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Forth Corporation Public Company Limited

Forth Corporation Public Company Limited

FORTH.BK
Forth Corporation Public Company LimitedTH flagStock Exchange of Thailand
15.60
THB
+0.20
- -
14.59BMarket Cap
Forth Corporation Public Company Limited
FORTH.BK
(Stock Exchange of Thailand)

Recent

price

15.60

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
12.03
9.24
6.13
4.37
- -
5.23
5.48
7.24
8.14
6.8
7.26
9.1
10.08
10.15
9.37
11.78
12.13
Revenue per Share
0.33
0.39
0.12
0.25
- -
0.48
0.38
0.28
0.55
0.35
0.47
0.77
0.83
0.61
0.24
0.88
1
Basic EPS, GAAP
-1.25
0.04
1.44
0.15
- -
0.49
0.25
0.07
0.31
1.59
1.06
0.43
-0.8
0.63
-0.18
1.12
1.37
Free Cash Flow per Basic Share
0.12
0.27
0.17
0.23
- -
0.3
0.34
0.34
0.5
0.42
0.42
0.35
0.45
0.62
0.37
- -
- -
Dividend per Share
1
1.06
1.16
1.12
- -
1.36
1.61
1.55
1.33
1.15
0.95
1.39
1.76
1.75
1.91
2.79
2.72
Book Value per Share
1.26
1.42
1.64
1.63
- -
2.57
2.68
2.74
2.48
2.42
2.26
2.68
3.36
3.41
3.33
4.41
4.69
Tangible Book Value per Share
960
960
960
1,023
960,000
960
960
960
960
958
935
935
935
935
935
935
932
Basic Weighted Avg Shares
11,545
8,870
5,887
4,471
4,277
5,022
5,262
6,950
7,815
6,519
6,792
8,513
9,431
9,492
8,767
11,014
11,301
Sales/Revenue/Turnover
2.81
6.09
3.17
8.59
10.38
14
11.09
8.12
10.34
7.86
8.14
9.69
10.8
11.91
4.82
9.24
8.63
Operating Margin (%)
152
173
206
165
195
220
297
418
483
488
522
512
534
652
739
690
678
Depreciation Expense
318
370
120
258
338
460
366
272
526
331
439
723
775
573
221
824
931
Net Income, GAAP
8.3
6.48
- -
15.56
10.41
14.23
9.03
9.82
14.07
13.5
13.26
17.65
18.41
17.44
25.89
22.88
21.45
Effective Tax Rate (%)
2.75
4.17
2.04
5.78
7.9
9.16
6.95
3.91
6.73
5.08
6.46
8.49
8.22
6.03
2.52
7.48
8.24
Profit Margin (%)
598
640
625
700
907
626
260
-319
-655
-844
-827
100
-660
-846
-1,450
-747
-470
Working Capital
169
95
119
240
330
247
516
557
374
117
293
324
318
1,088
749
534
524
LT Debt
1,323
1,430
1,616
1,704
2,295
2,506
2,629
2,720
2,506
2,446
2,228
2,619
3,259
3,282
3,206
4,245
4,484
Total Equity
8.35
11.25
- -
8.68
9.34
12.9
10.97
9.15
11.13
7.47
8.92
12
12.09
12
3.82
8.83
8.2
Return on Invested Capital (%)
12.32
12.35
- -
9.07
9.39
9.66
5.21
1.83
5.84
2.61
6.11
11.59
9.45
6.73
1.82
7.93
8.9
Return on Capital (%)
37.02
37.44
11.23
22.84
27.21
34.73
25.62
17.88
37.98
27.85
44.2
66.14
52.58
34.82
12.91
37.47
45.57
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
5,437
4,424
4,769
LT Borrowings
398
431
431
LT Finance Leases
114
103
93
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
935
935
935
Market Capitalization
8,470
5,352
6,711

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
7,141
6,804
7,344
Cash, Cash Equivalents & STI
1,167
1,136
1,554
Accounts Receivable, Net
1,288
1,303
1,245
Inventories
1,925
1,927
2,069
Total Current Liabilities
8,177
7,551
7,814
Payables & Accruals
2,068
2,263
2,219
ST Debt
5,437
4,424
4,769
Deferred Revenue
245
396
382

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.2%
14.55%
32.41%
Free Cash Flow
-78.3%
-276.51%
-732.01%
Net Income, GAAP
29.96%
51.33%
272.21%
Sales/Revenue/Turnover
9.17%
10.95%
25.63%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,012
2,484
2,254
2,017
8,767
2025
2,154
2,578
3,662
2,620
11,014
2026
2,440
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.11
0.02
- -
0.24
2025
0.06
0.13
0.44
- -
0.88
2026
0.18
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.18
- -
0.37
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Forth Corporation Public Company Limited Forth Corporation Public Company Limited engages in the manufacture, distribution, and provision of electronic equipment, enterprise solutions, and smart services primarily in Thailand. The company operates through three main business segments: electronic manufacturing services (EMS), which include printed circuit board assembly (PCBA), software installation, box-build assembly, new product introduction (NPI), product testing, surface mount technology (SMT), through-hole assembly, final assembly, and advanced testing capabilities such as X-ray, SPI, AOI, ICT, FCT, and burn-in chambers for markets like air-conditioners, kiosk machines, set-top boxes, car audios, data storage devices, and telecommunications equipment; enterprise solutions encompassing communication technology, network solutions, aviation systems, energy and utilities metering, and integrated network management systems; and smart services featuring automated vending machines for top-up, bill payments, robotic baristas, and electronic monitoring systems like Forth Tag Lock EM for home curfew applications. Founded in 1989 as Genius Communication System Co., Ltd. and listed on the Stock Exchange of Thailand in 2005, Forth Corporation Public Company Limited maintains its headquarters in Bangkok's Phayathai district, with key manufacturing facilities in Nakhon Pathom province at Phuttamonthon 5 Road, serving corporate and government clients across telecommunications, consumer electronics, and public sector industries domestically. Recent developments include the dissolution of a subsidiary in July 2025, short-term loans to connected persons and guarantees for subsidiary credit facilities in May 2025 and January 2025, increased shareholding in subsidiaries such as Forth EMS Co., Ltd., project contract signings for network systems and electronic monitoring rentals in 2024-2025, interim dividend payments, and ongoing organizational adjustments including sub-committee changes and management appointments as of early 2025.