Bualuang Office Leasehold REIT (BKK:B-WORK) Scaled Net Operating Assets: 0.93 (As of Mar. 2026)

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BKK:B-WORK Bualuang Office Leasehold REIT BKK:B-WORK
62 GF Score
Price ฿6.55
GF Value ฿3.89
Valuation Significantly Overvalued
! 8 Warning Signs
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What is Bualuang Office Leasehold REIT Scaled Net Operating Assets?

Bualuang Office Leasehold REIT BKK:B-WORK 62 Scaled Net Operating Assets is 0.93 as of Mar. 2026. GuruFocus rates BKK:B-WORK with a GF Score™ of 62/100 and a GF Value™ of ฿3.89 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Bualuang Office Leasehold REIT's operating assets for the quarter that ended in Mar. 2026 was ฿4,143.9 Mil. Bualuang Office Leasehold REIT's operating liabilities for the quarter that ended in Mar. 2026 was ฿193.2 Mil. Bualuang Office Leasehold REIT's Total Assets for the quarter that ended in Dec. 2025 was ฿4,248.0 Mil. Therefore, Bualuang Office Leasehold REIT's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.93.


Bualuang Office Leasehold REIT Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Bualuang Office Leasehold REIT's Scaled Net Operating Assets 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.

Bualuang Office Leasehold REIT Scaled Net Operating Assets Chart

Bualuang Office Leasehold REIT Annual Data
Trend Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial 0.94 0.95 0.84 0.84 0.91

Bualuang Office Leasehold REIT Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets 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 0.90 0.92 0.92 0.93 0.93

BKK:B-WORK vs BXP, ARE, VNO: Scaled Net Operating Assets Comparison

For the REIT - Office subindustry, Bualuang Office Leasehold REIT's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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.


Bualuang Office Leasehold REIT Scaled Net Operating Assets vs REITs Industry

For the REITs industry and Real Estate sector, Bualuang Office Leasehold REIT's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Bualuang Office Leasehold REIT's Scaled Net Operating Assets falls into.


BKK:B-WORK
62GF Score
Bualuang Office Leasehold REIT BKK:B-WORK
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Bualuang Office Leasehold REIT Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Bualuang Office Leasehold REIT's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(4155.914-192.17)/4360.839
=0.91

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4248.047 - 92.133
=4155.914

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=879.77 - 637 - 50.6
=192.17

Bualuang Office Leasehold REIT's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(4143.933-193.229)/4248.047
=0.93

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=4234.648 - 90.715
=4143.933

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=855.529 - 611.7 - 50.6
=193.229

* 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.

What does a Scaled Net Operating Assets of 0.93 mean?
Bualuang Office Leasehold REIT (BKK:B-WORK) has a Scaled Net Operating Assets of 0.93 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Bualuang Office Leasehold REIT and its competitors.
Is Bualuang Office Leasehold REIT's Scaled Net Operating Assets too high?
Bualuang Office Leasehold REIT's current Scaled Net Operating Assets is 0.93. Overall, Bualuang Office Leasehold REIT has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Bualuang Office Leasehold REIT's Scaled Net Operating Assets compare to BXP and ARE?
Bualuang Office Leasehold REIT's Scaled Net Operating Assets of 0.93 can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for a REITs company?
A good Scaled Net Operating Assets depends on the REITs industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Bualuang Office Leasehold REIT and its competitors. Bualuang Office Leasehold REIT's current Scaled Net Operating Assets is 0.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bualuang Office Leasehold REIT stock overvalued right now?
Based on GuruFocus' analysis, Bualuang Office Leasehold REIT (BKK:B-WORK) is currently considered Significantly Overvalued. The stock's GF Value™ is ฿3.89, compared to a current price of ฿6.55 — trading 68.4% above its estimated fair value. The current Scaled Net Operating Assets is 0.93. Bualuang Office Leasehold REIT's overall GF Score™ is 62/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Bualuang Office Leasehold REIT (BKK:B-WORK), the current Scaled Net Operating Assets is 0.93 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 Bualuang Office Leasehold REIT (BKK:B-WORK) Overvalued in 2026?

Based on GuruFocus' analysis, Bualuang Office Leasehold REIT stock appears to be overvalued. The current stock price of ฿6.55 is trading 68.4% above its estimated GF Value™ of ฿3.89. GuruFocus considers Bualuang Office Leasehold REIT to be Significantly Overvalued.

Key valuation signals for BKK:B-WORK:

  • Scaled Net Operating Assets: 0.93
  • GF Value™: ฿3.89 vs. price of ฿6.55 (68.4% above fair value)
  • GF Score™: 62/100 with 8 warning signs

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


Bualuang Office Leasehold REIT Business Description

Industry Real EstateREITs
Address South Sathorn Road, 175 Sathorn City Tower, 7th, 21st and 26th Floor, Thungmahamek, Sathorn, Bangkok, THA, 10120
Bualuang Office Leasehold REIT is an investment company. The Trust's objectives are to raise funds from investors and use funds to invest in the leasehold properties by lease and/ or sublease under 2 projects as follows: 1. True Tower 1 Project and 2. True Tower 2 Project. The Trust's main operations are derived from rental and service income from investing in properties and leasehold rights, seeking the benefits from properties, and properties for rent. The Trust has only one geographical segment that operates only in Thailand.
62GF Score

Get the complete analysis for BKK:B-WORK

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿6.55
Price
฿3.89
GF Value