Relative valuation of Sabina public company limited

Abstract

This thematic paper estimates the intrinsic value of Sabina Public Company Limited (SABINA) using the relative valuation method, based on historical valuation bands and peer group multiples. SABINA operates in Thailand’s lingerie and apparel market with a strong brand presence, supported by growing e-commerce channels and expanding OEM segments. The company’s solid fundamentals, including high return on equity, stable margins, and a low debt ratio, strengthen its competitive positioning. Based on the analysis, SABINA’s estimated current target price is THB 14.74 and THB 14.48 for December 2025, indicating that the stock is currently trading close to its fair value compared to the market price of THB 14.70 as of 11 July 2025. The slight valuation discount relative to global peers may reflect SABINA’s smaller market capitalization and scale. However, its superior profitability and margin stability could justify a premium over the long term. Given its solid financial foundation, defensive profile, and sustainable dividend policy, the valuation strongly supports a HOLD recommendation, particularly for conservative or income-oriented investors seeking stable returns with lower risk exposure.