TPCS PCL (BKK:TPCS) Cyclically Adjusted PB Ratio: (As of Sep. 20, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BKK:TPCS TPCS PCL BKK:TPCS
77 GF Score
Price ฿10.20
GF Value ฿11.70
Valuation Modestly Undervalued
! 3 Warning Signs
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What is TPCS PCL Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


TPCS PCL  (BKK:TPCS) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


TPCS PCL Cyclically Adjusted PB Ratio Related Terms


TPCS PCL Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for TPCS PCL's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TPCS PCL Cyclically Adjusted PB Ratio Chart

TPCS PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.65 0.78 0.64 0.40 0.36

TPCS PCL Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.43 0.44 0.36 0.38 0.36

TPCS PCL Cyclically Adjusted PB Ratio Competitor Comparison

For the Textile Manufacturing subindustry, TPCS PCL's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


TPCS PCL Cyclically Adjusted PB Ratio vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, TPCS PCL's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where TPCS PCL's Cyclically Adjusted PB Ratio falls into.


BKK:TPCS
77GF Score
TPCS PCL BKK:TPCS
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TPCS PCL Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

TPCS PCL's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, TPCS PCL's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=25.364/333.9520*333.9520
=25.364

Current CPI (Jun. 2026) = 333.9520.

TPCS PCL Quarterly Data

Book Value per Share CPI Adj_Book
201609 21.268 241.428 29.419
201612 21.622 241.432 29.908
201703 22.244 243.801 30.469
201706 21.782 244.955 29.696
201709 21.980 246.819 29.739
201712 22.255 246.524 30.148
201803 22.466 249.554 30.064
201806 21.864 251.989 28.976
201809 22.086 252.439 29.218
201812 22.263 251.233 29.593
201903 22.500 254.202 29.559
201906 21.872 256.143 28.516
201909 21.528 256.759 28.000
201912 21.132 256.974 27.462
202003 22.025 258.115 28.496
202006 21.865 257.797 28.324
202009 21.559 260.280 27.661
202012 21.839 260.474 28.000
202103 22.108 264.877 27.873
202106 21.737 271.696 26.718
202109 22.100 274.310 26.905
202112 24.155 278.802 28.933
202203 24.678 287.504 28.665
202206 24.248 296.311 27.328
202209 24.816 296.808 27.922
202212 25.466 296.797 28.654
202303 25.771 301.836 28.513
202306 25.040 305.109 27.407
202309 25.181 307.789 27.321
202312 24.814 306.746 27.015
202403 25.036 312.332 26.769
202406 24.159 314.175 25.680
202409 24.355 315.301 25.796
202412 24.523 315.605 25.949
202503 24.637 319.799 25.727
202506 24.739 322.561 25.613
202509 24.892 324.800 25.593
202512 25.476 324.054 26.254
202603 25.798 330.213 26.090
202606 25.364 333.952 25.364

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is TPCS PCL (BKK:TPCS) Overvalued in 2026?

Based on GuruFocus' analysis, TPCS PCL stock appears to be undervalued. The current stock price of ฿10.20 is trading 12.8% below its estimated GF Value™ of ฿11.70. GuruFocus considers TPCS PCL to be Modestly Undervalued.

Key valuation signals for BKK:TPCS:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ฿11.70 vs. price of ฿10.20 (12.8% below fair value)
  • GF Score™: 77/100 with 3 warning signs

No single metric tells the full story. See the BKK:TPCS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


TPCS PCL Business Description

Other Exchanges TPCS-R:Thailand
Address 489 Rama 3 Road, Kwaeng Bang Khlo, Khet Bang Kho Laem, Bangkok, THA, 10120
TPCS PCL is engaged in the business of manufacturing and distribution of non-woven fabric, products made of non-woven fabric such as automotive parts, air filters, face masks, household products, raw materials of industrial textiles, and outsourcing. Its includes two operating segments: Products for industries, which generate maximum revenue, and Products for sanitation and household and others. Geographically, the company derives a majority of its revenue from the domestic market and also engages in exporting its products to Asia and Africa.
77GF Score

Get the complete analysis for BKK:TPCS

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿10.20
Price
฿11.70
GF Value