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SC Asset Corporation (SC) Fair Value & Analysis

Real Estate · TH · Market cap 8.5B THB

SA SC Asset Corporation SC · BK
Price2.02 THB
Fair Value4.95 THB
Upside+145.1%
Quality54/100
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Weak Growth
Thin margins · 7.4% net margin
Moderate debt · generates free cash flow
7.43% dividend yield
Ranks above peers (11/15)
Narrow moat 36/100
Evidence: High Range 4.46 THB – 7.43 THB Share as image

Fair value as of: Jul 17, 2026

From 16 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from 4.48 THB to 4.95 THB (+10.5%) since Jun 26, 2026. Share price +3.1% over the past month.

A solid business, screening 145% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (4.46 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
  • 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)

3.82 THB 1.32 THB Fair Value 4.95 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 1.32 THB – 3.82 THB · fair‑value band 4.46 THB – 7.43 THB · the 2.02 THB price screens below the 4.95 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

SC Asset Corporation (SC) currently trades at 2.02 THB, while our model-based Fair Value estimate is 4.95 THB, implying the stock looks roughly 145.1% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Real Estate 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, SC Asset Corporation generated revenue of 20.8B THB at a net margin of 7.4%. Revenue grew 21.5% year over year. It earns a return on equity of 6.4%. Net debt stands at 30.4B THB. Fundamentals as of Jul 17, 2026

Our scenario range runs from 4.46 THB (bear case) to 7.43 THB (bull case); at 2.02 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 2% below its 52-week high and 56% 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 145%, SC 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 2.55 THB 6.37 THB 12.28 THB 80
Residual Income 4.52 THB 4.67 THB 4.71 THB 76
Rev-Margin DCF 1.77 THB 5.24 THB 9.53 THB 74
All 16 models by family
DCF Models
FCF DCF 2.55 THB 6.62 THB 13.10 THB 38
5Y Revenue Exit 1.77 THB 5.28 THB 9.89 THB 39
5Y EBITDA Exit 3.00 THB 7.71 THB 13.45 THB 41
10Y Revenue Exit 1.84 THB 5.15 THB 9.93 THB 36
10Y EBITDA Exit 2.78 THB 6.86 THB 12.74 THB 37
Dividend Discount
Gordon GGM 1.40 THB 2.80 THB 4.24 THB 70
DDM Multi-Stage 1.40 THB 2.42 THB 2.96 THB 61
Multiples
P/S Multiple 4.57 THB 6.09 THB 7.61 THB 58
P/B Multiple 4.57 THB 6.09 THB 7.61 THB 55
EV/EBIT 5.61 THB 8.65 THB 11.70 THB 53
EV/EBITDA 3.93 THB 6.42 THB 8.91 THB 54
EV/Revenue 1.51 THB 3.67 THB 5.83 THB 43
Asset-Based
NCAV (Graham) 2.89 THB 3.87 THB 5.77 THB 50
Growth DCF
Growth DCF 2.55 THB 6.37 THB 12.28 THB 80
Rev-Margin DCF 1.77 THB 5.24 THB 9.53 THB 74
Economic Profit
Residual Income 4.52 THB 4.67 THB 4.71 THB 76

Widest divergence: DCF Models (6.62 THB) versus Dividend Discount (2.42 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 20.8B THB
Revenue growth (YoY) +21.5%
Net margin 7.4%
Return on equity 6.4%
Free cash flow 2.2B THB FY2025
P/E ratio 4.9
More key figures
Operating margin 7.0%
EPS (TTM) 0.3600 THB
Dividend yield 8.4%
EPS growth (YoY) +7.3%
Net debt 30.4B THB FY2025

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

Quality Score breakdown

Overall quality 54/100

Of which business quality 53 · Market factors (momentum, volatility) 72

Profitability 27
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 35
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 80
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

SC Asset Corporation Public Company Limited, together with its subsidiaries, engages in the real estate development business in Thailand. It operates through Real Estates Sales; Rental and Rendering of Services; and Consulting and Management Service segments.

Full company description

SC Asset Corporation Public Company Limited, together with its subsidiaries, engages in the real estate development business in Thailand. It operates through Real Estates Sales; Rental and Rendering of Services; and Consulting and Management Service segments. The company develops and sells single detached houses, townhomes, condominiums, and office buildings; and rents office and technical buildings. It also provides consulting and management services. SC Asset Corporation Public Company Limited was founded in 1989 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SC Asset Corporation reported revenue of 20.5B THB in FY2025 versus 19.5B THB in FY2021, a compound +1.2%/yr. Reported net income was 1.5B THB in FY2025, compounding −7.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
20.5B THB
Latest YoY
+0.8%
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.
−1.8%
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.
+1.5%
Avg. growth/yr (22Y) 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.
+14.4%
Revenue +1.2%/yr
FY21 19.5B THB
FY22 21.6B THB
FY23 24.5B THB
FY24 20.3B THB
FY25 20.5B THB
Net income −7.1%/yr
FY21 2.1B THB
FY22 2.6B THB
FY23 2.5B THB
FY24 1.7B THB
FY25 1.5B THB
Character of growth · EPS growth decomposed (2014-2025) +0.3 % p.a.
Revenue per share +5.0 pp

of which total revenue +5.3 pp · buybacks/dilution −0.3 pp

EBIT margin −4.3 pp
Tax rate +0.1 pp
Residual (interest, one-offs) −0.4 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). "SC Asset Corporation Fair Value". https://www.fairvalue-calculator.com/stock/SC

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 55 · Above median
Fair Value upside +145% · Top 25%
Return on equity (TTM) 6% · Above median
Return on assets 2% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Below median
Revenue growth 22% · Above median
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.70× · Higher than median

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

P/E (TTM) 5.5× · Cheaper than 75% of peers
P/B 0.34× · Cheaper than median
P/S (TTM) 0.41× · Cheaper than median
P/FCF 0.1× · Cheaper than median
EV/EBITDA 10.8× · Pricier than median
PEG 0.90× · Pricier than median

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 48
FUTURE 100 · sector 0
PAST 26 · sector 10
HEALTH 65 · sector 84
DIVIDEND 100 · 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 17, 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 SC Asset Corporation (SC) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of 4.95 THB versus a price of 2.02 THB, about +145% (undervalued).
What is the fair value of SC?
Our model-based fair value for SC Asset Corporation is 4.95 THB (as of Jul 17, 2026), built from audited fundamentals. The current price is 2.02 THB.
What is the quality score of SC?
SC Asset Corporation 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 SC Asset Corporation (SC)?
SC Asset Corporation reported trailing-twelve-month revenue of about 20.8B THB (latest available figure, as of Jul 17, 2026).
What is the net profit margin of SC?
The net profit margin of SC Asset Corporation is about 7.4%, meaning it keeps roughly 7.4% of revenue as net income. Based on the latest reported figures.
Does SC Asset Corporation pay a dividend?
SC Asset Corporation currently shows a dividend yield of about 8.38% 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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