Thaicom Public Company Limited

SET:THCOM Stock Report

Market Cap: ฿13.8b

Thaicom Valuation

Is THCOM 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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: THCOM (THB12.6) is trading above our estimate of fair value (THB0.6)

Significantly Below Fair Value: THCOM is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As THCOM is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for THCOM. This is calculated by dividing THCOM's market cap by their current revenue.
What is THCOM's PS Ratio?
PS Ratio5.5x
Sales฿2.49b
Market Cap฿13.81b

Price to Sales Ratio vs Peers

How does THCOM's PS Ratio compare to its peers?

The above table shows the PS ratio for THCOM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.1x
SYMC Symphony Communication
1.7x12.9%฿3.5b
ITEL Interlink Telecom
1x8.1%฿2.7b
JAS Jasmine International
0.6xn/a฿17.6b
SAMTEL Samart Telcoms
1.1xn/a฿4.0b
THCOM Thaicom
5.5x7.4%฿13.8b

Price-To-Sales vs Peers: THCOM is expensive based on its Price-To-Sales Ratio (5.5x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does THCOM's PS Ratio compare vs other companies in the Asian Telecom Industry?

15 CompaniesPrice / SalesEstimated GrowthMarket Cap
THCOM 5.5xIndustry Avg. 1.8xNo. of Companies20PS01.63.24.86.48+
15 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: THCOM is expensive based on its Price-To-Sales Ratio (5.5x) compared to the Asian Telecom industry average (1.8x).

Price to Sales Ratio vs Fair Ratio

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

THCOM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.5x
Fair PS Ratio2.5x

Price-To-Sales vs Fair Ratio: THCOM is expensive based on its Price-To-Sales Ratio (5.5x) compared to the estimated Fair Price-To-Sales Ratio (2.5x).

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 THCOM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿12.60
฿15.18
+20.4%
10.9%฿17.00฿12.50n/a4
Dec ’25฿12.90
฿15.18
+17.6%
10.9%฿17.00฿12.50n/a4
Nov ’25฿14.40
฿15.05
+4.5%
10.9%฿17.00฿12.50n/a4
Oct ’25฿13.90
฿15.18
+9.2%
11.2%฿17.00฿12.50n/a4
Sep ’25฿12.30
฿15.18
+23.4%
11.2%฿17.00฿12.50n/a4
Aug ’25฿12.50
฿15.60
+24.8%
14.7%฿18.90฿12.50n/a4
Jul ’25฿10.80
฿15.78
+46.1%
14.8%฿18.90฿12.50n/a4
Jun ’25฿12.40
฿15.78
+27.2%
14.8%฿18.90฿12.50n/a4
May ’25฿12.80
฿16.10
+25.8%
14.4%฿18.90฿12.50n/a4
Apr ’25฿14.00
฿16.05
+14.6%
14.4%฿18.90฿12.50n/a4
Mar ’25฿12.10
฿15.95
+31.8%
13.5%฿18.30฿12.50n/a4
Feb ’25฿11.80
฿15.95
+35.2%
13.5%฿18.30฿12.50n/a4
Jan ’25฿13.20
฿15.12
+14.5%
17.0%฿18.30฿11.40฿12.705
Dec ’24฿12.10
฿15.12
+25.0%
17.0%฿18.30฿11.40฿12.905
Nov ’24฿12.60
฿15.44
+22.5%
18.7%฿18.90฿11.40฿14.405
Oct ’24฿14.10
฿15.44
+9.5%
18.7%฿18.90฿11.40฿13.905
Sep ’24฿14.30
฿15.44
+8.0%
18.7%฿18.90฿11.40฿12.305
Aug ’24฿13.20
฿15.36
+16.4%
21.2%฿18.90฿11.40฿12.504
Jul ’24฿11.00
฿15.36
+39.6%
21.2%฿18.90฿11.40฿10.804
Jun ’24฿11.20
฿15.56
+38.9%
19.5%฿18.90฿12.20฿12.404
May ’24฿12.00
฿15.26
+27.2%
21.8%฿18.90฿11.70฿12.804
Apr ’24฿14.40
฿14.99
+4.1%
20.2%฿18.90฿11.70฿14.005
Mar ’24฿15.60
฿14.02
-10.1%
25.0%฿18.90฿9.20฿12.106
Feb ’24฿16.30
฿14.02
-14.0%
25.0%฿18.90฿9.20฿11.806
Jan ’24฿14.40
฿11.17
-22.5%
20.2%฿14.00฿8.40฿13.206

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 21:44
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Thaicom Public Company Limited is covered by 21 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kawee ManitsupavongAsia Plus Securities Company Limited
Natchutha Na PattaloongBofA Global Research
Kijapat WongmettaBualuang Securities PCL