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United Palm Oil Industry Public Company (UPOIC) Fair Value & Analysis

Consumer Defensive · TH · Market cap 2.3B THB

UP United Palm Oil Industry Public Company UPOIC · BK
Price6.70 THB
Fair Value9.24 THB
Upside+37.9%
Quality59/100
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Expensive Growth
Solidly profitable · 12.5% net margin
Low debt · negative free cash flow
5.00% dividend yield
Ranks above peers (10/14)
Moderate moat 60/100
Evidence: High Range 6.93 THB – 11.55 THB Share as image

Fair value as of: Jul 16, 2026

From 17 valuation models · updated 25 days ago

Share price −2.9% over the past month.

A solid business, screening 38% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (6.93 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

8.14 THB 3.56 THB Fair Value 9.24 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 3.56 THB – 8.14 THB · fair‑value band 6.93 THB – 11.55 THB · the 6.70 THB price screens below the 9.24 THB fair value. Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

United Palm Oil Industry Public Company (UPOIC) currently trades at 6.70 THB, while our model-based Fair Value estimate is 9.24 THB, implying the stock looks roughly 37.9% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Consumer Defensive 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, United Palm Oil Industry Public Company generated revenue of 2.1B THB at a net margin of 12.5%. Revenue grew 42.6% year over year. It earns a return on equity of 14.9%. Net debt stands at 51.4M THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 6.93 THB (bear case) to 11.55 THB (bull case); at 6.70 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 18% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 102% fair-value upside, at 38%, UPOIC 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
Residual Income 5.03 THB 5.88 THB 10.50 THB 76
ROIC Compounder 3.67 THB 4.25 THB 4.75 THB 72
Gordon GGM 2.90 THB 5.77 THB 8.74 THB 70
All 17 models by family
DCF Models
Owner Earnings 0.8900 THB 1.40 THB 2.15 THB 31
Earnings-Based
Graham-Dodd 4.59 THB 15.42 THB 20.65 THB 54
Lynch FV 3.51 THB 5.01 THB 6.52 THB 50
PEG = 1.0 3.51 THB 5.01 THB 6.52 THB 46
EPV 3.67 THB 4.25 THB 4.75 THB 59
Dividend Discount
Gordon GGM 2.90 THB 5.77 THB 8.74 THB 70
DDM Multi-Stage 2.90 THB 4.87 THB 6.10 THB 61
Multiples
P/E Multiple 10.64 THB 14.19 THB 17.73 THB 63
P/S Multiple 6.93 THB 9.24 THB 11.55 THB 58
P/B Multiple 8.61 THB 11.48 THB 14.35 THB 55
EV/EBIT 7.02 THB 9.36 THB 11.70 THB 53
EV/EBITDA 6.94 THB 9.26 THB 11.58 THB 54
EV/Revenue 5.01 THB 7.16 THB 9.31 THB 43
Asset-Based
NCAV (Graham) 2.72 THB 3.65 THB 5.44 THB 50
Economic Profit
Residual Income 5.03 THB 5.88 THB 10.50 THB 76
ROIC Compounder 3.67 THB 4.25 THB 4.75 THB 72
Growth Earnings
Growth-Adj P/E 9.04 THB 12.91 THB 16.78 THB 68

Widest divergence: Growth Earnings (12.91 THB) versus DCF Models (1.40 THB). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 2.1B THB
Revenue growth (YoY) +42.6%
Net margin 12.5%
Return on equity 14.9%
Free cash flow −27.3M THB FY2025
P/E ratio 8.6
More key figures
Operating margin 17.9%
EPS (TTM) 0.8100 THB
Dividend yield 5.0%
EPS growth (YoY) +120%
Net debt 51.4M THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 57 · Market factors (momentum, volatility) 58

Profitability 53
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 42
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

United Palm Oil Industry Public Company Limited, together with its subsidiaries, manufactures and sells crude palm oil and palm kernel oil in Thailand. It operates through two segments, Oil Palm Plantation, Crude Palm Oil and Crude Palm Kernel Oil Processing; and Generation of Electricity from Biogases and Biomasses.

Full company description

United Palm Oil Industry Public Company Limited, together with its subsidiaries, manufactures and sells crude palm oil and palm kernel oil in Thailand. It operates through two segments, Oil Palm Plantation, Crude Palm Oil and Crude Palm Kernel Oil Processing; and Generation of Electricity from Biogases and Biomasses. It also offers crude palm kernel oil, palm kernel cakes, and palm kernel seeds; and holds concessions to use forest reserve land. In addition, the company owns oil palm plantations in Krabi and Surat Thani province. The company was incorporated in 1978 and is headquartered in Bangkok, Thailand. United Palm Oil Industry Public Company Limited is a subsidiary of Lam Soon (Thailand) Public Company Limited.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

United Palm Oil Industry Public Company reported revenue of 1.9B THB in FY2025 versus 2.1B THB in FY2021, a compound −2.6%/yr. Reported net income was 219M THB in FY2025, compounding −8.1%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
1.9B THB
Latest YoY
+8.6%
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.
−5.8%
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.
+15.2%
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.
+4.0%
Revenue −2.6%/yr
FY21 2.1B THB
FY22 2.2B THB
FY23 1.5B THB
FY24 1.7B THB
FY25 1.9B THB
Net income −8.1%/yr
FY21 307M THB
FY22 317M THB
FY23 204M THB
FY24 163M THB
FY25 219M THB
Character of growth · EPS growth decomposed (2014-2025) +4.6 % p.a.
Revenue per share +5.3 pp

of which total revenue +5.3 pp · buybacks/dilution +0.0 pp

EBIT margin −3.4 pp
Tax rate +0.1 pp
Residual (interest, one-offs) +2.6 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). "United Palm Oil Industry Public Company Fair Value". https://www.fairvalue-calculator.com/stock/UPOIC

Peer Group

Farm Products · 288 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 59 · Above median
Fair Value upside +38% · Top 25%
Return on equity (TTM) 15% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 43% · Top 25%
Dividend yield (TTM) 5.0% · Top 25%
Debt / equity 0.06× · Lower than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 8.6× · Cheaper than median
P/B 1.28× · Pricier than median
P/S (TTM) 1.07× · Pricier than median
EV/EBITDA 6.4× · Pricier than median
PEG 1.00× · 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 84 · sector 25
FUTURE 100 · sector 20
PAST 59 · sector 17
HEALTH 97 · sector 94
DIVIDEND 100 · sector 38

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

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

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

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Mowi ASA MOWI kr 188.40 kr 262.59 +39%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,120 IDR 7,076 IDR +127%
Charoen Pokphand Foods Public Company CPF 22.00 THB 55.71 THB +153%
PT Triputra Agro Persada Tbk TAPG 1,540 IDR 3,105 IDR +102%
PT FAP Agri Tbk FAPA 7,300 IDR 7,463 IDR +2%
PT Japfa Comfeed Indonesia Tbk JPFA 2,070 IDR 7,231 IDR +249%
Thaifoods Group TFGR 10.60 THB 23.53 THB +122%
PT Jhonlin Agro Raya Tbk JARR 1,845 IDR 610.80 IDR -67%

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Frequently asked questions

Is United Palm Oil Industry Public Company (UPOIC) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 9.24 THB versus a price of 6.70 THB, about +38% (undervalued).
What is the fair value of UPOIC?
Our model-based fair value for United Palm Oil Industry Public Company is 9.24 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 6.70 THB.
What is the quality score of UPOIC?
United Palm Oil Industry Public Company has a Quality Score of 59/100. 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 United Palm Oil Industry Public Company (UPOIC)?
United Palm Oil Industry Public Company reported trailing-twelve-month revenue of about 2.1B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of UPOIC?
The net profit margin of United Palm Oil Industry Public Company is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. Based on the latest reported figures.
Does United Palm Oil Industry Public Company pay a dividend?
United Palm Oil Industry Public Company currently shows a dividend yield of about 5.00% relative to its recent price (as of Jul 16, 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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