Mandarin Hotel PCL (BKK:MANRIN) ROE %: 10.99% (As of Mar. 2026) — 169% Above Median

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BKK:MANRIN Mandarin Hotel PCL BKK:MANRIN
62 GF Score
Price ฿21.10
GF Value ฿32.61
Valuation Significantly Undervalued
! 2 Warning Signs
View Full Analysis

What is Mandarin Hotel PCL ROE %?

Mandarin Hotel PCL BKK:MANRIN 62 ROE % is 10.99% as of Mar. 2026, which is 169% above its 10-year median of 4.08. GuruFocus rates BKK:MANRIN with a GF Score™ of 62/100 and a GF Value™ of ฿32.61 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 823 Travel & Leisure companies, Mandarin Hotel PCL ranks better than 59.17% on this metric.

ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. Mandarin Hotel PCL's annualized net income for the quarter that ended in Mar. 2026 was ฿53.1 Mil. Mandarin Hotel PCL's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was ฿483.1 Mil. Therefore, Mandarin Hotel PCL's annualized ROE % for the quarter that ended in Mar. 2026 was 10.99%.

The historical rank and industry rank for Mandarin Hotel PCL's ROE % or its related term are showing as below:

BKK:MANRIN' s ROE % Range Over the Past 10 Years
Min: -15.36   Med: 4.08   Max: 12.3
Current: 8.32

During the past 13 years, Mandarin Hotel PCL's highest ROE % was 12.30%. The lowest was -15.36%. And the median was 4.08%.

BKK:MANRIN's ROE % is ranked better than
59.17% of 823 companies
in the Travel & Leisure industry
Industry Median: 5.72 vs BKK:MANRIN: 8.32

Mandarin Hotel PCL  (BKK:MANRIN) ROE % Explanation

ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.

The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:

ROE %(Q: Mar. 2026 )
=Net Income/Total Stockholders Equity
=53.084/483.0845
=(Net Income / Revenue )*(Revenue / Total Assets)*(Total Assets / Total Stockholders Equity)
=(53.084 / 365.048)*(365.048 / 637.489)*(637.489 / 483.0845)
=Net Margin %*Asset Turnover*Equity Multiplier
=14.54 %*0.5726*1.3196
=ROA %*Equity Multiplier
=8.33 %*1.3196
=10.99 %

With this breakdown, it is clear that if a company grows its Net Profit Margin, its Asset Turnover, or its Leverage, it can grow its ROE %.

The factors that affect a company's ROE % can also be illustrated with the five-step DuPont Analysis:

ROE %(Q: Mar. 2026 )
=Net Income/Total Stockholders Equity
=53.084/483.0845
=(Net Income / Pre-Tax Income) * (Pre-Tax Income / Operating Income) * (Operating Income / Revenue) * (Revenue / Total Assets) * (Total Assets / Total Stockholders Equity)
= (53.084 / 66.088) * (66.088 / 71.392) * (71.392 / 365.048) * (365.048 / 637.489) * (637.489 / 483.0845)
= Tax Burden * Interest Burden * Operating Margin % * Asset Turnover * Equity Multiplier
= 0.8032 * 0.9257 * 19.56 % * 0.5726 * 1.3196
=10.99 %

Note: The net income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Net Income is used.

Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.

Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.


Mandarin Hotel PCL ROE % Related Terms


Mandarin Hotel PCL ROE % Historical Data

* Premium members only.

The historical data trend for Mandarin Hotel PCL's ROE % can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Mandarin Hotel PCL ROE % Chart

Mandarin Hotel PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only -11.78 -10.73 9.36 12.30 8.70

Mandarin Hotel PCL Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 12.67 3.23 10.25 8.64 10.99

BKK:MANRIN vs MAR, HLT, H: ROE % Comparison

For the Lodging subindustry, Mandarin Hotel PCL's ROE %, along with its competitors' market caps and ROE % data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Mandarin Hotel PCL ROE % vs Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Mandarin Hotel PCL's ROE % distribution charts can be found below:

* The bar in red indicates where Mandarin Hotel PCL's ROE % falls into.


BKK:MANRIN
62GF Score
Mandarin Hotel PCL BKK:MANRIN
ROE % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mandarin Hotel PCL ROE % Calculation

Mandarin Hotel PCL's annualized ROE % for the fiscal year that ended in Dec. 2025 is calculated as

ROE %=Net Income (A: Dec. 2025 )/( (Total Stockholders Equity (A: Dec. 2024 )+Total Stockholders Equity (A: Dec. 2025 ))/ count )
=39.818/( (438.545+476.449)/ 2 )
=39.818/457.497
=8.70 %

Mandarin Hotel PCL's annualized ROE % for the quarter that ended in Mar. 2026 is calculated as

ROE %=Net Income (Q: Mar. 2026 )/( (Total Stockholders Equity (Q: Dec. 2025 )+Total Stockholders Equity (Q: Mar. 2026 ))/ count )
=53.084/( (476.449+489.72)/ 2 )
=53.084/483.0845
=10.99 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

In the calculation of annual ROE %, the net income of the last fiscal year and the average total shareholder equity over the fiscal year are used. In calculating the quarterly data, the net income data used here is four times the quarterly (Mar. 2026) net income data. ROE % is displayed in the 30-year financial page.

Frequently Asked Questions Learn more about ROE % →
What does a ROE % of 10.99% mean?
Mandarin Hotel PCL (BKK:MANRIN) has a ROE % of 10.99% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Mandarin Hotel PCL and its competitors. This is 169% above median its historical median of 4.08. According to the industry distribution chart, Mandarin Hotel PCL ranks #336 out of 823 companies in the Travel & Leisure industry, placing it in the top 40.8%.
Is Mandarin Hotel PCL's ROE % too high?
Mandarin Hotel PCL's current ROE % of 10.99% is 169% above median its 10-year median of 4.08. The Travel & Leisure industry median ROE % is 5.72. Mandarin Hotel PCL's value of 10.99% is 92.1% above this industry median. Based on the distribution chart, Mandarin Hotel PCL ranks #336 out of 823 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Mandarin Hotel PCL has a GF Score™ of 62/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mandarin Hotel PCL's ROE % compare to MAR and HLT?
According to the Travel & Leisure industry distribution chart, Mandarin Hotel PCL ranks #336 out of 823 companies for ROE %. This puts Mandarin Hotel PCL in the upper half of its industry. The industry median ROE % is 5.72. Mandarin Hotel PCL's value of 10.99% is 92.1% above this benchmark. While the company's 10-year median is 4.08 vs. the industry median of 5.72, Mandarin Hotel PCL has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROE % for a Travel & Leisure company?
The median ROE % among Travel & Leisure companies is 5.72, based on 823 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mandarin Hotel PCL's current ROE % of 10.99% is 92.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on Mandarin Hotel PCL and its competitors. For the Travel & Leisure industry, the median ROE % is 5.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mandarin Hotel PCL's current ROE % is 10.99%, which is 169% above median its own 10-year median of 4.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mandarin Hotel PCL stock overvalued right now?
Based on GuruFocus' analysis, Mandarin Hotel PCL (BKK:MANRIN) is currently considered Significantly Undervalued. The stock's GF Value™ is ฿32.61, compared to a current price of ฿21.10 — trading 35.3% below its estimated fair value. The current ROE % is 10.99%, which is 169% above median its 10-year median of 4.08 and 92.1% above the Travel & Leisure industry median of 5.72. Mandarin Hotel PCL's overall GF Score™ is 62/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROE % calculated?
ROE % is calculated from a company's financial statements. For Mandarin Hotel PCL (BKK:MANRIN), the current ROE % is 10.99% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Mandarin Hotel PCL (BKK:MANRIN) Overvalued in 2026?

Based on GuruFocus' analysis, Mandarin Hotel PCL stock appears to be undervalued. The current stock price of ฿21.10 is trading 35.3% below its estimated GF Value™ of ฿32.61. GuruFocus considers Mandarin Hotel PCL to be Significantly Undervalued.

Key valuation signals for BKK:MANRIN:

  • ROE %: 10.99% (169% above median its 10-year median of 4.08)
  • GF Value™: ฿32.61 vs. price of ฿21.10 (35.3% below fair value)
  • GF Score™: 62/100 with 2 warning signs
  • Industry Position: 92.1% above the Travel & Leisure median (#336 of 823)

No single metric tells the full story. See the BKK:MANRIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Mandarin Hotel PCL Business Description

Address 662 Rama 4 Road, Mahaprutharam, Bangrak, Bangkok, THA, 10500
Mandarin Hotel PCL is engaged in the hotel and resort business. The firm through its hotels and resorts provides accommodation, food and drink, a spa, a swimming pool, a fitness center, catering, and other related services. Its core business segment information involves virtually two geographical segments in the hotel business and hotel for lease which operates only in Thailand. A majority of the company's revenue is generated from the hotel business.
62GF Score

Get the complete analysis for BKK:MANRIN

ROE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿21.10
Price
฿32.61
GF Value