Eastern Star Real Estate Public Company Limited (ESTAR) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Eastern Star Real Estate Public Company Limited THB 0.60, price THB 0.24, upside +150.0%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 0.1490 THB – 0.6133 THB · fair‑value band 0.4360 THB – 0.9000 THB · the 0.2400 THB price screens below the 0.6000 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Eastern Star Real Estate Public Company Limited, together with its subsidiaries, engages in the property development business in Thailand. The company operates through three segments: Real Estate Business, Golf Course Business, and Rental Business.
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Eastern Star Real Estate Public Company Limited, together with its subsidiaries, engages in the property development business in Thailand. The company operates through three segments: Real Estate Business, Golf Course Business, and Rental Business. It develops and sells houses, land, and residential condominium units; and rents single detached houses and apartment buildings. The company also operates a golf courses, as well as offers sports memberships. Further, it engages in the real estate management and administration business. Eastern Star Real Estate Public Company Limited was founded in 1989 and is headquartered in Bangkok, Thailand.
Stock analysis
Eastern Star Real Estate Public Company Limited (ESTAR) currently trades at 0.2400 THB, while our model-based Fair Value estimate is 0.6000 THB, implying the stock looks roughly 60.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 0.9300 THB per share, and 14 of the 16 models we run sit above the 0.2400 THB price.
Bear case: the Dividend Discount group reads lowest at 0.1500 THB, and 2 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.4360 THB (bear) to 0.9000 THB (bull), the price of 0.2400 THB sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Eastern Star Real Estate Public Company Limited reported revenue of 2.1B THB in FY2025 versus 1.3B THB in FY2021, a compound +13.1%/yr. Reported net income was 126M THB in FY2025, compounding +55.5%/yr from FY2021.
Key figures
Market cap 1.2B THB (≈ $36.2M) · P/E ratio 8.0 · P/S ratio 0.49 · EPS (TTM) 0.0300 THB · Dividend yield 8.3% · Net margin 6.2% · Return on equity 3.4% · Return on assets (EBIT) 1.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 150%, ESTAR screens cheaper than that median.
Fair Value models
Bear 0.4360 THBFair Value 0.6000 THBBull 0.9000 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0073 THB per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+7.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−4.9%
Start year 2020 (pandemic). Over 10 years: +2.0% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
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What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+21.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+13.2%
Dividend (yield on the price)8.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19% vs −5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 9%
2025 sits 271% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about −2.7% a year for the price.
Compare Eastern Star Real Estate Public Company Limited with another stock
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Peer Groupⓘ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.Real Estate - Development · 578 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside+150% · Top 25%
Profitability
Return on equity (TTM)3% · Above median
Return on assets2% · Above median
Net margin (TTM)8% · Above median
Operating margin (TTM)9% · Below median
Growth and dividend
Revenue growth79% · Top 25%
Dividend yield (TTM)8.3% · Top 25%
Balance sheet
Debt / equity0.14× · Below median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Eastern Star Real Estate Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/ESTAR
Frequently asked questions
Is Eastern Star Real Estate Public Company Limited (ESTAR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.6000 THB versus a price of 0.2400 THB, about +150% upside (undervalued).
What is the fair value of ESTAR?
Our model-based fair value for Eastern Star Real Estate Public Company Limited is 0.6000 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.2400 THB.
What is the quality score of ESTAR?
Eastern Star Real Estate Public Company Limited has a Quality Score of 59/100. 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 price target for Eastern Star Real Estate Public Company Limited (ESTAR)?
Our model-based price target is the fair value of 0.6000 THB (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 0.4360 THB, optimistic scenario 0.9000 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Eastern Star Real Estate Public Company Limited stock forecast for 2026?
Our models put fair value at 0.6000 THB, about +150% upside versus a price of 0.2400 THB (undervalued). Cautious scenario 0.4360 THB, optimistic scenario 0.9000 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Eastern Star Real Estate Public Company Limited (ESTAR)?
Eastern Star Real Estate Public Company Limited reported trailing-twelve-month revenue of about 2.3B THB (latest available figure, as of Sep 24, 2026).
Does Eastern Star Real Estate Public Company Limited pay a dividend?
Eastern Star Real Estate Public Company Limited currently shows a dividend yield of about 8.33% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Eastern Star Real Estate Public Company Limited (ESTAR)?
For today's price to be fair in a discounted-cash-flow model, Eastern Star Real Estate Public Company Limited would have to grow free cash flow by -1.5 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ESTAR use?
Our models discount Eastern Star Real Estate Public Company Limited at 10.1 %: a base by market capitalisation (nano), damped by beta 0.14, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Eastern Star Real Estate Public Company Limited that is -1.5 % per year a year over ten years, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Eastern Star Real Estate Public Company Limited (ESTAR) delivered so far?
Over the past 5 years revenue at Eastern Star Real Estate Public Company Limited grew -4.9 % a year. The price currently implies -1.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Eastern Star Real Estate Public Company Limited (ESTAR) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Eastern Star Real Estate Public Company Limited (-1.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Eastern Star Real Estate Public Company Limited (ESTAR)?
The free-cash-flow yield on the price is 20.47 %: that much free cash flow Eastern Star Real Estate Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Eastern Star Real Estate Public Company Limited (ESTAR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eastern Star Real Estate Public Company Limited it is 0.6000 THB per share (as of Sep 24, 2026), against a price of 0.2400 THB. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Eastern Star Real Estate Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ESTAR trades below its calculated fair value: price 0.2400 THB, fair value 0.6000 THB, a gap of about +150% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ESTAR?
No. The price is what the market pays today (0.2400 THB); the fair value is what the company's own numbers justify (0.6000 THB). For Eastern Star Real Estate Public Company Limited the two are 0.3600 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Eastern Star Real Estate Public Company Limited worth?
The market values Eastern Star Real Estate Public Company Limited at about 1.2B THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.2400 THB; our models calculate a fair value of 0.6000 THB per share.
What do the bullish and bearish scenarios say about ESTAR?
Our models span a range for Eastern Star Real Estate Public Company Limited: cautious scenario 0.4360 THB, base 0.6000 THB, optimistic 0.9000 THB per share (as of Sep 24, 2026, price 0.2400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ESTAR?
Eastern Star Real Estate Public Company Limited trades at a price-to-earnings ratio of 8.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.6000 THB is built from several models across several years. Other multiples: P/B 0.2, P/S 0.5, EV/EBITDA 6.0.
How solid is the balance sheet of Eastern Star Real Estate Public Company Limited (ESTAR)?
Balance-sheet figures for Eastern Star Real Estate Public Company Limited (as of Sep 24, 2026): return on equity 3.4%, debt of 0.14 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is ESTAR from its 52-week high?
Eastern Star Real Estate Public Company Limited trades at 0.2400 THB, about 8% below its 52-week high of 0.2600 THB and 45% above the low of 0.1656 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6000 THB is for.
Which stocks are comparable to Eastern Star Real Estate Public Company Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Eastern Star Real Estate Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 0.2400 THB, calculated fair value 0.6000 THB (+150%), Quality Score 59/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ESTAR calculated?
We run Eastern Star Real Estate Public Company Limited through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.6000 THB, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Eastern Star Real Estate Public Company Limited currently trades 150 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Eastern Star Real Estate Public Company Limited (ESTAR)?
The closing price on Sep 23, 2026 was 0.2400 THB. Our model-based fair value is 0.6000 THB, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eastern Star Real Estate Public Company Limited right now?
The price is below even our cautious bear case (0.4360 THB). The market is more pessimistic than our downside scenario. 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 quality (59/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (0.4360 THB to 0.9000 THB) leaves room in how you read the outcome.
Where does the earnings growth of Eastern Star Real Estate Public Company Limited (ESTAR) come from?
Earnings per share at Eastern Star Real Estate Public Company Limited grew −12.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.0 %, EBIT margin −6.7 %, tax rate −0.4 %, residual (interest, one-offs) −6.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Eastern Star Real Estate Public Company Limited
How large is the market capitalisation of Eastern Star Real Estate Public Company Limited (ESTAR)?
The market capitalisation of Eastern Star Real Estate Public Company Limited is 1.2B THB (≈ $36.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Eastern Star Real Estate Public Company Limited (ESTAR)?
The price-to-sales ratio of Eastern Star Real Estate Public Company Limited is 0.49 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eastern Star Real Estate Public Company Limited (ESTAR)?
Earnings per share at Eastern Star Real Estate Public Company Limited are 0.0300 THB (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eastern Star Real Estate Public Company Limited (ESTAR)?
The dividend yield of Eastern Star Real Estate Public Company Limited is 8.3% (payout 66.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eastern Star Real Estate Public Company Limited (ESTAR)?
The net margin of Eastern Star Real Estate Public Company Limited is 6.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eastern Star Real Estate Public Company Limited (ESTAR)?
The return on equity (ROE) of Eastern Star Real Estate Public Company Limited is 3.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Eastern Star Real Estate Public Company Limited (ESTAR)?
On an EBIT basis the return on assets of Eastern Star Real Estate Public Company Limited is 1.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Eastern Star Real Estate Public Company Limited (ESTAR)?
The operating margin of Eastern Star Real Estate Public Company Limited is 9.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eastern Star Real Estate Public Company Limited (ESTAR)?
Revenue at Eastern Star Real Estate Public Company Limited is growing +79.1% versus a year earlier (3y avg +4.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Eastern Star Real Estate Public Company Limited (ESTAR)?
Earnings per share at Eastern Star Real Estate Public Company Limited are growing +66.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Eastern Star Real Estate Public Company Limited (ESTAR) carry?
The net debt of Eastern Star Real Estate Public Company Limited is 1.4B THB (fiscal year 2025, ≈ 5.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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