PSG Corporation (PSGC) Fair Value & Analysis
Industrials · TH · Market cap 11.8B THB
Fair value as of: Jul 16, 2026
From 24 valuation models · updated 25 days ago
Share price +2.9% over the past month.
A solid business, but screening 33% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (4.45 THB). The favourable scenario is already priced in.
- Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
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 0.8760 THB – 47.01 THB · fair‑value band 2.53 THB – 4.45 THB · the 5.35 THB price screens above the 3.56 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
PSG Corporation (PSGC) currently trades at 5.35 THB, while our model-based Fair Value estimate is 3.56 THB, implying the stock looks roughly 33.5% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Industrials 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: high).
Over the trailing twelve months, PSG Corporation generated revenue of 4.6B THB at a net margin of 11.4%. Revenue grew 284.5% year over year. It earns a return on equity of 8.1%. The balance sheet holds a net cash position of 1.7B THB. Fundamentals as of Jul 16, 2026
Our scenario range runs from 2.53 THB (bear case) to 4.45 THB (bull case); at 5.35 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 25% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -33%, PSGC 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.
All 24 models by family
Widest divergence: Growth Earnings (7.76 THB) versus Asset-Based (1.46 THB). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 34
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
PSG Corporation Public Company Limited, together with its subsidiary, engages in turnkey engineering procurement construction (EPC) and large-scale construction projects in Thailand and the Lao People's Democratic Republic.
Full company description
PSG Corporation Public Company Limited, together with its subsidiary, engages in turnkey engineering procurement construction (EPC) and large-scale construction projects in Thailand and the Lao People's Democratic Republic. The company offers construction services for projects, such as civil engineering, industrial construction, superstructure, installation, and mechanical and electrical engineering projects, as well as roads, infrastructure, and other projects. Its construction portfolio also includes medium to large-scale projects, including factory buildings, warehouses, office buildings, shopping malls, commercial buildings, residential buildings, condominiums, hospitals, and utilities and machinery installation. In addition, the company offers operations and maintenance services for the mining sector; and engages in the natural resource and energy businesses. It serves government agencies and private companies. The company was formerly known as T Engineering Corporation Public Company Limited and changed its name to PSG Corporation Public Company Limited in October 2021. PSG Corporation Public Company Limited was incorporated in 1981 and is headquartered in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
PSG Corporation reported revenue of 2.7B THB in FY2025 versus 18.5M THB in FY2021, a compound +246.2%/yr. Reported net income was 377M THB in FY2025.
PSGC screens 33% overvalued. Compare with Larsen & Toubro Limited →
Peer Group
Engineering & Construction · 839 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.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Larsen & Toubro Limited LT | ₹3,815 | ₹1,994 | -48% |
| Samsung C&T Corporation 028260 | 346,000 KRW | 268,779 KRW | -22% |
| Hyundai Engineering & Construction Co 000720 | 99,000 KRW | 63,993 KRW | -35% |
| United Integrated Services Co 2404 | 1,250 TWD | 925.62 TWD | -26% |
| Samsung E&A Co 028050 | 42,550 KRW | 44,840 KRW | +5% |
| Rail Vikas Nigam Limited RVNL | ₹232.67 | ₹61.46 | -74% |
| Daewoo Engineering & Construction Co 047040 | 16,240 KRW | 6,507 KRW | -60% |
| NBCC (India) Limited NBCC | ₹96.32 | ₹48.22 | -50% |
| Cemindia Projects Limited CEMPRO | ₹1,330 | ₹730.69 | -45% |
| KEPCO Engineering & Construction Company 052690 | 92,700 KRW | 20,172 KRW | -78% |
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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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