Impact Growth REIT (IMPACT) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Impact Growth REIT THB 8.74, price THB 13.30, upside -34.3%, quality 71 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 8.09 THB – 16.31 THB · fair‑value band 5.66 THB – 11.68 THB · the 13.30 THB price screens above the 8.74 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Impact Growth Real Estate Investment Trust is a real estate investment trust established under the Trust for Transaction in Capital Market Act. In accordance with the Trust Deed signed between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee.
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Impact Growth Real Estate Investment Trust is a real estate investment trust established under the Trust for Transaction in Capital Market Act. In accordance with the Trust Deed signed between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee. On 22 September 2014, the Trust was established as a specific closed-end real estate investment trust with an indefinite term to invest in specific properties. The Trusts objectives are to mobilize funds raised from general investors and loans from financial institutions to invest in ownership in land and buildings, including utility systems and equipment, of the IMPACT Muang Thong Thani, specifically IMPACT Arena, IMPACT Exhibition Center, IMPACT Forum, and IMPACT Challenger. On 1 October 2014, the Stock Exchange of Thailand approved the listing of the Trusts investment trusts and permitted their trading from 1 October 2014 onwards. The Trust is managed by RMI Company Limited, Kasikorn Asset Management Company Limited acts as the Trustee and Impact Exhibition Management Company Limited acts as the Property Manager. As at 30 September 2025 and 31 March 2025, the Trusts major unitholder is Impact Exhibition Management Company Limited, which holds 49.33%. IMPACT Growth Real Estate Investment Trust was incorporated on September 22nd, 2014 in Thailand.
Stock analysis
Impact Growth REIT (IMPACT) currently trades at 13.30 THB, while our model-based Fair Value estimate is 8.74 THB, implying the stock looks roughly 52.2% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 11.53 THB per share, and 1 of the 16 models we run sit above the 13.30 THB price.
Bear case: the Growth DCF group reads lowest at 7.32 THB, and 15 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: 5.66 THB (bear) to 11.68 THB (bull), the price of 13.30 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 71/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Impact Growth REIT reported revenue of 2.1B THB in FY2026 versus 657M THB in FY2022, a compound +33.2%/yr. Reported net income was 1.1B THB in FY2026, compounding +63.1%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 19.7B THB (≈ $592M) · P/E ratio 16.2 · P/S ratio 8.95 · EPS (TTM) 0.8200 THB · Dividend yield 5.3% · Net margin 55.2% · Return on equity 7.4% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 40% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −18% fair-value upside, at −34%, IMPACT screens richer than that median.
Fair Value models
Bear 5.66 THBFair Value 8.74 THBBull 11.68 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 2026 figures (about 6 months old). Earnings retained since then (0.0533 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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.7%
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.
+5.3%
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.
+13.7%
Start year 2021 (pandemic). Over 10 years: −0.2% 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.
−0.7%
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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.
+25.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.6%
Dividend (yield on the price)5.3%
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.21% vs 0%, picking up
Profit margin 2021 to 2026 ⓘ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.50% → 59%
Start year 2021 (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).
+15.0%
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 +13.7% a year for the price.
Price, fair value, quality and upside side by side.
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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 - Specialty · 33 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−34% · Below median
Profitability
Return on equity (TTM)7% · Above median
Return on assets4% · Above median
Net margin (TTM)57% · Above median
Operating margin (TTM)66% · Above median
Growth and dividend
Revenue growth16% · Top 25%
Dividend yield (TTM)5.3% · Below median
Balance sheet
Debt / equity0.23× · Lowest 25%
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (TTM)16.2× · Cheaper than median
P/B1.19× · Pricier than median
P/S (TTM)9.10× · Priciest 25%
P/FCF0.5× · Cheapest 25%
EV/EBITDA18.0× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 10
FUTURE (revenue growth)81· sector 22
PAST (return on equity)30· sector 30
HEALTH (low debt)88· sector 73
DIVIDEND (yield)100· sector 100
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.
Is Impact Growth REIT (IMPACT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 8.74 THB versus a price of 13.30 THB, about −34% upside (overvalued).
What is the fair value of IMPACT?
Our model-based fair value for Impact Growth REIT is 8.74 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 13.30 THB.
What is the quality score of IMPACT?
Impact Growth REIT has a Quality Score of 71/100. 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 Impact Growth REIT (IMPACT)?
Our model-based price target is the fair value of 8.74 THB (as of Sep 24, 2026) from 16 valuation models. Cautious scenario 5.66 THB, optimistic scenario 11.68 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Impact Growth REIT stock forecast for 2026?
Our models put fair value at 8.74 THB, about −34% upside versus a price of 13.30 THB (overvalued). Cautious scenario 5.66 THB, optimistic scenario 11.68 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Impact Growth REIT (IMPACT)?
Impact Growth REIT reported trailing-twelve-month revenue of about 2.2B THB (latest available figure, as of Sep 24, 2026).
Does Impact Growth REIT pay a dividend?
Impact Growth REIT currently shows a dividend yield of about 5.34% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Impact Growth REIT (IMPACT)?
For today's price to be fair in a discounted-cash-flow model, Impact Growth REIT would have to grow free cash flow by +15.0 % 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 +13.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of IMPACT use?
Our models discount Impact Growth REIT at 11.6 %: a base by market capitalisation (small), damped by beta 0.30, 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 Impact Growth REIT that is +15.0 % 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 Impact Growth REIT (IMPACT) delivered so far?
Over the past 5 years revenue at Impact Growth REIT grew +13.7 % a year. The price currently implies +15.0 % 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 Impact Growth REIT (IMPACT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Impact Growth REIT (+15.0 % 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 Impact Growth REIT (IMPACT)?
The free-cash-flow yield on the price is 5.60 %: that much free cash flow Impact Growth REIT 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 Impact Growth REIT (IMPACT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Impact Growth REIT it is 8.74 THB per share (as of Sep 24, 2026), against a price of 13.30 THB. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Impact Growth REIT stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IMPACT trades above its calculated fair value: price 13.30 THB, fair value 8.74 THB, a gap of about −34% (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 IMPACT?
No. The price is what the market pays today (13.30 THB); the fair value is what the company's own numbers justify (8.74 THB). For Impact Growth REIT the two are 4.56 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Impact Growth REIT worth?
The market values Impact Growth REIT at about 19.7B THB (market capitalisation, as of Sep 24, 2026). Per share that is 13.30 THB; our models calculate a fair value of 8.74 THB per share.
What do the bullish and bearish scenarios say about IMPACT?
Our models span a range for Impact Growth REIT: cautious scenario 5.66 THB, base 8.74 THB, optimistic 11.68 THB per share (as of Sep 24, 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 IMPACT?
Impact Growth REIT trades at a price-to-earnings ratio of 16.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 8.74 THB is built from several models across several years. Other multiples: P/B 1.2, P/S 9.1, EV/EBITDA 18.0.
How solid is the balance sheet of Impact Growth REIT (IMPACT)?
Balance-sheet figures for Impact Growth REIT (as of Sep 24, 2026): return on equity 7.4%, debt of 0.23 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is IMPACT from its 52-week high?
Impact Growth REIT trades at 13.30 THB, about 6% below its 52-week high of 14.20 THB and 40% above the low of 9.48 THB (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 8.74 THB is for.
Which stocks are comparable to Impact Growth REIT?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Digital Realty Trust, Inc, Iron Mountain Incorporated, 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 Impact Growth REIT stock attractive at the current price?
The data as of Sep 24, 2026: price 13.30 THB, calculated fair value 8.74 THB (−34%), Quality Score 71/100, from 16 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 IMPACT calculated?
We run Impact Growth REIT through 16 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 8.74 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. Impact Growth REIT 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 Impact Growth REIT (IMPACT)?
The closing price on Sep 23, 2026 was 13.30 THB. Our model-based fair value is 8.74 THB, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Impact Growth REIT right now?
A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (11.68 THB). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (5.66 THB to 11.68 THB) leaves room in how you read the outcome.
Key figures of Impact Growth REIT
How large is the market capitalisation of Impact Growth REIT (IMPACT)?
The market capitalisation of Impact Growth REIT is 19.7B THB (≈ $592M). 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 Impact Growth REIT (IMPACT)?
The price-to-sales ratio of Impact Growth REIT is 8.95 (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 Impact Growth REIT (IMPACT)?
Earnings per share at Impact Growth REIT are 0.8200 THB (price ÷ EPS = P/E 16.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Impact Growth REIT (IMPACT)?
The dividend yield of Impact Growth REIT is 5.3% (payout 86.6%). 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 Impact Growth REIT (IMPACT)?
The net margin of Impact Growth REIT is 55.2% (fiscal year 2026). 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 Impact Growth REIT (IMPACT)?
The return on equity (ROE) of Impact Growth REIT is 7.4% (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 Impact Growth REIT (IMPACT)?
On an EBIT basis the return on assets of Impact Growth REIT is 4.4% (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 Impact Growth REIT (IMPACT)?
The operating margin of Impact Growth REIT is 65.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Impact Growth REIT (IMPACT)?
Revenue at Impact Growth REIT is growing +16.2% 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 Impact Growth REIT (IMPACT)?
Earnings per share at Impact Growth REIT are growing +26.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Impact Growth REIT (IMPACT) carry?
The net debt of Impact Growth REIT is 3.6B THB (fiscal year 2026, ≈ 3.3 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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