Dhipaya Group Holdings PCL (TIPH) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Dhipaya Group Holdings PCL THB 19.99, price THB 25.50, upside -21.6%, quality 68 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 15.74 THB – 69.51 THB · fair‑value band 13.22 THB – 26.83 THB · the 25.50 THB price screens above the 19.99 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Dhipaya Group Holdings Public Company Limited, through its subsidiaries, provides non-life insurance products in Thailand. It operates through three segments: Non-life Insurance, Investment Business, and Insurance Supported Business.
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Dhipaya Group Holdings Public Company Limited, through its subsidiaries, provides non-life insurance products in Thailand. It operates through three segments: Non-life Insurance, Investment Business, and Insurance Supported Business. The company acts as a non-life insurance broker, and surveyor; and operates training center, as well as provides technology service. Dhipaya Group Holdings Public Company Limited was founded in 1951 and is based in Bangkok, Thailand.
Stock analysis
Dhipaya Group Holdings PCL (TIPH) currently trades at 25.50 THB, while our model-based Fair Value estimate is 19.99 THB, implying the stock looks roughly 27.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 21.95 THB per share, and 0 of the 6 models we run sit above the 25.50 THB price.
Bear case: the Asset-Based group reads lowest at 10.56 THB, and 6 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 13.22 THB (bear) to 26.83 THB (bull), the price of 25.50 THB sits inside 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 68/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dhipaya Group Holdings PCL reported revenue of 34.2B THB in FY2025 versus 13.6B THB in FY2021, a compound +25.9%/yr. Reported net income was 1.0B THB in FY2025, compounding −13.7%/yr from FY2021.
Key figures
Market cap 15.2B THB (≈ $455M) · P/E ratio 14.2 · P/S ratio 0.42 · EPS (TTM) 1.80 THB · Dividend yield 5.9% · Net margin 2.9% · Return on equity 12.2% · Return on assets (EBIT) 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 38% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −23% fair-value upside, at −22%, TIPH screens cheaper than that median.
Fair Value models
Bear 13.22 THBFair Value 19.99 THBBull 26.83 THB
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 9 months old). Earnings retained since then (0.2195 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.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.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+125.1%
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.
+31.1%
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.
+21.8%
Start year 2020 (pandemic). Over 10 years: +13.5% a year
Revenue growth 13 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.
+10.2%
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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.
−5.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.5%
Dividend (yield on the price)5.9%
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.−12% vs −4%, 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.20% → 4%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less 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).
−0.6%
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 −1.8% a year for the price.
Compare Dhipaya Group Holdings PCL 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 - Diversified · 83 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−22% · Above median
Profitability
Return on equity (TTM)12% · Above median
Return on assets2% · Below median
Net margin (TTM)3% · Bottom 25%
Operating margin (TTM)5% · Below median
Growth and dividend
Revenue growth−5% · Bottom 25%
Dividend yield (TTM)5.9% · Top 25%
Balance sheet
Debt / equity0.14× · Below median
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Dhipaya Group Holdings PCL Fair Value". https://www.fairvalue-calculator.com/stock/TIPH
Frequently asked questions
Is Dhipaya Group Holdings PCL (TIPH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 19.99 THB versus a price of 25.50 THB, about −22% upside (overvalued).
What is the fair value of TIPH?
Our model-based fair value for Dhipaya Group Holdings PCL is 19.99 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 25.50 THB.
What is the quality score of TIPH?
Dhipaya Group Holdings PCL has a Quality Score of 68/100. 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 Dhipaya Group Holdings PCL (TIPH)?
Our model-based price target is the fair value of 19.99 THB (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 13.22 THB, optimistic scenario 26.83 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Dhipaya Group Holdings PCL stock forecast for 2026?
Our models put fair value at 19.99 THB, about −22% upside versus a price of 25.50 THB (overvalued). Cautious scenario 13.22 THB, optimistic scenario 26.83 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Dhipaya Group Holdings PCL (TIPH)?
Dhipaya Group Holdings PCL reported trailing-twelve-month revenue of about 33.3B THB (latest available figure, as of Sep 24, 2026).
Does Dhipaya Group Holdings PCL pay a dividend?
Dhipaya Group Holdings PCL currently shows a dividend yield of about 5.88% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Dhipaya Group Holdings PCL (TIPH)?
For today's price to be fair in a discounted-cash-flow model, Dhipaya Group Holdings PCL would have to grow free cash flow by -0.6 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TIPH use?
Our models discount Dhipaya Group Holdings PCL at 11.6 %: a base by market capitalisation (small), damped by beta 0.04, 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 Dhipaya Group Holdings PCL that is -0.6 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Dhipaya Group Holdings PCL (TIPH) delivered so far?
Over the past 5 years revenue at Dhipaya Group Holdings PCL grew +21.9 % a year. The price currently implies -0.6 % 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 Dhipaya Group Holdings PCL (TIPH) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Dhipaya Group Holdings PCL (-0.6 % 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 Dhipaya Group Holdings PCL (TIPH)?
The free-cash-flow yield on the price is 10.06 %: that much free cash flow Dhipaya Group Holdings PCL produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dhipaya Group Holdings PCL (TIPH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dhipaya Group Holdings PCL it is 19.99 THB per share (as of Sep 24, 2026), against a price of 25.50 THB. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Dhipaya Group Holdings PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TIPH trades above its calculated fair value: price 25.50 THB, fair value 19.99 THB, a gap of about −22% (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 TIPH?
No. The price is what the market pays today (25.50 THB); the fair value is what the company's own numbers justify (19.99 THB). For Dhipaya Group Holdings PCL the two are 5.51 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Dhipaya Group Holdings PCL worth?
The market values Dhipaya Group Holdings PCL at about 15.2B THB (market capitalisation, as of Sep 24, 2026). Per share that is 25.50 THB; our models calculate a fair value of 19.99 THB per share.
What do the bullish and bearish scenarios say about TIPH?
Our models span a range for Dhipaya Group Holdings PCL: cautious scenario 13.22 THB, base 19.99 THB, optimistic 26.83 THB per share (as of Sep 24, 2026, price 25.50 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TIPH?
Dhipaya Group Holdings PCL trades at a price-to-earnings ratio of 14.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19.99 THB is built from several models across several years. Other multiples: P/B 1.6, P/S 0.5, EV/EBITDA 11.4.
How solid is the balance sheet of Dhipaya Group Holdings PCL (TIPH)?
Balance-sheet figures for Dhipaya Group Holdings PCL (as of Sep 24, 2026): return on equity 12.2%, debt of 0.14 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is TIPH from its 52-week high?
Dhipaya Group Holdings PCL trades at 25.50 THB, about 2% below its 52-week high of 26.00 THB and 38% above the low of 18.50 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 19.99 THB is for.
Which stocks are comparable to Dhipaya Group Holdings PCL?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, 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 Dhipaya Group Holdings PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 25.50 THB, calculated fair value 19.99 THB (−22%), Quality Score 68/100, from 6 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 TIPH calculated?
We run Dhipaya Group Holdings PCL through 6 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 19.99 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 14.1 % above its aggregate fair value. Dhipaya Group Holdings PCL 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 Dhipaya Group Holdings PCL (TIPH)?
The closing price on Sep 23, 2026 was 25.50 THB. Our model-based fair value is 19.99 THB, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dhipaya Group Holdings PCL right now?
Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (13.22 THB to 26.83 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Dhipaya Group Holdings PCL (TIPH) come from?
Earnings per share at Dhipaya Group Holdings PCL grew −0.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.7 %, EBIT margin −9.2 %, tax rate +0.1 %, residual (interest, one-offs) +0.1 %. 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 Dhipaya Group Holdings PCL
How large is the market capitalisation of Dhipaya Group Holdings PCL (TIPH)?
The market capitalisation of Dhipaya Group Holdings PCL is 15.2B THB (≈ $455M). 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 Dhipaya Group Holdings PCL (TIPH)?
The price-to-sales ratio of Dhipaya Group Holdings PCL is 0.42 (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 Dhipaya Group Holdings PCL (TIPH)?
Earnings per share at Dhipaya Group Holdings PCL are 1.80 THB (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dhipaya Group Holdings PCL (TIPH)?
The dividend yield of Dhipaya Group Holdings PCL is 5.9% (payout 83.3%). 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 Dhipaya Group Holdings PCL (TIPH)?
The net margin of Dhipaya Group Holdings PCL is 2.9% (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 Dhipaya Group Holdings PCL (TIPH)?
The return on equity (ROE) of Dhipaya Group Holdings PCL is 12.2% (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 Dhipaya Group Holdings PCL (TIPH)?
On an EBIT basis the return on assets of Dhipaya Group Holdings PCL is 3.6% (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 Dhipaya Group Holdings PCL (TIPH)?
The operating margin of Dhipaya Group Holdings PCL is 4.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dhipaya Group Holdings PCL (TIPH)?
Revenue at Dhipaya Group Holdings PCL is growing −4.5% versus a year earlier (3y avg +31.1%). 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 Dhipaya Group Holdings PCL (TIPH)?
Earnings per share at Dhipaya Group Holdings PCL are growing +23.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dhipaya Group Holdings PCL (TIPH) hold?
Dhipaya Group Holdings PCL holds more cash than debt, 804M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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