Tata Steel (Thailand) Public Company Limited (TSTH) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Tata Steel (Thailand) Public Company Limited THB 3.83, price THB 0.94, upside +307.5%, quality 76 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.4640 THB – 2.08 THB · fair‑value band 2.87 THB – 4.79 THB · the 0.9400 THB price screens below the 3.83 THB fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Tata Steel (Thailand) Public Company Limited, together with its subsidiaries, engages in the manufacturing, distribution, and trading of steel bars, wire rods, and small section products in Thailand and internationally.
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Tata Steel (Thailand) Public Company Limited, together with its subsidiaries, engages in the manufacturing, distribution, and trading of steel bars, wire rods, and small section products in Thailand and internationally. It offers deformed and round bars; small section angles and channels; seismic bars; carbon steel round bars; stirrups; and footing products, as well as cut and bend services. The company was formerly known as Millennium Steel Public Company Limited and changed its name to Tata Steel (Thailand) Public Company Limited in December 2006. The company was incorporated in 2002 and is headquartered in Bangkok, Thailand. Tata Steel (Thailand) Public Company Limited operates as a subsidiary of T S Global Holdings Pte Ltd.
Stock analysis
Tata Steel (Thailand) Public Company Limited (TSTH) currently trades at 0.9400 THB, while our model-based Fair Value estimate is 3.83 THB, implying the stock looks roughly 75.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4.31 THB per share, and 23 of the 23 models we run sit above the 0.9400 THB price.
Bear case: the Asset-Based group reads lowest at 1.19 THB, and 0 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.87 THB (bear) to 4.79 THB (bull), the price of 0.9400 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 76/100 (high quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Tata Steel (Thailand) Public Company Limited reported revenue of 26.4B THB in FY2026 versus 32.6B THB in FY2022, a compound −5.1%/yr. Reported net income was 1.9B THB in FY2026, compounding −7.6%/yr from FY2022.
Key figures
Market cap 7.9B THB (≈ $236M) · P/E ratio 4.1 · P/S ratio 0.29 · EPS (TTM) 0.2300 THB · Dividend yield 6.4% · Net margin 7.2% · Return on equity 13.6% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at 307%, TSTH screens cheaper than that median.
Fair Value models
Bear 2.87 THBFair Value 3.83 THBBull 4.79 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 2026 figures (about 6 months old). Earnings retained since then (0.0866 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. 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.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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+5.6%
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.
−4.9%
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.
+3.7%
Start year 2021 (pandemic). Over 10 years: +4.7% a year
Revenue growth 23 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.
+18.7%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−1.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.6%
Dividend (yield on the price)6.4%
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.24.7% vs 26.3%, steady
Profit margin 2021 to 2026 ⓘ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.3% → 9%
2026 sits 470% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Tata Steel (Thailand) Public Company Limited with another stock
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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.Steel · 406 stocks
Beats the industry median on 13/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score76 · Top 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)13.6% · Top 25%
Return on assets8.3% · Top 25%
Net margin (TTM)7.2% · Top 25%
Operating margin (TTM)2.6% · Below median
Growth and dividend
Revenue growth−2.4% · Below median
Dividend yield (TTM)6.4% · Top 25%
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Steel median · lower = cheaper
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). "Tata Steel (Thailand) Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/TSTH
Frequently asked questions
Is Tata Steel (Thailand) Public Company Limited (TSTH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.83 THB versus a price of 0.9400 THB, about +307% upside (undervalued).
What is the fair value of TSTH?
Our model-based fair value for Tata Steel (Thailand) Public Company Limited is 3.83 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.9400 THB.
What is the quality score of TSTH?
Tata Steel (Thailand) Public Company Limited has a Quality Score of 76/100. 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
Our model-based price target is the fair value of 3.83 THB (as of Sep 24, 2026) from 23 valuation models. Cautious scenario 2.87 THB, optimistic scenario 4.79 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Tata Steel (Thailand) Public Company Limited stock forecast for 2026?
Our models put fair value at 3.83 THB, about +307% upside versus a price of 0.9400 THB (undervalued). Cautious scenario 2.87 THB, optimistic scenario 4.79 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Tata Steel (Thailand) Public Company Limited (TSTH)?
Tata Steel (Thailand) Public Company Limited reported trailing-twelve-month revenue of about 26.4B THB (latest available figure, as of Sep 24, 2026).
Does Tata Steel (Thailand) Public Company Limited pay a dividend?
Tata Steel (Thailand) Public Company Limited currently shows a dividend yield of about 6.38% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Tata Steel (Thailand) Public Company Limited (TSTH)?
For today's price to be fair in a discounted-cash-flow model, Tata Steel (Thailand) Public Company Limited would have to grow free cash flow by less than minus 40 % 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 +3.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TSTH use?
Our models discount Tata Steel (Thailand) Public Company Limited at 13.1 %: a base by market capitalisation (micro), damped by beta 0.48, 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 Tata Steel (Thailand) Public Company Limited that is less than minus 40 % 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 Tata Steel (Thailand) Public Company Limited (TSTH) delivered so far?
Over the past 5 years revenue at Tata Steel (Thailand) Public Company Limited grew +3.7 % a year. The price currently implies less than minus 40 % 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 Tata Steel (Thailand) Public Company Limited (TSTH) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Tata Steel (Thailand) Public Company Limited (less than minus 40 % 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The free-cash-flow yield on the price is 38.76 %: that much free cash flow Tata Steel (Thailand) 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tata Steel (Thailand) Public Company Limited it is 3.83 THB per share (as of Sep 24, 2026), against a price of 0.9400 THB. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Tata Steel (Thailand) Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TSTH trades below its calculated fair value: price 0.9400 THB, fair value 3.83 THB, a gap of about +307% (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 TSTH?
No. The price is what the market pays today (0.9400 THB); the fair value is what the company's own numbers justify (3.83 THB). For Tata Steel (Thailand) Public Company Limited the two are 2.89 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Tata Steel (Thailand) Public Company Limited worth?
The market values Tata Steel (Thailand) Public Company Limited at about 7.9B THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.9400 THB; our models calculate a fair value of 3.83 THB per share.
What do the bullish and bearish scenarios say about TSTH?
Our models span a range for Tata Steel (Thailand) Public Company Limited: cautious scenario 2.87 THB, base 3.83 THB, optimistic 4.79 THB per share (as of Sep 24, 2026, price 0.9400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TSTH?
Tata Steel (Thailand) Public Company Limited trades at a price-to-earnings ratio of 4.1 (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 3.83 THB is built from several models across several years. Other multiples: PEG 0.0, P/B 0.5, P/S 0.3, EV/EBITDA 1.3.
What is the PEG ratio of TSTH?
The PEG ratio of Tata Steel (Thailand) Public Company Limited is 0.01 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Tata Steel (Thailand) Public Company Limited (TSTH)?
Balance-sheet figures for Tata Steel (Thailand) Public Company Limited (as of Sep 24, 2026): return on equity 13.6%, debt of 0.00 per unit of equity. They feed the Quality Score of 76/100, which measures business quality independently of the share price.
How far is TSTH from its 52-week high?
Tata Steel (Thailand) Public Company Limited trades at 0.9400 THB, about 11% below its 52-week high of 1.06 THB and 54% above the low of 0.6090 THB (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 3.83 THB is for.
Which stocks are comparable to Tata Steel (Thailand) Public Company Limited?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel 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 Tata Steel (Thailand) Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.9400 THB, calculated fair value 3.83 THB (+307%), Quality Score 76/100, from 23 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 TSTH calculated?
We run Tata Steel (Thailand) Public Company Limited through 23 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 3.83 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 14.5 % above its aggregate fair value. Tata Steel (Thailand) Public Company Limited currently trades 75 % 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The closing price on Oct 2, 2026 was 0.9400 THB. Our model-based fair value is 3.83 THB, about +307% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tata Steel (Thailand) Public Company Limited right now?
The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (2.87 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.
Where does the earnings growth of Tata Steel (Thailand) Public Company Limited (TSTH) come from?
Earnings per share at Tata Steel (Thailand) Public Company Limited grew +22.1 % a year from 2016 to 2026. Broken into its drivers: revenue per share +3.9 %, EBIT margin +2.6 %, tax rate +4.2 %, residual (interest, one-offs) +9.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tata Steel (Thailand) Public Company Limited
How large is the market capitalisation of Tata Steel (Thailand) Public Company Limited (TSTH)?
The market capitalisation of Tata Steel (Thailand) Public Company Limited is 7.9B THB (≈ $236M). 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The price-to-sales ratio of Tata Steel (Thailand) Public Company Limited is 0.29 (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 Tata Steel (Thailand) Public Company Limited (TSTH)?
Earnings per share at Tata Steel (Thailand) Public Company Limited are 0.2300 THB (price ÷ EPS = P/E 4.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tata Steel (Thailand) Public Company Limited (TSTH)?
The dividend yield of Tata Steel (Thailand) Public Company Limited is 6.4% (payout 26.1%). 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The net margin of Tata Steel (Thailand) Public Company Limited is 7.2% (fiscal year 2026). 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The return on equity (ROE) of Tata Steel (Thailand) Public Company Limited is 13.6% (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 Tata Steel (Thailand) Public Company Limited (TSTH)?
On an EBIT basis the return on assets of Tata Steel (Thailand) Public Company Limited is 6.7% (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 Tata Steel (Thailand) Public Company Limited (TSTH)?
The operating margin of Tata Steel (Thailand) Public Company Limited is 2.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tata Steel (Thailand) Public Company Limited (TSTH)?
Revenue at Tata Steel (Thailand) Public Company Limited is growing −2.4% versus a year earlier (3y avg −4.9%). 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 Tata Steel (Thailand) Public Company Limited (TSTH)?
Earnings per share at Tata Steel (Thailand) Public Company Limited are growing −16.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Tata Steel (Thailand) Public Company Limited (TSTH) hold?
Tata Steel (Thailand) Public Company Limited holds more cash than debt, 4.3B THB net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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