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Samart Corporation (SAMART) Fair Value & Analysis

Technology · TH · Market cap 5.6B THB

SC Samart Corporation SAMART · BK
Price5.65 THB
Fair Value9.61 THB
Upside+70.1%
Quality58/100
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Healthy Growth
Thin margins · 5.2% net margin
Low debt · generates free cash flow
4.21% dividend yield
Ranks above peers (12/14)
Moderate moat 45/100
Evidence: Medium Range 7.21 THB – 12.02 THB Share as image

Fair value as of: Jul 17, 2026

From 24 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 9.60 THB to 9.61 THB (+0.1%) since Jun 25, 2026. Share price −0.9% over the past month.

A solid business, screening 70% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (7.21 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.
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Price vs Fair Value (5 years)

10.17 THB 3.78 THB Fair Value 9.61 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range 3.78 THB – 10.17 THB · fair‑value band 7.21 THB – 12.02 THB · the 5.65 THB price screens below the 9.61 THB fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Samart Corporation (SAMART) currently trades at 5.65 THB, while our model-based Fair Value estimate is 9.61 THB, implying the stock looks roughly 70.1% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Technology 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, Samart Corporation generated revenue of 10.9B THB at a net margin of 5.2%. Revenue declined 1.8% year over year. It earns a return on equity of 10.5%. Net debt stands at 1.7B THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 7.21 THB (bear case) to 12.02 THB (bull case); at 5.65 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 13% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at 70%, SAMART 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
Growth DCF 11.99 THB 15.52 THB 21.38 THB 80
Residual Income 4.49 THB 4.87 THB 6.21 THB 76
Rev-Margin DCF 12.15 THB 17.50 THB 24.03 THB 74
All 24 models by family
DCF Models
FCF DCF 11.56 THB 15.23 THB 21.81 THB 38
Owner Earnings 12.54 THB 16.56 THB 23.78 THB 31
5Y Revenue Exit 12.15 THB 17.25 THB 24.68 THB 39
5Y EBITDA Exit 17.87 THB 27.16 THB 39.47 THB 41
5Y P/E Exit 9.24 THB 12.23 THB 15.81 THB 38
10Y Revenue Exit 11.53 THB 15.25 THB 19.25 THB 36
10Y EBITDA Exit 15.23 THB 21.24 THB 27.74 THB 37
10Y P/E Exit 10.11 THB 12.21 THB 14.17 THB 35
Earnings-Based
Graham-Dodd 3.27 THB 3.99 THB 4.49 THB 54
EPV 11.50 THB 13.07 THB 14.43 THB 59
Dividend Discount
Gordon GGM 0.8900 THB 0.9700 THB 1.09 THB 70
DDM Multi-Stage 0.8900 THB 1.10 THB 1.38 THB 61
Multiples
P/E Multiple 7.21 THB 9.61 THB 12.02 THB 63
P/S Multiple 6.13 THB 8.17 THB 10.21 THB 58
P/B Multiple 6.13 THB 8.17 THB 10.21 THB 55
EV/EBIT 19.33 THB 25.26 THB 31.20 THB 53
EV/EBITDA 25.52 THB 33.52 THB 41.51 THB 54
EV/Revenue 13.53 THB 18.67 THB 23.81 THB 43
Asset-Based
NCAV (Graham) 2.67 THB 3.58 THB 5.34 THB 50
Growth DCF
Growth DCF 11.99 THB 15.52 THB 21.38 THB 80
Rev-Margin DCF 12.15 THB 17.50 THB 24.03 THB 74
Economic Profit
Residual Income 4.49 THB 4.87 THB 6.21 THB 76
ROIC Compounder 11.50 THB 13.44 THB 15.33 THB 72
Growth Earnings
Growth-Adj P/E 5.10 THB 7.29 THB 9.47 THB 68

Widest divergence: Growth DCF (15.52 THB) versus Dividend Discount (0.9700 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 10.9B THB
Revenue growth (YoY) -1.8%
Net margin 5.2%
Return on equity 10.5%
Free cash flow 1.1B THB FY2025
P/E ratio 10.1
More key figures
Operating margin 10.5%
EPS (TTM) 0.5600 THB
Dividend yield 4.2%
EPS growth (YoY) +151%
Net debt 1.7B THB FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 57 · Market factors (momentum, volatility) 50

Profitability 34
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 37
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

Samart Corporation Public Company Limited engages in the design, installation, and sale of telecommunications systems and equipment in Thailand, Cambodia, and internationally. It operates through the Digital ICT Solution, Digital Communications, and Utilities and Transportation segments.

Full company description

Samart Corporation Public Company Limited engages in the design, installation, and sale of telecommunications systems and equipment in Thailand, Cambodia, and internationally. It operates through the Digital ICT Solution, Digital Communications, and Utilities and Transportation segments. The Digital ICT Solution segment offers telecommunications and IT network system services, including satellite communications solutions, digital communication networks, DWDM/MPLS, SD-WAN solutions, and digital trunked radio systems; enhanced technology solutions comprising advanced security, cyber security, advanced metering infrastructure, energy management, cloud & data center, e-document & data management, and big data analytics solutions; and business application solutions, such as ERP, core banking systems, e-payment, electronic data interchange, and e-learning solutions. Its Digital Communications segment provides digital trunked radio systems (DTRS) and co-tower rental services for mobile operators; and digital content, such as news and entertainment content, fortunetelling, and sports services, as well as VDO streaming, real-time interactions, and one-on-one consultation services. The Utilities and Transportations segment offers aviation solutions, including air traffic control services; construction and maintenance services for high-voltage substations and transmission systems; and other solutions and manufacturing services comprising excise tax collection services (direct coding), comprehensive security and audio-visual communication systems, as well as design and manufacturing services for metal products. Samart Corporation Public Company Limited was founded in 1989 and is based in Nonthaburi, Thailand

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Samart Corporation reported revenue of 10.8B THB in FY2025 versus 7.0B THB in FY2021, a compound +11.7%/yr. Reported net income was 479M THB in FY2025.

Growth Quality 65/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
10.8B THB
Latest YoY
+7.7%
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.
+6.2%
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.
+3.5%
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.
+3.1%
Revenue +11.7%/yr
FY21 7.0B THB
FY22 9.0B THB
FY23 10.1B THB
FY24 10.0B THB
FY25 10.8B THB
Net income
FY21 −460M THB
FY22 −1.3B THB
FY23 −390M THB
FY24 133M THB
FY25 479M THB
Character of growth · EPS growth decomposed (2014-2025) −9.4 % p.a.
Revenue per share −5.9 pp

of which total revenue −5.9 pp · buybacks/dilution +0.0 pp

EBIT margin +3.2 pp
Tax rate −3.4 pp
Residual (interest, one-offs) −3.4 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). "Samart Corporation Fair Value". https://www.fairvalue-calculator.com/stock/SAMART

Peer Group

Information Technology Services · 475 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 +70% · Top 25%
Return on equity (TTM) 11% · Above median
Return on assets 4% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 10% · Above median
Revenue growth -2% · Below median
Dividend yield (TTM) 4.2% · Top 25%
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Information Technology Services median · lower = cheaper

P/E (TTM) 10.1× · Cheaper than 75% of peers
P/B 1.06× · Cheaper than median
P/S (TTM) 0.52× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 1.8× · 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 31
PAST 42 · sector 37
HEALTH 90 · sector 97
DIVIDEND 84 · sector 37

Insider activity: 40/100

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 Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $235.92 $143.90 -39%
Accenture plc ACNN 2,460 MXN 250.95 MXN -90%
Infosys Limited INFY ₹1,156 ₹1,457 +26%
HCL Technologies Limited HCLTECH ₹1,204 ₹1,230 +2%
Wipro Limited WIPRO ₹178.43 ₹226.81 +27%
Tech Mahindra Limited TECHM ₹1,455 ₹1,086 -25%
Samsung SDS Co 018260 199,300 KRW 196,390 KRW -1%
Persistent Systems Limited PERSISTENT ₹5,059 ₹2,364 -53%
Hyundai Autoever Corporation 307950 393,000 KRW 133,088 KRW -66%
Coforge Limited COFORGE ₹1,541 ₹702.84 -54%

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Frequently asked questions

Is Samart Corporation (SAMART) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 9.61 THB versus a price of 5.65 THB, about +70% (undervalued).
What is the fair value of SAMART?
Our model-based fair value for Samart Corporation is 9.61 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 5.65 THB.
What is the quality score of SAMART?
Samart Corporation 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 Samart Corporation (SAMART)?
Samart Corporation reported trailing-twelve-month revenue of about 10.9B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of SAMART?
The net profit margin of Samart Corporation is about 5.2%, meaning it keeps roughly 5.2% of revenue as net income. Based on the latest reported figures.
Does Samart Corporation pay a dividend?
Samart Corporation currently shows a dividend yield of about 4.21% relative to its recent price (as of Jul 17, 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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