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Khonburi Sugar Public Company Limited (KBS) Fair Value & Analysis

Consumer Defensive · TH · Market cap 3.6B THB (≈ $108M) · ISIN TH1061010001

KS Khonburi Sugar Public Company Limited KBS · BK
Price6.35 THB
Fair Value17.35 THB
Upside+173.2%
Quality49/100
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Strengths

Trades 63% below our fair value of 17.35 THB
Low debt · generates free cash flow
Ranks above peers (12/14)

Risks

!Mixed Growth (revenue 5y +18.9 %/yr)
!Thin margins · 4.6% net margin
!Moderate moat 46/100
!Evidence only low, so the estimate is less certain
Mixed Growth (revenue 5y +18.9 %/yr)
Thin margins · 4.6% net margin
Low debt · generates free cash flow
7.87% dividend yield
Ranks above peers (12/14)
Moderate moat 46/100
Evidence: Low Range 12.05 THB – 21.69 THB Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 17 days ago

Share price +5.8% over the past month.

Below-average quality, trading 63% below our fair value.

What runs behind every stock

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

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What matters now

  • The price is below even our cautious bear case (12.05 THB). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (12.05 THB to 21.69 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

6.45 THB 2.03 THB Fair Value 17.35 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 2.03 THB – 6.45 THB · fair‑value band 12.05 THB – 21.69 THB · the 6.35 THB price screens below the 17.35 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Khonburi Sugar Public Company Limited (KBS) currently trades at 6.35 THB, while our model-based Fair Value estimate is 17.35 THB, implying the stock looks roughly 173.2% undervalued today. The Quality Score stands at 49/100 (below-average 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: low), always confirm before acting.

Over the trailing twelve months, Khonburi Sugar Public Company Limited generated revenue of 10.9B THB at a net margin of 4.6%. Revenue declined 2.9% year over year. It earns a return on equity of 9.2%. Net debt stands at 5.5B THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 12.05 THB (bear case) to 21.69 THB (bull case); at 6.35 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 near its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -43% fair-value upside, at 173%, KBS screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 0.23 THB per share, which is 1.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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
FCF DCF best evidence 12.94 THB 25.19 THB 46.08 THB 77
Growth DCF 12.73 THB 23.70 THB 41.56 THB 75
EPV 9.27 THB 11.10 THB 12.67 THB 74
All 26 models by family
DCF Models
FCF DCF best evidence 12.94 THB 25.19 THB 46.08 THB 77
Owner Earnings 18.30 THB 34.87 THB 63.10 THB 73
5Y Revenue Exit 11.40 THB 21.82 THB 36.04 THB 70
5Y EBITDA Exit 19.29 THB 38.29 THB 62.54 THB 73
5Y P/E Exit 12.70 THB 24.52 THB 38.15 THB 69
10Y Revenue Exit 11.36 THB 21.36 THB 36.86 THB 64
10Y EBITDA Exit 16.93 THB 33.24 THB 58.82 THB 65
10Y P/E Exit 12.63 THB 23.30 THB 38.61 THB 62
Earnings-Based
Graham-Dodd 6.94 THB 33.70 THB 46.42 THB 64
Lynch FV 9.02 THB 12.89 THB 16.76 THB 61
PEG = 1.0 9.02 THB 12.89 THB 16.76 THB 57
EPV 9.27 THB 11.10 THB 12.67 THB 74
Dividend Discount
Gordon GGM 6.15 THB 12.25 THB 18.55 THB 67
DDM Multi-Stage 6.15 THB 10.59 THB 12.93 THB 67
Multiples
P/E Multiple 16.08 THB 21.44 THB 26.80 THB 63
P/S Multiple 13.01 THB 17.35 THB 21.69 THB 58
P/B Multiple 13.01 THB 17.35 THB 21.69 THB 55
EV/EBIT 16.01 THB 22.11 THB 28.21 THB 66
EV/EBITDA 24.44 THB 33.35 THB 42.25 THB 67
EV/Revenue 10.78 THB 16.37 THB 21.97 THB 53
Asset-Based
NCAV (Graham) 4.12 THB 5.52 THB 8.25 THB 54
Growth DCF
Growth DCF 12.73 THB 23.70 THB 41.56 THB 75
Rev-Margin DCF 11.40 THB 21.55 THB 34.85 THB 70
Economic Profit
Residual Income 7.63 THB 8.84 THB 14.67 THB 74
ROIC Compounder 9.79 THB 13.93 THB 18.82 THB 71
Growth Earnings
Growth-Adj P/E 14.02 THB 20.02 THB 26.03 THB 67

Widest divergence: DCF Models (24.52 THB) versus Asset-Based (5.52 THB). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 7.6
P/S ratio 0.42 P/E × margin
EPS (TTM) 0.8400 THB price ÷ EPS = P/E 7.6
Dividend yield 7.9% payout 59.5%
Net margin 5.6% FY2025
Return on equity 9.2% TTM
More key figures
Profitability
Return on assets (EBIT) 8.0% avg 5y
Operating margin 16.4% TTM
Growth
Revenue (TTM) 10.9B THB TTM
Revenue growth (YoY) -2.9% 3y avg 0.0%
EPS growth (YoY) -17.4%
Balance sheet & cash flow
Free cash flow 731M THB FY2025
Net debt 5.5B THB FY2025 · ≈ 7.5 yrs of FCF

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

Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 76

Profitability 43
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 76
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 58
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 83
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

Khonburi Sugar Public Company Limited engages in the manufacture and distribution of sugar in Thailand, Asia, and Europe. It operates through three segments: Sugar Cane, Sugar and Molasses Trading, and Utilities.

Full company description

Khonburi Sugar Public Company Limited engages in the manufacture and distribution of sugar in Thailand, Asia, and Europe. It operates through three segments: Sugar Cane, Sugar and Molasses Trading, and Utilities. The Sugar Cane segment produces and distributes sugar cane, as well as provides agricultural machines and vehicles, including sugar cane harvesters and tractors to planters. The Sugar and Molasses Trading segment purchases and sells sugar, molasses, and by products. It serves ethanol, food, and beverages industries to produce alcohol and spirits, yeast, monosodium glutamate, animal feed, vinegar, soy sauce, and other seasoning sauces. The Utilities segment is involved in the generation of electricity and steam using bagasse as fuel. It offers pure white and white granulated, raw, natural cane, and double sweet sugar. It also provides knowledge seminars for planters; and engages in agricultural and farming activities. The company was founded in 1965 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Khonburi Sugar Public Company Limited reported revenue of 10.9B THB in FY2025 versus 6.2B THB in FY2021, a compound +15.1%/yr. Reported net income was 611M THB in FY2025.

Growth Quality 71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
10.9B THB
Latest YoY
−8.0%
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.
+0.0%
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.
+18.9%
Avg. revenue growth/yr (15Y) 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.
+5.8%
Value creation/yr (5Y, in THB) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+35.7% (27.8 + 7.9)
Revenue +15.1%/yr
FY21 6.2B THB
FY22 10.9B THB
FY23 12.6B THB
FY24 11.9B THB
FY25 10.9B THB
Net income
FY21 −332M THB
FY22 917M THB
FY23 955M THB
FY24 1.0B THB
FY25 611M THB

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Cite: Fair Value Calculator (2026). "Khonburi Sugar Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/KBS

Peer Group

Confectioners · 83 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 49 · Above median
Fair Value upside +173% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 16% · Top 25%
Revenue growth -3% · Below median
Dividend yield (TTM) 7.9% · Top 25%
Debt / equity 0.31× · Higher than median

Valuation Multiples vs Confectioners median · lower = cheaper

P/E (TTM) 7.6× · Cheaper than 75% of peers
P/B 0.73× · Cheaper than median
P/S (TTM) 0.33× · Cheaper than median
P/FCF 0.1× · Cheaper than median
EV/EBITDA 3.4× · 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
VALUE100 · sector 22
FUTURE0 · sector 0
PAST37 · sector 21
HEALTH84 · sector 93
DIVIDEND100 · sector 53

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

Similar stocks

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

Stock Price Fair Value vs Fair Value
Chocoladefabriken Lindt & Sprüngli AG LISN CHF 92,700 CHF 9,485 -90%
Mondelez International, Inc MDLZ $63.01 $27.36 -57%
The Hershey Company HSY $179.05 $91.25 -49%
Barry Callebaut AG BARN CHF 1,118 CHF 711.91 -36%
ORION Corp 271560 124,600 KRW 203,315 KRW +63%
Tootsie Roll Industries, Inc TROLB $39.00 $22.21 -43%
Guangxi Yuegui Guangye Holdings 000833 ¥20.48 ¥9.09 -56%
Cloetta AB CLAB kr 54.85 kr 59.12 +8%
Balrampur Chini Mills Limited BALRAMCHIN ₹652.15 ₹318.59 -51%
PT Yupi Indo Jelly Gum Tbk YUPI 1,295 IDR 1,140 IDR -12%

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Frequently asked questions

Is Khonburi Sugar Public Company Limited (KBS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 17.35 THB versus a price of 6.35 THB, about +173% (undervalued).
What is the fair value of KBS?
Our model-based fair value for Khonburi Sugar Public Company Limited is 17.35 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 6.35 THB.
What is the quality score of KBS?
Khonburi Sugar Public Company Limited has a Quality Score of 49/100. 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 Khonburi Sugar Public Company Limited (KBS)?
Khonburi Sugar Public Company Limited reported trailing-twelve-month revenue of about 10.9B THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KBS?
The net profit margin of Khonburi Sugar Public Company Limited is about 4.6%, meaning it keeps roughly 4.6% of revenue as net income. Based on the latest reported figures.
Does Khonburi Sugar Public Company Limited pay a dividend?
Khonburi Sugar Public Company Limited currently shows a dividend yield of about 7.87% 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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