Risk factor
Very high price volatility
Profitability factor
Very low or no dividends
About
Siamraj Public Company Limited (SR.BK) is a Thai enterprise primarily engaged in establishing natural gas metering and pipeline transmission infrastructure throughout Thailand. The company's operations are structured across five distinct divisions: Industrial Pumps, Natural Gas and Transmission Systems, Alternative Energy, Field of Flow Measurement Business, and Other Business. Its core expertise lies in delivering specialized flow measurement systems and associated engineering services. These solutions cater to diverse clients, ranging from power generation facilities and industrial processing plants to natural gas vehicle (NGV) service stations, directly from branched natural gas pipelines. Siamraj's involvement extends to the complete lifecycle of natural gas metering systems, encompassing initial design, procurement, installation, ongoing inspection, and comprehensive repair and maintenance. This includes critical components like gas chromatographs, flow metering elements, and integrated flow computer systems. The company also performs inspection, repair, and maintenance on equipment within gas metering stations. Furthermore, Siamraj manages and operates NGV refueling stations, including a facility in Bangna, and engineers stations designed to enhance natural gas quality for automotive use. Beyond gas, the firm actively develops projects in solar and other renewable energy sectors. Its service offerings expand to include manpower provision, accounting, financial management, and general maintenance. The company also ventures into property management, specifically overseeing parking structures and offering commercial property rentals with associated services. Siamraj's product portfolio includes air compressors for industrial and municipal waste treatment, alongside gas turbines and compressors tailored for power plants. It also supplies a wide array of industrial pump systems, such as gear, sanitary, screw, diaphragm, and process centrifugal pumps, in addition to vacuum and process metering solutions. Established in 1984, the company was initially known as Siamrajathanee Corporation Company Limited before adopting its current name, Siamraj Public Company Limited, in February 2015. Its headquarters are located in Samut Prakan, Thailand.
Company Valuation
Based on key historical and expected multiples, the stock is slightly undervalued relative to its peers. In particular, the stock is 'expensive' on EV/EBITDA, undervalued