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Solartron Public Company Limited (SOLAR) Fair Value & Analysis

Technology · TH · Market cap 301M THB (≈ $9.1M) · ISIN TH0831010002

SP Solartron Public Company Limited SOLAR · BK
Price0.2200 THB
Fair Value0.1300 THB
Upside-40.9%
Quality22/100
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Risks

!Trades 69% ABOVE our fair value of 0.1300 THB
!Mixed Growth (revenue 5y +16.2 %/yr)
!Loss-making · -85.7% net margin
!Moderate debt · negative free cash flow
Mixed Growth (revenue 5y +16.2 %/yr)
Loss-making · -85.7% net margin
Moderate debt · negative free cash flow
Trails peers (2/9)
Narrow moat 3/100
Evidence: Low Range 0.1000 THB – 0.2000 THB Share as image

Fair value as of: Aug 13, 2026

From 1 valuation models · updated 17 days ago

Fair value updated Aug 13, 2026, revised from 0.1400 THB to 0.1300 THB (−7.1%) since Jul 17, 2026.

Below-average quality, and trading another 69% above our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (0.2000 THB). The favourable scenario is already priced in.
  • Weak quality (22/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range (0.1000 THB to 0.2000 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

2.04 THB 0.1500 THB Fair Value 0.1300 THB Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.1500 THB – 2.04 THB · fair‑value band 0.1000 THB – 0.2000 THB · the 0.2200 THB price screens above the 0.1300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Solartron Public Company Limited (SOLAR) currently trades at 0.2200 THB, while our model-based Fair Value estimate is 0.1300 THB, implying the stock looks roughly 40.9% overvalued today. The Quality Score stands at 22/100 (below-average quality), in the Technology 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: low).

Over the trailing twelve months, Solartron Public Company Limited generated revenue of 603M THB at a net margin of -85.7%. Revenue grew 7.0% year over year. Net debt stands at 593M THB. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.1000 THB (bear case) to 0.2000 THB (bull case); at 0.2200 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 53% below its 52-week high and 57% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -6% fair-value upside, at -41%, SOLAR 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.

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
NCAV (Graham) best evidence 0.1000 THB 0.1400 THB 0.2100 THB 53
All 1 models by family
Asset-Based
NCAV (Graham) best evidence 0.1000 THB 0.1400 THB 0.2100 THB 53

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Key figures & financial health

P/S ratio 0.50 TTM
EPS (TTM) -0.4000 THB
Net margin -94.9% FY2025
Return on equity -104% TTM
Return on assets (EBIT) -7.8% avg 5y
Operating margin -32.2% TTM
More key figures
Growth
Revenue (TTM) 603M THB TTM
Revenue growth (YoY) +7.0% 3y avg +32.4%
EPS growth (YoY) +12.4%
Balance sheet & cash flow
Free cash flow −47.2M THB FY2025
Net debt 593M THB FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 22/100

Of which business quality 21 · Market factors (momentum, volatility) 31

Profitability 5
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 5
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 15
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Solartron Public Company Limited, together with its subsidiaries, engages in manufacturing, distribution, selling, and installation of solar-cell systems and related equipment in Thailand and internationally. It operates through the Selling and Installation of Solar - Cell Systems; Distribution Solar " Cell; and Sale of Electricity segments.

Full company description

Solartron Public Company Limited, together with its subsidiaries, engages in manufacturing, distribution, selling, and installation of solar-cell systems and related equipment in Thailand and internationally. It operates through the Selling and Installation of Solar - Cell Systems; Distribution Solar " Cell; and Sale of Electricity segments. The company offers solar cells and modules. It also provides on-site surveys and design, and installation services, as well as after-sales services and monitoring systems. In addition, the company is involved in the construction of solar power plants; import and distribution of electric motorcycles and spare parts; provision of an electric motorcycle repair center; and production and sale of electricity from solar energy. The company was incorporated in 1986 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Solartron Public Company Limited reported revenue of 593M THB in FY2025 versus 177M THB in FY2021, a compound +35.2%/yr. Reported net income was −562M THB in FY2025.

Growth Quality 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
593M THB
Latest YoY
+62.9%
Avg. revenue 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.
+32.4%
Avg. revenue 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.
+16.2%
Avg. revenue 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.
+7.2%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +35.2%/yr
FY21 177M THB
FY22 255M THB
FY23 316M THB
FY24 364M THB
FY25 593M THB
Net income
FY21 −282M THB
FY22 −167M THB
FY23 174M THB
FY24 −35.5M THB
FY25 −562M THB

SOLAR screens 69% overvalued. Compare with First Solar, Inc →

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Cite: Fair Value Calculator (2026). "Solartron Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/SOLAR

Peer Group

Solar · 115 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 21 · Bottom 25%
Fair Value upside −41% · Below median
Return on assets -18% · Bottom 25%
Net margin (TTM) -86% · Bottom 25%
Operating margin (TTM) -32% · Bottom 25%
Revenue growth 7% · Above median
Debt / equity 1.23× · Higher than 75% of peers

Valuation Multiples vs Solar median · lower = cheaper

P/S (TTM) 0.02× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 13
FUTURE35 · sector 0
PAST0 · sector 0
HEALTH38 · sector 84
DIVIDEND0 · sector 30

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

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

Similar stocks

10 more Solar stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
First Solar, Inc FSLR $210.10 $392.12 +87%
Nextpower Inc NXT $103.67 $69.61 -33%
Waaree Energies Limited WAAREEENER ₹2,624 ₹2,709 +3%
Tongwei Co 600438 ¥12.89 ¥12.13 -6%
Jinko Solar Co 688223 ¥4.16 ¥6.47 +56%
Enphase Energy, Inc ENPH $39.25 $24.15 -38%
CSI Solar Co 688472 ¥10.28 ¥6.76 -34%
Hengdian Group 002056 ¥21.53 ¥31.86 +48%
Premier Energies Limited PREMIERENE ₹1,017 ₹648.94 -36%
Trina Solar Co 688599 ¥12.77 ¥7.97 -38%

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Frequently asked questions

Is Solartron Public Company Limited (SOLAR) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.1300 THB versus a price of 0.2200 THB, about −41% (overvalued).
What is the fair value of SOLAR?
Our model-based fair value for Solartron Public Company Limited is 0.1300 THB (as of Aug 13, 2026), built from audited fundamentals. The current price: 0.2200 THB.
What is the quality score of SOLAR?
Solartron Public Company Limited has a Quality Score of 22/100. 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 Solartron Public Company Limited (SOLAR)?
Solartron Public Company Limited reported trailing-twelve-month revenue of about 603M THB (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SOLAR?
The net profit margin of Solartron Public Company Limited is about -85.7%, meaning it is currently running at a net loss. 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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