Channel estimation is a significant component of any receiver implementation. This paper presents a fast non-iterative channel estimation and equalization algorithm for TDS-OFDM systems. The proposed method is a hybrid of CP-OFDM and ZP-OFDM systems. By discarding the initial portion of the PN-sequence that absorbs all the ISI, the channel can be estimated from the remaining PN-sequence by using the concepts of CP-OFDM. After completely removing the current PN-sequence and the ISI from the PN-sequence of the previous symbol, the concepts of ZP-OFDM can be utilized to detect the data using single tap equalization. Moreover, the proposed method involves no latency and thus is applicable to fast fading channels. The performance of the proposed method is demonstrated by simulation over two Brazilian field tests channels on DTTB.