TPI Polene Power Public Company (TPIPP) Fair Value & Analysis
Utilities · TH · Market cap 15.0B THB
Fair value as of: Jul 11, 2026
From 16 valuation models · updated 30 days ago
Below-average quality, screening 51% undervalued on our models.
What matters 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 (2.70 THB). The market is more pessimistic than our downside scenario.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range 1.65 THB – 3.53 THB · fair‑value band 2.70 THB – 3.37 THB · the 1.79 THB price screens below the 2.70 THB fair value. Dashed = 300-day average. As of Jul 11, 2026.
Analysis
TPI Polene Power Public Company (TPIPP) currently trades at 1.79 THB, while our model-based Fair Value estimate is 2.70 THB, implying the stock looks roughly 50.8% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Utilities 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, TPI Polene Power Public Company generated revenue of 8.5B THB at a net margin of 17.8%. Revenue declined 20.9% year over year. It earns a return on equity of 4.2%. Net debt stands at 27.5B THB. Fundamentals as of Jul 11, 2026
Our scenario range runs from 2.70 THB (bear case) to 3.37 THB (bull case); at 1.79 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 24% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -30% fair-value upside, at 51%, TPIPP 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.
All 16 models by family
Widest divergence: Growth Earnings (4.17 THB) versus Economic Profit (0.9400 THB). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 43 · Market factors (momentum, volatility) 46
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
TPI Polene Power Public Company Limited generates and distributes electricity, refuse derived fuel, and organics waste in Thailand. It operates in two segments, Energy & Utilities, and Petrol and Gas Stations. The company owns and operates waste disposal plant and waste-to-energy plant; and operates 12 stations of fuel and natural gas under the TPIPP brand.
Full company description
TPI Polene Power Public Company Limited generates and distributes electricity, refuse derived fuel, and organics waste in Thailand. It operates in two segments, Energy & Utilities, and Petrol and Gas Stations. The company owns and operates waste disposal plant and waste-to-energy plant; and operates 12 stations of fuel and natural gas under the TPIPP brand. It also engages in EV charging station business. In addition, it undertakes replace and upgrade boilers in power plants; upgrading computer systems using AI; waste fuel sorting process; solar power; municipal waste-to-electricity; and efficiency improvement projects. The company sells its electricity to the electricity generating authority of Thailand. TPI Polene Power Public Company Limited was incorporated in 1991 and is headquartered in Bangkok, Thailand. TPI Polene Power Public Company Limited is a subsidiary of TPI Polene Public Company Limited.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
TPI Polene Power Public Company reported revenue of 9.1B THB in FY2025 versus 11.1B THB in FY2021, a compound −4.9%/yr. Reported net income was 2.3B THB in FY2025, compounding −14.3%/yr from FY2021.
of which total revenue +14.7 pp · buybacks/dilution −1.3 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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Peer Group
Utilities - Renewable · 220 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.
Valuation Multiples vs Utilities - Renewable median · lower = cheaper
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.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Yangtze Power Co 600900 | ¥27.99 | ¥25.13 | -10% |
| Ørsted A/S ORSTED | kr 149.70 | kr 31.40 | -79% |
| Huaneng Lancang River Hydropower Inc 600025 | ¥9.81 | ¥5.57 | -43% |
| Adani Green Energy Limited ADANIGREEN | ₹1,537 | ₹170.50 | -89% |
| AXIA Energia SA AXIAP | $10.74 | $9.65 | -10% |
| VERBUND AG OEWA | €58.65 | €66.19 | +13% |
| BEP BEP | $32.33 | $73.35 | +127% |
| BEPUN BEPUN | C$44.56 | C$10.15 | -77% |
| Fortum Oyj FORTUM | €19.89 | €13.90 | -30% |
| China Longyuan Power Group 001289 | ¥16.21 | ¥8.23 | -49% |
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Frequently asked questions
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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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