Asset World Corp Valuation

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

AWC (THB3.58) is trading above our estimate of [[fair value]] (THB0.46)

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

Valuation Score

2/6

Valuation Score 2/6

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 AWC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AWC (THB3.58) is trading above our estimate of fair value (THB0.46)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AWC. This is calculated by dividing AWC's market cap by their current earnings.
What is AWC's PE Ratio?
PE Ratio	21.2x
Earnings	฿5.42b
Market Cap	฿114.58b

AWC 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	12.4x
Enterprise Value/EBITDA	35.8x
PEG Ratio	5.1x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AWC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	58.3x
MINT Minor International	47.1x	32.7%	฿154.5b
ERW Erawan Group	17.7x	-6.1%	฿19.7b
LRH Laguna Resorts & Hotels	7x	n/a	฿6.4b
SHR S Hotels and Resorts	161.2x	71.6%	฿8.1b
AWC Asset World Corp	21.2x	4.2%	฿114.6b

Price-To-Earnings vs Peers: AWC is good value based on its Price-To-Earnings Ratio (21.2x) compared to the peer average (58.3x).

Price to Earnings Ratio vs Industry

How does AWC's PE Ratio compare vs other companies in the Asian Hospitality Industry?

22 Companies	Price / Earnings	Estimated Growth	Market Cap

22 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: AWC is expensive based on its Price-To-Earnings Ratio (21.2x) compared to the Asian Hospitality industry average (20.9x).

Price to Earnings Ratio vs Fair Ratio

What is AWC'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.

AWC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	21.2x
Fair PE Ratio	27.7x

Price-To-Earnings vs Fair Ratio: AWC is good value based on its Price-To-Earnings Ratio (21.2x) compared to the estimated Fair Price-To-Earnings Ratio (27.7x).

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 AWC forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	฿3.58	฿4.53 +26.5%	15.5%	฿5.80	฿3.40	n/a	10
Nov ’25	฿3.74	฿4.56 +21.9%	15.6%	฿5.80	฿3.40	n/a	10
Oct ’25	฿3.84	฿4.56 +18.8%	15.6%	฿5.80	฿3.40	n/a	10
Sep ’25	฿3.32	฿4.70 +41.5%	14.1%	฿5.80	฿3.40	n/a	10
Aug ’25	฿3.56	฿4.91 +37.9%	13.6%	฿5.90	฿3.80	n/a	10
Jul ’25	฿3.52	฿4.89 +38.9%	13.9%	฿5.90	฿3.80	n/a	10
Jun ’25	฿3.80	฿4.97 +30.8%	12.6%	฿5.90	฿3.90	n/a	11
May ’25	฿4.40	฿4.91 +11.7%	12.8%	฿5.90	฿3.90	n/a	11
Apr ’25	฿4.14	฿4.93 +19.1%	12.8%	฿5.90	฿3.60	n/a	11
Mar ’25	฿3.80	฿5.08 +33.8%	12.6%	฿5.90	฿3.60	n/a	10
Feb ’25	฿4.02	฿5.17 +28.5%	12.7%	฿5.90	฿3.60	n/a	10
Jan ’25	฿3.56	฿5.23 +46.8%	11.9%	฿5.90	฿3.60	n/a	10
Dec ’24	฿3.72	฿5.38 +44.5%	11.0%	฿6.50	฿4.20	n/a	10
Nov ’24	฿3.42	฿5.53 +61.8%	13.6%	฿6.80	฿4.20	฿3.74	9
Oct ’24	฿3.90	฿5.53 +41.9%	13.6%	฿6.80	฿4.20	฿3.84	9
Sep ’24	฿4.26	฿5.80 +36.2%	13.1%	฿6.80	฿4.60	฿3.32	10
Aug ’24	฿4.48	฿6.00 +33.9%	12.1%	฿6.80	฿4.60	฿3.56	10
Jul ’24	฿4.94	฿6.02 +21.9%	11.8%	฿6.80	฿4.60	฿3.52	10
Jun ’24	฿4.82	฿5.86 +21.5%	14.5%	฿6.80	฿4.23	฿3.80	11
May ’24	฿5.30	฿5.86 +10.5%	14.5%	฿6.80	฿4.23	฿4.40	11
Apr ’24	฿5.80	฿5.86 +1.0%	14.5%	฿6.80	฿4.23	฿4.14	11
Mar ’24	฿5.80	฿5.81 +0.2%	16.7%	฿6.80	฿4.23	฿3.80	9
Feb ’24	฿5.80	฿5.81 +0.2%	16.7%	฿6.80	฿4.23	฿4.02	9
Jan ’24	฿6.30	฿5.69 -9.7%	17.3%	฿6.80	฿4.00	฿3.56	8
Dec ’23	฿6.25	฿5.93 -5.1%	21.7%	฿8.80	฿4.00	฿3.72	10
Nov ’23	฿6.10	฿5.54 -9.2%	16.2%	฿6.60	฿4.00	฿3.42	10

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.