North East Rubber Public Company Limited

SET:NER Stock Report

Market Cap: ฿9.2b

North East Rubber Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: NER (THB4.96) is trading above our estimate of fair value (THB1.69)

Significantly Below Fair Value: NER is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As NER is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NER. This is calculated by dividing NER's market cap by their current earnings.
What is NER's PE Ratio?
PE Ratio5.2x
Earnings฿1.75b
Market Cap฿9.17b

Price to Earnings Ratio vs Peers

How does NER's PE Ratio compare to its peers?

The above table shows the PE ratio for NER vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average34.4x
IRC Inoue Rubber (Thailand)
7.6x-15.0%฿2.7b
STA Sri Trang Agro-Industry
70.2x59.6%฿27.6b
HFT Hwa Fong Rubber (Thailand)
10.5xn/a฿2.8b
NDR N.D. Rubber
49.2xn/a฿1.2b
NER North East Rubber
5.2x7.8%฿9.2b

Price-To-Earnings vs Peers: NER is good value based on its Price-To-Earnings Ratio (5.2x) compared to the peer average (34.4x).

Price to Earnings Ratio vs Industry

How does NER's PE Ratio compare vs other companies in the TH Auto Components Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
NER 5.2xIndustry Avg. 11.0xNo. of Companies6PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NER is good value based on its Price-To-Earnings Ratio (5.2x) compared to the TH Auto Components industry average (11x).

Price to Earnings Ratio vs Fair Ratio

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

NER PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.2x
Fair PE Ratio8.9x

Price-To-Earnings vs Fair Ratio: NER is good value based on its Price-To-Earnings Ratio (5.2x) compared to the estimated Fair Price-To-Earnings Ratio (8.9x).

Analyst Price Targets

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

The above table shows the analyst NER forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿4.96
฿6.52
+31.5%
8.1%฿7.30฿5.85n/a4
Nov ’25฿5.00
฿6.74
+34.9%
8.6%฿7.30฿5.85n/a4
Oct ’25฿5.45
฿6.47
+18.7%
7.8%฿7.20฿5.85n/a4
Sep ’25฿4.96
฿6.42
+29.4%
8.9%฿7.20฿5.85n/a3
Aug ’25฿4.80
฿6.63
+38.2%
9.5%฿7.20฿5.75n/a3
Jul ’25฿5.30
฿7.08
+33.5%
1.8%฿7.20฿6.95n/a2
Jun ’25฿5.95
฿7.08
+18.9%
1.8%฿7.20฿6.95n/a2
May ’25฿5.55
฿6.58
+18.5%
5.7%฿6.95฿6.20n/a2
Apr ’25฿6.00
฿7.15
+19.2%
13.3%฿8.10฿6.20n/a2
Mar ’25฿5.75
฿7.13
+23.9%
13.7%฿8.10฿6.15n/a2
Feb ’25฿5.40
฿5.85
+8.3%
17.9%฿6.90฿4.80n/a2
Jan ’25฿4.96
฿5.80
+16.9%
17.2%฿6.80฿4.80n/a2
Dec ’24฿4.58
฿5.80
+26.6%
17.2%฿6.80฿4.80n/a2
Nov ’24฿4.54
฿6.05
+33.3%
2.5%฿6.20฿5.90฿5.002
Oct ’24฿4.54
฿6.05
+33.3%
2.5%฿6.20฿5.90฿5.452
Sep ’24฿4.92
฿6.05
+23.0%
2.5%฿6.20฿5.90฿4.962
Aug ’24฿4.70
฿6.15
+30.9%
15.4%฿7.10฿5.20฿4.802
Jul ’24฿4.54
฿6.15
+35.5%
15.4%฿7.10฿5.20฿5.302
Jun ’24฿4.44
฿6.15
+38.5%
15.4%฿7.10฿5.20฿5.952
May ’24฿4.94
฿6.70
+35.6%
6.0%฿7.10฿6.30฿5.552
Apr ’24฿5.95
฿8.00
+34.5%
21.3%฿9.70฿6.30฿6.002
Mar ’24฿6.15
฿9.00
+46.3%
7.8%฿9.70฿8.30฿5.752
Feb ’24฿6.35
฿9.00
+41.7%
7.8%฿9.70฿8.30฿5.402
Jan ’24฿6.35
฿9.30
+46.5%
10.8%฿10.30฿8.30฿4.962
Dec ’23฿5.90
฿9.30
+57.6%
10.8%฿10.30฿8.30฿4.582
Nov ’23฿5.85
฿9.30
+59.0%
10.8%฿10.30฿8.30฿4.542

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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