Saha Pathana Inter-Holding PCL (SPI) - Net Assets

Latest as of June 2026: ฿51.64 Billion THB ≈ $1.61 Billion USD

Based on the latest financial reports, Saha Pathana Inter-Holding PCL (SPI) has net assets worth ฿51.64 Billion THB (≈ $1.61 Billion USD) as of June 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿74.72 Billion ≈ $2.33 Billion USD) and total liabilities (฿23.07 Billion ≈ $719.19 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Saha Pathana Inter-Holding PCL (SPI) strategic asset index to assess the company's strategic physical and investment asset allocation.

Key Net Assets Metrics

Metric	Value
Current Net Assets	฿51.64 Billion
% of Total Assets	69.12%
Annual Growth Rate	9.76%
5-Year Change	19.43%
10-Year Change	126.54%
Growth Volatility	6.31

Saha Pathana Inter-Holding PCL - Net Assets Trend (2000–2025)

This chart illustrates how Saha Pathana Inter-Holding PCL's net assets have evolved over time, based on quarterly financial data. For live market cap and overall valuation, see market cap of Saha Pathana Inter-Holding PCL.

Annual Net Assets for Saha Pathana Inter-Holding PCL (2000–2025)

The table below shows the annual net assets of Saha Pathana Inter-Holding PCL from 2000 to 2025. Also explore Saha Pathana Inter-Holding PCL (SPI) net asset momentum to track the company's year-over-year net asset growth rate.

Year	Net Assets	Change
2025-12-31	฿50.36 Billion ≈ $1.57 Billion	+1.19%
2024-12-31	฿49.77 Billion ≈ $1.55 Billion	+7.10%
2023-12-31	฿46.47 Billion ≈ $1.45 Billion	+4.54%
2022-12-31	฿44.45 Billion ≈ $1.39 Billion	+5.41%
2021-12-31	฿42.17 Billion ≈ $1.31 Billion	+7.87%
2020-12-31	฿39.09 Billion ≈ $1.22 Billion	+28.03%
2019-12-31	฿30.53 Billion ≈ $951.70 Million	+5.27%
2018-12-31	฿29.01 Billion ≈ $904.08 Million	+17.29%
2017-12-31	฿24.73 Billion ≈ $770.78 Million	+11.24%
2016-12-31	฿22.23 Billion ≈ $692.89 Million	+10.01%
2015-12-31	฿20.21 Billion ≈ $629.82 Million	+4.02%
2014-12-31	฿19.42 Billion ≈ $605.46 Million	+12.36%
2013-12-31	฿17.29 Billion ≈ $538.84 Million	-0.80%
2012-12-31	฿17.43 Billion ≈ $543.20 Million	+16.76%
2011-12-31	฿14.93 Billion ≈ $465.22 Million	+7.90%
2010-12-31	฿13.83 Billion ≈ $431.15 Million	+10.09%
2009-12-31	฿12.57 Billion ≈ $391.65 Million	+11.15%
2008-12-31	฿11.30 Billion ≈ $352.35 Million	+6.04%
2007-12-31	฿10.66 Billion ≈ $332.29 Million	+4.94%
2006-12-31	฿10.16 Billion ≈ $316.63 Million	+6.80%
2005-12-31	฿9.51 Billion ≈ $296.48 Million	+10.47%
2004-12-31	฿8.61 Billion ≈ $268.39 Million	+11.44%
2003-12-31	฿7.73 Billion ≈ $240.84 Million	+22.42%
2002-12-31	฿6.31 Billion ≈ $196.72 Million	+11.09%
2001-12-31	฿5.68 Billion ≈ $177.09 Million	+15.73%
2000-12-31	฿4.91 Billion ≈ $153.02 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Saha Pathana Inter-Holding PCL's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have grown by 987.9% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2025)

Component	Amount	Percentage
Retained Earnings	฿39.59 Billion	80.09%
Common Stock	฿857.89 Million	1.74%
Other Comprehensive Income	฿4.50 Billion	9.10%
Other Components	฿4.48 Billion	9.07%
Total Equity	฿49.44 Billion	100.00%

Saha Pathana Inter-Holding PCL Competitors by Market Cap

The table below lists competitors of Saha Pathana Inter-Holding PCL ranked by their market capitalization.

Company	Market Cap
Hyprop JSE:HYP	$1.36 Billion
Kumho Tire KO:073240	$1.36 Billion
North Long Dragon New Materials Technology Co. Ltd. A SHE:301357	$1.36 Billion
Zhejiang Jolly Pharmaceutical Co Ltd SHE:300181	$1.37 Billion
Adecoagro SA NYSE:AGRO	$1.36 Billion
Ningbo Kangqiang Electronics Co Ltd SHE:002119	$1.36 Billion
Bell AG SW:BELL	$1.36 Billion
American Axle & Manufacturing NYSE:AXL	$1.36 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Saha Pathana Inter-Holding PCL's equity between the two most recent reporting periods.

Equity Growth Insights

From 2024 to 2025, total equity changed from 48,846,888,879 to 49,435,673,527, a change of 588,784,648 (1.2%).
Net income of 2,283,641,420 contributed positively to equity growth.
Dividend payments of 294,958,980 reduced retained earnings.
Other comprehensive income increased equity by 4,141,112,838.
Other factors decreased equity by 5,541,010,630.

Equity Change Factors (2024 to 2025)

Factor	Impact	Contribution
Net Income	฿2.28 Billion	+4.62%
Dividends Paid	฿294.96 Million	-0.6%
Other Comprehensive Income	฿4.14 Billion	+8.38%
Other Changes	฿-5.54 Billion	-11.21%
Total Change	฿-	1.21%

Book Value vs Market Value Analysis

This analysis compares Saha Pathana Inter-Holding PCL's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 0.59x
The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
The price-to-book ratio has decreased from 1.95x to 0.59x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2004-12-31	฿17.48	฿34.00	x
2005-12-31	฿19.23	฿34.00	x
2006-12-31	฿22.55	฿34.00	x
2007-12-31	฿21.61	฿34.00	x
2008-12-31	฿22.03	฿34.00	x
2009-12-31	฿25.42	฿34.00	x
2010-12-31	฿28.00	฿34.00	x
2011-12-31	฿30.23	฿34.00	x
2012-12-31	฿35.32	฿34.00	x
2013-12-31	฿34.98	฿34.00	x
2014-12-31	฿39.35	฿34.00	x
2015-12-31	฿40.96	฿34.00	x
2016-12-31	฿45.00	฿34.00	x
2017-12-31	฿46.28	฿34.00	x
2018-12-31	฿54.41	฿34.00	x
2019-12-31	฿53.39	฿34.00	x
2020-12-31	฿68.35	฿34.00	x
2021-12-31	฿73.73	฿34.00	x
2022-12-31	฿77.72	฿34.00	x
2023-12-31	฿81.25	฿34.00	x
2024-12-31	฿85.41	฿34.00	x
2025-12-31	฿57.62	฿34.00	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Saha Pathana Inter-Holding PCL utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 4.62%
The company may be facing challenges in efficiently utilizing shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 71.69%
• Asset Turnover: 0.04x
• Equity Multiplier: 1.46x
Recent ROE (4.62%) is below the historical average (7.68%), suggesting potential challenges in capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2000	7.63%	29.65%	0.18x	1.47x	฿-116.24 Million
2001	9.16%	38.08%	0.18x	1.35x	฿-47.90 Million
2002	10.97%	44.33%	0.19x	1.32x	฿60.97 Million
2003	7.50%	35.01%	0.17x	1.24x	฿-193.40 Million
2004	8.98%	37.97%	0.19x	1.23x	฿-87.50 Million
2005	8.84%	37.10%	0.20x	1.18x	฿-110.18 Million
2006	7.09%	26.75%	0.23x	1.17x	฿-295.12 Million
2007	5.55%	24.08%	0.20x	1.16x	฿-474.04 Million
2008	8.27%	32.19%	0.22x	1.15x	฿-196.10 Million
2009	7.99%	33.28%	0.22x	1.10x	฿-253.19 Million
2010	7.39%	33.37%	0.20x	1.08x	฿-361.53 Million
2011	6.85%	47.92%	0.13x	1.12x	฿-470.52 Million
2012	7.49%	50.16%	0.13x	1.11x	฿-436.80 Million
2013	7.52%	46.91%	0.14x	1.14x	฿-428.80 Million
2014	6.06%	41.24%	0.13x	1.13x	฿-764.65 Million
2015	6.23%	48.55%	0.11x	1.13x	฿-762.41 Million
2016	6.96%	57.39%	0.11x	1.12x	฿-676.32 Million
2017	12.81%	114.64%	0.08x	1.42x	฿694.90 Million
2018	8.95%	100.72%	0.07x	1.34x	฿-303.82 Million
2019	7.44%	90.03%	0.06x	1.36x	฿-782.63 Million
2020	5.90%	85.29%	0.05x	1.40x	฿-1.60 Billion
2021	8.50%	129.34%	0.05x	1.31x	฿-631.46 Million
2022	7.56%	77.55%	0.07x	1.39x	฿-1.08 Billion
2023	6.66%	70.68%	0.07x	1.40x	฿-1.55 Billion
2024	6.80%	88.32%	0.05x	1.43x	฿-1.56 Billion
2025	4.62%	71.69%	0.04x	1.46x	฿-2.66 Billion

Industry Comparison

This section compares Saha Pathana Inter-Holding PCL's net assets metrics with peer companies in the Real Estate Services industry.

Industry Context

Industry: Real Estate Services
Average net assets among peers: $12,511,682,458
Average return on equity (ROE) among peers: 8.11%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Saha Pathana Inter-Holding PCL (SPI)	฿51.64 Billion	7.63%	0.45x	$1.36 Billion
Amata VN PCL (AMATAV)	$6.23 Billion	1.61%	1.37x	$73.76 Million
Bangkok Land Public Company Limited (BLAND)	$56.50 Billion	3.24%	0.16x	$313.70 Million
Grand Canal Land Public Company Limited (GLAND)	$1.73 Billion	6.93%	0.09x	$149.92 Million
JAS Asset PCL (J)	$133.42 Million	28.99%	2.24x	$34.60 Million
Krungdhep Sophon Public Company Limited (KWC)	$282.14 Million	7.11%	0.24x	$50.68 Million
Nirvana Daii Public Company Limited (NVD)	$5.09 Billion	1.70%	1.95x	$40.41 Million
Sammakorn Public Company Limited (SAMCO)	$2.28 Billion	4.55%	0.46x	$16.40 Million
WHA Corporation Public Company Limited (WHA)	$37.32 Billion	11.86%	1.42x	$2.22 Billion
WHA Corporation Public Company Limited (WHA-R)	$3.04 Billion	7.01%	1.73x	$2.22 Billion

About Saha Pathana Inter-Holding PCL

BK:SPI Thailand Real Estate Services

Market Cap

$1.36 Billion

฿43.75 Billion THB

Market Cap Rank

#7646 Global

#62 in Thailand

Share Price

฿34.00

Change (1 day)

+1.49%

52-Week Range

฿32.00 - ฿48.50

All Time High

฿76.61