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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 2.0x - 2.2x | 2.1x |
Selected Fwd Ps Multiple | 1.6x - 1.8x | 1.7x |
Fair Value | ฿0.70 - ฿0.77 | ฿0.74 |
Upside | 25.0% - 38.1% | 31.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Krung Thai Bank Public Company Limited | - | SET:KTB |
Kiatnakin Phatra Bank Public Company Limited | - | SET:KKP |
TMBThanachart Bank Public Company Limited | - | SET:TTB |
SCB X Public Company Limited | - | SET:SCB |
Thai Credit Bank Public Company Limited | - | SET:CREDIT |
CIMB Thai Bank Public Company Limited | - | SET:CIMBT |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
KTB | KKP | TTB | SCB | CREDIT | CIMBT | |||
SET:KTB | SET:KKP | SET:TTB | SET:SCB | SET:CREDIT | SET:CIMBT | |||
Historical Sales Growth | ||||||||
5Y CAGR | 4.7% | 5.6% | 10.9% | 0.0% | 21.7% | 0.7% | ||
3Y CAGR | 15.4% | 5.9% | 4.0% | 6.2% | 19.1% | 5.1% | ||
Latest Twelve Months | 13.9% | 2.4% | 1.6% | 1.8% | 10.3% | 16.5% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 32.6% | 30.1% | 30.0% | 31.5% | 33.4% | 19.1% | ||
Prior Fiscal Year | 32.6% | 24.5% | 38.2% | 34.1% | 37.9% | 15.1% | ||
Latest Fiscal Year | 34.2% | 22.1% | 42.4% | 33.9% | 35.0% | 23.0% | ||
Latest Twelve Months | 34.2% | 22.1% | 42.4% | 33.9% | 35.0% | 23.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 2.5x | 1.9x | 3.7x | 3.2x | 2.2x | 1.6x | ||
LTM P/E Ratio | 7.2x | 8.8x | 8.8x | 9.3x | 6.3x | 6.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.9x | 2.5x | 3.7x | |||||
Historical LTM P/S Ratio | 1.6x | 2.0x | 3.1x | |||||
Selected Price / Sales Multiple | 2.0x | 2.1x | 2.2x | |||||
(x) LTM Sales | 12,417 | 12,417 | 12,417 | |||||
(=) Equity Value | 24,500 | 25,789 | 27,079 | |||||
(/) Shares Outstanding | 34,822.3 | 34,822.3 | 34,822.3 | |||||
Implied Value Range | 0.70 | 0.74 | 0.78 | |||||
FX Rate: THB/THB | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.70 | 0.74 | 0.78 | 0.56 | ||||
Upside / (Downside) | 25.6% | 32.2% | 38.9% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | KTB | KKP | TTB | SCB | CREDIT | CIMBT | |
Value of Common Equity | 315,859 | 44,284 | 185,504 | 409,104 | 22,968 | 19,500 | |
(/) Shares Outstanding | 13,976.1 | 827.7 | 97,122.3 | 3,367.1 | 1,234.8 | 34,822.3 | |
Implied Stock Price | 22.60 | 53.50 | 1.91 | 121.50 | 18.60 | 0.56 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 22.60 | 53.50 | 1.91 | 121.50 | 18.60 | 0.56 | |
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 |