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Thai Setakij Insurance PCL (TSI) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Thai Setakij Insurance PCL THB 0.06, price THB 0.04, upside +40.0%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Financial Services · TH · ISIN TH0220A10Z07

TS Thin data Sep 24, 2026

Thai Setakij Insurance PCL

TSI · BK

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 0.0560 THB · Undervalued (+40%)
!Quality 46/100
!Expensive Growth (revenue 5y +15.6 %/yr)
!Loss over the last twelve months · -0.4% net margin (TTM) · fiscal year 2025 0.9%
!Low debt · negative free cash flow
!Trails peers (3/8)
!Narrow moat 17/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

0.4800 THB 0.0300 THB Fair Value 0.0560 THB Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 0.0300 THB – 0.4800 THB · fair‑value band 0.0500 THB – 0.0640 THB · the 0.0400 THB price screens below the 0.0560 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

The Thai Setakij Insurance Public Company Limited engages in the non-life insurance business in Thailand. The company operates through Fire, Marine and Transportation, Motor, and Miscellaneous segments.

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The Thai Setakij Insurance Public Company Limited engages in the non-life insurance business in Thailand. The company operates through Fire, Marine and Transportation, Motor, and Miscellaneous segments. It provides fire, marine and transportation, motor, car, personal accident, travel, and freight insurance products through branch representatives and service centers. The company was incorporated in 1942 and is headquartered in Bangkok, Thailand.

Stock analysis

Thai Setakij Insurance PCL (TSI) currently trades at 0.0400 THB, while our model-based Fair Value estimate is 0.0560 THB, implying the stock looks roughly 28.6% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of 0.1000 THB per share, and 4 of the 4 models we run sit above the 0.0400 THB price.

Bear case: the Multiples group reads lowest at 0.0700 THB, and 0 of the 4 models stay below the price. Evidence for this calculation is low.

Scenario range: 0.0500 THB (bear) to 0.0640 THB (bull), the price of 0.0400 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 46/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Thai Setakij Insurance PCL reported revenue of 1.2B THB in FY2025 versus 471M THB in FY2021, a compound +26.6%/yr. Reported net income was 10.8M THB in FY2025.

Key figures

Market cap 114M THB (≈ $3.4M) · P/S ratio 0.09 · Net margin 0.9% · Return on equity −2.2% · Return on assets (EBIT) −3.0% · Operating margin −6.1% · Revenue (TTM) 1.2B THB · Revenue growth (YoY) +22.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 43% below its 52-week high and 33% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 40%, TSI screens cheaper than that median.

Fair Value models

Bear 0.0500 THB Fair Value 0.0560 THB Bull 0.0640 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. 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.
Highest evidence
Residual Income 0.1000 THB 0.1000 THB 0.0900 THB 71
P/E Multiple 0.0600 THB 0.0700 THB 0.0900 THB 63
P/B Multiple 0.0700 THB 0.1000 THB 0.1200 THB 55
All 4 models by family
Multiples
P/E Multiple 0.0600 THB 0.0700 THB 0.0900 THB 63
P/B Multiple 0.0700 THB 0.1000 THB 0.1200 THB 55
Asset-Based
NCAV (Graham) 0.0700 THB 0.0900 THB 0.1300 THB 54
Economic Profit
Residual Income 0.1000 THB 0.1000 THB 0.0900 THB 71

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Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 24

Profitability 31
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 13
Distance to the 52-week high (market factor)
Net Issuance 68
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+41.4%
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.
+26.8%
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.
+15.6%
Start year 2020 (pandemic). Over 10 years: +8.1% a year
Revenue growth 25 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.
+2.7%
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.
−12.8% (2020) → 0.9% (2025)

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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 - Property & Casualty · 119 stocks

Beats the industry median on 3/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 48 · Bottom 25%
Fair Value upside +40% · Top 25%
Profitability
Return on assets −1% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) −6% · Bottom 25%
Growth and dividend
Revenue growth 23% · Top 25%
Balance sheet
Debt / equity 0.12× · Below median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)87 · sector 20
FUTURE (revenue growth)100 · sector 32
PAST (return on equity)0 · sector 56
HEALTH (low debt)94 · sector 91
DIVIDEND (yield)0 · sector 50

Context: sector, industry, market

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

Similar stocks

10 more Insurance - Property & Casualty stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
The Progressive Corporation PGR $206.94 $160.25 −23%
Chubb Limited CB $335.21 $234.73 −30%
The Travelers Companies, Inc TRV $360.39 $274.42 −24%
The Allstate Corporation ALL $225.66 $316.11 +40%
The People's Insurance Company 601319 ¥8.07 ¥9.25 +15%
PICC Property and Casualty Company 2328 HK$16.84 HK$18.92 +12%
Intact Financial Corporation IFC C$254.29 C$167.46 −34%
Fairfax Financial Holdings FFH C$2,223 C$3,241 +46%
Cincinnati Financial Corporation CINF $162.57 $146.70 −10%
W. R. Berkley Corporation WRB $67.67 $47.08 −30%

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Thai Setakij Insurance PCL · Fair Value
0.0560 THB +29%Fair Value
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Cite: Fair Value Calculator (2026). "Thai Setakij Insurance PCL Fair Value". https://www.fairvalue-calculator.com/stock/TSI

Frequently asked questions

Is Thai Setakij Insurance PCL (TSI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.0560 THB versus a price of 0.0400 THB, about +40% upside (undervalued).
What is the fair value of TSI?
Our model-based fair value for Thai Setakij Insurance PCL is 0.0560 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.0400 THB.
What is the quality score of TSI?
Thai Setakij Insurance PCL 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 price target for Thai Setakij Insurance PCL (TSI)?
Our model-based price target is the fair value of 0.0560 THB (as of Sep 24, 2026) from 4 valuation models. Cautious scenario 0.0500 THB, optimistic scenario 0.0640 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Setakij Insurance PCL stock forecast for 2026?
Our models put fair value at 0.0560 THB, about +40% upside versus a price of 0.0400 THB (undervalued). Cautious scenario 0.0500 THB, optimistic scenario 0.0640 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Setakij Insurance PCL (TSI)?
Thai Setakij Insurance PCL reported trailing-twelve-month revenue of about 1.2B THB (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Thai Setakij Insurance PCL (TSI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Setakij Insurance PCL it is 0.0560 THB per share (as of Sep 24, 2026), against a price of 0.0400 THB. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Thai Setakij Insurance PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TSI trades below its calculated fair value: price 0.0400 THB, fair value 0.0560 THB, a gap of about +40% (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 TSI?
No. The price is what the market pays today (0.0400 THB); the fair value is what the company's own numbers justify (0.0560 THB). For Thai Setakij Insurance PCL the two are 0.0160 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Setakij Insurance PCL worth?
The market values Thai Setakij Insurance PCL at about 114M THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.0400 THB; our models calculate a fair value of 0.0560 THB per share.
What do the bullish and bearish scenarios say about TSI?
Our models span a range for Thai Setakij Insurance PCL: cautious scenario 0.0500 THB, base 0.0560 THB, optimistic 0.0640 THB per share (as of Sep 24, 2026, price 0.0400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Thai Setakij Insurance PCL (TSI)?
Balance-sheet figures for Thai Setakij Insurance PCL (as of Sep 24, 2026): return on equity −2.2%, debt of 0.12 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is TSI from its 52-week high?
Thai Setakij Insurance PCL trades at 0.0400 THB, about 43% below its 52-week high of 0.0700 THB and 33% above the low of 0.0300 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.0560 THB is for.
Which stocks are comparable to Thai Setakij Insurance PCL?
From the same area (Financial Services) we also value The Progressive Corporation, Chubb Limited, The Travelers Companies, Inc, The Allstate Corporation, 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 Thai Setakij Insurance PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 0.0400 THB, calculated fair value 0.0560 THB (+40%), Quality Score 46/100, from 4 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 TSI calculated?
We run Thai Setakij Insurance PCL through 4 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 0.0560 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 13.0 % above its aggregate fair value. Thai Setakij Insurance PCL currently trades 40 % 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 Thai Setakij Insurance PCL (TSI)?
The closing price on Sep 24, 2026 was 0.0400 THB. Our model-based fair value is 0.0560 THB, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Setakij Insurance PCL right now?
The price is below even our cautious bear case (0.0500 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. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Thai Setakij Insurance PCL

How large is the market capitalisation of Thai Setakij Insurance PCL (TSI)?
The market capitalisation of Thai Setakij Insurance PCL is 114M THB (≈ $3.4M). 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 Thai Setakij Insurance PCL (TSI)?
The price-to-sales ratio of Thai Setakij Insurance PCL is 0.09 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Thai Setakij Insurance PCL (TSI)?
The net margin of Thai Setakij Insurance PCL is 0.9% (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 Thai Setakij Insurance PCL (TSI)?
The return on equity (ROE) of Thai Setakij Insurance PCL is −2.2% (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 Thai Setakij Insurance PCL (TSI)?
On an EBIT basis the return on assets of Thai Setakij Insurance PCL is −3.0% (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 Thai Setakij Insurance PCL (TSI)?
The operating margin of Thai Setakij Insurance PCL is −6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Setakij Insurance PCL (TSI)?
Revenue at Thai Setakij Insurance PCL is growing +22.9% versus a year earlier (3y avg +26.8%). 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 Thai Setakij Insurance PCL (TSI)?
Earnings per share at Thai Setakij Insurance PCL are growing −24.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thai Setakij Insurance PCL (TSI) generate?
The free cash flow of Thai Setakij Insurance PCL is −61.2M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Thai Setakij Insurance PCL (TSI) hold?
Thai Setakij Insurance PCL holds more cash than debt, 213M THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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