TQM Corporation Public Company Limited (TQM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of TQM Corporation Public Company Limited THB 11.13, price THB 15.40, upside -27.7%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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TQM Alpha Public Company Limited engages in the insurance brokerage business in Thailand. It offers individual and group life insurance products; non-life insurance products comprising motor and non-motor, health, and accident insurance; life insurance broker; reinsurance products; and consulting services for insurance claims.
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TQM Alpha Public Company Limited engages in the insurance brokerage business in Thailand. It offers individual and group life insurance products; non-life insurance products comprising motor and non-motor, health, and accident insurance; life insurance broker; reinsurance products; and consulting services for insurance claims. The company also provides personal loans; IT and software services; procurement and consulting services for computer software and hardware; and consultation, advice, and services for secured loans. In addition, it manages an online platform for providing insurance broker service to customers. Further, the company provides services as a manager, caregiver, and collects benefits, as well as property management services. Additionally, it operates as a third-party administrator for providing medical claims assessment; and a medical benefits administrator that offers clinical benefits navigation, mental health therapy, and virtual primary care. The company was formerly known as TQM Corporation Public Company Limited and changed its name to TQM Alpha Public Company Limited in May 2022. The company was founded in 2011 and is headquartered in Bangkok, Thailand. TQM Alpha Public Company Limited operates as a subsidiary of Eternal Growth Corporation Company Limited.
Stock analysis
TQM Corporation Public Company Limited (TQM) currently trades at 15.40 THB, while our model-based Fair Value estimate is 11.13 THB, implying the stock looks roughly 38.4% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of 11.25 THB per share, and 1 of the 6 models we run sit above the 15.40 THB price.
Bear case: the Asset-Based group reads lowest at 3.35 THB, and 5 of the 6 models stay below the price. Evidence for this calculation is low.
Scenario range: 7.75 THB (bear) to 13.91 THB (bull), the price of 15.40 THB sits above 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 72/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
TQM Corporation Public Company Limited reported revenue of 3.9B THB in FY2025 versus 3.5B THB in FY2021, a compound +2.5%/yr. Reported net income was 737M THB in FY2025, compounding −4.6%/yr from FY2021.
Key figures
Market cap 9.2B THB (≈ $276M) · P/E ratio 13.3 · P/S ratio 2.51 · EPS (TTM) 1.16 THB · Dividend yield 7.1% · Net margin 18.9% · Return on equity 20.5% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −46% fair-value upside, at −28%, TQM screens cheaper than that median.
Fair Value models
Bear 7.75 THBFair Value 11.13 THBBull 13.91 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 (0.0441 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.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.4%
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.
+2.5%
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.
+4.5%
Start year 2020 (pandemic). Over 10 years: +6.1% a year
Revenue growth 10 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.
+6.1%
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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. 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.
+8.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.0%
Dividend (yield on the price)7.1%
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.1% vs 34%, 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.27% → 24%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +9.7% a year for the price.
Compare TQM Corporation Public Company Limited with another stock
Price, fair value, quality and upside side by side.
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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.Insurance Brokers · 36 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside−28% · Above median
Profitability
Return on equity (TTM)20% · Above median
Return on assets10% · Top 25%
Net margin (TTM)18% · Top 25%
Operating margin (TTM)26% · Top 25%
Growth and dividend
Revenue growth−9% · Bottom 25%
Dividend yield (TTM)7.1% · Top 25%
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Insurance Brokers median · lower = cheaper
P/E (TTM)13.3× · Cheaper than median
P/B3.18× · Pricier than median
P/S (TTM)2.44× · Cheaper than median
P/FCF0.4× · Cheapest 25%
EV/EBITDA7.7× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 66
PAST (return on equity)82· sector 60
HEALTH (low debt)98· sector 84
DIVIDEND (yield)100· sector 92
VALUE 0: the price sits above our fair-value range.
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). "TQM Corporation Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TQM
Frequently asked questions
Is TQM Corporation Public Company Limited (TQM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 11.13 THB versus a price of 15.40 THB, about −28% upside (overvalued).
What is the fair value of TQM?
Our model-based fair value for TQM Corporation Public Company Limited is 11.13 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 15.40 THB.
What is the quality score of TQM?
TQM Corporation Public Company Limited has a Quality Score of 72/100. 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 TQM Corporation Public Company Limited (TQM)?
Our model-based price target is the fair value of 11.13 THB (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 7.75 THB, optimistic scenario 13.91 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the TQM Corporation Public Company Limited stock forecast for 2026?
Our models put fair value at 11.13 THB, about −28% upside versus a price of 15.40 THB (overvalued). Cautious scenario 7.75 THB, optimistic scenario 13.91 THB. The calculation is refreshed regularly with new filings.
What is the revenue of TQM Corporation Public Company Limited (TQM)?
TQM Corporation Public Company Limited reported trailing-twelve-month revenue of about 3.8B THB (latest available figure, as of Sep 24, 2026).
Does TQM Corporation Public Company Limited pay a dividend?
TQM Corporation Public Company Limited currently shows a dividend yield of about 7.14% relative to its recent price (as of Sep 24, 2026).
What growth is priced into TQM Corporation Public Company Limited (TQM)?
For today's price to be fair in a discounted-cash-flow model, TQM Corporation Public Company Limited would have to grow free cash flow by +11.0 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TQM use?
Our models discount TQM Corporation Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.28, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For TQM Corporation Public Company Limited that is +11.0 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has TQM Corporation Public Company Limited (TQM) delivered so far?
Over the past 5 years revenue at TQM Corporation Public Company Limited grew +4.5 % a year. The price currently implies +11.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of TQM Corporation Public Company Limited (TQM) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into TQM Corporation Public Company Limited (+11.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of TQM Corporation Public Company Limited (TQM)?
The free-cash-flow yield on the price is 6.69 %: that much free cash flow TQM Corporation Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TQM Corporation Public Company Limited (TQM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TQM Corporation Public Company Limited it is 11.13 THB per share (as of Sep 24, 2026), against a price of 15.40 THB. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is TQM Corporation Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TQM trades above its calculated fair value: price 15.40 THB, fair value 11.13 THB, a gap of about −28% (overvalued). 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 TQM?
No. The price is what the market pays today (15.40 THB); the fair value is what the company's own numbers justify (11.13 THB). For TQM Corporation Public Company Limited the two are 4.27 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is TQM Corporation Public Company Limited worth?
The market values TQM Corporation Public Company Limited at about 9.2B THB (market capitalisation, as of Sep 24, 2026). Per share that is 15.40 THB; our models calculate a fair value of 11.13 THB per share.
What do the bullish and bearish scenarios say about TQM?
Our models span a range for TQM Corporation Public Company Limited: cautious scenario 7.75 THB, base 11.13 THB, optimistic 13.91 THB per share (as of Sep 24, 2026, price 15.40 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TQM?
TQM Corporation Public Company Limited trades at a price-to-earnings ratio of 13.3 (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 11.13 THB is built from several models across several years. Other multiples: P/B 3.2, P/S 2.4, EV/EBITDA 7.7.
How solid is the balance sheet of TQM Corporation Public Company Limited (TQM)?
Balance-sheet figures for TQM Corporation Public Company Limited (as of Sep 24, 2026): return on equity 20.5%, debt of 0.03 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is TQM from its 52-week high?
TQM Corporation Public Company Limited trades at 15.40 THB, about 13% below its 52-week high of 17.60 THB and 49% above the low of 10.32 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 11.13 THB is for.
Which stocks are comparable to TQM Corporation Public Company Limited?
From the same area (Financial Services) we also value Marsh & McLennan Companies, Inc, Aon plc, Arthur J. Gallagher & Co, Willis Towers Watson Public 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 TQM Corporation Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 15.40 THB, calculated fair value 11.13 THB (−28%), Quality Score 72/100, from 6 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 TQM calculated?
We run TQM Corporation Public Company Limited through 6 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 11.13 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 14.0 % above its aggregate fair value. TQM Corporation Public Company Limited itself currently trades above fair value. 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 TQM Corporation Public Company Limited (TQM)?
The closing price on Sep 24, 2026 was 15.40 THB. Our model-based fair value is 11.13 THB, about −28% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TQM Corporation Public Company Limited right now?
A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (13.91 THB). The favourable scenario is already priced in. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of TQM Corporation Public Company Limited
How large is the market capitalisation of TQM Corporation Public Company Limited (TQM)?
The market capitalisation of TQM Corporation Public Company Limited is 9.2B THB (≈ $276M). 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 TQM Corporation Public Company Limited (TQM)?
The price-to-sales ratio of TQM Corporation Public Company Limited is 2.51 (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 TQM Corporation Public Company Limited (TQM)?
Earnings per share at TQM Corporation Public Company Limited are 1.16 THB (price ÷ EPS = P/E 13.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of TQM Corporation Public Company Limited (TQM)?
The dividend yield of TQM Corporation Public Company Limited is 7.1% (payout 94.8%). 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 TQM Corporation Public Company Limited (TQM)?
The net margin of TQM Corporation Public Company Limited is 18.9% (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 TQM Corporation Public Company Limited (TQM)?
The return on equity (ROE) of TQM Corporation Public Company Limited is 20.5% (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 TQM Corporation Public Company Limited (TQM)?
On an EBIT basis the return on assets of TQM Corporation Public Company Limited is 1.3% (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 TQM Corporation Public Company Limited (TQM)?
The operating margin of TQM Corporation Public Company Limited is 26.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TQM Corporation Public Company Limited (TQM)?
Revenue at TQM Corporation Public Company Limited is growing −9.2% versus a year earlier (3y avg +2.5%). 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 TQM Corporation Public Company Limited (TQM)?
Earnings per share at TQM Corporation Public Company Limited are growing −18.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TQM Corporation Public Company Limited (TQM) carry?
The net debt of TQM Corporation Public Company Limited is 536M THB (fiscal year 2025, ≈ 0.9 yrs of FCF). 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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