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Golden Lime PCL (SUTHA) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Golden Lime PCL stock THB 1.50, price THB 3.14, that is 52.4% below the price, quality 28 out of 100. Rating: strongly overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials TH · ISIN TH5047010001

GL Golden Lime PCL logo Thin data Nov 3, 2026

Golden Lime PCL

SUTHA · BK
Very expensive, weak quality

Our calculation puts a fair price 52% below what the stock costs today.

Low debt
Profit last quarter +129% vs. a year ago.
Thin margins · 1.8% net margin (TTM)
Mixed vs. peers (7/13)
Fair value 1.50 THB · Strongly overvalued
Quality 28/100
Weak Growth (revenue 3y −4.2 %/yr in THB)
Negative free cash flow
Narrow moat 35/100
Thin data
⟳ Cyclical⚠ Dilution⚠ Thinly traded⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

5.55 THB 1.87 THB Fair Value 1.50 THB Feb 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range 1.87 THB – 5.55 THB · fair‑value band 0.5780 THB – 2.24 THB · the 3.14 THB price screens above the 1.50 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Golden Lime Public Company Limited, together with its subsidiaries, manufactures and distributes industrial chemical products in Thailand and internationally. It manufactures and distributes calcium oxide, calcium hydroxide, calcium carbonate, lime, limestone, and other related products.

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The company also designs, assembles, supplies, and installs machinery and equipment. In addition, it mines, produces, and distributes marbles, limestone, and related by-products. Further, the company provides engineering consulting, as well as packing, and transportation and logistics services.

It serves iron and steel, non-ferrous, wastewater treatment and environmental, construction, construction engineering, mortar and cement, concrete, flue gas treatment, precipitated calcium carbonate, energy, pulp and paper, animal feed, sugar, agriculture and livestock, chemicals, and plastic and rubber industries.

The company was incorporated in 2003 and is headquartered in Nonthaburi, Thailand. Golden Lime Public Company Limited is a subsidiary of CE Lime (Thailand) Limited.

Stock analysis

Golden Lime PCL (SUTHA) currently trades at 3.14 THB, while our model-based Fair Value estimate is 1.50 THB, 52% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 1.27 THB per share, and 0 of the 4 models we run sit above the 3.14 THB price.

Bear case: the Asset-Based group reads lowest at 0.8800 THB, and 4 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 0.5780 THB (bear) to 2.24 THB (bull), the price of 3.14 THB sits above 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 28/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Golden Lime PCL reported revenue of 1.3B THB in FY2025 versus 1.2B THB in FY2021, a compound +2.3%/yr. Reported net income was −9.1M THB in FY2025.

Key figures

Market cap 1.1B THB (≈ $34.0M) Micro · P/E ratio 44.9 · P/S ratio 0.83 · EPS (TTM) 0.0700 THB · Dividend yield 2.2% · Net margin 1.8% · Return on equity 2.4% · Return on assets (EBIT) 3.7% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).

What moves the price

The share trades about 7% below its 52-week high and 41% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −24% fair-value upside, at −52%, SUTHA screens richer than that median.

Fair Value models

Bear 0.5780 THB Fair Value 1.50 THB Bull 2.24 THB
Price 3.14 THB · Downside -52.4%
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 (0.0600 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.
Best data coverage
EPV 0.0200 THB 0.0300 THB 0.0400 THB 72
ROIC Compounder 0.0200 THB 0.0300 THB 0.0400 THB 69
EV/EBITDA 0.3400 THB 1.27 THB 2.20 THB 61
All 4 models by family
Earnings-Based
EPV 0.0200 THB 0.0300 THB 0.0400 THB 72
Multiples
EV/EBITDA 0.3400 THB 1.27 THB 2.20 THB 61
Asset-Based
NCAV (Graham) 0.6600 THB 0.8800 THB 1.32 THB 54
Economic Profit
ROIC Compounder 0.0200 THB 0.0300 THB 0.0400 THB 69

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 28/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 21
How much profit the company makes from its sales and capital
Quality Growth 15
Are margins and returns getting better?
Cashflow 8
Do the profits arrive as real cash?
Financial strength 26
Debt, balance sheet and risk of trouble
Investment 71
Does it invest with discipline instead of growing at any price?
Low Volatility 79
How calm the share price moves, does not count
Price momentum 70
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 72
Distance to the 52-week high, does not count
New shares 38
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 26/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−4.2%
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.
−4.2%
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.
+3.1%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 13 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.
+3.5%
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.
6.1% (2020) → 0.5% (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

SUTHA screens overvalued: fair value 52% below the price. Compare with BASF SE →

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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.Chemicals · 337 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 28 · Bottom 25%
Fair Value upside −52.4% · Bottom 25%
Profitability
Return on equity (12 months) 2.4% · Below median
Return on assets −0.4% · Bottom 25%
Net margin (12 months) 1.8% · Below median
Operating margin (12 months) 17.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 13.4% · Above median
Dividend yield (12 months) 2.2% · Above median
Balance sheet
Debt / equity 0.09× · Below median

Valuation Multiplesvs Chemicals median · lower = cheaper

P/E (12 months) 44.9× · Priciest 25%
P/B 1.16× · Cheaper than median
P/S (12 months) 0.83× · Cheaper than median
EV/EBITDA 5.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 9
FUTURE (revenue growth)67 · sector 67
PAST (return on equity)9 · sector 24
HEALTH (low debt)95 · sector 94
DIVIDEND (yield)45 · sector 32

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
LG Chem, Ltd 051910 232,000 KRW 587,755 KRW +153% vs SUTHA
Dow Inc DOW $31.40 $41.88 +33% vs SUTHA
Hengli Petrochemical Co 600346 ¥16.62 ¥19.26 +16% vs SUTHA
Ningxia Baofeng Energy Group 600989 ¥21.24 ¥22.31 +5% vs SUTHA
Saudi Basic Industries Corporation 2010 47.50 SAR 36.26 SAR −24% vs SUTHA
BASF SE BAS €54.28 €38.46 −29% vs SUTHA
Jiangsu Eastern Shenghong Co 000301 ¥10.41 ¥6.28 −40% vs SUTHA
Zhejiang Juhua Co 600160 ¥32.32 ¥19.31 −40% vs SUTHA
Formosa Chemicals & Fibre Corporation 1326 68.90 TWD 35.56 TWD −48% vs SUTHA
Zangge Mining Company 000408 ¥66.38 ¥17.47 −74% vs SUTHA

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Golden Lime PCL: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Golden Lime PCL Fair Value". https://www.fairvalue-calculator.com/stock/SUTHA

Frequently asked questions

Is Golden Lime PCL (SUTHA) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 1.50 THB versus a price of 3.14 THB, about 52% lower (overvalued).
What is the fair value of SUTHA?
Our model-based fair value for Golden Lime PCL is 1.50 THB (as of Nov 3, 2026), built from audited fundamentals. The current price: 3.14 THB.
What is the quality score of SUTHA?
Golden Lime PCL has a Quality Score of 28/100. 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 Golden Lime PCL (SUTHA)?
Our model-based price target is the fair value of 1.50 THB (as of Nov 3, 2026) from 4 valuation models. Cautious scenario 0.5780 THB, optimistic scenario 2.24 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Golden Lime PCL stock forecast for 2026?
Our models put fair value at 1.50 THB, about 52% lower versus a price of 3.14 THB (overvalued). Cautious scenario 0.5780 THB, optimistic scenario 2.24 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Golden Lime PCL (SUTHA)?
Golden Lime PCL reported trailing-twelve-month revenue of about 1.4B THB (latest available figure, as of Nov 3, 2026).
Does Golden Lime PCL pay a dividend?
Golden Lime PCL currently shows a dividend yield of 2.23% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Golden Lime PCL (SUTHA)?
Golden Lime PCL has a dividend yield of 2.2%.
What is the intrinsic value of Golden Lime PCL (SUTHA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Golden Lime PCL it is 1.50 THB per share (as of Nov 3, 2026), against a price of 3.14 THB. It is the blended result of 4 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Golden Lime PCL stock overvalued or undervalued in 2026?
As of Nov 3, 2026, SUTHA trades above its calculated fair value: price 3.14 THB, fair value 1.50 THB, a gap of about −52% (overvalued). 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 SUTHA?
No. The price is what the market pays today (3.14 THB); the fair value is what the company's own numbers justify (1.50 THB). For Golden Lime PCL the two are 1.64 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Golden Lime PCL worth?
The market values Golden Lime PCL at about 1.1B THB (market capitalisation, as of Nov 3, 2026). Per share that is 3.14 THB; our models calculate a fair value of 1.50 THB per share.
What do the bullish and bearish scenarios say about SUTHA?
Our models span a range for Golden Lime PCL: cautious scenario 0.5780 THB, base 1.50 THB, optimistic 2.24 THB per share (as of Nov 3, 2026, price 3.14 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SUTHA?
Golden Lime PCL trades at a price-to-earnings ratio of 44.9 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.50 THB is built from several models across several years. Other multiples: P/B 1.2, P/S 0.8, EV/EBITDA 5.9.
How solid is the balance sheet of Golden Lime PCL (SUTHA)?
Balance-sheet figures for Golden Lime PCL (as of Nov 3, 2026): return on equity 2.4%, debt of 0.09 per unit of equity. They feed the Quality Score of 28/100, which measures business quality independently of the share price.
How far is SUTHA from its 52-week high?
Golden Lime PCL trades at 3.14 THB, about 7% below its 52-week high of 3.38 THB and 41% above the low of 2.22 THB (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 1.50 THB is for.
Which stocks are comparable to Golden Lime PCL?
From the same area (Basic Materials) we also value BASF SE, Saudi Basic Industries Corporation, Dow Inc, Ningxia Baofeng Energy Group, 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 Golden Lime PCL stock attractive at the current price?
The data as of Nov 3, 2026: price 3.14 THB, calculated fair value 1.50 THB (−52%), Quality Score 28/100, from 4 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 SUTHA calculated?
We run Golden Lime PCL through 4 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 1.50 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. Golden Lime PCL itself currently trades above fair value. 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 Golden Lime PCL (SUTHA)?
The closing price on Nov 5, 2026 was 3.14 THB. Our model-based fair value is 1.50 THB, about 52% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Golden Lime PCL right now?
The price sits above even our optimistic bull case (2.24 THB). The favourable scenario is already priced in. Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (0.5780 THB to 2.24 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of Golden Lime PCL (SUTHA) come from?
Earnings per share at Golden Lime PCL grew −8.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.5 %, EBIT margin −4.6 %, tax rate −2.1 %, residual (interest, one-offs) −4.8 %. 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 Golden Lime PCL

How large is the market capitalisation of Golden Lime PCL (SUTHA)?
The market capitalisation of Golden Lime PCL is 1.1B THB (≈ $34.0M). 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 Golden Lime PCL (SUTHA)?
The price-to-sales ratio of Golden Lime PCL is 0.83 (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 Golden Lime PCL (SUTHA)?
Earnings per share at Golden Lime PCL are 0.0700 THB (price ÷ EPS = P/E 44.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Golden Lime PCL (SUTHA)?
The dividend yield of Golden Lime PCL is 2.2% (payout 100.0%). 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 Golden Lime PCL (SUTHA)?
The net margin of Golden Lime PCL is 1.8% (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 Golden Lime PCL (SUTHA)?
The return on equity (ROE) of Golden Lime PCL is 2.4% (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 Golden Lime PCL (SUTHA)?
On an EBIT basis the return on assets of Golden Lime PCL is 3.7% (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 Golden Lime PCL (SUTHA)?
The operating margin of Golden Lime PCL is 17.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Golden Lime PCL (SUTHA)?
Revenue at Golden Lime PCL is growing +13.4% versus a year earlier (3y avg −4.2%). 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 Golden Lime PCL (SUTHA)?
Earnings per share at Golden Lime PCL are growing +129% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Golden Lime PCL (SUTHA) generate?
The free cash flow of Golden Lime PCL is −56.6M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Golden Lime PCL (SUTHA) carry?
The net debt of Golden Lime PCL is 885M THB (fiscal year 2025). 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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