandemic). Over 10 years: −7.5% 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.
+2.3%
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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.
5.8% (2020) → 0.6% (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
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+7.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +5.7% a year for the price.
Compare Thai Reinsurance 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.Insurance - Reinsurance · 25 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−66.0% · Bottom 25%
Profitability
Return on equity (12 months)4.3% · Bottom 25%
Return on assets0.0% · Bottom 25%
Net margin (12 months)4.9% · Bottom 25%
Operating margin (12 months)13.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.6% · Below median
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Insurance - Reinsurance median · lower = cheaper
P/E (12 months)11.3× · Pricier than median
P/B0.52× · Cheapest 25%
P/S (12 months)0.60× · Cheapest 25%
Price / free cash flow16.4× · Priciest 25%
EV/EBITDA5.7× · Cheaper than median
PEG2.05× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 50
FUTURE (revenue growth)0· sector 0
PAST (return on equity)17· sector 50
HEALTH (low debt)100· sector 89
DIVIDEND (yield)13· sector 85
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). "Thai Reinsurance Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/THRE
Frequently asked questions
Is Thai Reinsurance Public Company Limited (THRE) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 0.1600 THB versus a price of 0.4500 THB, about −64% upside (overvalued).
What is the fair value of THRE?
Our model-based fair value for Thai Reinsurance Public Company Limited is 0.1600 THB (as of Oct 28, 2026), built from audited fundamentals. The current price: 0.4500 THB.
What is the quality score of THRE?
Thai Reinsurance 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 Thai Reinsurance Public Company Limited (THRE)?
Our model-based price target is the fair value of 0.1600 THB (as of Oct 28, 2026) from 13 valuation models. Cautious scenario 0.1500 THB, optimistic scenario 0.1800 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Reinsurance Public Company Limited stock forecast for 2026?
Our models put fair value at 0.1600 THB, about −64% upside versus a price of 0.4500 THB (overvalued). Cautious scenario 0.1500 THB, optimistic scenario 0.1800 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Reinsurance Public Company Limited (THRE)?
Thai Reinsurance Public Company Limited reported trailing-twelve-month revenue of about 3.2B THB (latest available figure, as of Oct 28, 2026).
Does Thai Reinsurance Public Company Limited pay a dividend?
Thai Reinsurance Public Company Limited currently shows a dividend yield of 0.64% relative to its recent price (as of Oct 28, 2026).
What growth is priced into Thai Reinsurance Public Company Limited (THRE)?
For today's price to be fair in a discounted-cash-flow model, Thai Reinsurance Public Company Limited would have to grow free cash flow by +7.0 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.8 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of THRE use?
Our models discount Thai Reinsurance Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.27, country premium for Thailand. 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 Thai Reinsurance Public Company Limited that is +7.0 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Thai Reinsurance Public Company Limited (THRE) delivered so far?
Over the past 5 years revenue at Thai Reinsurance Public Company Limited grew -4.8 % a year. The price currently implies +7.0 % 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 Thai Reinsurance Public Company Limited (THRE) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Thai Reinsurance Public Company Limited (+7.0 % 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 Thai Reinsurance Public Company Limited (THRE)?
The free-cash-flow yield on the price is 6.36 %: that much free cash flow Thai Reinsurance Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thai Reinsurance Public Company Limited (THRE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Reinsurance Public Company Limited it is 0.1600 THB per share (as of Oct 28, 2026), against a price of 0.4500 THB. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Thai Reinsurance Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 28, 2026, THRE trades above its calculated fair value: price 0.4500 THB, fair value 0.1600 THB, a gap of about −64% (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 THRE?
No. The price is what the market pays today (0.4500 THB); the fair value is what the company's own numbers justify (0.1600 THB). For Thai Reinsurance Public Company Limited the two are 0.2900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Reinsurance Public Company Limited worth?
The market values Thai Reinsurance Public Company Limited at about 1.9B THB (market capitalisation, as of Oct 28, 2026). Per share that is 0.4500 THB; our models calculate a fair value of 0.1600 THB per share.
What do the bullish and bearish scenarios say about THRE?
Our models span a range for Thai Reinsurance Public Company Limited: cautious scenario 0.1500 THB, base 0.1600 THB, optimistic 0.1800 THB per share (as of Oct 28, 2026, price 0.4500 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of THRE?
Thai Reinsurance Public Company Limited trades at a price-to-earnings ratio of 11.3 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.1600 THB is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2016 to 2024), reported earnings: 21.7. Other multiples: PEG 2.1, P/B 0.5, P/S 0.6, EV/EBITDA 5.7.
What is the PEG ratio of THRE?
The PEG ratio of Thai Reinsurance Public Company Limited is 2.05 (P/E divided by earnings growth, as of Oct 28, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Thai Reinsurance Public Company Limited (THRE)?
Balance-sheet figures for Thai Reinsurance Public Company Limited (as of Oct 28, 2026): return on equity 4.3%, 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 THRE from its 52-week high?
Thai Reinsurance Public Company Limited trades at 0.4500 THB, about 38% below its 52-week high of 0.7300 THB and 41% above the low of 0.3200 THB (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 0.1600 THB is for.
Which stocks are comparable to Thai Reinsurance Public Company Limited?
From the same area (Financial Services) we also value MUV2, Swiss Re AG, Hannover Rück SE, Reinsurance Group, 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 Thai Reinsurance Public Company Limited stock attractive at the current price?
The data as of Oct 28, 2026: price 0.4500 THB, calculated fair value 0.1600 THB (−64%), Quality Score 58/100, from 13 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 THRE calculated?
We run Thai Reinsurance Public Company Limited through 13 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 0.1600 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 13.4 % above its aggregate fair value. Thai Reinsurance 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 Thai Reinsurance Public Company Limited (THRE)?
The closing price on Oct 29, 2026 was 0.4500 THB. Our model-based fair value is 0.1600 THB, about −64% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Reinsurance Public Company Limited right now?
The price sits above even our optimistic bull case (0.1800 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 (58/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Thai Reinsurance Public Company Limited (THRE) come from?
Earnings per share at Thai Reinsurance Public Company Limited grew −21.5 % a year from 2015 to 2025. Broken into its drivers: revenue per share −1.9 %, EBIT margin −19.1 %, tax rate −0.1 %, residual (interest, one-offs) −0.9 %. 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 Thai Reinsurance Public Company Limited
How large is the market capitalisation of Thai Reinsurance Public Company Limited (THRE)?
The market capitalisation of Thai Reinsurance Public Company Limited is 1.9B THB (≈ $55.2M). 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 Thai Reinsurance Public Company Limited (THRE)?
The price-to-sales ratio of Thai Reinsurance Public Company Limited is 0.60 (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 Thai Reinsurance Public Company Limited (THRE)?
Earnings per share at Thai Reinsurance Public Company Limited are 0.0400 THB (price ÷ EPS = P/E 11.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Reinsurance Public Company Limited (THRE)?
The dividend yield of Thai Reinsurance Public Company Limited is 0.6% (payout 7.2%). 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 Thai Reinsurance Public Company Limited (THRE)?
The net margin of Thai Reinsurance Public Company Limited is 4.9% (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 Thai Reinsurance Public Company Limited (THRE)?
The return on equity (ROE) of Thai Reinsurance Public Company Limited is 4.3% (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 Thai Reinsurance Public Company Limited (THRE)?
On an EBIT basis the return on assets of Thai Reinsurance Public Company Limited is −0.4% (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 Thai Reinsurance Public Company Limited (THRE)?
The operating margin of Thai Reinsurance Public Company Limited is 13.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Reinsurance Public Company Limited (THRE)?
Revenue at Thai Reinsurance Public Company Limited is growing −7.6% versus a year earlier (3y avg −8.0%). 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 Thai Reinsurance Public Company Limited (THRE)?
Earnings per share at Thai Reinsurance Public Company Limited are growing +19.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Thai Reinsurance Public Company Limited (THRE) hold?
Thai Reinsurance Public Company Limited holds more cash than debt, 440M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Oct 28, 2026