Thai Nondestructive Testing Public Company (TNDT) Fair Value & Analysis

Industrials · TH · Market cap 260M THB

Below-average quality, and screening another 79% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (0.0850 THB). The favourable scenario is already priced in.
• Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
• A fairly wide model range (0.0340 THB to 0.0850 THB) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

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

60‑month range 0.0900 THB – 1.90 THB · fair‑value band 0.0340 THB – 0.0850 THB · the 0.2000 THB price screens above the 0.0425 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Thai Nondestructive Testing Public Company (TNDT) currently trades at 0.2000 THB, while our model-based Fair Value estimate is 0.0425 THB, implying the stock looks roughly 78.8% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Thai Nondestructive Testing Public Company generated revenue of 380M THB at a net margin of -3.7%. Revenue declined 12.3% year over year. It earns a return on equity of -6.9%. Net debt stands at 290M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 0.0340 THB (bear case) to 0.0850 THB (bull case); at 0.2000 THB, the current price sits above 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 122% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -79%, TNDT screens richer 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.

Widest divergence: Multiples (0.1700 THB) versus Growth DCF (0.0100 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Thai Nondestructive Testing Public Company Limited, together with its subsidiaries, provides nondestructive engineering services in Thailand.

Full company description

Thai Nondestructive Testing Public Company Limited, together with its subsidiaries, provides nondestructive engineering services in Thailand. It operates through five segments: Nondestructive Testing Services; Inspection Services for Pressure Vessel; Electron Beam; Revenue from Contractor Services Relating to Electricity, Generating System; and Revenue from Sales. The company offers conventional nondestructive testing services, including eddy current, magnetic particle, liquid penetrant, radiography, ultrasonic, and leak testing, as well coating holiday detector, visual inspection, alternative current field measurement, and thermography image. It also provides advance nondestructive testing services, such as column scanning, neutron backscattering, acoustic emission testing, advanced ultrasonic testing, computerized and pipeline radiography, eddy current array, phased array ultrasonic corrosion mapping, pipeline and long/short range ultrasonic testing, tank floor scan, tube inspection, and intelligent pigging. In addition, the company offers material identification and metallurgy; asset integrity management; plant maintenance and inspection; inspection and certification; welding engineering; special work at height; engineering repairs and maintenance; NDE level III consultancy; and manpower recruitment services, as well as provision of electron beams for disinfection, material modification and polymer crosslinking, and irradiation of food applications. Further, it is involved in the excavation and transportation services of coal; generation and sale of electricity from coal-fired thermal power; maintenance of machinery and equipment; sale of rice, other agricultural, and general processed products; procurement and services of public utility systems; wholesale of other food product; and operation as an agent in collecting claim-related expenses and operational service. The company was incorporated in 1982 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thai Nondestructive Testing Public Company reported revenue of 362M THB in FY2025 versus 254M THB in FY2021, a compound +9.2%/yr. Reported net income was −18.0M THB in FY2025.

TNDT screens 79% overvalued. Compare with Larsen & Toubro Limited →

Peer Group

Engineering & Construction · 839 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.

Valuation Multiples vs Engineering & Construction median · lower = cheaper

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 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.