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Sena Development Public Company Limited (SENA) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Sena Development Public Company Limited THB 3.89, price THB 1.68, upside +131.6%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · TH · ISIN TH1011010002

SD Thin data Sep 24, 2026

Sena Development Public Company Limited

SENA · BK

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 3.89 THB · Strongly undervalued (+132%)
!Quality 37/100
!Expensive Growth (revenue 5y +4.7 %/yr)
!Thin margins · 5.1% net margin (TTM)
!Moderate debt · negative free cash flow
·8.21% dividend yield
!Mixed vs. peers (7/13)
!Narrow moat 37/100
!Evidence only low, so the estimate is less certain
!Weak on past: 11 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

4.79 THB 1.48 THB Fair Value 3.89 THB Apr 2021 Sep 2026

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

60‑month range 1.48 THB – 4.79 THB · fair‑value band 2.92 THB – 4.86 THB · the 1.68 THB price screens below the 3.89 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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Company profile

Sena Development Public Company Limited, together with its subsidiaries, engages in the development and sale of properties in Thailand. The company operates through six segments: real estate development for sale, real estate rental, real estate services, golf course operations, energy group, and automobile dealership.

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Sena Development Public Company Limited, together with its subsidiaries, engages in the development and sale of properties in Thailand. The company operates through six segments: real estate development for sale, real estate rental, real estate services, golf course operations, energy group, and automobile dealership. The company offers property development for sale; project management services; apartment for rent and services; leased property development; distribution of prefab steel, construction materials, solar panels and inverter including solar system installment; and manufactures and distributes electricity. It also sells electric vehicles, as well as spare parts and similar small equipment; forest restoration services; real estate project management and services; real estate agents and brokers; provision of advisory services and loans; and residential accommodation for the elderly with nursing services. In addition, it sells and rents office supplies; develop application systems; digital computer systems and computer programs; and trading and development of residential rental. The company was formerly known as Krungthep Keha Group Co., Ltd. Sena Development Public Company Limited was founded in 1977 and is headquartered in Bangkok, Thailand.

Stock analysis

Sena Development Public Company Limited (SENA) currently trades at 1.68 THB, while our model-based Fair Value estimate is 3.89 THB, implying the stock looks roughly 56.8% undervalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 3.97 THB per share, and 8 of the 8 models we run sit above the 1.68 THB price.

Bear case: the Multiples group reads lowest at 2.91 THB, and 0 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: 2.92 THB (bear) to 4.86 THB (bull), the price of 1.68 THB sits below 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 37/100 (below-average quality), in the Real Estate sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Sena Development Public Company Limited reported revenue of 5.2B THB in FY2025 versus 3.0B THB in FY2021, a compound +14.1%/yr. Reported net income was 324M THB in FY2025, compounding −28.7%/yr from FY2021.

Key figures

Market cap 2.4B THB (≈ $71.8M) · P/E ratio 9.3 · P/S ratio 0.59 · EPS (TTM) 0.1800 THB · Dividend yield 8.2% · Net margin 6.3% · Return on equity 2.8% · Return on assets (EBIT) 3.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).

What moves the price

The share trades about 14% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 132%, SENA screens cheaper than that median.

Fair Value models

Bear 2.92 THB Fair Value 3.89 THB Bull 4.86 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 (0.0308 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. 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.
Highest evidence
Residual Income 4.01 THB 3.91 THB 3.15 THB 76
Gordon GGM 2.13 THB 3.56 THB 4.62 THB 68
DDM Multi-Stage 2.13 THB 3.12 THB 3.83 THB 67
All 9 models by family
Dividend Discount
Gordon GGM 2.13 THB 3.56 THB 4.62 THB 68
DDM Multi-Stage 2.13 THB 3.12 THB 3.83 THB 67
Multiples
P/S Multiple 2.92 THB 3.89 THB 4.86 THB 58
P/B Multiple 2.92 THB 3.89 THB 4.86 THB 55
EV/EBIT 0.1900 THB 2.76 THB 5.34 THB 57
EV/EBITDA 0.3000 THB 2.91 THB 5.51 THB 59
EV/Revenue n/a n/a 0.3800 THB 50
Asset-Based
NCAV (Graham) 2.97 THB 3.97 THB 5.93 THB 54
Economic Profit
Residual Income 4.01 THB 3.91 THB 3.15 THB 76

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Quality Score breakdown

Overall quality 37/100

Of which business quality 32 · Market factors (momentum, volatility) 53

Profitability 18
Margins and returns on capital today
Quality Growth 52
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 88
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+54.7%
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.
+11.9%
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.
+4.7%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 17 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.
+8.7%
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. 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.
−13.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−22.0%
Dividend (yield on the price)8.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−22% vs −7%, slowing
Profit margin 2020 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.31% → 13%
Start year 2020 (pandemic)

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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.Real Estate - Development · 578 stocks

Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside +132% · Top 25%
Profitability
Return on equity (TTM) 3% · Below median
Return on assets 1% · Above median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 17% · Above median
Growth and dividend
Revenue growth −1% · Below median
Dividend yield (TTM) 8.2% · Top 25%
Balance sheet
Debt / equity 1.36× · Highest 25%

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/E (TTM) 9.3× · Cheaper than median
P/B 0.29× · Cheaper than median
P/S (TTM) 0.47× · Cheaper than median
EV/EBITDA 14.8× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 48
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)11 · sector 11
HEALTH (low debt)32 · sector 83
DIVIDEND (yield)100 · sector 55

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$109.10 HK$147.78 +35%
China Resources Land Limited 1109 HK$29.62 HK$74.05 +150%
Vinhomes Joint Stock Company VHM 68,200 VND 112,796 VND +65%
CK Asset Holdings 1113 HK$46.44 HK$71.69 +54%
Hongkong Land Holdings H78 $8.74 $1.52 −83%
DLF Limited DLF ₹675.00 ₹167.21 −75%
China Overseas Land & Investment Limited 0688 HK$12.43 HK$22.35 +80%
Lodha Developers Limited LODHA ₹1,163 ₹275.95 −76%
Poly Developments and Holdings 600048 ¥5.64 ¥14.10 +150%
CTP N.V CTPNV €13.58 €10.30 −24%

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Sena Development Public Company Limited · Fair Value
3.89 THB +57%Fair Value
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Cite: Fair Value Calculator (2026). "Sena Development Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/SENA

Frequently asked questions

Is Sena Development Public Company Limited (SENA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3.89 THB versus a price of 1.68 THB, about +132% upside (undervalued).
What is the fair value of SENA?
Our model-based fair value for Sena Development Public Company Limited is 3.89 THB (as of Sep 24, 2026), built from audited fundamentals. The current price: 1.68 THB.
What is the quality score of SENA?
Sena Development Public Company Limited has a Quality Score of 37/100. 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 Sena Development Public Company Limited (SENA)?
Our model-based price target is the fair value of 3.89 THB (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 2.92 THB, optimistic scenario 4.86 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Sena Development Public Company Limited stock forecast for 2026?
Our models put fair value at 3.89 THB, about +132% upside versus a price of 1.68 THB (undervalued). Cautious scenario 2.92 THB, optimistic scenario 4.86 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Sena Development Public Company Limited (SENA)?
Sena Development Public Company Limited reported trailing-twelve-month revenue of about 5.1B THB (latest available figure, as of Sep 24, 2026).
Does Sena Development Public Company Limited pay a dividend?
Sena Development Public Company Limited currently shows a dividend yield of about 8.21% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Sena Development Public Company Limited (SENA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sena Development Public Company Limited it is 3.89 THB per share (as of Sep 24, 2026), against a price of 1.68 THB. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Sena Development Public Company Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SENA trades below its calculated fair value: price 1.68 THB, fair value 3.89 THB, a gap of about +132% (undervalued). 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 SENA?
No. The price is what the market pays today (1.68 THB); the fair value is what the company's own numbers justify (3.89 THB). For Sena Development Public Company Limited the two are 2.21 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Sena Development Public Company Limited worth?
The market values Sena Development Public Company Limited at about 2.4B THB (market capitalisation, as of Sep 24, 2026). Per share that is 1.68 THB; our models calculate a fair value of 3.89 THB per share.
What do the bullish and bearish scenarios say about SENA?
Our models span a range for Sena Development Public Company Limited: cautious scenario 2.92 THB, base 3.89 THB, optimistic 4.86 THB per share (as of Sep 24, 2026, price 1.68 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SENA?
Sena Development Public Company Limited trades at a price-to-earnings ratio of 9.3 (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 3.89 THB is built from several models across several years. Other multiples: P/B 0.3, P/S 0.5, EV/EBITDA 14.8.
How solid is the balance sheet of Sena Development Public Company Limited (SENA)?
Balance-sheet figures for Sena Development Public Company Limited (as of Sep 24, 2026): return on equity 2.8%, debt of 1.36 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is SENA from its 52-week high?
Sena Development Public Company Limited trades at 1.68 THB, about 14% below its 52-week high of 1.96 THB and 9% above the low of 1.54 THB (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3.89 THB is for.
Which stocks are comparable to Sena Development Public Company Limited?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Sena Development Public Company Limited stock attractive at the current price?
The data as of Sep 24, 2026: price 1.68 THB, calculated fair value 3.89 THB (+132%), Quality Score 37/100, from 9 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 SENA calculated?
We run Sena Development Public Company Limited through 9 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 3.89 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 14.0 % above its aggregate fair value. Sena Development Public Company Limited currently trades 132 % 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 Sena Development Public Company Limited (SENA)?
The closing price on Sep 24, 2026 was 1.68 THB. Our model-based fair value is 3.89 THB, about +132% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sena Development Public Company Limited right now?
The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (2.92 THB). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Sena Development Public Company Limited (SENA) come from?
Earnings per share at Sena Development Public Company Limited grew −5.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.0 %, EBIT margin −8.3 %, tax rate +1.0 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Sena Development Public Company Limited

How large is the market capitalisation of Sena Development Public Company Limited (SENA)?
The market capitalisation of Sena Development Public Company Limited is 2.4B THB (≈ $71.8M). 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 Sena Development Public Company Limited (SENA)?
The price-to-sales ratio of Sena Development Public Company Limited is 0.59 (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 Sena Development Public Company Limited (SENA)?
Earnings per share at Sena Development Public Company Limited are 0.1800 THB (price ÷ EPS = P/E 9.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sena Development Public Company Limited (SENA)?
The dividend yield of Sena Development Public Company Limited is 8.2% (payout 76.7%). 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 Sena Development Public Company Limited (SENA)?
The net margin of Sena Development Public Company Limited is 6.3% (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 Sena Development Public Company Limited (SENA)?
The return on equity (ROE) of Sena Development Public Company Limited is 2.8% (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 Sena Development Public Company Limited (SENA)?
On an EBIT basis the return on assets of Sena Development Public Company Limited is 3.2% (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 Sena Development Public Company Limited (SENA)?
The operating margin of Sena Development Public Company Limited is 16.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sena Development Public Company Limited (SENA)?
Revenue at Sena Development Public Company Limited is growing −1.2% versus a year earlier (3y avg +11.9%). 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 Sena Development Public Company Limited (SENA)?
Earnings per share at Sena Development Public Company Limited are growing −54.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Sena Development Public Company Limited (SENA) generate?
The free cash flow of Sena Development Public Company Limited is −449M 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 Sena Development Public Company Limited (SENA) carry?
The net debt of Sena Development Public Company Limited is 21.7B THB (fiscal year 2025). 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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