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Thai Life Insurance Public Company (TLI) Fair Value & Analysis

Financial Services · TH · Market cap 135B THB

TL Thai Life Insurance Public Company TLI · BK
Price11.70 THB
Fair Value13.49 THB
Upside+15.3%
Quality53/100
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Mixed Growth
Highly profitable · 31.5% net margin
generates free cash flow
5.17% dividend yield
Ranks above peers (8/13)
Wide moat 67/100
Evidence: High Range 10.12 THB – 16.86 THB Share as image

Fair value as of: Jul 16, 2026

From 6 valuation models · updated 25 days ago

Share price −0.8% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
  • Our model range runs from 10.12 THB (bear) to 16.86 THB (bull), base 13.49 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 53/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (4 years)

13.90 THB 6.00 THB Fair Value 13.49 THB Jul 2022 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

48‑month range 6.00 THB – 13.90 THB · fair‑value band 10.12 THB – 16.86 THB · the 11.70 THB price screens below the 13.49 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

Thai Life Insurance Public Company (TLI) currently trades at 11.70 THB, while our model-based Fair Value estimate is 13.49 THB, implying the stock looks roughly 15.3% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services 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 Life Insurance Public Company generated revenue of 39.6B THB at a net margin of 31.5%. Revenue grew 7.4% year over year. It earns a return on equity of 9.6%. The balance sheet holds a net cash position of 7.9B THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 10.12 THB (bear case) to 16.86 THB (bull case); at 11.70 THB, the current price sits within 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 near 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 1% fair-value upside, at 15%, TLI 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 BearBaseBull Evidence
Highest evidence
Residual Income 11.19 THB 11.95 THB 13.22 THB 76
Gordon GGM 4.59 THB 5.02 THB 5.69 THB 70
P/E Multiple 10.12 THB 13.49 THB 16.86 THB 63
All 6 models by family
Dividend Discount
Gordon GGM 4.59 THB 5.02 THB 5.69 THB 70
DDM Multi-Stage 4.59 THB 5.76 THB 7.40 THB 61
Multiples
P/E Multiple 10.12 THB 13.49 THB 16.86 THB 63
P/B Multiple 13.23 THB 17.64 THB 22.05 THB 55
Asset-Based
NCAV (Graham) 6.75 THB 9.04 THB 13.49 THB 50
Economic Profit
Residual Income 11.19 THB 11.95 THB 13.22 THB 76

Widest divergence: Multiples (13.49 THB) versus Dividend Discount (5.02 THB). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 39.6B THB
Revenue growth (YoY) +7.4%
Net margin 31.5%
Return on equity 9.6%
Free cash flow 2.8B THB FY2025
P/E ratio 10.3
More key figures
Operating margin 40.2%
EPS (TTM) 1.10 THB
EPS growth (YoY) +21.8%
Net cash 7.9B THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 70

Profitability 34
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 75
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 Life Insurance Public Company Limited provides life insurance products in Thailand. It operates in two segments, Agent Channel and Partnership and Other Channels.

Full company description

Thai Life Insurance Public Company Limited provides life insurance products in Thailand. It operates in two segments, Agent Channel and Partnership and Other Channels. The company offers life and saving products, including whole life, endowment, annuity, term life, unit link, and universal life; other products, such as personal accident and yearly renewable term, as well as credit life; and individual and group products comprising protection, savings, investment, and legacy-planning. It sells its products through commercial banks, government banks and organizations, leasing and hire-purchase, consumer finance partners, direct marketing, group employee benefits, and digital platforms. The company was founded in 1942 and is headquartered in Bangkok, Thailand. Thai Life Insurance Public Company Limited operates as a subsidiary of V.C. Property Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thai Life Insurance Public Company reported revenue of 55.5B THB in FY2025 versus 108B THB in FY2021, a compound −15.4%/yr. Reported net income was 11.9B THB in FY2025, compounding +9.1%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
55.5B THB
Avg. growth/yr (3Y)
+0.3%
Avg. growth/yr (5Y)
+0.1%
Avg. growth/yr (8Y)
+2.1%
Revenue −15.4%/yr
FY21 108B THB
FY22 108B THB
FY23 108B THB
FY24 109B THB
FY25 55.5B THB
Net income +9.1%/yr
FY21 8.4B THB
FY22 9.3B THB
FY23 9.7B THB
FY24 11.7B THB
FY25 11.9B THB

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Cite: Fair Value Calculator (2026). "Thai Life Insurance Public Company Fair Value". https://www.fairvalue-calculator.com/stock/TLI

Peer Group

Insurance - Life · 95 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 55 · Above median
Fair Value upside +15% · Above median
Return on equity (TTM) 10% · Below median
Return on assets 2% · Above median
Net margin (TTM) 32% · Top 25%
Operating margin (TTM) 40% · Top 25%
Revenue growth 7% · Below median
Dividend yield (TTM) 5.2% · Top 25%

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/E (TTM) 10.9× · Cheaper than median
P/B 0.87× · Cheaper than median
P/S (TTM) 3.42× · Pricier than 75% of peers
P/FCF 1.4× · Pricier than median
EV/EBITDA 8.2× · Pricier than median

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 54 · sector 32
FUTURE 37 · sector 44
PAST 38 · sector 43
HEALTH 0 · sector 86
DIVIDEND 100 · sector 55

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 Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥38.72 ¥70.87 +83%
Ping An Insurance (Group) Company 601318 ¥49.60 ¥96.76 +95%
AIA Group 1299 HK$75.55 HK$7.88 -90%
Manulife Financial Corporation MFC C$58.52 C$45.13 -23%
Great-West Lifeco Inc GWO C$92.34 C$59.64 -35%
Life Insurance Corporation LICI ₹438.30 ₹590.43 +35%
Fubon Financial Holding 2881 124.50 TWD 115.05 TWD -8%
Cathay Financial Holding 2882 94.00 TWD 94.95 TWD +1%
Samsung Life Insurance Co 032830 337,500 KRW 166,710 KRW -51%
China Pacific Insurance (Group) Co 601601 ¥29.75 ¥59.50 +100%

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Frequently asked questions

Is Thai Life Insurance Public Company (TLI) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 13.49 THB versus a price of 11.70 THB, about +15% (undervalued).
What is the fair value of TLI?
Our model-based fair value for Thai Life Insurance Public Company is 13.49 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 11.70 THB.
What is the quality score of TLI?
Thai Life Insurance Public Company has a Quality Score of 53/100. 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 Life Insurance Public Company (TLI)?
Thai Life Insurance Public Company reported trailing-twelve-month revenue of about 39.6B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of TLI?
The net profit margin of Thai Life Insurance Public Company is about 31.5%, meaning it keeps roughly 31.5% 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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