Amcorp Global Valuation

Q: What is the Fair Price of S9B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

S9B (SGD0.12) is trading below our estimate of [[fair value]] (SGD0.13)

Is S9B undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of S9B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: S9B (SGD0.12) is trading below our estimate of fair value (SGD0.13)

Significantly Below Fair Value: S9B is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for S9B?

Key metric: As S9B is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for S9B. This is calculated by dividing S9B's market cap by their current revenue.
What is S9B's PS Ratio?
PS Ratio	0.9x
Sales	S$56.33m
Market Cap	S$51.45m

S9B key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.9x
Enterprise Value/EBITDA	-9.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does S9B's PS Ratio compare to its peers?

The above table shows the PS ratio for S9B vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.2x
5AE Pollux Properties	4.4x	n/a	S$60.7m
1F3 Aspen (Group) Holdings	0.7x	n/a	S$48.7m
5PC Goodland Group	2.6x	n/a	S$40.2m
P36 Pan Hong Holdings Group	1.2x	n/a	S$49.2m
S9B Amcorp Global	0.9x	n/a	S$51.5m

Price-To-Sales vs Peers: S9B is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (2.2x).

Price to Sales Ratio vs Industry

How does S9B's PS Ratio compare vs other companies in the SG Real Estate Industry?

3 Companies	Price / Sales	Estimated Growth	Market Cap
Z25 Yanlord Land Group	0.2x	-16.9%	US$1.01b
CLN APAC Realty	0.3x	9.0%	US$105.59m
BCD China Yuanbang Property Holdings	0.3x	n/a	US$7.85m

No more companies available in this PS range

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: S9B is good value based on its Price-To-Sales Ratio (0.9x) compared to the SG Real Estate industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is S9B's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

S9B PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.9x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate S9B's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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