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Forth Corporation Public Company Limited (FORTH.BK)

THB15.40 -0.20 (-1.28%)
TH SET Technology Hardware, Equipment & Parts
Address 1053/1, Phaholyothin Road 10400
Bangkok, TH
CEO Pongchai Amatanon
IPO 2006-09-08
ISIN TH0920010Z09

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Description

Forth Corporation Public Company Limited, founded in 1989 and based in Bangkok, Thailand, is a diversified company specializing in the development, production, and distribution of electronic equipment across the country. Its operations are divided into three primary segments: Electronics Manufacturing Services, Enterprise Solutions, and Smart Service Business. The company offers an extensive range of electronic products and advanced solutions. These include specialized tracking devices such as the Forth Taglock EM for prisoner monitoring and general GPS systems. It also provides essential facility solutions like nurse call systems. In the smart infrastructure domain, Forth delivers innovative lighting solutions, intelligent traffic control systems, smart grids, multi-service network telephone exchange equipment, EV charging stations, and sophisticated smart meter systems, which feature digital energy/water consumption meters alongside software for automated data collection. For retail and consumer services, Forth provides compact gas and oil vending machines, versatile top-up and payment kiosks, the interactive Boonterm Counter Service (complete with touchscreen, usage monitoring, and receipt printing), Boonterm water dispensers, automated cup beverage machines, and various smart vending machines. Beyond its core electronic offerings, Forth Corporation also holds a notable presence in the aviation industry, dealing in KODIAK high-performance aircraft, managing a commercial aircraft maintenance center, and offering flight training. Its diverse activities further extend to trading electronic components, selling and installing light boards and traffic systems (including traffic board project concessions), providing consulting for information and computer software management as well as engineering services, e-commerce ventures, and turnkey CCTV installation. Additionally, the company offers financial services such as nano finance and personal loans, and is involved in the distribution of general goods.

Market Cap & Enterprise Value
Merger & Acquisition History

No mergers or acquisitions recorded for this company.

Technical Outlook
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Signal Summary Loading…
Indicator 1D1W2W3W1M
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
Averages
Trend
Price
Levels
Draw
THB15.40 -0.20 (-1.28%)
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Volume Profile
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Liquidity & share structure
Average Volume
11M
Beta
0.92
Float Shares
213.69M
Free Float %
22.8%
Price Performance
1D5D1M3M6M YTD1Y3Y5Y10YMax
-7.14% +16.42% +68.65% +83.53% +129.41% +171.30% +81.40% -52.00% +69.57% +124.46% +511.76%
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From To
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Annual Monthly Returns
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Daily Returns Distribution
vs.
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Revenue flow

Revenue by geography

Revenue by segment

From To

Revenue composition

From To

By product

By geography

Financial Statements

Income Statement

Balance Sheet

Cash Flow Statement

Key Metrics

Financial Ratios

Employees

Financial Growth (CAGR)

Market Data

Price Targets & DCF
Current price
15.40
DCF (Unlevered) 8.95 -41.9%
DCF (Levered) 8.16 -47.0%

DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.

Ratings Trend (MoM) 100% Bullish
Rating 2026-05 Change
Strong Buy 0 0
Buy 1 0
Hold 0 0
Sell 0 0
Strong Sell 0 0
Quality scores
Altman Z-Score
2.51
Grey zone
Piotroski F-Score
8 / 9
Strong
MOAT Score
5 / 10
Developing
Composite Rating
A-
Overall Score
4 / 5
High
DCF Score
3 / 5
Medium
ROE Score
5 / 5
High
ROA Score
4 / 5
High
D/E Score
1 / 5
Low
P/E Score
4 / 5
High
P/Book Score
3 / 5
Medium
Operational MOAT
✗ Below peers
  • Revenue growth Hardware, Equipment & Parts: +10.0%
    +25.6% Q1'26: +6.5% (vs Q1'25)
  • EPS growth Hardware, Equipment & Parts: +20.2%
    +266.7% Q1'26: +177.3% (vs Q1'25)
  • FCF margin FCF growth · Hardware, Equipment & Parts: +27.1%
    +1.2% Q1'26: +5.9% (vs Q1'25)
  • EBIT margin Hardware, Equipment & Parts: +8.7%
    +9.2% Q1'26: +7.3% (vs Q1'25)
  • ROIC Hardware, Equipment & Parts: +5.7%
    +9.6% Q1'26: +6.9% (vs Q1'25)
  • Share dilution Hardware, Equipment & Parts: +0.0%
    +0.0% Q1'26: 0.0% (vs Q1'25)
  • Debt / EBITDA Net debt/EBITDA · Hardware, Equipment & Parts: -0.70×
    2.99× Q1'26: 3.96× (vs Q1'25)
Valuation Multiples From To
Price Forecast (3Y) From To
Model
Adjust
P/E
Theoretical Return — If Invested Today

* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.

DCF Interactive Model (UFCF)
Projection years:
Market assumptions
WACC components (optional)
Ke (Cost of Equity) = Rf + β (0.62) × ERP
WACC = 74% × Ke + 26% × Kd (4.1%) × (1−t)

Modifying these values recalculates WACC automatically.

Business assumptions
Intrinsic value (base): 8.95 Current price: 15.40
Enterprise Value: Equity Value: Terminal Value: TV as % of EV:

Base values reflect the latest available data for this company and market conditions.

Consensus Estimates
Metric Dec 2015
actual
Dec 2016
actual
Dec 2017
actual
Dec 2018
actual
Dec 2019
actual
Dec 2020
actual
Dec 2021
actual
Dec 2022
actual
Dec 2023
actual
Dec 2024
actual
Dec 2025
actual
Dec 2026
1 Rev. Ana.
1 EPS Ana.
Revenue
5.02B
est: 5.06B (-0.8%)
5.26B
est: 5.19B (+1.5%)
6.95B
est: 6.95B (+0.0%)
7.81B
est: 7.72B (+1.2%)
6.52B
est: 7.86B (-17.0%)
6.79B
est: 8.14B (-16.5%)
8.51B
est: 8.68B (-1.9%)
9.43B
est: 9.22B (+2.3%)
9.49B
est: 9.59B (-1.0%)
8.77B
est: 9.76B (-10.2%)
11.01B
est: 12.27B (-10.2%)
14.92B
14.92B – 14.92B
+21.6% YoY
EBITDA
1.03B
est: 971.99M (+6.0%)
1.03B
est: 995.70M (+3.5%)
1.15B
est: 1.33B (-13.6%)
1.56B
est: 1.48B (+5.1%)
1.30B
est: 1.51B (-14.0%)
1.36B
est: 1.56B (-12.6%)
1.64B
est: 1.67B (-1.8%)
1.87B
est: 1.77B (+5.9%)
1.82B
est: 1.84B (-1.2%)
1.55B
est: 1.79B (-13.3%)
1.71B
est: 2.24B (-23.8%)
2.73B
2.73B – 2.73B
+21.6% YoY
EBIT
808.53M
est: 621.41M (+30.1%)
735.12M
est: 636.57M (+15.5%)
788.41M
est: 852.98M (-7.6%)
1.08B
est: 947.86M (+13.6%)
797.54M
est: 964.19M (-17.3%)
843.78M
est: 998.80M (-15.5%)
1.12B
est: 1.07B (+5.6%)
1.34B
est: 1.13B (+18.6%)
1.17B
est: 1.18B (-0.9%)
808.54M
est: 1.14B (-28.9%)
1.02B
est: 1.43B (-28.7%)
1.74B
1.74B – 1.74B
+21.6% YoY
Net Income
459.84M
est: 439.63M (+4.6%)
365.82M
est: 383.50M (-4.6%)
271.54M
est: 271.26M (+0.1%)
526.15M
est: 355.44M (+48.0%)
605.83M
est: 364.80M (+66.1%)
438.84M
est: 392.86M (+11.7%)
722.76M
est: 727.11M (-0.6%)
774.90M
est: 748.30M (+3.6%)
572.56M
est: 601.86M (-4.9%)
221.30M
est: 634.94M (-65.1%)
823.70M
est: 936.67M (-12.1%)
841.84M
841.84M – 841.84M
-10.1% YoY
SGA
816.33M
est: 726.14M (+12.4%)
902.74M
est: 743.85M (+21.4%)
1.08B
est: 996.73M (+8.7%)
961.95M
est: 1.11B (-13.2%)
1.02B
est: 1.13B (-9.6%)
978.17M
est: 1.17B (-16.2%)
1.05B
est: 1.24B (-15.5%)
1.27B
est: 1.32B (-3.9%)
1.41B
est: 1.38B (+2.9%)
1.45B
est: 1.38B (+5.2%)
1.48B
est: 1.74B (-14.5%)
2.11B
2.11B – 2.11B
+21.6% YoY
EPS
0.48
est: 0.47 (+2.1%)
0.38
est: 0.41 (-7.3%)
0.28
est: 0.29 (-3.4%)
0.55
est: 0.38 (+44.7%)
0.63
est: 0.39 (+61.5%)
0.47
est: 0.42 (+11.9%)
0.77
est: 0.78 (-0.9%)
0.83
est: 0.80 (+3.7%)
0.61
est: 0.64 (-5.2%)
0.24
est: 0.68 (-64.6%)
0.88
est: 1.00 (-12.1%)
0.90
0.90 – 0.90
-10.1% YoY
Historical Ratings (3M)
Date Rating Overall DCF ROE ROA D/E P/E P/B
2026-05-29 A- 4/5 3/5 5/5 4/5 1/5 4/5 3/5
2026-05-28 A- 4/5 3/5 5/5 4/5 1/5 4/5 3/5
2026-05-27 A- 4/5 3/5 5/5 4/5 1/5 4/5 3/5
2026-05-26 A- 4/5 3/5 5/5 4/5 1/5 4/5 3/5
2026-05-25 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-22 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-21 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-20 A- 4/5 3/5 5/5 4/5 1/5 4/5 3/5
2026-05-19 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-18 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-15 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-14 A- 4/5 4/5 5/5 4/5 1/5 4/5 3/5
2026-05-13 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-12 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-11 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-08 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-07 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-06 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-05-05 A 4/5 4/5 5/5 4/5 1/5 4/5 4/5
2026-04-30 A 4/5 5/5 5/5 4/5 1/5 4/5 4/5
2026-04-29 A 4/5 5/5 5/5 4/5 1/5 4/5 4/5
2026-04-28 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-27 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-24 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-23 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-22 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-21 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-20 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-17 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5
2026-04-16 A- 4/5 3/5 5/5 4/5 1/5 4/5 4/5

Owner Earnings

Owner's Earnings (history) From To
Owner alignment
Owner's Earnings TTM
2.26B
OE per share TTM
2.41
Owner's Yield
15.47%
Maintenance CapEx ratio
7.52%
Maint CapEx / Avg PPE
38.4%

Ownership Overview

Ownership breakdown

Ownership breakdown not available.

At a glance
Institutional holders
Total invested
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)

No beneficial ownership filings recorded.

Institutional Activity (13F)

Institutional ownership trend

Institutional history not available.

Top institutional holders

Top holders not available.

ETF Ownership

Top ETFs holding this stock Held by 3 ETFs in our universe
# ETF Weight Est. AUM exposure TER
1 Dimensional Emerging Markets Sustainability Core 1 ETF DFSE 0.00% 22.9K 0.44%
2 Dimensional - Emerging Markets Core Equity 2 ETF DFEM 0.00% 86.7K 0.39%
3 Dimensional World ex U.S. Core Equity 2 ETF DFAX 0.00% 73.6K 0.28%

Insider Activity

Insider Activity — Latest Quarter

No insider activity available.

Insider buys vs sells (history)

Insider history not available.

Recent insider transactions

No recent insider transactions.

Executive team

Top executives
EBIT / Employee
509.1K
Shares Outstanding
935.37M

Executive compensation

Executive compensation (annual)

Executive compensation not available.

CEO compensation breakdown

No CEO compensation history available.

Proxy statements

Proxy statements (DEF 14A)

No proxy statements available for this company yet.

Recent SEC filings

Recent SEC filings

No SEC filings available for this company yet.

Executive team

NameTitleCompensationGender
Pichamon Amatanon Executive Vice President of Operations & Executive Director 172.0K female
Pongchai Amatanon Chief Executive Officer & Executive Director 152.0K male
Pattanan Amatanon Executive Vice President of Business Development & Director 88.0K male
Arin Jamnaree Accounting Director & Corporate Secretary male
Kanapos Saetang Head of Internal Audit male
Pratchaya Somyapukdee VP of Finance & Head of Investor Relations female
ESG Score History

No data available for this company.

Senate Trading Activity

No Senate trading activity found for this company.

House Trading Activity

No House trading activity found for this company.

Market share among peers
Peer comparison — filtered group (TTM)
Your opinion

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Dividend yield history

Dividend history

Earnings history

Earnings reports

Stock splits