Thanachart Capital Public Company Limited (TCAP) Fair Value & Analysis
Financial Services · TH · Market cap 75.0B THB (≈ $2.3B) · ISIN TH0083B10Z02
What is Thanachart Capital Public Company Limited really worth?
A solid business, but trading 16% above our fair value of 71.86 THB.
Strengths
Risks
For context
Fair value as of: Aug 19, 2026
From 12 valuation models · updated 16 days ago
Share price −4.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.
How to read this chart
60‑month range 22.79 THB – 89.25 THB · fair‑value band 50.26 THB – 86.01 THB · the 83.00 THB price screens above the 71.86 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.
Analysis
Thanachart Capital Public Company Limited (TCAP) currently trades at 83.00 THB, while our model-based Fair Value estimate is 71.86 THB, implying the stock looks roughly 15.5% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of 96.08 THB per share, and 2 of the 12 models we run sit above the 83.00 THB price. Bear case: the Growth DCF group reads lowest at 9.65 THB, and 10 of the 12 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Thanachart Capital Public Company Limited generated revenue of 11.0B THB at a net margin of 74.3%. Revenue grew 25.8% year over year. It earns a return on equity of 10.2%. Net debt stands at 41.3B THB. Fundamentals as of Aug 19, 2026
Our scenario range runs from 50.26 THB (bear case) to 86.01 THB (bull case); at 83.00 THB, the current price sits within 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 near its 52-week high and 100% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −48% fair-value upside, at −13%, TCAP screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 2.89 THB per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
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 12 models by family
Widest divergence: Multiples (96.08 THB) versus Growth DCF (9.65 THB). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 95
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
Thanachart Capital Public Company Limited, an investment holding company, offers various financial services in Thailand. It operates through The Company, Assets Management Business, Securities Business, Life Insurance Business, Non-Life Insurance Business, Asset Management Business, Hire Purchase and Leasing Business, and Other Businesses segments.
Full company description
Thanachart Capital Public Company Limited, an investment holding company, offers various financial services in Thailand. It operates through The Company, Assets Management Business, Securities Business, Life Insurance Business, Non-Life Insurance Business, Asset Management Business, Hire Purchase and Leasing Business, and Other Businesses segments. The company engages in distressed asset management, commercial banking, non-performing asset management, securities brokerage, and investment businesses. It also provides asset-based financing comprising term loan and working capital; provision of life, personal accident, and health insurance products, as well as mortgage reducing term assurance for protection of individuals who are property loan borrowers. In addition, the company offers non-life insurance products in the areas of fire, automobile, marine and transportation, and miscellaneous; life and health protection insurance products to individuals, institutions, and organizations; and auto hire purchase and financials leasing services for passenger cars, as well as vehicles for commercial purposes, such as pick-ups, taxis, truck tractors and lorries, etc. The company was formerly known as National Finance Public Company Limited and changed its name to Thanachart Capital Public Company Limited in April 2006. Thanachart Capital Public Company Limited was incorporated in 1959 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thanachart Capital Public Company Limited reported revenue of 18.7B THB in FY2025 versus 16.3B THB in FY2021, a compound +3.5%/yr. Reported net income was 7.7B THB in FY2025, compounding +10.0%/yr from FY2021.
of which total revenue −13.3 % · buybacks/dilution +1.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
TCAP screens 16% overvalued. Compare with Visa Inc →
Peer Group
Credit Services · 324 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 Credit Services 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.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Credit Services stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Visa Inc V | $379.66 | $198.27 | −48% |
| Mastercard Incorporated MA | $591.73 | $221.87 | −63% |
| American Express Company AXP | $334.16 | $206.40 | −38% |
| Capital One Financial Corporation COF | $215.67 | $117.51 | −46% |
| Bajaj Finance Limited BAJFINANCE | ₹1,093 | ₹397.70 | −64% |
| PayPal Holdings PYPL | $61.47 | $77.12 | +25% |
| Shriram Finance Limited SHRIRAMFIN | ₹1,134 | ₹553.82 | −51% |
| Synchrony Financial, SYF | $78.05 | $137.28 | +76% |
| SoFi Technologies, Inc SOFI | $18.06 | $5.02 | −72% |
| Cholamandalam Investment and Finance Company CHOLAFIN | ₹1,866 | ₹796.47 | −57% |
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