Heng Leasing & Capital PCL (HENG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Heng Leasing & Capital PCL THB 0.73, price THB 0.89, upside -18.0%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
59‑month range 0.8500 THB – 4.89 THB · the 0.8900 THB price screens above the 0.7300 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Heng Leasing and Capital Public Company Limited provides financial services in Thailand. The company offers hire purchase, loans secured against vehicle registrations, land and building loans, regulated personal loans with and without motor vehicle registration as collateral, and nano finance without collateral.
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Heng Leasing and Capital Public Company Limited provides financial services in Thailand. The company offers hire purchase, loans secured against vehicle registrations, land and building loans, regulated personal loans with and without motor vehicle registration as collateral, and nano finance without collateral. It also provides secured, unsecured, mortgage, and occupational loans; and non-life and life insurance brokerage services to retail customers. Heng Leasing and Capital Public Company Limited was founded in 2015 and is headquartered in San Sai, Thailand.
Stock analysis
Heng Leasing & Capital PCL (HENG) currently trades at 0.8900 THB, while our model-based Fair Value estimate is 0.7300 THB, implying the stock looks roughly 21.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 4.32 THB per share, and 4 of the 11 models we run sit above the 0.8900 THB price.
Bear case: the Multiples group reads lowest at 0.1200 THB, and 7 of the 11 models stay below the price. Evidence for this calculation is low.
Quality & growth
The Quality Score stands at 64/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Heng Leasing & Capital PCL reported revenue of 2.2B THB in FY2025 versus 1.6B THB in FY2021, a compound +8.1%/yr. Reported net income was 34.0M THB in FY2025, compounding −44.3%/yr from FY2021.
Key figures
Market cap 3.4B THB (≈ $102M) · P/E ratio 44.5 · P/S ratio 0.70 · EPS (TTM) 0.0200 THB · Dividend yield 2.9% · Net margin 1.6% · Return on equity 0.9% · Return on assets (EBIT) 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −32% fair-value upside, at −18%, HENG screens cheaper than that median.
Fair Value models
Bear 0.7300 THBFair Value 0.7300 THBBull 0.7300 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.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.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 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.
+21.1%
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.
+10.3%
Revenue growth 7 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.
+18.8%
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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. Basis: EBIT basis. 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.
+5.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.4%
Dividend (yield on the price)2.9%
Profit margin 2019 to 2024 ⓘ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.43% → 9%
Compare Heng Leasing & Capital 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.Credit Services · 331 stocks
Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−18% · Below median
Profitability
Return on equity (TTM)1% · Bottom 25%
Return on assets0% · Bottom 25%
Net margin (TTM)4% · Bottom 25%
Operating margin (TTM)27% · Below median
Growth and dividend
Revenue growth−20% · Bottom 25%
Dividend yield (TTM)2.9% · Below median
Balance sheet
Debt / equity0.27× · 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). "Heng Leasing & Capital PCL Fair Value". https://www.fairvalue-calculator.com/stock/HENG
Frequently asked questions
Is Heng Leasing & Capital PCL (HENG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 0.7300 THB versus a price of 0.8900 THB, about −18% upside (overvalued).
What is the fair value of HENG?
Our model-based fair value for Heng Leasing & Capital PCL is 0.7300 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 0.8900 THB.
What is the quality score of HENG?
Heng Leasing & Capital PCL has a Quality Score of 64/100. 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 Heng Leasing & Capital PCL (HENG)?
Our model-based price target is the fair value of 0.7300 THB (as of Sep 24, 2026) from 11 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Heng Leasing & Capital PCL stock forecast for 2026?
Our models put fair value at 0.7300 THB, about −18% upside versus a price of 0.8900 THB (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Heng Leasing & Capital PCL (HENG)?
Heng Leasing & Capital PCL reported trailing-twelve-month revenue of about 1.0B THB (latest available figure, as of Sep 24, 2026).
Does Heng Leasing & Capital PCL pay a dividend?
Heng Leasing & Capital PCL currently shows a dividend yield of about 2.92% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Heng Leasing & Capital PCL (HENG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Heng Leasing & Capital PCL it is 0.7300 THB per share (as of Sep 24, 2026), against a price of 0.8900 THB. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Heng Leasing & Capital PCL stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HENG trades above its calculated fair value: price 0.8900 THB, fair value 0.7300 THB, a gap of about −18% (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 HENG?
No. The price is what the market pays today (0.8900 THB); the fair value is what the company's own numbers justify (0.7300 THB). For Heng Leasing & Capital PCL the two are 0.1600 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Heng Leasing & Capital PCL worth?
The market values Heng Leasing & Capital PCL at about 3.4B THB (market capitalisation, as of Sep 24, 2026). Per share that is 0.8900 THB; our models calculate a fair value of 0.7300 THB per share.
What is the P/E ratio of HENG?
Heng Leasing & Capital PCL trades at a price-to-earnings ratio of 44.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.7300 THB is built from several models across several years. Other multiples: P/B 0.7, P/S 3.3, EV/EBITDA 13.9.
How solid is the balance sheet of Heng Leasing & Capital PCL (HENG)?
Balance-sheet figures for Heng Leasing & Capital PCL (as of Sep 24, 2026): return on equity 0.9%, debt of 0.27 per unit of equity. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is HENG from its 52-week high?
Heng Leasing & Capital PCL trades at 0.8900 THB, about 19% below its 52-week high of 1.10 THB and 5% above the low of 0.8500 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 0.7300 THB is for.
Which stocks are comparable to Heng Leasing & Capital PCL?
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 Heng Leasing & Capital PCL stock attractive at the current price?
The data as of Sep 24, 2026: price 0.8900 THB, calculated fair value 0.7300 THB (−18%), Quality Score 64/100, from 11 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 HENG calculated?
We run Heng Leasing & Capital PCL through 11 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 0.7300 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 13.0 % above its aggregate fair value. Heng Leasing & Capital 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 Heng Leasing & Capital PCL (HENG)?
The closing price on Sep 24, 2026 was 0.8900 THB. Our model-based fair value is 0.7300 THB, about −18% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Heng Leasing & Capital PCL right now?
The price sits above even our optimistic bull case (0.7300 THB). The favourable scenario is already priced in. Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder. 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.
Key figures of Heng Leasing & Capital PCL
How large is the market capitalisation of Heng Leasing & Capital PCL (HENG)?
The market capitalisation of Heng Leasing & Capital PCL is 3.4B THB (≈ $102M). 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 Heng Leasing & Capital PCL (HENG)?
The price-to-sales ratio of Heng Leasing & Capital PCL is 0.70 (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 Heng Leasing & Capital PCL (HENG)?
Earnings per share at Heng Leasing & Capital PCL are 0.0200 THB (price ÷ EPS = P/E 44.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Heng Leasing & Capital PCL (HENG)?
The dividend yield of Heng Leasing & Capital PCL is 2.9% (payout 130%). 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 Heng Leasing & Capital PCL (HENG)?
The net margin of Heng Leasing & Capital PCL is 1.6% (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 Heng Leasing & Capital PCL (HENG)?
The return on equity (ROE) of Heng Leasing & Capital PCL is 0.9% (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 Heng Leasing & Capital PCL (HENG)?
On an EBIT basis the return on assets of Heng Leasing & Capital PCL is 4.4% (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 Heng Leasing & Capital PCL (HENG)?
The operating margin of Heng Leasing & Capital PCL is 26.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Heng Leasing & Capital PCL (HENG)?
Revenue at Heng Leasing & Capital PCL is growing −19.9% versus a year earlier (3y avg +1.5%). 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 Heng Leasing & Capital PCL (HENG)?
Earnings per share at Heng Leasing & Capital PCL are growing +20.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Heng Leasing & Capital PCL (HENG) generate?
The free cash flow of Heng Leasing & Capital PCL is 4.2B 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 Heng Leasing & Capital PCL (HENG) carry?
The net debt of Heng Leasing & Capital PCL is 3.9B THB (fiscal year 2025, ≈ 0.9 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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