Siam Wellness Group Public Company Limited

SET:SPA Stock Report

Market Cap: ฿8.4b

Siam Wellness Group Valuation

Is SPA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SPA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPA (THB6.55) is trading below our estimate of fair value (THB8.72)

Significantly Below Fair Value: SPA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SPA?

Key metric: As SPA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SPA. This is calculated by dividing SPA's market cap by their current earnings.
What is SPA's PE Ratio?
PE Ratio23.5x
Earnings฿357.36m
Market Cap฿8.40b

Price to Earnings Ratio vs Peers

How does SPA's PE Ratio compare to its peers?

The above table shows the PE ratio for SPA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.5x
AUCT Union Auction
11.5x-1.1%฿4.5b
SHANG Shangri-La Hotel
29.5xn/a฿6.0b
AU After You
33.9x18.2%฿8.7b
LRH Laguna Resorts & Hotels
7.1xn/a฿6.5b
SPA Siam Wellness Group
23.5x11.8%฿8.4b

Price-To-Earnings vs Peers: SPA is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the peer average (20.5x).

Price to Earnings Ratio vs Industry

How does SPA's PE Ratio compare vs other companies in the Asian Consumer Services Industry?

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SPA 23.5xIndustry Avg. 17.7xNo. of Companies22PE01224364860+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPA is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the Asian Consumer Services industry average (17.7x).

Price to Earnings Ratio vs Fair Ratio

What is SPA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SPA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.5x
Fair PE Ratio22.2x

Price-To-Earnings vs Fair Ratio: SPA is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the estimated Fair Price-To-Earnings Ratio (22.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SPA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿6.55
฿9.85
+50.4%
13.8%฿12.20฿8.45n/a7
Dec ’25฿7.20
฿9.92
+37.8%
12.9%฿12.20฿8.45n/a8
Nov ’25฿6.65
฿9.38
+41.1%
9.2%฿10.50฿8.45n/a8
Oct ’25฿7.35
฿9.38
+27.6%
9.2%฿10.50฿8.45n/a8
Sep ’25฿6.25
฿9.51
+52.1%
8.9%฿10.50฿8.45n/a7
Aug ’25฿6.65
฿9.63
+44.8%
7.7%฿10.50฿8.50n/a7
Jul ’25฿6.85
฿10.01
+46.1%
3.9%฿10.50฿9.30n/a7
Jun ’25฿7.10
฿10.04
+41.4%
3.4%฿10.50฿9.50n/a7
May ’25฿8.25
฿10.15
+23.0%
3.7%฿10.93฿9.67n/a7
Apr ’25฿8.60
฿10.18
+18.4%
5.0%฿10.93฿9.47n/a8
Mar ’25฿9.20
฿10.02
+8.9%
8.4%฿10.93฿8.33n/a7
Feb ’25฿8.47
฿9.87
+16.5%
8.7%฿10.93฿8.33n/a7
Jan ’25฿7.73
฿10.06
+30.0%
6.0%฿10.93฿9.33฿6.757
Dec ’24฿7.93
฿10.06
+26.8%
6.0%฿10.93฿9.33฿7.207
Nov ’24฿7.67
฿9.99
+30.3%
5.9%฿10.93฿9.33฿6.657
Oct ’24฿8.60
฿9.39
+9.2%
12.7%฿10.93฿7.20฿7.357
Sep ’24฿8.53
฿9.08
+6.4%
11.8%฿10.93฿7.20฿6.257
Aug ’24฿8.13
฿8.83
+8.6%
10.7%฿10.93฿7.20฿6.658
Jul ’24฿7.87
฿8.59
+9.2%
9.7%฿10.33฿7.20฿6.858
Jun ’24฿7.20
฿8.59
+19.3%
9.7%฿10.33฿7.20฿7.108
May ’24฿7.40
฿8.53
+15.2%
9.8%฿10.33฿7.20฿8.258
Apr ’24฿7.20
฿8.53
+18.4%
9.8%฿10.33฿7.20฿8.608
Mar ’24฿7.33
฿8.53
+16.3%
9.8%฿10.33฿7.20฿9.208
Feb ’24฿7.87
฿8.33
+5.9%
11.0%฿10.33฿7.20฿8.478
Jan ’24฿7.87
฿7.93
+0.7%
7.9%฿9.33฿7.20฿7.738

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/02 22:56
End of Day Share Price 2025/01/02 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Siam Wellness Group Public Company Limited is covered by 18 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Choon Heng NgCGS International
Tanida JirapornkasemsukCGS International
Nantika WiangphoemDBS Bank Ltd