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JSP Pharmaceutical Manufacturing (Thailand) Public Co (JSP) Fair Value & Analysis

Consumer Defensive · TH · Market cap 845M THB

JP JSP Pharmaceutical Manufacturing (Thailand) Public Co JSP · BK
Price1.80 THB
Fair Value2.43 THB
Upside+35.0%
Quality55/100
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Expensive Growth
Thin margins · 6.0% net margin
Low debt · negative free cash flow
5.62% dividend yield
Ranks above peers (8/13)
Narrow moat 37/100
Evidence: High Range 1.82 THB – 3.04 THB Share as image

Fair value as of: Jul 15, 2026

From 16 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 2.90 THB to 2.43 THB (−16.2%) since Jun 24, 2026. Share price +1.7% over the past month.

A solid business, screening 35% undervalued on our models.

What matters now

  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from 1.82 THB (bear) to 3.04 THB (bull), base 2.43 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 55/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

9.61 THB 1.50 THB Fair Value 2.43 THB Nov 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

57‑month range 1.50 THB – 9.61 THB · fair‑value band 1.82 THB – 3.04 THB · the 1.80 THB price screens below the 2.43 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

JSP Pharmaceutical Manufacturing (Thailand) Public Co (JSP) currently trades at 1.80 THB, while our model-based Fair Value estimate is 2.43 THB, implying the stock looks roughly 35.0% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, JSP Pharmaceutical Manufacturing (Thailand) Public Co generated revenue of 1.0B THB at a net margin of 6.0%. Revenue declined 9.9% year over year. It earns a return on equity of 4.6%. Net debt stands at 333M THB. Fundamentals as of Jul 15, 2026

Our scenario range runs from 1.82 THB (bear case) to 3.04 THB (bull case); at 1.80 THB, the current price sits below 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 15% below its 52-week high and 22% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 35%, JSP 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
Residual Income 1.48 THB 1.54 THB 1.57 THB 76
ROIC Compounder 0.1800 THB 0.2600 THB 0.3300 THB 72
Gordon GGM 0.4100 THB 0.7400 THB 1.01 THB 70
All 16 models by family
Earnings-Based
Graham-Dodd 0.9700 THB 4.93 THB 6.81 THB 54
Lynch FV 1.34 THB 1.91 THB 2.49 THB 50
PEG = 1.0 1.34 THB 1.91 THB 2.49 THB 46
EPV 0.1800 THB 0.2600 THB 0.3300 THB 59
Dividend Discount
Gordon GGM 0.4100 THB 0.7400 THB 1.01 THB 70
DDM Multi-Stage 0.4100 THB 0.6700 THB 0.7900 THB 61
Multiples
P/E Multiple 2.25 THB 3.00 THB 3.75 THB 63
P/S Multiple 1.82 THB 2.43 THB 3.04 THB 58
P/B Multiple 1.82 THB 2.43 THB 3.04 THB 55
EV/EBIT 1.44 THB 2.05 THB 2.66 THB 53
EV/EBITDA 2.44 THB 3.38 THB 4.32 THB 54
EV/Revenue 0.9200 THB 1.47 THB 2.03 THB 43
Asset-Based
NCAV (Graham) 0.9600 THB 1.28 THB 1.91 THB 50
Economic Profit
Residual Income 1.48 THB 1.54 THB 1.57 THB 76
ROIC Compounder 0.1800 THB 0.2600 THB 0.3300 THB 72
Growth Earnings
Growth-Adj P/E 2.03 THB 2.90 THB 3.77 THB 68

Widest divergence: Growth Earnings (2.90 THB) versus Economic Profit (0.2600 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 1.0B THB
Revenue growth (YoY) -9.9%
Net margin 6.0%
Return on equity 4.6%
Free cash flow −161M THB FY2025
P/E ratio 12.9
More key figures
Operating margin 3.1%
EPS (TTM) 0.1300 THB
Dividend yield 5.9%
EPS growth (YoY) -93.7%
Net debt 333M THB FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 56

Profitability 42
Margins and returns on capital today
Quality Growth 90
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 56
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 75
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

JSP Pharmaceutical Manufacturing (Thailand) Public Co., Ltd. engages in the research, development, manufacturing, and sales of pharmaceutical, dietary supplementary, traditional medicine, and herbal products in Thailand.

Full company description

JSP Pharmaceutical Manufacturing (Thailand) Public Co., Ltd. engages in the research, development, manufacturing, and sales of pharmaceutical, dietary supplementary, traditional medicine, and herbal products in Thailand. It is also involved in manufacturing and selling hemodialysis products and supplies, purified water systems for industrial purposes, and related medical supplies; and services of laboratory research, scientific test and analysis, training and seminar, and consultancy for research fund application businesses. In addition, the company sells products through vending machines. JSP Pharmaceutical Manufacturing (Thailand) Public Co., Ltd. was founded in 1954 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

JSP Pharmaceutical Manufacturing (Thailand) Public Co reported revenue of 1.0B THB in FY2025 versus 422M THB in FY2021, a compound +24.4%/yr. Reported net income was 67.9M THB in FY2025, compounding +23.0%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.0B THB
Latest YoY
+22.5%
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.
+33.1%
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.
+17.3%
Avg. growth/yr (12Y) 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.
+1.5%
Revenue +24.4%/yr
FY21 422M THB
FY22 428M THB
FY23 576M THB
FY24 824M THB
FY25 1.0B THB
Net income +23.0%/yr
FY21 29.7M THB
FY22 −17.5M THB
FY23 −1.3M THB
FY24 4.5M THB
FY25 67.9M THB

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Cite: Fair Value Calculator (2026). "JSP Pharmaceutical Manufacturing (Thailand) Public Co Fair Value". https://www.fairvalue-calculator.com/stock/JSP

Peer Group

Packaged Foods · 649 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 55 · Above median
Fair Value upside +35% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 5% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 6% · Below median
Revenue growth -10% · Bottom 25%
Dividend yield (TTM) 5.6% · Top 25%
Debt / equity 0.26× · Higher than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 14.8× · Cheaper than median
P/B 0.93× · Cheaper than median
P/S (TTM) 0.83× · Pricier than median
EV/EBITDA 6.6× · 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.

VALUE 80 · sector 28
FUTURE 0 · sector 20
PAST 18 · sector 27
HEALTH 87 · sector 96
DIVIDEND 100 · sector 47

Insider activity: 40/100

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 Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is JSP Pharmaceutical Manufacturing (Thailand) Public Co (JSP) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 2.43 THB versus a price of 1.80 THB, about +35% (undervalued).
What is the fair value of JSP?
Our model-based fair value for JSP Pharmaceutical Manufacturing (Thailand) Public Co is 2.43 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 1.80 THB.
What is the quality score of JSP?
JSP Pharmaceutical Manufacturing (Thailand) Public Co has a Quality Score of 55/100. 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 JSP Pharmaceutical Manufacturing (Thailand) Public Co (JSP)?
JSP Pharmaceutical Manufacturing (Thailand) Public Co reported trailing-twelve-month revenue of about 1.0B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of JSP?
The net profit margin of JSP Pharmaceutical Manufacturing (Thailand) Public Co is about 6.0%, meaning it keeps roughly 6.0% of revenue as net income. Based on the latest reported figures.
Does JSP Pharmaceutical Manufacturing (Thailand) Public Co pay a dividend?
JSP Pharmaceutical Manufacturing (Thailand) Public Co currently shows a dividend yield of about 5.92% relative to its recent price (as of Jul 15, 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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