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Halcyon Technology Public Company (HTECH) Fair Value & Analysis

Industrials · TH · Market cap 1.2B THB

HT Halcyon Technology Public Company HTECH · BK
Price4.00 THB
Fair Value2.48 THB
Upside-38.0%
Quality63/100
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Mixed Growth
Thin margins · 2.7% net margin
Low debt · generates free cash flow
4.31% dividend yield
Ranks above peers (9/14)
Narrow moat 39/100
Evidence: Medium Range 1.68 THB – 2.80 THB Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 24 days ago

Share price +5.3% over the past month.

A solid business, but screening 38% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (2.80 THB). The favourable scenario is already priced in.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

5.97 THB 1.90 THB Fair Value 2.48 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 1.90 THB – 5.97 THB · fair‑value band 1.68 THB – 2.80 THB · the 4.00 THB price screens above the 2.48 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

Full chart & analysis →

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Analysis

Halcyon Technology Public Company (HTECH) currently trades at 4.00 THB, while our model-based Fair Value estimate is 2.48 THB, implying the stock looks roughly 38.0% overvalued today. The Quality Score stands at 63/100 (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, Halcyon Technology Public Company generated revenue of 1.2B THB at a net margin of 2.7%. Revenue grew 0.7% year over year. It earns a return on equity of 3.7%. The balance sheet holds a net cash position of 103M THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 1.68 THB (bear case) to 2.80 THB (bull case); at 4.00 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 near its 52-week high and 85% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -26% fair-value upside, at -38%, HTECH 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.

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
Highest evidence
Growth DCF 5.00 THB 6.77 THB 9.02 THB 80
Residual Income 2.73 THB 2.62 THB 2.04 THB 76
Rev-Margin DCF 4.49 THB 6.58 THB 9.07 THB 74
All 26 models by family
DCF Models
FCF DCF 5.00 THB 7.06 THB 9.91 THB 38
Owner Earnings 2.24 THB 2.96 THB 3.95 THB 31
5Y Revenue Exit 4.49 THB 6.57 THB 9.22 THB 39
5Y EBITDA Exit 6.40 THB 10.23 THB 14.75 THB 41
5Y P/E Exit 3.34 THB 4.38 THB 5.45 THB 38
10Y Revenue Exit 4.55 THB 6.41 THB 8.92 THB 36
10Y EBITDA Exit 5.77 THB 8.76 THB 12.85 THB 37
10Y P/E Exit 3.97 THB 5.01 THB 6.24 THB 35
Earnings-Based
Graham-Dodd 0.7300 THB 2.50 THB 3.35 THB 54
Lynch FV 0.5800 THB 0.8200 THB 1.07 THB 50
PEG = 1.0 0.5800 THB 0.8200 THB 1.07 THB 46
EPV 3.22 THB 3.55 THB 3.83 THB 59
Dividend Discount
Gordon GGM 1.12 THB 2.02 THB 2.78 THB 70
DDM Multi-Stage 1.12 THB 1.83 THB 2.16 THB 61
Multiples
P/E Multiple 1.68 THB 2.24 THB 2.80 THB 63
P/S Multiple 1.36 THB 1.82 THB 2.27 THB 58
P/B Multiple 1.36 THB 1.82 THB 2.27 THB 55
EV/EBIT 5.75 THB 7.41 THB 9.06 THB 53
EV/EBITDA 8.13 THB 10.59 THB 13.04 THB 54
EV/Revenue 4.32 THB 5.84 THB 7.37 THB 43
Asset-Based
NCAV (Graham) 2.00 THB 2.68 THB 4.00 THB 50
Growth DCF
Growth DCF 5.00 THB 6.77 THB 9.02 THB 80
Rev-Margin DCF 4.49 THB 6.58 THB 9.07 THB 74
Economic Profit
Residual Income 2.73 THB 2.62 THB 2.04 THB 76
ROIC Compounder 3.22 THB 3.55 THB 3.83 THB 72
Growth Earnings
Growth-Adj P/E 1.44 THB 2.06 THB 2.68 THB 68

Widest divergence: Growth DCF (6.58 THB) versus Earnings-Based (0.8200 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.2B THB
Revenue growth (YoY) +0.9%
Net margin 2.7%
Return on equity 3.7%
Free cash flow 141M THB FY2025
P/E ratio 38.6
More key figures
Operating margin 12.5%
EPS (TTM) 0.1000 THB
Dividend yield 4.3%
EPS growth (YoY) -7.0%
Net cash 103M THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 63 · Market factors (momentum, volatility) 81

Profitability 33
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 90
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 96
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

Halcyon Technology Public Company Limited, together with its subsidiaries, manufactures, distributes, imports, and sells cutting tools, jig and fixtures, and custom metallic devices in Thailand and internationally.

Full company description

Halcyon Technology Public Company Limited, together with its subsidiaries, manufactures, distributes, imports, and sells cutting tools, jig and fixtures, and custom metallic devices in Thailand and internationally. The company operates in three segments: Manufacturing and Selling of Customized Cutting Tools; Importing and Selling of Cutting Tools; and Manufacturing and Selling of Metal Fabricated Products. The company offers polycrystalline diamond (PCD), special, carbide, and step drills; PCD, carbide, and cermet reamers; PCD and carbide end mills, inserts, and boring bars; PCD face mills and form tools; monocrystalline, single crystal diamond, natural diamond, and polycrystalline carbon boron nitride cutting tools; and tool holders and metal fabricated products. It also exports its products. The company serves manufacturers of electronic, automotive, hard disk drive, and aerospace parts; and other mechanical-related industries. Halcyon Technology Public Company Limited was founded in 2002 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Halcyon Technology Public Company reported revenue of 1.2B THB in FY2025 versus 1.1B THB in FY2021, a compound +2.3%/yr. Reported net income was 34.4M THB in FY2025, compounding −29.0%/yr from FY2021.

Growth Quality 63/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
1.2B THB
Latest YoY
−0.3%
Avg. growth/yr (3Y) 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.
+0.7%
Avg. growth/yr (5Y) 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.
+5.2%
Avg. growth/yr (18Y) 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.
+8.8%
Revenue +2.3%/yr
FY21 1.1B THB
FY22 1.2B THB
FY23 1.0B THB
FY24 1.2B THB
FY25 1.2B THB
Net income −29.0%/yr
FY21 135M THB
FY22 100M THB
FY23 33.4M THB
FY24 114M THB
FY25 34.4M THB
Character of growth · EPS growth decomposed (2014-2025) −4.9 % p.a.
Revenue per share +3.5 pp

of which total revenue +5.1 pp · buybacks/dilution −1.6 pp

EBIT margin −4.4 pp
Tax rate −2.3 pp
Residual (interest, one-offs) −1.6 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).

HTECH screens 38% overvalued. Compare with Techtronic Industries Company →

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Cite: Fair Value Calculator (2026). "Halcyon Technology Public Company Fair Value". https://www.fairvalue-calculator.com/stock/HTECH

Peer Group

Tools & Accessories · 119 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.

Quality Score 63 · Above median
Fair Value upside −38% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 5% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 12% · Above median
Revenue growth 1% · Below median
Dividend yield (TTM) 4.3% · Top 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Tools & Accessories median · lower = cheaper

P/E (TTM) 38.6× · Pricier than median
P/B 0.97× · Cheaper than 75% of peers
P/S (TTM) 1.01× · Cheaper than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 4.2× · Cheaper than 75% of peers

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 · sector 3
FUTURE 5 · sector 14
PAST 15 · sector 28
HEALTH 100 · sector 96
DIVIDEND 86 · sector 36

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.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Tools & Accessories stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Techtronic Industries Company 0669 HK$129.60 HK$81.05 -37%
Snap-on Incorporated SNA $410.99 $350.46 -15%
RBC Bearings Incorporated RBC $595.49 $184.29 -69%
Lincoln Electric Holdings LECO $252.58 $154.80 -39%
Stanley Black & Decker, Inc SWK $88.22 $54.24 -39%
AB SKF (publ) SKFB kr 258.90 kr 192.57 -26%
The Timken Company TKR $139.47 $66.33 -52%
The Toro Company TTC $94.42 $69.71 -26%
SFS Group SFSN CHF 140.00 CHF 118.30 -16%
Hangzhou Greatstar Industrial Co 002444 ¥29.33 ¥35.72 +22%

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Frequently asked questions

Is Halcyon Technology Public Company (HTECH) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 2.48 THB versus a price of 4.00 THB, about −38% (overvalued).
What is the fair value of HTECH?
Our model-based fair value for Halcyon Technology Public Company is 2.48 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 4.00 THB.
What is the quality score of HTECH?
Halcyon Technology Public Company has a Quality Score of 63/100. 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 revenue of Halcyon Technology Public Company (HTECH)?
Halcyon Technology Public Company reported trailing-twelve-month revenue of about 1.2B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of HTECH?
The net profit margin of Halcyon Technology Public Company is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does Halcyon Technology Public Company pay a dividend?
Halcyon Technology Public Company currently shows a dividend yield of about 4.78% relative to its recent price (as of Jul 17, 2026).

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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