LH Shopping Centers Leasehold (LHSC) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of LH Shopping Centers Leasehold stock THB 29.43, price THB 14.80, upside +98.9%, quality 63 out of 100. Rating: strongly undervalued. Calculated from audited financials with 16 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 5, 2026.
How to read this chart
60‑month range 6.68 THB – 16.00 THB · fair‑value band 16.74 THB – 52.43 THB · the 14.80 THB price screens below the 29.43 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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LH Shopping Centers Leasehold Real Estate Investment Trust is a real estate investment trust externally managed by Land and Houses Fund Management Company Limited.
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The firm invest in the leasehold right in the immovable properties and the ownership in the movable properties in Terminal 21 Shopping Center from L&H Property Company Limited in an approximate total area of 97,905 square meters, for an approximate term of 26 years ending on 31 August 2040.
LH Shopping Centers Leasehold Real Estate Investment Trust is based in Bangkok, Thailand.
Stock analysis
LH Shopping Centers Leasehold (LHSC) currently trades at 14.80 THB, while our model-based Fair Value estimate is 29.43 THB, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 34.53 THB per share, and 12 of the 16 models we run sit above the 14.80 THB price.
Bear case: the Asset-Based group reads lowest at 8.45 THB, and 4 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 16.74 THB (bear) to 52.43 THB (bull), the price of 14.80 THB sits below 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 63/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
LH Shopping Centers Leasehold reported revenue of 2.7B THB in FY2025 versus 383M THB in FY2021, a compound +62.9%/yr. Reported net income was 1.4B THB in FY2025.
Key figures
Market cap 11.5B THB (≈ $344M) Small · P/E ratio 8.9 · P/S ratio 4.32 · EPS (TTM) 1.66 THB · Dividend yield 4.3% · Net margin 46.9% · Return on equity 13.3% · Return on assets (EBIT) 5.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −7% fair-value upside, at 99%, LHSC screens cheaper than that median.
Fair Value models
Bear16.74 THBFair Value 29.43 THBBull52.43 THB
Price 14.80 THB · Upside +98.9%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.8738 THB per share) are deliberately not added.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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+72.4%
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.
+49.4%
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.
+32.4%
Start year 2020 (pandemic). Over 10 years: +9.2% a year
Revenue growth 10 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.
+9.2%
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’25
What shareholders gained per year (last 5 years), in THB (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+50.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+46.1%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.18.9% vs 2.7%, picking up
Profit margin 2020 to 2025 ⓘ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.35% → 49%
2025 sits 73% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +2.6% a year for the price.
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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.REIT - Diversified · 138 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+92.4% · Top 25%
Profitability
Return on equity (12 months)13.3% · Top 25%
Return on assets9.9% · Top 25%
Net margin (12 months)46.9% · Above median
Operating margin (12 months)49.5% · Below median
Growth and dividend
Revenue growth (quarter YoY)3.1% · Below median
Dividend yield (12 months)4.3% · Below median
Balance sheet
Debt / equity0.32× · Below median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (12 months)8.9× · Cheaper than median
P/B1.21× · Priciest 25%
P/S (12 months)4.32× · Cheaper than median
Price / free cash flow (fiscal year)9.6× · Cheaper than median
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Is LH Shopping Centers Leasehold (LHSC) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 29.43 THB versus a price of 14.80 THB, about +99% upside (undervalued).
What is the fair value of LHSC?
Our model-based fair value for LH Shopping Centers Leasehold is 29.43 THB (as of Nov 5, 2026), built from audited fundamentals. The current price: 14.80 THB.
What is the quality score of LHSC?
LH Shopping Centers Leasehold has a Quality Score of 63/100. 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 LH Shopping Centers Leasehold (LHSC)?
Our model-based price target is the fair value of 29.43 THB (as of Nov 5, 2026) from 16 valuation models. Cautious scenario 16.74 THB, optimistic scenario 52.43 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the LH Shopping Centers Leasehold stock forecast for 2026?
Our models put fair value at 29.43 THB, about +99% upside versus a price of 14.80 THB (undervalued). Cautious scenario 16.74 THB, optimistic scenario 52.43 THB. The calculation is refreshed regularly with new filings.
What is the revenue of LH Shopping Centers Leasehold (LHSC)?
LH Shopping Centers Leasehold reported trailing-twelve-month revenue of about 2.8B THB (latest available figure, as of Nov 5, 2026).
Does LH Shopping Centers Leasehold pay a dividend?
LH Shopping Centers Leasehold currently shows a dividend yield of 4.33% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of LH Shopping Centers Leasehold (LHSC) and when is the ex-dividend date?
LH Shopping Centers Leasehold pays a dividend of 0.641 THB per share a year, a dividend yield of 4.3%. The last ex-dividend date was Aug 27, 2026. A dividend has been paid every year since at least 2015. The payout ratio is 38.6% of earnings. Free cash flow covers the dividend 2.49 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into LH Shopping Centers Leasehold (LHSC)?
For today's price to be fair in a discounted-cash-flow model, LH Shopping Centers Leasehold would have to grow free cash flow by +3.8 % per year for five years (discount rate 11.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +32.4 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of LHSC use?
Our models discount LH Shopping Centers Leasehold at 11.6 %: a base by market capitalisation (small), damped by beta 0.22, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For LH Shopping Centers Leasehold that is +3.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.6 %) and the same formula as our fair value.
How much growth has LH Shopping Centers Leasehold (LHSC) delivered so far?
Over the past 5 years revenue at LH Shopping Centers Leasehold grew +32.4 % a year. The price currently implies free-cash-flow growth of +3.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of LH Shopping Centers Leasehold (LHSC) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into LH Shopping Centers Leasehold (+3.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of LH Shopping Centers Leasehold (LHSC)?
The free-cash-flow yield on the price is 10.79 %: that much free cash flow LH Shopping Centers Leasehold produces per unit of market value. When it exceeds the discount rate of our models (11.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of LH Shopping Centers Leasehold (LHSC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LH Shopping Centers Leasehold it is 29.43 THB per share (as of Nov 5, 2026), against a price of 14.80 THB. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is LH Shopping Centers Leasehold stock overvalued or undervalued in 2026?
As of Nov 5, 2026, LHSC trades below its calculated fair value: price 14.80 THB, fair value 29.43 THB, a gap of about +99% (undervalued). 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 LHSC?
No. The price is what the market pays today (14.80 THB); the fair value is what the company's own numbers justify (29.43 THB). For LH Shopping Centers Leasehold the two are 14.63 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is LH Shopping Centers Leasehold worth?
The market values LH Shopping Centers Leasehold at about 11.5B THB (market capitalisation, as of Nov 5, 2026). Per share that is 14.80 THB; our models calculate a fair value of 29.43 THB per share.
What do the bullish and bearish scenarios say about LHSC?
Our models span a range for LH Shopping Centers Leasehold: cautious scenario 16.74 THB, base 29.43 THB, optimistic 52.43 THB per share (as of Nov 5, 2026, price 14.80 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LHSC?
LH Shopping Centers Leasehold trades at a price-to-earnings ratio of 8.9 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 29.43 THB is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 13.4. Other multiples: P/B 1.2, P/S 4.3, EV/EBITDA 9.9.
How solid is the balance sheet of LH Shopping Centers Leasehold (LHSC)?
Balance-sheet figures for LH Shopping Centers Leasehold (as of Nov 5, 2026): return on equity 13.3%, debt of 0.32 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is LHSC from its 52-week high?
LH Shopping Centers Leasehold trades at 14.80 THB, about 8% below its 52-week high of 16.00 THB and 30% above the low of 11.37 THB (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 29.43 THB is for.
Which stocks are comparable to LH Shopping Centers Leasehold?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 LH Shopping Centers Leasehold stock attractive at the current price?
The data as of Nov 5, 2026: price 14.80 THB, calculated fair value 29.43 THB (+99%), Quality Score 63/100, from 16 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 LHSC calculated?
We run LH Shopping Centers Leasehold through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 29.43 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. LH Shopping Centers Leasehold currently trades 50% below its own fair value, and the market average says nothing about that. 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 LH Shopping Centers Leasehold (LHSC)?
The closing price on Nov 9, 2026 was 14.80 THB. Our model-based fair value is 29.43 THB, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LH Shopping Centers Leasehold right now?
The price is below even our cautious bear case (16.74 THB). The market is more pessimistic than our downside scenario. The model range is unusually wide (16.74 THB to 52.43 THB). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of LH Shopping Centers Leasehold
How large is the market capitalisation of LH Shopping Centers Leasehold (LHSC)?
The market capitalisation of LH Shopping Centers Leasehold is 11.5B THB (≈ $344M). 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 LH Shopping Centers Leasehold (LHSC)?
The price-to-sales ratio of LH Shopping Centers Leasehold is 4.32 (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 LH Shopping Centers Leasehold (LHSC)?
Earnings per share at LH Shopping Centers Leasehold are 1.66 THB (price ÷ EPS = P/E 8.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of LH Shopping Centers Leasehold (LHSC)?
The dividend yield of LH Shopping Centers Leasehold is 4.3% (payout 38.6%). 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 LH Shopping Centers Leasehold (LHSC)?
The net margin of LH Shopping Centers Leasehold is 46.9% (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 LH Shopping Centers Leasehold (LHSC)?
The return on equity (ROE) of LH Shopping Centers Leasehold is 13.3% (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 LH Shopping Centers Leasehold (LHSC)?
On an EBIT basis the return on assets of LH Shopping Centers Leasehold is 5.4% (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 LH Shopping Centers Leasehold (LHSC)?
The operating margin of LH Shopping Centers Leasehold is 49.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LH Shopping Centers Leasehold (LHSC)?
Revenue at LH Shopping Centers Leasehold is growing +3.1% versus a year earlier (3y avg +49.4%). 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 LH Shopping Centers Leasehold (LHSC)?
Earnings per share at LH Shopping Centers Leasehold are growing +13.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does LH Shopping Centers Leasehold (LHSC) carry?
The net debt of LH Shopping Centers Leasehold is 2.9B THB (fiscal year 2025, ≈ 2.3 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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Thin data
Nov 5, 2026