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Boutique Newcity Public Company (BTNC) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 174M THB

BN Boutique Newcity Public Company BTNC · BK
Price14.20 THB
Fair Value40.39 THB
Upside+184.4%
Quality53/100
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Weak Growth
Solidly profitable · 12.5% net margin
Low debt · negative free cash flow
10.27% dividend yield
Ranks above peers (8/13)
Narrow moat 31/100
Evidence: Medium Range 32.45 THB – 53.00 THB Share as image

Fair value as of: Aug 13, 2026

From 10 valuation models · updated today

Fair value updated Aug 13, 2026, revised from 49.40 THB to 40.39 THB (−18.2%) since Jul 20, 2026. Share price −2.1% over the past month.

A solid business, screening 184% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (32.45 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (53/100) 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)

52.93 THB 8.21 THB Fair Value 40.39 THB Sep 2017 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 8.21 THB – 52.93 THB · fair‑value band 32.45 THB – 53.00 THB · the 14.20 THB price screens below the 40.39 THB fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Boutique Newcity Public Company (BTNC) currently trades at 14.20 THB, while our model-based Fair Value estimate is 40.39 THB, implying the stock looks roughly 184.4% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Consumer Cyclical 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, Boutique Newcity Public Company generated revenue of 245M THB at a net margin of 12.5%. Revenue grew 28.4% year over year. It earns a return on equity of 6.1%. Net debt stands at 13.5M THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 32.45 THB (bear case) to 53.00 THB (bull case); at 14.20 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. The share trades about 30% below its 52-week high and 53% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -44% fair-value upside, at 184%, BTNC 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
Residual Income 30.59 THB 30.45 THB 28.11 THB 76
Gordon GGM 1.28 THB 1.36 THB 1.49 THB 70
Growth-Adj P/E 34.24 THB 48.91 THB 63.59 THB 68
All 10 models by family
DCF Models
Owner Earnings 28.73 THB 36.13 THB 48.04 THB 31
Earnings-Based
Graham-Dodd 20.02 THB 24.47 THB 27.52 THB 54
Dividend Discount
Gordon GGM 1.28 THB 1.36 THB 1.49 THB 70
DDM Multi-Stage 1.28 THB 1.48 THB 1.73 THB 61
Multiples
P/E Multiple 48.57 THB 64.76 THB 80.95 THB 63
P/S Multiple 17.34 THB 23.12 THB 28.90 THB 58
P/B Multiple 37.53 THB 50.04 THB 62.56 THB 55
Asset-Based
NCAV (Graham) 21.25 THB 28.47 THB 42.50 THB 50
Economic Profit
Residual Income 30.59 THB 30.45 THB 28.11 THB 76
Growth Earnings
Growth-Adj P/E 34.24 THB 48.91 THB 63.59 THB 68

Widest divergence: Multiples (50.04 THB) versus Dividend Discount (1.36 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 245M THB
Revenue growth (YoY) +28.4%
Net margin 12.5%
Return on equity 6.1%
Free cash flow −923K THB FY2025
P/E ratio 5.6
More key figures
Operating margin -10.1%
EPS (TTM) 2.54 THB
Dividend yield 10.3%
EPS growth (YoY) +13.4%
Net debt 13.5M THB FY2025

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 52 · Market factors (momentum, volatility) 55

Profitability 42
Margins and returns on capital today
Quality Growth 35
Are margins and returns improving?
Cashflow 8
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 53
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

Boutique Newcity Public Company Limited engages in trading and servicing garments and others in Thailand. It operates through four segments: Domestic Retail, Online, Foreign Retail, and Corporate Sales. The company offers its products under the Uniform Specializer, A'MAZE, GSP, C&D, Jousse, LOF-FI-CIEL, and Guy Laroche brand names.

Full company description

Boutique Newcity Public Company Limited engages in trading and servicing garments and others in Thailand. It operates through four segments: Domestic Retail, Online, Foreign Retail, and Corporate Sales. The company offers its products under the Uniform Specializer, A'MAZE, GSP, C&D, Jousse, LOF-FI-CIEL, and Guy Laroche brand names. Boutique Newcity Public Company Limited was founded in 1969 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Boutique Newcity Public Company reported revenue of 231M THB in FY2025 versus 418M THB in FY2021, a compound −13.8%/yr. Reported net income was 35.3M THB in FY2025.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
231M THB
Latest YoY
−21.7%
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.
−4.7%
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.
−9.1%
Avg. growth/yr (25Y) 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.
−3.0%
Revenue −13.8%/yr
FY21 418M THB
FY22 267M THB
FY23 265M THB
FY24 295M THB
FY25 231M THB
Net income
FY21 −25.1M THB
FY22 21.0M THB
FY23 27.5M THB
FY24 8.3M THB
FY25 35.3M THB

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

Peer Group

Apparel Retail · 109 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 53 · Below median
Fair Value upside +184% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets -3% · Bottom 25%
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) -10% · Bottom 25%
Revenue growth 28% · Top 25%
Dividend yield (TTM) 10.3% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Apparel Retail median · lower = cheaper

P/E (TTM) 5.6× · Cheaper than 75% of peers
P/B 0.34× · Cheaper than 75% of peers
P/S (TTM) 0.71× · Pricier than median
PEG 0.62× · 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 33
FUTURE 100 · sector 20
PAST 24 · sector 37
HEALTH 100 · sector 100
DIVIDEND 100 · sector 44

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 Apparel Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Industria de Diseño Textil, S.A ITX 246.10 PLN 189.40 PLN -23%
The TJX Companies, Inc TJX $152.61 $84.95 -44%
Fast Retailing Co 6288 HK$37.80 HK$15.21 -60%
Ross Stores, Inc ROST $248.25 $118.41 -52%
Burlington Stores, Inc BURL $353.63 $143.65 -59%
Trent Limited TRENT ₹2,990 ₹709.49 -76%
lululemon athletica inc., LULU $120.87 $299.63 +148%
Aritzia Inc ATZ C$140.07 C$70.30 -50%
The Gap, Inc GAP $20.96 $36.44 +74%
Urban Outfitters, Inc URBN $79.43 $92.88 +17%

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Frequently asked questions

Is Boutique Newcity Public Company (BTNC) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 40.39 THB versus a price of 14.20 THB, about +184% (undervalued).
What is the fair value of BTNC?
Our model-based fair value for Boutique Newcity Public Company is 40.39 THB (as of Aug 13, 2026), built from audited fundamentals. The current price is 14.20 THB.
What is the quality score of BTNC?
Boutique Newcity Public Company has a Quality Score of 53/100. 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 Boutique Newcity Public Company (BTNC)?
Boutique Newcity Public Company reported trailing-twelve-month revenue of about 245M THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of BTNC?
The net profit margin of Boutique Newcity Public Company is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does Boutique Newcity Public Company pay a dividend?
Boutique Newcity Public Company currently shows a dividend yield of about 10.14% relative to its recent price (as of Aug 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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