TOA Paint (Thailand) Public Company Limited (TOA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of TOA Paint (Thailand) Public Company Limited THB 19.16, price THB 15.30, upside +25.2%, quality 83 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 8.79 THB – 32.40 THB · fair‑value band 15.39 THB – 25.98 THB · the 15.30 THB price screens below the 19.16 THB fair value. Dashed = 300-day average. As of Sep 24, 2026.
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TOA Paint (Thailand) Public Company Limited, together with its subsidiaries, manufactures and distributes paints and chemicals in Thailand, Vietnam, Laos, Myanmar, Cambodia, Indonesia, and Malaysia.
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TOA Paint (Thailand) Public Company Limited, together with its subsidiaries, manufactures and distributes paints and chemicals in Thailand, Vietnam, Laos, Myanmar, Cambodia, Indonesia, and Malaysia. It offers construction chemicals, special paints, gypsum, hardware and power tools, and tile products, as well as decorative, metal, wood, and heavy-duty coatings. The company also provides painting services and calibration services for general laboratory instruments and specialized instruments for paint testing. In addition, it manufactures and distributes skim coat products. The company was founded in 1964 and is headquartered in Bang Sao Thong, Thailand.
Stock analysis
TOA Paint (Thailand) Public Company Limited (TOA) currently trades at 15.30 THB, while our model-based Fair Value estimate is 19.16 THB, implying the stock looks roughly 20.1% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 22.44 THB per share, and 20 of the 24 models we run sit above the 15.30 THB price.
Bear case: the Asset-Based group reads lowest at 5.01 THB, and 4 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 15.39 THB (bear) to 25.98 THB (bull), the price of 15.30 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 83/100 (high quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
TOA Paint (Thailand) Public Company Limited reported revenue of 21.6B THB in FY2025 versus 17.6B THB in FY2021, a compound +5.3%/yr. Reported net income was 2.9B THB in FY2025, compounding +10.5%/yr from FY2021.
Key figures
Market cap 29.8B THB (≈ $894M) · P/E ratio 9.4 · P/S ratio 1.28 · EPS (TTM) 1.62 THB · Dividend yield 4.9% · Net margin 13.5% · Return on equity 20.7% · Return on assets (EBIT) 14.1%.
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 8% below its 52-week high and 32% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −40% fair-value upside, at 25%, TOA screens cheaper than that median.
Fair Value models
Bear 15.39 THBFair Value 19.16 THBBull 25.98 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 2025 figures (about 9 months old). Earnings retained since then (0.6364 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.81/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.1%
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.
+1.5%
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.
+5.8%
Start year 2020 (pandemic). Over 10 years: +2.6% a year
Revenue growth 11 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.
+2.3%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.4%
Dividend (yield on the price)4.9%
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.8% vs 8%, steady
Profit margin 2020 to 2025 ⓘ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.16% → 18%
2025 sits 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (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).
−7.5%
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 −8.6% a year for the price.
Compare TOA Paint (Thailand) Public Company Limited with another stock
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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 · 714 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score83 · Top 25%
Fair Value upside+25% · Top 25%
Profitability
Return on equity (TTM)21% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)14% · Top 25%
Operating margin (TTM)20% · Top 25%
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)4.9% · Top 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Cite: Fair Value Calculator (2026). "TOA Paint (Thailand) Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TOA
Frequently asked questions
Is TOA Paint (Thailand) Public Company Limited (TOA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 19.16 THB versus a price of 15.30 THB, about +25% upside (undervalued).
What is the fair value of TOA?
Our model-based fair value for TOA Paint (Thailand) Public Company Limited is 19.16 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 15.30 THB.
What is the quality score of TOA?
TOA Paint (Thailand) Public Company Limited has a Quality Score of 83/100. 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 TOA Paint (Thailand) Public Company Limited (TOA)?
Our model-based price target is the fair value of 19.16 THB (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 15.39 THB, optimistic scenario 25.98 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the TOA Paint (Thailand) Public Company Limited stock forecast for 2026?
Our models put fair value at 19.16 THB, about +25% upside versus a price of 15.30 THB (undervalued). Cautious scenario 15.39 THB, optimistic scenario 25.98 THB. The calculation is refreshed regularly with new filings.
What is the revenue of TOA Paint (Thailand) Public Company Limited (TOA)?
TOA Paint (Thailand) Public Company Limited reported trailing-twelve-month revenue of about 21.8B THB (latest available figure, as of Sep 24, 2026).
Does TOA Paint (Thailand) Public Company Limited pay a dividend?
TOA Paint (Thailand) Public Company Limited currently shows a dividend yield of about 4.90% relative to its recent price (as of Sep 24, 2026).
What growth is priced into TOA Paint (Thailand) Public Company Limited (TOA)?
For today's price to be fair in a discounted-cash-flow model, TOA Paint (Thailand) Public Company Limited would have to grow free cash flow by -7.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TOA use?
Our models discount TOA Paint (Thailand) Public Company Limited at 11.6 %: a base by market capitalisation (small), damped by beta 0.25, 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 TOA Paint (Thailand) Public Company Limited that is -7.5 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has TOA Paint (Thailand) Public Company Limited (TOA) delivered so far?
Over the past 5 years revenue at TOA Paint (Thailand) Public Company Limited grew +5.8 % a year. The price currently implies -7.5 % 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 TOA Paint (Thailand) Public Company Limited (TOA) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into TOA Paint (Thailand) Public Company Limited (-7.5 % 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 TOA Paint (Thailand) Public Company Limited (TOA)?
The free-cash-flow yield on the price is 11.16 %: that much free cash flow TOA Paint (Thailand) Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TOA Paint (Thailand) Public Company Limited (TOA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TOA Paint (Thailand) Public Company Limited it is 19.16 THB per share (as of Sep 24, 2026), against a price of 15.30 THB. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is TOA Paint (Thailand) Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TOA trades below its calculated fair value: price 15.30 THB, fair value 19.16 THB, a gap of about +25% (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 TOA?
No. The price is what the market pays today (15.30 THB); the fair value is what the company's own numbers justify (19.16 THB). For TOA Paint (Thailand) Public Company Limited the two are 3.86 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is TOA Paint (Thailand) Public Company Limited worth?
The market values TOA Paint (Thailand) Public Company Limited at about 29.8B THB (market capitalisation, as of Sep 24, 2026). Per share that is 15.30 THB; our models calculate a fair value of 19.16 THB per share.
What do the bullish and bearish scenarios say about TOA?
Our models span a range for TOA Paint (Thailand) Public Company Limited: cautious scenario 15.39 THB, base 19.16 THB, optimistic 25.98 THB per share (as of Sep 24, 2026, price 15.30 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOA?
TOA Paint (Thailand) Public Company Limited trades at a price-to-earnings ratio of 9.4 (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 19.16 THB is built from several models across several years. Other multiples: P/B 2.1, P/S 1.4, EV/EBITDA 5.9.
How solid is the balance sheet of TOA Paint (Thailand) Public Company Limited (TOA)?
Balance-sheet figures for TOA Paint (Thailand) Public Company Limited (as of Sep 24, 2026): return on equity 20.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 83/100, which measures business quality independently of the share price.
How far is TOA from its 52-week high?
TOA Paint (Thailand) Public Company Limited trades at 15.30 THB, about 8% below its 52-week high of 16.60 THB and 32% above the low of 11.63 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 19.16 THB is for.
Which stocks are comparable to TOA Paint (Thailand) 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 TOA Paint (Thailand) Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 15.30 THB, calculated fair value 19.16 THB (+25%), Quality Score 83/100, from 24 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 TOA calculated?
We run TOA Paint (Thailand) Public Company Limited through 24 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 19.16 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 14.1 % above its aggregate fair value. TOA Paint (Thailand) Public Company Limited currently trades 25 % 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 TOA Paint (Thailand) Public Company Limited (TOA)?
The closing price on Sep 23, 2026 was 15.30 THB. Our model-based fair value is 19.16 THB, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TOA Paint (Thailand) Public Company Limited right now?
The rarer combination: high quality (83/100) AND below fair value. That earns a closer look rather than a quick verdict. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of TOA Paint (Thailand) Public Company Limited (TOA) come from?
Earnings per share at TOA Paint (Thailand) Public Company Limited grew +3.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.2 %, EBIT margin +0.3 %, tax rate +0.2 %, residual (interest, one-offs) +0.2 %. 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 TOA Paint (Thailand) Public Company Limited
How large is the market capitalisation of TOA Paint (Thailand) Public Company Limited (TOA)?
The market capitalisation of TOA Paint (Thailand) Public Company Limited is 29.8B THB (≈ $894M). 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 TOA Paint (Thailand) Public Company Limited (TOA)?
The price-to-sales ratio of TOA Paint (Thailand) Public Company Limited is 1.28 (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 TOA Paint (Thailand) Public Company Limited (TOA)?
Earnings per share at TOA Paint (Thailand) Public Company Limited are 1.62 THB (price ÷ EPS = P/E 9.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TOA Paint (Thailand) Public Company Limited (TOA)?
The dividend yield of TOA Paint (Thailand) Public Company Limited is 4.9% (payout 46.3%). 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 TOA Paint (Thailand) Public Company Limited (TOA)?
The net margin of TOA Paint (Thailand) Public Company Limited is 13.5% (fiscal year 2025). 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 TOA Paint (Thailand) Public Company Limited (TOA)?
The return on equity (ROE) of TOA Paint (Thailand) Public Company Limited is 20.7% (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 TOA Paint (Thailand) Public Company Limited (TOA)?
On an EBIT basis the return on assets of TOA Paint (Thailand) Public Company Limited is 14.1% (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 TOA Paint (Thailand) Public Company Limited (TOA)?
The operating margin of TOA Paint (Thailand) Public Company Limited is 20.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TOA Paint (Thailand) Public Company Limited (TOA)?
Revenue at TOA Paint (Thailand) Public Company Limited is growing +3.7% versus a year earlier (3y avg +1.5%). 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 TOA Paint (Thailand) Public Company Limited (TOA)?
Earnings per share at TOA Paint (Thailand) Public Company Limited are growing +33.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does TOA Paint (Thailand) Public Company Limited (TOA) hold?
TOA Paint (Thailand) Public Company Limited holds more cash than debt, 2.0B THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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