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TPBI Public Company (TPBI) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 1.3B THB

TP TPBI Public Company TPBI · BK
Price3.60 THB
Fair Value7.38 THB
Upside+105.0%
Quality63/100
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Weak Growth
Thin margins · 3.7% net margin
Low debt · generates free cash flow
7.28% dividend yield
Ranks above peers (12/14)
Narrow moat 37/100
Evidence: Medium Range 5.53 THB – 9.22 THB Share as image

Fair value as of: Jul 12, 2026

From 24 valuation models · updated 29 days ago

Share price +13.2% over the past month.

A solid business, screening 105% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (5.53 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

6.50 THB 2.21 THB Fair Value 7.38 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 2.21 THB – 6.50 THB · fair‑value band 5.53 THB – 9.22 THB · the 3.60 THB price screens below the 7.38 THB fair value. Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

TPBI Public Company (TPBI) currently trades at 3.60 THB, while our model-based Fair Value estimate is 7.38 THB, implying the stock looks roughly 105.0% undervalued today. The Quality Score stands at 63/100 (solid quality), in the Consumer Cyclical 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, TPBI Public Company generated revenue of 4.7B THB at a net margin of 3.7%. Revenue declined 15.5% year over year. It earns a return on equity of 6.1%. Net debt stands at 58.7M THB. Fundamentals as of Jul 12, 2026

Our scenario range runs from 5.53 THB (bear case) to 9.22 THB (bull case); at 3.60 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 near its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -22% fair-value upside, at 105%, TPBI 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 10.63 THB 13.16 THB 17.41 THB 80
Residual Income 5.22 THB 5.35 THB 5.19 THB 76
Rev-Margin DCF 7.47 THB 9.83 THB 12.91 THB 74
All 24 models by family
DCF Models
FCF DCF 10.35 THB 13.01 THB 17.86 THB 38
Owner Earnings 7.04 THB 8.80 THB 12.00 THB 31
5Y Revenue Exit 7.47 THB 9.58 THB 12.74 THB 39
5Y EBITDA Exit 8.79 THB 11.82 THB 15.98 THB 41
5Y P/E Exit 7.52 THB 9.65 THB 12.33 THB 38
10Y Revenue Exit 8.55 THB 10.38 THB 12.33 THB 36
10Y EBITDA Exit 9.41 THB 11.72 THB 14.20 THB 37
10Y P/E Exit 8.69 THB 10.43 THB 12.10 THB 35
Earnings-Based
Graham-Dodd 2.95 THB 4.56 THB 5.45 THB 54
EPV 3.95 THB 4.41 THB 4.79 THB 59
Dividend Discount
Gordon GGM 2.33 THB 2.66 THB 3.03 THB 70
DDM Multi-Stage 2.33 THB 2.90 THB 3.56 THB 61
Multiples
P/E Multiple 5.53 THB 7.38 THB 9.22 THB 63
P/S Multiple 5.53 THB 7.38 THB 9.22 THB 58
P/B Multiple 5.53 THB 7.38 THB 9.22 THB 55
EV/EBIT 6.45 THB 8.40 THB 10.36 THB 53
EV/EBITDA 8.73 THB 11.45 THB 14.16 THB 54
EV/Revenue 5.67 THB 7.85 THB 10.02 THB 43
Asset-Based
NCAV (Graham) 3.46 THB 4.63 THB 6.91 THB 50
Growth DCF
Growth DCF 10.63 THB 13.16 THB 17.41 THB 80
Rev-Margin DCF 7.47 THB 9.83 THB 12.91 THB 74
Economic Profit
Residual Income 5.22 THB 5.35 THB 5.19 THB 76
ROIC Compounder 3.95 THB 4.41 THB 4.79 THB 72
Growth Earnings
Growth-Adj P/E 3.94 THB 5.63 THB 7.32 THB 68

Widest divergence: DCF Models (10.38 THB) versus Dividend Discount (2.66 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 4.7B THB
Revenue growth (YoY) -15.5%
Net margin 3.7%
Return on equity 6.1%
Free cash flow 489M THB FY2025
P/E ratio 7.2
More key figures
Operating margin 6.2%
EPS (TTM) 0.4100 THB
Dividend yield 7.7%
EPS growth (YoY) -13.7%
Net debt 58.7M THB FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 80

Profitability 44
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 82
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

TPBI Public Company Limited, together with its subsidiaries, manufactures and distributes plastic bags and plastic packaging and machines for plastic bags production products in Thailand, Australia, the United Kingdom, the United States, Japan, New Zealand, and internationally.

Full company description

TPBI Public Company Limited, together with its subsidiaries, manufactures and distributes plastic bags and plastic packaging and machines for plastic bags production products in Thailand, Australia, the United Kingdom, the United States, Japan, New Zealand, and internationally. The company operates through seven segments: Manufacturing and Distribution of Plastic Packaging; Manufacturing and Distribution of Film; Manufacturing and Distribution of Flexible Packaging; Manufacturing and Distribution of Plastic Beads; Trading; Manufacturing and Distribution of Paper Packaging; and Other. It offers paper packaging products, such as paper cups and bowls, flat and satchel, SOS paper bags, and paper bags with twisted and tape handle; paper packaging for beer and wine bottles; paper box for pizza; and plastic bags, which include mailing, garbage, drawstring, flap tie, reusable, zipper, food storage, security bag ICAO certified duty free, STEB, tax-free, money, and piping bags. The company also provides multilayer blown films; flexibles packaging for frozen food, ready-to-eat food, and others; and digital printing. In addition, it manufactures and distributes paints and coating products; provides services for molding, cutting, and film-blowing for plastic bags; manufactures and distributes machines for plastic bags production; and trades in paper and plastic packaging products, as well as biodegradable packaging products. TPBI Public Company Limited was formerly known as Thai Plastic Bags Industries Co., Ltd. The company was founded in 1981 and is headquartered in Nakhon Pathom, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TPBI Public Company reported revenue of 4.9B THB in FY2025 versus 5.6B THB in FY2021, a compound −3.6%/yr. Reported net income was 181M THB in FY2025, compounding +60.9%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
4.9B THB
Latest YoY
−13.3%
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.
−10.5%
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.
−1.9%
Avg. growth/yr (11Y) 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.
+0.2%
Revenue −3.6%/yr
FY21 5.6B THB
FY22 6.8B THB
FY23 5.2B THB
FY24 5.6B THB
FY25 4.9B THB
Net income +60.9%/yr
FY21 27.0M THB
FY22 221M THB
FY23 204M THB
FY24 250M THB
FY25 181M THB
Character of growth · EPS growth decomposed (2014-2025) −8.1 % p.a.
Revenue per share −2.7 pp

of which total revenue +1.0 pp · buybacks/dilution −3.7 pp

EBIT margin −4.5 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −1.1 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). "TPBI Public Company Fair Value". https://www.fairvalue-calculator.com/stock/TPBI

Peer Group

Packaging & Containers · 272 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 63 · Top 25%
Fair Value upside +105% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 4% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 6% · Above median
Revenue growth -16% · Bottom 25%
Dividend yield (TTM) 7.3% · Top 25%
Debt / equity 0.04× · Lower than median

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 7.8× · Cheaper than 75% of peers
P/B 0.46× · Cheaper than 75% of peers
P/S (TTM) 0.28× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 2.5× · 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 9
FUTURE 0 · sector 1
PAST 24 · sector 21
HEALTH 98 · sector 92
DIVIDEND 100 · sector 42

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 Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Stora Enso Oyj STER kr 101.90 kr 126.39 +24%
ShenZhen YUTO Packaging Technology Co 002831 ¥29.10 ¥20.88 -28%
SCG Packaging Public Company SCGP 29.00 THB 16.12 THB -44%
AblePrint Technology Co 7734 2,850 TWD 661.69 TWD -77%
PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,194 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 132.50 TWD 127.06 TWD -4%
Time Technoplast Limited TIMETECHNO ₹206.82 ₹161.42 -22%
EPL Limited 500135 ₹222.25 ₹111.65 -50%
Ton Yi Industrial Corp 9907 15.15 TWD 23.17 TWD +53%
Dongwon Systems Corporation 014820 19,330 KRW 31,473 KRW +63%

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Frequently asked questions

Is TPBI Public Company (TPBI) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 7.38 THB versus a price of 3.60 THB, about +105% (undervalued).
What is the fair value of TPBI?
Our model-based fair value for TPBI Public Company is 7.38 THB (as of Jul 12, 2026), built from audited fundamentals. The current price is 3.60 THB.
What is the quality score of TPBI?
TPBI Public Company has a Quality Score of 63/100. 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 TPBI Public Company (TPBI)?
TPBI Public Company reported trailing-twelve-month revenue of about 4.7B THB (latest available figure, as of Jul 12, 2026).
What is the net profit margin of TPBI?
The net profit margin of TPBI Public Company is about 3.7%, meaning it keeps roughly 3.7% of revenue as net income. Based on the latest reported figures.
Does TPBI Public Company pay a dividend?
TPBI Public Company currently shows a dividend yield of about 7.72% relative to its recent price (as of Jul 12, 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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