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PROEN Corp (PROEN) Fair Value & Analysis

Communication Services · TH · Market cap 400M THB

PC PROEN Corp PROEN · BK
Price0.9300 THB
Fair Value0.2300 THB
Upside-75.3%
Quality28/100
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Weak Growth
Thin margins · 1.6% net margin
Low debt · negative free cash flow
Trails peers (3/12)
Narrow moat 20/100
Evidence: Medium Range 0.1700 THB – 0.2900 THB Share as image

Fair value as of: Jul 18, 2026

From 8 valuation models · updated 23 days ago

Share price +1.1% over the past month.

Below-average quality, and screening another 75% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (0.2900 THB). The favourable scenario is already priced in.
  • Weak quality (28/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

9.22 THB 0.8500 THB Fair Value 0.2300 THB Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 0.8500 THB – 9.22 THB · fair‑value band 0.1700 THB – 0.2900 THB · the 0.9300 THB price screens above the 0.2300 THB fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PROEN Corp (PROEN) currently trades at 0.9300 THB, while our model-based Fair Value estimate is 0.2300 THB, implying the stock looks roughly 75.3% overvalued today. The Quality Score stands at 28/100 (below-average quality), in the Communication Services 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: medium).

Over the trailing twelve months, PROEN Corp generated revenue of 567M THB at a net margin of 0.7%. Revenue declined 63.0% year over year. It earns a return on equity of 0.7%. Net debt stands at 27.7M THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 0.1700 THB (bear case) to 0.2900 THB (bull case); at 0.9300 THB, the current price sits above 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 43% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 32% fair-value upside, at -75%, PROEN 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (0.0900 THB to 1.47 THB). Read the values as a conservative anchor, not as a price target.
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 0.9500 THB 0.8500 THB 0.5500 THB 76
Growth-Adj P/E 0.1200 THB 0.1800 THB 0.2300 THB 68
P/E Multiple 0.1700 THB 0.2300 THB 0.2900 THB 63
All 8 models by family
Earnings-Based
Graham-Dodd 0.0700 THB 0.0900 THB 0.1000 THB 54
Multiples
P/E Multiple 0.1700 THB 0.2300 THB 0.2900 THB 63
P/S Multiple 0.1300 THB 0.1800 THB 0.2200 THB 58
P/B Multiple 0.1300 THB 0.1800 THB 0.2200 THB 55
EV/EBITDA 1.34 THB 1.47 THB 1.61 THB 54
Asset-Based
NCAV (Graham) 0.7500 THB 1.00 THB 1.49 THB 50
Economic Profit
Residual Income 0.9500 THB 0.8500 THB 0.5500 THB 76
Growth Earnings
Growth-Adj P/E 0.1200 THB 0.1800 THB 0.2300 THB 68

Widest divergence: Asset-Based (1.00 THB) versus Earnings-Based (0.0900 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 567M THB
Revenue growth (YoY) -63.0%
Net margin 0.7%
Return on equity 0.7%
Free cash flow −106M THB FY2025
P/E ratio 44.5
More key figures
Operating margin -10.4%
EPS (TTM) 0.0200 THB
EPS growth (YoY) +764%
Net debt 27.7M THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 28/100

Of which business quality 30 · Market factors (momentum, volatility) 31

Profitability 20
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 8
Distance to the 52-week high (market factor)
Net Issuance 15
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

PROEN Corp Public Company Limited, together with its subsidiaries, engages in the distribution of IT equipment in Thailand. It operates through three segments: IT Equipment Distribution; Internet Data Center and Related Services; and Construction.

Full company description

PROEN Corp Public Company Limited, together with its subsidiaries, engages in the distribution of IT equipment in Thailand. It operates through three segments: IT Equipment Distribution; Internet Data Center and Related Services; and Construction. The company provides internet data centers; DevOps; database as a service, S3 storage, backup as a service, DR as a service, and data warehouse development; security, such as security service edge, WAF and DDoS protection, manage detect and response, zero trust network access, secure access service edge, vulnerability management, penetration test, and single sign-on as a service; and telecommunication services, including site preparation, electrical and transmission, pipe jacking, and telecom equipment installation and wireless backhaul services. It also offers digital solutions, which include smart city and IoT solutions, as well as c. The company also offers computer and technology training, teaching, and consulting services; purchases, sells, and services machinery and other equipment for construction works; and provides construction services. The company was formerly known as Proimage Engineering and Communication Company Limited. PROEN Corp Public Company Limited was founded in 1997 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PROEN Corp reported revenue of 567M THB in FY2025 versus 1.1B THB in FY2021, a compound −14.4%/yr. Reported net income was 4.1M THB in FY2025, compounding −38.6%/yr from FY2021.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
567M THB
Latest YoY
−19.9%
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.
−28.2%
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.
−10.7%
Avg. growth/yr (9Y) 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.
+7.5%
Revenue −14.4%/yr
FY21 1.1B THB
FY22 1.5B THB
FY23 763M THB
FY24 708M THB
FY25 567M THB
Net income −38.6%/yr
FY21 29.2M THB
FY22 65.2M THB
FY23 15.8M THB
FY24 29.2M THB
FY25 4.1M THB

PROEN screens 75% overvalued. Compare with China Mobile Limited →

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Cite: Fair Value Calculator (2026). "PROEN Corp Fair Value". https://www.fairvalue-calculator.com/stock/PROEN

Peer Group

Telecom Services · 250 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 28 · Bottom 25%
Fair Value upside −75% · Bottom 25%
Return on equity (TTM) 1% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) 2% · Below median
Operating margin (TTM) -10% · Bottom 25%
Revenue growth -51% · Bottom 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Telecom Services median · lower = cheaper

P/E (TTM) 51.0× · Pricier than 75% of peers
P/B 0.68× · Cheaper than 75% of peers
P/S (TTM) 0.83× · Cheaper than median
EV/EBITDA 16.8× · Pricier 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 0 · sector 29
FUTURE 0 · sector 15
PAST 5 · sector 28
HEALTH 97 · sector 88
DIVIDEND 0 · sector 73

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

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 Telecom Services stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
China Mobile Limited 600941 ¥89.98 ¥109.88 +22%
T-Mobile US, Inc TMUS $187.61 $172.67 -8%
Bharti Airtel Limited BHARTIARTL ₹1,922 ₹941.55 -51%
China Telecom Corporation 601728 ¥6.01 ¥8.36 +39%
América Móvil, S.A. AMXB 23.07 MXN 30.35 MXN +32%
Vodafone Group VODN 259.50 MXN 507.27 MXN +95%
Advanced Info Service Public Company ADVANC 379.00 THB 286.77 THB -24%
Chunghwa Telecom Co 2412 133.50 TWD 100.00 TWD -25%
China Unicom (Hong Kong) Limited 0762 HK$6.50 HK$13.03 +100%
Telefónica, S.A TEFN 75.67 MXN 111.01 MXN +47%

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Frequently asked questions

Is PROEN Corp (PROEN) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 0.2300 THB versus a price of 0.9300 THB, about −75% (overvalued).
What is the fair value of PROEN?
Our model-based fair value for PROEN Corp is 0.2300 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 0.9300 THB.
What is the quality score of PROEN?
PROEN Corp has a Quality Score of 28/100. 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 PROEN Corp (PROEN)?
PROEN Corp reported trailing-twelve-month revenue of about 567M THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of PROEN?
The net profit margin of PROEN Corp is about 0.7%, meaning it keeps roughly 0.7% 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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