Thai Wacoal Public Company Limited (WACOAL) Fair Value & Analysis
Consumer Cyclical · TH · Market cap 1.9B THB (≈ $57.1M) · ISIN TH0069010Z05
What is Thai Wacoal Public Company Limited really worth?
Below-average quality, and trading another 233% above our fair value of 4.80 THB.
Risks
For context
Fair value as of: Aug 13, 2026
From 3 valuation models · updated 18 days ago
Fair value updated Aug 13, 2026, revised from 5.68 THB to 4.80 THB (−15.5%) since Jul 17, 2026. Share price +1.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (5.29 THB). The favourable scenario is already priced in.
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 15.30 THB – 46.59 THB · fair‑value band 4.47 THB – 5.29 THB · the 16.00 THB price screens above the 4.80 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Thai Wacoal Public Company Limited (WACOAL) currently trades at 16.00 THB, while our model-based Fair Value estimate is 4.80 THB, implying the stock looks roughly 233.3% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Asset-Based group reads highest at a median of 27.78 THB per share, and 1 of the 3 models we run sit above the 16.00 THB price. Bear case: the Dividend Discount group reads lowest at 5.03 THB, and 2 of the 3 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Thai Wacoal Public Company Limited generated revenue of 3.0B THB at a net margin of −4.5%. Revenue declined 18.1% year over year. It earns a return on equity of −2.6%. The balance sheet holds a net cash position of 205M THB. Fundamentals as of Aug 13, 2026
Our scenario range runs from 4.47 THB (bear case) to 5.29 THB (bull case); at 16.00 THB, the current price sits above 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 32% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −20% fair-value upside, at −70%, WACOAL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 3 models by family
Widest divergence: Asset-Based (27.78 THB) versus Dividend Discount (5.03 THB). Highest evidence: Gordon GGM (69).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 44 · Market factors (momentum, volatility) 29
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Thai Wacoal Public Company Limited, together with its subsidiaries, is engaged in the manufacturing and selling of finished garment products, consisting of ladies' lingerie, ladies' outerwear, and children's wear products in Thailand and internationally.
Full company description
Thai Wacoal Public Company Limited, together with its subsidiaries, is engaged in the manufacturing and selling of finished garment products, consisting of ladies' lingerie, ladies' outerwear, and children's wear products in Thailand and internationally. It offers ladies' lingerie under the Wacoal, WIENNA, B'me, Sgarlet, Presea, and CW-X brand names; children wear under the ENFANT, Little Wacoal, De bon, and Amusant brand names; and ladies' outerwear under the 5.up, Race', and Erawan Uniforms & Workwear brand names. The company also sells its products online. In addition, it exports its products to Japan, the United States, and the ASEAN countries. The company was founded in 1970 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thai Wacoal Public Company Limited reported revenue of 3.0B THB in FY2025 versus 3.2B THB in FY2021, a compound −2.2%/yr. Reported net income was −135M THB in FY2025.
WACOAL screens 233% overvalued. Compare with H & M Hennes & Mauritz AB →
Peer Group
Apparel Manufacturing · 220 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.
Valuation Multiples vs Apparel Manufacturing median · lower = cheaper
Strength profile in five axes (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 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| H & M Hennes & Mauritz AB HMB | kr 174.25 | kr 165.47 | −5% |
| Ralph Lauren Corporation RL | $396.35 | $220.38 | −44% |
| Moncler S.p.A MONC | €47.10 | €50.69 | +8% |
| Gildan Activewear Inc GIL | C$75.50 | C$45.60 | −40% |
| LPP SA LPP | 22,220 PLN | 17,754 PLN | −20% |
| Levi Strauss & Co LEVI | $21.05 | $15.20 | −28% |
| V.F. Corporation VFC | $13.67 | $10.44 | −24% |
| Bosideng International Holdings 3998 | HK$4.42 | HK$5.92 | +34% |
| Youngor Fashion Co 600177 | ¥7.91 | ¥5.59 | −29% |
| Kontoor Brands, Inc KTB | $82.01 | $85.76 | +5% |
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