Saha Pathana Inter-Holding PCLBKK:SPI -0.75%67 Altman Z-Score is 1.94 as of Jul. 10, 2026, which is 22% below its 10-year median of 2.48. GuruFocus rates BKK:SPI with a GF Score™ of 67/100 and a GF Value™ of ฿26.39 (Modestly Overvalued). The stock has 12 warning signs investors should review. Among 1,731 Real Estate companies, Saha Pathana Inter-Holding PCL ranks better than 67.76% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 1.9 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
Saha Pathana Inter-Holding PCL has a Altman Z-Score of 1.94, indicating it is in Grey Zones. This implies that Saha Pathana Inter-Holding PCL is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for Saha Pathana Inter-Holding PCL's Altman Z-Score or its related term are showing as below:
BKK:SPI'
s Altman Z-Score Range Over the Past 10 Years
Min: 1.82 Med: 2.48 Max: 5.4
Current: 1.9
During the past 13 years, Saha Pathana Inter-Holding PCL's highest Altman Z-Score was 5.40. The lowest was 1.82. And the median was 2.48.
Saha Pathana Inter-Holding PCL (BKK:SPI) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* 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.
Saha Pathana Inter-Holding PCL Altman Z-Score Chart
BKK:SPI vs CBRE, BEKE, JLL: Altman Z-Score Comparison
For the Real Estate Services subindustry, Saha Pathana Inter-Holding PCL's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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.
Saha Pathana Inter-Holding PCL Altman Z-Score vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Saha Pathana Inter-Holding PCL's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where Saha Pathana Inter-Holding PCL's Altman Z-Score falls into.
Saha Pathana Inter-Holding PCL Altman Z-Score Calculation
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Saha Pathana Inter-Holding PCL (BKK:SPI) has a Altman Z-Score of 1.94 as of Jul. 10, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Saha Pathana Inter-Holding PCL and its competitors. This is 22% below median its historical median of 2.48. Over the past decade, Saha Pathana Inter-Holding PCL's Altman Z-Score has ranged from 1.82 to 5.40. According to the industry distribution chart, Saha Pathana Inter-Holding PCL ranks #558 out of 1731 companies in the Real Estate industry, placing it in the top 32.2%.
Is Saha Pathana Inter-Holding PCL's Altman Z-Score too high?
Saha Pathana Inter-Holding PCL's current Altman Z-Score of 1.94 is 22% below median its 10-year median of 2.48. Over the past 10 years, this metric has ranged from a low of 1.82 to a high of 5.40. The Real Estate industry median Altman Z-Score is 1.31. Saha Pathana Inter-Holding PCL's value of 1.94 is 48.1% above this industry median. Based on the distribution chart, Saha Pathana Inter-Holding PCL ranks #558 out of 1731 companies in the Real Estate industry, which is above the industry midpoint. Overall, Saha Pathana Inter-Holding PCL has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Saha Pathana Inter-Holding PCL's Altman Z-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Saha Pathana Inter-Holding PCL ranks #558 out of 1731 companies for Altman Z-Score. This puts Saha Pathana Inter-Holding PCL in the upper half of its industry. The industry median Altman Z-Score is 1.31. Saha Pathana Inter-Holding PCL's value of 1.94 is 48.1% above this benchmark. Historically, Saha Pathana Inter-Holding PCL's own Altman Z-Score has ranged from 1.82 to 5.40 over the past decade. While the company's 10-year median is 2.48 vs. the industry median of 1.31, Saha Pathana Inter-Holding 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 Altman Z-Score for a Real Estate company?
The median Altman Z-Score among Real Estate companies is 1.31, based on 1,731 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Saha Pathana Inter-Holding PCL's current Altman Z-Score of 1.94 is 48.1% 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 Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Saha Pathana Inter-Holding PCL and its competitors. For the Real Estate industry, the median Altman Z-Score is 1.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Saha Pathana Inter-Holding PCL's current Altman Z-Score is 1.94, which is 22% below median its own 10-year median of 2.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Saha Pathana Inter-Holding PCL stock overvalued right now?
Based on GuruFocus' analysis, Saha Pathana Inter-Holding PCL (BKK:SPI) is currently considered Modestly Overvalued. The stock's GF Value™ is ฿26.39, compared to a current price of ฿33.25 — trading 26% above its estimated fair value. The current Altman Z-Score is 1.94, which is 22% below median its 10-year median of 2.48 and 48.1% above the Real Estate industry median of 1.31. Saha Pathana Inter-Holding PCL's overall GF Score™ is 67/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Saha Pathana Inter-Holding PCL (BKK:SPI), the current Altman Z-Score is 1.94 as of Jul. 10, 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 Saha Pathana Inter-Holding PCL (BKK:SPI) Overvalued in 2026?
Based on GuruFocus' analysis, Saha Pathana Inter-Holding PCL stock appears to be overvalued.
The current stock price of ฿33.25 is trading 26% above its estimated GF Value™ of ฿26.39.
GuruFocus considers Saha Pathana Inter-Holding PCL to be Modestly Overvalued.
Key valuation signals for BKK:SPI:
Altman Z-Score: 1.94 (22% below median its 10-year median of 2.48)
GF Value™: ฿26.39 vs. price of ฿33.25 (26% above fair value)
Industry Position: 48.1% above the Real Estate median (#558 of 1731)
No single metric tells the full story. See the BKK:SPI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Saha Pathana Inter-Holding PCL Business Description
Saha Pathana Inter-Holding PCL is engaged in the real estate business. The company's core businesses are divided into three segments: Investment in consumer goods business, which derives maximum revenue; Investment in food and beverage business; and Industrial park development and investment in other businesses. The company operates in Thailand only.
67GF Score
Get the complete analysis for BKK:SPI
Altman Z-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BKK:SPI has been successfully added to your 
