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Asefa Public Company (ASEFA) Fair Value & Analysis

Industrials · TH · Market cap 3.2B THB

AP Asefa Public Company ASEFA · BK
Price6.10 THB
Fair Value7.19 THB
Upside+17.9%
Quality64/100
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Healthy Growth
Thin margins · 7.4% net margin
Low debt · generates free cash flow
5.56% dividend yield
Ranks above peers (13/14)
Moderate moat 50/100
Evidence: High Range 5.40 THB – 8.99 THB Share as image

Fair value as of: Jul 17, 2026

From 25 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 7.21 THB to 7.19 THB (−0.3%) since Jul 14, 2026. Share price +9.9% over the past month.

A solid business, screening 18% undervalued on our models.

What matters now

  • Our model range runs from 5.40 THB (bear) to 8.99 THB (bull), base 7.19 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 64/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

6.35 THB 2.47 THB Fair Value 7.19 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 2.47 THB – 6.35 THB · fair‑value band 5.40 THB – 8.99 THB · the 6.10 THB price screens below the 7.19 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Asefa Public Company (ASEFA) currently trades at 6.10 THB, while our model-based Fair Value estimate is 7.19 THB, implying the stock looks roughly 17.9% undervalued today. The Quality Score stands at 64/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, Asefa Public Company generated revenue of 3.9B THB at a net margin of 7.4%. Revenue grew 86.6% year over year. It earns a return on equity of 14.6%. Net debt stands at 496M THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 5.40 THB (bear case) to 8.99 THB (bull case); at 6.10 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 near its 52-week high and 110% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 18%, ASEFA 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 9.37 THB 12.69 THB 17.06 THB 80
Residual Income 3.41 THB 3.84 THB 6.40 THB 76
Rev-Margin DCF 6.34 THB 8.70 THB 11.30 THB 74
All 25 models by family
DCF Models
FCF DCF 9.16 THB 12.78 THB 17.77 THB 38
Owner Earnings 3.22 THB 4.30 THB 5.79 THB 31
5Y Revenue Exit 6.34 THB 8.57 THB 11.25 THB 39
5Y EBITDA Exit 7.13 THB 9.98 THB 13.13 THB 41
5Y P/E Exit 7.52 THB 10.68 THB 13.81 THB 38
10Y Revenue Exit 7.23 THB 9.41 THB 12.02 THB 36
10Y EBITDA Exit 7.84 THB 10.35 THB 13.36 THB 37
10Y P/E Exit 8.07 THB 10.81 THB 13.85 THB 35
Earnings-Based
Graham-Dodd 2.88 THB 7.00 THB 9.05 THB 54
PEG = 1.0 1.25 THB 1.78 THB 2.32 THB 46
EPV 3.84 THB 4.33 THB 4.76 THB 59
Dividend Discount
Gordon GGM 1.25 THB 2.19 THB 3.32 THB 70
DDM Multi-Stage 1.25 THB 1.84 THB 2.47 THB 61
Multiples
P/E Multiple 6.67 THB 8.89 THB 11.11 THB 63
P/S Multiple 5.40 THB 7.19 THB 8.99 THB 58
P/B Multiple 5.40 THB 7.19 THB 8.99 THB 55
EV/EBIT 6.59 THB 8.55 THB 10.52 THB 53
EV/EBITDA 6.64 THB 8.63 THB 10.61 THB 54
EV/Revenue 4.90 THB 6.70 THB 8.51 THB 43
Asset-Based
NCAV (Graham) 1.91 THB 2.56 THB 3.83 THB 50
Growth DCF
Growth DCF 9.37 THB 12.69 THB 17.06 THB 80
Rev-Margin DCF 6.34 THB 8.70 THB 11.30 THB 74
Economic Profit
Residual Income 3.41 THB 3.84 THB 6.40 THB 76
ROIC Compounder 3.84 THB 4.51 THB 5.27 THB 72
Growth Earnings
Growth-Adj P/E 5.10 THB 7.28 THB 9.46 THB 68

Widest divergence: DCF Models (9.98 THB) versus Dividend Discount (1.84 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.9B THB
Revenue growth (YoY) +86.6%
Net margin 7.4%
Return on equity 14.6%
Free cash flow 430M THB FY2025
P/E ratio 10.9
More key figures
Operating margin 11.3%
EPS (TTM) 0.5600 THB
Dividend yield 5.6%
EPS growth (YoY) +165%
Net debt 496M THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 93

Profitability 41
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 96
Distance to the 52-week high (market factor)
Net Issuance 95
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

Asefa Public Company Limited manufactures and distributes electrical power distribution, switchboard, and trunking systems in Thailand. It operates through Manufacturing; Trading; Services, and Maintenance and Installation; and Decommissioning of the Power Plant segments.

Full company description

Asefa Public Company Limited manufactures and distributes electrical power distribution, switchboard, and trunking systems in Thailand. It operates through Manufacturing; Trading; Services, and Maintenance and Installation; and Decommissioning of the Power Plant segments. The company offers customize modular and type-tested switchboards, luminaire, cable ladder, and metal sheet fabrication; and integrated engineering services, such as underground and overhead power distribution, HV/MV substation, pumping station, micro-grid, EV charging station, energy storage, data center solutions, system MEP, and other services; and transformers, circuit breakers, switchgear, busways, PV solar, UPS, and relays motoring, as well as fixture, equipment, and controllers. It also provides system integration solutions, including industrial and building automation control, power quality improvement, power monitoring management and control, and lighting control and management solutions; and after-sales services, such as modification and upgrade, preventive and corrective maintenance, spare part management, and monitoring and online services. The company was incorporated in 1997 and is based in Samut Sakhon, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Asefa Public Company reported revenue of 3.3B THB in FY2025 versus 2.6B THB in FY2021, a compound +6.2%/yr. Reported net income was 219M THB in FY2025, compounding +12.2%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.3B THB
Latest YoY
+5.0%
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.
+2.3%
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 (14Y) 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.
+3.3%
Revenue +6.2%/yr
FY21 2.6B THB
FY22 3.1B THB
FY23 3.4B THB
FY24 3.1B THB
FY25 3.3B THB
Net income +12.2%/yr
FY21 138M THB
FY22 103M THB
FY23 168M THB
FY24 70.4M THB
FY25 219M THB
Character of growth · EPS growth decomposed (2014-2025) −3.3 % p.a.
Revenue per share +3.6 pp

of which total revenue +3.8 pp · buybacks/dilution −0.2 pp

EBIT margin −7.0 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +0.0 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).

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

Peer Group

Electrical Equipment & Parts · 526 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 64 · Top 25%
Fair Value upside +18% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 87% · Top 25%
Dividend yield (TTM) 5.6% · Top 25%
Debt / equity 0.07× · Higher than median

Valuation Multiples vs Electrical Equipment & Parts median · lower = cheaper

P/E (TTM) 10.9× · Cheaper than 75% of peers
P/B 1.59× · Cheaper than median
P/S (TTM) 0.81× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 6.0× · 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.

VALUE 57 · sector 0
FUTURE 100 · sector 57
PAST 59 · sector 26
HEALTH 97 · sector 97
DIVIDEND 100 · sector 18

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 Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Contemporary Amperex Technology Co 3750 HK$675.50 HK$391.44 -42%
ABB Ltd ABBN CHF 83.82 CHF 35.46 -58%
Delta Electronics (Thailand) Public Company TDED 10.16 SGD 1.47 SGD -86%
LG Energy Solution, Ltd 373220 334,000 KRW 201,455 KRW -40%
WEG S.A WEGE3 13,210 ARS 7,948 ARS -40%
Sungrow Power Supply Co 300274 ¥114.79 ¥123.83 +8%
Shenzhen Inovance Technology Co 300124 ¥63.43 ¥33.04 -48%
HD Hyundai Electric Co 267260 823,000 KRW 371,133 KRW -55%
LS ELECTRIC Co 010120 190,000 KRW 31,517 KRW -83%
Sieyuan Electric Co 002028 ¥151.73 ¥71.69 -53%

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Frequently asked questions

Is Asefa Public Company (ASEFA) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 7.19 THB versus a price of 6.10 THB, about +18% (undervalued).
What is the fair value of ASEFA?
Our model-based fair value for Asefa Public Company is 7.19 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 6.10 THB.
What is the quality score of ASEFA?
Asefa Public Company has a Quality Score of 64/100. 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 Asefa Public Company (ASEFA)?
Asefa Public Company reported trailing-twelve-month revenue of about 3.9B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of ASEFA?
The net profit margin of Asefa Public Company is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. 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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