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Communication & System Solution Public Company (CSS) Fair Value & Analysis

Technology · TH · Market cap 1.2B THB

CS Communication & System Solution Public Company CSS · BK
Price1.02 THB
Fair Value0.6500 THB
Upside-36.3%
Quality52/100
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Expensive Growth
Thin margins · 1.8% net margin
Low debt · negative free cash flow
3.74% dividend yield
Mixed vs. peers (7/13)
Narrow moat 27/100
Evidence: High Range 0.5200 THB – 0.7300 THB Share as image

Fair value as of: Jul 16, 2026

From 15 valuation models · updated 25 days ago

Share price +2.0% over the past month.

A solid business, but screening 36% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.7300 THB). The favourable scenario is already priced in.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

1.96 THB 0.6543 THB Fair Value 0.6500 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 0.6543 THB – 1.96 THB · fair‑value band 0.5200 THB – 0.7300 THB · the 1.02 THB price screens above the 0.6500 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Communication & System Solution Public Company (CSS) currently trades at 1.02 THB, while our model-based Fair Value estimate is 0.6500 THB, implying the stock looks roughly 36.3% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Technology 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, Communication & System Solution Public Company generated revenue of 3.9B THB at a net margin of 0.9%. Revenue declined 10.3% year over year. It earns a return on equity of 1.6%. The balance sheet holds a net cash position of 642M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 0.5200 THB (bear case) to 0.7300 THB (bull case); at 1.02 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 9% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -33% fair-value upside, at -36%, CSS 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
Residual Income 0.9700 THB 0.9200 THB 0.6900 THB 76
ROIC Compounder 0.6400 THB 0.6400 THB 0.6500 THB 72
Gordon GGM 0.4700 THB 0.5700 THB 0.6800 THB 70
All 15 models by family
DCF Models
Owner Earnings 0.9400 THB 1.03 THB 1.18 THB 31
Earnings-Based
Graham-Dodd 0.2100 THB 0.3700 THB 0.4600 THB 54
EPV 0.6400 THB 0.6400 THB 0.6500 THB 59
Dividend Discount
Gordon GGM 0.4700 THB 0.5700 THB 0.6800 THB 70
DDM Multi-Stage 0.4700 THB 0.6000 THB 0.7400 THB 61
Multiples
P/E Multiple 0.4900 THB 0.6500 THB 0.8200 THB 63
P/S Multiple 0.4000 THB 0.5300 THB 0.6600 THB 58
P/B Multiple 0.4000 THB 0.5300 THB 0.6600 THB 55
EV/EBIT 0.7100 THB 0.7500 THB 0.7900 THB 53
EV/EBITDA 0.9000 THB 0.9900 THB 1.09 THB 54
EV/Revenue 0.6800 THB 0.7200 THB 0.7500 THB 43
Asset-Based
NCAV (Graham) 0.7200 THB 0.9700 THB 1.45 THB 50
Economic Profit
Residual Income 0.9700 THB 0.9200 THB 0.6900 THB 76
ROIC Compounder 0.6400 THB 0.6400 THB 0.6500 THB 72
Growth Earnings
Growth-Adj P/E 0.3500 THB 0.5000 THB 0.6400 THB 68

Widest divergence: DCF Models (1.03 THB) versus Earnings-Based (0.3700 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.9B THB
Revenue growth (YoY) -10.3%
Net margin 0.9%
Return on equity 1.6%
Free cash flow −195M THB FY2025
P/E ratio 15.8
More key figures
Operating margin 1.4%
EPS (TTM) 0.0600 THB
EPS growth (YoY) -86.3%
Net cash 642M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 50 · Market factors (momentum, volatility) 77

Profitability 37
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 1
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 72
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

Communication & System Solution Public Company Limited, together with its subsidiaries, distributes and installs passive fire protection materials and equipment in Thailand. The company operates in two segments, Distribution Electrical Equipment and Installation Service.

Full company description

Communication & System Solution Public Company Limited, together with its subsidiaries, distributes and installs passive fire protection materials and equipment in Thailand. The company operates in two segments, Distribution Electrical Equipment and Installation Service. It engages in the distribution and installation of electric cables, tubes, and related products; and electrical systems equipment, including general cables for buildings and factories, internal and external lighting, transformers, and conduits, as well as related equipment for telecommunication and fire protection systems. The company also offers design, installation, and maintenance services, including electric vehicle charger station, solar cell system, and other installation services. In addition, it provides information technology services, such as network solutions, transmission, network security, and application software and hardware for military, police, and enterprise sectors; fire barrier systems; and ring main units. The company was founded in 1994 and is headquartered in Nonthaburi, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Communication & System Solution Public Company reported revenue of 3.9B THB in FY2025 versus 3.9B THB in FY2021, a compound +0.2%/yr. Reported net income was 36.6M THB in FY2025, compounding −37.9%/yr from FY2021.

Growth Quality 24/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.9B THB
Latest YoY
−5.3%
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.
−5.7%
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.
+2.2%
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.
+5.3%
Revenue +0.2%/yr
FY21 3.9B THB
FY22 4.6B THB
FY23 3.9B THB
FY24 4.1B THB
FY25 3.9B THB
Net income −37.9%/yr
FY21 246M THB
FY22 115M THB
FY23 20.2M THB
FY24 75.7M THB
FY25 36.6M THB
Character of growth · EPS growth decomposed (2014-2025) −17.0 % p.a.
Revenue per share −2.0 pp

of which total revenue −1.2 pp · buybacks/dilution −0.9 pp

EBIT margin −19.9 pp
Tax rate −1.7 pp
Residual (interest, one-offs) +6.6 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).

CSS screens 36% overvalued. Compare with TD SYNNEX Corporation →

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Cite: Fair Value Calculator (2026). "Communication & System Solution Public Company Fair Value". https://www.fairvalue-calculator.com/stock/CSS

Peer Group

Electronics & Computer Distribution · 151 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 52 · Below median
Fair Value upside −36% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 1% · Bottom 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) 4% · Above median
Revenue growth 6% · Below median
Dividend yield (TTM) 3.7% · Above median
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Electronics & Computer Distribution median · lower = cheaper

P/E (TTM) 17.5× · Cheaper than median
P/B 0.73× · Cheaper than median
P/S (TTM) 0.31× · Cheaper than median
EV/EBITDA 6.7× · 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 0 · sector 14
FUTURE 31 · sector 57
PAST 15 · sector 36
HEALTH 100 · sector 98
DIVIDEND 75 · sector 39

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 Electronics & Computer Distribution stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
TD SYNNEX Corporation SNX $251.52 $207.02 -18%
Unisplendour Corporation 000938 ¥38.59 ¥11.79 -69%
Rexel S.A RXL €38.59 €33.31 -14%
Arrow Electronics, Inc ARW $204.10 $115.40 -43%
Avnet, Inc AVT $87.13 $58.57 -33%
WPG Holdings 3702 106.50 TWD 102.31 TWD -4%
Shenzhen Huaqiang Industry Co 000062 ¥22.37 ¥7.52 -66%
Synnex Technology International Corporation 2347 85.30 TWD 86.30 TWD +1%
Nanjing Sunlord Electronics Corporation 300975 ¥37.37 ¥8.60 -77%
Beijing Tricolor Technology Co 603516 ¥106.52 ¥23.39 -78%

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Frequently asked questions

Is Communication & System Solution Public Company (CSS) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 0.6500 THB versus a price of 1.02 THB, about −36% (overvalued).
What is the fair value of CSS?
Our model-based fair value for Communication & System Solution Public Company is 0.6500 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 1.02 THB.
What is the quality score of CSS?
Communication & System Solution Public Company has a Quality Score of 52/100. 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 Communication & System Solution Public Company (CSS)?
Communication & System Solution Public Company reported trailing-twelve-month revenue of about 3.9B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of CSS?
The net profit margin of Communication & System Solution Public Company is about 0.9%, meaning it keeps roughly 0.9% 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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