Saha Pathana Inter-Holding PCL (SPI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Saha Pathana Inter-Holding PCL stock THB 16.09, price THB 35.00, that is 54.0% below the price, quality 43 out of 100. Rating: strongly overvalued. Calculated from audited financials with 8 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 23.71 THB – 36.50 THB · fair‑value band 12.07 THB – 20.11 THB · the 35.00 THB price screens above the 16.09 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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Saha Pathana Inter-Holding Public Company Limited engages in the investment and development of industrial parks in Thailand.
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The company operates through three segments: Investment in Consumer Goods Business; Investment in Food and Beverage Business; and Industrial Park Development and Investment in Other Businesses.
It engages in the development of land for industrial use; rental of land and building, basic utilities, and infrastructure; and sale of land to customers, as well as fitness center services, and manufacturing and distributing ready-made clothes.
The company invests in consumer products, such as textile and fashion, household, beauty and cosmetics, and other consumer products; and food and beverages, which include instant noodles and semi-finished food products, as well as engages in the production and distribution of bread and bakery products.
In addition, it is involved in the management of real estate investment trusts; and investment, trading, and exchange of digital assets, cryptocurrency, and digital tokens, as well as leasing of office spaces, including serviced office, flexible workspace, co-working space, and related services.
The company was formerly known as Saha Pathana Investment Company Limited. The company was incorporated in 1972 and is headquartered in Bangkok, Thailand.
Stock analysis
Saha Pathana Inter-Holding PCL (SPI) currently trades at 35.00 THB, while our model-based Fair Value estimate is 16.09 THB, 54% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 46.45 THB per share, and 1 of the 6 models we run sit above the 35.00 THB price.
Bear case: the Dividend Discount group reads lowest at 2.37 THB, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: 12.07 THB (bear) to 20.11 THB (bull), the price of 35.00 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 43/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Saha Pathana Inter-Holding PCL reported revenue of 3.2B THB in FY2025 versus 2.8B THB in FY2021, a compound +3.5%/yr. Reported net income was 2.3B THB in FY2025, compounding −10.7%/yr from FY2021.
Key figures
Market cap 44.7B THB (≈ $1.3B) Small · P/E ratio 26.9 · P/S ratio 7.29 · EPS (TTM) 1.30 THB · Dividend yield 1.1% · Net margin 27.1% · Return on equity 3.3% · Return on assets (EBIT) 2.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −54%, SPI screens richer than that median.
Fair Value models
Bear12.07 THBFair Value 16.09 THBBull20.11 THB
Price 35.00 THB · Downside -54.0%
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 (0.7693 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.55/100
Spin-off in 2011: revenue and profit before it include the divested business. Growth is measured afresh from 2011.
Revenue growth 1 year
−15.3%
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.
−9.8%
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.
+3.3%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 14 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.
+2.9%
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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. 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.
−6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.0%
Dividend (yield on the price)1.1%
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.−8.0% vs 0.4%, slowing
Profit margin 2018 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.−7% → −27%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+46.7%
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 +45.0% a year for the price.
Compare Saha Pathana Inter-Holding PCL with another stock
Price, fair value, quality and upside side by side.
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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.Real Estate Services · 472 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−54.0% · Bottom 25%
Profitability
Return on equity (12 months)3.3% · Below median
Return on assets3.2% · Above median
Net margin (12 months)27.1% · Above median
Operating margin (12 months)40.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.0% · Below median
Dividend yield (12 months)1.1% · Bottom 25%
Balance sheet
Debt / equity0.26× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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Is Saha Pathana Inter-Holding PCL (SPI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 16.09 THB versus a price of 35.00 THB, about 54% lower (overvalued).
What is the fair value of SPI?
Our model-based fair value for Saha Pathana Inter-Holding PCL is 16.09 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 35.00 THB.
What is the quality score of SPI?
Saha Pathana Inter-Holding PCL has a Quality Score of 43/100. 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 Saha Pathana Inter-Holding PCL (SPI)?
Our model-based price target is the fair value of 16.09 THB (as of Nov 7, 2026) from 8 valuation models. Cautious scenario 12.07 THB, optimistic scenario 20.11 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Saha Pathana Inter-Holding PCL stock forecast for 2026?
Our models put fair value at 16.09 THB, about 54% lower versus a price of 35.00 THB (overvalued). Cautious scenario 12.07 THB, optimistic scenario 20.11 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Saha Pathana Inter-Holding PCL (SPI)?
Saha Pathana Inter-Holding PCL reported trailing-twelve-month revenue of about 6.2B THB (latest available figure, as of Nov 7, 2026).
Does Saha Pathana Inter-Holding PCL pay a dividend?
Saha Pathana Inter-Holding PCL currently shows a dividend yield of 1.14% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Saha Pathana Inter-Holding PCL (SPI) and when is the ex-dividend date?
Saha Pathana Inter-Holding PCL pays a dividend of 0.4 THB per share a year, a dividend yield of 1.1%. The last ex-dividend date was May 6, 2026. A dividend has been paid every year since 1999. The payout ratio is 30.8% of earnings. Free cash flow covers the dividend 0.94 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Saha Pathana Inter-Holding PCL (SPI)?
For today's price to be fair in a discounted-cash-flow model, Saha Pathana Inter-Holding PCL would have to grow free cash flow by +46.7 % 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 +3.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of SPI use?
Our models discount Saha Pathana Inter-Holding PCL at 11.6 %: a base by market capitalisation (small), damped by beta 0.12, 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 Saha Pathana Inter-Holding PCL that is +46.7 % 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 Saha Pathana Inter-Holding PCL (SPI) delivered so far?
Over the past 5 years revenue at Saha Pathana Inter-Holding PCL grew +3.3 % a year. The price currently implies free-cash-flow growth of +46.7 % 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 Saha Pathana Inter-Holding PCL (SPI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Saha Pathana Inter-Holding PCL (+46.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Saha Pathana Inter-Holding PCL (SPI)?
The free-cash-flow yield on the price is 1.62 %: that much free cash flow Saha Pathana Inter-Holding PCL 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 Saha Pathana Inter-Holding PCL (SPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Saha Pathana Inter-Holding PCL it is 16.09 THB per share (as of Nov 7, 2026), against a price of 35.00 THB. It is the blended result of 8 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Saha Pathana Inter-Holding PCL stock overvalued or undervalued in 2026?
As of Nov 7, 2026, SPI trades above its calculated fair value: price 35.00 THB, fair value 16.09 THB, a gap of about −54% (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 SPI?
No. The price is what the market pays today (35.00 THB); the fair value is what the company's own numbers justify (16.09 THB). For Saha Pathana Inter-Holding PCL the two are 18.91 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Saha Pathana Inter-Holding PCL worth?
The market values Saha Pathana Inter-Holding PCL at about 44.7B THB (market capitalisation, as of Nov 7, 2026). Per share that is 35.00 THB; our models calculate a fair value of 16.09 THB per share.
What do the bullish and bearish scenarios say about SPI?
Our models span a range for Saha Pathana Inter-Holding PCL: cautious scenario 12.07 THB, base 16.09 THB, optimistic 20.11 THB per share (as of Nov 7, 2026, price 35.00 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPI?
Saha Pathana Inter-Holding PCL trades at a price-to-earnings ratio of 26.9 (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 16.09 THB is built from several models across several years. Other multiples: PEG 0.2, P/B 0.9, P/S 7.3, EV/EBITDA 21.8.
What is the PEG ratio of SPI?
The PEG ratio of Saha Pathana Inter-Holding PCL is 0.17 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Saha Pathana Inter-Holding PCL (SPI)?
Balance-sheet figures for Saha Pathana Inter-Holding PCL (as of Nov 7, 2026): return on equity 3.3%, debt of 0.26 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is SPI from its 52-week high?
Saha Pathana Inter-Holding PCL trades at 35.00 THB, about 4% below its 52-week high of 36.50 THB and 34% above the low of 26.17 THB (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 16.09 THB is for.
Which stocks are comparable to Saha Pathana Inter-Holding PCL?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Saha Pathana Inter-Holding PCL stock attractive at the current price?
The data as of Nov 7, 2026: price 35.00 THB, calculated fair value 16.09 THB (−54%), Quality Score 43/100, from 8 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 SPI calculated?
We run Saha Pathana Inter-Holding PCL through 8 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 16.09 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 13.0% above its aggregate fair value. Saha Pathana Inter-Holding 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 Saha Pathana Inter-Holding PCL (SPI)?
The closing price on Nov 6, 2026 was 35.00 THB. Our model-based fair value is 16.09 THB, about 54% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Saha Pathana Inter-Holding PCL right now?
The price sits above even our optimistic bull case (20.11 THB). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Saha Pathana Inter-Holding PCL
How large is the market capitalisation of Saha Pathana Inter-Holding PCL (SPI)?
The market capitalisation of Saha Pathana Inter-Holding PCL is 44.7B THB (≈ $1.3B). 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 Saha Pathana Inter-Holding PCL (SPI)?
The price-to-sales ratio of Saha Pathana Inter-Holding PCL is 7.29 (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 Saha Pathana Inter-Holding PCL (SPI)?
Earnings per share at Saha Pathana Inter-Holding PCL are 1.30 THB (price ÷ EPS = P/E 26.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Saha Pathana Inter-Holding PCL (SPI)?
The dividend yield of Saha Pathana Inter-Holding PCL is 1.1% (payout 30.8%). 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 Saha Pathana Inter-Holding PCL (SPI)?
The net margin of Saha Pathana Inter-Holding PCL is 27.1% (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 Saha Pathana Inter-Holding PCL (SPI)?
The return on equity (ROE) of Saha Pathana Inter-Holding PCL is 3.3% (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 Saha Pathana Inter-Holding PCL (SPI)?
On an EBIT basis the return on assets of Saha Pathana Inter-Holding PCL is 2.8% (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 Saha Pathana Inter-Holding PCL (SPI)?
The operating margin of Saha Pathana Inter-Holding PCL is 40.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Saha Pathana Inter-Holding PCL (SPI)?
Revenue at Saha Pathana Inter-Holding PCL is growing −5.0% versus a year earlier (3y avg −9.8%). 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 Saha Pathana Inter-Holding PCL (SPI)?
Earnings per share at Saha Pathana Inter-Holding PCL are growing +45.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Saha Pathana Inter-Holding PCL (SPI) carry?
The net debt of Saha Pathana Inter-Holding PCL is 19.1B THB (fiscal year 2025, ≈ 39.4 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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Broad data
Nov 7, 2026