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Thai Nippon Rubber Industry Public Co (TNR) Fair Value & Analysis

Consumer Defensive · TH · Market cap 1.7B THB

TN Thai Nippon Rubber Industry Public Co TNR · BK
Price5.75 THB
Fair Value7.92 THB
Upside+37.7%
Quality45/100
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Weak Growth
Thin margins · 8.0% net margin
Low debt · generates free cash flow
7.08% dividend yield
Ranks above peers (12/14)
Narrow moat 44/100
Evidence: High Range 5.27 THB – 10.96 THB Share as image

Fair value as of: Jul 16, 2026

From 24 valuation models · updated 25 days ago

Share price +4.5% over the past month.

Below-average quality, screening 38% undervalued on our models.

What matters now

  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (5.27 THB to 10.96 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

10.94 THB 4.74 THB Fair Value 7.92 THB Feb 2021 Aug 2026

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 4.74 THB – 10.94 THB · fair‑value band 5.27 THB – 10.96 THB · the 5.75 THB price screens below the 7.92 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

Thai Nippon Rubber Industry Public Co (TNR) currently trades at 5.75 THB, while our model-based Fair Value estimate is 7.92 THB, implying the stock looks roughly 37.7% undervalued today. The Quality Score stands at 45/100 (below-average 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, Thai Nippon Rubber Industry Public Co generated revenue of 1.8B THB at a net margin of 7.3%. Revenue declined 8.4% year over year. It earns a return on equity of 10.5%. Net debt stands at 547M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 5.27 THB (bear case) to 10.96 THB (bull case); at 5.75 THB, the current price sits within 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 13% below its 52-week high and 22% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 38%, TNR 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
Growth DCF 2.36 THB 2.69 THB 3.14 THB 80
Residual Income 3.52 THB 3.87 THB 4.82 THB 76
Rev-Margin DCF 5.08 THB 7.59 THB 10.41 THB 74
All 24 models by family
DCF Models
FCF DCF 2.33 THB 2.68 THB 3.20 THB 38
Owner Earnings 5.78 THB 7.14 THB 9.15 THB 31
5Y Revenue Exit 5.08 THB 7.59 THB 10.99 THB 39
5Y EBITDA Exit 7.40 THB 11.59 THB 16.71 THB 41
5Y P/E Exit 5.14 THB 7.70 THB 10.48 THB 38
10Y Revenue Exit 3.72 THB 5.60 THB 7.87 THB 36
10Y EBITDA Exit 5.18 THB 8.03 THB 11.44 THB 37
10Y P/E Exit 3.90 THB 5.67 THB 7.55 THB 35
Earnings-Based
Graham-Dodd 3.04 THB 5.72 THB 7.12 THB 54
EPV 6.39 THB 7.11 THB 7.71 THB 59
Dividend Discount
Gordon GGM 5.44 THB 7.02 THB 8.47 THB 70
DDM Multi-Stage 5.44 THB 7.12 THB 8.86 THB 61
Multiples
P/E Multiple 7.04 THB 9.38 THB 11.73 THB 63
P/S Multiple 5.70 THB 7.59 THB 9.49 THB 58
P/B Multiple 5.70 THB 7.59 THB 9.49 THB 55
EV/EBIT 10.69 THB 13.88 THB 17.07 THB 53
EV/EBITDA 12.70 THB 16.56 THB 20.42 THB 54
EV/Revenue 7.58 THB 10.34 THB 13.11 THB 43
Asset-Based
NCAV (Graham) 2.06 THB 2.76 THB 4.11 THB 50
Growth DCF
Growth DCF 2.36 THB 2.69 THB 3.14 THB 80
Rev-Margin DCF 5.08 THB 7.59 THB 10.41 THB 74
Economic Profit
Residual Income 3.52 THB 3.87 THB 4.82 THB 76
ROIC Compounder 6.50 THB 7.38 THB 8.21 THB 72
Growth Earnings
Growth-Adj P/E 5.02 THB 7.18 THB 9.33 THB 68

Widest divergence: Multiples (9.38 THB) versus Growth DCF (2.69 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.8B THB
Revenue growth (YoY) -8.4%
Net margin 7.3%
Return on equity 10.5%
Free cash flow 42.2M THB FY2025
P/E ratio 10.2
More key figures
Operating margin 6.8%
EPS (TTM) 0.5000 THB
Dividend yield 8.0%
EPS growth (YoY) -96.7%
Net debt 547M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 45 · Market factors (momentum, volatility) 55

Profitability 42
Margins and returns on capital today
Quality Growth 3
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 38
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

Thai Nippon Rubber Industry Public Co., Ltd., together with its subsidiaries, manufactures and distributes condoms and lubricating gels under the ONETOUCH brand in Thailand and internationally. The company also offers medicinal plants and paper packaging products, and other printing, including herbal extraction products.

Full company description

Thai Nippon Rubber Industry Public Co., Ltd., together with its subsidiaries, manufactures and distributes condoms and lubricating gels under the ONETOUCH brand in Thailand and internationally. The company also offers medicinal plants and paper packaging products, and other printing, including herbal extraction products. In addition, it provides analytical, research, and test services to find substances in various types of medicinal plants and agricultural crops. Thai Nippon Rubber Industry Public Co., Ltd. was incorporated in 1993 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 Nippon Rubber Industry Public Co reported revenue of 1.8B THB in FY2025 versus 1.7B THB in FY2021, a compound +2.8%/yr. Reported net income was 134M THB in FY2025.

Growth Quality 39/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.8B THB
Latest YoY
−12.3%
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.
−2.4%
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.
+1.0%
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.
+2.4%
Revenue +2.8%/yr
FY21 1.7B THB
FY22 2.0B THB
FY23 2.0B THB
FY24 2.1B THB
FY25 1.8B THB
Net income
FY21 −465M THB
FY22 262M THB
FY23 202M THB
FY24 533M THB
FY25 134M THB
Character of growth · EPS growth decomposed (2014-2025) +4.6 % p.a.
Revenue per share +4.4 pp

of which total revenue +5.4 pp · buybacks/dilution −0.9 pp

EBIT margin −0.6 pp
Tax rate −1.6 pp
Residual (interest, one-offs) +2.4 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). "Thai Nippon Rubber Industry Public Co Fair Value". https://www.fairvalue-calculator.com/stock/TNR

Peer Group

Household & Personal Products · 244 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 45 · Bottom 25%
Fair Value upside +38% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 5% · Above median
Net margin (TTM) 8% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth 2% · Above median
Dividend yield (TTM) 7.1% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 11.3× · Cheaper than 75% of peers
P/B 1.37× · Cheaper than median
P/S (TTM) 0.91× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 4.2× · 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 84 · sector 28
FUTURE 12 · sector 4
PAST 44 · sector 26
HEALTH 99 · sector 98
DIVIDEND 100 · sector 50

Insider activity: 48/100

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Thai Nippon Rubber Industry Public Co (TNR) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 7.92 THB versus a price of 5.75 THB, about +38% (undervalued).
What is the fair value of TNR?
Our model-based fair value for Thai Nippon Rubber Industry Public Co is 7.92 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 5.75 THB.
What is the quality score of TNR?
Thai Nippon Rubber Industry Public Co has a Quality Score of 45/100. 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 Thai Nippon Rubber Industry Public Co (TNR)?
Thai Nippon Rubber Industry Public Co reported trailing-twelve-month revenue of about 1.8B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of TNR?
The net profit margin of Thai Nippon Rubber Industry Public Co is about 7.3%, meaning it keeps roughly 7.3% of revenue as net income. Based on the latest reported figures.
Does Thai Nippon Rubber Industry Public Co pay a dividend?
Thai Nippon Rubber Industry Public Co currently shows a dividend yield of about 8.03% relative to its recent price (as of Jul 16, 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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