Saha Pathana Inter-Holding PCL (SPI) fair value: what the stock is really worth
As of Sep 21, 2026: fair value of Saha Pathana Inter-Holding PCL THB 13.68, price THB 34.00, upside -59.8%, quality 36 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 23, 2026.
How to read this chart
60‑month range 23.71 THB – 36.50 THB · fair‑value band 10.26 THB – 13.68 THB · the 34.00 THB price screens above the 13.68 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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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.
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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.
Stock analysis
Saha Pathana Inter-Holding PCL (SPI) currently trades at 34.00 THB, while our model-based Fair Value estimate is 13.68 THB, implying the stock looks roughly 148.6% overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 28.96 THB per share, and 0 of the 8 models we run sit above the 34.00 THB price.
Bear case: the Dividend Discount group reads lowest at 2.94 THB, and 8 of the 8 models stay below the price. Evidence for this calculation is medium.
Scenario range: 10.26 THB (bear) to 13.68 THB (bull), the price of 34.00 THB sits above 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 36/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Saha Pathana Inter-Holding PCL 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.
Key figures
Market cap 42.8B THB (≈ $1.3B) · P/E ratio 29.1 · P/S ratio 20.8 · EPS (TTM) 1.17 THB · Dividend yield 1.8% · Net margin 71.7% · Return on equity 3.0% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at −60%, SPI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (0.8000 THB to 30.17 THB). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear 10.26 THBFair Value 13.68 THBBull 13.68 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 (0.4170 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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−15.3%
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.
−9.8%
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.
+3.3%
Start year 2020 (pandemic). Over 10 years: +2.1% a year
Revenue growth 25 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.
+3.8%
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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. 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.
−6.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.0%
Dividend (yield on the price)1.8%
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.−8% vs 0%, slowing
Profit margin 2018 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.−7% → −27%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+40.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +38.6% a year for the price.
News mood ⓘNews mood, the average tone of recent news (2 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Saha Pathana Inter-Holding 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.Real Estate Services · 547 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−60% · Bottom 25%
Profitability
Return on equity (TTM)3% · Below median
Return on assets2% · Above median
Net margin (TTM)23% · Above median
Operating margin (TTM)44% · Above median
Growth and dividend
Revenue growth−33% · Bottom 25%
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.26× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (TTM)29.1× · Priciest 25%
P/B0.87× · Pricier than median
P/S (TTM)6.66× · Priciest 25%
P/FCF2.6× · Pricier than median
EV/EBITDA20.1× · Pricier than median
PEG0.17× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)0· sector 12
PAST (return on equity)12· sector 16
HEALTH (low debt)87· sector 83
DIVIDEND (yield)35· sector 64
VALUE 0: the price sits above our fair-value range.
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.
Is Saha Pathana Inter-Holding PCL (SPI) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of 13.68 THB versus a price of 34.00 THB, about −60% upside (overvalued).
What is the fair value of SPI?
Our model-based fair value for Saha Pathana Inter-Holding PCL is 13.68 THB (as of Sep 23, 2026), built from audited fundamentals. The current price: 34.00 THB.
What is the quality score of SPI?
Saha Pathana Inter-Holding PCL has a Quality Score of 36/100. 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 Saha Pathana Inter-Holding PCL (SPI)?
Our model-based price target is the fair value of 13.68 THB (as of Sep 23, 2026) from 8 valuation models. Cautious scenario 10.26 THB, optimistic scenario 13.68 THB. It is a calculation from audited fundamentals, not an analyst target.
What is the Saha Pathana Inter-Holding PCL stock forecast for 2026?
Our models put fair value at 13.68 THB, about −60% upside versus a price of 34.00 THB (overvalued). Cautious scenario 10.26 THB, optimistic scenario 13.68 THB. The calculation is refreshed regularly with new filings.
What is the revenue of Saha Pathana Inter-Holding PCL (SPI)?
Saha Pathana Inter-Holding PCL reported trailing-twelve-month revenue of about 6.4B THB (latest available figure, as of Sep 23, 2026).
Does Saha Pathana Inter-Holding PCL pay a dividend?
Saha Pathana Inter-Holding PCL currently shows a dividend yield of about 1.76% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Saha Pathana Inter-Holding PCL (SPI)?
For today's price to be fair in a discounted-cash-flow model, Saha Pathana Inter-Holding PCL would have to grow free cash flow by +40.3 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.3 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of SPI use?
Our models discount Saha Pathana Inter-Holding PCL at 9.7 %: a base by market capitalisation (large), damped by beta 0.12, country premium for Thailand. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Saha Pathana Inter-Holding PCL that is +40.3 % per year a year over ten years, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Saha Pathana Inter-Holding PCL (SPI) delivered so far?
Over the past 5 years revenue at Saha Pathana Inter-Holding PCL grew +3.3 % a year. The price currently implies +40.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Saha Pathana Inter-Holding PCL (SPI) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Saha Pathana Inter-Holding PCL (+40.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Saha Pathana Inter-Holding PCL (SPI)?
The free-cash-flow yield on the price is 1.67 %: that much free cash flow Saha Pathana Inter-Holding PCL produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Saha Pathana Inter-Holding PCL (SPI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Saha Pathana Inter-Holding PCL it is 13.68 THB per share (as of Sep 23, 2026), against a price of 34.00 THB. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Saha Pathana Inter-Holding PCL stock overvalued or undervalued in 2026?
As of Sep 23, 2026, SPI trades above its calculated fair value: price 34.00 THB, fair value 13.68 THB, a gap of about −60% (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 SPI?
No. The price is what the market pays today (34.00 THB); the fair value is what the company's own numbers justify (13.68 THB). For Saha Pathana Inter-Holding PCL the two are 20.32 THB per share apart. That gap is exactly why we show both numbers side by side.
How much is Saha Pathana Inter-Holding PCL worth?
The market values Saha Pathana Inter-Holding PCL at about 42.8B THB (market capitalisation, as of Sep 23, 2026). Per share that is 34.00 THB; our models calculate a fair value of 13.68 THB per share.
What do the bullish and bearish scenarios say about SPI?
Our models span a range for Saha Pathana Inter-Holding PCL: cautious scenario 10.26 THB, base 13.68 THB, optimistic 13.68 THB per share (as of Sep 23, 2026, price 34.00 THB). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPI?
Saha Pathana Inter-Holding PCL trades at a price-to-earnings ratio of 29.1 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 13.68 THB is built from several models across several years. Other multiples: PEG 0.2, P/B 0.9, P/S 6.7, EV/EBITDA 20.1.
What is the PEG ratio of SPI?
The PEG ratio of Saha Pathana Inter-Holding PCL is 0.17 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Saha Pathana Inter-Holding PCL (SPI)?
Balance-sheet figures for Saha Pathana Inter-Holding PCL (as of Sep 23, 2026): return on equity 3.0%, debt of 0.26 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is SPI from its 52-week high?
Saha Pathana Inter-Holding PCL trades at 34.00 THB, about 7% below its 52-week high of 36.50 THB and 30% above the low of 26.17 THB (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of 13.68 THB is for.
Which stocks are comparable to Saha Pathana Inter-Holding PCL?
From the same area (Real Estate) we also value CBRE Group, Vonovia SE, Cellnex Telecom, S.A, KE 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 Saha Pathana Inter-Holding PCL stock attractive at the current price?
The data as of Sep 23, 2026: price 34.00 THB, calculated fair value 13.68 THB (−60%), Quality Score 36/100, from 8 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 SPI calculated?
We run Saha Pathana Inter-Holding PCL through 8 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 13.68 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 14.1 % above its aggregate fair value. Saha Pathana Inter-Holding 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 Saha Pathana Inter-Holding PCL (SPI)?
The closing price on Sep 21, 2026 was 34.00 THB. Our model-based fair value is 13.68 THB, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Saha Pathana Inter-Holding PCL right now?
The price sits above even our optimistic bull case (13.68 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.
Key figures of Saha Pathana Inter-Holding PCL
How large is the market capitalisation of Saha Pathana Inter-Holding PCL (SPI)?
The market capitalisation of Saha Pathana Inter-Holding PCL is 42.8B THB (≈ $1.3B). 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 Saha Pathana Inter-Holding PCL (SPI)?
The price-to-sales ratio of Saha Pathana Inter-Holding PCL is 20.8 (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 Saha Pathana Inter-Holding PCL (SPI)?
Earnings per share at Saha Pathana Inter-Holding PCL are 1.17 THB (price ÷ EPS = P/E 29.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Saha Pathana Inter-Holding PCL (SPI)?
The dividend yield of Saha Pathana Inter-Holding PCL is 1.8% (payout 51.3%). 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 Saha Pathana Inter-Holding PCL (SPI)?
The net margin of Saha Pathana Inter-Holding PCL is 71.7% (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 Saha Pathana Inter-Holding PCL (SPI)?
The return on equity (ROE) of Saha Pathana Inter-Holding PCL is 3.0% (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 Saha Pathana Inter-Holding PCL (SPI)?
On an EBIT basis the return on assets of Saha Pathana Inter-Holding PCL is 2.8% (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 Saha Pathana Inter-Holding PCL (SPI)?
The operating margin of Saha Pathana Inter-Holding PCL is 43.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Saha Pathana Inter-Holding PCL (SPI)?
Revenue at Saha Pathana Inter-Holding PCL is growing −32.6% versus a year earlier (3y avg −9.8%). 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 Saha Pathana Inter-Holding PCL (SPI)?
Earnings per share at Saha Pathana Inter-Holding PCL are growing −58.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Saha Pathana Inter-Holding PCL (SPI) carry?
The net debt of Saha Pathana Inter-Holding PCL is 19.1B THB (fiscal year 2025, ≈ 39.4 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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