Saha Pathana Inter-Holding Public Company (SPI) Fair Value & Analysis
Real Estate · TH · Market cap 42.8B THB
Fair value as of: Jul 13, 2026
From 6 valuation models · updated 28 days ago
Share price +0.8% over the past month.
Below-average quality, and screening another 58% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (17.09 THB). The favourable scenario is already priced in.
- Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
- 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 13, 2026.
How to read this chart
60‑month range 23.71 THB – 36.50 THB · fair‑value band 10.26 THB – 17.09 THB · the 32.25 THB price screens above the 13.68 THB fair value. Dashed = 300-day average. As of Jul 13, 2026.
Analysis
Saha Pathana Inter-Holding Public Company (SPI) currently trades at 32.25 THB, while our model-based Fair Value estimate is 13.68 THB, implying the stock looks roughly 57.6% overvalued today. The Quality Score stands at 36/100 (below-average 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, Saha Pathana Inter-Holding Public Company generated revenue of 6.4B THB at a net margin of 23.4%. Revenue declined 32.6% year over year. It earns a return on equity of 3.0%. Net debt stands at 19.1B THB. Fundamentals as of Jul 13, 2026
Our scenario range runs from 10.26 THB (bear case) to 17.09 THB (bull case); at 32.25 THB, the current price sits above 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 about 19% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at -58%, SPI screens richer 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 6 models by family
Widest divergence: Economic Profit (28.96 THB) versus Dividend Discount (2.94 THB). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 60
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
Saha Pathana Inter-Holding Public Company Limited engages in the investment and development of industrial parks in Thailand. The company operates through three segments: Investment in Consumer Goods Business; Investment in Food and Beverage Business; and Industrial Park Development and Investment in Other Businesses.
Full company description
Saha Pathana Inter-Holding Public Company Limited engages in the investment and development of industrial parks in Thailand. The company operates through three segments: Investment in Consumer Goods Business; Investment in Food and Beverage Business; and Industrial Park Development and Investment in Other Businesses. It engages in the development of land for industrial use; rental of land and building, basic utilities, and infrastructure; and sale of land to customers, as well as fitness center services, and manufacturing and distributing ready-made clothes. The company invests in consumer products, such as textile and fashion, household, beauty and cosmetics, and other consumer products; and food and beverages, which include instant noodles and semi-finished food products, as well as engages in the production and distribution of bread and bakery products. In addition, it is involved in the management of real estate investment trusts; and investment, trading, and exchange of digital assets, cryptocurrency, and digital tokens, as well as leasing of office spaces, including serviced office, flexible workspace, co-working space, and related services. The company was formerly known as Saha Pathana Investment Company Limited. The company was incorporated in 1972 and is headquartered in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Saha Pathana Inter-Holding Public Company reported revenue of 3.2B THB in FY2025 versus 2.8B THB in FY2021, a compound +3.5%/yr. Reported net income was 2.3B THB in FY2025, compounding −10.7%/yr from FY2021.
SPI screens 58% overvalued. Compare with Vingroup Joint Stock Company →
Peer Group
Real Estate Services · 521 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 Real Estate 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.
VALUE 0: the price sits above our fair-value range.
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 Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Jul 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vingroup Joint Stock Company VIC | 223,000 VND | 25,731 VND | -88% |
| KE Holdings 2423 | HK$44.76 | HK$18.03 | -60% |
| Swire Properties Limited 1972 | HK$23.90 | HK$18.75 | -22% |
| Plaza S.A MALLPLAZA | 3,725 CLP | 5,571 CLP | +50% |
| SAGAA SAGAA | kr 170.00 | kr 75.55 | -56% |
| Cencosud Shopping S.A CENCOMALLS | 2,324 CLP | 2,976 CLP | +28% |
| PT Sarana Menara Nusantara Tbk. owns and TOWR | 372.00 IDR | 1,208 IDR | +225% |
| PT Metropolitan Kentjana Tbk MKPI | 20,975 IDR | 19,160 IDR | -9% |
| PT Bangun Kosambi Sukses Tbk, CBDK | 3,530 IDR | 3,464 IDR | -2% |
| IRSA Inversiones y Representaciones Sociedad Anónima, IRSA | 2,495 ARS | 3,998 ARS | +60% |
Compare Saha Pathana Inter-Holding Public Company with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Real Estate stocks →
Frequently asked questions
Is Saha Pathana Inter-Holding Public Company (SPI) overvalued or undervalued?
What is the fair value of SPI?
What is the quality score of SPI?
What is the revenue of Saha Pathana Inter-Holding Public Company (SPI)?
What is the net profit margin of SPI?
Does Saha Pathana Inter-Holding Public Company pay a dividend?
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.
Track Saha Pathana Inter-Holding Public Company and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.