Fine Metal Technologies Public Company Limited (FMT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Fine Metal Technologies Public Company Limited THB 9.84, price THB 19.90, upside -50.6%, quality 45 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 15.38 THB – 35.51 THB · fair‑value band 5.82 THB – 16.94 THB · the 19.90 THB price screens above the 9.84 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is 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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Fine Metal Technologies Public Company Limited manufactures and distributes seamless copper tubes for air-conditioners and refrigerators in Thailand, Japan, Malaysia, and internationally. It offers smooth tubes for heat exchanger and piping; fine multi-grooved tubes; accumulator tubes; and capillary tubes.
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Fine Metal Technologies Public Company Limited manufactures and distributes seamless copper tubes for air-conditioners and refrigerators in Thailand, Japan, Malaysia, and internationally. It offers smooth tubes for heat exchanger and piping; fine multi-grooved tubes; accumulator tubes; and capillary tubes. The company was formerly known as Furukawa Metal (Thailand) Public Company Limited and changed its name to Fine Metal Technologies Public Company Limited in November 2020. Fine Metal Technologies Public Company Limited was incorporated in 1988 and is headquartered in Bangkok, Thailand.
Stock analysis
Fine Metal Technologies Public Company Limited (FMT) currently trades at 19.90 THB, while our model-based Fair Value estimate is 9.84 THB, implying the stock looks roughly 102.2% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 18.95 THB per share, and 1 of the 14 models we run sit above the 19.90 THB price.
Bear case: the Earnings-Based group reads lowest at 1.39 THB, and 13 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: 5.82 THB (bear) to 16.94 THB (bull), the price of 19.90 THB sits above 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 45/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Fine Metal Technologies Public Company Limited reported revenue of 6.8B THB in FY2025 versus 7.2B THB in FY2021, a compound −1.4%/yr. Reported net income was −77.7M THB in FY2025.
Key figures
Market cap 955M THB (≈ $28.7M) · P/S ratio 0.14 · EPS (TTM) −1.15 THB · Dividend yield 4.9% · Net margin −1.1% · Return on equity −3.8% · Return on assets (EBIT) 3.3% · Operating margin 0.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −51%, FMT screens richer than that median.
Fair Value models
Bear 5.82 THBFair Value 9.84 THBBull 16.94 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.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.41/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+2.3%
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%
Revenue growth 24 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.
+5.2%
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Profit margin (trend) ⓘ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.
2.3% (2020) → 0.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
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).
+67.5%
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 +65.5% a year for the price.
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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.Metal Fabrication · 259 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside−51% · Below median
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−1% · Bottom 25%
Operating margin (TTM)0% · Bottom 25%
Growth and dividend
Revenue growth−5% · Below median
Dividend yield (TTM)4.9% · Top 25%
Balance sheet
Debt / equity0.30× · Highest 25%
Valuation Multiplesvs Metal Fabrication median · lower = cheaper
P/FCF3.7× · Pricier than median
EV/EBITDA5.4× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 35
PAST (return on equity)0· sector 21
HEALTH (low debt)85· sector 95
DIVIDEND (yield)98· sector 25
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Fine Metal Technologies Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/FMT
Frequently asked questions
Is Fine Metal Technologies Public Company Limited (FMT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 9.84 THB versus a price of 19.90 THB, about −51% upside (overvalued).
What is the fair value of FMT?
Our model-based fair value for Fine Metal Technologies Public Company Limited is 9.84 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 19.90 THB.
What is the quality score of FMT?
Fine Metal Technologies Public Company Limited has a Quality Score of 45/100. 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 Fine Metal Technologies Public Company Limited (FMT)?
Our model-based price target is the fair value of 9.84 THB (as of Sep 24, 2026) from 14 valuation models. Cautious scenario 5.82 THB, optimistic scenario 16.94 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Fine Metal Technologies Public Company Limited stock forecast for 2026?
Our models put fair value at 9.84 THB, about −51% upside versus a price of 19.90 THB (overvalued). Cautious scenario 5.82 THB, optimistic scenario 16.94 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Fine Metal Technologies Public Company Limited (FMT)?
Fine Metal Technologies Public Company Limited reported trailing-twelve-month revenue of about 6.7B THB (latest available figure, as of Sep 24, 2026).
Does Fine Metal Technologies Public Company Limited pay a dividend?
Fine Metal Technologies Public Company Limited currently shows a dividend yield of about 4.92% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Fine Metal Technologies Public Company Limited (FMT)?
For today's price to be fair in a discounted-cash-flow model, Fine Metal Technologies Public Company Limited would have to grow free cash flow by +67.5 % 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 +7.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FMT use?
Our models discount Fine Metal Technologies Public Company Limited at 10.1 %: a base by market capitalisation (nano), damped by beta 0.22, 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 Fine Metal Technologies Public Company Limited that is +67.5 % 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 Fine Metal Technologies Public Company Limited (FMT) delivered so far?
Over the past 5 years revenue at Fine Metal Technologies Public Company Limited grew +7.2 % a year. The price currently implies +67.5 % 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 Fine Metal Technologies Public Company Limited (FMT) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Fine Metal Technologies Public Company Limited (+67.5 % 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 Fine Metal Technologies Public Company Limited (FMT)?
The free-cash-flow yield on the price is 0.82 %: that much free cash flow Fine Metal Technologies 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 Fine Metal Technologies Public Company Limited (FMT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fine Metal Technologies Public Company Limited it is 9.84 THB per share (as of Sep 24, 2026), against a price of 19.90 THB. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Fine Metal Technologies Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FMT trades above its calculated fair value: price 19.90 THB, fair value 9.84 THB, a gap of about −51% (overvalued). 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 FMT?
No. The price is what the market pays today (19.90 THB); the fair value is what the company's own numbers justify (9.84 THB). For Fine Metal Technologies Public Company Limited the two are 10.06 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Fine Metal Technologies Public Company Limited worth?
The market values Fine Metal Technologies Public Company Limited at about 955M THB (market capitalisation, as of Sep 24, 2026). Per share that is 19.90 THB; our models calculate a fair value of 9.84 THB per share.
What do the bullish and bearish scenarios say about FMT?
Our models span a range for Fine Metal Technologies Public Company Limited: cautious scenario 5.82 THB, base 9.84 THB, optimistic 16.94 THB per share (as of Sep 24, 2026, price 19.90 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Fine Metal Technologies Public Company Limited (FMT)?
Balance-sheet figures for Fine Metal Technologies Public Company Limited (as of Sep 24, 2026): return on equity −3.8%, debt of 0.30 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is FMT from its 52-week high?
Fine Metal Technologies Public Company Limited trades at 19.90 THB, about 27% below its 52-week high of 27.25 THB and 22% above the low of 16.30 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 9.84 THB is for.
Which stocks are comparable to Fine Metal Technologies Public Company Limited?
From the same area (Industrials) we also value Carpenter Technology Corporation, ATI Inc, Mueller Industries, Inc, Aurubis AG, 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 Fine Metal Technologies Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 19.90 THB, calculated fair value 9.84 THB (−51%), Quality Score 45/100, from 14 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 FMT calculated?
We run Fine Metal Technologies Public Company Limited through 14 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 9.84 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. Fine Metal Technologies Public Company Limited itself currently trades above fair value. 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 Fine Metal Technologies Public Company Limited (FMT)?
The closing price on Sep 23, 2026 was 19.90 THB. Our model-based fair value is 9.84 THB, about −51% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fine Metal Technologies Public Company Limited right now?
The price sits above even our optimistic bull case (16.94 THB). The favourable scenario is already priced in. The model range is unusually wide (5.82 THB to 16.94 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (45/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Fine Metal Technologies Public Company Limited
How large is the market capitalisation of Fine Metal Technologies Public Company Limited (FMT)?
The market capitalisation of Fine Metal Technologies Public Company Limited is 955M THB (≈ $28.7M). 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 Fine Metal Technologies Public Company Limited (FMT)?
The price-to-sales ratio of Fine Metal Technologies Public Company Limited is 0.14 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fine Metal Technologies Public Company Limited (FMT)?
Earnings per share at Fine Metal Technologies Public Company Limited are −1.15 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fine Metal Technologies Public Company Limited (FMT)?
The dividend yield of Fine Metal Technologies Public Company Limited is 4.9%. 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 Fine Metal Technologies Public Company Limited (FMT)?
The net margin of Fine Metal Technologies Public Company Limited is −1.1% (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 Fine Metal Technologies Public Company Limited (FMT)?
The return on equity (ROE) of Fine Metal Technologies Public Company Limited is −3.8% (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 Fine Metal Technologies Public Company Limited (FMT)?
On an EBIT basis the return on assets of Fine Metal Technologies Public Company Limited is 3.3% (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 Fine Metal Technologies Public Company Limited (FMT)?
The operating margin of Fine Metal Technologies Public Company Limited is 0.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fine Metal Technologies Public Company Limited (FMT)?
Revenue at Fine Metal Technologies Public Company Limited is growing −4.6% versus a year earlier (3y avg −5.1%). 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 Fine Metal Technologies Public Company Limited (FMT)?
Earnings per share at Fine Metal Technologies Public Company Limited are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fine Metal Technologies Public Company Limited (FMT) carry?
The net debt of Fine Metal Technologies Public Company Limited is 1.1B THB (fiscal year 2025). 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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