Tipco Asphalt Public Company Limited

SET:TASCO Stock Report

Market Cap: ฿29.5b

Tipco Asphalt Valuation

Is TASCO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TASCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TASCO (THB18.7) is trading below our estimate of fair value (THB22.93)

Significantly Below Fair Value: TASCO is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TASCO?

Key metric: As TASCO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TASCO. This is calculated by dividing TASCO's market cap by their current earnings.
What is TASCO's PE Ratio?
PE Ratio27.5x
Earnings฿1.07b
Market Cap฿29.52b

Price to Earnings Ratio vs Peers

How does TASCO's PE Ratio compare to its peers?

The above table shows the PE ratio for TASCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average21.2x
TPIPL TPI Polene
18.8xn/a฿21.0b
SCCC Siam City Cement
13.4x7.5%฿49.0b
DRT Diamond Building Products
11.7xn/a฿6.6b
SCC Siam Cement
41x55.3%฿234.6b
TASCO Tipco Asphalt
27.5x26.0%฿29.5b

Price-To-Earnings vs Peers: TASCO is expensive based on its Price-To-Earnings Ratio (27.5x) compared to the peer average (21.2x).

Price to Earnings Ratio vs Industry

How does TASCO's PE Ratio compare vs other companies in the Asian Basic Materials Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
TASCO 27.5xIndustry Avg. 17.3xNo. of Companies39PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TASCO is expensive based on its Price-To-Earnings Ratio (27.5x) compared to the Asian Basic Materials industry average (17.3x).

Price to Earnings Ratio vs Fair Ratio

What is TASCO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TASCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.5x
Fair PE Ratio16.4x

Price-To-Earnings vs Fair Ratio: TASCO is expensive based on its Price-To-Earnings Ratio (27.5x) compared to the estimated Fair Price-To-Earnings Ratio (16.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TASCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿18.70
฿20.50
+9.6%
3.0%฿21.20฿19.50n/a5
Nov ’25฿18.30
฿19.62
+7.2%
5.8%฿20.70฿17.50n/a5
Oct ’25฿18.70
฿19.00
+1.6%
6.6%฿20.70฿17.50n/a5
Sep ’25฿16.80
฿18.82
+12.0%
5.0%฿20.00฿17.60n/a5
Aug ’25฿15.90
฿18.26
+14.8%
5.9%฿20.00฿16.90n/a5
Jul ’25฿16.00
฿18.26
+14.1%
5.9%฿20.00฿16.90n/a5
Jun ’25฿17.10
฿18.26
+6.8%
5.9%฿20.00฿16.90n/a5
May ’25฿16.00
฿18.43
+15.2%
6.3%฿20.00฿16.90n/a4
Apr ’25฿15.90
฿18.73
+17.8%
4.4%฿20.00฿17.90n/a4
Mar ’25฿15.90
฿19.23
+20.9%
8.6%฿22.00฿17.90n/a4
Feb ’25฿16.20
฿19.35
+19.4%
8.4%฿22.00฿17.90n/a4
Jan ’25฿16.40
฿21.65
+32.0%
11.6%฿25.00฿17.90n/a4
Dec ’24฿16.30
฿21.65
+32.8%
11.6%฿25.00฿17.90n/a4
Nov ’24฿18.90
฿22.93
+21.3%
5.6%฿25.00฿21.70฿18.304
Oct ’24฿16.10
฿21.18
+31.5%
3.6%฿22.00฿20.00฿18.704
Sep ’24฿17.10
฿22.25
+30.1%
10.2%฿26.00฿20.00฿16.804
Aug ’24฿17.80
฿23.15
+30.1%
8.2%฿26.00฿21.00฿15.904
Jul ’24฿18.70
฿23.15
+23.8%
8.2%฿26.00฿21.00฿16.004
Jun ’24฿18.30
฿23.15
+26.5%
8.2%฿26.00฿21.00฿17.104
May ’24฿20.10
฿21.00
+4.5%
6.7%฿23.00฿19.00฿16.004
Apr ’24฿19.60
฿19.73
+0.7%
4.6%฿21.00฿19.00฿15.903
Mar ’24฿19.50
฿19.73
+1.2%
4.6%฿21.00฿19.00฿15.903
Feb ’24฿18.10
฿16.18
-10.6%
3.7%฿17.00฿15.50฿16.204
Jan ’24฿16.90
฿15.53
-8.1%
4.8%฿16.50฿14.40฿16.404
Dec ’23฿18.00
฿16.92
-6.0%
17.0%฿22.50฿14.40฿16.305
Nov ’23฿17.20
฿16.17
-6.0%
17.7%฿22.50฿14.40฿18.906

Analyst Forecast: Target price is less than 20% higher than the current share price.

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