On Thursday at 11:27 AM (Bangkok time), the share price of VGI Public Company Limited (SET: VGI) surged 6.73% or THB 0.07 to THB 1.11, with a trading value of THB 306.17 million.
Asia Plus Securities wrote that VGI possesses combined cash and financial assets exceeding THB 21 billion, equivalent to approximately THB 1 per share. When including the value of investments in PLANB and JMART, the total asset value rises to approximately THB 32 billion. This figure is significantly higher than the company’s current market capitalization, which stands at around THB 20 billion.
The recent increase in PLANB’s share price has contributed to a higher value of VGI’s investments, drawing renewed market attention to the company’s asset value and potential for unlocking hidden value. The brokerage believes that the collaboration between VGI and PLANB could generate additional revenue and profit-sharing opportunities in the future.
Furthermore, short-covering activity is also lending support to VGI’s share price in the short term. As of October 14, 2026, data shows that there were approximately 1 million VGI shares covered. However, Asia Plus notes that this is a technical factor rather than a core fundamental driver for the company.
VGI’s financial standing remains robust, with cash and financial assets totaling more than THB 21 billion compared to approximately THB 3.3 billion in liabilities, according to the analyst. This provides the company with a high level of liquidity and flexibility to generate returns from surplus funds and unlock investment value in the future.
Asia Plus has set a fair value target for VGI at THB 1.25 per share, based on the value of cash holdings and investments in PLANB and JMART. The brokerage gives a ‘Speculative Buy’ recommendation, given the gap between asset value and current market price, as well as the potential for the market to place greater emphasis on VGI’s asset value in the coming period.
