BEC World Public Company Limited

SET:BEC Stock Report

Market Cap: ฿7.8b

BEC World Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: BEC (THB3.92) is trading below our estimate of fair value (THB13.72)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BEC. This is calculated by dividing BEC's market cap by their current earnings.
What is BEC's PE Ratio?
PE Ratio34.8x
Earnings฿225.03m
Market Cap฿7.84b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BEC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.7x
MCOT MCOT
7.6xn/a฿4.2b
ROCTEC Roctec Global
25.4xn/a฿7.3b
AMARIN Amarin Corporations
31.5xn/a฿3.6b
ONEE ONE Enterprise
18.2x6.6%฿9.0b
BEC BEC World
34.8x25.0%฿7.8b

Price-To-Earnings vs Peers: BEC is expensive based on its Price-To-Earnings Ratio (34.8x) compared to the peer average (20.7x).

Price to Earnings Ratio vs Industry

How does BEC's PE Ratio compare vs other companies in the Asian Media Industry?

12 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BEC 34.8xIndustry Avg. 17.1xNo. of Companies54PE01632486480+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEC is expensive based on its Price-To-Earnings Ratio (34.8x) compared to the Asian Media industry average (17.1x).

Price to Earnings Ratio vs Fair Ratio

What is BEC'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.

BEC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio34.8x
Fair PE Ratio30.1x

Price-To-Earnings vs Fair Ratio: BEC is expensive based on its Price-To-Earnings Ratio (34.8x) compared to the estimated Fair Price-To-Earnings Ratio (30.1x).

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 BEC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿3.92
฿4.67
+19.0%
16.4%฿6.00฿3.80n/a7
Nov ’25฿4.22
฿4.77
+13.1%
15.8%฿6.00฿3.80n/a7
Oct ’25฿4.30
฿4.77
+11.0%
15.8%฿6.00฿3.80n/a7
Sep ’25฿3.92
฿4.77
+21.8%
15.8%฿6.00฿3.80n/a7
Aug ’25฿3.74
฿4.94
+32.0%
17.2%฿6.19฿3.80n/a9
Jul ’25฿3.86
฿4.94
+27.9%
17.2%฿6.19฿3.80n/a9
Jun ’25฿4.50
฿5.20
+15.6%
12.7%฿6.19฿3.80n/a9
May ’25฿4.84
฿5.45
+12.6%
14.8%฿7.00฿4.10n/a8
Apr ’25฿5.00
฿5.47
+9.5%
14.7%฿7.00฿4.10n/a8
Mar ’25฿4.14
฿5.60
+35.2%
11.5%฿7.00฿4.80n/a8
Feb ’25฿4.56
฿5.76
+26.3%
12.7%฿7.00฿4.80n/a8
Jan ’25฿4.88
฿5.76
+18.1%
12.7%฿7.00฿4.80n/a8
Dec ’24฿5.40
฿5.81
+7.6%
12.4%฿7.00฿4.80n/a8
Nov ’24฿5.65
฿7.23
+27.9%
23.4%฿9.35฿4.80฿4.228
Oct ’24฿6.80
฿8.07
+18.6%
11.3%฿9.35฿6.30฿4.308
Sep ’24฿8.70
฿8.44
-3.0%
11.9%฿10.00฿6.30฿3.928
Aug ’24฿8.15
฿8.07
-1.0%
15.8%฿10.00฿5.90฿3.748
Jul ’24฿8.05
฿8.07
+0.2%
17.0%฿10.00฿5.90฿3.867
Jun ’24฿8.70
฿8.30
-4.6%
19.9%฿10.90฿5.90฿4.508
May ’24฿7.80
฿10.32
+32.3%
19.8%฿13.00฿7.00฿4.849
Apr ’24฿8.55
฿10.63
+24.4%
18.7%฿13.00฿7.00฿5.009
Mar ’24฿9.45
฿11.12
+17.7%
13.7%฿13.00฿8.60฿4.149
Feb ’24฿10.70
฿11.60
+8.4%
12.2%฿13.50฿8.60฿4.569
Jan ’24฿10.10
฿12.27
+21.5%
17.0%฿17.00฿8.60฿4.889
Dec ’23฿10.40
฿12.27
+17.9%
17.0%฿17.00฿8.60฿5.409
Nov ’23฿9.95
฿13.37
+34.3%
14.7%฿17.00฿10.00฿5.659

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

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