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Karmarts Public Company (KAMART) Fair Value & Analysis

Consumer Defensive · TH · Market cap 9.9B THB

KP Karmarts Public Company KAMART · BK
Price7.25 THB
Fair Value9.43 THB
Upside+30.1%
Quality58/100
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Healthy Growth
Solidly profitable · 19.6% net margin
Low debt · generates free cash flow
5.71% dividend yield
Ranks above peers (9/14)
Wide moat 72/100
Evidence: High Range 6.54 THB – 11.79 THB Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from 10.94 THB to 9.43 THB (−13.8%) since Jun 24, 2026. Share price −5.8% over the past month.

A solid business, screening 30% undervalued on our models.

What matters now

  • Solid quality (58/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (6.54 THB to 11.79 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

13.77 THB 2.29 THB Fair Value 9.43 THB Feb 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

60‑month range 2.29 THB – 13.77 THB · fair‑value band 6.54 THB – 11.79 THB · the 7.25 THB price screens below the 9.43 THB fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Karmarts Public Company (KAMART) currently trades at 7.25 THB, while our model-based Fair Value estimate is 9.43 THB, implying the stock looks roughly 30.1% undervalued today. The Quality Score stands at 58/100 (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, Karmarts Public Company generated revenue of 3.5B THB at a net margin of 19.6%. Revenue declined 1.1% year over year. It earns a return on equity of 18.4%. Net debt stands at 55.6M THB. Fundamentals as of Jul 15, 2026

Our scenario range runs from 6.54 THB (bear case) to 11.79 THB (bull case); at 7.25 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 about 25% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 30%, KAMART 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 5.57 THB 8.86 THB 14.05 THB 80
Residual Income 3.34 THB 4.04 THB 9.17 THB 76
Rev-Margin DCF 4.14 THB 6.30 THB 9.05 THB 74
All 26 models by family
DCF Models
FCF DCF 5.59 THB 9.16 THB 14.98 THB 38
Owner Earnings 6.56 THB 10.82 THB 17.77 THB 31
5Y Revenue Exit 4.14 THB 6.31 THB 9.16 THB 39
5Y EBITDA Exit 6.44 THB 10.97 THB 16.59 THB 41
5Y P/E Exit 7.56 THB 13.24 THB 19.65 THB 38
10Y Revenue Exit 4.51 THB 6.70 THB 9.85 THB 36
10Y EBITDA Exit 6.09 THB 10.00 THB 15.81 THB 37
10Y P/E Exit 6.81 THB 11.61 THB 18.27 THB 35
Earnings-Based
Graham-Dodd 3.77 THB 16.33 THB 22.33 THB 54
Lynch FV 4.20 THB 5.99 THB 7.79 THB 50
PEG = 1.0 4.20 THB 5.99 THB 7.79 THB 46
EPV 5.38 THB 6.13 THB 6.78 THB 59
Dividend Discount
Gordon GGM 3.88 THB 7.73 THB 11.71 THB 70
DDM Multi-Stage 3.88 THB 6.68 THB 8.16 THB 61
Multiples
P/E Multiple 8.74 THB 11.65 THB 14.57 THB 63
P/S Multiple 3.26 THB 4.35 THB 5.43 THB 58
P/B Multiple 7.08 THB 9.43 THB 11.79 THB 55
EV/EBIT 9.03 THB 11.84 THB 14.65 THB 53
EV/EBITDA 7.48 THB 9.77 THB 12.07 THB 54
EV/Revenue 3.45 THB 4.67 THB 5.90 THB 43
Asset-Based
NCAV (Graham) 1.36 THB 1.83 THB 2.73 THB 50
Growth DCF
Growth DCF 5.57 THB 8.86 THB 14.05 THB 80
Rev-Margin DCF 4.14 THB 6.30 THB 9.05 THB 74
Economic Profit
Residual Income 3.34 THB 4.04 THB 9.17 THB 76
ROIC Compounder 5.94 THB 7.55 THB 9.52 THB 72
Growth Earnings
Growth-Adj P/E 6.99 THB 9.98 THB 12.98 THB 68

Widest divergence: DCF Models (10.00 THB) versus Asset-Based (1.83 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 3.5B THB
Revenue growth (YoY) -1.1%
Net margin 19.6%
Return on equity 18.4%
Free cash flow 533M THB FY2025
P/E ratio 13.8
More key figures
Operating margin 22.9%
EPS (TTM) 0.5300 THB
Dividend yield 6.1%
EPS growth (YoY) -12.1%
Net debt 55.6M THB FY2025

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

Quality Score breakdown

Overall quality 58/100

Of which business quality 60 · Market factors (momentum, volatility) 43

Profitability 71
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 30
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 42
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

Karmarts Public Company Limited, together with its subsidiaries, engages in the manufacturing, packaging, import, and distribution of cosmetics and consumer products in Thailand.

Full company description

Karmarts Public Company Limited, together with its subsidiaries, engages in the manufacturing, packaging, import, and distribution of cosmetics and consumer products in Thailand. The company operates in four segments: Manufacture and Distribution of Consumer Products; Warehouse for Rental; Investment Properties and Distribution of By-Products and Agriculture; and Real Estate Development. It offers facial care and cleanser, body care and cleanser, makeup, beauty accessories, body fragrance, hair care, nutrition and detox supplements, skin-enhancing supplements, scented, oral care, acne and sensitive skin care, alcohol-based hand sanitizers, face masks, facial skincare, hair coloring, dishwashing, eyebrows and eyes makeup, intimate cleansers, and lip care products, including lipstick and lip tints under the Cathy Doll, Baby Bright, Boya, Jejuvita, Reunrom, Skynlab, Keumyon, 7Clean, Browit, THA, Lipit, Intimi, Hair It, Beautilox, Dr.Niks, Catchy Nesty, ACCA, Dr.DSP, Get Skin by Eyeta, and ATP Beauty brands. The company also invests in land. It distributes products through convenience stores; supermarkets, hypermarkets, and discount stores; beauty stores; drug stores; and specialty stores, as well as through catalogs and online. The company operates shops under the KARMART brand. It also exports its products to various countries, including the People's Republic of China, Myanmar, Vietnam, Laos, the Philippines, Malaysia, Singapore, Cambodia, Japan, Taiwan, Hong Kong, the United Arab Emirates, Kuwait, Iraq, Russia, and the United States. The company was formerly known as Distar Electric Corporation Public Company Limited and changed its name to Karmarts Public Company Limited in April 2011. Karmarts Public Company Limited was incorporated in 1982 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Karmarts Public Company reported revenue of 3.5B THB in FY2025 versus 1.3B THB in FY2021, a compound +27.9%/yr. Reported net income was 707M THB in FY2025, compounding +24.6%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
3.5B THB
Latest YoY
+9.0%
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.
+22.9%
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.
+21.3%
Avg. growth/yr (25Y) 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.
−1.3%
Revenue +27.9%/yr
FY21 1.3B THB
FY22 1.9B THB
FY23 2.4B THB
FY24 3.2B THB
FY25 3.5B THB
Net income +24.6%/yr
FY21 293M THB
FY22 327M THB
FY23 661M THB
FY24 678M THB
FY25 707M THB
Character of growth · EPS growth decomposed (2014-2025) +11.2 % p.a.
Revenue per share +6.8 pp

of which total revenue +10.7 pp · buybacks/dilution −4.0 pp

EBIT margin +3.3 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +1.1 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).

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

Peer Group

Household & Personal Products · 244 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 58 · Below median
Fair Value upside +30% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 23% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 5.7% · Top 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 14.6× · Cheaper than median
P/B 2.84× · Pricier than median
P/S (TTM) 2.84× · Pricier than 75% of peers
P/FCF 0.6× · Cheaper than median
EV/EBITDA 10.4× · Pricier 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 73 · sector 28
FUTURE 0 · sector 4
PAST 73 · sector 26
HEALTH 100 · sector 98
DIVIDEND 100 · sector 50

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 Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Karmarts Public Company (KAMART) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 9.43 THB versus a price of 7.25 THB, about +30% (undervalued).
What is the fair value of KAMART?
Our model-based fair value for Karmarts Public Company is 9.43 THB (as of Jul 15, 2026), built from audited fundamentals. The current price is 7.25 THB.
What is the quality score of KAMART?
Karmarts Public Company has a Quality Score of 58/100. 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 Karmarts Public Company (KAMART)?
Karmarts Public Company reported trailing-twelve-month revenue of about 3.5B THB (latest available figure, as of Jul 15, 2026).
What is the net profit margin of KAMART?
The net profit margin of Karmarts Public Company is about 19.6%, meaning it keeps roughly 19.6% of revenue as net income. Based on the latest reported figures.
Does Karmarts Public Company pay a dividend?
Karmarts Public Company currently shows a dividend yield of about 6.07% 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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