Kasikorn Securities Public Company Limited (GASVN11) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Kasikorn Securities Public Company Limited THB 4.76, price THB 4.42, upside +7.7%, quality 72 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Petrovietnam Gas Joint Stock Corporation, together with its subsidiaries, engages in the collection, transportation, processing, storage, distribution, importing, and trading of gas and gas related products in Vietnam.
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Petrovietnam Gas Joint Stock Corporation, together with its subsidiaries, engages in the collection, transportation, processing, storage, distribution, importing, and trading of gas and gas related products in Vietnam. The company offers liquefied petroleum gas, dry gas, condensate, compressed natural gas, and liquefied natural gas; gas cylinders under PetroVietnam brand; and steel pipes products. It also provides gas gathering, importation, and transportation and distribution, converting engines to run on gas, and maintenance and repair services for gas facility equipment; coating services for oil and gas pipelines; and steel pipe services comprising steel plates supply, welding, non-destructing testing, and chemical analysis and mechanical testing services, as well as engages in the construction and installation of equipment and other accessories. In addition, the company is involved in wholesaling solid, liquid and gaseous fuel, and other products; construction activities, including investing, constructing, managing, maintaining, and repairing gas and gas related construction works and projects; real estate business; and investing activities. It supplies its gas to power and fertilizer plants, industrial manufacturers, LPG trading and distributing companies, and transportation and processing industries, as well as to manufacturers of ceramic tiles, steel, and porcelain. The company was formerly known as PetroVietnam Gas Corporation " One Member Company Limited and changed its name to Petrovietnam Gas Joint Stock Corporation in May 2011. The company was founded in 1990 and is headquartered in Ho Chi Minh City, Vietnam. Petrovietnam Gas Joint Stock Corporation is a subsidiary of Vietnam Oil and Gas Group.
Stock analysis
Kasikorn Securities Public Company Limited (GASVN11) currently trades at 4.42 THB, while our model-based Fair Value estimate is 4.76 THB, so the stock looks roughly fairly valued today (gap 7.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of 5.21 THB per share, and 10 of the 24 models we run sit above the 4.42 THB price.
Bear case: the Asset-Based group reads lowest at 0.9500 THB, and 14 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: 2.64 THB (bear) to 6.55 THB (bull), the price of 4.42 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 72/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Kasikorn Securities Public Company Limited reported revenue of 135T VND in FY2025 versus 101T VND in FY2022, a compound +10.3%/yr. Reported net income was 11.4T VND in FY2025, compounding −8.3%/yr from FY2022.
Key figures
Market cap 211B THB (≈ $6.3B) · P/E ratio 18.4 · P/S ratio 1.56 · EPS (TTM) 0.2400 THB · Net margin 8.4% · Return on equity 17.5% · Return on assets (EBIT) 16.2% · Revenue growth (YoY) +48.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 55% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −13% fair-value upside, at 8%, GASVN11 screens cheaper than that median.
Fair Value models
Bear 2.64 THBFair Value 4.76 THBBull 6.55 THB
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.1815 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.Evidence ⓘEvidence = 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 1 year
+30.5%
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.
+10.3%
’22
’23
’24
’25
What shareholders gained per year (last 3 years), in VND ⓘ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 3 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 VND: 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.
−4.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.7%
Dividend (yield on the price)0.0%
Profit margin 2022 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.18% → 10%
Compare Kasikorn Securities Public Company Limited 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.Oil & Gas Integrated · 45 stocks
Beats the industry median on 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−56.6% · Bottom 25%
Profitability
Return on equity (TTM)17.5% · Top 25%
Return on assets9.6% · Top 25%
Net margin (TTM)7.9% · Above median
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth48.1% · Top 25%
Balance sheet
Debt / equity0.02× · Lowest 25%
Valuation Multiplesvs Oil & Gas Integrated 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). "Kasikorn Securities Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/GASVN11
Frequently asked questions
Is Kasikorn Securities Public Company Limited (GASVN11) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 4.76 THB versus a price of 4.42 THB, about +8% upside (fairly valued).
What is the fair value of GASVN11?
Our model-based fair value for Kasikorn Securities Public Company Limited is 4.76 THB (as of Sep 27, 2026), built from audited fundamentals. The current price: 4.42 THB.
What is the quality score of GASVN11?
Kasikorn Securities Public Company Limited has a Quality Score of 72/100. 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 Kasikorn Securities Public Company Limited (GASVN11)?
Our model-based price target is the fair value of 4.76 THB (as of Sep 27, 2026) from 24 valuation models. Cautious scenario 2.64 THB, optimistic scenario 6.55 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Kasikorn Securities Public Company Limited stock forecast for 2026?
Our models put fair value at 4.76 THB, about +8% upside versus a price of 4.42 THB (fairly valued). Cautious scenario 2.64 THB, optimistic scenario 6.55 THB. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Kasikorn Securities Public Company Limited (GASVN11)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kasikorn Securities Public Company Limited it is 4.76 THB per share (as of Sep 27, 2026), against a price of 4.42 THB. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Kasikorn Securities Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, GASVN11 trades below its calculated fair value: price 4.42 THB, fair value 4.76 THB, a gap of about +8% (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 GASVN11?
No. The price is what the market pays today (4.42 THB); the fair value is what the company's own numbers justify (4.76 THB). For Kasikorn Securities Public Company Limited the two are 0.3400 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Kasikorn Securities Public Company Limited worth?
The market values Kasikorn Securities Public Company Limited at about 211B THB (market capitalisation, as of Sep 27, 2026). Per share that is 4.42 THB; our models calculate a fair value of 4.76 THB per share.
What do the bullish and bearish scenarios say about GASVN11?
Our models span a range for Kasikorn Securities Public Company Limited: cautious scenario 2.64 THB, base 4.76 THB, optimistic 6.55 THB per share (as of Sep 27, 2026, price 4.42 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GASVN11?
Kasikorn Securities Public Company Limited trades at a price-to-earnings ratio of 18.4 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 4.76 THB is built from several models across several years.
How solid is the balance sheet of Kasikorn Securities Public Company Limited (GASVN11)?
Balance-sheet figures for Kasikorn Securities Public Company Limited (as of Sep 27, 2026): return on equity 17.5%, debt of 0.02 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is GASVN11 from its 52-week high?
Kasikorn Securities Public Company Limited trades at 4.42 THB, about 29% below its 52-week high of 6.25 THB and 55% above the low of 2.86 THB (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of 4.76 THB is for.
Which stocks are comparable to Kasikorn Securities Public Company Limited?
From the same area (Energy) we also value Saudi Arabian Oil Company, Exxon Mobil Corporation, Chevron Corporation, PetroChina Company, 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 Kasikorn Securities Public Company Limited stock attractive at the current price?
The data as of Sep 27, 2026: price 4.42 THB, calculated fair value 4.76 THB (+8%), Quality Score 72/100, from 24 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 GASVN11 calculated?
We run Kasikorn Securities Public Company Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 4.76 THB, 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 14.5 % above its aggregate fair value. Kasikorn Securities Public Company Limited currently trades 7 % 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 Kasikorn Securities Public Company Limited (GASVN11)?
The closing price on Sep 29, 2026 was 4.42 THB. Our model-based fair value is 4.76 THB, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kasikorn Securities Public Company Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (2.64 THB to 6.55 THB) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Kasikorn Securities Public Company Limited
How large is the market capitalisation of Kasikorn Securities Public Company Limited (GASVN11)?
The market capitalisation of Kasikorn Securities Public Company Limited is 211B THB (≈ $6.3B). 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 Kasikorn Securities Public Company Limited (GASVN11)?
The price-to-sales ratio of Kasikorn Securities Public Company Limited is 1.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Kasikorn Securities Public Company Limited (GASVN11)?
Earnings per share at Kasikorn Securities Public Company Limited are 0.2400 THB (price ÷ EPS = P/E 18.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kasikorn Securities Public Company Limited (GASVN11)?
The net margin of Kasikorn Securities Public Company Limited is 8.4% (fiscal year 2025). 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 Kasikorn Securities Public Company Limited (GASVN11)?
The return on equity (ROE) of Kasikorn Securities Public Company Limited is 17.5% (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 Kasikorn Securities Public Company Limited (GASVN11)?
On an EBIT basis the return on assets of Kasikorn Securities Public Company Limited is 16.2% (avg 4y). 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.
How fast is revenue growing at Kasikorn Securities Public Company Limited (GASVN11)?
Revenue at Kasikorn Securities Public Company Limited is growing +48.1% versus a year earlier (3y avg +10.3%). 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 Kasikorn Securities Public Company Limited (GASVN11)?
Earnings per share at Kasikorn Securities Public Company Limited are growing +6.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Kasikorn Securities Public Company Limited (GASVN11) generate?
The free cash flow of Kasikorn Securities Public Company Limited is 10.7T VND (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 Kasikorn Securities Public Company Limited (GASVN11) carry?
The net debt of Kasikorn Securities Public Company Limited is 206B VND (fiscal year 2023, ≈ 0.0 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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