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Thai Ha Public Company Limited (KASET) fair value: what the stock is really worth

As of Oct 15, 2026: fair value of Thai Ha Public Company Limited THB 0.43, price THB 0.62, upside -30.6%, quality 23 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Consumer Defensive · TH · ISIN TH0879010005

TH Thai Ha Public Company Limited logo Thin data Oct 3, 2026

Thai Ha Public Company Limited

KASET · BK

Weak valuationQuality is weak on top of the rich price.

Our calculation puts a fair price 31% below what the stock costs today.

Low debt
Fair value 0.4300 THB · Overvalued (−30.6%)
Quality 23/100
Weak Growth (revenue 5y −13.1 %/yr in THB)
Loss-making · -22.3% net margin (TTM)
Negative free cash flow
Trails peers (1/9)
Narrow moat 10/100 · thin data
Insider activity 35/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

2.56 THB 0.4600 THB Fair Value 0.4300 THB May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range 0.4600 THB – 2.56 THB · fair‑value band 0.3200 THB – 0.6500 THB · the 0.6200 THB price screens above the 0.4300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

Thai Ha Public Company Limited manufactures and distributes agricultural, processed agricultural, and instant products in Thailand and internationally.

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The company offers rice products under the Kaset, Smart Chef, Imperial Taste, and First Lady brands; bean vermicelli, instant bean vermicelli, vegetable oil, and vinegar products under the Kaset and Smart Chef brands; instant rice porridge and ready to eat products under the Kaset brand; coffee under the Doitham brand; and coco rice roll snacks under the COCO Riz brand.

It also provides vegetable oil under the Angoon and Cheer brands; sugar under the Mit Phot brand; coconut milk under the Chao Koh brand; and chili plate under the Chua Hah Seng brand. In addition, the company offers organic products, including jasmine and brown rice, rice berry, and green beans.

It exports its products. The company was founded in 1993 and is headquartered in Nakhon Pathom, Thailand.

Stock analysis

Thai Ha Public Company Limited (KASET) currently trades at 0.6200 THB, while our model-based Fair Value estimate is 0.4300 THB, 30.6% below the price, so the stock looks overvalued today.

Show more

Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: 0.3200 THB (bear) to 0.6500 THB (bull), the price of 0.6200 THB sits inside 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 23/100 (below-average quality), in the Consumer Defensive sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Thai Ha Public Company Limited reported revenue of 302M THB in FY2025 versus 536M THB in FY2021, a compound −13.3%/yr. Reported net income was −68.1M THB in FY2025.

Key figures

Market cap 184M THB (≈ $5.5M) · P/S ratio 0.68 · EPS (TTM) −0.2400 THB · Net margin −22.5% · Return on equity −27.5% · Return on assets (EBIT) −8.3% · Operating margin −8.0% · Revenue (TTM) 286M THB.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 36% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at −31%, KASET screens richer than that median.

Fair Value models

Bear 0.3200 THB Fair Value 0.4300 THB Bull 0.6500 THB
Price 0.6200 THB · Upside -30.6%
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. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham) 0.3500 THB 0.4700 THB 0.7000 THB 54
All 1 models by family
Asset-Based
NCAV (Graham) 0.3500 THB 0.4700 THB 0.7000 THB 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 23/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 7
How much profit the company makes from its sales and capital
Quality Growth 9
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 18
Debt, balance sheet and risk of trouble
Investment 99
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Momentum 34
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 30
Distance to the 52-week high, does not count
New shares 36
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−19.7%
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.
−13.5%
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.
−13.1%
Start year 2020 (pandemic). Over 10 years: −12.6% a year
Revenue growth 21 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.
−6.5%
Profit margin (trend) ⓘ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.
−4.9% (2020) → −18.2% (2025)
What shareholders gained per year ⓘ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

KASET screens overvalued: fair value 31% below the price. Compare with Nestlé S.A →

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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.Packaged Foods · 630 stocks

Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −30.6% · Below median
Profitability
Return on assets −10.8% · Bottom 25%
Net margin (12 months) −22.3% · Bottom 25%
Operating margin (12 months) −8.0% · Bottom 25%
Growth and dividend
Revenue growth −3.8% · Bottom 25%
Balance sheet
Debt / equity 0.24× · Above median

Valuation Multiplesvs Packaged Foods median · lower = cheaper

P/S (12 months) 0.02× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 34
FUTURE (revenue growth)0 · sector 23
PAST (return on equity)0 · sector 31
HEALTH (low debt)88 · sector 96
DIVIDEND (yield)0 · sector 57

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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 Packaged Foods stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Inner Mongolia Yili Industrial Group 600887 ¥27.96 ¥41.84 +50% vs KASET
Wilmar International Limited F34 3.46 SGD 5.15 SGD +49% vs KASET
The Kraft Heinz Company KHC $22.45 $29.20 +30% vs KASET
Foshan Haitian Flavouring and Food Company 603288 ¥33.89 ¥37.28 +10% vs KASET
General Mills, Inc GIS $32.59 $34.59 +6% vs KASET
Danone S.A BN €59.28 €50.65 −15% vs KASET
Nestlé S.A NESN CHF 81.07 CHF 59.51 −27% vs KASET
Kerry Group KRZ €88.70 €59.96 −32% vs KASET
Nestlé India Limited NESTLEIND ₹1,325 ₹724.74 −45% vs KASET
Yihai Kerry Arawana Holdings 300999 ¥25.56 ¥9.98 −61% vs KASET

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Thai Ha Public Company Limited · Fair Value
0.4300 THB −31%Fair Value
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Cite: Fair Value Calculator (2026). "Thai Ha Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/KASET

Frequently asked questions

Is Thai Ha Public Company Limited (KASET) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of 0.4300 THB versus a price of 0.6200 THB, about −31% upside (overvalued).
What is the fair value of KASET?
Our model-based fair value for Thai Ha Public Company Limited is 0.4300 THB (as of Oct 3, 2026), built from audited fundamentals. The current price: 0.6200 THB.
What is the quality score of KASET?
Thai Ha Public Company Limited has a Quality Score of 23/100. 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 Thai Ha Public Company Limited (KASET)?
Our model-based price target is the fair value of 0.4300 THB (as of Oct 3, 2026) from 1 valuation models. Cautious scenario 0.3200 THB, optimistic scenario 0.6500 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Thai Ha Public Company Limited stock forecast for 2026?
Our models put fair value at 0.4300 THB, about −31% upside versus a price of 0.6200 THB (overvalued). Cautious scenario 0.3200 THB, optimistic scenario 0.6500 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Thai Ha Public Company Limited (KASET)?
Thai Ha Public Company Limited reported trailing-twelve-month revenue of about 286M THB (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Thai Ha Public Company Limited (KASET)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thai Ha Public Company Limited it is 0.4300 THB per share (as of Oct 3, 2026), against a price of 0.6200 THB. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Thai Ha Public Company Limited stock overvalued or undervalued in 2026?
As of Oct 3, 2026, KASET trades above its calculated fair value: price 0.6200 THB, fair value 0.4300 THB, a gap of about −31% (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 KASET?
No. The price is what the market pays today (0.6200 THB); the fair value is what the company's own numbers justify (0.4300 THB). For Thai Ha Public Company Limited the two are 0.1900 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Thai Ha Public Company Limited worth?
The market values Thai Ha Public Company Limited at about 184M THB (market capitalisation, as of Oct 3, 2026). Per share that is 0.6200 THB; our models calculate a fair value of 0.4300 THB per share.
What do the bullish and bearish scenarios say about KASET?
Our models span a range for Thai Ha Public Company Limited: cautious scenario 0.3200 THB, base 0.4300 THB, optimistic 0.6500 THB per share (as of Oct 3, 2026, price 0.6200 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Thai Ha Public Company Limited (KASET)?
Balance-sheet figures for Thai Ha Public Company Limited (as of Oct 3, 2026): return on equity −27.5%, debt of 0.24 per unit of equity. They feed the Quality Score of 23/100, which measures business quality independently of the share price.
How far is KASET from its 52-week high?
Thai Ha Public Company Limited trades at 0.6200 THB, about 36% below its 52-week high of 0.9700 THB and 35% above the low of 0.4600 THB (as of Oct 15, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4300 THB is for.
Which stocks are comparable to Thai Ha Public Company Limited?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, 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 Thai Ha Public Company Limited stock attractive at the current price?
The data as of Oct 3, 2026: price 0.6200 THB, calculated fair value 0.4300 THB (−31%), Quality Score 23/100, from 1 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 KASET calculated?
We run Thai Ha Public Company Limited through 1 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 0.4300 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 13.8 % above its aggregate fair value. Thai Ha Public Company Limited 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 Thai Ha Public Company Limited (KASET)?
The closing price on Oct 15, 2026 was 0.6200 THB. Our model-based fair value is 0.4300 THB, about −31% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thai Ha Public Company Limited right now?
Weak quality (23/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 (0.3200 THB to 0.6500 THB) leaves room in how you read the outcome.

Key figures of Thai Ha Public Company Limited

How large is the market capitalisation of Thai Ha Public Company Limited (KASET)?
The market capitalisation of Thai Ha Public Company Limited is 184M THB (≈ $5.5M). 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 Thai Ha Public Company Limited (KASET)?
The price-to-sales ratio of Thai Ha Public Company Limited is 0.68 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Thai Ha Public Company Limited (KASET)?
Earnings per share at Thai Ha Public Company Limited are −0.2400 THB. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Thai Ha Public Company Limited (KASET)?
The net margin of Thai Ha Public Company Limited is −22.5% (fiscal year 2025). 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 Thai Ha Public Company Limited (KASET)?
The return on equity (ROE) of Thai Ha Public Company Limited is −27.5% (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 Thai Ha Public Company Limited (KASET)?
On an EBIT basis the return on assets of Thai Ha Public Company Limited is −8.3% (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 Thai Ha Public Company Limited (KASET)?
The operating margin of Thai Ha Public Company Limited is −8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thai Ha Public Company Limited (KASET)?
Revenue at Thai Ha Public Company Limited is growing −3.8% versus a year earlier (3y avg −13.5%). 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 Thai Ha Public Company Limited (KASET)?
Earnings per share at Thai Ha Public Company Limited are growing −21.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Thai Ha Public Company Limited (KASET) generate?
The free cash flow of Thai Ha Public Company Limited is −13.0M THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Thai Ha Public Company Limited (KASET) carry?
The net debt of Thai Ha Public Company Limited is 313M THB (fiscal year 2025). 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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