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TPRIME Fair Value & Analysis

Real Estate · TH · Market cap 4.2B THB

T TPRIME TPRIME · BK
Price7.70 THB
Fair Value9.86 THB
Upside+28.1%
Quality71/100
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Weak Growth
Highly profitable · 53.0% net margin
Low debt · generates free cash flow
5.31% dividend yield
Ranks above peers (11/14)
Wide moat 66/100
Evidence: High Range 7.80 THB – 13.67 THB Share as image

Fair value as of: Jul 17, 2026

From 16 valuation models · updated 24 days ago

Share price +2.0% over the past month.

A solid business, screening 28% undervalued on our models.

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

9.99 THB 5.35 THB Fair Value 9.86 THB Sep 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 5.35 THB – 9.99 THB · fair‑value band 7.80 THB – 13.67 THB · the 7.70 THB price screens below the 9.86 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

TPRIME (TPRIME) currently trades at 7.70 THB, while our model-based Fair Value estimate is 9.86 THB, implying the stock looks roughly 28.1% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Real Estate 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, TPRIME generated revenue of 796M THB at a net margin of 53.0%. Revenue grew 1.8% year over year. It earns a return on equity of 6.5%. Net debt stands at 2.1B THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 7.80 THB (bear case) to 13.67 THB (bull case); at 7.70 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 4% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at 28%, TPRIME 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 5.16 THB 7.14 THB 10.25 THB 80
Residual Income 9.15 THB 9.39 THB 9.25 THB 76
Rev-Margin DCF 5.30 THB 8.41 THB 12.08 THB 74
All 16 models by family
DCF Models
FCF DCF 4.96 THB 7.02 THB 10.50 THB 38
5Y Revenue Exit 5.30 THB 8.31 THB 12.47 THB 39
5Y EBITDA Exit 7.45 THB 12.00 THB 17.71 THB 41
10Y Revenue Exit 4.93 THB 7.51 THB 10.51 THB 36
10Y EBITDA Exit 6.41 THB 9.90 THB 13.96 THB 37
Dividend Discount
Gordon GGM 3.61 THB 4.70 THB 5.78 THB 70
DDM Multi-Stage 3.61 THB 4.87 THB 6.33 THB 61
Multiples
P/S Multiple 7.00 THB 9.33 THB 11.66 THB 58
P/B Multiple 8.54 THB 11.39 THB 14.24 THB 55
EV/EBIT 13.88 THB 18.84 THB 23.80 THB 53
EV/EBITDA 10.58 THB 14.44 THB 18.31 THB 54
EV/Revenue 6.03 THB 9.04 THB 12.06 THB 43
Asset-Based
NCAV (Graham) 5.90 THB 7.91 THB 11.80 THB 50
Growth DCF
Growth DCF 5.16 THB 7.14 THB 10.25 THB 80
Rev-Margin DCF 5.30 THB 8.41 THB 12.08 THB 74
Economic Profit
Residual Income 9.15 THB 9.39 THB 9.25 THB 76

Widest divergence: Multiples (11.39 THB) versus Dividend Discount (4.70 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 796M THB
Revenue growth (YoY) +1.8%
Net margin 53.0%
Return on equity 6.5%
Free cash flow 336M THB FY2025
P/E ratio 9.9
More key figures
Operating margin 70.9%
EPS (TTM) 0.7700 THB
Dividend yield 5.3%
EPS growth (YoY) +9.3%
Net debt 2.1B THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 67 · Market factors (momentum, volatility) 70

Profitability 36
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 56
Price trend over the last 3–12 months (market factor)
52W Momentum 74
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

Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust is a real estate investment trust externally managed by SCCP REIT Company Limited. The firm invest in leasehold rights over the Mercury Tower Project and acquiring at least 99.99 per cent. of shares of Exchange Tower Co.,Ltd which owns the Exchange Tower Project.

Full company description

Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust is a real estate investment trust externally managed by SCCP REIT Company Limited. The firm invest in leasehold rights over the Mercury Tower Project and acquiring at least 99.99 per cent. of shares of Exchange Tower Co.,Ltd which owns the Exchange Tower Project. Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TPRIME reported revenue of 786M THB in FY2025 versus 803M THB in FY2021, a compound −0.5%/yr. Reported net income was 367M THB in FY2025, compounding +3.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
786M THB
Latest YoY
+2.0%
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.
+0.8%
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.
−2.9%
Avg. growth/yr (9Y) 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.
+19.2%
Revenue −0.5%/yr
FY21 803M THB
FY22 767M THB
FY23 803M THB
FY24 771M THB
FY25 786M THB
Net income +3.8%/yr
FY21 316M THB
FY22 306M THB
FY23 386M THB
FY24 45.2M THB
FY25 367M THB

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Cite: Fair Value Calculator (2026). "TPRIME Fair Value". https://www.fairvalue-calculator.com/stock/TPRIME

Peer Group

REIT - Office · 75 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 72 · Top 25%
Fair Value upside +28% · Above median
Return on equity (TTM) 7% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 53% · Top 25%
Operating margin (TTM) 71% · Top 25%
Revenue growth 2% · Above median
Dividend yield (TTM) 5.3% · Below median
Debt / equity 0.16× · Lower than 75% of peers

Valuation Multiples vs REIT - Office median · lower = cheaper

P/E (TTM) 9.9× · Cheaper than 75% of peers
P/B 0.64× · Pricier than median
P/S (TTM) 5.23× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 8.8× · 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 71 · sector 33
FUTURE 9 · sector 0
PAST 26 · sector 5
HEALTH 92 · sector 64
DIVIDEND 100 · sector 100

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 REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
MERLIN Properties SOCIMI, S.A MRL €15.23 €6.46 -58%
BXP, Inc BXP $69.11 $53.27 -23%
Vornado Realty Trust VNORP $51.75 $41.59 -20%
Alexandria Real Estate Equities, Inc ARE $50.12 $59.48 +19%
Hudson Pacific Properties, Inc HPP $15.38 $4.60 -70%
Mapletree Pan Asia Commercial Trust N2IU 1.28 SGD 1.14 SGD -11%
Cousins Properties Incorporated CUZ $32.15 $17.62 -45%
Kilroy Realty Corporation KRC $39.42 $40.37 +2%
Keppel DC REIT AJBU 2.20 SGD 1.68 SGD -24%
DEXUS DXS A$5.64 A$4.49 -20%

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Frequently asked questions

Is TPRIME overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 9.86 THB versus a price of 7.70 THB, about +28% (undervalued).
What is the fair value of TPRIME?
Our model-based fair value for TPRIME is 9.86 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 7.70 THB.
What is the quality score of TPRIME?
TPRIME has a Quality Score of 71/100. 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 TPRIME?
TPRIME reported trailing-twelve-month revenue of about 796M THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of TPRIME?
The net profit margin of TPRIME is about 53.0%, meaning it keeps roughly 53.0% of revenue as net income. Based on the latest reported figures.
Does TPRIME pay a dividend?
TPRIME currently shows a dividend yield of about 5.45% relative to its recent price (as of Jul 17, 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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