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Saha Pathanapibul Public Company Limited (SPC) Fair Value & Analysis

Consumer Defensive · TH · Market cap 18.3B THB (≈ $557M) · ISIN TH0035010Z06

What is Saha Pathanapibul Public Company Limited really worth?

SP Saha Pathanapibul Public Company Limited SPC · BK
Price56.25 THB
Fair Value125.92 THB
Upside+123.9%
Quality60/100

A solid business, trading 55% below our fair value of 125.92 THB.

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Strengths

Healthy Growth (revenue 5y +4.9 %/yr)
Low debt · generates free cash flow
Ranks above peers (13/15)

Risks

!Thin margins · 6.3% net margin
!Narrow moat 43/100

For context

·4.27% dividend yield
Evidence: High Range 73.10 THB – 170.82 THB

Fair value as of: Aug 27, 2026

From 26 valuation models · updated 9 days ago

Share price +0.4% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (73.10 THB). The market is more pessimistic than our downside scenario.
  • Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (73.10 THB to 170.82 THB) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

60.91 THB 48.39 THB Fair Value 125.92 THB Jan 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range 48.39 THB – 60.91 THB · fair‑value band 73.10 THB – 170.82 THB · the 56.25 THB price screens below the 125.92 THB fair value. Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Saha Pathanapibul Public Company Limited (SPC) currently trades at 56.25 THB, while our model-based Fair Value estimate is 125.92 THB, implying the stock looks roughly 55.3% undervalued today. The Quality Score stands at 60/100 (solid quality), in the Consumer Defensive sector. Bull case: the Growth Earnings group reads highest at a median of 152.42 THB per share, and 24 of the 26 models we run sit above the 56.25 THB price. Bear case: the Dividend Discount group reads lowest at 39.08 THB, and 2 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Saha Pathanapibul Public Company Limited generated revenue of 40.9B THB at a net margin of 6.3%. Revenue declined 4.7% year over year. It earns a return on equity of 9.3%. The balance sheet holds a net cash position of 1.9B THB. Fundamentals as of Aug 27, 2026

Our scenario range runs from 73.10 THB (bear case) to 170.82 THB (bull case); at 56.25 THB, the current price sits below 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 1% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −27% fair-value upside, at 124%, SPC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 3.67 THB per share, which is 2.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
FCF DCF best evidence 68.83 THB 118.20 THB 202.97 THB 78
Growth DCF 68.53 THB 114.29 THB 191.07 THB 76
Residual Income 74.37 THB 81.75 THB 117.93 THB 76
All 26 models by family
DCF Models
FCF DCF best evidence 68.83 THB 118.20 THB 202.97 THB 78
Owner Earnings 104.89 THB 182.48 THB 315.73 THB 74
5Y Revenue Exit 74.95 THB 129.44 THB 203.49 THB 71
5Y EBITDA Exit 74.97 THB 129.48 THB 197.46 THB 74
5Y P/E Exit 108.64 THB 198.23 THB 300.67 THB 69
10Y Revenue Exit 69.85 THB 120.83 THB 198.82 THB 65
10Y EBITDA Exit 72.35 THB 120.86 THB 193.83 THB 67
10Y P/E Exit 94.58 THB 170.96 THB 279.42 THB 62
Earnings-Based
Graham-Dodd 54.66 THB 245.08 THB 335.88 THB 64
Lynch FV 63.81 THB 91.16 THB 118.51 THB 61
PEG = 1.0 63.81 THB 91.16 THB 118.51 THB 57
EPV 66.54 THB 76.67 THB 85.53 THB 74
Dividend Discount
Gordon GGM 22.29 THB 46.34 THB 73.52 THB 66
DDM Multi-Stage 22.29 THB 39.08 THB 48.64 THB 66
Multiples
P/E Multiple 132.64 THB 176.85 THB 221.07 THB 63
P/S Multiple 102.49 THB 136.66 THB 170.82 THB 58
P/B Multiple 102.49 THB 136.66 THB 170.82 THB 55
EV/EBIT 114.41 THB 150.62 THB 186.83 THB 66
EV/EBITDA 84.26 THB 110.43 THB 136.59 THB 67
EV/Revenue 79.00 THB 110.38 THB 141.77 THB 54
Asset-Based
NCAV (Graham) 43.06 THB 57.70 THB 86.12 THB 54
Growth DCF
Growth DCF 68.53 THB 114.29 THB 191.07 THB 76
Rev-Margin DCF 74.95 THB 127.89 THB 195.46 THB 71
Economic Profit
Residual Income 74.37 THB 81.75 THB 117.93 THB 76
ROIC Compounder 66.54 THB 76.67 THB 85.53 THB 72
Growth Earnings
Growth-Adj P/E 106.69 THB 152.42 THB 198.15 THB 67

Widest divergence: Growth Earnings (152.42 THB) versus Dividend Discount (39.08 THB). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 7.2
P/S ratio 0.46 P/E × margin
EPS (TTM) 7.82 THB price ÷ EPS = P/E 7.2
Dividend yield 4.3% payout 30.7%
Net margin 6.4% FY2025
Return on equity 9.3% TTM
More key figures
Profitability
Return on assets (EBIT) 6.7% avg 5y
Operating margin 7.5% TTM
Growth
Revenue (TTM) 40.9B THB TTM
Revenue growth (YoY) −4.7% 3y avg +5.4%
EPS growth (YoY) −10.8%
Balance sheet & cash flow
Free cash flow 1.6B THB FY2025
Net cash 1.9B THB FY2025

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 63

Profitability 48
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 83
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Saha Pathanapibul Public Company Limited, together with its subsidiaries, engages in the consumer goods distribution business in Thailand and internationally. It operates in two segments, Sales of Consumer Products; and Office Building for Rent. The company distributes food and beverages, household, personal care, and other products.

Full company description

Saha Pathanapibul Public Company Limited, together with its subsidiaries, engages in the consumer goods distribution business in Thailand and internationally. It operates in two segments, Sales of Consumer Products; and Office Building for Rent. The company distributes food and beverages, household, personal care, and other products. It is also involved in sale of real estate properties; manufacture of instant noodles, mineral water, yoghurt, and coffee and beverage, as well as plastic packaging products; rental of office building; leasing of asset; internal and external service rendering; system implementation and computer programing services; and investment in startup businesses. The company distributes its products through traditional trade retailers and wholesalers, and modern trade retailers, including superstores and supermarket convenience stores, as well as special channels. Saha Pathanapibul Public Company Limited was founded in 1942 and is based in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Saha Pathanapibul Public Company Limited reported revenue of 41.2B THB in FY2025 versus 33.7B THB in FY2021, a compound +5.1%/yr. Reported net income was 2.7B THB in FY2025, compounding +11.0%/yr from FY2021.

Growth Quality 64/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
41.2B THB
Latest YoY
+0.4%
Avg. revenue growth/yr (3Y) 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.
+5.4%
Avg. revenue growth/yr (5Y) 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.
+4.9%
Avg. revenue growth/yr (25Y) 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.
+6.1%
Value creation/yr (5Y, in THB) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. 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.
+13.5% (9.2 + 4.3)
Revenue +5.1%/yr
FY21 33.7B THB
FY22 35.2B THB
FY23 37.9B THB
FY24 41.0B THB
FY25 41.2B THB
Net income +11.0%/yr
FY21 1.7B THB
FY22 1.6B THB
FY23 2.2B THB
FY24 2.7B THB
FY25 2.7B THB
Character of growth · EPS growth decomposed (2014-2025) +7.4 % p.a.
Revenue per share +3.4 %

of which total revenue +3.4 % · buybacks/dilution +0.0 %

EBIT margin +3.6 %
Tax rate +0.0 %
Residual (interest, one-offs) +0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Saha Pathanapibul Public Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/SPC

Peer Group

Food Distribution · 81 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.

Quality Score 60 · Top 25%
Fair Value upside +124% · Top 25%
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 6% · Top 25%
Operating margin (TTM) 7% · Above median
Revenue growth −5% · Below median
Dividend yield (TTM) 4.3% · Above median

Valuation Multiples vs Food Distribution median · lower = cheaper

P/E (TTM) 7.2× · Cheaper than 75% of peers
P/B 0.64× · Cheaper than median
P/S (TTM) 0.45× · Pricier than median
P/FCF 0.3× · Cheaper than 75% of peers
EV/EBITDA 5.6× · Cheaper than median
PEG 0.80× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 16
FUTURE0 · sector 12
PAST37 · sector 33
HEALTH100 · sector 94
DIVIDEND85 · sector 56

Insider activity: 40/100

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 Food Distribution stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Sysco Corporation SYY $81.94 $59.83 −27%
US Foods Holding USFD $107.78 $53.53 −50%
Performance Food Group PFGC $107.25 $37.94 −65%
Jerónimo Martins, SGPS, S.A JMT €18.00 €21.59 +20%
CP Axtra Public Company CPAXT 14.80 THB 17.42 THB +18%
The Chefs' Warehouse, Inc CHEF $111.07 $37.27 −66%
Olam Group VC2 1.04 SGD 2.12 SGD +104%
United Natural Foods, Inc UNFI $43.62 $6.00 −86%
The Andersons, Inc ANDE $64.56 $47.78 −26%
Zhejiang Dongri Limited 600113 ¥31.47 ¥6.75 −79%

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Frequently asked questions

Is Saha Pathanapibul Public Company Limited (SPC) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 125.92 THB versus a price of 56.25 THB, about +124% upside (undervalued).
What is the fair value of SPC?
Our model-based fair value for Saha Pathanapibul Public Company Limited is 125.92 THB (as of Aug 27, 2026), built from audited fundamentals. The current price: 56.25 THB.
What is the quality score of SPC?
Saha Pathanapibul Public Company Limited has a Quality Score of 60/100. 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 revenue of Saha Pathanapibul Public Company Limited (SPC)?
Saha Pathanapibul Public Company Limited reported trailing-twelve-month revenue of about 40.9B THB (latest available figure, as of Aug 27, 2026).
What is the net profit margin of SPC?
The net profit margin of Saha Pathanapibul Public Company Limited is about 6.3%, meaning it keeps roughly 6.3% of revenue as net income. Based on the latest reported figures.
Does Saha Pathanapibul Public Company Limited pay a dividend?
Saha Pathanapibul Public Company Limited currently shows a dividend yield of about 4.27% relative to its recent price (as of Aug 27, 2026).
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