Stock FORTH-F FORTH CORPORATION
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Financials Forth Corporation Thailand S.E.

Equities

FORTH-F

TH0920010Z17

Electronic Equipment & Parts

End-of-day quote Thailand S.E.
Other stock markets
 18:00:00 2022-11-29 EST 		5-day change 1st Jan Change
36.5 THB +386.67% Intraday chart for Forth Corporation -.--% -.--%
05-23 Forth Corporation Public Company Limited Announces Signing of the Project Contracts CI
05-15 Forth Corporation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,706 19,830 30,166 21,514 13,189 - -
Enterprise Value (EV) 1 5,706 22,409 30,166 21,514 13,189 13,189 13,189
P/E ratio 13 x 27.5 x 38.9 x 37.7 x 20.1 x 13.7 x 10.1 x
Yield - 2.12% 1.61% 2.04% 3.55% 4.26% 5.67%
Capitalization / Revenue - 2.33 x 3.2 x 2.27 x 1.35 x 1.08 x 0.88 x
EV / Revenue - 2.33 x 3.2 x 2.27 x 1.35 x 1.08 x 0.88 x
EV / EBITDA - 14.8 x 19.4 x 14.4 x 6.91 x 5.64 x 4.65 x
EV / FCF - - -41.3 x 36.3 x 110 x 15.2 x 16.6 x
FCF Yield - - -2.42% 2.75% 0.91% 6.6% 6.03%
Price to Book - 12 x - - - - -
Nbr of stocks (in thousands) 935,348 935,375 935,375 935,375 935,375 - -
Reference price 2 6.100 21.20 32.25 23.00 14.10 14.10 14.10
Announcement Date 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net sales 1 - 8,513 9,431 9,492 9,765 12,267 14,918
EBITDA 1 - 1,337 1,553 1,493 1,908 2,337 2,838
EBIT 1 - 825.1 1,019 840.8 987 1,287 1,659
Operating Margin - 9.69% 10.8% 8.86% 10.11% 10.49% 11.12%
Earnings before Tax (EBT) 1 - 1,087 1,257 976.8 1,106 1,478 1,930
Net income 1 438.8 722.8 774.9 572.6 652 961 1,311
Net margin - 8.49% 8.22% 6.03% 6.68% 7.83% 8.79%
EPS 2 0.4700 0.7700 0.8300 0.6100 0.7000 1.030 1.400
Free Cash Flow 1 - - -729.9 592.1 120 870 795
FCF margin - - -7.74% 6.24% 1.23% 7.09% 5.33%
FCF Conversion (EBITDA) - - - 39.66% 6.29% 37.23% 28.01%
FCF Conversion (Net income) - - - 103.41% 18.4% 90.53% 60.64%
Dividend per Share 2 - 0.4500 0.5200 0.4700 0.5000 0.6000 0.8000
Announcement Date 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1
Net sales 2,629 - 2,652 - - - - - -
EBITDA - - - - - - - - -
EBIT 229.5 - - - - - - - -
Operating Margin 8.73% - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - -
Net income 1 - 147.1 234.9 156.3 224.5 203.6 122.2 22.25 84.18
Net margin - - 8.86% - - - - - -
EPS - 0.1600 - - - - - - -
Dividend per Share - - - - - - - - -
Announcement Date 2/28/22 8/15/22 11/14/22 2/27/23 5/16/23 8/16/23 11/15/23 2/28/24 5/15/24
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt - 2,579 - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - 1.929 x - - - - -
Free Cash Flow 1 - - -730 592 120 870 795
ROE (net income / shareholders' equity) - 48.3% 40.8% 27.4% 30.1% 39.5% 45.4%
ROA (Net income/ Total Assets) - 8.69% 7.67% 5.1% 5.5% 7% 8.4%
Assets 1 - 8,320 10,102 11,227 11,855 13,729 15,607
Book Value Per Share - 1.770 - - - - -
Cash Flow per Share - 0.7800 - - - - -
Capex 1 - 312 1,616 1,361 1,636 1,636 1,500
Capex / Sales - 3.66% 17.14% 14.34% 16.75% 13.34% 10.05%
Announcement Date 3/1/21 2/28/22 2/27/23 2/28/24 - - -
1THB in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Forth Corporation

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
1
Last Close Price
14.1 THB
Average target price
17 THB
Spread / Average Target
+20.57%
Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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