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PM Thoresen Asia Holdings (PMTA) Fair Value & Analysis

Basic Materials · TH · Market cap 972M THB

PT PM Thoresen Asia Holdings PMTA · BK
Price9.50 THB
Fair Value19.37 THB
Upside+103.9%
Quality53/100
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Expensive Growth
Thin margins · 3.9% net margin
negative free cash flow
7.29% dividend yield
Ranks above peers (9/12)
Narrow moat 35/100
Evidence: High Range 13.56 THB – 22.56 THB Share as image

Fair value as of: Jul 16, 2026

From 15 valuation models · updated 25 days ago

Share price −2.1% over the past month.

A solid business, screening 104% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (13.56 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

12.66 THB 3.83 THB Fair Value 19.37 THB Mar 2020 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 3.83 THB – 12.66 THB · fair‑value band 13.56 THB – 22.56 THB · the 9.50 THB price screens below the 19.37 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

PM Thoresen Asia Holdings (PMTA) currently trades at 9.50 THB, while our model-based Fair Value estimate is 19.37 THB, implying the stock looks roughly 103.9% undervalued today. The Quality Score stands at 53/100 (solid quality), in the Basic Materials 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, PM Thoresen Asia Holdings generated revenue of 3.6B THB at a net margin of 3.9%. Revenue declined 7.8% year over year. It earns a return on equity of 8.3%. Net debt stands at 445M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 13.56 THB (bear case) to 22.56 THB (bull case); at 9.50 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 9% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at 104%, PMTA screens cheaper 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
Residual Income 12.90 THB 13.93 THB 15.60 THB 76
Gordon GGM 7.77 THB 8.61 THB 9.65 THB 70
Growth-Adj P/E 13.56 THB 19.37 THB 25.18 THB 68
All 15 models by family
DCF Models
Owner Earnings 14.83 THB 18.14 THB 24.02 THB 31
Earnings-Based
Graham-Dodd 10.15 THB 14.71 THB 17.33 THB 54
EPV 16.52 THB 18.35 THB 19.88 THB 59
Dividend Discount
Gordon GGM 7.77 THB 8.61 THB 9.65 THB 70
DDM Multi-Stage 7.77 THB 9.56 THB 11.66 THB 61
Multiples
P/E Multiple 19.04 THB 25.38 THB 31.73 THB 63
P/S Multiple 19.04 THB 25.38 THB 31.73 THB 58
P/B Multiple 19.04 THB 25.38 THB 31.73 THB 55
EV/EBIT 24.40 THB 31.51 THB 38.62 THB 53
EV/EBITDA 23.91 THB 30.85 THB 37.80 THB 54
EV/Revenue 21.56 THB 29.48 THB 37.40 THB 43
Asset-Based
NCAV (Graham) 7.83 THB 10.49 THB 15.66 THB 50
Economic Profit
Residual Income 12.90 THB 13.93 THB 15.60 THB 76
ROIC Compounder 16.54 THB 18.61 THB 20.72 THB 67
Growth Earnings
Growth-Adj P/E 13.56 THB 19.37 THB 25.18 THB 68

Widest divergence: Multiples (25.38 THB) versus Dividend Discount (8.61 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.6B THB
Revenue growth (YoY) -7.8%
Net margin 3.9%
Return on equity 8.3%
Free cash flow −332M THB FY2025
P/E ratio 6.9
More key figures
Operating margin 3.1%
EPS (TTM) 1.38 THB
Dividend yield 7.4%
EPS growth (YoY) -45.8%
Net debt 445M THB FY2025

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

Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 61

Profitability 49
Margins and returns on capital today
Quality Growth 28
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 51
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

PM Thoresen Asia Holdings Public Company Limited, together with its subsidiaries, manufactures fertilizer and crop care products and provides factory area management services in Vietnam, the Philippines, Madagascar, and internationally.

Full company description

PM Thoresen Asia Holdings Public Company Limited, together with its subsidiaries, manufactures fertilizer and crop care products and provides factory area management services in Vietnam, the Philippines, Madagascar, and internationally. The company manufactures and supplies NPK compound, compounds and single fertilizers, and foliar, as well as pesticides and insecticides under the STORK brand name. It also operates and leases warehouses; and offers value-added services, including offices for supervisory personnel, commercial vehicle parking, guards, and utilities. In addition, the company engages in import; general trading; and provision of procurement services for macronutrient products, such as nitrogen, phosphate, and potash. It exports its products. The company was incorporated in 2013 and is based in Bangkok, Thailand. PM Thoresen Asia Holdings Public Company Limited is a subsidiary of Thoresen Thai Agencies Public Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PM Thoresen Asia Holdings reported revenue of 3.7B THB in FY2025 versus 3.9B THB in FY2021, a compound −1.6%/yr. Reported net income was 151M THB in FY2025, compounding +3.2%/yr from FY2021.

Growth Quality 32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.7B THB
Latest YoY
−4.1%
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.
−4.6%
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.
+5.4%
Avg. growth/yr (12Y) 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.
+1.1%
Revenue −1.6%/yr
FY21 3.9B THB
FY22 4.2B THB
FY23 3.8B THB
FY24 3.8B THB
FY25 3.7B THB
Net income +3.2%/yr
FY21 133M THB
FY22 78.1M THB
FY23 58.1M THB
FY24 151M THB
FY25 151M THB
Character of growth · EPS growth decomposed (2014-2025) −9.0 % p.a.
Revenue per share +1.3 pp

of which total revenue +1.7 pp · buybacks/dilution −0.4 pp

EBIT margin −7.5 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −2.0 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). "PM Thoresen Asia Holdings Fair Value". https://www.fairvalue-calculator.com/stock/PMTA

Peer Group

Agricultural Inputs · 179 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 53 · Above median
Fair Value upside +104% · Top 25%
Return on equity (TTM) 8% · Above median
Return on assets 5% · Above median
Net margin (TTM) 4% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 7.3% · Top 25%

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 7.0× · Cheaper than 75% of peers
P/B 0.61× · Cheaper than 75% of peers
P/S (TTM) 0.27× · Cheaper than 75% of peers
EV/EBITDA 2.5× · 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 100 · sector 21
FUTURE 0 · sector 37
PAST 33 · sector 24
HEALTH 0 · sector 97
DIVIDEND 100 · sector 33

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

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $86.07 $27.81 -68%
Nutrien Ltd NTR C$94.23 C$81.69 -13%
Qinghai Salt Lake Industry Co 000792 ¥24.93 ¥21.26 -15%
CF Industries Holdings CF $119.19 $161.00 +35%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 451.30 kr 67.25 -85%
Yunnan Yuntianhua Co 600096 ¥30.17 ¥42.12 +40%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥42.59 ¥38.01 -11%
Coromandel International Limited COROMANDEL ₹2,034 ₹1,129 -44%
UPL Limited UPL ₹594.75 ₹387.06 -35%

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Frequently asked questions

Is PM Thoresen Asia Holdings (PMTA) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 19.37 THB versus a price of 9.50 THB, about +104% (undervalued).
What is the fair value of PMTA?
Our model-based fair value for PM Thoresen Asia Holdings is 19.37 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 9.50 THB.
What is the quality score of PMTA?
PM Thoresen Asia Holdings has a Quality Score of 53/100. 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 PM Thoresen Asia Holdings (PMTA)?
PM Thoresen Asia Holdings reported trailing-twelve-month revenue of about 3.6B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of PMTA?
The net profit margin of PM Thoresen Asia Holdings is about 3.9%, meaning it keeps roughly 3.9% of revenue as net income. Based on the latest reported figures.
Does PM Thoresen Asia Holdings pay a dividend?
PM Thoresen Asia Holdings currently shows a dividend yield of about 7.37% relative to its recent price (as of Jul 16, 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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