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Susco Public Company (SUSCO) Fair Value & Analysis

Energy · TH · Market cap 2.2B THB

SP Susco Public Company SUSCO · BK
Price2.28 THB
Fair Value3.65 THB
Upside+60.0%
Quality60/100
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Mixed Growth
Thin margins · 0.4% net margin
Low debt · generates free cash flow
3.88% dividend yield
Ranks above peers (9/15)
Narrow moat 28/100
Evidence: High Range 1.92 THB – 3.65 THB Share as image

Fair value as of: Jul 19, 2026

From 23 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from 2.55 THB to 3.65 THB (+43.1%) since Jun 24, 2026. Share price +1.8% over the past month.

A solid business, screening 60% undervalued on our models.

What matters now

  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (1.92 THB to 3.65 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

4.80 THB 1.99 THB Fair Value 3.65 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range 1.99 THB – 4.80 THB · fair‑value band 1.92 THB – 3.65 THB · the 2.28 THB price screens below the 3.65 THB fair value. Dashed = 300-day average. As of Jul 19, 2026.

Full chart & analysis →

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Analysis

Susco Public Company (SUSCO) currently trades at 2.28 THB, while our model-based Fair Value estimate is 3.65 THB, implying the stock looks roughly 60.0% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Energy 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, Susco Public Company generated revenue of 29.2B THB at a net margin of 0.4%. Revenue declined 22.6% year over year. It earns a return on equity of 2.7%. Net debt stands at 4.2B THB. Fundamentals as of Jul 19, 2026

Our scenario range runs from 1.92 THB (bear case) to 3.65 THB (bull case); at 2.28 THB, the current price sits within 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 15% below its 52-week high and 16% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -48% fair-value upside, at 60%, SUSCO 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 5.60 THB 8.09 THB 11.58 THB 80
Residual Income 3.27 THB 3.19 THB 2.65 THB 76
Rev-Margin DCF 4.86 THB 7.44 THB 10.49 THB 74
All 23 models by family
DCF Models
FCF DCF 5.55 THB 8.44 THB 12.77 THB 38
Owner Earnings 3.02 THB 4.46 THB 6.63 THB 31
5Y Revenue Exit 4.86 THB 7.43 THB 10.72 THB 39
5Y EBITDA Exit 3.19 THB 4.25 THB 5.43 THB 41
5Y P/E Exit 3.06 THB 3.99 THB 4.93 THB 38
10Y Revenue Exit 4.94 THB 7.34 THB 10.60 THB 36
10Y EBITDA Exit 4.02 THB 5.15 THB 6.57 THB 37
10Y P/E Exit 3.93 THB 4.98 THB 6.20 THB 35
Earnings-Based
Graham-Dodd 0.8600 THB 2.94 THB 3.94 THB 54
Lynch FV 0.6700 THB 0.9600 THB 1.25 THB 50
PEG = 1.0 0.6700 THB 0.9600 THB 1.25 THB 46
Dividend Discount
Gordon GGM 1.60 THB 3.19 THB 4.83 THB 70
DDM Multi-Stage 1.60 THB 2.71 THB 3.37 THB 61
Multiples
P/E Multiple 1.33 THB 1.77 THB 2.22 THB 63
P/S Multiple 1.61 THB 2.15 THB 2.69 THB 58
P/B Multiple 1.61 THB 2.15 THB 2.69 THB 55
EV/EBITDA 2.05 THB 2.57 THB 3.10 THB 54
EV/Revenue 4.66 THB 6.44 THB 8.23 THB 43
Asset-Based
NCAV (Graham) 2.28 THB 3.06 THB 4.57 THB 50
Growth DCF
Growth DCF 5.60 THB 8.09 THB 11.58 THB 80
Rev-Margin DCF 4.86 THB 7.44 THB 10.49 THB 74
Economic Profit
Residual Income 3.27 THB 3.19 THB 2.65 THB 76
Growth Earnings
Growth-Adj P/E 1.20 THB 1.72 THB 2.23 THB 68

Widest divergence: Growth DCF (7.44 THB) versus Earnings-Based (0.9600 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 29.2B THB
Revenue growth (YoY) -22.6%
Net margin 0.4%
Return on equity 2.7%
Free cash flow 435M THB FY2025
P/E ratio 14.7
More key figures
Operating margin 2.1%
EPS (TTM) 0.1400 THB
EPS growth (YoY) +8.6%
Net debt 4.2B THB FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 59 · Market factors (momentum, volatility) 56

Profitability 37
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 36
Distance to the 52-week high (market factor)
Net Issuance 98
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

Susco Public Company Limited engages in the wholesale and retail of fuel products in Thailand, Cambodia, Myanmar, Laos, and China. The company sells benzene, diesel oil, gasohol, natural gas, liquefied petroleum gas, and lubricants, as well as marts.

Full company description

Susco Public Company Limited engages in the wholesale and retail of fuel products in Thailand, Cambodia, Myanmar, Laos, and China. The company sells benzene, diesel oil, gasohol, natural gas, liquefied petroleum gas, and lubricants, as well as marts. It also provides management and marine transportation services; leases land and service stations; sells consumer goods at the convenience store through the service station; distributes electric vehicle; battery swap service; and offers the right to use the trademark license. The company was formerly known as Siam United Services Public Company Limited and changed its name to Susco Public Company Limited in December 2010. Susco Public Company Limited was incorporated in 1977 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Susco Public Company reported revenue of 30.7B THB in FY2025 versus 19.9B THB in FY2021, a compound +11.5%/yr. Reported net income was 120M THB in FY2025, compounding −15.3%/yr from FY2021.

Growth Quality 77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
30.7B THB
Latest YoY
−5.2%
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.
−2.8%
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.
+13.2%
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.
+8.7%
Revenue +11.5%/yr
FY21 19.9B THB
FY22 33.5B THB
FY23 32.1B THB
FY24 32.4B THB
FY25 30.7B THB
Net income −15.3%/yr
FY21 234M THB
FY22 422M THB
FY23 1.2B THB
FY24 292M THB
FY25 120M THB
Character of growth · EPS growth decomposed (2014-2025) +14.7 % p.a.
Revenue per share +6.4 pp

of which total revenue +5.2 pp · buybacks/dilution +1.2 pp

EBIT margin +10.5 pp
Tax rate −1.5 pp
Residual (interest, one-offs) −0.7 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). "Susco Public Company Fair Value". https://www.fairvalue-calculator.com/stock/SUSCO

Peer Group

Oil & Gas Refining & Marketing · 114 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 60 · Above median
Fair Value upside +60% · Top 25%
Return on equity (TTM) 3% · Below median
Return on assets 1% · Bottom 25%
Net margin (TTM) 0% · Bottom 25%
Operating margin (TTM) 2% · Below median
Revenue growth -23% · Bottom 25%
Dividend yield (TTM) 3.9% · Above median
Debt / equity 0.10× · Lower than median

Valuation Multiples vs Oil & Gas Refining & Marketing median · lower = cheaper

P/E (TTM) 16.4× · Pricier than median
P/B 0.50× · Cheaper than 75% of peers
P/S (TTM) 0.08× · Cheaper than 75% of peers
P/FCF 0.2× · Cheaper than median
EV/EBITDA 3.5× · Cheaper than 75% of peers
PEG 0.50× · Cheaper 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 15
FUTURE 0 · sector 15
PAST 11 · sector 32
HEALTH 95 · sector 80
DIVIDEND 78 · sector 50

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Refining & Marketing stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Reliance Industries Limited RELIANCE ₹1,293 ₹835.66 -35%
Valero Energy Corporation VLO $309.65 $127.32 -59%
Marathon Petroleum Corporation MPC $283.74 $135.80 -52%
Phillips 66 PSX $196.16 $101.04 -48%
Neste Oyj NESTE €31.10 €4.07 -87%
Formosa Petrochemical Corporation 6505 81.30 TWD 16.68 TWD -79%
Indian Oil Corporation IOC ₹138.96 ₹417.35 +200%
HF Sinclair Corporation DINO $88.59 $48.90 -45%
Bharat Petroleum Corporation BPCL ₹315.55 ₹846.81 +168%
SK Innovation Co 096770 121,400 KRW 58,865 KRW -52%

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Frequently asked questions

Is Susco Public Company (SUSCO) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of 3.65 THB versus a price of 2.28 THB, about +60% (undervalued).
What is the fair value of SUSCO?
Our model-based fair value for Susco Public Company is 3.65 THB (as of Jul 19, 2026), built from audited fundamentals. The current price is 2.28 THB.
What is the quality score of SUSCO?
Susco Public Company has a Quality Score of 60/100. 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 Susco Public Company (SUSCO)?
Susco Public Company reported trailing-twelve-month revenue of about 29.2B THB (latest available figure, as of Jul 19, 2026).
What is the net profit margin of SUSCO?
The net profit margin of Susco Public Company is about 0.4%, meaning it keeps roughly 0.4% of revenue as net income. 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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