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STOCK COMPARISON

Saha Pathana Inter-Holding PCL vs Vingroup JSC: Fair Value & Quality

Both stocks run through our valuation models. Here is how Saha Pathana Inter-Holding PCL (SPI) and Vingroup JSC (VIC) compare, as of Sep 24, 2026.

As of Sep 24, 2026, Fair Value Calculator sees Saha Pathana Inter-Holding PCL as the less overvalued of the two: Saha Pathana Inter-Holding PCL trades at THB 34.00 versus a fair value of THB 13.68 (-60%), while Vingroup JSC trades at VND 236,000 versus VND 25,731 (-89%).
Saha Pathana Inter-Holding PCL
SPI.BK · THB · Real Estate
-60%
upside to fair value
overvalued
PriceTHB 34.00
Fair ValueTHB 13.68
Quality36/100
Vingroup JSC
VIC.VN · VND · Consumer Discretionary
-89%
upside to fair value
overvalued
PriceVND 236,000
Fair ValueVND 25,731
Quality30/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Saha Pathana Inter-Holding PCLVingroup JSC
Valuation
29.1×P/E (TTM)168.0×
6.66×P/S (TTM)5.02×
0.87×P/B11.91×
20.1×EV/EBITDA47.9×
0.17×PEGn/a
−59.8%Fair value upside−89.1%
1.8%Dividend yield0.2%
THB 0.60Dividend per sharen/a
Profitability
44%Operating margin14%
3%Return on equity9%
2%Return on assets1%
Growth
-33%Revenue growth (YoY)25%
-9.8%Avg. growth/yr (3Y)48.3%
3.3%Avg. growth/yr (5Y)24.6%
−6.2%Value creation/yr−3.1%
Balance & size
n/aInterest coverage (EBIT/interest)0.1×
0.26×Debt / equity1.51×
$1BMarket cap$68B
weakGrowth qualityexpensive
Valuation multiples (P/E, P/S, P/B, EV/EBITDA) are shown but not scored here: the two companies sit in different sectors, and multiples only compare fairly between similar business models. PEG stays scored, as it relates the P/E to growth.

Saha Pathana Inter-Holding PCL leads: 5 to 4 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Saha Pathana Inter-Holding PCLof which business quality 37 · market factors 67 Vingroup JSCof which business quality 31 · market factors 68
ProfitabilityMargins and returns on capital today
33
21
Quality GrowthAre margins and returns improving?
16
67
CashflowEarnings quality: real cash, not paper profit
46
46
Fin. StrengthBalance sheet, leverage, solvency risk
61
7
InvestmentDisciplined investing over empire-building
56
16
Low VolatilityCalm price path (market factor)
84
21
MomentumPrice trend over the last 3–12 months (market factor)
57
85
52W MomentumDistance to the 52-week high (market factor)
65
95
Net IssuanceShare count: buybacks or dilution?
0
36

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familySaha Pathana Inter-Holding PCLPrice THB 34.00Vingroup JSCPrice VND 236,000
Earnings-Basedn/a-83%below the priceVND 41,154
Dividend Discount-93%below the priceTHB 2.35-97%below the priceVND 6,047
Multiples-32%below the priceTHB 23.13-87%below the priceVND 29,515
Asset-Based-24%below the priceTHB 25.74-94%below the priceVND 13,280
Economic Profit-22%below the priceTHB 26.45-93%below the priceVND 17,368
Growth Earningsn/a-78%below the priceVND 52,663
Minimum-93%below the priceTHB 2.35-97%below the priceVND 6,047
Maximum-22%below the priceTHB 26.45-78%below the priceVND 52,663
Median-28%below the priceTHB 24.44-90%below the priceVND 23,442
Geometric mean-59%below the priceTHB 13.87-91%below the priceVND 21,139

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Saha Pathana Inter-Holding PCL: 6 of 6 models see the stock below the current price.

Vingroup JSC: 12 of 12 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Saha Pathana Inter-Holding PCL
Price THB 34.00
Fair Value THB 13.68
Bear THB 10.26Bull THB 13.68
Vingroup JSC
Price VND 236,000
Fair Value VND 25,731
Bear VND 19,298Bull VND 35,287

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Saha Pathana Inter-Holding PCL · Real Estate

Quality score36 · bottom 25%
Fair value upside-60% · bottom 25%

Vingroup JSC · Consumer Discretionary

Quality score30 · bottom 25%
Fair value upside-89% · bottom 25%

Bottom line

As of Sep 24, 2026, Fair Value Calculator sees Saha Pathana Inter-Holding PCL as the less overvalued of the two: Saha Pathana Inter-Holding PCL trades at THB 34.00 versus a fair value of THB 13.68 (-60%), while Vingroup JSC trades at VND 236,000 versus VND 25,731 (-89%).

Saha Pathana Inter-Holding PCL has the higher quality score (36/100).

Open Saha Pathana Inter-Holding PCL live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.