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Thanapiriya Public Company (TNP) Fair Value & Analysis

Consumer Defensive · TH · Market cap 2.3B THB

TP Thanapiriya Public Company TNP · BK
Price2.88 THB
Fair Value5.03 THB
Upside+74.7%
Quality62/100
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Healthy Growth
Thin margins · 6.7% net margin
generates free cash flow
3.60% dividend yield
Ranks above peers (11/14)
Moderate moat 52/100
Evidence: High Range 3.12 THB – 6.31 THB Share as image

Fair value as of: Jul 20, 2026

From 26 valuation models · updated 21 days ago

Share price −0.7% over the past month.

A solid business, screening 75% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (3.12 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (3.12 THB to 6.31 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

5.84 THB 2.20 THB Fair Value 5.03 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 2.20 THB – 5.84 THB · fair‑value band 3.12 THB – 6.31 THB · the 2.88 THB price screens below the 5.03 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

Full chart & analysis →

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Analysis

Thanapiriya Public Company (TNP) currently trades at 2.88 THB, while our model-based Fair Value estimate is 5.03 THB, implying the stock looks roughly 74.7% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive 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, Thanapiriya Public Company generated revenue of 3.1B THB at a net margin of 6.7%. Revenue grew 6.6% year over year. It earns a return on equity of 16.1%. Net debt stands at 56.2M THB. Fundamentals as of Jul 20, 2026

Our scenario range runs from 3.12 THB (bear case) to 6.31 THB (bull case); at 2.88 THB, the current price sits below 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 about 17% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -31% fair-value upside, at 75%, TNP 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 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
Highest evidence
Residual Income 1.69 THB 2.20 THB 5.74 THB 76
Growth DCF 2.34 THB 3.58 THB 5.48 THB 72
Gordon GGM 0.9000 THB 1.79 THB 2.72 THB 70
All 26 models by family
DCF Models
FCF DCF 2.33 THB 3.64 THB 5.68 THB 38
Owner Earnings 2.45 THB 3.83 THB 5.99 THB 31
5Y Revenue Exit 2.80 THB 4.64 THB 7.07 THB 39
5Y EBITDA Exit 3.25 THB 5.52 THB 8.28 THB 41
5Y P/E Exit 3.46 THB 5.93 THB 8.65 THB 38
10Y Revenue Exit 2.52 THB 4.16 THB 6.53 THB 36
10Y EBITDA Exit 2.89 THB 4.77 THB 7.47 THB 37
10Y P/E Exit 3.03 THB 5.06 THB 7.77 THB 35
Earnings-Based
Graham-Dodd 1.81 THB 6.94 THB 9.41 THB 54
Lynch FV 1.69 THB 2.42 THB 3.15 THB 50
PEG = 1.0 1.69 THB 2.42 THB 3.15 THB 46
EPV 2.55 THB 2.91 THB 3.22 THB 59
Dividend Discount
Gordon GGM 0.9000 THB 1.79 THB 2.72 THB 70
DDM Multi-Stage 0.9000 THB 1.55 THB 1.89 THB 61
Multiples
P/E Multiple 4.18 THB 5.58 THB 6.97 THB 63
P/S Multiple 3.39 THB 4.52 THB 5.65 THB 58
P/B Multiple 3.39 THB 4.52 THB 5.65 THB 55
EV/EBIT 4.28 THB 5.62 THB 6.95 THB 53
EV/EBITDA 4.11 THB 5.38 THB 6.66 THB 54
EV/Revenue 3.14 THB 4.36 THB 5.59 THB 43
Asset-Based
NCAV (Graham) 0.8300 THB 1.11 THB 1.66 THB 50
Growth DCF
Growth DCF 2.34 THB 3.58 THB 5.48 THB 72
Rev-Margin DCF 2.80 THB 4.60 THB 6.79 THB 67
Economic Profit
Residual Income 1.69 THB 2.20 THB 5.74 THB 76
ROIC Compounder 2.77 THB 3.51 THB 4.43 THB 67
Growth Earnings
Growth-Adj P/E 3.07 THB 4.38 THB 5.70 THB 68

Widest divergence: DCF Models (4.64 THB) versus Asset-Based (1.11 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.1B THB
Revenue growth (YoY) +6.6%
Net margin 6.7%
Return on equity 16.1%
Free cash flow 143M THB FY2025
P/E ratio 10.3
More key figures
Operating margin 7.9%
EPS (TTM) 0.2700 THB
Dividend yield 3.8%
EPS growth (YoY) -4.2%
Net debt 56.2M THB FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 62 · Market factors (momentum, volatility) 61

Profitability 65
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 82
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

Thanapiriya Public Company Limited, together with its subsidiaries, operates retail and wholesale superstores in Thailand. The company engages in the wholesale and retail of consumer goods under the Thanapiriya brand name. It is also involved in the rental, purchase, and sale of real estate properties.

Full company description

Thanapiriya Public Company Limited, together with its subsidiaries, operates retail and wholesale superstores in Thailand. The company engages in the wholesale and retail of consumer goods under the Thanapiriya brand name. It is also involved in the rental, purchase, and sale of real estate properties. The company was founded in 1965 and is headquartered in Mueang Chiang Rai, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thanapiriya Public Company reported revenue of 3.1B THB in FY2025 versus 2.6B THB in FY2021, a compound +4.2%/yr. Reported net income was 213M THB in FY2025, compounding +2.6%/yr from FY2021.

Growth Quality 74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.1B THB
Latest YoY
+7.6%
Avg. growth/yr (3Y) 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.
+8.3%
Avg. growth/yr (5Y) 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.
+7.1%
Avg. growth/yr (13Y) 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.
+9.7%
Revenue +4.2%/yr
FY21 2.6B THB
FY22 2.4B THB
FY23 2.6B THB
FY24 2.9B THB
FY25 3.1B THB
Net income +2.6%/yr
FY21 192M THB
FY22 149M THB
FY23 156M THB
FY24 186M THB
FY25 213M THB
Character of growth · EPS growth decomposed (2014-2025) +14.2 % p.a.
Revenue per share +6.8 pp

of which total revenue +9.0 pp · buybacks/dilution −2.1 pp

EBIT margin +6.9 pp
Tax rate −0.2 pp
Residual (interest, one-offs) +0.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Thanapiriya Public Company Fair Value". https://www.fairvalue-calculator.com/stock/TNP

Peer Group

Grocery Stores · 83 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 62 · Above median
Fair Value upside +75% · Top 25%
Return on equity (TTM) 16% · Above median
Return on assets 10% · Top 25%
Net margin (TTM) 7% · Top 25%
Operating margin (TTM) 8% · Top 25%
Revenue growth 7% · Above median
Dividend yield (TTM) 3.6% · Top 25%

Valuation Multiples vs Grocery Stores median · lower = cheaper

P/E (TTM) 11.2× · Cheaper than 75% of peers
P/B 1.75× · Pricier than median
P/S (TTM) 0.74× · Pricier than 75% of peers
P/FCF 0.5× · Cheaper than median
EV/EBITDA 6.6× · Pricier than median
PEG 0.70× · Cheaper than 75% of peers

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 100 · sector 36
FUTURE 33 · sector 17
PAST 64 · sector 51
HEALTH 0 · sector 92
DIVIDEND 72 · sector 48

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 Grocery Stores stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
Loblaw Companies Limited L C$65.49 C$44.44 -32%
Koninklijke Ahold Delhaize N.V AD €36.30 €53.50 +47%
The Kroger Co KR $58.82 $28.19 -52%
Woolworths Group WOW A$39.20 A$13.40 -66%
George Weston Limited WN C$100.98 C$63.61 -37%
Coles Group COL A$23.56 A$15.86 -33%
Metro Inc MRU C$93.64 C$94.01 +0%
Carrefour SA CA €16.40 €11.51 -30%
CP ALL Public Company TCPD 1.89 SGD 2.36 SGD +25%
BIM Birlesik Magazalar A.S., BIMAS 385.75 TRY 267.12 TRY -31%

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Frequently asked questions

Is Thanapiriya Public Company (TNP) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 5.03 THB versus a price of 2.88 THB, about +75% (undervalued).
What is the fair value of TNP?
Our model-based fair value for Thanapiriya Public Company is 5.03 THB (as of Jul 20, 2026), built from audited fundamentals. The current price is 2.88 THB.
What is the quality score of TNP?
Thanapiriya Public Company has a Quality Score of 62/100. 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 Thanapiriya Public Company (TNP)?
Thanapiriya Public Company reported trailing-twelve-month revenue of about 3.1B THB (latest available figure, as of Jul 20, 2026).
What is the net profit margin of TNP?
The net profit margin of Thanapiriya Public Company is about 6.7%, meaning it keeps roughly 6.7% of revenue as net income. Based on the latest reported figures.
Does Thanapiriya Public Company pay a dividend?
Thanapiriya Public Company currently shows a dividend yield of about 3.80% relative to its recent price (as of Jul 20, 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.

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