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Asian Phytoceuticals Public Company (APCO) Fair Value & Analysis

Consumer Defensive · TH · Market cap 1.6B THB

AP Asian Phytoceuticals Public Company APCO · BK
Price2.56 THB
Fair Value1.42 THB
Upside-44.5%
Quality76/100
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Weak Growth
Highly profitable · 30.0% net margin
Low debt · generates free cash flow
3.50% dividend yield
Ranks above peers (9/14)
Wide moat 70/100
Evidence: High Range 1.11 THB – 1.98 THB Share as image

Fair value as of: Jul 14, 2026

From 24 valuation models · updated 27 days ago

Share price −1.5% over the past month.

A strong business, but screening 45% overvalued on our models.

What matters now

  • A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (1.98 THB). The favourable scenario is already priced in.
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Price vs Fair Value (5 years)

7.61 THB 2.48 THB Fair Value 1.42 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 2.48 THB – 7.61 THB · fair‑value band 1.11 THB – 1.98 THB · the 2.56 THB price screens above the 1.42 THB fair value. Dashed = 300-day average. As of Jul 14, 2026.

Full chart & analysis →

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Analysis

Asian Phytoceuticals Public Company (APCO) currently trades at 2.56 THB, while our model-based Fair Value estimate is 1.42 THB, implying the stock looks roughly 44.5% overvalued today. The Quality Score stands at 76/100 (high quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Asian Phytoceuticals Public Company generated revenue of 202M THB at a net margin of 30.0%. Revenue grew 3.6% year over year. It earns a return on equity of 10.8%. The balance sheet holds a net cash position of 87.1M THB. Fundamentals as of Jul 14, 2026

Our scenario range runs from 1.11 THB (bear case) to 1.98 THB (bull case); at 2.56 THB, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at -45%, APCO screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF 1.00 THB 1.23 THB 1.59 THB 80
Residual Income 0.7800 THB 0.8400 THB 0.9700 THB 76
Rev-Margin DCF 0.7000 THB 0.8800 THB 1.10 THB 74
All 24 models by family
DCF Models
FCF DCF 0.9700 THB 1.22 THB 1.62 THB 38
Owner Earnings 1.17 THB 1.48 THB 1.99 THB 31
5Y Revenue Exit 0.7000 THB 0.8600 THB 1.08 THB 39
5Y EBITDA Exit 1.09 THB 1.54 THB 2.12 THB 41
5Y P/E Exit 1.22 THB 1.76 THB 2.39 THB 38
10Y Revenue Exit 0.8100 THB 0.9300 THB 1.05 THB 36
10Y EBITDA Exit 1.03 THB 1.31 THB 1.60 THB 37
10Y P/E Exit 1.11 THB 1.43 THB 1.75 THB 35
Earnings-Based
Graham-Dodd 0.6300 THB 0.7700 THB 0.8600 THB 54
EPV 0.7100 THB 0.7800 THB 0.8400 THB 59
Dividend Discount
Gordon GGM 0.7100 THB 0.7700 THB 0.8500 THB 70
DDM Multi-Stage 0.7100 THB 0.8500 THB 1.03 THB 61
Multiples
P/E Multiple 1.45 THB 1.94 THB 2.42 THB 63
P/S Multiple 0.4000 THB 0.5300 THB 0.6700 THB 58
P/B Multiple 1.18 THB 1.57 THB 1.96 THB 55
EV/EBIT 1.31 THB 1.69 THB 2.07 THB 53
EV/EBITDA 1.36 THB 1.76 THB 2.15 THB 54
EV/Revenue 0.5200 THB 0.6700 THB 0.8200 THB 43
Asset-Based
NCAV (Graham) 0.4600 THB 0.6200 THB 0.9300 THB 50
Growth DCF
Growth DCF 1.00 THB 1.23 THB 1.59 THB 80
Rev-Margin DCF 0.7000 THB 0.8800 THB 1.10 THB 74
Economic Profit
Residual Income 0.7800 THB 0.8400 THB 0.9700 THB 76
ROIC Compounder 0.7100 THB 0.7800 THB 0.8400 THB 72
Growth Earnings
Growth-Adj P/E 1.03 THB 1.47 THB 1.91 THB 68

Widest divergence: Multiples (1.57 THB) versus Asset-Based (0.6200 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 202M THB
Revenue growth (YoY) +3.6%
Net margin 30.0%
Return on equity 10.8%
Free cash flow 59.3M THB FY2025
P/E ratio 26.4
More key figures
Operating margin 29.1%
EPS (TTM) 0.1000 THB
Dividend yield 3.5%
EPS growth (YoY) +50.0%
Net cash 87.1M THB FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 74 · Market factors (momentum, volatility) 45

Profitability 53
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 91
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Asian Phytoceuticals Public Company Limited engages in the research and development, manufacture, and distribution of healthcare and natural extracts-based beauty products in Thailand.

Full company description

Asian Phytoceuticals Public Company Limited engages in the research and development, manufacture, and distribution of healthcare and natural extracts-based beauty products in Thailand. The company offers cream and lotion products in bottles and tubes for massage to tighten the skin and reduce the desired area, and facial lotion products; and products for reverse aging, anti-aging, and longevity. It is also involved in the research on mangosteen under the project name Operation BIM. It also exports its products. The company was formerly known as Natural Cosmetics Research Co., Ltd. and changed its name to Asian Phytoceuticals Public Company Limited in July 2005. Asian Phytoceuticals Public Company Limited was founded in 1988 and is headquartered in Lamphun, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Asian Phytoceuticals Public Company reported revenue of 200M THB in FY2025 versus 223M THB in FY2021, a compound −2.7%/yr. Reported net income was 55.4M THB in FY2025, compounding −5.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
200M THB
Latest YoY
−5.1%
Avg. growth/yr (3Y) 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.
−7.2%
Avg. growth/yr (5Y) 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.
−4.2%
Avg. growth/yr (18Y) 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.
+7.4%
Revenue −2.7%/yr
FY21 223M THB
FY22 250M THB
FY23 293M THB
FY24 211M THB
FY25 200M THB
Net income −5.2%/yr
FY21 68.7M THB
FY22 80.9M THB
FY23 107M THB
FY24 54.7M THB
FY25 55.4M THB
Character of growth · EPS growth decomposed (2014-2025) +9.1 % p.a.
Revenue per share +7.9 pp

of which total revenue −6.2 pp · buybacks/dilution +14.1 pp

EBIT margin −1.0 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +2.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

APCO screens 45% overvalued. Compare with The Procter & Gamble Company →

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Cite: Fair Value Calculator (2026). "Asian Phytoceuticals Public Company Fair Value". https://www.fairvalue-calculator.com/stock/APCO

Peer Group

Household & Personal Products · 244 stocks

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.

Quality Score 76 · Top 25%
Fair Value upside −45% · Bottom 25%
Return on equity (TTM) 11% · Above median
Return on assets 6% · Above median
Net margin (TTM) 30% · Top 25%
Operating margin (TTM) 29% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 3.5% · Above median
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 26.2× · Pricier than median
P/B 2.82× · Pricier than median
P/S (TTM) 7.79× · Pricier than 75% of peers
P/FCF 0.8× · Cheaper than median
EV/EBITDA 22.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 28
FUTURE 18 · sector 4
PAST 43 · sector 26
HEALTH 100 · sector 98
DIVIDEND 70 · sector 50

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

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
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Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Asian Phytoceuticals Public Company (APCO) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 1.42 THB versus a price of 2.56 THB, about −45% (overvalued).
What is the fair value of APCO?
Our model-based fair value for Asian Phytoceuticals Public Company is 1.42 THB (as of Jul 14, 2026), built from audited fundamentals. The current price is 2.56 THB.
What is the quality score of APCO?
Asian Phytoceuticals Public Company has a Quality Score of 76/100. 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 revenue of Asian Phytoceuticals Public Company (APCO)?
Asian Phytoceuticals Public Company reported trailing-twelve-month revenue of about 202M THB (latest available figure, as of Jul 14, 2026).
What is the net profit margin of APCO?
The net profit margin of Asian Phytoceuticals Public Company is about 30.0%, meaning it keeps roughly 30.0% of revenue as net income. Based on the latest reported figures.
Does Asian Phytoceuticals Public Company pay a dividend?
Asian Phytoceuticals Public Company currently shows a dividend yield of about 3.45% relative to its recent price (as of Jul 14, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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