Next Capital Public Company (NCAP) Fair Value & Analysis
Financial Services · TH · Market cap 4.3B THB
Fair value as of: Jul 16, 2026
From 13 valuation models · updated 25 days ago
Fair value updated Jul 16, 2026, revised from 4.37 THB to 4.39 THB (+0.5%) since Jun 26, 2026. Share price +24.4% over the past month.
A solid business, screening 13% undervalued on our models.
What matters now
- A fairly wide model range (3.52 THB to 6.68 THB) leaves room in how you read the outcome.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range 1.18 THB – 12.55 THB · fair‑value band 3.52 THB – 6.68 THB · the 3.88 THB price screens below the 4.39 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Next Capital Public Company (NCAP) currently trades at 3.88 THB, while our model-based Fair Value estimate is 4.39 THB, implying the stock looks roughly 13.1% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Next Capital Public Company generated revenue of 1.3B THB at a net margin of 47.3%. Revenue grew 23.8% year over year. It earns a return on equity of 11.7%. Net debt stands at 4.9B THB. Fundamentals as of Jul 16, 2026
Our scenario range runs from 3.52 THB (bear case) to 6.68 THB (bull case); at 3.88 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 107% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -41% fair-value upside, at 13%, NCAP 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 13 models by family
Widest divergence: Earnings-Based (5.39 THB) versus Dividend Discount (0.3400 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 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 72
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
Next Capital Public Company Limited provides motorcycle hire-purchase and loans secured against vehicle registrations in Thailand. The company offers hire purchase for new motorcycles and second hand motorcycles. It also provides vehicle registration services; and vehicle insurance services. The company serves individual and corporate customers.
Full company description
Next Capital Public Company Limited provides motorcycle hire-purchase and loans secured against vehicle registrations in Thailand. The company offers hire purchase for new motorcycles and second hand motorcycles. It also provides vehicle registration services; and vehicle insurance services. The company serves individual and corporate customers. The company was formerly known as Buff (Thailand) Company Limited. Next Capital Public Company Limited was incorporated in 2004 and is headquartered in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Next Capital Public Company reported revenue of 2.0B THB in FY2025 versus 1.2B THB in FY2021, a compound +13.8%/yr. Reported net income was 555M THB in FY2025, compounding +15.6%/yr from FY2021.
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Peer Group
Credit Services · 331 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 Credit Services 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 Credit Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Visa Inc V | $348.97 | $204.19 | -41% |
| Mastercard Incorporated MA | $537.70 | $221.87 | -59% |
| American Express Company AXP | $358.44 | $206.40 | -42% |
| Bajaj Finance Limited BAJFINANCE | ₹1,056 | ₹397.61 | -62% |
| Shriram Finance Limited SHRIRAMFIN | ₹1,024 | ₹553.83 | -46% |
| Cholamandalam Investment and Finance Company CHOLAFIN | ₹1,808 | ₹796.52 | -56% |
| Tata Capital Limited TATACAP | ₹360.60 | ₹229.85 | -36% |
| Power Finance Corporation PFC | ₹405.10 | ₹810.20 | +100% |
| Muthoot Finance Limited MUTHOOTFIN | ₹3,129 | ₹3,463 | +11% |
| Indian Railway Finance Corporation IRFC | ₹88.41 | ₹69.72 | -21% |
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Frequently asked questions
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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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