Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Ticon Freehold and Leasehold Real Estate Investment Trust THB 19.83, price THB 13.30, upside +49.1%, quality 65 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 23, 2026.
How to read this chart
60‑month range 6.77 THB – 13.60 THB · fair‑value band 9.29 THB – 35.88 THB · the 13.30 THB price screens below the 19.83 THB fair value. Dashed = 300-day average. As of Sep 23, 2026.
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Frasers Property Thailand Industrial Freehold & Leasehold REIT is a real estate investment trust externally managed by TICON Management Company Limited. The firm acquire, lease and/or sub-lease of immovable properties.
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Frasers Property Thailand Industrial Freehold & Leasehold REIT is a real estate investment trust externally managed by TICON Management Company Limited. The firm acquire, lease and/or sub-lease of immovable properties. It will take the transfer of the ownership and/or leasehold rights and/or sub-leasehold rights therein and seek benefits from those properties by way of lease, sub-lease, transferring and/or disposing of immovable properties the Trust invests in or acquires. Frasers Property Thailand Industrial Freehold & Leasehold REIT was formed on December 12, 2014 and is based in Bangkok, Thailand.
Stock analysis
Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) currently trades at 13.30 THB, while our model-based Fair Value estimate is 19.83 THB, implying the stock looks roughly 32.9% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 17.40 THB per share, and 6 of the 15 models we run sit above the 13.30 THB price.
Bear case: the Asset-Based group reads lowest at 7.51 THB, and 9 of the 15 models stay below the price. Evidence for this calculation is low.
Scenario range: 9.29 THB (bear) to 35.88 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 65/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Ticon Freehold and Leasehold Real Estate Investment Trust reported revenue of 4.2B THB in FY2025 versus 3.4B THB in FY2021, a compound +5.8%/yr. Reported net income was 3.5B THB in FY2025, compounding +12.6%/yr from FY2021.
Key figures
Market cap 43.7B THB (≈ $1.3B) · P/E ratio 13.7 · P/S ratio 11.3 · EPS (TTM) 0.9700 THB · Dividend yield 0.5% · Net margin 82.1% · Return on equity 19.4% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −11% fair-value upside, at 49%, FTREIT screens cheaper than that median.
Fair Value models
Bear 9.29 THBFair Value 19.83 THBBull 35.88 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 (0.6620 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.84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.7%
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.
+5.2%
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.
+7.3%
Start year 2020 (pandemic). Over 10 years: +26.3% a year
Revenue growth 11 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.
+36.3%
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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. 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.
+9.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.5%
Dividend (yield on the price)0.5%
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.9% vs 14%, slowing
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.82% → 77%
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).
+13.5%
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 +12.2% a year for the price.
Compare Ticon Freehold and Leasehold Real Estate Investment Trust 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.REIT - Industrial · 55 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Above median
Fair Value upside+49% · Top 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)142% · Top 25%
Operating margin (TTM)68% · Above median
Growth and dividend
Revenue growth380% · Top 25%
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity0.40× · Below median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
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). "Ticon Freehold and Leasehold Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/FTREIT
Frequently asked questions
Is Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 19.83 THB versus a price of 13.30 THB, about +49% upside (undervalued).
What is the fair value of FTREIT?
Our model-based fair value for Ticon Freehold and Leasehold Real Estate Investment Trust is 19.83 THB (as of Sep 23, 2026), built from audited fundamentals. The current price: 13.30 THB.
What is the quality score of FTREIT?
Ticon Freehold and Leasehold Real Estate Investment Trust has a Quality Score of 65/100. 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Our model-based price target is the fair value of 19.83 THB (as of Sep 23, 2026) from 15 valuation models. Cautious scenario 9.29 THB, optimistic scenario 35.88 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Ticon Freehold and Leasehold Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at 19.83 THB, about +49% upside versus a price of 13.30 THB (undervalued). Cautious scenario 9.29 THB, optimistic scenario 35.88 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Ticon Freehold and Leasehold Real Estate Investment Trust reported trailing-twelve-month revenue of about 2.1B THB (latest available figure, as of Sep 23, 2026).
Does Ticon Freehold and Leasehold Real Estate Investment Trust pay a dividend?
Ticon Freehold and Leasehold Real Estate Investment Trust currently shows a dividend yield of about 0.49% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
For today's price to be fair in a discounted-cash-flow model, Ticon Freehold and Leasehold Real Estate Investment Trust would have to grow free cash flow by +13.5 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of FTREIT use?
Our models discount Ticon Freehold and Leasehold Real Estate Investment Trust at 11.6 %: a base by market capitalisation (small), damped by beta 0.47, 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 Ticon Freehold and Leasehold Real Estate Investment Trust that is +13.5 % per year a year over ten years, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) delivered so far?
Over the past 5 years revenue at Ticon Freehold and Leasehold Real Estate Investment Trust grew +7.3 % a year. The price currently implies +13.5 % 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Ticon Freehold and Leasehold Real Estate Investment Trust (+13.5 % 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The free-cash-flow yield on the price is 6.79 %: that much free cash flow Ticon Freehold and Leasehold Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ticon Freehold and Leasehold Real Estate Investment Trust it is 19.83 THB per share (as of Sep 23, 2026), against a price of 13.30 THB. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Ticon Freehold and Leasehold Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FTREIT trades below its calculated fair value: price 13.30 THB, fair value 19.83 THB, a gap of about +49% (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 FTREIT?
No. The price is what the market pays today (13.30 THB); the fair value is what the company's own numbers justify (19.83 THB). For Ticon Freehold and Leasehold Real Estate Investment Trust the two are 6.53 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Ticon Freehold and Leasehold Real Estate Investment Trust worth?
The market values Ticon Freehold and Leasehold Real Estate Investment Trust at about 43.7B THB (market capitalisation, as of Sep 23, 2026). Per share that is 13.30 THB; our models calculate a fair value of 19.83 THB per share.
What do the bullish and bearish scenarios say about FTREIT?
Our models span a range for Ticon Freehold and Leasehold Real Estate Investment Trust: cautious scenario 9.29 THB, base 19.83 THB, optimistic 35.88 THB per share (as of Sep 23, 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 FTREIT?
Ticon Freehold and Leasehold Real Estate Investment Trust trades at a price-to-earnings ratio of 13.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19.83 THB is built from several models across several years. Other multiples: P/B 1.2, P/S 20.4, EV/EBITDA 17.8.
How solid is the balance sheet of Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Balance-sheet figures for Ticon Freehold and Leasehold Real Estate Investment Trust (as of Sep 23, 2026): return on equity 19.4%, debt of 0.40 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is FTREIT from its 52-week high?
Ticon Freehold and Leasehold Real Estate Investment Trust trades at 13.30 THB, about 2% below its 52-week high of 13.60 THB and 44% above the low of 9.26 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 19.83 THB is for.
Which stocks are comparable to Ticon Freehold and Leasehold Real Estate Investment Trust?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, 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 Ticon Freehold and Leasehold Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 23, 2026: price 13.30 THB, calculated fair value 19.83 THB (+49%), Quality Score 65/100, from 15 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 FTREIT calculated?
We run Ticon Freehold and Leasehold Real Estate Investment Trust through 15 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 19.83 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. Ticon Freehold and Leasehold Real Estate Investment Trust currently trades 49 % 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The closing price on Sep 23, 2026 was 13.30 THB. Our model-based fair value is 19.83 THB, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ticon Freehold and Leasehold Real Estate Investment Trust right now?
The model range is unusually wide (9.29 THB to 35.88 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 quality (65/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Ticon Freehold and Leasehold Real Estate Investment Trust
How large is the market capitalisation of Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The market capitalisation of Ticon Freehold and Leasehold Real Estate Investment Trust is 43.7B THB (≈ $1.3B). 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The price-to-sales ratio of Ticon Freehold and Leasehold Real Estate Investment Trust is 11.3 (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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Earnings per share at Ticon Freehold and Leasehold Real Estate Investment Trust are 0.9700 THB (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The dividend yield of Ticon Freehold and Leasehold Real Estate Investment Trust is 0.5% (payout 6.7%). 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The net margin of Ticon Freehold and Leasehold Real Estate Investment Trust is 82.1% (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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The return on equity (ROE) of Ticon Freehold and Leasehold Real Estate Investment Trust is 19.4% (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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
On an EBIT basis the return on assets of Ticon Freehold and Leasehold Real Estate Investment Trust is 5.9% (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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
The operating margin of Ticon Freehold and Leasehold Real Estate Investment Trust is 68.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Revenue at Ticon Freehold and Leasehold Real Estate Investment Trust is growing +380% versus a year earlier (3y avg +5.2%). 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 Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT)?
Earnings per share at Ticon Freehold and Leasehold Real Estate Investment Trust are growing −3.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ticon Freehold and Leasehold Real Estate Investment Trust (FTREIT) carry?
The net debt of Ticon Freehold and Leasehold Real Estate Investment Trust is 14.4B THB (fiscal year 2025, ≈ 4.8 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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