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Baan Rock Garden Public Company (BROCK) Fair Value & Analysis

Real Estate · TH · Market cap 1.1B THB

BR Baan Rock Garden Public Company BROCK · BK
Price1.16 THB
Fair Value0.1400 THB
Upside-87.9%
Quality63/100
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Weak Growth
Loss-making · -7.8% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 21/100
Evidence: Low Range 0.1000 THB – 0.1700 THB Share as image

Fair value as of: Jul 17, 2026

From 7 valuation models · updated 24 days ago

A solid business, but screening 88% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.1700 THB). The favourable scenario is already priced in.
  • 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 but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
  • 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 (5 years)

2.63 THB 1.09 THB Fair Value 0.1400 THB Dec 2020 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 1.09 THB – 2.63 THB · fair‑value band 0.1000 THB – 0.1700 THB · the 1.16 THB price screens above the 0.1400 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Baan Rock Garden Public Company (BROCK) currently trades at 1.16 THB, while our model-based Fair Value estimate is 0.1400 THB, implying the stock looks roughly 87.9% overvalued today. The Quality Score stands at 63/100 (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: low).

Over the trailing twelve months, Baan Rock Garden Public Company generated revenue of 91.2M THB at a net margin of -7.8%. Revenue declined 46.6% year over year. It earns a return on equity of -0.6%. The balance sheet holds a net cash position of 12.8M THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 0.1000 THB (bear case) to 0.1700 THB (bull case); at 1.16 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 33% below its 52-week high and 35% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -88%, BROCK 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 0.1300 THB 0.1500 THB 0.1800 THB 80
Rev-Margin DCF 0.1300 THB 0.1600 THB 0.2100 THB 74
NCAV (Graham) 0.6100 THB 0.8100 THB 1.21 THB 50
All 7 models by family
DCF Models
FCF DCF 0.1300 THB 0.1500 THB 0.1900 THB 38
5Y Revenue Exit 0.1300 THB 0.1600 THB 0.2100 THB 39
10Y Revenue Exit 0.1200 THB 0.1500 THB 0.1800 THB 36
Multiples
EV/Revenue 0.1300 THB 0.1700 THB 0.2100 THB 43
Asset-Based
NCAV (Graham) 0.6100 THB 0.8100 THB 1.21 THB 50
Growth DCF
Growth DCF 0.1300 THB 0.1500 THB 0.1800 THB 80
Rev-Margin DCF 0.1300 THB 0.1600 THB 0.2100 THB 74

Widest divergence: Asset-Based (0.8100 THB) versus DCF Models (0.1500 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 91.2M THB
Revenue growth (YoY) +15.4%
Net margin -7.8%
Return on equity -0.6%
Free cash flow 9.8M THB FY2025
Operating margin 0.7%
More key figures
EPS (TTM) -0.0100 THB
EPS growth (YoY) -32.7%
Net cash 12.8M THB FY2025

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

Quality Score breakdown

Overall quality 63/100

Of which business quality 61 · Market factors (momentum, volatility) 32

Profitability 7
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 25
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.

About the company

Baan Rock Garden Public Company Limited engages in the real estate development business in Thailand. It develops and sells houses with land, such as townhouses and townhomes, detached and semi-detached houses, 3-story cluster homes, home offices, and commercial buildings under the Baan Rock Garden brand.

Full company description

Baan Rock Garden Public Company Limited engages in the real estate development business in Thailand. It develops and sells houses with land, such as townhouses and townhomes, detached and semi-detached houses, 3-story cluster homes, home offices, and commercial buildings under the Baan Rock Garden brand. The company was formerly known as Chucheep South Group, Co., Ltd. Baan Rock Garden Public Company Limited was founded in 1990 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Baan Rock Garden Public Company reported revenue of 85.5M THB in FY2025 versus 249M THB in FY2021, a compound −23.4%/yr. Reported net income was −9.8M THB in FY2025.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
85.5M THB
Latest YoY
+86.4%
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.
−26.9%
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.
−19.3%
Avg. growth/yr (20Y) 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.
−6.0%
Revenue −23.4%/yr
FY21 249M THB
FY22 219M THB
FY23 72.2M THB
FY24 45.8M THB
FY25 85.5M THB
Net income
FY21 38.0M THB
FY22 23.9M THB
FY23 −9.1M THB
FY24 −15.8M THB
FY25 −9.8M THB

BROCK screens 88% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "Baan Rock Garden Public Company Fair Value". https://www.fairvalue-calculator.com/stock/BROCK

Peer Group

Real Estate - Development · 588 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 62 · Top 25%
Fair Value upside −88% · Bottom 25%
Return on assets -0% · Below median
Net margin (TTM) -8% · Bottom 25%
Operating margin (TTM) 1% · Below median
Revenue growth 15% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/S (TTM) 0.38× · Cheaper than median
P/FCF 3.6× · 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 48
FUTURE 77 · sector 0
PAST 0 · sector 10
HEALTH 100 · sector 84
DIVIDEND 0 · sector 38

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

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is Baan Rock Garden Public Company (BROCK) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 0.1400 THB versus a price of 1.16 THB, about −88% (overvalued).
What is the fair value of BROCK?
Our model-based fair value for Baan Rock Garden Public Company is 0.1400 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 1.16 THB.
What is the quality score of BROCK?
Baan Rock Garden Public Company has a Quality Score of 63/100. 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 Baan Rock Garden Public Company (BROCK)?
Baan Rock Garden Public Company reported trailing-twelve-month revenue of about 91.2M THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of BROCK?
The net profit margin of Baan Rock Garden Public Company is about -7.8%, 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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