Rojana Industrial Park Public Company Limited (ROJNA) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Rojana Industrial Park Public Company Limited stock THB 10.31, price THB 5.65, upside +82.5%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 3.67 THB – 6.34 THB · fair‑value band 6.27 THB – 14.34 THB · the 5.65 THB price screens below the 10.31 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Rojana Industrial Park Public Company Limited, together with its subsidiaries, engages in the manufacture and sale of electricity from solar cell system in Thailand.
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The company operates through Real Estate Development and Related Service, Electricity Generating, and Production and Distribution Industrial Water segments.
It also offers industrial water and wastewater treatment services; develops real estate properties; operates a renewable solar rooftop on the roof.
In addition, the company imports and distributes pharmaceutical and medical goods; manufactures electricity from solar cell systems; and performs real estate business development. Rojana Industrial Park Public Company Limited was founded in 1988 and is headquartered in Bangkok, Thailand.
Stock analysis
Rojana Industrial Park Public Company Limited (ROJNA) currently trades at 5.65 THB, while our model-based Fair Value estimate is 10.31 THB, implying the stock looks roughly 45% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 13.82 THB per share, and 12 of the 14 models we run sit above the 5.65 THB price.
Bear case: the Earnings-Based group reads lowest at 3.94 THB, and 2 of the 14 models stay below the price. Data coverage for this calculation is low.
Scenario range: 6.27 THB (bear) to 14.34 THB (bull), the price of 5.65 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Rojana Industrial Park Public Company Limited reported revenue of 15.2B THB in FY2025 versus 12.6B THB in FY2021, a compound +4.8%/yr. Reported net income was −125M THB in FY2025.
Key figures
Market cap 11.4B THB (≈ $341M) Small · P/E ratio 3.2 · P/S ratio 0.82 · EPS (TTM) 1.79 THB · Dividend yield 8.8% · Net margin 26.2% · Return on equity 15.9% · Return on assets (EBIT) 5.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −23% fair-value upside, at 82%, ROJNA screens cheaper than that median.
Fair Value models
Bear6.27 THBFair Value 10.31 THBBull14.34 THB
Price 5.65 THB · Upside +82.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1.11 THB per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−23.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
Start year 2020 (pandemic). Over 10 years: −0.7% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
17.8% (2020) → 14.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −5.1% a year for the price.
Compare Rojana Industrial Park Public Company Limited with another stock
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Peer Groupⓘ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.Utilities - Independent Power Producers · 77 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score47 · Above median
Fair Value upside+82.5% · Top 25%
Profitability
Return on equity (12 months)15.9% · Top 25%
Return on assets−0.3% · Bottom 25%
Net margin (12 months)26.2% · Top 25%
Operating margin (12 months)2.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−20.7% · Bottom 25%
Dividend yield (12 months)8.8% · Top 25%
Balance sheet
Debt / equity0.69× · Above median
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Rojana Industrial Park Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/ROJNA
Frequently asked questions
Is Rojana Industrial Park Public Company Limited (ROJNA) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 10.31 THB versus a price of 5.65 THB, about +82% upside (undervalued).
What is the fair value of ROJNA?
Our model-based fair value for Rojana Industrial Park Public Company Limited is 10.31 THB (as of Nov 8, 2026), built from audited fundamentals. The current price: 5.65 THB.
What is the quality score of ROJNA?
Rojana Industrial Park Public Company Limited has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Rojana Industrial Park Public Company Limited (ROJNA)?
Our model-based price target is the fair value of 10.31 THB (as of Nov 8, 2026) from 14 valuation models. Cautious scenario 6.27 THB, optimistic scenario 14.34 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Rojana Industrial Park Public Company Limited stock forecast for 2026?
Our models put fair value at 10.31 THB, about +82% upside versus a price of 5.65 THB (undervalued). Cautious scenario 6.27 THB, optimistic scenario 14.34 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Rojana Industrial Park Public Company Limited (ROJNA)?
Rojana Industrial Park Public Company Limited reported trailing-twelve-month revenue of about 13.9B THB (latest available figure, as of Nov 8, 2026).
Does Rojana Industrial Park Public Company Limited pay a dividend?
Rojana Industrial Park Public Company Limited currently shows a dividend yield of 8.85% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Rojana Industrial Park Public Company Limited (ROJNA) and when is the ex-dividend date?
Rojana Industrial Park Public Company Limited pays a dividend of 0.5 THB per share a year, a dividend yield of 8.8%. The last ex-dividend date was Apr 30, 2026. A dividend has been paid every year since 2015. The payout ratio is 27.9% of earnings. Free cash flow covers the dividend 2.29 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Rojana Industrial Park Public Company Limited (ROJNA)?
For today's price to be fair in a discounted-cash-flow model, Rojana Industrial Park Public Company Limited would have to grow free cash flow by -3.9 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.5 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of ROJNA use?
Our models discount Rojana Industrial Park Public Company Limited at 11.6 %: a base by market capitalisation (small), damped by beta 0.09, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Rojana Industrial Park Public Company Limited that is -3.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Rojana Industrial Park Public Company Limited (ROJNA) delivered so far?
Over the past 5 years revenue at Rojana Industrial Park Public Company Limited grew +4.5 % a year. The price currently implies free-cash-flow growth of -3.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Rojana Industrial Park Public Company Limited (ROJNA) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Rojana Industrial Park Public Company Limited (-3.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Rojana Industrial Park Public Company Limited (ROJNA)?
The free-cash-flow yield on the price is 20.22 %: that much free cash flow Rojana Industrial Park Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Rojana Industrial Park Public Company Limited (ROJNA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Rojana Industrial Park Public Company Limited it is 10.31 THB per share (as of Nov 8, 2026), against a price of 5.65 THB. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Rojana Industrial Park Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ROJNA trades below its calculated fair value: price 5.65 THB, fair value 10.31 THB, a gap of about +82% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ROJNA?
No. The price is what the market pays today (5.65 THB); the fair value is what the company's own numbers justify (10.31 THB). For Rojana Industrial Park Public Company Limited the two are 4.66 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Rojana Industrial Park Public Company Limited worth?
The market values Rojana Industrial Park Public Company Limited at about 11.4B THB (market capitalisation, as of Nov 8, 2026). Per share that is 5.65 THB; our models calculate a fair value of 10.31 THB per share.
What do the bullish and bearish scenarios say about ROJNA?
Our models span a range for Rojana Industrial Park Public Company Limited: cautious scenario 6.27 THB, base 10.31 THB, optimistic 14.34 THB per share (as of Nov 8, 2026, price 5.65 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ROJNA?
Rojana Industrial Park Public Company Limited trades at a price-to-earnings ratio of 3.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10.31 THB is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2024), reported earnings: 10.9. Other multiples: PEG 1.9, P/B 0.6, P/S 0.8, EV/EBITDA 7.1.
What is the PEG ratio of ROJNA?
The PEG ratio of Rojana Industrial Park Public Company Limited is 1.91 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Rojana Industrial Park Public Company Limited (ROJNA)?
Balance-sheet figures for Rojana Industrial Park Public Company Limited (as of Nov 8, 2026): return on equity 15.9%, debt of 0.69 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is ROJNA from its 52-week high?
Rojana Industrial Park Public Company Limited trades at 5.65 THB, about 10% below its 52-week high of 6.25 THB and 43% above the low of 3.94 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 10.31 THB is for.
Which stocks are comparable to Rojana Industrial Park Public Company Limited?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Rojana Industrial Park Public Company Limited stock attractive at the current price?
The data as of Nov 8, 2026: price 5.65 THB, calculated fair value 10.31 THB (+82%), Quality Score 47/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ROJNA calculated?
We run Rojana Industrial Park Public Company Limited through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 10.31 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Rojana Industrial Park Public Company Limited currently trades 45% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Rojana Industrial Park Public Company Limited (ROJNA)?
The closing price on Nov 6, 2026 was 5.65 THB. Our model-based fair value is 10.31 THB, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Rojana Industrial Park Public Company Limited right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (6.27 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (6.27 THB to 14.34 THB) leaves room in how you read the outcome.
Where does the earnings growth of Rojana Industrial Park Public Company Limited (ROJNA) come from?
Earnings per share at Rojana Industrial Park Public Company Limited grew +18.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin +8.9 %, tax rate −0.5 %, residual (interest, one-offs) +5.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Rojana Industrial Park Public Company Limited
How large is the market capitalisation of Rojana Industrial Park Public Company Limited (ROJNA)?
The market capitalisation of Rojana Industrial Park Public Company Limited is 11.4B THB (≈ $341M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Rojana Industrial Park Public Company Limited (ROJNA)?
The price-to-sales ratio of Rojana Industrial Park Public Company Limited is 0.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Rojana Industrial Park Public Company Limited (ROJNA)?
Earnings per share at Rojana Industrial Park Public Company Limited are 1.79 THB (price ÷ EPS = P/E 3.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Rojana Industrial Park Public Company Limited (ROJNA)?
The dividend yield of Rojana Industrial Park Public Company Limited is 8.8% (payout 27.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Rojana Industrial Park Public Company Limited (ROJNA)?
The net margin of Rojana Industrial Park Public Company Limited is 26.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Rojana Industrial Park Public Company Limited (ROJNA)?
The return on equity (ROE) of Rojana Industrial Park Public Company Limited is 15.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Rojana Industrial Park Public Company Limited (ROJNA)?
On an EBIT basis the return on assets of Rojana Industrial Park Public Company Limited is 5.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Rojana Industrial Park Public Company Limited (ROJNA)?
The operating margin of Rojana Industrial Park Public Company Limited is 2.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Rojana Industrial Park Public Company Limited (ROJNA)?
Revenue at Rojana Industrial Park Public Company Limited is growing −20.7% versus a year earlier (3y avg −4.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Rojana Industrial Park Public Company Limited (ROJNA)?
Earnings per share at Rojana Industrial Park Public Company Limited are growing +15.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Rojana Industrial Park Public Company Limited (ROJNA) carry?
The net debt of Rojana Industrial Park Public Company Limited is 11.8B THB (fiscal year 2025, ≈ 5.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026