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Syntec Construction Public Company Limited (SYNTEC) Fair Value & Analysis

Industrials · TH · Market cap 2.9B THB

SC Syntec Construction Public Company Limited SYNTEC · BK
Price1.95 THB
Fair Value5.84 THB
Upside+199.5%
Quality61/100
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Strengths

Trades 199% below our fair value of 5.84 THB
Low debt · generates free cash flow
Ranks above peers (13/14)

Risks

!Weak Growth
!Thin margins · 7.3% net margin
!Moderate moat 45/100
!Evidence only medium, so the estimate is less certain
Weak Growth
Thin margins · 7.3% net margin
Low debt · generates free cash flow
Ranks above peers (13/14)
Moderate moat 45/100
Evidence: Medium Range 3.59 THB – 8.75 THB Share as image

Fair value as of: Aug 14, 2026

From 26 valuation models · updated 7 days ago

Fair value updated Aug 14, 2026, revised from 6.74 THB to 5.84 THB (−13.4%) since Jul 19, 2026. Share price +3.2% over the past month.

A solid business, screening 199% undervalued on our models.

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What matters now

  • The price is below even our cautious bear case (3.59 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (3.59 THB to 8.75 THB) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

1.95 THB 1.21 THB Fair Value 5.84 THB Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range 1.21 THB – 1.95 THB · fair‑value band 3.59 THB – 8.75 THB · the 1.95 THB price screens below the 5.84 THB fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Syntec Construction Public Company Limited (SYNTEC) currently trades at 1.95 THB, while our model-based Fair Value estimate is 5.84 THB, implying the stock looks roughly 199.5% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Industrials 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, Syntec Construction Public Company Limited generated revenue of 8.1B THB at a net margin of 7.3%. Revenue declined 0.3% year over year. It earns a return on equity of 9.5%. Net debt stands at 1.1B THB. Fundamentals as of Aug 14, 2026

Our scenario range runs from 3.59 THB (bear case) to 8.75 THB (bull case); at 1.95 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 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -34% fair-value upside, at 199%, SYNTEC 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 3.22 THB 4.81 THB 6.97 THB 80
Residual Income 3.28 THB 3.61 THB 5.15 THB 76
Rev-Margin DCF 3.41 THB 5.69 THB 8.28 THB 74
All 26 models by family
DCF Models
FCF DCF 3.17 THB 4.96 THB 7.57 THB 38
Owner Earnings 4.42 THB 6.85 THB 10.39 THB 31
5Y Revenue Exit 3.41 THB 5.69 THB 8.58 THB 39
5Y EBITDA Exit 4.16 THB 7.09 THB 10.48 THB 41
5Y P/E Exit 4.25 THB 7.25 THB 10.38 THB 38
10Y Revenue Exit 3.16 THB 5.18 THB 7.87 THB 36
10Y EBITDA Exit 3.75 THB 6.13 THB 9.28 THB 37
10Y P/E Exit 3.80 THB 6.24 THB 9.21 THB 35
Earnings-Based
Graham-Dodd 2.54 THB 7.68 THB 10.19 THB 54
Lynch FV 1.64 THB 2.34 THB 3.04 THB 50
PEG = 1.0 1.64 THB 2.34 THB 3.04 THB 46
EPV 2.91 THB 3.42 THB 3.87 THB 59
Dividend Discount
Gordon GGM 0.9700 THB 1.93 THB 2.93 THB 70
DDM Multi-Stage 0.9700 THB 1.56 THB 2.04 THB 61
Multiples
P/E Multiple 5.88 THB 7.84 THB 9.80 THB 63
P/S Multiple 4.76 THB 6.35 THB 7.93 THB 58
P/B Multiple 4.76 THB 6.35 THB 7.93 THB 55
EV/EBIT 5.40 THB 7.31 THB 9.22 THB 53
EV/EBITDA 5.38 THB 7.28 THB 9.19 THB 54
EV/Revenue 3.75 THB 5.51 THB 7.26 THB 43
Asset-Based
NCAV (Graham) 1.90 THB 2.55 THB 3.81 THB 50
Growth DCF
Growth DCF 3.22 THB 4.81 THB 6.97 THB 80
Rev-Margin DCF 3.41 THB 5.69 THB 8.28 THB 74
Economic Profit
Residual Income 3.28 THB 3.61 THB 5.15 THB 76
ROIC Compounder 2.91 THB 3.42 THB 3.93 THB 72
Growth Earnings
Growth-Adj P/E 4.82 THB 6.88 THB 8.94 THB 68

Widest divergence: Growth Earnings (6.88 THB) versus Dividend Discount (1.56 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 8.1B THB
Revenue growth (YoY) -0.4%
Net margin 7.3%
Return on equity 9.5%
Free cash flow 518M THB FY2025
P/E ratio 5.3
More key figures
Operating margin 10.1%
EPS (TTM) 0.3700 THB
EPS growth (YoY) +1.8%
Net debt 1.1B THB FY2025

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 59 · Market factors (momentum, volatility) 75

Profitability 39
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 84
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

Syntec Construction Public Company Limited, together with its subsidiaries, provides construction contracting and real estate development services in Thailand.

Full company description

Syntec Construction Public Company Limited, together with its subsidiaries, provides construction contracting and real estate development services in Thailand. It operates in four segments: Construction Business; Real Estate Development for Room Service or Service Apartment and Rental Business; Operate the Management Business for Hotel, Service Apartment, and Other Properties; and Provide Consulting Services, Procurement, Work Installation, Sanitary System, Electricity System, and Plumping System. The company offers construction services comprising preparatory, piling, foundation, soil erosion protection, structure, architecture, architectural, and landscape architectural works, as well as system engineering services, consisting of electrical system, mechanical system, sanitation work, elevator system, air conditioning, and various automation system works. Its construction projects include hotels, data centers, shopping centers, warehouses and factories, housing, hospitals, institutional education, energy, condominiums, and offices. The company also designs and installs solar rooftop power plants; and installs chiller systems for air conditioning in shopping malls, office buildings, industrial factories, and hospitals. In addition, it provides mechanical and electrical engineering, civil engineering and infrastructure work, piling and specialist foundation engineering, environmental engineering, specialized retrofitting and refurbishment, and engineering design with project consultancy and management services, as well as hotel business management and services. It serves public agencies and the private sector. The company was formerly known as Siam Syntech Construction Public Company Limited and changed its name to Syntec Construction Public Company Limited in April 2004. Syntec Construction Public Company Limited was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Syntec Construction Public Company Limited reported revenue of 8.0B THB in FY2025 versus 5.2B THB in FY2021, a compound +11.1%/yr. Reported net income was 590M THB in FY2025, compounding +74.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
8.0B THB
Latest YoY
−1.3%
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.
+16.1%
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.
+0.1%
Avg. growth/yr (26Y) 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.
+8.5%
Revenue +11.1%/yr
FY21 5.2B THB
FY22 5.1B THB
FY23 7.3B THB
FY24 8.1B THB
FY25 8.0B THB
Net income +74.3%/yr
FY21 63.9M THB
FY22 −409M THB
FY23 192M THB
FY24 529M THB
FY25 590M THB
Character of growth · EPS growth decomposed (2014-2025) −4.0 % p.a.
Revenue per share +0.7 pp

of which total revenue +0.7 pp · buybacks/dilution +0.1 pp

EBIT margin −3.3 pp
Tax rate −0.4 pp
Residual (interest, one-offs) −1.1 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). "Syntec Construction Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/SYNTEC

Peer Group

Engineering & Construction · 836 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 61 · Top 25%
Fair Value upside +200% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 5% · Above median
Net margin (TTM) 7% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth -0% · Below median
Dividend yield (TTM) 6.6% · Top 25%
Debt / equity 0.11× · Lower than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 5.3× · Cheaper than 75% of peers
P/B 0.49× · Cheaper than median
P/S (TTM) 0.36× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 3.6× · 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
VALUE100 · sector 16
FUTURE0 · sector 14
PAST38 · sector 26
HEALTH94 · sector 94
DIVIDEND100 · sector 39

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

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹4,072 ₹2,196 -46%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
Hyundai Engineering & Construction Co 000720 113,700 KRW 61,453 KRW -46%
Samsung E&A Co 028050 49,300 KRW 43,624 KRW -12%
Rail Vikas Nigam Limited RVNL ₹228.50 ₹48.92 -79%
Daewoo Engineering & Construction Co 047040 18,400 KRW 6,507 KRW -65%
KEPCO Engineering & Construction Company 052690 99,800 KRW 19,346 KRW -81%
GS Engineering & Construction Corporation 006360 35,200 KRW 23,135 KRW -34%
DL E&C Co 375500 73,500 KRW 148,433 KRW +102%
KEPCO Plant Service & Engineering Co 051600 46,350 KRW 43,924 KRW -5%

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Frequently asked questions

Is Syntec Construction Public Company Limited (SYNTEC) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of 5.84 THB versus a price of 1.95 THB, about +199% (undervalued).
What is the fair value of SYNTEC?
Our model-based fair value for Syntec Construction Public Company Limited is 5.84 THB (as of Aug 14, 2026), built from audited fundamentals. The current price: 1.95 THB.
What is the quality score of SYNTEC?
Syntec Construction Public Company Limited has a Quality Score of 61/100. 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 Syntec Construction Public Company Limited (SYNTEC)?
Syntec Construction Public Company Limited reported trailing-twelve-month revenue of about 8.1B THB (latest available figure, as of Aug 14, 2026).
What is the net profit margin of SYNTEC?
The net profit margin of Syntec Construction Public Company Limited is about 7.3%, meaning it keeps roughly 7.3% 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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