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Asia Precision Public Company Limited (APCS) Fair Value & Analysis

Industrials · TH · Market cap 950M THB (≈ $28.8M) · ISIN TH1071010009

AP Asia Precision Public Company Limited APCS · BK
Price1.23 THB
Fair Value1.72 THB
Upside+39.8%
Quality46/100
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Strengths

Trades 28% below our fair value of 1.72 THB
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −15.6 %/yr)
!Loss-making · -93.2% net margin
!Mixed vs. peers (4/10)
!Narrow moat 10/100
Weak Growth (revenue 5y −15.6 %/yr)
Loss-making · -93.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 10/100
Evidence: Low Range 0.9700 THB – 2.47 THB Share as image

Fair value as of: Aug 13, 2026

From 7 valuation models · updated 14 days ago

Share price −3.1% over the past month.

Below-average quality, trading 28% below our fair value.

What runs behind every stock

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

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What matters now

  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (0.9700 THB to 2.47 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

6.70 THB 1.15 THB Fair Value 1.72 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 1.15 THB – 6.70 THB · fair‑value band 0.9700 THB – 2.47 THB · the 1.23 THB price screens below the 1.72 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 Aug 13, 2026.

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Analysis

Asia Precision Public Company Limited (APCS) currently trades at 1.23 THB, while our model-based Fair Value estimate is 1.72 THB, implying the stock looks roughly 39.8% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: low), always confirm before acting.

Trailing-twelve-month revenue stands at 488M THB. Revenue declined 20.5% year over year. It earns a return on equity of -37.7%. Net debt stands at 510M THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.9700 THB (bear case) to 2.47 THB (bull case); at 1.23 THB, the current price sits within 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 44% below its 52-week high and 29% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -46% fair-value upside, at 40%, APCS screens cheaper 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 1.63 THB 2.11 THB 2.86 THB 80
Rev-Margin DCF 1.53 THB 2.28 THB 3.20 THB 74
NCAV (Graham) 0.9200 THB 1.23 THB 1.84 THB 50
All 7 models by family
DCF Models
FCF DCF 1.57 THB 2.08 THB 2.93 THB 38
5Y Revenue Exit 1.53 THB 2.24 THB 3.26 THB 39
10Y Revenue Exit 1.50 THB 1.99 THB 2.51 THB 36
Multiples
EV/Revenue 1.64 THB 2.39 THB 3.14 THB 43
Asset-Based
NCAV (Graham) 0.9200 THB 1.23 THB 1.84 THB 50
Growth DCF
Growth DCF 1.63 THB 2.11 THB 2.86 THB 80
Rev-Margin DCF 1.53 THB 2.28 THB 3.20 THB 74

Widest divergence: Multiples (2.39 THB) versus Asset-Based (1.23 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 2.00 TTM
EPS (TTM) -0.8100 THB
Net margin -54.5% FY2025
Return on equity -37.7% TTM
Return on assets (EBIT) -0.9% avg 5y
Operating margin -24.3% TTM
More key figures
Growth
Revenue (TTM) 488M THB TTM
Revenue growth (YoY) -20.5% 3y avg -20.5%
EPS growth (YoY) -71.9%
Balance sheet & cash flow
Free cash flow 136M THB FY2025
Net debt 510M THB FY2025 · ≈ 3.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 47 · Market factors (momentum, volatility) 35

Profitability 3
Margins and returns on capital today
Quality Growth 6
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 25
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Asia Precision Public Company Limited, together with its subsidiaries, engages in the engineering and construction businesses in Thailand and internationally. The company operates in three segments, Construction Services; Sales and Other Services, and Digital Assets.

Full company description

Asia Precision Public Company Limited, together with its subsidiaries, engages in the engineering and construction businesses in Thailand and internationally. The company operates in three segments, Construction Services; Sales and Other Services, and Digital Assets. It is involved in the provision of engineering, automation, project construction, and maintenance services for renewable energy power plants; construction consultation and engineering procurement services; trading, mining, and exchanging cryptocurrency; distribution of materials, equipment, and spare parts used for the structural construction of electrical enterprises and various energy businesses; and production and distribution of raw water. The company also provides construction services for projects related to utility systems; environmental and design, and engineering consulting services; water purification plants and chemical equations; and water treatment plants, as well as engages in bitcoin mining business; precision metal parts business; and construction contractor for a waste-to-energy power generation project. Asia Precision Public Company Limited was founded in 1994 and is based in Chonburi, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Asia Precision Public Company Limited reported revenue of 914M THB in FY2025 versus 2.2B THB in FY2021, a compound −19.5%/yr. Reported net income was −498M THB in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
914M THB
Latest YoY
−31.6%
Avg. revenue 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.
−20.5%
Avg. revenue 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.
−15.6%
Avg. revenue growth/yr (15Y) 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.
+0.0%
Value creation/yr 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
Revenue −19.5%/yr
FY21 2.2B THB
FY22 1.8B THB
FY23 1.5B THB
FY24 1.3B THB
FY25 914M THB
Net income
FY21 211M THB
FY22 −213M THB
FY23 99.1M THB
FY24 −57.6M THB
FY25 −498M THB

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Cite: Fair Value Calculator (2026). "Asia Precision Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/APCS

Peer Group

Engineering & Construction · 838 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 46 · Below median
Fair Value upside +40% · Top 25%
Return on assets -10% · Bottom 25%
Net margin (TTM) -93% · Bottom 25%
Operating margin (TTM) -31% · Bottom 25%
Revenue growth -25% · Bottom 25%
Debt / equity 0.09× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/S (TTM) 0.05× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE86 · sector 16
FUTURE0 · sector 13
PAST0 · sector 26
HEALTH96 · sector 94
DIVIDEND0 · sector 39

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Vinci SA DG €114.85 €185.62 +62%
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Larsen & Toubro Limited LT ₹4,072 ₹2,196 -46%
Ferrovial N.V FER €57.28 €19.17 -67%
HOCHTIEF Aktiengesellschaft HOT €425.60 €203.87 -52%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
EMCOR Group EME $763.59 $549.47 -28%
MasTec, Inc MTZ $248.73 $100.00 -60%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Asia Precision Public Company Limited (APCS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1.72 THB versus a price of 1.23 THB, about +40% (undervalued).
What is the fair value of APCS?
Our model-based fair value for Asia Precision Public Company Limited is 1.72 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 1.23 THB.
What is the quality score of APCS?
Asia Precision Public Company Limited has a Quality Score of 46/100. 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 Asia Precision Public Company Limited (APCS)?
Asia Precision Public Company Limited reported trailing-twelve-month revenue of about 488M THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of APCS?
The net profit margin of Asia Precision Public Company Limited is about -108.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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