Yuanta Securities has initiated coverage on Forth Corporation Public Company Limited, or FORTH, with a buy recommendation and a fair value of 21.30 baht per share. The firm forecasts normalized profit for 2026 at 949 million baht, up 15% from the previous year, rising to 1.107 billion baht or 17% growth in 2027. This is supported by a leap in the Enterprise Solution business and a gradual recovery in the EMS business in line with the global semiconductor cycle, while the FSMART business is expected to grow steadily. The research team notes that during past profit upcycles, FORTH shares traded at a price-to-earnings ratio of 30 to 40 times, and expects the current earnings recovery to be stronger than the previous one. If results meet expectations, the stock could be re-rated to trade at a price-to-earnings ratio of 20 to 25 times, which is still below past peak levels.
Forth Corporation Public Company LimitedYuanta initiates coverage with buy rating and target price of 21.30 baht, citing profit growth and potential re-rating.