Thai Mitsuwa Public Company Limited (TMW) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Thai Mitsuwa Public Company Limited THB 95.13, price THB 56.25, upside +69.1%, quality 59 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 25.46 THB – 63.25 THB · fair‑value band 62.03 THB – 138.43 THB · the 56.25 THB price screens below the 95.13 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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Thai Mitsuwa Public Company Limited manufactures and sales plastic and magnesium products in Thailand and internationally. It operates through three segments: Manufacture and sales of plastic, Manufacture and sales of magnesium, and Manufacture and sales of mold.
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Thai Mitsuwa Public Company Limited manufactures and sales plastic and magnesium products in Thailand and internationally. It operates through three segments: Manufacture and sales of plastic, Manufacture and sales of magnesium, and Manufacture and sales of mold. The company offers painting line, screen and pad printing, laser cutting, metalizing plastic parts line, and module assembling; line vibration welding parts (glove box); advanced inspection tool and potential components parts; mold fabrication and maintenance and new mold and jig design. It also engages in the trading of mold products. Thai Mitsuwa Public Company Limited was founded in 1987 and is based in Muang, Thailand. Thai Mitsuwa Public Company Limited is a subsidiary of Mitsuwa Electric Industry Co., Ltd.
Stock analysis
Thai Mitsuwa Public Company Limited (TMW) currently trades at 56.25 THB, while our model-based Fair Value estimate is 95.13 THB, implying the stock looks roughly 40.9% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 230.26 THB per share, and 24 of the 26 models we run sit above the 56.25 THB price.
Bear case: the Dividend Discount group reads lowest at 39.88 THB, and 2 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 62.03 THB (bear) to 138.43 THB (bull), the price of 56.25 THB sits below 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 59/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Thai Mitsuwa Public Company Limited reported revenue of 4.2B THB in FY2026 versus 3.1B THB in FY2022, a compound +8.2%/yr. Reported net income was 540M THB in FY2026, compounding +46.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 2.5B THB (≈ $74.3M) · P/E ratio 4.2 · P/S ratio 0.54 · EPS (TTM) 13.54 THB · Dividend yield 5.8% · Net margin 12.9% · Return on equity 14.5% · Return on assets (EBIT) 10.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at 69%, TMW screens cheaper than that median.
Fair Value models
Bear 62.03 THBFair Value 95.13 THBBull 138.43 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 2026 figures (about 6 months old). Earnings retained since then (6.60 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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.7%
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.
+4.3%
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.
+11.1%
Start year 2021 (pandemic). Over 10 years: +6.8% a year
Revenue growth 19 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.
+6.0%
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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.
+41.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.3%
Dividend (yield on the price)5.8%
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.35% vs 15%, picking up
Profit margin 2021 to 2026 ⓘ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.3% → 16%
Start year 2021 (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).
−6.2%
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 −7.3% a year for the price.
Compare Thai Mitsuwa 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.Specialty Chemicals · 712 stocks
Beats the industry median on 13/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside+69% · Top 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)13% · Top 25%
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth14% · Above median
Dividend yield (TTM)5.8% · Top 25%
Valuation Multiplesvs Specialty Chemicals 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). "Thai Mitsuwa Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TMW
Frequently asked questions
Is Thai Mitsuwa Public Company Limited (TMW) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 95.13 THB versus a price of 56.25 THB, about +69% upside (undervalued).
What is the fair value of TMW?
Our model-based fair value for Thai Mitsuwa Public Company Limited is 95.13 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 56.25 THB.
What is the quality score of TMW?
Thai Mitsuwa Public Company Limited has a Quality Score of 59/100. 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 Mitsuwa Public Company Limited (TMW)?
Our model-based price target is the fair value of 95.13 THB (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 62.03 THB, optimistic scenario 138.43 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Mitsuwa Public Company Limited stock forecast for 2026?
Our models put fair value at 95.13 THB, about +69% upside versus a price of 56.25 THB (undervalued). Cautious scenario 62.03 THB, optimistic scenario 138.43 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Mitsuwa Public Company Limited (TMW)?
Thai Mitsuwa Public Company Limited reported trailing-twelve-month revenue of about 4.2B THB (latest available figure, as of Sep 24, 2026).
Does Thai Mitsuwa Public Company Limited pay a dividend?
Thai Mitsuwa Public Company Limited currently shows a dividend yield of about 5.80% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Thai Mitsuwa Public Company Limited (TMW)?
For today's price to be fair in a discounted-cash-flow model, Thai Mitsuwa Public Company Limited would have to grow free cash flow by -6.2 % 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 +11.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TMW use?
Our models discount Thai Mitsuwa Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.57, 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 Mitsuwa Public Company Limited that is -6.2 % 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 Mitsuwa Public Company Limited (TMW) delivered so far?
Over the past 5 years revenue at Thai Mitsuwa Public Company Limited grew +11.1 % a year. The price currently implies -6.2 % 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 Mitsuwa Public Company Limited (TMW) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Thai Mitsuwa Public Company Limited (-6.2 % 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 Mitsuwa Public Company Limited (TMW)?
The free-cash-flow yield on the price is 9.58 %: that much free cash flow Thai Mitsuwa 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 Mitsuwa Public Company Limited (TMW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Mitsuwa Public Company Limited it is 95.13 THB per share (as of Sep 24, 2026), against a price of 56.25 THB. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Thai Mitsuwa Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TMW trades below its calculated fair value: price 56.25 THB, fair value 95.13 THB, a gap of about +69% (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 TMW?
No. The price is what the market pays today (56.25 THB); the fair value is what the company's own numbers justify (95.13 THB). For Thai Mitsuwa Public Company Limited the two are 38.88 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Mitsuwa Public Company Limited worth?
The market values Thai Mitsuwa Public Company Limited at about 2.5B THB (market capitalisation, as of Sep 24, 2026). Per share that is 56.25 THB; our models calculate a fair value of 95.13 THB per share.
What do the bullish and bearish scenarios say about TMW?
Our models span a range for Thai Mitsuwa Public Company Limited: cautious scenario 62.03 THB, base 95.13 THB, optimistic 138.43 THB per share (as of Sep 24, 2026, price 56.25 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TMW?
Thai Mitsuwa Public Company Limited trades at a price-to-earnings ratio of 4.2 (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 95.13 THB is built from several models across several years. Other multiples: P/B 0.6, P/S 0.6, EV/EBITDA 1.5.
How solid is the balance sheet of Thai Mitsuwa Public Company Limited (TMW)?
Balance-sheet figures for Thai Mitsuwa Public Company Limited (as of Sep 24, 2026): return on equity 14.5%. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is TMW from its 52-week high?
Thai Mitsuwa Public Company Limited trades at 56.25 THB, about 11% below its 52-week high of 63.25 THB and 13% above the low of 50.00 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 95.13 THB is for.
Which stocks are comparable to Thai Mitsuwa Public Company Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, 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 Mitsuwa Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 56.25 THB, calculated fair value 95.13 THB (+69%), Quality Score 59/100, from 26 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 TMW calculated?
We run Thai Mitsuwa Public Company Limited through 26 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 95.13 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. Thai Mitsuwa Public Company Limited currently trades 69 % 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 Thai Mitsuwa Public Company Limited (TMW)?
The closing price on Sep 24, 2026 was 56.25 THB. Our model-based fair value is 95.13 THB, about +69% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Mitsuwa Public Company Limited right now?
The price is below even our cautious bear case (62.03 THB). The market is more pessimistic than our downside scenario. Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (62.03 THB to 138.43 THB) leaves room in how you read the outcome.
Where does the earnings growth of Thai Mitsuwa Public Company Limited (TMW) come from?
Earnings per share at Thai Mitsuwa Public Company Limited grew +13.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin +5.9 %, tax rate +0.1 %, residual (interest, one-offs) −0.3 %. 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 Mitsuwa Public Company Limited
How large is the market capitalisation of Thai Mitsuwa Public Company Limited (TMW)?
The market capitalisation of Thai Mitsuwa Public Company Limited is 2.5B THB (≈ $74.3M). 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 Mitsuwa Public Company Limited (TMW)?
The price-to-sales ratio of Thai Mitsuwa Public Company Limited is 0.54 (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 Thai Mitsuwa Public Company Limited (TMW)?
Earnings per share at Thai Mitsuwa Public Company Limited are 13.54 THB (price ÷ EPS = P/E 4.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thai Mitsuwa Public Company Limited (TMW)?
The dividend yield of Thai Mitsuwa Public Company Limited is 5.8% (payout 24.1%). 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 Thai Mitsuwa Public Company Limited (TMW)?
The net margin of Thai Mitsuwa Public Company Limited is 12.9% (fiscal year 2026). 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 Mitsuwa Public Company Limited (TMW)?
The return on equity (ROE) of Thai Mitsuwa Public Company Limited is 14.5% (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 Mitsuwa Public Company Limited (TMW)?
On an EBIT basis the return on assets of Thai Mitsuwa Public Company Limited is 10.7% (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 Mitsuwa Public Company Limited (TMW)?
The operating margin of Thai Mitsuwa Public Company Limited is 10.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Mitsuwa Public Company Limited (TMW)?
Revenue at Thai Mitsuwa Public Company Limited is growing +14.0% versus a year earlier (3y avg +4.3%). 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 Mitsuwa Public Company Limited (TMW)?
Earnings per share at Thai Mitsuwa Public Company Limited are growing +8.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Thai Mitsuwa Public Company Limited (TMW) hold?
Thai Mitsuwa Public Company Limited holds more cash than debt, 622M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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