Muangthai Capital Public Company Limited

SET:MTC Stock Report

Market Cap: ฿103.9b

Muangthai Capital Valuation

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

Valuation Score

1/6

Valuation Score 1/6

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

Below Fair Value: MTC (THB49) is trading above our estimate of fair value (THB39.07)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MTC. This is calculated by dividing MTC's market cap by their current earnings.
What is MTC's PE Ratio?
PE Ratio18.3x
Earnings฿5.68b
Market Cap฿103.88b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MTC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.7x
KTC Krungthai Card
16.4x7.4%฿119.9b
SAWAD Srisawad Corporation
11.6x11.0%฿59.3b
TIDLOR Ngern Tid Lor
11.9x15.2%฿48.7b
JMT JMT Network Services
14.8x11.6%฿26.0b
MTC Muangthai Capital
18.3x18.9%฿103.9b

Price-To-Earnings vs Peers: MTC is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the peer average (13.7x).

Price to Earnings Ratio vs Industry

How does MTC's PE Ratio compare vs other companies in the Asian Consumer Finance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
MTC 18.3xIndustry Avg. 16.7xNo. of Companies26PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MTC is expensive based on its Price-To-Earnings Ratio (18.3x) compared to the TH Consumer Finance industry average (16.7x).

Price to Earnings Ratio vs Fair Ratio

What is MTC'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.

MTC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.3x
Fair PE Ratio18.5x

Price-To-Earnings vs Fair Ratio: MTC is good value based on its Price-To-Earnings Ratio (18.3x) compared to the estimated Fair Price-To-Earnings Ratio (18.5x).

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 MTC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿49.00
฿54.92
+12.1%
12.8%฿65.00฿36.00n/a18
Nov ’25฿50.00
฿53.39
+6.8%
14.4%฿64.00฿36.00n/a18
Oct ’25฿49.50
฿51.31
+3.7%
13.8%฿62.00฿36.00n/a18
Sep ’25฿43.75
฿49.01
+12.0%
13.2%฿59.00฿36.00n/a18
Aug ’25฿41.00
฿49.71
+21.2%
11.7%฿59.00฿39.00n/a17
Jul ’25฿43.25
฿49.48
+14.4%
12.9%฿59.00฿34.00n/a17
Jun ’25฿44.50
฿49.54
+11.3%
13.0%฿59.00฿34.00n/a17
May ’25฿45.50
฿47.82
+5.1%
13.2%฿59.00฿34.00n/a16
Apr ’25฿47.25
฿47.23
-0.05%
13.4%฿59.00฿34.00n/a16
Mar ’25฿45.75
฿46.63
+1.9%
13.6%฿59.00฿35.50n/a16
Feb ’25฿42.75
฿45.82
+7.2%
12.6%฿56.00฿35.50n/a16
Jan ’25฿45.00
฿43.44
-3.5%
12.9%฿56.00฿32.00n/a16
Dec ’24฿43.75
฿43.44
-0.7%
12.9%฿56.00฿32.00n/a16
Nov ’24฿37.25
฿40.35
+8.3%
11.8%฿50.00฿32.00฿50.0016
Oct ’24฿36.00
฿40.10
+11.4%
13.9%฿50.00฿32.00฿49.5016
Sep ’24฿40.25
฿38.98
-3.2%
12.8%฿50.00฿32.00฿43.7516
Aug ’24฿35.50
฿37.44
+5.5%
14.3%฿49.00฿28.00฿41.0015
Jul ’24฿39.25
฿36.98
-5.8%
16.2%฿49.00฿27.00฿43.2517
Jun ’24฿40.75
฿36.98
-9.3%
16.2%฿49.00฿27.00฿44.5017
May ’24฿34.00
฿36.97
+8.7%
16.9%฿50.00฿27.00฿45.5016
Apr ’24฿34.50
฿37.31
+8.2%
17.4%฿50.00฿27.00฿47.2516
Mar ’24฿34.75
฿37.44
+7.7%
16.9%฿50.00฿27.00฿45.7516
Feb ’24฿38.50
฿39.97
+3.8%
20.1%฿57.00฿27.00฿42.7516
Jan ’24฿38.00
฿40.19
+5.8%
20.4%฿57.00฿27.00฿45.0016
Dec ’23฿38.25
฿42.07
+10.0%
18.9%฿57.00฿30.00฿43.7515
Nov ’23฿37.00
฿51.90
+40.3%
14.2%฿65.00฿38.00฿37.2515

Analyst Forecast: Target price is less than 20% higher than the current share price.

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