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BJC Heavy Industries Public Company (BJCHI) Fair Value & Analysis

Industrials · TH · Market cap 1.3B THB

BH BJC Heavy Industries Public Company BJCHI · BK
Price3.16 THB
Fair Value4.84 THB
Upside+53.2%
Quality55/100
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Mixed Growth
Loss-making · -11.6% net margin
Low debt · generates free cash flow
2.09% dividend yield
Mixed vs. peers (6/11)
Narrow moat 15/100
Evidence: Medium Range 4.12 THB – 5.56 THB Share as image

Fair value as of: Jul 19, 2026

From 10 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 0.6000 THB to 4.84 THB (+706.7%) since Jul 15, 2026. Share price −0.6% over the past month.

A solid business, screening 53% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (4.12 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

8.40 THB 2.14 THB Fair Value 4.84 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 2.14 THB – 8.40 THB · fair‑value band 4.12 THB – 5.56 THB · the 3.16 THB price screens below the 4.84 THB fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

BJC Heavy Industries Public Company (BJCHI) currently trades at 3.16 THB, while our model-based Fair Value estimate is 4.84 THB, implying the stock looks roughly 53.2% undervalued today. The Quality Score stands at 55/100 (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: medium), always confirm before acting.

Over the trailing twelve months, BJC Heavy Industries Public Company generated revenue of 727M THB at a net margin of -23.0%. Revenue declined 16.1% year over year. It earns a return on equity of -5.3%. The balance sheet holds a net cash position of 392M THB. Fundamentals as of Jul 19, 2026

Our scenario range runs from 4.12 THB (bear case) to 5.56 THB (bull case); at 3.16 THB, the current price sits below 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. For context, the median of 10 Industrials peers we cover trades at -72% fair-value upside, at 53%, BJCHI 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 3.32 THB 3.97 THB 4.98 THB 80
Rev-Margin DCF 3.18 THB 4.18 THB 5.41 THB 74
EV/EBITDA 2.07 THB 2.43 THB 2.78 THB 54
All 10 models by family
DCF Models
FCF DCF 3.25 THB 3.94 THB 5.08 THB 38
5Y Revenue Exit 3.18 THB 4.12 THB 5.48 THB 39
5Y EBITDA Exit 2.50 THB 2.94 THB 3.53 THB 41
10Y Revenue Exit 3.15 THB 3.80 THB 4.49 THB 36
10Y EBITDA Exit 2.82 THB 3.14 THB 3.45 THB 37
Multiples
EV/EBITDA 2.07 THB 2.43 THB 2.78 THB 54
EV/Revenue 3.32 THB 4.31 THB 5.31 THB 43
Asset-Based
NCAV (Graham) 3.88 THB 5.19 THB 7.75 THB 50
Growth DCF
Growth DCF 3.32 THB 3.97 THB 4.98 THB 80
Rev-Margin DCF 3.18 THB 4.18 THB 5.41 THB 74

Widest divergence: Asset-Based (5.19 THB) versus Multiples (2.43 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 727M THB
Revenue growth (YoY) -16.1%
Net margin -23.0%
Return on equity -5.3%
Free cash flow 110M THB FY2025
Operating margin -24.2%
More key figures
EPS (TTM) -0.0500 THB
EPS growth (YoY) -35.4%
Net cash 392M THB FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 58 · Market factors (momentum, volatility) 63

Profitability 2
Margins and returns on capital today
Quality Growth 18
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 54
Distance to the 52-week high (market factor)
Net Issuance 84
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

BJC Heavy Industries Public Company Limited manufactures and sells fabricated steel and equipment and provides modularization services in Thailand and internationally. It operates through Contract Revenues and Service Income segments.

Full company description

BJC Heavy Industries Public Company Limited manufactures and sells fabricated steel and equipment and provides modularization services in Thailand and internationally. It operates through Contract Revenues and Service Income segments. The company fabricates steel into various steel structures by cutting, bending, welding, and assembling structural steel, steel pipes, and components for use in piping spools, reformers and heaters, pressure vessels, and storage tanks. It also executes large-scale modularization projects; builds steel structures for mines, power plants, and industrial plants; and manufactures and sells a range of precast concrete products, including core loc breakwater, port construction materials, railway sleepers, pre-stressed concrete panels, and large files for use in the construction of harbors, bridges, and railways. In addition, the company provides built-up beams, as well as grating, galvanizing, and post-weld heat treatment services. Further, it serves oil and gas, mining, petrochemical, refining, power, and other industries. BJC Heavy Industries Public Company Limited was incorporated in 1994 and is headquartered in Rayong, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BJC Heavy Industries Public Company reported revenue of 727M THB in FY2025 versus 1.3B THB in FY2021, a compound −14.2%/yr. Reported net income was −167M THB in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
727M THB
Latest YoY
−44.4%
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.
−35.5%
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.
−18.0%
Avg. growth/yr (16Y) 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.
−5.6%
Revenue −14.2%/yr
FY21 1.3B THB
FY22 2.7B THB
FY23 3.5B THB
FY24 1.3B THB
FY25 727M THB
Net income
FY21 155M THB
FY22 190M THB
FY23 74.7M THB
FY24 −28.1M THB
FY25 −167M THB

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Cite: Fair Value Calculator (2026). "BJC Heavy Industries Public Company Fair Value". https://www.fairvalue-calculator.com/stock/BJCHI

Peer Group

Metal Fabrication · 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 55 · Above median
Fair Value upside +53% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -12% · Bottom 25%
Operating margin (TTM) -9% · Bottom 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 2.1% · Above median

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/S (TTM) 0.05× · Cheaper than 75% of peers
P/FCF 0.4× · 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 100 · sector 0
FUTURE 0 · sector 36
PAST 0 · sector 21
HEALTH 100 · sector 95
DIVIDEND 42 · sector 25

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.

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Frequently asked questions

Is BJC Heavy Industries Public Company (BJCHI) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 4.84 THB versus a price of 3.16 THB, about +53% (undervalued).
What is the fair value of BJCHI?
Our model-based fair value for BJC Heavy Industries Public Company is 4.84 THB (as of Jul 19, 2026), built from audited fundamentals. The current price is 3.16 THB.
What is the quality score of BJCHI?
BJC Heavy Industries Public Company has a Quality Score of 55/100. 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 BJC Heavy Industries Public Company (BJCHI)?
BJC Heavy Industries Public Company reported trailing-twelve-month revenue of about 727M THB (latest available figure, as of Jul 19, 2026).
What is the net profit margin of BJCHI?
The net profit margin of BJC Heavy Industries Public Company is about -23.0%, 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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