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Thanulux Public Company (TNL) Fair Value & Analysis

Financial Services · TH · Market cap 6.3B THB

TP Thanulux Public Company TNL · BK
Price20.00 THB
Fair Value25.48 THB
Upside+27.4%
Quality95/100
Evidence: Medium Range 22.46 THB – 29.40 THB

Fair value as of: Jun 24, 2026

From 10 valuation models · updated 5 days ago

Fair value updated Jun 24, 2026 — revised from 22.62 THB to 25.48 THB (+12.6%) since Jun 23, 2026. Share price −3.8% over the past month.

Price vs Fair Value (12 months)

36.29 THB 20.00 THB Fair Value 25.48 THB Mar 2024 Jun 2026

12‑month range 20.00 THB – 36.29 THB · fair‑value band 22.46 THB – 29.40 THB · the 20.00 THB price screens below the 25.48 THB fair value. As of Jun 24, 2026.

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Analysis

Thanulux Public Company (TNL) currently trades at 20.00 THB, while our model-based Fair Value estimate is 25.48 THB — implying the stock looks roughly 27.4% undervalued today. We read business quality at 95/100 (high 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: medium) — always confirm before acting.

Over the trailing twelve months, Thanulux Public Company generated revenue of 1.1B THB at a net margin of 38.0%. Revenue declined 13.5% year over year. It earns a return on equity of 3.7%. Net debt stands at 2.2B THB. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) 1.1B THB
Revenue growth (YoY) -13.5%
Net margin 38.0%
Return on equity 3.7%
Free cash flow −383M THB FY2025
P/E ratio 15.9
More key figures
Operating margin 71.6%
EPS (TTM) 1.31 THB
Dividend yield 2.9%
EPS growth (YoY) -9.8%
Net debt 2.2B THB FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

Thanulux Public Company Limited, an investment holding company, provides financial solutions in Thailand. It operates in five segments: Investment Business; Secured Lending Business; Assets Management Business; Real Estate Development Business; and Financial Advisory Business. The company engages in secured lending, asset management, and buying and selling of real estate. It is also involved in the residential real estate development-for-sale business; provision of customized financial solutions, including collateral and loans to individuals and businesses; and management of collateralised non-performing loans and non-performing assets acquired from financial institutions. In addition, the company provides financial advisory services, such as debt financing and restructuring, rehabilitation advisory and liquidation analysis, and merger and acquisition advisory, as well as other financial services, including target due diligence, valuation, and business plan evaluation to SMEs and la…

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thanulux Public Company reported revenue of 184M THB in FY2025 versus 1.3B THB in FY2021, a compound −39.0%/yr. Reported net income was 415M THB in FY2025, compounding +60.4%/yr from FY2021.

Revenue −39.0%/yr
FY21 1.3B THB
FY22 1.8B THB
FY23 1.8B THB
FY24 174M THB
FY25 184M THB
Net income +60.4%/yr
FY21 62.6M THB
FY22 102M THB
FY23 503M THB
FY24 400M THB
FY25 415M THB

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Similar stocks

6 more Credit Services stocks, each showing price versus our Fair Value estimate (as of Jun 24, 2026).

Stock Price Fair Value vs Fair Value
Visa Inc V 5,663 MXN 229.36 MXN -96%
Mastercard Incorporated MA C$29.95 C$17.76 -41%
M4I M4I €430.50 €368.29 -14%
American Express Company AXP C$28.87 C$24.27 -16%
Capital One Financial Corporation COF $183.20 $122.33 -33%
Bajaj Finance Limited BAJFINANCE ₹968.30 ₹720.78 -26%

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Frequently asked questions

Is Thanulux Public Company (TNL) undervalued?
As of Jun 24, 2026, our model estimates a fair value of 25.48 THB versus a price of 20.00 THB — about +27% (undervalued). Model-based estimate, not financial advice.
What is the fair value of TNL?
Our 21-model fair value for Thanulux Public Company is 25.48 THB (as of Jun 24, 2026), built from audited fundamentals. The current price is 20.00 THB.
What is the quality score of TNL?
Thanulux Public Company has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Thanulux Public Company (TNL)?
Thanulux Public Company reported trailing-twelve-month revenue of about 1.1B THB (latest available figure, as of Jun 24, 2026).
What is the net profit margin of TNL?
The net profit margin of Thanulux Public Company is about 38.0%, meaning it keeps roughly 38.0% of revenue as net income. Based on the latest reported figures.
Does Thanulux Public Company pay a dividend?
Thanulux Public Company currently shows a dividend yield of about 2.88% relative to its recent price (as of Jun 24, 2026).

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.