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Kumwell Corporation (KUMWEL) Fair Value & Analysis

Industrials · TH · Market cap 1.2B THB

KC Kumwell Corporation KUMWEL · BK
Price2.62 THB
Fair Value2.68 THB
Upside+2.3%
Quality67/100
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Healthy Growth
Solidly profitable · 11.2% net margin
Low debt · generates free cash flow
2.40% dividend yield
Ranks above peers (10/14)
Moderate moat 59/100
Evidence: High Range 1.85 THB – 3.35 THB Share as image

Fair value as of: Jul 13, 2026

From 26 valuation models · updated 28 days ago

Share price +4.8% over the past month.

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (1.85 THB to 3.35 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.43 THB 0.8594 THB Fair Value 2.68 THB Feb 2021 Aug 2026

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

How to read this chart

60‑month range 0.8594 THB – 4.43 THB · fair‑value band 1.85 THB – 3.35 THB · the 2.62 THB price screens below the 2.68 THB fair value. Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

Kumwell Corporation (KUMWEL) currently trades at 2.62 THB, while our model-based Fair Value estimate is 2.68 THB, implying the stock looks roughly 2.3% fairly valued today. The Quality Score stands at 67/100 (solid quality), in the Industrials 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, Kumwell Corporation generated revenue of 738M THB at a net margin of 11.2%. Revenue grew 65.8% year over year. It earns a return on equity of 13.4%. Net debt stands at 130M THB. Fundamentals as of Jul 13, 2026

Our scenario range runs from 1.85 THB (bear case) to 3.35 THB (bull case); at 2.62 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 179% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 2%, KUMWEL screens richer 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 1.80 THB 2.57 THB 3.55 THB 80
Residual Income 1.17 THB 1.26 THB 1.40 THB 76
Rev-Margin DCF 1.64 THB 2.64 THB 3.80 THB 74
All 26 models by family
DCF Models
FCF DCF 1.79 THB 2.69 THB 3.90 THB 38
Owner Earnings 1.49 THB 2.25 THB 3.27 THB 31
5Y Revenue Exit 1.64 THB 2.63 THB 3.88 THB 39
5Y EBITDA Exit 2.01 THB 3.32 THB 4.85 THB 41
5Y P/E Exit 1.71 THB 2.76 THB 3.86 THB 38
10Y Revenue Exit 1.64 THB 2.50 THB 3.66 THB 36
10Y EBITDA Exit 1.90 THB 2.95 THB 4.34 THB 37
10Y P/E Exit 1.72 THB 2.59 THB 3.64 THB 35
Earnings-Based
Graham-Dodd 0.9100 THB 2.98 THB 3.98 THB 54
Lynch FV 0.6700 THB 0.9500 THB 1.24 THB 50
PEG = 1.0 0.6700 THB 0.9500 THB 1.24 THB 46
EPV 1.15 THB 1.32 THB 1.46 THB 59
Dividend Discount
Gordon GGM 0.4700 THB 0.8400 THB 1.16 THB 70
DDM Multi-Stage 0.4700 THB 0.7400 THB 0.9000 THB 61
Multiples
P/E Multiple 2.01 THB 2.68 THB 3.35 THB 63
P/S Multiple 1.71 THB 2.28 THB 2.85 THB 58
P/B Multiple 1.71 THB 2.28 THB 2.85 THB 55
EV/EBIT 2.48 THB 3.35 THB 4.21 THB 53
EV/EBITDA 2.44 THB 3.30 THB 4.15 THB 54
EV/Revenue 1.63 THB 2.38 THB 3.13 THB 43
Asset-Based
NCAV (Graham) 0.7200 THB 0.9600 THB 1.43 THB 50
Growth DCF
Growth DCF 1.80 THB 2.57 THB 3.55 THB 80
Rev-Margin DCF 1.64 THB 2.64 THB 3.80 THB 74
Economic Profit
Residual Income 1.17 THB 1.26 THB 1.40 THB 76
ROIC Compounder 1.15 THB 1.32 THB 1.49 THB 72
Growth Earnings
Growth-Adj P/E 1.70 THB 2.43 THB 3.16 THB 68

Widest divergence: DCF Models (2.63 THB) versus Dividend Discount (0.7400 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 738M THB
Revenue growth (YoY) +65.8%
Net margin 11.2%
Return on equity 13.4%
Free cash flow 86.6M THB FY2025
P/E ratio 10.3
More key figures
Operating margin 20.5%
EPS (TTM) 0.1900 THB
Dividend yield 3.0%
EPS growth (YoY) +200%
Net debt 130M THB FY2025

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 65 · Market factors (momentum, volatility) 84

Profitability 45
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 82
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

Kumwell Corporation Public Company Limited engages in the production and distribution of electrical equipment, graphite moulds, metal powders, and ground wires in Thailand and internationally.

Full company description

Kumwell Corporation Public Company Limited engages in the production and distribution of electrical equipment, graphite moulds, metal powders, and ground wires in Thailand and internationally. The company offers grounding systems comprising exothermic welding products, ground rod and accessories, grounding components, MEG, and grounding conductors; and lightning protection systems comprising lighting protection components, air terminal and lighting conductors, cables, and lighting poles. It also provides surge protective devices for low voltage power supply systems, information technology components and equipment, photovoltaic systems, and LED lighting systems, isolating spark gaps, and smart IoT surge protective devices, surge counters, and lightning counters; smart lightning management system; lightning warning system; fiber optic detection system; and safety for healthcare food; as well as engages in antenna renting for providing lighting information. It serves electricity, energy, industrial plant, home, military, transportation, telecommunication, office and residential building, as well as the national security sectors. Kumwell Corporation Public Company Limited was founded in 1999 and is headquartered in Nonthaburi, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Kumwell Corporation reported revenue of 643M THB in FY2025 versus 466M THB in FY2021, a compound +8.4%/yr. Reported net income was 57.6M THB in FY2025, compounding −0.0%/yr from FY2021.

Growth Quality 86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
643M THB
Latest YoY
+10.3%
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.
+4.9%
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.
+8.0%
Avg. growth/yr (10Y) 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.
+7.2%
Revenue +8.4%/yr
FY21 466M THB
FY22 558M THB
FY23 527M THB
FY24 583M THB
FY25 643M THB
Net income −0.0%/yr
FY21 57.7M THB
FY22 61.8M THB
FY23 34.5M THB
FY24 53.3M THB
FY25 57.6M THB
Character of growth · EPS growth decomposed (2015-2025) −2.7 % p.a.
Revenue per share +5.8 pp

of which total revenue +5.8 pp · buybacks/dilution +0.0 pp

EBIT margin −4.9 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −3.8 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). "Kumwell Corporation Fair Value". https://www.fairvalue-calculator.com/stock/KUMWEL

Peer Group

Security & Protection Services · 114 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 67 · Top 25%
Fair Value upside +2% · Above median
Return on equity (TTM) 13% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 66% · Top 25%
Dividend yield (TTM) 2.4% · Below median
Debt / equity 0.17× · Higher than median

Valuation Multiples vs Security & Protection Services median · lower = cheaper

P/E (TTM) 14.7× · Cheaper than median
P/B 1.95× · Pricier than median
P/S (TTM) 1.63× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 8.8× · 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 36 · sector 19
FUTURE 100 · sector 39
PAST 54 · sector 20
HEALTH 91 · sector 99
DIVIDEND 48 · sector 49

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 Security & Protection Services stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

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Allegion plc ALLE $137.24 $127.80 -7%
Securitas AB SECUB kr 162.10 kr 186.34 +15%
Zhejiang Dahua Technology Co 002236 ¥16.57 ¥23.58 +42%
MSA Safety Incorporated MSA $169.00 $118.51 -30%
ADT Inc ADT $7.06 $17.10 +142%
The Brink's Company BCO $104.24 $101.84 -2%
Brady Corporation BRC $90.16 $73.43 -19%
The GEO Group GEO $29.46 $32.36 +10%

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Frequently asked questions

Is Kumwell Corporation (KUMWEL) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 2.68 THB versus a price of 2.62 THB, about +2% (fairly valued).
What is the fair value of KUMWEL?
Our model-based fair value for Kumwell Corporation is 2.68 THB (as of Jul 13, 2026), built from audited fundamentals. The current price is 2.62 THB.
What is the quality score of KUMWEL?
Kumwell Corporation has a Quality Score of 67/100. 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 Kumwell Corporation (KUMWEL)?
Kumwell Corporation reported trailing-twelve-month revenue of about 738M THB (latest available figure, as of Jul 13, 2026).
What is the net profit margin of KUMWEL?
The net profit margin of Kumwell Corporation is about 11.2%, meaning it keeps roughly 11.2% of revenue as net income. Based on the latest reported figures.
Does Kumwell Corporation pay a dividend?
Kumwell Corporation currently shows a dividend yield of about 3.03% relative to its recent price (as of Jul 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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