Thai Life Insurance Valuation

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

Below Fair Value: TLI-R (THB10.2) is trading below our estimate of fair value (THB16.03)

Significantly Below Fair Value: TLI-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 TLI-R?

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

The above table shows the Price to Earnings ratio for TLI-R. This is calculated by dividing TLI-R's market cap by their current earnings.
What is TLI-R's PE Ratio?
PE Ratio	11.3x
Earnings	฿10.38b
Market Cap	฿116.79b

TLI-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	1.1x
Enterprise Value/EBITDA	8.4x
PEG Ratio	1.8x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for TLI-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	12.2x
BLA Bangkok Life Assurance	11.6x	20.5%	฿35.2b
BKIH BKI Holdings	11.2x	n/a	฿30.8b
TQM TQM Alpha	16.6x	9.6%	฿14.0b
TIPH Dhipaya Group Holdings	9.3x	n/a	฿14.4b
TLI-R Thai Life Insurance	11.3x	6.3%	฿116.8b

Price-To-Earnings vs Peers: TLI-R is good value based on its Price-To-Earnings Ratio (11.3x) compared to the peer average (12.2x).

Price to Earnings Ratio vs Industry

How does TLI-R's PE Ratio compare vs other companies in the Asian Insurance Industry?

6 Companies	Price / Earnings	Estimated Growth	Market Cap

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: TLI-R is expensive based on its Price-To-Earnings Ratio (11.3x) compared to the Asian Insurance industry average (11x).

Price to Earnings Ratio vs Fair Ratio

What is TLI-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.

TLI-R PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.3x
Fair PE Ratio	13.2x

Price-To-Earnings vs Fair Ratio: TLI-R is good value based on its Price-To-Earnings Ratio (11.3x) compared to the estimated Fair Price-To-Earnings Ratio (13.2x).

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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