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Thai Polycons Public Company (TPOLY) Fair Value & Analysis

Industrials · TH · Market cap 57.3M THB

TP Thai Polycons Public Company TPOLY · BK
Price0.0900 THB
Fair Value0.0817 THB
Upside-9.2%
Quality46/100
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Mixed Growth
Loss-making · -13.4% net margin
High debt · generates free cash flow
Trails peers (3/10)
Narrow moat 12/100
Evidence: Medium Range 0.0163 THB – 0.1476 THB Share as image

Fair value as of: Jul 19, 2026

From 11 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 0.0783 THB to 0.0817 THB (+4.3%) since Jun 26, 2026. Share price −10.0% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The model range is unusually wide (0.0163 THB to 0.1476 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

2.69 THB 0.0900 THB Fair Value 0.0817 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 0.0900 THB – 2.69 THB · fair‑value band 0.0163 THB – 0.1476 THB · the 0.0900 THB price screens above the 0.0817 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Thai Polycons Public Company (TPOLY) currently trades at 0.0900 THB, while our model-based Fair Value estimate is 0.0817 THB, implying the stock looks roughly 9.2% fairly valued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Thai Polycons Public Company generated revenue of 3.2B THB at a net margin of -13.4%. Revenue declined 14.2% year over year. It earns a return on equity of -17.3%. Net debt stands at 4.6B THB. Fundamentals as of Jul 19, 2026

Our scenario range runs from 0.0163 THB (bear case) to 0.1476 THB (bull case); at 0.0900 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. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -9%, TPOLY 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 0.1966 THB 0.2783 THB 0.3677 THB 80
Rev-Margin DCF 0.0758 THB 0.1365 THB 0.2031 THB 74
EV/EBITDA 0.1350 THB 0.2214 THB 0.3079 THB 54
All 11 models by family
DCF Models
FCF DCF 0.1924 THB 0.2821 THB 0.3842 THB 38
5Y Revenue Exit 0.0758 THB 0.1294 THB 0.1906 THB 39
5Y EBITDA Exit 0.1427 THB 0.2466 THB 0.3597 THB 41
10Y Revenue Exit 0.1249 THB 0.1776 THB 0.2359 THB 36
10Y EBITDA Exit 0.1628 THB 0.2451 THB 0.3398 THB 37
Multiples
EV/EBIT 0.0302 THB 0.0817 THB 0.1332 THB 53
EV/EBITDA 0.1350 THB 0.2214 THB 0.3079 THB 54
EV/Revenue 0.0334 THB 0.0805 THB 43
Asset-Based
NCAV (Graham) 0.0056 THB 0.0077 THB 0.0115 THB 50
Growth DCF
Growth DCF 0.1966 THB 0.2783 THB 0.3677 THB 80
Rev-Margin DCF 0.0758 THB 0.1365 THB 0.2031 THB 74

Widest divergence: DCF Models (0.2451 THB) versus Asset-Based (0.0077 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.2B THB
Revenue growth (YoY) -14.2%
Net margin -13.4%
Return on equity -17.3%
Free cash flow 788M THB FY2025
Operating margin -0.4%
More key figures
EPS (TTM) -0.7500 THB
EPS growth (YoY) +68.3%
Net debt 4.6B THB FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 15

Profitability 7
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 93
Earnings quality: real cash, not paper profit
Fin. Strength 1
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 1
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 Polycons Public Company Limited engages as a construction contractor business in Thailand. The company offers construction services including steps and piles, foundation, soil collapse prevention, structural, architectural, landscape architectural, and system engineering work services for government agencies and private sectors.

Full company description

Thai Polycons Public Company Limited engages as a construction contractor business in Thailand. The company offers construction services including steps and piles, foundation, soil collapse prevention, structural, architectural, landscape architectural, and system engineering work services for government agencies and private sectors. It also engages in property development; trading; energy investment business; and designs, installation, and control systems of machines, automatic car parking, and building security systems; as well as inspection, maintenance, and repair services. In addition, the company distributes and installs air pollution control machines, parts, tools, and equipment; electricity, air conditioning and telecommunication system contractors; generates and distributes biogas; equipment rental services; and engages in hiring for running machine and power plant maintenance; as well as production of electricity. Thai Polycons Public Company Limited was incorporated in 1988 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 Polycons Public Company reported revenue of 3.3B THB in FY2025 versus 4.3B THB in FY2021, a compound −6.5%/yr. Reported net income was −394M THB in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.3B THB
Latest YoY
+2.3%
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.
−12.9%
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.
−3.5%
Avg. growth/yr (18Y) 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.
+5.3%
Revenue −6.5%/yr
FY21 4.3B THB
FY22 5.0B THB
FY23 6.0B THB
FY24 3.3B THB
FY25 3.3B THB
Net income
FY21 −84.0M THB
FY22 31.7M THB
FY23 −235M THB
FY24 −74.4M THB
FY25 −394M THB

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Cite: Fair Value Calculator (2026). "Thai Polycons Public Company Fair Value". https://www.fairvalue-calculator.com/stock/TPOLY

Peer Group

Engineering & Construction · 839 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 46 · Below median
Fair Value upside −11% · Above median
Return on assets 2% · Below median
Net margin (TTM) -13% · Bottom 25%
Operating margin (TTM) -0% · Bottom 25%
Revenue growth -14% · Below median
Debt / equity 11.03× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 5.0× · Cheaper than median

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 19 · sector 16
FUTURE 0 · sector 17
PAST 0 · sector 26
HEALTH 0 · sector 94
DIVIDEND 0 · sector 33

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Thai Polycons Public Company (TPOLY) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 0.0817 THB versus a price of 0.0900 THB, about −9% (fairly valued).
What is the fair value of TPOLY?
Our model-based fair value for Thai Polycons Public Company is 0.0817 THB (as of Jul 19, 2026), built from audited fundamentals. The current price is 0.0900 THB.
What is the quality score of TPOLY?
Thai Polycons Public Company has a Quality Score of 46/100. 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 Polycons Public Company (TPOLY)?
Thai Polycons Public Company reported trailing-twelve-month revenue of about 3.2B THB (latest available figure, as of Jul 19, 2026).
What is the net profit margin of TPOLY?
The net profit margin of Thai Polycons Public Company is about -13.4%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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