Asia Plus Group Holdings Valuation

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

ASP-R (THB2.44) is trading above our estimate of [[fair value]] (THB2.35)

Is ASP-R 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 ASP-R when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ASP-R (THB2.44) is trading above our estimate of fair value (THB2.35)

Significantly Below Fair Value: ASP-R is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ASP-R?

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

The above table shows the Price to Earnings ratio for ASP-R. This is calculated by dividing ASP-R's market cap by their current earnings.
What is ASP-R's PE Ratio?
PE Ratio	14.3x
Earnings	฿359.89m
Market Cap	฿5.14b

ASP-R 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does ASP-R's PE Ratio compare to its peers?

The above table shows the PE ratio for ASP-R 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	20.9x
MST Maybank Securities (Thailand)	14.4x	n/a	฿5.5b
KGI KGI Securities (Thailand)	11.2x	n/a	฿8.4b
UOBKH UOB Kay Hian Securities (Thailand)	42.7x	n/a	฿2.7b
CGH Country Group Holdings	15.3x	n/a	฿2.8b
ASP-R Asia Plus Group Holdings	14.3x	n/a	฿5.1b

Price-To-Earnings vs Peers: ASP-R is good value based on its Price-To-Earnings Ratio (14.3x) compared to the peer average (20.9x).

Price to Earnings Ratio vs Industry

How does ASP-R's PE Ratio compare vs other companies in the Asian Capital Markets Industry?

42 Companies	Price / Earnings	Estimated Growth	Market Cap

42 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: ASP-R is good value based on its Price-To-Earnings Ratio (14.3x) compared to the Asian Capital Markets industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is ASP-R'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.

ASP-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.3x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate ASP-R's Price-To-Earnings 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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