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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 4.9x - 5.4x | 5.1x |
| Selected Fwd Ps Multiple | 5.0x - 5.5x | 5.3x |
| Fair Value | ฿7.09 - ฿7.84 | ฿7.47 |
| Upside | 5.9% - 17.0% | 11.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Bhiraj Office Leasehold Real Estate Investment Trust | - | SET:BOFFICE |
| WHA Business Complex Freehold and Leasehold Real Estate Investment Trust | - | SET:WHABT |
| Bualuang Office Leasehold Real Estate Investment Trust | - | SET:B-WORK |
| S Prime Growth Leasehold Real Estate Investment Trust | - | SET:SPRIME |
| Sub Sri Thai Real Estate Investment Trust | - | SET:SSTRT |
| Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust | - | SET:TPRIME |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BOFFICE | WHABT | B-WORK | SPRIME | SSTRT | TPRIME | |||
| SET:BOFFICE | SET:WHABT | SET:B-WORK | SET:SPRIME | SET:SSTRT | SET:TPRIME | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.8% | -2.0% | 0.2% | -2.6% | 14.7% | -4.3% | ||
| 3Y CAGR | 0.4% | 0.0% | 0.3% | 0.9% | 5.0% | -1.0% | ||
| Latest Twelve Months | -1.0% | -6.8% | -2.3% | -8.7% | -0.1% | -2.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 42.3% | 76.0% | 34.6% | 65.7% | 71.8% | 43.1% | ||
| Prior Fiscal Year | 40.1% | 69.8% | -24.0% | 56.4% | 84.9% | 48.0% | ||
| Latest Fiscal Year | 51.8% | 65.6% | -7.4% | 42.3% | 68.4% | 5.7% | ||
| Latest Twelve Months | 52.5% | 65.6% | -8.1% | 42.0% | 68.8% | 24.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | 10.2x | ||
| Price / LTM Sales | 4.0x | 5.9x | 2.7x | 3.0x | 6.1x | 4.7x | ||
| LTM P/E Ratio | 7.5x | 9.0x | -33.7x | 7.0x | 8.9x | 19.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.7x | 4.0x | 6.1x | |||||
| Historical LTM P/S Ratio | 4.8x | 5.7x | 7.4x | |||||
| Selected Price / Sales Multiple | 4.9x | 5.1x | 5.4x | |||||
| (x) LTM Sales | 783 | 783 | 783 | |||||
| (=) Equity Value | 3,827 | 4,029 | 4,230 | |||||
| (/) Shares Outstanding | 547.5 | 547.5 | 547.5 | |||||
| Implied Value Range | 6.99 | 7.36 | 7.73 | |||||
| FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.99 | 7.36 | 7.73 | 6.70 | ||||
| Upside / (Downside) | 4.3% | 9.8% | 15.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BOFFICE | WHABT | B-WORK | SPRIME | SSTRT | TPRIME | |
| Value of Common Equity | 3,527 | 1,293 | 1,593 | 1,447 | 837 | 3,668 | |
| (/) Shares Outstanding | 737.9 | 202.0 | 368.8 | 446.8 | 191.2 | 547.5 | |
| Implied Stock Price | 4.78 | 6.40 | 4.32 | 3.24 | 4.38 | 6.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.78 | 6.40 | 4.32 | 3.24 | 4.38 | 6.70 | |
| Trading Currency | THB | THB | THB | THB | THB | THB | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |