KGI Securities (Thailand) Valuation

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

KGI (THB4.28) is trading below our estimate of [[fair value]] (THB5.06)

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

Below Fair Value: KGI (THB4.28) is trading below our estimate of fair value (THB5.06)

Significantly Below Fair Value: KGI 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 KGI?

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

The above table shows the Price to Earnings ratio for KGI. This is calculated by dividing KGI's market cap by their current earnings.
What is KGI's PE Ratio?
PE Ratio	11.4x
Earnings	฿748.43m
Market Cap	฿8.52b

KGI 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's PE Ratio compare to its peers?

The above table shows the PE ratio for KGI 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	21.1x
MST Maybank Securities (Thailand)	14.8x	n/a	฿5.6b
ASP Asia Plus Group Holdings	14.3x	n/a	฿5.1b
UOBKH UOB Kay Hian Securities (Thailand)	40.3x	n/a	฿2.5b
CGH Country Group Holdings	15.1x	n/a	฿2.8b
KGI KGI Securities (Thailand)	11.4x	n/a	฿8.5b

Price-To-Earnings vs Peers: KGI is good value based on its Price-To-Earnings Ratio (11.4x) compared to the peer average (21.1x).

Price to Earnings Ratio vs Industry

How does KGI'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 is good value based on its Price-To-Earnings Ratio (11.4x) compared to the Asian Capital Markets industry average (17.8x).

Price to Earnings Ratio vs Fair Ratio

What is KGI'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 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.4x
Fair PE Ratio	n/a

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