Asset Five Group PCL (A5) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Asset Five Group PCL THB 2.31, price THB 1.79, upside +29.1%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.9491 THB – 4.79 THB · fair‑value band 1.11 THB – 4.29 THB · the 1.79 THB price screens below the 2.31 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Asset Five Group Public Company Limited engages in the development and sale of real estate properties in Thailand. It is also involved in construction and condominium residential business, property management, and the provision of renovation and interior decoration services. The company was incorporated in 2003 and is headquartered in Bangkok, Thailand.
Stock analysis
Asset Five Group PCL (A5) currently trades at 1.79 THB, while our model-based Fair Value estimate is 2.31 THB, implying the stock looks roughly 22.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 2.38 THB per share, and 7 of the 16 models we run sit above the 1.79 THB price.
Bear case: the Asset-Based group reads lowest at 0.9600 THB, and 9 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 1.11 THB (bear) to 4.29 THB (bull), the price of 1.79 THB sits inside 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 Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Asset Five Group PCL reported revenue of 1.3B THB in FY2025 versus 733M THB in FY2021, a compound +15.6%/yr. Reported net income was 103M THB in FY2025, compounding −5.8%/yr from FY2021.
Key figures
Market cap 2.1B THB (≈ $63.3M) · P/E ratio 35.8 · P/S ratio 2.82 · EPS (TTM) 0.0500 THB · Dividend yield 2.8% · Net margin 7.9% · Return on equity 3.6% · Return on assets (EBIT) 10.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 29%, A5 screens richer than that median.
Fair Value models
Bear 1.11 THBFair Value 2.31 THBBull 4.29 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−27.3%
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.
+26.3%
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.
+10.0%
Start year 2020 (pandemic). Over 10 years: +26.1% a year
Revenue growth 21 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.
+7.1%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.5%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.13% vs −30%, picking up
Profit margin 2020 to 2025 ⓘ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.12% → 13%
Start year 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+12.3%
Yearly growth needed for the next five years to justify today's price.
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 +11.0% a year for the price.
Price, fair value, quality and upside side by side.
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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.Real Estate - Development · 577 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+30% · Above median
Profitability
Return on equity (TTM)4% · Above median
Return on assets2% · Above median
Net margin (TTM)5% · Below median
Operating margin (TTM)−4% · Below median
Growth and dividend
Revenue growth−23% · Below median
Dividend yield (TTM)2.8% · Above median
Balance sheet
Debt / equity0.78× · Highest 25%
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Asset Five Group PCL Fair Value". https://www.fairvalue-calculator.com/stock/A5
Frequently asked questions
Is Asset Five Group PCL (A5) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 2.31 THB versus a price of 1.79 THB, about +29% upside (undervalued).
What is the fair value of A5?
Our model-based fair value for Asset Five Group PCL is 2.31 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.79 THB.
What is the quality score of A5?
Asset Five Group PCL 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 Asset Five Group PCL (A5)?
Our model-based price target is the fair value of 2.31 THB (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 1.11 THB, optimistic scenario 4.29 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Asset Five Group PCL stock forecast for 2026?
Our models put fair value at 2.31 THB, about +29% upside versus a price of 1.79 THB (undervalued). Cautious scenario 1.11 THB, optimistic scenario 4.29 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Asset Five Group PCL (A5)?
Asset Five Group PCL reported trailing-twelve-month revenue of about 1.2B THB (latest available figure, as of Sep 24, 2026).
Does Asset Five Group PCL pay a dividend?
Asset Five Group PCL currently shows a dividend yield of about 2.79% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Asset Five Group PCL (A5)?
For today's price to be fair in a discounted-cash-flow model, Asset Five Group PCL would have to grow free cash flow by +12.3 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of A5 use?
Our models discount Asset Five Group PCL at 13.1 %: a base by market capitalisation (micro), damped by beta 0.13, 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 Asset Five Group PCL that is +12.3 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has Asset Five Group PCL (A5) delivered so far?
Over the past 5 years revenue at Asset Five Group PCL grew +10.0 % a year. The price currently implies +12.3 % per year free-cash-flow growth a 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 Asset Five Group PCL (A5) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Asset Five Group PCL (+12.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Asset Five Group PCL (A5)?
The free-cash-flow yield on the price is 10.52 %: that much free cash flow Asset Five Group PCL produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Asset Five Group PCL (A5)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Asset Five Group PCL it is 2.31 THB per share (as of Sep 24, 2026), against a price of 1.79 THB. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Asset Five Group PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, A5 trades below its calculated fair value: price 1.79 THB, fair value 2.31 THB, a gap of about +29% (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 A5?
No. The price is what the market pays today (1.79 THB); the fair value is what the company's own numbers justify (2.31 THB). For Asset Five Group PCL the two are 0.5200 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Asset Five Group PCL worth?
The market values Asset Five Group PCL at about 2.1B THB (market capitalisation, as of Sep 24, 2026). Per share that is 1.79 THB; our models calculate a fair value of 2.31 THB per share.
What do the bullish and bearish scenarios say about A5?
Our models span a range for Asset Five Group PCL: cautious scenario 1.11 THB, base 2.31 THB, optimistic 4.29 THB per share (as of Sep 24, 2026, price 1.79 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of A5?
Asset Five Group PCL trades at a price-to-earnings ratio of 35.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.31 THB is built from several models across several years. Other multiples: PEG 2.1, P/B 1.3, P/S 1.7, EV/EBITDA 27.3.
What is the PEG ratio of A5?
The PEG ratio of Asset Five Group PCL is 2.10 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Asset Five Group PCL (A5)?
Balance-sheet figures for Asset Five Group PCL (as of Sep 24, 2026): return on equity 3.6%, debt of 0.78 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is A5 from its 52-week high?
Asset Five Group PCL trades at 1.79 THB, about 12% below its 52-week high of 2.04 THB and 11% above the low of 1.61 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 2.31 THB is for.
Which stocks are comparable to Asset Five Group PCL?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Asset Five Group PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 1.79 THB, calculated fair value 2.31 THB (+29%), Quality Score 47/100, from 16 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 A5 calculated?
We run Asset Five Group PCL through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 2.31 THB, 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 13.0 % above its aggregate fair value. Asset Five Group PCL currently trades 29 % 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 Asset Five Group PCL (A5)?
The closing price on Sep 24, 2026 was 1.79 THB. Our model-based fair value is 2.31 THB, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Asset Five Group PCL right now?
The model range is unusually wide (1.11 THB to 4.29 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Asset Five Group PCL
How large is the market capitalisation of Asset Five Group PCL (A5)?
The market capitalisation of Asset Five Group PCL is 2.1B THB (≈ $63.3M). 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 Asset Five Group PCL (A5)?
The price-to-sales ratio of Asset Five Group PCL is 2.82 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Asset Five Group PCL (A5)?
Earnings per share at Asset Five Group PCL are 0.0500 THB (price ÷ EPS = P/E 35.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Asset Five Group PCL (A5)?
The dividend yield of Asset Five Group PCL is 2.8% (payout 100%). 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 Asset Five Group PCL (A5)?
The net margin of Asset Five Group PCL is 7.9% (fiscal year 2025). 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 Asset Five Group PCL (A5)?
The return on equity (ROE) of Asset Five Group PCL is 3.6% (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 Asset Five Group PCL (A5)?
On an EBIT basis the return on assets of Asset Five Group PCL is 10.4% (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 Asset Five Group PCL (A5)?
The operating margin of Asset Five Group PCL is −4.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Asset Five Group PCL (A5)?
Revenue at Asset Five Group PCL is growing −23.3% versus a year earlier (3y avg +26.3%). 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 Asset Five Group PCL (A5)?
Earnings per share at Asset Five Group PCL are growing −96.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Asset Five Group PCL (A5) carry?
The net debt of Asset Five Group PCL is 1.6B THB (fiscal year 2025, ≈ 7.4 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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