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Sub Sri Thai Real Estate Investment Trust (SSTRT) Fair Value & Analysis

Real Estate · TH · Market cap 941M THB

SS Sub Sri Thai Real Estate Investment Trust SSTRT · BK
Price4.74 THB
Fair Value8.75 THB
Upside+84.6%
Quality74/100
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Mixed Growth
Highly profitable · 72.6% net margin
Low debt · generates free cash flow
8.51% dividend yield
Ranks above peers (11/14)
Wide moat 65/100
Evidence: High Range 6.56 THB – 10.93 THB Share as image

Fair value as of: Jul 10, 2026

From 15 valuation models · updated 31 days ago

Fair value updated Jul 10, 2026, revised from 8.54 THB to 8.75 THB (+2.5%) since Jun 26, 2026. Share price +1.7% over the past month.

A solid business, screening 85% undervalued on our models.

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (6.56 THB). The market is more pessimistic than our downside scenario.
  • 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)

4.76 THB 3.32 THB Fair Value 8.75 THB Nov 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 10, 2026.

How to read this chart

60‑month range 3.32 THB – 4.76 THB · fair‑value band 6.56 THB – 10.93 THB · the 4.74 THB price screens below the 8.75 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 10, 2026.

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Analysis

Sub Sri Thai Real Estate Investment Trust (SSTRT) currently trades at 4.74 THB, while our model-based Fair Value estimate is 8.75 THB, implying the stock looks roughly 84.6% undervalued today. The Quality Score stands at 74/100 (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, Sub Sri Thai Real Estate Investment Trust generated revenue of 136M THB at a net margin of 72.6%. Revenue declined 0.3% year over year. It earns a return on equity of 6.4%. Net debt stands at 79.6M THB. Fundamentals as of Jul 10, 2026

Our scenario range runs from 6.56 THB (bear case) to 10.93 THB (bull case); at 4.74 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 near its 52-week high and 23% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -45% fair-value upside, at 85%, SSTRT 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 7.33 THB 12.82 THB 21.45 THB 80
Residual Income 5.97 THB 6.14 THB 5.97 THB 76
Gordon GGM 2.99 THB 5.39 THB 7.42 THB 70
All 15 models by family
DCF Models
FCF DCF 7.83 THB 11.53 THB 22.59 THB 38
5Y Revenue Exit 4.86 THB 7.84 THB 14.03 THB 39
5Y EBITDA Exit 8.13 THB 14.45 THB 26.83 THB 41
10Y Revenue Exit 5.76 THB 11.17 THB 14.10 THB 36
10Y EBITDA Exit 8.07 THB 17.59 THB 34.00 THB 37
Dividend Discount
Gordon GGM 2.99 THB 5.39 THB 7.42 THB 70
DDM Multi-Stage 2.99 THB 4.93 THB 5.76 THB 61
Multiples
P/S Multiple 3.34 THB 4.45 THB 5.57 THB 58
P/B Multiple 6.32 THB 8.42 THB 10.53 THB 55
EV/EBIT 9.96 THB 13.35 THB 16.75 THB 53
EV/EBITDA 8.12 THB 10.90 THB 13.68 THB 54
EV/Revenue 3.14 THB 4.58 THB 6.02 THB 43
Asset-Based
NCAV (Graham) 3.95 THB 5.29 THB 7.89 THB 50
Growth DCF
Growth DCF 7.33 THB 12.82 THB 21.45 THB 80
Economic Profit
Residual Income 5.97 THB 6.14 THB 5.97 THB 76

Widest divergence: Growth DCF (12.82 THB) versus Dividend Discount (4.93 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 136M THB
Revenue growth (YoY) -0.3%
Net margin 72.6%
Return on equity 6.4%
Free cash flow 117M THB FY2025
P/E ratio 9.0
More key figures
Operating margin 90.2%
EPS (TTM) 0.5200 THB
Dividend yield 8.5%
EPS growth (YoY) +1.6%
Net debt 79.6M THB FY2025

Figures from reported company fundamentals · as of Jul 10, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 70 · Market factors (momentum, volatility) 75

Profitability 38
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 87
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 77
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

Sub Sri Thai Real Estate Investment Trust is a real estate investment trust externally managed by SST REIT Management Company Limited.

Full company description

Sub Sri Thai Real Estate Investment Trust is a real estate investment trust externally managed by SST REIT Management Company Limited. The firm policy is to invest in main assets that are immovable property or lease rights of immovable property (including sub-lease right to of immovable property) and assets that are the fixtures or accessories of such immovable property, including constructions and other assets that are the fixtures of the land and buildings, instruments, accessories, working systems in the building and other asset released, connected and necessary for exploration of such immovable property. Sub Sri Thai Real Estate Investment Trust was formed on December 13, 2017 and is based in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sub Sri Thai Real Estate Investment Trust reported revenue of 136M THB in FY2025 versus 118M THB in FY2021, a compound +3.6%/yr. Reported net income was 98.3M THB in FY2025, compounding +4.5%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
136M THB
Latest YoY
−0.3%
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.
+4.8%
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.
+2.8%
Avg. growth/yr (11Y) 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.
+16.1%
Revenue +3.6%/yr
FY21 118M THB
FY22 118M THB
FY23 136M THB
FY24 136M THB
FY25 136M THB
Net income +4.5%/yr
FY21 82.3M THB
FY22 83.6M THB
FY23 116M THB
FY24 93.5M THB
FY25 98.3M THB

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Cite: Fair Value Calculator (2026). "Sub Sri Thai Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/SSTRT

Peer Group

REIT - Industrial · 63 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 73 · Top 25%
Fair Value upside +85% · Top 25%
Return on equity (TTM) 6% · Below median
Return on assets 5% · Top 25%
Net margin (TTM) 73% · Top 25%
Operating margin (TTM) 90% · Top 25%
Revenue growth -0% · Bottom 25%
Dividend yield (TTM) 8.5% · Top 25%
Debt / equity 0.04× · Lower than 75% of peers

Valuation Multiples vs REIT - Industrial median · lower = cheaper

P/E (TTM) 9.0× · Cheaper than 75% of peers
P/B 0.60× · Cheaper than 75% of peers
P/S (TTM) 6.91× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 9.5× · 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 5
FUTURE 0 · sector 19
PAST 26 · sector 27
HEALTH 98 · sector 76
DIVIDEND 100 · sector 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 REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jul 10, 2026).

Stock Price Fair Value vs Fair Value
Prologis, Inc PLD $143.42 $61.28 -57%
Public Storage, a member of the S&P 500, PSA $322.48 $172.80 -46%
Extra Space Storage Inc EXR $147.71 $78.38 -47%
EastGroup Properties, Inc EGP $213.10 $81.41 -62%
Lineage, Inc LINE $41.42 $47.91 +16%
CapitaLand Ascendas REIT (CLAR) A17U 2.51 SGD 2.00 SGD -20%
CubeSmart CUBE $42.09 $25.06 -40%
First Industrial Realty Trust, Inc FR $66.99 $21.48 -68%
Rexford Industrial Realty, Inc REXR $39.00 $21.35 -45%
STAG Industrial, Inc STAG $41.11 $24.31 -41%

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Frequently asked questions

Is Sub Sri Thai Real Estate Investment Trust (SSTRT) overvalued or undervalued?
As of Jul 10, 2026, our model estimates a fair value of 8.75 THB versus a price of 4.74 THB, about +85% (undervalued).
What is the fair value of SSTRT?
Our model-based fair value for Sub Sri Thai Real Estate Investment Trust is 8.75 THB (as of Jul 10, 2026), built from audited fundamentals. The current price is 4.74 THB.
What is the quality score of SSTRT?
Sub Sri Thai Real Estate Investment Trust has a Quality Score of 74/100. 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 Sub Sri Thai Real Estate Investment Trust (SSTRT)?
Sub Sri Thai Real Estate Investment Trust reported trailing-twelve-month revenue of about 136M THB (latest available figure, as of Jul 10, 2026).
What is the net profit margin of SSTRT?
The net profit margin of Sub Sri Thai Real Estate Investment Trust is about 72.6%, meaning it keeps roughly 72.6% of revenue as net income. Based on the latest reported figures.
Does Sub Sri Thai Real Estate Investment Trust pay a dividend?
Sub Sri Thai Real Estate Investment Trust currently shows a dividend yield of about 9.05% relative to its recent price (as of Jul 10, 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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