Forth Corporation Public Company Limited (FORTH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Forth Corporation Public Company Limited stock THB 16.63, price THB 13.30, upside +25.0%, quality 66 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range 5.29 THB – 58.89 THB · fair‑value band 10.93 THB – 23.49 THB · the 13.30 THB price screens below the 16.63 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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Forth Corporation Public Company Limited, together with its subsidiaries, manufactures and distributes electronic equipment in Thailand, Netherlands, United States of America, and internationally.
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It operates through three segments: Electronics Manufacturing Service Business; Enterprise Solutions Business; and Smart Service Business.
It offers Forth Taglock EM, a tracking device made for prisoners; nurse call systems; GPS devices and GPS tracking systems; lighting system solutions; smart traffic light systems; smart grids; multi-service access network telephone exchange equipment; online learning and academic record management system; EV charging stations; smart meter and smart meter systems; and small gas station and oil vending machines.
The company also provides top-up and payment kiosks; Boonterm Counter Service that has a touch screen with a data acquisition system that helps monitor usage and print receipts backwards; Boonterm water dispensers; automated cup beverage vending machines; smart vending machines; and KODIAK, an engineering soaring travel solution, as well as operates aircraft maintenance center.
In addition, it engages in the trading of electronic parts, lamps, and lighting equipment; sale and installation of light boards and traffic systems; distribution of electronic meter; manufacture and distribution of telecommunication and electronic equipment, as well as electronic parts assembly; sale of aircraft, aircraft hangar and maintenance business, and flight training; provision of online top-up machines goods and services; and electronic commerce business, as well as design and install telecommunication equipment.
Additionally, the company offers collection services through online top-up machines; nano finance and personal loan services; and provides engineering services and services related to airport electrical systems and underground power transmission systems.
The company was founded in 1989 and is headquartered in Bangkok, Thailand.
Stock analysis
Forth Corporation Public Company Limited (FORTH) currently trades at 13.30 THB, while our model-based Fair Value estimate is 16.63 THB, implying the stock looks roughly 20% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 18.31 THB per share, and 4 of the 11 models we run sit above the 13.30 THB price.
Bear case: the Asset-Based group reads lowest at 1.90 THB, and 7 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: 10.93 THB (bear) to 23.49 THB (bull), the price of 13.30 THB sits inside 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 66/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Forth Corporation Public Company Limited reported revenue of 11.0B THB in FY2025 versus 8.5B THB in FY2021, a compound +6.7%/yr. Reported net income was 824M THB in FY2025, compounding +3.3%/yr from FY2021.
Key figures
Market cap 12.4B THB (≈ $372M) Small · P/E ratio 12.5 · P/S ratio 1.38 · EPS (TTM) 1.06 THB · Dividend yield 1.6% · Net margin 8.7% · Return on equity 33.0% · Return on assets (EBIT) 9.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (low confidence).
What moves the price
The share trades about 27% below its 52-week high and 151% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at 25%, FORTH screens cheaper than that median.
Fair Value models
Bear10.93 THBFair Value 16.63 THBBull23.49 THB
Price 13.30 THB · Upside +25.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.7289 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+25.6%
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.
+5.3%
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.
+10.2%
Start year 2020 (pandemic). Over 10 years: +8.2% a year
Revenue growth 20 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.
+9.9%
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What shareholders gained per year (last 5 years), in THB ⓘ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. Basis: EBIT basis. 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.
+5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.9%
Dividend (yield on the price)1.6%
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.6.9% vs 8.7%, steady
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.12% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+10.3%
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 +9.0% a year for the price.
Compare Forth Corporation 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.Conglomerates · 304 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+25.0% · Above median
Profitability
Return on equity (12 months)33.0% · Top 25%
Return on assets8.7% · Top 25%
Net margin (12 months)11.6% · Above median
Operating margin (12 months)14.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)3.4% · Below median
Dividend yield (12 months)1.6% · Below median
Balance sheet
Debt / equity0.16× · Below median
Valuation Multiplesvs Conglomerates median · lower = cheaper
P/E (12 months)12.5× · Cheaper than median
P/B4.49× · Priciest 25%
P/S (12 months)1.38× · Pricier than median
Price / free cash flow (fiscal year)15.2× · Pricier than median
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). "Forth Corporation Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/FORTH
Frequently asked questions
Is Forth Corporation Public Company Limited (FORTH) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of 16.63 THB versus a price of 13.30 THB, about +25% upside (undervalued).
What is the fair value of FORTH?
Our model-based fair value for Forth Corporation Public Company Limited is 16.63 THB (as of Nov 3, 2026), built from audited fundamentals. The current price: 13.30 THB.
What is the quality score of FORTH?
Forth Corporation Public Company Limited has a Quality Score of 66/100. 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 Forth Corporation Public Company Limited (FORTH)?
Our model-based price target is the fair value of 16.63 THB (as of Nov 3, 2026) from 11 valuation models. Cautious scenario 10.93 THB, optimistic scenario 23.49 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Forth Corporation Public Company Limited stock forecast for 2026?
Our models put fair value at 16.63 THB, about +25% upside versus a price of 13.30 THB (undervalued). Cautious scenario 10.93 THB, optimistic scenario 23.49 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Forth Corporation Public Company Limited (FORTH)?
Forth Corporation Public Company Limited reported trailing-twelve-month revenue of about 12.0B THB (latest available figure, as of Nov 3, 2026).
Does Forth Corporation Public Company Limited pay a dividend?
Forth Corporation Public Company Limited currently shows a dividend yield of 1.58% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Forth Corporation Public Company Limited (FORTH) and when is the ex-dividend date?
Forth Corporation Public Company Limited pays a dividend of 0.21 THB per share a year, a dividend yield of 1.6%. The last ex-dividend date was Aug 28, 2026. The payout ratio is 19.8% of earnings. Free cash flow covers the dividend 5.57 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Forth Corporation Public Company Limited (FORTH)?
For today's price to be fair in a discounted-cash-flow model, Forth Corporation Public Company Limited would have to grow free cash flow by +10.3 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.2 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of FORTH use?
Our models discount Forth Corporation Public Company Limited at 12.7 %: a base by market capitalisation (small), damped by beta 0.88, 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 Forth Corporation Public Company Limited that is +10.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Forth Corporation Public Company Limited (FORTH) delivered so far?
Over the past 5 years revenue at Forth Corporation Public Company Limited grew +10.2 % a year. The price currently implies free-cash-flow growth of +10.3 % per 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 Forth Corporation Public Company Limited (FORTH) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Forth Corporation Public Company Limited (+10.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Forth Corporation Public Company Limited (FORTH)?
The free-cash-flow yield on the price is 8.80 %: that much free cash flow Forth Corporation Public Company Limited produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Forth Corporation Public Company Limited (FORTH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Forth Corporation Public Company Limited it is 16.63 THB per share (as of Nov 3, 2026), against a price of 13.30 THB. It is the blended result of 11 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Forth Corporation Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 3, 2026, FORTH trades below its calculated fair value: price 13.30 THB, fair value 16.63 THB, a gap of about +25% (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 FORTH?
No. The price is what the market pays today (13.30 THB); the fair value is what the company's own numbers justify (16.63 THB). For Forth Corporation Public Company Limited the two are 3.33 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Forth Corporation Public Company Limited worth?
The market values Forth Corporation Public Company Limited at about 12.4B THB (market capitalisation, as of Nov 3, 2026). Per share that is 13.30 THB; our models calculate a fair value of 16.63 THB per share.
What do the bullish and bearish scenarios say about FORTH?
Our models span a range for Forth Corporation Public Company Limited: cautious scenario 10.93 THB, base 16.63 THB, optimistic 23.49 THB per share (as of Nov 3, 2026, price 13.30 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FORTH?
Forth Corporation Public Company Limited trades at a price-to-earnings ratio of 12.5 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 16.63 THB is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 22.1. Other multiples: P/B 4.5, P/S 1.4, EV/EBITDA 6.5.
How solid is the balance sheet of Forth Corporation Public Company Limited (FORTH)?
Balance-sheet figures for Forth Corporation Public Company Limited (as of Nov 3, 2026): return on equity 33.0%, debt of 0.16 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is FORTH from its 52-week high?
Forth Corporation Public Company Limited trades at 13.30 THB, about 27% below its 52-week high of 18.10 THB and 151% above the low of 5.29 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 16.63 THB is for.
Which stocks are comparable to Forth Corporation Public Company Limited?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, 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 Forth Corporation Public Company Limited stock attractive at the current price?
The data as of Nov 3, 2026: price 13.30 THB, calculated fair value 16.63 THB (+25%), Quality Score 66/100, from 11 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 FORTH calculated?
We run Forth Corporation Public Company Limited through 11 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 16.63 THB builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Forth Corporation Public Company Limited currently trades 20% 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 Forth Corporation Public Company Limited (FORTH)?
The closing price on Nov 6, 2026 was 13.30 THB. Our model-based fair value is 16.63 THB, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Forth Corporation Public Company Limited right now?
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (10.93 THB to 23.49 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Forth Corporation Public Company Limited (FORTH) come from?
Earnings per share at Forth Corporation Public Company Limited grew +4.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.4 %, EBIT margin −2.6 %, tax rate −1.9 %, residual (interest, one-offs) +0.5 %. 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 Forth Corporation Public Company Limited
How large is the market capitalisation of Forth Corporation Public Company Limited (FORTH)?
The market capitalisation of Forth Corporation Public Company Limited is 12.4B THB (≈ $372M). 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 Forth Corporation Public Company Limited (FORTH)?
The price-to-sales ratio of Forth Corporation Public Company Limited is 1.38 (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 Forth Corporation Public Company Limited (FORTH)?
Earnings per share at Forth Corporation Public Company Limited are 1.06 THB (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Forth Corporation Public Company Limited (FORTH)?
The dividend yield of Forth Corporation Public Company Limited is 1.6% (payout 19.8%). 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 Forth Corporation Public Company Limited (FORTH)?
The net margin of Forth Corporation Public Company Limited is 8.7% (last twelve months). 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 Forth Corporation Public Company Limited (FORTH)?
The return on equity (ROE) of Forth Corporation Public Company Limited is 33.0% (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 Forth Corporation Public Company Limited (FORTH)?
On an EBIT basis the return on assets of Forth Corporation Public Company Limited is 9.9% (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 Forth Corporation Public Company Limited (FORTH)?
The operating margin of Forth Corporation Public Company Limited is 14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Forth Corporation Public Company Limited (FORTH)?
Revenue at Forth Corporation Public Company Limited is growing +3.4% versus a year earlier (3y avg +5.3%). 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 Forth Corporation Public Company Limited (FORTH)?
Earnings per share at Forth Corporation Public Company Limited are growing +90.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Forth Corporation Public Company Limited (FORTH) carry?
The net debt of Forth Corporation Public Company Limited is 4.0B THB (fiscal year 2025, ≈ 3.6 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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Thin data
Nov 3, 2026