Major Cineplex Group Public Company Limited

SET:MAJOR Stock Report

Market Cap: ฿11.7b

Major Cineplex Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: MAJOR (THB14.8) is trading below our estimate of fair value (THB21.98)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MAJOR. This is calculated by dividing MAJOR's market cap by their current earnings.
What is MAJOR's PE Ratio?
PE Ratio15.4x
Earnings฿757.71m
Market Cap฿11.66b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MAJOR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.1x
ONEE ONE Enterprise
17.6x6.1%฿8.7b
RS RS
12.6x-68.3%฿13.0b
GRAMMY GMM Grammy
61.8xn/a฿6.7b
MGI Miss Grand International
16.4xn/a฿2.1b
MAJOR Major Cineplex Group
15.4x15.0%฿11.7b

Price-To-Earnings vs Peers: MAJOR is good value based on its Price-To-Earnings Ratio (15.4x) compared to the peer average (27.1x).

Price to Earnings Ratio vs Industry

How does MAJOR's PE Ratio compare vs other companies in the Asian Entertainment Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MAJOR 15.4xIndustry Avg. 27.4xNo. of Companies26PE020406080100+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MAJOR is good value based on its Price-To-Earnings Ratio (15.4x) compared to the Asian Entertainment industry average (27.4x).

Price to Earnings Ratio vs Fair Ratio

What is MAJOR'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.

MAJOR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.4x
Fair PE Ratio26.7x

Price-To-Earnings vs Fair Ratio: MAJOR is good value based on its Price-To-Earnings Ratio (15.4x) compared to the estimated Fair Price-To-Earnings Ratio (26.7x).

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 MAJOR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿14.80
฿19.47
+31.6%
15.1%฿25.50฿14.00n/a10
Nov ’25฿14.50
฿19.42
+33.9%
15.2%฿25.50฿14.00n/a10
Oct ’25฿15.10
฿19.14
+26.8%
15.3%฿25.50฿14.00n/a10
Sep ’25฿14.30
฿18.94
+32.4%
15.5%฿25.50฿14.00n/a10
Aug ’25฿13.60
฿18.94
+39.3%
15.1%฿25.50฿15.30n/a10
Jul ’25฿12.60
฿19.05
+51.2%
14.1%฿25.50฿15.30n/a10
Jun ’25฿12.90
฿19.04
+47.6%
13.9%฿25.50฿15.30n/a11
May ’25฿14.80
฿19.15
+29.4%
13.3%฿25.50฿15.30n/a11
Apr ’25฿14.30
฿19.09
+33.5%
12.6%฿25.50฿16.10n/a11
Mar ’25฿14.10
฿18.45
+30.8%
7.4%฿20.50฿16.10n/a10
Feb ’25฿13.90
฿18.45
+32.7%
7.4%฿20.50฿16.10n/a10
Jan ’25฿14.90
฿19.09
+28.2%
12.3%฿23.20฿16.10n/a9
Dec ’24฿15.30
฿19.09
+24.8%
12.3%฿23.20฿16.10n/a9
Nov ’24฿15.20
฿18.91
+24.4%
15.2%฿23.20฿15.50฿14.509
Oct ’24฿14.00
฿18.56
+32.5%
14.2%฿23.20฿15.50฿15.109
Sep ’24฿14.50
฿18.72
+29.1%
13.5%฿23.20฿15.50฿14.309
Aug ’24฿15.30
฿19.79
+29.4%
15.8%฿23.20฿14.70฿13.609
Jul ’24฿14.60
฿20.38
+39.6%
12.5%฿23.20฿15.50฿12.609
Jun ’24฿15.20
฿20.64
+35.8%
11.7%฿23.20฿15.50฿12.9010
May ’24฿16.20
฿21.43
+32.3%
9.6%฿23.20฿17.50฿14.8010
Apr ’24฿16.90
฿21.43
+26.8%
9.6%฿23.20฿17.50฿14.3010
Mar ’24฿17.00
฿22.35
+31.5%
7.6%฿25.50฿18.00฿14.1011
Feb ’24฿19.10
฿22.95
+20.1%
6.8%฿25.50฿20.00฿13.9011
Jan ’24฿18.20
฿22.95
+26.1%
6.8%฿25.50฿20.00฿14.9011
Dec ’23฿19.70
฿22.95
+16.5%
6.8%฿25.50฿20.00฿15.3011
Nov ’23฿18.30
฿23.42
+28.0%
12.1%฿27.00฿16.00฿15.2013

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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