Ratchthani Leasing Public Company Limited (THANI) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Ratchthani Leasing Public Company Limited stock THB 2.40, price THB 2.32, upside +3.4%, quality 68 out of 100. Rating: fairly valued. Calculated from audited financials with 13 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 1.05 THB – 3.85 THB · fair‑value band 1.75 THB – 2.99 THB · the 2.32 THB price screens below the 2.40 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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Ratchthani Leasing Public Company Limited, together with its subsidiary, provides hire-purchase and leasing services in Thailand.
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The company offers hire purchase loans for new and used cars; refinance and car title loans; financial lease; loans for solar panel installation; and loans to car dealerships.
It also provides auto and property insurance products, as well as annual tax registration, auctions, and truck to you services. The company was founded in 1988 and is headquartered in Bangkok, Thailand. Ratchthani Leasing Public Company Limited is a subsidiary of Thanachart SPV1 Co., Ltd.
Stock analysis
Ratchthani Leasing Public Company Limited (THANI) currently trades at 2.32 THB, while our model-based Fair Value estimate is 2.40 THB, so the stock looks roughly fairly valued today (gap 3.3%).
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 2.93 THB per share, and 6 of the 13 models we run sit above the 2.32 THB price.
Bear case: the Dividend Discount group reads lowest at 0.8750 THB, and 7 of the 13 models stay below the price. Data coverage for this calculation is low.
Scenario range: 1.75 THB (bear) to 2.99 THB (bull), the price of 2.32 THB sits inside 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 68/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Ratchthani Leasing Public Company Limited reported revenue of 3.7B THB in FY2025 versus 3.8B THB in FY2021, a compound −0.5%/yr. Reported net income was 1.1B THB in FY2025, compounding −9.5%/yr from FY2021.
Key figures
Market cap 14.5B THB (≈ $432M) Small · P/E ratio 11.0 · P/S ratio 6.45 · EPS (TTM) 0.2100 THB · Dividend yield 7.3% · Net margin 60.2% · Return on equity 9.6% · Return on assets (EBIT) 3.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −3% fair-value upside, at 3%, THANI screens cheaper than that median.
Fair Value models
Bear1.75 THBFair Value 2.40 THBBull2.99 THB
Price 2.32 THB · Upside +3.4%
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 (0.0343 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.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−0.3%
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.
−2.1%
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.
−0.5%
Start year 2020 (pandemic). Over 10 years: +3.7% a year
Revenue growth 21 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.
+15.5%
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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.
−5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.8%
Dividend (yield on the price)7.3%
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.−12.8% vs 0.2%, slowing
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.49% → 61%
Compare Ratchthani Leasing Public Company Limited 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 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+6.2% · Below median
Profitability
Return on equity (12 months)9.6% · Below median
Return on assets2.8% · Above median
Net margin (12 months)60.2% · Top 25%
Operating margin (12 months)79.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)38.7% · Top 25%
Dividend yield (12 months)7.3% · Top 25%
Balance sheet
Debt / equity0.82× · 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). "Ratchthani Leasing Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/THANI
Frequently asked questions
Is Ratchthani Leasing Public Company Limited (THANI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 2.40 THB versus a price of 2.32 THB, about +3% upside (fairly valued).
What is the fair value of THANI?
Our model-based fair value for Ratchthani Leasing Public Company Limited is 2.40 THB (as of Nov 7, 2026), built from audited fundamentals. The current price: 2.32 THB.
What is the quality score of THANI?
Ratchthani Leasing Public Company Limited has a Quality Score of 68/100. 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 Ratchthani Leasing Public Company Limited (THANI)?
Our model-based price target is the fair value of 2.40 THB (as of Nov 7, 2026) from 13 valuation models. Cautious scenario 1.75 THB, optimistic scenario 2.99 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Ratchthani Leasing Public Company Limited stock forecast for 2026?
Our models put fair value at 2.40 THB, about +3% upside versus a price of 2.32 THB (fairly valued). Cautious scenario 1.75 THB, optimistic scenario 2.99 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Ratchthani Leasing Public Company Limited (THANI)?
Ratchthani Leasing Public Company Limited reported trailing-twelve-month revenue of about 2.2B THB (latest available figure, as of Nov 7, 2026).
Does Ratchthani Leasing Public Company Limited pay a dividend?
Ratchthani Leasing Public Company Limited currently shows a dividend yield of 7.33% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Ratchthani Leasing Public Company Limited (THANI) and when is the ex-dividend date?
Ratchthani Leasing Public Company Limited pays a dividend of 0.17 THB per share a year, a dividend yield of 7.3%. The last ex-dividend date was Oct 7, 2026. A dividend has been paid every year since at least 2004. The payout ratio is 81.0% of earnings. Free cash flow covers the dividend 8.36 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Ratchthani Leasing Public Company Limited (THANI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ratchthani Leasing Public Company Limited it is 2.40 THB per share (as of Nov 7, 2026), against a price of 2.32 THB. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Ratchthani Leasing Public Company Limited stock overvalued or undervalued in 2026?
As of Nov 7, 2026, THANI trades below its calculated fair value: price 2.32 THB, fair value 2.40 THB, a gap of about +3% (fairly valued). 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 THANI?
No. The price is what the market pays today (2.32 THB); the fair value is what the company's own numbers justify (2.40 THB). For Ratchthani Leasing Public Company Limited the two are 0.0800 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Ratchthani Leasing Public Company Limited worth?
The market values Ratchthani Leasing Public Company Limited at about 14.5B THB (market capitalisation, as of Nov 7, 2026). Per share that is 2.32 THB; our models calculate a fair value of 2.40 THB per share.
What do the bullish and bearish scenarios say about THANI?
Our models span a range for Ratchthani Leasing Public Company Limited: cautious scenario 1.75 THB, base 2.40 THB, optimistic 2.99 THB per share (as of Nov 7, 2026, price 2.32 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of THANI?
Ratchthani Leasing Public Company Limited trades at a price-to-earnings ratio of 11.0 (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 2.40 THB is built from several models across several years. Other multiples: P/B 1.0, P/S 6.4, EV/EBITDA 9.8.
How solid is the balance sheet of Ratchthani Leasing Public Company Limited (THANI)?
Balance-sheet figures for Ratchthani Leasing Public Company Limited (as of Nov 7, 2026): return on equity 9.6%, debt of 0.82 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is THANI from its 52-week high?
Ratchthani Leasing Public Company Limited trades at 2.32 THB, about 3% below its 52-week high of 2.40 THB and 54% above the low of 1.51 THB (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 2.40 THB is for.
Which stocks are comparable to Ratchthani Leasing Public Company Limited?
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 Ratchthani Leasing Public Company Limited stock attractive at the current price?
The data as of Nov 7, 2026: price 2.32 THB, calculated fair value 2.40 THB (+3%), Quality Score 68/100, from 13 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 THANI calculated?
We run Ratchthani Leasing Public Company Limited through 13 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 2.40 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. Ratchthani Leasing Public Company Limited currently trades 3% 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 Ratchthani Leasing Public Company Limited (THANI)?
The closing price on Nov 9, 2026 was 2.32 THB. Our model-based fair value is 2.40 THB, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ratchthani Leasing Public Company Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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.
Where does the earnings growth of Ratchthani Leasing Public Company Limited (THANI) come from?
Earnings per share at Ratchthani Leasing Public Company Limited grew −0.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share −0.3 %, EBIT margin −1.8 %, tax rate −0.2 %, residual (interest, one-offs) +1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ratchthani Leasing Public Company Limited
How large is the market capitalisation of Ratchthani Leasing Public Company Limited (THANI)?
The market capitalisation of Ratchthani Leasing Public Company Limited is 14.5B THB (≈ $432M). 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 Ratchthani Leasing Public Company Limited (THANI)?
The price-to-sales ratio of Ratchthani Leasing Public Company Limited is 6.45 (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 Ratchthani Leasing Public Company Limited (THANI)?
Earnings per share at Ratchthani Leasing Public Company Limited are 0.2100 THB (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ratchthani Leasing Public Company Limited (THANI)?
The dividend yield of Ratchthani Leasing Public Company Limited is 7.3% (payout 81.0%). 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 Ratchthani Leasing Public Company Limited (THANI)?
The net margin of Ratchthani Leasing Public Company Limited is 60.2% (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 Ratchthani Leasing Public Company Limited (THANI)?
The return on equity (ROE) of Ratchthani Leasing Public Company Limited is 9.6% (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 Ratchthani Leasing Public Company Limited (THANI)?
On an EBIT basis the return on assets of Ratchthani Leasing Public Company Limited is 3.1% (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 Ratchthani Leasing Public Company Limited (THANI)?
The operating margin of Ratchthani Leasing Public Company Limited is 79.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ratchthani Leasing Public Company Limited (THANI)?
Revenue at Ratchthani Leasing Public Company Limited is growing +38.7% versus a year earlier (3y avg −2.1%). 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 Ratchthani Leasing Public Company Limited (THANI)?
Earnings per share at Ratchthani Leasing Public Company Limited are growing +29.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ratchthani Leasing Public Company Limited (THANI) generate?
The free cash flow of Ratchthani Leasing Public Company Limited is 8.9B 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 Ratchthani Leasing Public Company Limited (THANI) carry?
The net debt of Ratchthani Leasing Public Company Limited is 25.0B THB (fiscal year 2025, ≈ 2.8 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 7, 2026