TRC Construction Public Company Limited (TRC) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of TRC Construction Public Company Limited stock THB 0.65, price THB 0.34, upside +92.5%, quality 42 out of 100. Rating: strongly undervalued. 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. As of Oct 29, 2026.
How to read this chart
60‑month range 0.0024 THB – 9.22 THB · fair‑value band 0.5270 THB – 0.9010 THB · the 0.3400 THB price screens below the 0.6545 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. As of Oct 29, 2026.
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TRC Construction Public Company Limited provides construction services in Thailand. It operates through four segments: Pipeline System Construction, Engineering System, Civil Work Construction, and Sales and Other Services.
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The company engages in pipeline system construction, engineering system installation, and factory construction in energy and petrochemical industries, as well as project development and investment business in energy, real estate, power plant, and petrochemical sectors.
It also constructs roads, water systems, bridges, wastewater treatment systems, dams, water distribution systems, railways, and water supply and airport facilities. The company was incorporated in 1998 and is headquartered in Bangkok, Thailand.
Stock analysis
TRC Construction Public Company Limited (TRC) currently trades at 0.3400 THB, while our model-based Fair Value estimate is 0.6545 THB, implying the stock looks roughly 48.1% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.7900 THB per share, and 5 of the 6 models we run sit above the 0.3400 THB price.
Bear case: the DCF Models group reads lowest at 0.7700 THB, and 1 of the 6 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.5270 THB (bear) to 0.9010 THB (bull), the price of 0.3400 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 Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
TRC Construction Public Company Limited reported revenue of 1.0B THB in FY2025 versus 3.8B THB in FY2021, a compound −28.1%/yr. Reported net income was −280M THB in FY2025.
Key figures
Market cap 536M THB (≈ $15.9M) Micro · P/S ratio 0.64 · EPS (TTM) −0.2300 THB · Net margin −36.1% · Return on equity −2,447% · Return on assets (EBIT) −6.5% · Operating margin −8.9% · Revenue (TTM) 857M THB.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 93%, TRC screens cheaper than that median.
Fair Value models
Bear0.5270 THBFair Value 0.6545 THBBull0.9010 THB
Price 0.3400 THB · Upside +92.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCF0.7200 THB0.9300 THB1.29 THB81
Growth DCF0.7400 THB0.9400 THB1.26 THB80
5Y Revenue Exit0.5600 THB0.7700 THB1.06 THB73
All 6 models by family
DCF Models
FCF DCF0.7200 THB0.9300 THB1.29 THB81
5Y Revenue Exit0.5600 THB0.7700 THB1.06 THB73
10Y Revenue Exit0.6200 THB0.7600 THB0.9200 THB68
Multiples
EV/Revenuen/a0.0600 THB>0.2400 THB50
Growth DCF
Growth DCF0.7400 THB0.9400 THB1.26 THB80
Rev-Margin DCF0.5600 THB0.7900 THB1.07 THB73
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−22.5%
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.
−32.5%
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.
−20.1%
Start year 2020 (pandemic). Over 10 years: −12.4% a year
Revenue growth 21 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.
+10.4%
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Profit margin (trend) ⓘ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.
−14.1% (2020) → −25.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+10.1%
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 +8.8% a year for the price.
Compare TRC Construction 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.Engineering & Construction · 790 stocks
Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score42 · Below median
Fair Value upside+92.5% · Top 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets−8.4% · Bottom 25%
Net margin (12 months)−36.1% · Bottom 25%
Operating margin (12 months)−8.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−36.7% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)0.63× · Cheaper than median
Price / free cash flow6.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)100· sector 36
FUTURE (revenue growth)0· sector 19
PAST (return on equity)0· sector 30
HEALTH (low debt)0· sector 94
DIVIDEND (yield)0· sector 43
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
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). "TRC Construction Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TRC.BK
Frequently asked questions
Is TRC Construction Public Company Limited (TRC) overvalued or undervalued?
As of Oct 29, 2026, our model estimates a fair value of 0.6545 THB versus a price of 0.3400 THB, about +93% upside (undervalued).
What is the fair value of TRC?
Our model-based fair value for TRC Construction Public Company Limited is 0.6545 THB (as of Oct 29, 2026), built from audited fundamentals. The current price: 0.3400 THB.
What is the quality score of TRC?
TRC Construction 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 TRC Construction Public Company Limited (TRC)?
Our model-based price target is the fair value of 0.6545 THB (as of Oct 29, 2026) from 6 valuation models. Cautious scenario 0.5270 THB, optimistic scenario 0.9010 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the TRC Construction Public Company Limited stock forecast for 2026?
Our models put fair value at 0.6545 THB, about +93% upside versus a price of 0.3400 THB (undervalued). Cautious scenario 0.5270 THB, optimistic scenario 0.9010 THB. The calculation is refreshed regularly with new filings.
What is the revenue of TRC Construction Public Company Limited (TRC)?
TRC Construction Public Company Limited reported trailing-twelve-month revenue of about 857M THB (latest available figure, as of Oct 29, 2026).
What growth is priced into TRC Construction Public Company Limited (TRC)?
For today's price to be fair in a discounted-cash-flow model, TRC Construction Public Company Limited would have to grow free cash flow by +10.1 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -20.1 % per year. As of Oct 29, 2026.
What discount rate (WACC) does the fair value of TRC use?
Our models discount TRC Construction Public Company Limited at 11.2 %: a base by market capitalisation (nano), damped by beta 0.87, 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 TRC Construction Public Company Limited that is +10.1 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has TRC Construction Public Company Limited (TRC) delivered so far?
Over the past 5 years revenue at TRC Construction Public Company Limited grew -20.1 % a year. The price currently implies +10.1 % 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 TRC Construction Public Company Limited (TRC) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into TRC Construction Public Company Limited (+10.1 % 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 TRC Construction Public Company Limited (TRC)?
The free-cash-flow yield on the price is 15.87 %: that much free cash flow TRC Construction Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of TRC Construction Public Company Limited (TRC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TRC Construction Public Company Limited it is 0.6545 THB per share (as of Oct 29, 2026), against a price of 0.3400 THB. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is TRC Construction Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 29, 2026, TRC trades below its calculated fair value: price 0.3400 THB, fair value 0.6545 THB, a gap of about +93% (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 TRC?
No. The price is what the market pays today (0.3400 THB); the fair value is what the company's own numbers justify (0.6545 THB). For TRC Construction Public Company Limited the two are 0.3145 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is TRC Construction Public Company Limited worth?
The market values TRC Construction Public Company Limited at about 536M THB (market capitalisation, as of Oct 29, 2026). Per share that is 0.3400 THB; our models calculate a fair value of 0.6545 THB per share.
What do the bullish and bearish scenarios say about TRC?
Our models span a range for TRC Construction Public Company Limited: cautious scenario 0.5270 THB, base 0.6545 THB, optimistic 0.9010 THB per share (as of Oct 29, 2026, price 0.3400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TRC Construction Public Company Limited (TRC)?
Balance-sheet figures for TRC Construction Public Company Limited (as of Oct 29, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is TRC from its 52-week high?
TRC Construction Public Company Limited trades at 0.3400 THB, about 50% below its 52-week high of 0.6800 THB and 13% above the low of 0.3000 THB (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6545 THB is for.
Which stocks are comparable to TRC Construction Public Company Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 TRC Construction Public Company Limited stock attractive at the current price?
The data as of Oct 29, 2026: price 0.3400 THB, calculated fair value 0.6545 THB (+93%), Quality Score 42/100, 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 TRC calculated?
We run TRC Construction 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 0.6545 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 14.9 % above its aggregate fair value. TRC Construction Public Company Limited currently trades 48 % 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 TRC Construction Public Company Limited (TRC)?
The closing price on Oct 30, 2026 was 0.3400 THB. Our model-based fair value is 0.6545 THB, about +93% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TRC Construction 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 (0.5270 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.
Key figures of TRC Construction Public Company Limited
How large is the market capitalisation of TRC Construction Public Company Limited (TRC)?
The market capitalisation of TRC Construction Public Company Limited is 536M THB (≈ $15.9M). 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 TRC Construction Public Company Limited (TRC)?
The price-to-sales ratio of TRC Construction Public Company Limited is 0.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TRC Construction Public Company Limited (TRC)?
Earnings per share at TRC Construction Public Company Limited are −0.2300 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TRC Construction Public Company Limited (TRC)?
The net margin of TRC Construction Public Company Limited is −36.1% (last twelve months). 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 TRC Construction Public Company Limited (TRC)?
The return on equity (ROE) of TRC Construction Public Company Limited is −2,447% (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 TRC Construction Public Company Limited (TRC)?
On an EBIT basis the return on assets of TRC Construction Public Company Limited is −6.5% (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 TRC Construction Public Company Limited (TRC)?
The operating margin of TRC Construction Public Company Limited is −8.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TRC Construction Public Company Limited (TRC)?
Revenue at TRC Construction Public Company Limited is growing −36.7% versus a year earlier (3y avg −32.5%). 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 TRC Construction Public Company Limited (TRC)?
Earnings per share at TRC Construction Public Company Limited are growing −76.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does TRC Construction Public Company Limited (TRC) carry?
The net debt of TRC Construction Public Company Limited is 1.0B THB (fiscal year 2025, ≈ 11.9 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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Thin data
Oct 29, 2026