GVREIT Fair Value & Analysis
Real Estate · TH · Market cap 6.8B THB
Fair value as of: Jul 20, 2026
From 15 valuation models · updated 21 days ago
Share price +7.8% over the past month.
A solid business, but screening 14% overvalued on our models.
What matters now
- Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 3.88 THB – 8.50 THB · fair‑value band 7.15 THB – 9.31 THB · the 8.30 THB price screens above the 7.15 THB fair value. Dashed = 300-day average. As of Jul 20, 2026.
Analysis
GVREIT (GVREIT) currently trades at 8.30 THB, while our model-based Fair Value estimate is 7.15 THB, implying the stock looks roughly 13.9% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, GVREIT generated revenue of 1.1B THB at a net margin of 11.3%. Revenue grew 5.3% year over year. It earns a return on equity of 1.5%. Net debt stands at 2.6B THB. Fundamentals as of Jul 20, 2026
Our scenario range runs from 7.15 THB (bear case) to 9.31 THB (bull case); at 8.30 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at -14%, GVREIT screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 15 models by family
Widest divergence: Growth DCF (9.61 THB) versus Asset-Based (6.80 THB). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 64 · Market factors (momentum, volatility) 87
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Golden Ventures Leasehold Real Estate Investment Trust, a real estate investment trust, engages in the rental of properties in Thailand. It holds leasehold rights of Park Ventures Ecoplex building, as well as land and building sub-lease rights of Sathorn Square located at the Central Business District of Thailand.
Full company description
Golden Ventures Leasehold Real Estate Investment Trust, a real estate investment trust, engages in the rental of properties in Thailand. It holds leasehold rights of Park Ventures Ecoplex building, as well as land and building sub-lease rights of Sathorn Square located at the Central Business District of Thailand. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company was founded in 2016 and is based in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
GVREIT reported revenue of 1.1B THB in FY2025 versus 1.1B THB in FY2021, a compound +0.2%/yr. Reported net income was 168M THB in FY2025, compounding −30.2%/yr from FY2021.
GVREIT screens 14% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Peer Group
REIT - Office · 75 stocks
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.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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