TPI Polene Public Company Limited (TPIPL) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TPI Polene Public Company Limited THB 1.66, price THB 0.95, upside +74.7%, quality 42 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 0.6332 THB – 1.67 THB · fair‑value band 1.35 THB – 1.79 THB · the 0.9500 THB price screens below the 1.66 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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TPI Polene Public Company Limited, together with its subsidiaries, manufactures and distributes cement products and mortar cement under the TPIPL brand in Thailand, China, Bangladesh, Australia, India, the Philippines, and internationally. It operates through Construction Materials, Petrochemical & Chemicals, Energy & Utilities, and Agriculture segments.
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TPI Polene Public Company Limited, together with its subsidiaries, manufactures and distributes cement products and mortar cement under the TPIPL brand in Thailand, China, Bangladesh, Australia, India, the Philippines, and internationally. It operates through Construction Materials, Petrochemical & Chemicals, Energy & Utilities, and Agriculture segments. The company offers cement products comprising masonry, plastering, and structural cement; mortar products, including masonry, plastering, floor screed, dry concrete, and other products; tile grouts; aquatic, livestock, and plant fertilizers; and fiber cement boards, digital boards, and fiber cement accessories, as well as wood replacement products. It also provides clear coat, interior and exterior, wall, waterproof, floor, and artistic paint; ready mixed concrete and blocks; concrete roof tiles, floor and wall concrete tiles, and related accessories; healthcare products comprising hand and body wash, oil removal, and cleaning detergents; low-density polyethylene and ethylene vinyl acetate copolymer resins; EVA films for photovoltaic modules; and drinking water products. In addition, the company operates municipal solid waste power, waste heat power, coal-fired power, and RDF production plants, as well as petrol and gas stations. TPI Polene Public Company Limited was founded in 1987 and is headquartered in Bangkok, Thailand.
Stock analysis
TPI Polene Public Company Limited (TPIPL) currently trades at 0.9500 THB, while our model-based Fair Value estimate is 1.66 THB, implying the stock looks roughly 42.8% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1.98 THB per share, and 9 of the 11 models we run sit above the 0.9500 THB price.
Bear case: the Dividend Discount group reads lowest at 0.3000 THB, and 2 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.35 THB (bear) to 1.79 THB (bull), the price of 0.9500 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 42/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
TPI Polene Public Company Limited reported revenue of 35.7B THB in FY2025 versus 38.9B THB in FY2021, a compound −2.1%/yr. Reported net income was 2.0B THB in FY2025, compounding −23.0%/yr from FY2021.
Key figures
Market cap 18.0B THB (≈ $538M) · P/E ratio 8.6 · P/S ratio 0.48 · EPS (TTM) 0.1100 THB · Dividend yield 3.3% · Net margin 5.6% · Return on equity 3.8% · Return on assets (EBIT) 4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 75%, TPIPL screens cheaper than that median.
Fair Value models
Bear 1.35 THBFair Value 1.66 THBBull 1.79 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 (0.0808 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.15/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−0.1%
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.
−9.4%
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.
+0.8%
Start year 2020 (pandemic). Over 10 years: +2.8% a year
Revenue growth 25 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.
+3.8%
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What shareholders gained per year (last 5 years), in THB ⓘ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. Basis: EBIT basis. 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.
+1.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.2%
Dividend (yield on the price)3.3%
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.−7% vs 10%, slowing
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.18% → 16%
Compare TPI Polene 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.Building Materials · 258 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside+75% · Top 25%
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)6% · Above median
Operating margin (TTM)15% · Top 25%
Growth and dividend
Revenue growth0% · Above median
Dividend yield (TTM)3.3% · Above median
Balance sheet
Debt / equity1.13× · Highest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TPI Polene Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TPIPL
Frequently asked questions
Is TPI Polene Public Company Limited (TPIPL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1.66 THB versus a price of 0.9500 THB, about +75% upside (undervalued).
What is the fair value of TPIPL?
Our model-based fair value for TPI Polene Public Company Limited is 1.66 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9500 THB.
What is the quality score of TPIPL?
TPI Polene Public Company Limited has a Quality Score of 42/100. 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 TPI Polene Public Company Limited (TPIPL)?
Our model-based price target is the fair value of 1.66 THB (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 1.35 THB, optimistic scenario 1.79 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the TPI Polene Public Company Limited stock forecast for 2026?
Our models put fair value at 1.66 THB, about +75% upside versus a price of 0.9500 THB (undervalued). Cautious scenario 1.35 THB, optimistic scenario 1.79 THB. The calculation is refreshed regularly with new filings.
What is the revenue of TPI Polene Public Company Limited (TPIPL)?
TPI Polene Public Company Limited reported trailing-twelve-month revenue of about 34.7B THB (latest available figure, as of Sep 24, 2026).
Does TPI Polene Public Company Limited pay a dividend?
TPI Polene Public Company Limited currently shows a dividend yield of about 3.33% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of TPI Polene Public Company Limited (TPIPL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TPI Polene Public Company Limited it is 1.66 THB per share (as of Sep 24, 2026), against a price of 0.9500 THB. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is TPI Polene Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TPIPL trades below its calculated fair value: price 0.9500 THB, fair value 1.66 THB, a gap of about +75% (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 TPIPL?
No. The price is what the market pays today (0.9500 THB); the fair value is what the company's own numbers justify (1.66 THB). For TPI Polene Public Company Limited the two are 0.7100 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is TPI Polene Public Company Limited worth?
The market values TPI Polene Public Company Limited at about 18.0B THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.9500 THB; our models calculate a fair value of 1.66 THB per share.
What do the bullish and bearish scenarios say about TPIPL?
Our models span a range for TPI Polene Public Company Limited: cautious scenario 1.35 THB, base 1.66 THB, optimistic 1.79 THB per share (as of Sep 24, 2026, price 0.9500 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TPIPL?
TPI Polene Public Company Limited trades at a price-to-earnings ratio of 8.6 (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 1.66 THB is built from several models across several years. Other multiples: P/B 0.3, P/S 0.5, EV/EBITDA 8.1.
How solid is the balance sheet of TPI Polene Public Company Limited (TPIPL)?
Balance-sheet figures for TPI Polene Public Company Limited (as of Sep 24, 2026): return on equity 3.8%, debt of 1.13 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is TPIPL from its 52-week high?
TPI Polene Public Company Limited trades at 0.9500 THB, about 7% below its 52-week high of 1.02 THB and 50% above the low of 0.6332 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1.66 THB is for.
Which stocks are comparable to TPI Polene Public Company Limited?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, 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 TPI Polene Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9500 THB, calculated fair value 1.66 THB (+75%), Quality Score 42/100, from 12 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 TPIPL calculated?
We run TPI Polene Public Company Limited through 12 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 1.66 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 13.0 % above its aggregate fair value. TPI Polene Public Company Limited currently trades 75 % 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 TPI Polene Public Company Limited (TPIPL)?
The closing price on Sep 24, 2026 was 0.9500 THB. Our model-based fair value is 1.66 THB, about +75% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TPI Polene Public Company Limited right now?
The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (1.35 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of TPI Polene Public Company Limited (TPIPL) come from?
Earnings per share at TPI Polene Public Company Limited grew +11.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.9 %, EBIT margin +13.9 %, tax rate −0.1 %, residual (interest, one-offs) −5.9 %. 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 TPI Polene Public Company Limited
How large is the market capitalisation of TPI Polene Public Company Limited (TPIPL)?
The market capitalisation of TPI Polene Public Company Limited is 18.0B THB (≈ $538M). 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 TPI Polene Public Company Limited (TPIPL)?
The price-to-sales ratio of TPI Polene Public Company Limited is 0.48 (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 TPI Polene Public Company Limited (TPIPL)?
Earnings per share at TPI Polene Public Company Limited are 0.1100 THB (price ÷ EPS = P/E 8.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TPI Polene Public Company Limited (TPIPL)?
The dividend yield of TPI Polene Public Company Limited is 3.3% (payout 28.8%). 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 TPI Polene Public Company Limited (TPIPL)?
The net margin of TPI Polene Public Company Limited is 5.6% (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 TPI Polene Public Company Limited (TPIPL)?
The return on equity (ROE) of TPI Polene Public Company Limited is 3.8% (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 TPI Polene Public Company Limited (TPIPL)?
On an EBIT basis the return on assets of TPI Polene Public Company Limited is 4.9% (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 TPI Polene Public Company Limited (TPIPL)?
The operating margin of TPI Polene Public Company Limited is 15.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TPI Polene Public Company Limited (TPIPL)?
Revenue at TPI Polene Public Company Limited is growing +0.3% versus a year earlier (3y avg −9.4%). 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 TPI Polene Public Company Limited (TPIPL)?
Earnings per share at TPI Polene Public Company Limited are growing +15.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TPI Polene Public Company Limited (TPIPL) generate?
The free cash flow of TPI Polene Public Company Limited is −3.1B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does TPI Polene Public Company Limited (TPIPL) carry?
The net debt of TPI Polene Public Company Limited is 75.4B THB (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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