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Jay Mart Public Company Limited (JMART) Fair Value & Analysis

Consumer Cyclical · TH · Market cap 18.0B THB

JM Jay Mart Public Company Limited JMART · BK
Price11.20 THB
Fair Value11.00 THB
Upside-1.8%
Quality53/100
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Strengths

Moderate debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +6.6 %/yr)
!Loss-making · -0.9% net margin
!Mixed vs. peers (5/12)
!Narrow moat 27/100
Mixed Growth (revenue 5y +6.6 %/yr)
Loss-making · -0.9% net margin
Moderate debt · generates free cash flow
2.55% dividend yield
Mixed vs. peers (5/12)
Narrow moat 27/100
Evidence: Medium Range 11.00 THB – 16.56 THB Share as image

Fair value as of: Aug 13, 2026

From 14 valuation models · updated 12 days ago

Fair value updated Aug 13, 2026, revised from 13.74 THB to 11.00 THB (−20.0%) since Jul 11, 2026. Share price +1.8% over the past month.

A solid business, currently priced close to our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 11.00 THB (bear) to 16.56 THB (bull), base 11.00 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 53/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

55.76 THB 5.22 THB Fair Value 11.00 THB Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 5.22 THB – 55.76 THB · fair‑value band 11.00 THB – 16.56 THB · the 11.20 THB price screens above the 11.00 THB fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Jay Mart Public Company Limited (JMART) currently trades at 11.20 THB, while our model-based Fair Value estimate is 11.00 THB, implying the stock looks roughly 1.8% fairly valued today. The Quality Score stands at 53/100 (solid quality), in the Consumer Cyclical 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, Jay Mart Public Company Limited generated revenue of 15.0B THB at a net margin of -0.9%. Revenue grew 5.5% year over year. It earns a return on equity of 0.2%. Net debt stands at 20.7B THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 11.00 THB (bear case) to 16.56 THB (bull case); at 11.20 THB, the current price sits within 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 123% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -11% fair-value upside, at -2%, JMART screens cheaper 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 17.09 THB 28.08 THB 43.57 THB 80
Rev-Margin DCF 4.16 THB 7.82 THB 12.09 THB 74
Gordon GGM 3.31 THB 6.87 THB 10.90 THB 70
All 14 models by family
DCF Models
FCF DCF 16.59 THB 28.81 THB 47.04 THB 38
Owner Earnings 1.29 THB 31
5Y Revenue Exit 4.16 THB 7.43 THB 11.21 THB 39
5Y EBITDA Exit 9.36 THB 17.00 THB 25.58 THB 41
10Y Revenue Exit 8.36 THB 12.32 THB 16.95 THB 36
10Y EBITDA Exit 11.79 THB 18.90 THB 27.76 THB 37
Dividend Discount
Gordon GGM 3.31 THB 6.87 THB 10.90 THB 70
DDM Multi-Stage 3.31 THB 5.27 THB 7.21 THB 61
Multiples
EV/EBIT 2.11 THB 5.15 THB 8.18 THB 53
EV/EBITDA 7.02 THB 11.70 THB 16.37 THB 54
EV/Revenue 1.56 THB 43
Asset-Based
NCAV (Graham) 6.15 THB 8.23 THB 12.29 THB 50
Growth DCF
Growth DCF 17.09 THB 28.08 THB 43.57 THB 80
Rev-Margin DCF 4.16 THB 7.82 THB 12.09 THB 74

Widest divergence: DCF Models (17.00 THB) versus Multiples (5.15 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/S ratio 0.87 TTM
Dividend yield 2.6%
Net margin -0.9% TTM
Return on equity 0.2% TTM
Return on assets 1.3% TTM
Operating margin 6.3% TTM
More key figures
Profitability
EPS (TTM) -0.1000 THB
Growth
Revenue (TTM) 15.0B THB TTM
Revenue growth (YoY) +5.5% 3y avg +3.4%
EPS growth (YoY) +15.9%
Balance sheet & cash flow
Free cash flow 3.1B THB FY2025
Net debt 20.7B THB FY2025 · ≈ 6.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 53/100

Of which business quality 51 · Market factors (momentum, volatility) 71

Profitability 13
Margins and returns on capital today
Quality Growth 34
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 19
Balance sheet, leverage, solvency risk
Investment 99
Disciplined investing over empire-building
Low Volatility 54
Calm price path (market factor)
Momentum 81
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 80
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Jaymart Group Holdings Public Company Limited, together with its subsidiaries, engages in the wholesale and retail of mobile phones, accessories, and gadgets in Thailand. The company operates through four segments: Trading Business, Debt Collection Business, Rental Business, and Others.

Full company description

Jaymart Group Holdings Public Company Limited, together with its subsidiaries, engages in the wholesale and retail of mobile phones, accessories, and gadgets in Thailand. The company operates through four segments: Trading Business, Debt Collection Business, Rental Business, and Others. It is also involved in the sales of land and houses and residential condominium; debts management and collection; property development; ecommerce business; distribution of food and beverage; sale of electrical appliances; distributing consumer goods and commercial products, such as sewing machines, freezers, agricultural tools and equipment, online mobile top-up machines, coin-operated fuel dispensers, and slush machines; software consulting; insurance broker; elderly care school; blockchain business; consulting on business operation related information technology and e-commerce business; operation of electronic network for peer-to-peer lending platform; and provision of finance leasing and consumer lending, non-life insurance, digital point collection, and appraisal services. In addition, the company engages in healthcare and physical therapy business; financial technology department; brand and creator management agency; digital asset consultation; selling and renting rental spaces for mobile phone and IT retail stores; operation of coffee shop and restaurant under the Casa Lapin brand; distributing renewable energy products to retail customers and households; and offers J point, a system that allows customer to accumulate points based on spending. The company Jay Mart Public Company Limited was formerly known as Jay Mart Public Company Limited and changed its name to Jaymart Group Holdings Public Company Limited in April 2023. The company was founded in 1988 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jay Mart Public Company Limited reported revenue of 15.4B THB in FY2025 versus 11.8B THB in FY2021, a compound +6.9%/yr. Reported net income was −162M THB in FY2025.

Growth Quality 50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
15.4B THB
Latest YoY
+11.0%
Avg. revenue 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.
+3.4%
Avg. revenue 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.
+6.6%
Avg. revenue growth/yr (19Y) 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.
+5.9%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +6.9%/yr
FY21 11.8B THB
FY22 13.9B THB
FY23 13.7B THB
FY24 13.9B THB
FY25 15.4B THB
Net income
FY21 2.5B THB
FY22 2.6B THB
FY23 −447M THB
FY24 1.1B THB
FY25 −162M THB

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Cite: Fair Value Calculator (2026). "Jay Mart Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/JMART

Peer Group

Specialty Retail · 228 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 53 · Below median
Fair Value upside −2% · Below median
Return on equity (TTM) 0% · Below median
Return on assets 1% · Below median
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) 8% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 2.4% · Below median
Debt / equity 0.62× · Higher than 75% of peers

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 7.0× · Cheaper than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE31 · sector 32
FUTURE28 · sector 25
PAST1 · sector 26
HEALTH69 · sector 96
DIVIDEND48 · sector 52

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

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
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Casey's General Stores, Inc CASY $828.38 $398.90 -52%
Williams-Sonoma, Inc WSM $245.15 $162.63 -34%
Ulta Beauty, Inc ULTA $531.89 $475.40 -11%
DICK'S Sporting Goods, Inc DKS $202.66 $181.10 -11%
Best Buy Co BBY $83.00 $108.04 +30%
China Tourism Group 601888 ¥54.97 ¥40.40 -27%
Tractor Supply Company TSCO $36.43 $35.52 -2%
Murphy USA Inc MUSA $574.12 $423.35 -26%
Five Below, Inc FIVE $238.15 $117.29 -51%

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Frequently asked questions

Is Jay Mart Public Company Limited (JMART) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 11.00 THB versus a price of 11.20 THB, about −2% (fairly valued).
What is the fair value of JMART?
Our model-based fair value for Jay Mart Public Company Limited is 11.00 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 11.20 THB.
What is the quality score of JMART?
Jay Mart Public Company Limited has a Quality Score of 53/100. 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 Jay Mart Public Company Limited (JMART)?
Jay Mart Public Company Limited reported trailing-twelve-month revenue of about 15.0B THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of JMART?
The net profit margin of Jay Mart Public Company Limited is about -0.9%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Jay Mart Public Company Limited pay a dividend?
Jay Mart Public Company Limited currently shows a dividend yield of about 2.55% relative to its recent price (as of Aug 13, 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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