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AXTRART Fair Value & Analysis

Real Estate · TH · Market cap 30.6B THB

A AXTRART AXTRART · BK
Price13.30 THB
Fair Value12.41 THB
Upside-6.7%
Quality71/100
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Weak Growth
Highly profitable · 89.2% net margin
Low debt · generates free cash flow
6.65% dividend yield
Ranks above peers (11/14)
Wide moat 68/100
Evidence: High Range 10.68 THB – 18.44 THB Share as image

Fair value as of: Jul 13, 2026

From 16 valuation models · updated 28 days ago

Share price +1.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (20 months)

13.40 THB 9.65 THB Fair Value 12.41 THB Dec 2024 Aug 2026

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

How to read this chart

20‑month range 9.65 THB – 13.40 THB · fair‑value band 10.68 THB – 18.44 THB · the 13.30 THB price screens above the 12.41 THB fair value. Dashed = 300-day average. As of Jul 13, 2026.

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Analysis

AXTRART (AXTRART) currently trades at 13.30 THB, while our model-based Fair Value estimate is 12.41 THB, implying the stock looks roughly 6.7% fairly valued today. The Quality Score stands at 71/100 (solid quality), in the Real Estate 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, AXTRART generated revenue of 3.0B THB at a net margin of 89.2%. Revenue declined 0.9% year over year. It earns a return on equity of 9.2%. Net debt stands at 2.2B THB. Fundamentals as of Jul 13, 2026

Our scenario range runs from 10.68 THB (bear case) to 18.44 THB (bull case); at 13.30 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 1% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at -7%, AXTRART 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 BearBaseBull Evidence
Highest evidence
Growth DCF 3.24 THB 4.67 THB 7.23 THB 80
Residual Income 10.85 THB 11.86 THB 15.25 THB 76
Rev-Margin DCF 3.87 THB 6.39 THB 9.53 THB 74
All 16 models by family
DCF Models
FCF DCF 3.07 THB 4.53 THB 7.39 THB 38
5Y Revenue Exit 3.87 THB 6.30 THB 9.92 THB 39
5Y EBITDA Exit 6.78 THB 11.27 THB 17.34 THB 41
10Y Revenue Exit 3.37 THB 5.34 THB 7.56 THB 36
10Y EBITDA Exit 5.30 THB 8.54 THB 12.19 THB 37
Dividend Discount
Gordon GGM 6.66 THB 7.65 THB 8.86 THB 70
DDM Multi-Stage 6.66 THB 8.70 THB 11.33 THB 61
Multiples
P/S Multiple 5.75 THB 7.66 THB 9.58 THB 58
P/B Multiple 14.50 THB 19.34 THB 24.17 THB 55
EV/EBIT 14.00 THB 18.99 THB 23.98 THB 53
EV/EBITDA 10.68 THB 14.56 THB 18.44 THB 54
EV/Revenue 4.82 THB 7.30 THB 9.77 THB 43
Asset-Based
NCAV (Graham) 6.29 THB 8.44 THB 12.59 THB 50
Growth DCF
Growth DCF 3.24 THB 4.67 THB 7.23 THB 80
Rev-Margin DCF 3.87 THB 6.39 THB 9.53 THB 74
Economic Profit
Residual Income 10.85 THB 11.86 THB 15.25 THB 76

Widest divergence: Multiples (14.56 THB) versus Growth DCF (4.67 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.0B THB
Revenue growth (YoY) -0.9%
Net margin 89.2%
Return on equity 9.2%
Free cash flow 947M THB FY2026
P/E ratio 11.6
More key figures
Operating margin 78.2%
EPS (TTM) 1.13 THB
Dividend yield 6.7%
EPS growth (YoY) -4.9%
Net debt 2.2B THB FY2026

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

Quality Score breakdown

Overall quality 71/100

Of which business quality 66 · Market factors (momentum, volatility) 71

Profitability 42
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 79
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

Axtra Future City Freehold And Leasehold Real Estate Investment Trust specializes in investments in freehold and leasehold of 17 shopping malls anchored by a Tesco Lotus hypermarket. Axtra Future City Freehold And Leasehold Real Estate Investment Trust is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

AXTRART reported revenue of 2.8B THB in FY2026 versus 2.3B THB in FY2022, a compound +4.5%/yr. Reported net income was 2.7B THB in FY2026, compounding +16.8%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
2.8B THB
Avg. growth/yr (3Y)
+0.7%
Revenue +4.5%/yr
FY22 2.3B THB
FY23 2.7B THB
FY24 2.8B THB
FY26 2.8B THB
Net income +16.8%/yr
FY22 1.4B THB
FY23 707M THB
FY24 2.2B THB
FY26 2.7B THB

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Cite: Fair Value Calculator (2026). "AXTRART Fair Value". https://www.fairvalue-calculator.com/stock/AXTRART

Peer Group

REIT - Retail · 107 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 70 · Top 25%
Fair Value upside −5% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 89% · Top 25%
Operating margin (TTM) 78% · Top 25%
Revenue growth -1% · Bottom 25%
Dividend yield (TTM) 6.7% · Above median
Debt / equity 0.08× · Lower than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 11.6× · Cheaper than median
P/B 1.04× · Pricier than median
P/S (TTM) 10.38× · Pricier than 75% of peers
P/FCF 1.0× · Cheaper than 75% of peers
EV/EBITDA 14.2× · Cheaper than median

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 26 · sector 9
FUTURE 0 · sector 22
PAST 37 · sector 30
HEALTH 96 · sector 66
DIVIDEND 100 · sector 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 REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

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Frequently asked questions

Is AXTRART overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 12.41 THB versus a price of 13.30 THB, about −7% (fairly valued).
What is the fair value of AXTRART?
Our model-based fair value for AXTRART is 12.41 THB (as of Jul 13, 2026), built from audited fundamentals. The current price is 13.30 THB.
What is the quality score of AXTRART?
AXTRART has a Quality Score of 71/100. 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 AXTRART?
AXTRART reported trailing-twelve-month revenue of about 3.0B THB (latest available figure, as of Jul 13, 2026).
What is the net profit margin of AXTRART?
The net profit margin of AXTRART is about 89.2%, meaning it keeps roughly 89.2% of revenue as net income. Based on the latest reported figures.
Does AXTRART pay a dividend?
AXTRART currently shows a dividend yield of about 5.08% relative to its recent price (as of Jul 13, 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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