T Man Pharmaceutical PCL (TMAN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of T Man Pharmaceutical PCL THB 15.01, price THB 10.50, upside +43.0%, quality 57 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
23‑month range 9.24 THB – 15.83 THB · fair‑value band 8.10 THB – 24.78 THB · the 10.50 THB price screens below the 15.01 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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T.Man Pharmaceutical Public Company Limited manufactures and sells pharmaceuticals and health care products in Thailand. The company operates through three segments: Manufactured Products Under Own Brand, Manufactured Products Under Third Parties' Brand, and Trading Products.
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T.Man Pharmaceutical Public Company Limited manufactures and sells pharmaceuticals and health care products in Thailand. The company operates through three segments: Manufactured Products Under Own Brand, Manufactured Products Under Third Parties' Brand, and Trading Products. It offers antibacterial, central nervous system, corticosteroid, chronic diseases, gastrointestinal, respiratory, and musculoskeletal drugs, as well as medical devices, vaginal suppositories, dermatological, mouth, and throat products. The company also provides herbal and traditional medicines, dietary supplements, vitamins and minerals, skin care and aesthetics, whey protein, and mommy and kid products, as well as cosmetics, modern medicines, mossi guard, nevtral, propolis, and vita-c products. In addition, it offers products under various brand names, such as Iyara, Propoliz, POLAR, and Fibermate. The company also exports its products. Further, the company offers original equipment manufacturing services. Additionally, it offers medicines in the form of tablets, capsules, powders, liquids, and semisolids. The company also exports its products. T.Man Pharmaceutical Public Company Limited was founded in 1991 and is based in Bangkok, Thailand.
Stock analysis
T Man Pharmaceutical PCL (TMAN) currently trades at 10.50 THB, while our model-based Fair Value estimate is 15.01 THB, implying the stock looks roughly 30.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 24.28 THB per share, and 19 of the 24 models we run sit above the 10.50 THB price.
Bear case: the Asset-Based group reads lowest at 3.55 THB, and 5 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 8.10 THB (bear) to 24.78 THB (bull), the price of 10.50 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 57/100 (solid quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
T Man Pharmaceutical PCL reported revenue of 2.5B THB in FY2025 versus 2.0B THB in FY2022, a compound +7.5%/yr. Reported net income was 523M THB in FY2025, compounding +3.4%/yr from FY2022.
Key figures
Market cap 4.2B THB (≈ $126M) · P/E ratio 8.3 · P/S ratio 1.73 · EPS (TTM) 1.27 THB · Dividend yield 5.3% · Net margin 20.9% · Return on equity 24.6% · Return on assets (EBIT) 19.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −8% fair-value upside, at 43%, TMAN screens cheaper than that median.
Fair Value models
Bear 8.10 THBFair Value 15.01 THBBull 24.78 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 (0.5194 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.3%
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.
+7.5%
’22
’23
’24
’25
What shareholders gained per year (last 3 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 3 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.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.0%
Dividend (yield on the price)5.3%
Profit margin 2022 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.30% → 23%
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).
+36.5%
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 +34.9% a year for the price.
Compare T Man Pharmaceutical 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.Drug Manufacturers - Specialty & Generic · 629 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+43% · Top 25%
Profitability
Return on equity (TTM)25% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)19% · Top 25%
Operating margin (TTM)20% · Top 25%
Growth and dividend
Revenue growth11% · Above median
Dividend yield (TTM)5.3% · Top 25%
Balance sheet
Debt / equity0.02× · Below median
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
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). "T Man Pharmaceutical PCL Fair Value". https://www.fairvalue-calculator.com/stock/TMAN
Frequently asked questions
Is T Man Pharmaceutical PCL (TMAN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 15.01 THB versus a price of 10.50 THB, about +43% upside (undervalued).
What is the fair value of TMAN?
Our model-based fair value for T Man Pharmaceutical PCL is 15.01 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 10.50 THB.
What is the quality score of TMAN?
T Man Pharmaceutical PCL has a Quality Score of 57/100. 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 T Man Pharmaceutical PCL (TMAN)?
Our model-based price target is the fair value of 15.01 THB (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 8.10 THB, optimistic scenario 24.78 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the T Man Pharmaceutical PCL stock forecast for 2026?
Our models put fair value at 15.01 THB, about +43% upside versus a price of 10.50 THB (undervalued). Cautious scenario 8.10 THB, optimistic scenario 24.78 THB. The calculation is refreshed regularly with new filings.
What is the revenue of T Man Pharmaceutical PCL (TMAN)?
T Man Pharmaceutical PCL reported trailing-twelve-month revenue of about 2.6B THB (latest available figure, as of Sep 24, 2026).
Does T Man Pharmaceutical PCL pay a dividend?
T Man Pharmaceutical PCL currently shows a dividend yield of about 5.33% relative to its recent price (as of Sep 24, 2026).
What growth is priced into T Man Pharmaceutical PCL (TMAN)?
For today's price to be fair in a discounted-cash-flow model, T Man Pharmaceutical PCL would have to grow free cash flow by +36.5 % per year for five years (discount rate 14.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +7.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TMAN use?
Our models discount T Man Pharmaceutical PCL at 14.6 %: a base by market capitalisation (micro), 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 T Man Pharmaceutical PCL that is +36.5 % per year a year over ten years, using the same discount rate (14.6 %) and the same formula as our fair value.
How much growth has T Man Pharmaceutical PCL (TMAN) delivered so far?
Over the past 3 years revenue at T Man Pharmaceutical PCL grew +7.5 % a year. The price currently implies +36.5 % 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 T Man Pharmaceutical PCL (TMAN) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into T Man Pharmaceutical PCL (+36.5 % 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 T Man Pharmaceutical PCL (TMAN)?
The free-cash-flow yield on the price is 2.62 %: that much free cash flow T Man Pharmaceutical PCL produces per unit of market value. When it exceeds the discount rate of our models (14.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of T Man Pharmaceutical PCL (TMAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For T Man Pharmaceutical PCL it is 15.01 THB per share (as of Sep 24, 2026), against a price of 10.50 THB. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is T Man Pharmaceutical PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TMAN trades below its calculated fair value: price 10.50 THB, fair value 15.01 THB, a gap of about +43% (undervalued). 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 TMAN?
No. The price is what the market pays today (10.50 THB); the fair value is what the company's own numbers justify (15.01 THB). For T Man Pharmaceutical PCL the two are 4.51 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is T Man Pharmaceutical PCL worth?
The market values T Man Pharmaceutical PCL at about 4.2B THB (market capitalisation, as of Sep 24, 2026). Per share that is 10.50 THB; our models calculate a fair value of 15.01 THB per share.
What do the bullish and bearish scenarios say about TMAN?
Our models span a range for T Man Pharmaceutical PCL: cautious scenario 8.10 THB, base 15.01 THB, optimistic 24.78 THB per share (as of Sep 24, 2026, price 10.50 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TMAN?
T Man Pharmaceutical PCL trades at a price-to-earnings ratio of 8.3 (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 15.01 THB is built from several models across several years. Other multiples: P/B 2.0, P/S 1.6, EV/EBITDA 5.5.
How solid is the balance sheet of T Man Pharmaceutical PCL (TMAN)?
Balance-sheet figures for T Man Pharmaceutical PCL (as of Sep 24, 2026): return on equity 24.6%, debt of 0.02 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is TMAN from its 52-week high?
T Man Pharmaceutical PCL trades at 10.50 THB, about 18% below its 52-week high of 12.76 THB and 11% above the low of 9.47 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 15.01 THB is for.
Which stocks are comparable to T Man Pharmaceutical PCL?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Jiangsu Hengrui Pharmaceuticals Co, Sun Pharmaceutical Industries 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 T Man Pharmaceutical PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 10.50 THB, calculated fair value 15.01 THB (+43%), Quality Score 57/100, from 24 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 TMAN calculated?
We run T Man Pharmaceutical PCL through 24 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 15.01 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 14.0 % above its aggregate fair value. T Man Pharmaceutical PCL currently trades 43 % below its own fair value, and the market average says nothing about that. 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 T Man Pharmaceutical PCL (TMAN)?
The closing price on Sep 24, 2026 was 10.50 THB. Our model-based fair value is 15.01 THB, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with T Man Pharmaceutical PCL right now?
The model range is unusually wide (8.10 THB to 24.78 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 quality (57/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of T Man Pharmaceutical PCL
How large is the market capitalisation of T Man Pharmaceutical PCL (TMAN)?
The market capitalisation of T Man Pharmaceutical PCL is 4.2B THB (≈ $126M). 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 T Man Pharmaceutical PCL (TMAN)?
The price-to-sales ratio of T Man Pharmaceutical PCL is 1.73 (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 T Man Pharmaceutical PCL (TMAN)?
Earnings per share at T Man Pharmaceutical PCL are 1.27 THB (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of T Man Pharmaceutical PCL (TMAN)?
The dividend yield of T Man Pharmaceutical PCL is 5.3% (payout 44.1%). 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 T Man Pharmaceutical PCL (TMAN)?
The net margin of T Man Pharmaceutical PCL is 20.9% (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 T Man Pharmaceutical PCL (TMAN)?
The return on equity (ROE) of T Man Pharmaceutical PCL is 24.6% (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 T Man Pharmaceutical PCL (TMAN)?
On an EBIT basis the return on assets of T Man Pharmaceutical PCL is 19.1% (avg 4y). 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 T Man Pharmaceutical PCL (TMAN)?
The operating margin of T Man Pharmaceutical PCL is 20.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at T Man Pharmaceutical PCL (TMAN)?
Revenue at T Man Pharmaceutical PCL is growing +11.0% versus a year earlier (3y avg +7.5%). 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 T Man Pharmaceutical PCL (TMAN)?
Earnings per share at T Man Pharmaceutical PCL are growing −11.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does T Man Pharmaceutical PCL (TMAN) carry?
The net debt of T Man Pharmaceutical PCL is 476M THB (fiscal year 2025, ≈ 4.3 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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