Turnkey Communication Services PCL (TKC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Turnkey Communication Services PCL THB 3.57, price THB 8.75, upside -59.2%, quality 30 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
56‑month range 6.94 THB – 27.92 THB · fair‑value band 2.92 THB – 4.01 THB · the 8.75 THB price screens above the 3.57 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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Turnkey Communication Services Public Company Limited provides design, installation, engineering, and trading services in the field of information and communication technology, and telecommunications in Thailand. It operates through Distribution Business, Services Business, and Information Engineering Business segments.
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Turnkey Communication Services Public Company Limited provides design, installation, engineering, and trading services in the field of information and communication technology, and telecommunications in Thailand. It operates through Distribution Business, Services Business, and Information Engineering Business segments. The company offers smart solutions; enterprise solutions, such as routing and switching, wired and wireless network, IT security, data center and cloud computing, and IoT and smart city services; public safety services, including web intelligence, CDR analytics and big data, network monitoring system, and cyber defense and security; certificate authority services. It also provides network designs and telecommunication installations; communication system installations in large buildings; drive/walk test and mobile network tuning and optimization service; allocation of professional engineers to provide care and operations in the mobile phone network; network maintenance; distribution of telecommunication equipment; design and installation of transmission towers; and transmission networks comprising FTTx, DWDM, and MSAN. In addition, the company offers turnkey services of equipment outsourcing, installations, and maintenance; and internet signal services. Turnkey Communication Services Public Company Limited was founded in 2002 and is based in Bangkok, Thailand.
Stock analysis
Turnkey Communication Services PCL (TKC) currently trades at 8.75 THB, while our model-based Fair Value estimate is 3.57 THB, implying the stock looks roughly 145.1% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 6.95 THB per share, and 1 of the 22 models we run sit above the 8.75 THB price.
Bear case: the Multiples group reads lowest at 0.8900 THB, and 21 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.92 THB (bear) to 4.01 THB (bull), the price of 8.75 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 30/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Turnkey Communication Services PCL reported revenue of 2.3B THB in FY2025 versus 2.2B THB in FY2021, a compound +1.4%/yr. Reported net income was 172M THB in FY2025, compounding −3.8%/yr from FY2021.
Key figures
Market cap 3.5B THB (≈ $105M) · P/E ratio 19.9 · P/S ratio 1.48 · EPS (TTM) 0.4400 THB · Dividend yield 2.3% · Net margin 7.4% · Return on equity 4.2% · Return on assets (EBIT) 7.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 22% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −59%, TKC screens richer than that median.
Fair Value models
Bear 2.92 THBFair Value 3.57 THBBull 4.01 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 (0.1756 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−4.5%
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.
−2.0%
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.
−4.3%
Start year 2020 (pandemic)
Revenue growth 8 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.
+6.3%
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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.
−8.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−11.2%
Dividend (yield on the price)2.3%
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.11% → 2%
⚠ Revenue per share shrinking 11.0%/yr over ~6Y (margins intact) ⓘ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.
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).
+36.3%
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 +34.7% a year for the price.
Compare Turnkey Communication Services PCL with another stock
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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.Engineering & Construction · 836 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside−59% · Bottom 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets0% · Below median
Net margin (TTM)9% · Top 25%
Operating margin (TTM)4% · Below median
Growth and dividend
Revenue growth−39% · Bottom 25%
Dividend yield (TTM)2.3% · Above median
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)19.9× · Pricier than median
P/B0.84× · Cheaper than median
P/S (TTM)1.76× · Priciest 25%
P/FCF1.0× · Cheaper than median
EV/EBITDA74.0× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 28
FUTURE (revenue growth)0· sector 11
PAST (return on equity)17· sector 28
HEALTH (low debt)94· sector 94
DIVIDEND (yield)46· sector 41
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). "Turnkey Communication Services PCL Fair Value". https://www.fairvalue-calculator.com/stock/TKC
Frequently asked questions
Is Turnkey Communication Services PCL (TKC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.57 THB versus a price of 8.75 THB, about −59% upside (overvalued).
What is the fair value of TKC?
Our model-based fair value for Turnkey Communication Services PCL is 3.57 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 8.75 THB.
What is the quality score of TKC?
Turnkey Communication Services PCL has a Quality Score of 30/100. 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 Turnkey Communication Services PCL (TKC)?
Our model-based price target is the fair value of 3.57 THB (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 2.92 THB, optimistic scenario 4.01 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Turnkey Communication Services PCL stock forecast for 2026?
Our models put fair value at 3.57 THB, about −59% upside versus a price of 8.75 THB (overvalued). Cautious scenario 2.92 THB, optimistic scenario 4.01 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Turnkey Communication Services PCL (TKC)?
Turnkey Communication Services PCL reported trailing-twelve-month revenue of about 2.0B THB (latest available figure, as of Sep 24, 2026).
Does Turnkey Communication Services PCL pay a dividend?
Turnkey Communication Services PCL currently shows a dividend yield of about 2.29% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Turnkey Communication Services PCL (TKC)?
For today's price to be fair in a discounted-cash-flow model, Turnkey Communication Services PCL would have to grow free cash flow by +36.3 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TKC use?
Our models discount Turnkey Communication Services PCL at 13.5 %: a base by market capitalisation (micro), damped by beta 0.71, 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 Turnkey Communication Services PCL that is +36.3 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Turnkey Communication Services PCL (TKC) delivered so far?
Over the past 5 years revenue at Turnkey Communication Services PCL grew -4.3 % a year. The price currently implies +36.3 % 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 Turnkey Communication Services PCL (TKC) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Turnkey Communication Services PCL (+36.3 % 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 Turnkey Communication Services PCL (TKC)?
The free-cash-flow yield on the price is 2.95 %: that much free cash flow Turnkey Communication Services PCL produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Turnkey Communication Services PCL (TKC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Turnkey Communication Services PCL it is 3.57 THB per share (as of Sep 24, 2026), against a price of 8.75 THB. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Turnkey Communication Services PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TKC trades above its calculated fair value: price 8.75 THB, fair value 3.57 THB, a gap of about −59% (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 TKC?
No. The price is what the market pays today (8.75 THB); the fair value is what the company's own numbers justify (3.57 THB). For Turnkey Communication Services PCL the two are 5.18 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Turnkey Communication Services PCL worth?
The market values Turnkey Communication Services PCL at about 3.5B THB (market capitalisation, as of Sep 24, 2026). Per share that is 8.75 THB; our models calculate a fair value of 3.57 THB per share.
What do the bullish and bearish scenarios say about TKC?
Our models span a range for Turnkey Communication Services PCL: cautious scenario 2.92 THB, base 3.57 THB, optimistic 4.01 THB per share (as of Sep 24, 2026, price 8.75 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKC?
Turnkey Communication Services PCL trades at a price-to-earnings ratio of 19.9 (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 3.57 THB is built from several models across several years. Other multiples: P/B 0.8, P/S 1.8, EV/EBITDA 74.0.
How solid is the balance sheet of Turnkey Communication Services PCL (TKC)?
Balance-sheet figures for Turnkey Communication Services PCL (as of Sep 24, 2026): return on equity 4.2%, debt of 0.13 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is TKC from its 52-week high?
Turnkey Communication Services PCL trades at 8.75 THB, about 18% below its 52-week high of 10.70 THB and 22% above the low of 7.18 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 3.57 THB is for.
Which stocks are comparable to Turnkey Communication Services PCL?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Turnkey Communication Services PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 8.75 THB, calculated fair value 3.57 THB (−59%), Quality Score 30/100, from 22 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 TKC calculated?
We run Turnkey Communication Services PCL through 22 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 3.57 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. Turnkey Communication Services 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 Turnkey Communication Services PCL (TKC)?
The closing price on Sep 23, 2026 was 8.75 THB. Our model-based fair value is 3.57 THB, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Turnkey Communication Services PCL right now?
The price sits above even our optimistic bull case (4.01 THB). The favourable scenario is already priced in. Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Turnkey Communication Services PCL
How large is the market capitalisation of Turnkey Communication Services PCL (TKC)?
The market capitalisation of Turnkey Communication Services PCL is 3.5B THB (≈ $105M). 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 Turnkey Communication Services PCL (TKC)?
The price-to-sales ratio of Turnkey Communication Services PCL is 1.48 (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 Turnkey Communication Services PCL (TKC)?
Earnings per share at Turnkey Communication Services PCL are 0.4400 THB (price ÷ EPS = P/E 19.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Turnkey Communication Services PCL (TKC)?
The dividend yield of Turnkey Communication Services PCL is 2.3% (payout 45.5%). 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 Turnkey Communication Services PCL (TKC)?
The net margin of Turnkey Communication Services PCL is 7.4% (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 Turnkey Communication Services PCL (TKC)?
The return on equity (ROE) of Turnkey Communication Services PCL is 4.2% (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 Turnkey Communication Services PCL (TKC)?
On an EBIT basis the return on assets of Turnkey Communication Services PCL is 7.9% (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 Turnkey Communication Services PCL (TKC)?
The operating margin of Turnkey Communication Services PCL is 4.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Turnkey Communication Services PCL (TKC)?
Revenue at Turnkey Communication Services PCL is growing −38.5% versus a year earlier (3y avg −2.0%). 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 Turnkey Communication Services PCL (TKC)?
Earnings per share at Turnkey Communication Services PCL are growing +7.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Turnkey Communication Services PCL (TKC) carry?
The net debt of Turnkey Communication Services PCL is 1.4B THB (fiscal year 2025, ≈ 13.9 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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