XSpring Capital Public Company (XPG) Fair Value & Analysis
Financial Services · TH · Market cap 5.1B THB
Fair value as of: Jul 19, 2026
From 10 valuation models · updated 22 days ago
Share price +11.4% over the past month.
A solid business, but screening 41% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (0.3600 THB). The favourable scenario is already priced in.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
- 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 19, 2026.
How to read this chart
60‑month range 0.4015 THB – 4.37 THB · fair‑value band 0.2200 THB – 0.3600 THB · the 0.4900 THB price screens above the 0.2900 THB fair value. Dashed = 300-day average. As of Jul 19, 2026.
Analysis
XSpring Capital Public Company (XPG) currently trades at 0.4900 THB, while our model-based Fair Value estimate is 0.2900 THB, implying the stock looks roughly 40.8% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Financial Services 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, XSpring Capital Public Company generated revenue of 822M THB at a net margin of 20.4%. Revenue declined 17.9% year over year. It earns a return on equity of 1.4%. The balance sheet holds a net cash position of 110M THB. Fundamentals as of Jul 19, 2026
Our scenario range runs from 0.2200 THB (bear case) to 0.3600 THB (bull case); at 0.4900 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 37% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at -41%, XPG 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 10 models by family
Widest divergence: Growth DCF (5.27 THB) versus Multiples (0.2200 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 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 65 · Market factors (momentum, volatility) 44
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
XSpring Capital Public Company Limited, together with its subsidiaries, engages in the investment and securities businesses in Thailand and internationally. It operates through five segments: Securities, Fund Asset Management, Digital Assets, Asset Management, and Investment and Other.
Full company description
XSpring Capital Public Company Limited, together with its subsidiaries, engages in the investment and securities businesses in Thailand and internationally. It operates through five segments: Securities, Fund Asset Management, Digital Assets, Asset Management, and Investment and Other. The company offers securities brokerage, trading, borrowing, and lending, as well as debt securities trading; derivatives agents and warrants; foreign exchange; private fund; financial advisory; and underwriting. It also manages mutual, private, and provident funds; and operates as REIT manager, limited broker, dealer, and underwriter. In addition, the company acquires non-performing loans and non-performing assets; manages portfolio and assets; and operates as digital assets broker and dealer which provides initial coin offering portal, cryptocurrency, and digital token, as well as digital token advisory and fund raising and underwriting. Further, it offers consultancy services; and invests in real estate properties. The company was formerly known as Zmico Securities Public Company Limited and changed its name to XSpring Capital Public Company Limited in March 2021. XSpring Capital Public Company Limited was founded in 1974 and is headquartered in Bangkok, Thailand.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
XSpring Capital Public Company reported revenue of 1.0B THB in FY2025 versus 126M THB in FY2021, a compound +68.7%/yr. Reported net income was 181M THB in FY2025, compounding +19.6%/yr from FY2021.
of which total revenue +22.3 pp · buybacks/dilution −14.7 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
XPG screens 41% overvalued. Compare with Fondul Proprietatea SA →
Peer Group
Asset Management · 971 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 Asset Management 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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fondul Proprietatea SA FP | $0.0420 | $0.0800 | +90% |
| BlackRock, Inc BLK | $1,136 | $465.75 | -59% |
| Blackstone Inc BX | $124.56 | $16.35 | -87% |
| Investor AB INVEB | kr 423.70 | kr 847.40 | +100% |
| Brookfield Corporation BN | C$62.45 | C$10.12 | -84% |
| KKR & Co KKR | $100.94 | $44.88 | -56% |
| AB Industrivärden INDUA | kr 532.50 | kr 1,065 | +100% |
| Jio Financial Services Limited JIOFIN | ₹242.98 | ₹40.19 | -83% |
| Hedef Holding HEDEF | 267.25 TRY | 320.98 TRY | +20% |
| Bajaj Holdings BAJAJHLDNG | ₹10,398 | ₹9,202 | -12% |
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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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