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Lam Soon (Thailand) Public Company (LST) Fair Value & Analysis

Consumer Defensive · TH · Market cap 3.9B THB

LS Lam Soon (Thailand) Public Company LST · BK
Price4.70 THB
Fair Value8.23 THB
Upside+75.0%
Quality58/100
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Expensive Growth
Thin margins · 4.2% net margin
Low debt · generates free cash flow
4.20% dividend yield
Ranks above peers (14/14)
Narrow moat 41/100
Evidence: Medium Range 5.22 THB – 12.48 THB Share as image

Fair value as of: Jul 16, 2026

From 25 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from 9.46 THB to 8.23 THB (−13.0%) since Jun 25, 2026. Share price −1.7% over the past month.

A solid business, screening 75% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (5.22 THB). The market is more pessimistic than our downside scenario.
  • 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 (5.22 THB to 12.48 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

5.60 THB 3.74 THB Fair Value 8.23 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 3.74 THB – 5.60 THB · fair‑value band 5.22 THB – 12.48 THB · the 4.70 THB price screens below the 8.23 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Lam Soon (Thailand) Public Company (LST) currently trades at 4.70 THB, while our model-based Fair Value estimate is 8.23 THB, implying the stock looks roughly 75.0% 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: medium), always confirm before acting.

Over the trailing twelve months, Lam Soon (Thailand) Public Company generated revenue of 13.0B THB at a net margin of 4.1%. Revenue grew 12.2% year over year. It earns a return on equity of 10.1%. Net debt stands at 627M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 5.22 THB (bear case) to 12.48 THB (bull case); at 4.70 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 4% below its 52-week high and 9% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 102% fair-value upside, at 75%, LST 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 1.89 THB 2.29 THB 2.84 THB 80
Residual Income 5.78 THB 6.33 THB 8.55 THB 76
ROIC Compounder 6.15 THB 7.07 THB 8.43 THB 72
All 25 models by family
DCF Models
FCF DCF 1.88 THB 2.33 THB 2.97 THB 38
Owner Earnings 4.25 THB 5.86 THB 8.16 THB 31
5Y Revenue Exit 5.28 THB 8.65 THB 13.00 THB 39
5Y EBITDA Exit 7.33 THB 12.43 THB 18.38 THB 41
5Y P/E Exit 6.97 THB 11.77 THB 16.77 THB 38
10Y Revenue Exit 3.78 THB 6.51 THB 10.22 THB 36
10Y EBITDA Exit 5.24 THB 9.05 THB 14.17 THB 37
10Y P/E Exit 5.02 THB 8.61 THB 12.99 THB 35
Earnings-Based
Graham-Dodd 4.38 THB 12.51 THB 16.50 THB 54
Lynch FV 2.56 THB 3.66 THB 4.76 THB 50
PEG = 1.0 2.56 THB 3.66 THB 4.76 THB 46
EPV 6.15 THB 6.96 THB 7.67 THB 59
Dividend Discount
Gordon GGM 2.11 THB 4.20 THB 6.36 THB 70
DDM Multi-Stage 2.11 THB 3.30 THB 4.43 THB 61
Multiples
P/E Multiple 10.14 THB 13.52 THB 16.90 THB 63
P/S Multiple 8.21 THB 10.95 THB 13.68 THB 58
P/B Multiple 8.21 THB 10.95 THB 13.68 THB 55
EV/EBIT 10.26 THB 13.36 THB 16.46 THB 53
EV/EBITDA 11.74 THB 15.33 THB 18.92 THB 54
EV/Revenue 7.60 THB 10.44 THB 13.29 THB 43
Asset-Based
NCAV (Graham) 3.37 THB 4.52 THB 6.75 THB 50
Growth DCF
Growth DCF 1.89 THB 2.29 THB 2.84 THB 80
Economic Profit
Residual Income 5.78 THB 6.33 THB 8.55 THB 76
ROIC Compounder 6.15 THB 7.07 THB 8.43 THB 72
Growth Earnings
Growth-Adj P/E 8.15 THB 11.64 THB 15.13 THB 68

Widest divergence: Growth Earnings (11.64 THB) versus Growth DCF (2.29 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 13.0B THB
Revenue growth (YoY) +12.2%
Net margin 4.1%
Return on equity 10.1%
Free cash flow 71.4M THB FY2025
P/E ratio 6.9
More key figures
Operating margin 5.6%
EPS (TTM) 0.6800 THB
EPS growth (YoY) -8.6%
Net debt 627M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 58 · Market factors (momentum, volatility) 63

Profitability 49
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 24
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 72
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 52
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

Lam Soon (Thailand) Public Company Limited manufactures and distributes palm oil in Thailand and internationally. The company offers cooking oil, margarine and shortenings, butter blends, organic, pastry, flour, seasoning and sauces, and chocolates.

Full company description

Lam Soon (Thailand) Public Company Limited manufactures and distributes palm oil in Thailand and internationally. The company offers cooking oil, margarine and shortenings, butter blends, organic, pastry, flour, seasoning and sauces, and chocolates. It is also involved in palm oil plantation, and manufacture of crude palm oil; and manufacturing and distribution of processed fruits and vegetables, and canned drinks. The company was incorporated in 1974 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Lam Soon (Thailand) Public Company reported revenue of 12.8B THB in FY2025 versus 9.5B THB in FY2021, a compound +7.7%/yr. Reported net income was 528M THB in FY2025, compounding −1.4%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
12.8B THB
Latest YoY
+10.6%
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.
+3.7%
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.
+13.8%
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.
+6.9%
Revenue +7.7%/yr
FY21 9.5B THB
FY22 11.5B THB
FY23 10.8B THB
FY24 11.6B THB
FY25 12.8B THB
Net income −1.4%/yr
FY21 559M THB
FY22 432M THB
FY23 514M THB
FY24 517M THB
FY25 528M THB
Character of growth · EPS growth decomposed (2014-2025) +4.8 % p.a.
Revenue per share +3.9 pp

of which total revenue +3.9 pp · buybacks/dilution +0.0 pp

EBIT margin −0.2 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +0.9 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). "Lam Soon (Thailand) Public Company Fair Value". https://www.fairvalue-calculator.com/stock/LST

Peer Group

Farm Products · 288 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 · Above median
Fair Value upside +75% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 6% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 4.2% · Above median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 7.0× · Cheaper than 75% of peers
P/B 0.71× · Cheaper than median
P/S (TTM) 0.30× · Cheaper than median
P/FCF 1.7× · Cheaper than median
EV/EBITDA 3.0× · 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 100 · sector 25
FUTURE 52 · sector 20
PAST 43 · sector 17
HEALTH 99 · sector 94
DIVIDEND 84 · sector 38

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 Farm Products stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.90 ¥48.19 +18%
Wens Foodstuff Group 300498 ¥14.51 ¥12.08 -17%
Mowi ASA MOWI kr 188.40 kr 262.59 +39%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,120 IDR 7,076 IDR +127%
Charoen Pokphand Foods Public Company CPF 22.00 THB 55.71 THB +153%
PT Triputra Agro Persada Tbk TAPG 1,540 IDR 3,105 IDR +102%
PT FAP Agri Tbk FAPA 7,300 IDR 7,463 IDR +2%
PT Japfa Comfeed Indonesia Tbk JPFA 2,070 IDR 7,231 IDR +249%
Thaifoods Group TFGR 10.60 THB 23.53 THB +122%
PT Jhonlin Agro Raya Tbk JARR 1,845 IDR 610.80 IDR -67%

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Frequently asked questions

Is Lam Soon (Thailand) Public Company (LST) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 8.23 THB versus a price of 4.70 THB, about +75% (undervalued).
What is the fair value of LST?
Our model-based fair value for Lam Soon (Thailand) Public Company is 8.23 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 4.70 THB.
What is the quality score of LST?
Lam Soon (Thailand) 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 Lam Soon (Thailand) Public Company (LST)?
Lam Soon (Thailand) Public Company reported trailing-twelve-month revenue of about 13.0B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of LST?
The net profit margin of Lam Soon (Thailand) Public Company is about 4.1%, meaning it keeps roughly 4.1% of revenue as net income. Based on the latest reported figures.

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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