KGI Securities (Thailand) Valuation

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

KGI-R (THB4.26) is trading below our estimate of [[fair value]] (THB5.4)

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

Below Fair Value: KGI-R (THB4.26) is trading below our estimate of fair value (THB5.4)

Significantly Below Fair Value: KGI-R is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for KGI-R. This is calculated by dividing KGI-R's market cap by their current earnings.
What is KGI-R's PE Ratio?
PE Ratio	10.6x
Earnings	฿797.27m
Market Cap	฿8.48b

KGI-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 KGI-R's PE Ratio compare to its peers?

The above table shows the PE ratio for KGI-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	24.9x
MST Maybank Securities (Thailand)	14.9x	n/a	฿5.6b
ASP Asia Plus Group Holdings	13.1x	n/a	฿5.1b
UOBKH UOB Kay Hian Securities (Thailand)	43.1x	n/a	฿2.6b
BYD Beyond Securities	28.7x	n/a	฿4.3b
KGI-R KGI Securities (Thailand)	10.6x	n/a	฿8.5b

Price-To-Earnings vs Peers: KGI-R is good value based on its Price-To-Earnings Ratio (10.6x) compared to the peer average (24.2x).

Price to Earnings Ratio vs Industry

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

40 Companies	Price / Earnings	Estimated Growth	Market Cap

40 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KGI-R is good value based on its Price-To-Earnings Ratio (10.6x) compared to the Asian Capital Markets industry average (17.6x).

Price to Earnings Ratio vs Fair Ratio

What is KGI-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.

KGI-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.6x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate KGI-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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