Heng Leasing & Capital PCL (HENG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Heng Leasing & Capital PCL stock THB 0.73, price THB 0.84, that is 13.1% below the price, quality 65 out of 100. Rating: overvalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range 0.8400 THB – 4.89 THB · fair‑value band 0.6700 THB – 0.8000 THB · the 0.8400 THB price screens above the 0.7300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Heng Leasing and Capital Public Company Limited provides financial services in Thailand.
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The company offers hire purchase, loans secured against vehicle registrations, land and building loans, regulated personal loans with and without motor vehicle registration as collateral, and nano finance without collateral.
It also provides secured, unsecured, mortgage, and occupational loans; and non-life and life insurance brokerage services to retail customers. Heng Leasing and Capital Public Company Limited was founded in 2015 and is headquartered in San Sai, Thailand.
Stock analysis
Heng Leasing & Capital PCL (HENG) currently trades at 0.8400 THB, while our model-based Fair Value estimate is 0.7300 THB, 13% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 4.04 THB per share, and 6 of the 11 models we run sit above the 0.8400 THB price.
Bear case: the Earnings-Based group reads lowest at 0.1400 THB, and 5 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.6700 THB (bear) to 0.8000 THB (bull), the price of 0.8400 THB sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Heng Leasing & Capital PCL reported revenue of 2.2B THB in FY2025 versus 1.6B THB in FY2021, a compound +8.1%/yr. Reported net income was 34.0M THB in FY2025, compounding −44.3%/yr from FY2021.
Key figures
Market cap 3.2B THB (≈ $95.7M) Micro · P/E ratio 42.0 · P/S ratio 3.32 · EPS (TTM) 0.0200 THB · Dividend yield 3.1% · Net margin 6.3% · Return on equity 1.2% · Return on assets (EBIT) 4.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at −13%, HENG screens richer than that median.
Fair Value models
Bear0.6700 THBFair Value 0.7300 THBBull0.8000 THB
Price 0.8400 THB · Downside -13.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.8%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.4%
Dividend (yield on the price)3.1%
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.43% → 9%
Compare Heng Leasing & Capital PCL with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Credit Services · 283 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−13.1% · Below median
Profitability
Return on equity (12 months)1.2% · Bottom 25%
Return on assets0.4% · Bottom 25%
Net margin (12 months)6.3% · Bottom 25%
Operating margin (12 months)25.1% · Below median
Growth and dividend
Revenue growth (quarter YoY)−27.2% · Bottom 25%
Dividend yield (12 months)3.1% · Below median
Balance sheet
Debt / equity0.27× · Below median
Valuation Multiplesvs Credit Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Heng Leasing & Capital PCL Fair Value". https://www.fairvalue-calculator.com/stock/HENG
Frequently asked questions
Is Heng Leasing & Capital PCL (HENG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 0.7300 THB versus a price of 0.8400 THB, about 13% lower (overvalued).
What is the fair value of HENG?
Our model-based fair value for Heng Leasing & Capital PCL is 0.7300 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 0.8400 THB.
What is the quality score of HENG?
Heng Leasing & Capital PCL has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Heng Leasing & Capital PCL (HENG)?
Our model-based price target is the fair value of 0.7300 THB (as of Nov 7, 2026) from 11 valuation models. Cautious scenario 0.6700 THB, optimistic scenario 0.8000 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Heng Leasing & Capital PCL stock forecast for 2026?
Our models put fair value at 0.7300 THB, about 13% lower versus a price of 0.8400 THB (overvalued). Cautious scenario 0.6700 THB, optimistic scenario 0.8000 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Heng Leasing & Capital PCL (HENG)?
Heng Leasing & Capital PCL reported trailing-twelve-month revenue of about 964M THB (latest available figure, as of Nov 7, 2026).
Does Heng Leasing & Capital PCL pay a dividend?
Heng Leasing & Capital PCL currently shows a dividend yield of 3.10% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Heng Leasing & Capital PCL (HENG) and when is the ex-dividend date?
Heng Leasing & Capital PCL pays a dividend of 0.026 THB per share a year, a dividend yield of 3.1%. The last ex-dividend date was Mar 2, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 130% of earnings. Free cash flow covers the dividend 42.64 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Heng Leasing & Capital PCL (HENG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heng Leasing & Capital PCL it is 0.7300 THB per share (as of Nov 7, 2026), against a price of 0.8400 THB. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Heng Leasing & Capital PCL stock overvalued or undervalued in 2026?
As of Nov 7, 2026, HENG trades above its calculated fair value: price 0.8400 THB, fair value 0.7300 THB, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HENG?
No. The price is what the market pays today (0.8400 THB); the fair value is what the company's own numbers justify (0.7300 THB). For Heng Leasing & Capital PCL the two are 0.1100 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Heng Leasing & Capital PCL worth?
The market values Heng Leasing & Capital PCL at about 3.2B THB (market capitalisation, as of Nov 7, 2026). Per share that is 0.8400 THB; our models calculate a fair value of 0.7300 THB per share.
What do the bullish and bearish scenarios say about HENG?
Our models span a range for Heng Leasing & Capital PCL: cautious scenario 0.6700 THB, base 0.7300 THB, optimistic 0.8000 THB per share (as of Nov 7, 2026, price 0.8400 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HENG?
Heng Leasing & Capital PCL trades at a price-to-earnings ratio of 42.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.7300 THB is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 42.9. Other multiples: P/B 0.6, P/S 3.3, EV/EBITDA 13.3.
How solid is the balance sheet of Heng Leasing & Capital PCL (HENG)?
Balance-sheet figures for Heng Leasing & Capital PCL (as of Nov 7, 2026): return on equity 1.2%, debt of 0.27 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is HENG from its 52-week high?
Heng Leasing & Capital PCL trades at 0.8400 THB, about 17% below its 52-week high of 1.01 THB and at the low of 0.8400 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7300 THB is for.
Which stocks are comparable to Heng Leasing & Capital PCL?
From the same area (Financial Services) we also value Visa Inc, Mastercard Incorporated, American Express Company, Capital One Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Heng Leasing & Capital PCL stock attractive at the current price?
The data as of Nov 7, 2026: price 0.8400 THB, calculated fair value 0.7300 THB (−13%), Quality Score 65/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HENG calculated?
We run Heng Leasing & Capital PCL through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 0.7300 THB builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Heng Leasing & Capital PCL itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Heng Leasing & Capital PCL (HENG)?
The closing price on Nov 6, 2026 was 0.8400 THB. Our model-based fair value is 0.7300 THB, about 13% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heng Leasing & Capital PCL right now?
The price sits above even our optimistic bull case (0.8000 THB). The favourable scenario is already priced in. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Heng Leasing & Capital PCL
How large is the market capitalisation of Heng Leasing & Capital PCL (HENG)?
The market capitalisation of Heng Leasing & Capital PCL is 3.2B THB (≈ $95.7M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Heng Leasing & Capital PCL (HENG)?
The price-to-sales ratio of Heng Leasing & Capital PCL is 3.32 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Heng Leasing & Capital PCL (HENG)?
Earnings per share at Heng Leasing & Capital PCL are 0.0200 THB (price ÷ EPS = P/E 42.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Heng Leasing & Capital PCL (HENG)?
The dividend yield of Heng Leasing & Capital PCL is 3.1% (payout 130%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Heng Leasing & Capital PCL (HENG)?
The net margin of Heng Leasing & Capital PCL is 6.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Heng Leasing & Capital PCL (HENG)?
The return on equity (ROE) of Heng Leasing & Capital PCL is 1.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Heng Leasing & Capital PCL (HENG)?
On an EBIT basis the return on assets of Heng Leasing & Capital PCL is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Heng Leasing & Capital PCL (HENG)?
The operating margin of Heng Leasing & Capital PCL is 25.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heng Leasing & Capital PCL (HENG)?
Revenue at Heng Leasing & Capital PCL is growing −27.2% versus a year earlier (3y avg +1.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Heng Leasing & Capital PCL (HENG)?
Earnings per share at Heng Leasing & Capital PCL are growing +125% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Heng Leasing & Capital PCL (HENG) generate?
The free cash flow of Heng Leasing & Capital PCL is 4.2B THB (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Heng Leasing & Capital PCL (HENG) carry?
The net debt of Heng Leasing & Capital PCL is 3.9B THB (fiscal year 2025, ≈ 0.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 7, 2026