Forth Corporation (FORTH) Fair Value & Analysis
Industrials · TH · Market cap 14.8B THB
Fair value as of: Jul 11, 2026
From 11 valuation models · updated 30 days ago
Share price +3.8% over the past month.
A solid business, but screening 46% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (11.10 THB). The favourable scenario is already priced in.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range 5.29 THB – 58.89 THB · fair‑value band 6.66 THB – 11.10 THB · the 16.40 THB price screens above the 8.88 THB fair value. Dashed = 300-day average. As of Jul 11, 2026.
Analysis
Forth Corporation (FORTH) currently trades at 16.40 THB, while our model-based Fair Value estimate is 8.88 THB, implying the stock looks roughly 45.9% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Industrials 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: medium).
Over the trailing twelve months, Forth Corporation generated revenue of 11.9B THB at a net margin of 7.8%. Revenue grew 13.5% year over year. It earns a return on equity of 31.0%. Net debt stands at 4.0B THB. Fundamentals as of Jul 11, 2026
Our scenario range runs from 6.66 THB (bear case) to 11.10 THB (bull case); at 16.40 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 13% below its 52-week high and 210% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -46%, FORTH 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.
All 11 models by family
Widest divergence: DCF Models (20.00 THB) versus Asset-Based (1.98 THB). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 78
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
Forth Corporation Public Company Limited, together with its subsidiaries, manufactures and distributes electronic equipment in Thailand, Netherlands, United States of America, and internationally. It operates through three segments: Electronics Manufacturing Service Business; Enterprise Solutions Business; and Smart Service Business.
Full company description
Forth Corporation Public Company Limited, together with its subsidiaries, manufactures and distributes electronic equipment in Thailand, Netherlands, United States of America, and internationally. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Forth Corporation 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.
of which total revenue +8.1 pp · buybacks/dilution +0.3 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).
FORTH screens 46% overvalued. Compare with CITIC Limited →
Peer Group
Conglomerates · 369 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.
Valuation Multiples vs Conglomerates median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| CITIC Limited 0267 | HK$11.28 | HK$22.56 | +100% |
| SK Inc 034730 | 580,000 KRW | 497,919 KRW | -14% |
| PT Astra International Tbk, ASII | 4,810 IDR | 9,620 IDR | +100% |
| The Siam Cement Public Company SCC | 254.00 THB | 199.40 THB | -21% |
| SRF Limited SRF | ₹2,875 | ₹1,053 | -63% |
| Empresas Copec S.A COPEC | 6,330 CLP | 10,879 CLP | +72% |
| Posco International Corporation 047050 | 50,900 KRW | 61,248 KRW | +20% |
| Tube Investments of India Limited TIINDIA | ₹2,940 | ₹559.30 | -81% |
| Doosan Corporation 000155 | 464,000 KRW | 75,620 KRW | -84% |
| Thermax Limited THERMAX | ₹4,809 | ₹1,087 | -77% |
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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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