Supalai Public Company Limited

SET:SPALI Stock Report

Market Cap: ฿37.9b

Supalai Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 SPALI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPALI (THB19.5) is trading below our estimate of fair value (THB126.91)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPALI. This is calculated by dividing SPALI's market cap by their current earnings.
What is SPALI's PE Ratio?
PE Ratio6.1x
Earnings฿6.22b
Market Cap฿37.89b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPALI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.5x
FPT Frasers Property (Thailand)
20.3xn/a฿29.5b
AP AP (Thailand)
5.4x7.2%฿27.5b
SIRI Sansiri
6.1x0.3%฿30.4b
LH Land and Houses
10.2x3.4%฿64.5b
SPALI Supalai
6.1x1.8%฿37.9b

Price-To-Earnings vs Peers: SPALI is good value based on its Price-To-Earnings Ratio (6.1x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

How does SPALI's PE Ratio compare vs other companies in the TH Real Estate Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
WORLD World Corporation
1.8xn/aUS$4.34m
No more companies available in this PE range
SPALI 6.1xIndustry Avg. 14.7xNo. of Companies7PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPALI is good value based on its Price-To-Earnings Ratio (6.1x) compared to the TH Real Estate industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is SPALI'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.

SPALI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.1x
Fair PE Ratio8.7x

Price-To-Earnings vs Fair Ratio: SPALI is good value based on its Price-To-Earnings Ratio (6.1x) compared to the estimated Fair Price-To-Earnings Ratio (8.7x).

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 SPALI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿19.50
฿22.30
+14.4%
7.7%฿25.25฿20.00n/a13
Nov ’25฿20.40
฿22.31
+9.4%
7.4%฿25.25฿20.00n/a13
Oct ’25฿20.90
฿21.40
+2.4%
10.6%฿25.25฿17.60n/a13
Sep ’25฿17.60
฿21.23
+20.6%
10.2%฿25.00฿17.60n/a13
Aug ’25฿16.90
฿21.87
+29.4%
8.9%฿25.00฿18.80n/a13
Jul ’25฿17.80
฿22.69
+27.5%
6.7%฿25.00฿19.50n/a13
Jun ’25฿18.50
฿22.69
+22.7%
6.7%฿25.00฿19.50n/a13
May ’25฿19.80
฿22.75
+14.9%
7.3%฿25.00฿19.50n/a12
Apr ’25฿21.10
฿23.09
+9.4%
7.1%฿25.00฿19.50n/a12
Mar ’25฿20.70
฿23.43
+13.2%
7.6%฿26.00฿19.50n/a12
Feb ’25฿19.40
฿23.40
+20.6%
7.6%฿26.00฿19.50n/a12
Jan ’25฿18.60
฿23.01
+23.7%
10.7%฿26.00฿18.00n/a12
Dec ’24฿17.80
฿23.36
+31.2%
11.9%฿28.90฿18.00n/a13
Nov ’24฿18.40
฿24.17
+31.4%
8.8%฿28.90฿20.00฿20.4013
Oct ’24฿20.10
฿25.52
+26.9%
6.8%฿28.90฿21.70฿20.9012
Sep ’24฿21.70
฿25.52
+17.6%
6.8%฿28.90฿21.70฿17.6012
Aug ’24฿21.20
฿25.61
+20.8%
6.8%฿28.90฿21.70฿16.9012
Jul ’24฿20.20
฿26.36
+30.5%
7.7%฿29.00฿21.30฿17.8012
Jun ’24฿20.20
฿26.67
+32.0%
7.9%฿30.00฿21.70฿18.5013
May ’24฿21.20
฿27.06
+27.6%
7.0%฿30.00฿23.75฿19.8013
Apr ’24฿22.20
฿27.63
+24.5%
8.0%฿31.00฿24.50฿21.1013
Mar ’24฿22.70
฿27.09
+19.3%
10.2%฿31.00฿21.00฿20.7014
Feb ’24฿24.10
฿27.11
+12.5%
9.6%฿30.90฿21.00฿19.4014
Jan ’24฿24.30
฿26.00
+7.0%
9.0%฿30.00฿21.00฿18.6014
Dec ’23฿23.70
฿26.14
+10.3%
8.9%฿30.00฿21.00฿17.8015
Nov ’23฿20.90
฿25.45
+21.8%
8.5%฿30.00฿21.00฿18.4015

Analyst Forecast: Target price is less than 20% higher than the current share price.

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