KCG Corporation Valuation

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

KCG (THB9.05) is trading below our estimate of [[fair value]] (THB18.15)

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

Valuation Score

6/6

Valuation Score 6/6

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

Below Fair Value: KCG (THB9.05) is trading below our estimate of fair value (THB18.15)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for KCG. This is calculated by dividing KCG's market cap by their current earnings.
What is KCG's PE Ratio?
PE Ratio	12.8x
Earnings	฿384.27m
Market Cap	฿4.93b

KCG 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	0.9x
Enterprise Value/EBITDA	10.3x
PEG Ratio	0.9x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for KCG 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	22.9x
MALEE Malee Group	14.5x	17.9%	฿4.8b
TSTE TSTE	58.7x	n/a	฿5.7b
TFM Thai Union Feedmill	10.3x	n/a	฿4.1b
LST Lam Soon (Thailand)	7.9x	n/a	฿4.1b
KCG KCG Corporation	12.8x	14.6%	฿4.9b

Price-To-Earnings vs Peers: KCG is good value based on its Price-To-Earnings Ratio (12.8x) compared to the peer average (22.9x).

Price to Earnings Ratio vs Industry

How does KCG's PE Ratio compare vs other companies in the TH Food Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap

No more companies available in this PE range

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KCG is good value based on its Price-To-Earnings Ratio (12.8x) compared to the TH Food industry average (13.8x).

Price to Earnings Ratio vs Fair Ratio

What is KCG'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.

KCG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12.8x
Fair PE Ratio	15.8x

Price-To-Earnings vs Fair Ratio: KCG is good value based on its Price-To-Earnings Ratio (12.8x) compared to the estimated Fair Price-To-Earnings Ratio (15.8x).

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 KCG 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	฿9.05	฿12.58 +39.0%	2.9%	฿13.00	฿12.20	n/a	5
Nov ’25	฿9.50	฿12.04 +26.7%	8.7%	฿13.00	฿10.00	n/a	5
Oct ’25	฿10.40	฿12.04 +15.8%	8.7%	฿13.00	฿10.00	n/a	5
Sep ’25	฿9.90	฿12.00 +21.2%	7.6%	฿13.00	฿10.30	n/a	5
Aug ’25	฿9.45	฿12.36 +30.8%	2.2%	฿12.80	฿12.00	n/a	5
Jul ’25	฿9.60	฿11.74 +22.3%	11.1%	฿12.80	฿9.20	n/a	5
Jun ’25	฿10.00	฿11.74 +17.4%	11.1%	฿12.80	฿9.20	n/a	5
May ’25	฿10.20	฿11.54 +13.1%	10.3%	฿12.50	฿9.20	n/a	5
Apr ’25	฿9.65	฿11.34 +17.5%	9.6%	฿12.00	฿9.20	n/a	5
Mar ’25	฿8.90	฿11.76 +32.1%	1.9%	฿12.00	฿11.50	n/a	5
Feb ’25	฿8.35	฿11.66 +39.6%	3.2%	฿12.00	฿11.00	n/a	5
Jan ’25	฿8.90	฿11.70 +31.5%	3.5%	฿12.00	฿11.00	n/a	4
Dec ’24	฿8.70	฿11.90 +36.8%	0.8%	฿12.00	฿11.80	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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