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N.C. Housing Public Company (NCH) Fair Value & Analysis

Real Estate · TH · Market cap 523M THB

NC N.C. Housing Public Company NCH · BK
Price0.4600 THB
Fair Value0.4215 THB
Upside-8.4%
Quality54/100
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Weak Growth
Loss-making · -12.5% net margin
Low debt · generates free cash flow
Mixed vs. peers (4/10)
Narrow moat 14/100
Evidence: Low Range 0.2621 THB – 0.5821 THB Share as image

Fair value as of: Jul 13, 2026

From 7 valuation models · updated 28 days ago

Fair value updated Jul 13, 2026, revised from 0.4222 THB to 0.4215 THB (−0.2%) since Jun 26, 2026. Share price +9.5% 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 (0.2621 THB to 0.5821 THB) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

1.90 THB 0.3700 THB Fair Value 0.4215 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 0.3700 THB – 1.90 THB · fair‑value band 0.2621 THB – 0.5821 THB · the 0.4600 THB price screens above the 0.4215 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.

Full chart & analysis →

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Analysis

N.C. Housing Public Company (NCH) currently trades at 0.4600 THB, while our model-based Fair Value estimate is 0.4215 THB, implying the stock looks roughly 8.4% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, N.C. Housing Public Company generated revenue of 1.0B THB at a net margin of -12.5%. Revenue declined 27.2% year over year. It earns a return on equity of -4.5%. Net debt stands at 1.1B THB. Fundamentals as of Jul 13, 2026

Our scenario range runs from 0.2621 THB (bear case) to 0.5821 THB (bull case); at 0.4600 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 27% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 32% fair-value upside, at -8%, NCH 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 2.40 THB 3.20 THB 4.44 THB 80
Rev-Margin DCF 2.36 THB 3.68 THB 5.31 THB 74
NCAV (Graham) 1.18 THB 1.58 THB 2.36 THB 50
All 7 models by family
DCF Models
FCF DCF 2.31 THB 3.15 THB 4.57 THB 38
5Y Revenue Exit 2.36 THB 3.61 THB 5.42 THB 39
10Y Revenue Exit 2.25 THB 3.12 THB 4.05 THB 36
Multiples
EV/Revenue 2.65 THB 3.98 THB 5.31 THB 43
Asset-Based
NCAV (Graham) 1.18 THB 1.58 THB 2.36 THB 50
Growth DCF
Growth DCF 2.40 THB 3.20 THB 4.44 THB 80
Rev-Margin DCF 2.36 THB 3.68 THB 5.31 THB 74

Widest divergence: Multiples (3.98 THB) versus Asset-Based (1.58 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.0B THB
Revenue growth (YoY) -27.2%
Net margin -12.5%
Return on equity -4.5%
Free cash flow 426M THB FY2025
Operating margin -8.9%
More key figures
EPS (TTM) -0.1000 THB
EPS growth (YoY) -56.8%
Net debt 1.1B THB FY2025

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 58 · Market factors (momentum, volatility) 48

Profitability 6
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 59
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 27
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

N.C. Housing Public Company Limited engages in the real estate development business in Thailand. The company develops single detached houses, duplexes, townhomes, and condominiums.

Full company description

N.C. Housing Public Company Limited engages in the real estate development business in Thailand. The company develops single detached houses, duplexes, townhomes, and condominiums. It also engages in the land development; contractor and project management business; provision of property management and construction services; intermediate care and wellness business; and rental space in club house and health rehabilitation and senior care center, etc. The company was incorporated in 1994 and is headquartered in Pathum Thani, Thailand. N.C. Housing Public Company Limited is a subsidiary of NCH 2555 Holding Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

N.C. Housing Public Company reported revenue of 1.1B THB in FY2025 versus 2.5B THB in FY2021, a compound −18.6%/yr. Reported net income was −128M THB in FY2025.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
1.1B THB
Latest YoY
−12.3%
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.
−25.0%
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.
−9.0%
Avg. growth/yr (23Y) 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.
−1.7%
Revenue −18.6%/yr
FY21 2.5B THB
FY22 2.6B THB
FY23 2.4B THB
FY24 1.3B THB
FY25 1.1B THB
Net income
FY21 252M THB
FY22 349M THB
FY23 162M THB
FY24 −33.7M THB
FY25 −128M THB

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Cite: Fair Value Calculator (2026). "N.C. Housing Public Company Fair Value". https://www.fairvalue-calculator.com/stock/NCH

Peer Group

Real Estate - Development · 588 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 56 · Top 25%
Fair Value upside −9% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) -13% · Bottom 25%
Operating margin (TTM) -9% · Bottom 25%
Revenue growth -27% · Below median
Debt / equity 0.21× · Lower than median

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.0× · Cheaper than 75% of peers

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 22 · sector 48
FUTURE 0 · sector 0
PAST 0 · sector 10
HEALTH 90 · sector 84
DIVIDEND 0 · 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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is N.C. Housing Public Company (NCH) overvalued or undervalued?
As of Jul 13, 2026, our model estimates a fair value of 0.4215 THB versus a price of 0.4600 THB, about −8% (fairly valued).
What is the fair value of NCH?
Our model-based fair value for N.C. Housing Public Company is 0.4215 THB (as of Jul 13, 2026), built from audited fundamentals. The current price is 0.4600 THB.
What is the quality score of NCH?
N.C. Housing Public Company has a Quality Score of 54/100. 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 N.C. Housing Public Company (NCH)?
N.C. Housing Public Company reported trailing-twelve-month revenue of about 1.0B THB (latest available figure, as of Jul 13, 2026).
What is the net profit margin of NCH?
The net profit margin of N.C. Housing Public Company is about -12.5%, meaning it is currently running at a net loss. 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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