Alpha Divisions PCL (ALPHAX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Alpha Divisions PCL stock THB 0.47, price THB 0.17, upside +176.5%, quality 48 out of 100. Rating: strongly undervalued. Calculated from audited financials with 21 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 9, 2026.
How to read this chart
60‑month range 0.1700 THB – 1.46 THB · fair‑value band 0.4300 THB – 0.5500 THB · the 0.1700 THB price screens below the 0.4700 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Alpha Divisions Public Company Limited, together with its subsidiaries, engages in the consultation and property development business in Thailand and internationally.
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The company involved in the hire purchase business of motorcycles, cars, gold, and agricultural equipment, as well as related investing activities; and manufacturing and distribution of precursor and chemicals from hemp and/or cannabis.
It also engages in microfinance business; and invests in property development business. In addition, the company operates as a producer, distributor, and agent for selling electricity from solar energy, wind, water, and other businesses.
The company was formerly known as Ocean Commerce Public Company Limited and changed its name to Alpha Divisions Public Company Limited in January 2022. Alpha Divisions Public Company Limited was founded in 2003 and is based in Bangkok, Thailand.
Stock analysis
Alpha Divisions PCL (ALPHAX) currently trades at 0.1700 THB, while our model-based Fair Value estimate is 0.4700 THB, implying the stock looks roughly 64% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 0.5700 THB per share, and 20 of the 21 models we run sit above the 0.1700 THB price.
Bear case: the Earnings-Based group reads lowest at 0.3250 THB, and 1 of the 21 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.4300 THB (bear) to 0.5500 THB (bull), the price of 0.1700 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 48/100 (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.
Alpha Divisions PCL reported revenue of 252M THB in FY2025 versus 469M THB in FY2021, a compound −14.3%/yr. Reported net income was 318M THB in FY2025, compounding +87.0%/yr from FY2021.
Key figures
Market cap 1.6B THB (≈ $47.2M) Micro · P/E ratio 8.5 · P/S ratio 4.28 · EPS (TTM) 0.0200 THB · Net margin 51.8% · Return on equity 3.4% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 25.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 68% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −52% fair-value upside, at 176%, ALPHAX screens cheaper than that median.
Fair Value models
Bear0.4300 THBFair Value 0.4700 THBBull0.5500 THB
Price 0.1700 THB · Upside +176.5%
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 (0.0172 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
+36.3%
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.
−5.3%
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.
−16.3%
Start year 2020 (pandemic). Over 10 years: −1.5% 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.
−0.2%
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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.
−3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.4%
Dividend (yield on the price)0.0%
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.−3.4% vs 4.2%, slowing
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.18% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 26.4%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
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).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
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.Utilities - Renewable · 196 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+176.5% · Top 25%
Profitability
Return on equity (12 months)3.4% · Above median
Return on assets5.3% · Top 25%
Net margin (12 months)51.8% · Top 25%
Operating margin (12 months)25.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)23.0% · Top 25%
Balance sheet
Debt / equity0.03× · Lowest 25%
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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Is Alpha Divisions PCL (ALPHAX) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 0.4700 THB versus a price of 0.1700 THB, about +176% upside (undervalued).
What is the fair value of ALPHAX?
Our model-based fair value for Alpha Divisions PCL is 0.4700 THB (as of Nov 9, 2026), built from audited fundamentals. The current price: 0.1700 THB.
What is the quality score of ALPHAX?
Alpha Divisions PCL has a Quality Score of 48/100. 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 Alpha Divisions PCL (ALPHAX)?
Our model-based price target is the fair value of 0.4700 THB (as of Nov 9, 2026) from 21 valuation models. Cautious scenario 0.4300 THB, optimistic scenario 0.5500 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Alpha Divisions PCL stock forecast for 2026?
Our models put fair value at 0.4700 THB, about +176% upside versus a price of 0.1700 THB (undervalued). Cautious scenario 0.4300 THB, optimistic scenario 0.5500 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Alpha Divisions PCL (ALPHAX)?
Alpha Divisions PCL reported trailing-twelve-month revenue of about 369M THB (latest available figure, as of Nov 9, 2026).
What growth is priced into Alpha Divisions PCL (ALPHAX)?
For today's price to be fair in a discounted-cash-flow model, Alpha Divisions PCL would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 14.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of ALPHAX use?
Our models discount Alpha Divisions PCL at 14.6 %: a base by market capitalisation (micro), 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 Alpha Divisions PCL that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.6 %) and the same formula as our fair value.
How much growth has Alpha Divisions PCL (ALPHAX) delivered so far?
Over the past 5 years revenue at Alpha Divisions PCL grew -16.3 % a year. The price currently implies free-cash-flow growth of less than minus 40 % 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 Alpha Divisions PCL (ALPHAX) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Alpha Divisions PCL (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Alpha Divisions PCL (ALPHAX)?
The free-cash-flow yield on the price is 14.82 %: that much free cash flow Alpha Divisions PCL produces per unit of market value. When it exceeds the discount rate of our models (14.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Alpha Divisions PCL (ALPHAX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Alpha Divisions PCL it is 0.4700 THB per share (as of Nov 9, 2026), against a price of 0.1700 THB. It is the blended result of 21 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Alpha Divisions PCL stock overvalued or undervalued in 2026?
As of Nov 9, 2026, ALPHAX trades below its calculated fair value: price 0.1700 THB, fair value 0.4700 THB, a gap of about +176% (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 ALPHAX?
No. The price is what the market pays today (0.1700 THB); the fair value is what the company's own numbers justify (0.4700 THB). For Alpha Divisions PCL the two are 0.3000 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Alpha Divisions PCL worth?
The market values Alpha Divisions PCL at about 1.6B THB (market capitalisation, as of Nov 9, 2026). Per share that is 0.1700 THB; our models calculate a fair value of 0.4700 THB per share.
What do the bullish and bearish scenarios say about ALPHAX?
Our models span a range for Alpha Divisions PCL: cautious scenario 0.4300 THB, base 0.4700 THB, optimistic 0.5500 THB per share (as of Nov 9, 2026, price 0.1700 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ALPHAX?
Alpha Divisions PCL trades at a price-to-earnings ratio of 8.5 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4700 THB is built from several models across several years. Median P/E at fiscal year-end, 6 fiscal years (2016 to 2025), reported earnings: 67.0. Other multiples: P/B 0.3, P/S 4.3.
How solid is the balance sheet of Alpha Divisions PCL (ALPHAX)?
Balance-sheet figures for Alpha Divisions PCL (as of Nov 9, 2026): return on equity 3.4%, debt of 0.03 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ALPHAX from its 52-week high?
Alpha Divisions PCL trades at 0.1700 THB, about 68% below its 52-week high of 0.5300 THB and at the low of 0.1700 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4700 THB is for.
Which stocks are comparable to Alpha Divisions PCL?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, VERBUND AG, 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 Alpha Divisions PCL stock attractive at the current price?
The data as of Nov 9, 2026: price 0.1700 THB, calculated fair value 0.4700 THB (+176%), Quality Score 48/100, from 21 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 ALPHAX calculated?
We run Alpha Divisions PCL through 21 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 0.4700 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. Alpha Divisions PCL currently trades 64% 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 Alpha Divisions PCL (ALPHAX)?
The closing price on Nov 6, 2026 was 0.1700 THB. Our model-based fair value is 0.4700 THB, about +176% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Alpha Divisions PCL right now?
The large discount to fair value meets weak quality (48/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (0.4300 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.
Where does the earnings growth of Alpha Divisions PCL (ALPHAX) come from?
Earnings per share at Alpha Divisions PCL grew +6.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share −27.9 %, EBIT margin +37.1 %, tax rate +1.8 %, residual (interest, one-offs) +5.9 %. 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 Alpha Divisions PCL
How large is the market capitalisation of Alpha Divisions PCL (ALPHAX)?
The market capitalisation of Alpha Divisions PCL is 1.6B THB (≈ $47.2M). 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 Alpha Divisions PCL (ALPHAX)?
The price-to-sales ratio of Alpha Divisions PCL is 4.28 (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 Alpha Divisions PCL (ALPHAX)?
Earnings per share at Alpha Divisions PCL are 0.0200 THB (price ÷ EPS = P/E 8.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Alpha Divisions PCL (ALPHAX)?
The net margin of Alpha Divisions PCL is 51.8% (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 Alpha Divisions PCL (ALPHAX)?
The return on equity (ROE) of Alpha Divisions PCL is 3.4% (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 Alpha Divisions PCL (ALPHAX)?
On an EBIT basis the return on assets of Alpha Divisions PCL is 2.7% (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 Alpha Divisions PCL (ALPHAX)?
The operating margin of Alpha Divisions PCL is 25.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Alpha Divisions PCL (ALPHAX)?
Revenue at Alpha Divisions PCL is growing +23.0% versus a year earlier (3y avg −5.3%). 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 Alpha Divisions PCL (ALPHAX)?
Earnings per share at Alpha Divisions PCL are growing −68.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Alpha Divisions PCL (ALPHAX) hold?
Alpha Divisions PCL holds more cash than debt, 3.3B THB net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 9, 2026