AP (Thailand) Public Company Limited

SET:AP Stock Report

Market Cap: ฿27.5b

AP (Thailand) Valuation

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

Below Fair Value: AP (THB8.75) is trading above our estimate of fair value (THB5.88)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for AP. This is calculated by dividing AP's market cap by their current earnings.
What is AP's PE Ratio?
PE Ratio5.4x
Earnings฿5.06b
Market Cap฿27.53b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for AP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.2x
FPT Frasers Property (Thailand)
20.3xn/a฿29.5b
SIRI Sansiri
6.1x0.3%฿30.4b
QH Quality Houses
8.5x9.3%฿19.5b
SPALI Supalai
6.1x1.8%฿37.9b
AP AP (Thailand)
5.4x7.2%฿27.5b

Price-To-Earnings vs Peers: AP is good value based on its Price-To-Earnings Ratio (5.4x) compared to the peer average (10.2x).

Price to Earnings Ratio vs Industry

How does AP's PE Ratio compare vs other companies in the TH Real Estate Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
WORLD World Corporation
1.8xn/aUS$4.34m
No more companies available in this PE range
AP 5.4xIndustry Avg. 14.7xNo. of Companies7PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AP is good value based on its Price-To-Earnings Ratio (5.4x) compared to the TH Real Estate industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is AP'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.

AP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.4x
Fair PE Ratio8.9x

Price-To-Earnings vs Fair Ratio: AP is good value based on its Price-To-Earnings Ratio (5.4x) compared to the estimated Fair Price-To-Earnings Ratio (8.9x).

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 AP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿8.75
฿11.21
+28.1%
10.5%฿13.50฿9.00n/a15
Nov ’25฿9.60
฿11.66
+21.5%
10.5%฿14.00฿10.10n/a15
Oct ’25฿10.30
฿11.44
+11.1%
10.9%฿14.00฿10.10n/a13
Sep ’25฿8.45
฿11.25
+33.2%
12.8%฿14.40฿9.00n/a13
Aug ’25฿8.05
฿12.54
+55.8%
13.6%฿16.00฿10.00n/a14
Jul ’25฿8.05
฿13.39
+66.3%
9.7%฿16.00฿11.50n/a14
Jun ’25฿9.20
฿13.49
+46.7%
9.5%฿16.00฿11.50n/a13
May ’25฿10.80
฿13.61
+26.0%
8.0%฿16.00฿12.00n/a11
Apr ’25฿10.80
฿13.59
+25.8%
7.7%฿16.00฿12.00n/a12
Mar ’25฿10.40
฿13.64
+31.2%
8.0%฿16.00฿12.00n/a12
Feb ’25฿10.70
฿13.86
+29.5%
7.9%฿16.00฿12.00n/a12
Jan ’25฿11.30
฿13.86
+22.6%
9.8%฿16.00฿10.50n/a12
Dec ’24฿10.80
฿14.26
+32.0%
5.9%฿16.00฿12.70n/a12
Nov ’24฿10.60
฿14.45
+36.3%
4.9%฿16.00฿13.40฿9.6013
Oct ’24฿11.80
฿14.45
+22.5%
4.8%฿16.00฿12.90฿10.3013
Sep ’24฿12.50
฿14.35
+14.8%
3.7%฿15.00฿12.90฿8.4513
Aug ’24฿12.20
฿14.33
+17.5%
3.6%฿15.00฿12.90฿8.0513
Jul ’24฿11.50
฿14.40
+25.2%
2.5%฿15.00฿13.80฿8.0513
Jun ’24฿11.30
฿14.41
+27.5%
2.5%฿15.00฿13.80฿9.2013
May ’24฿12.60
฿14.41
+14.3%
2.9%฿15.20฿13.60฿10.8013
Apr ’24฿12.00
฿14.43
+20.3%
2.8%฿15.20฿13.60฿10.8013
Mar ’24฿12.30
฿14.21
+15.5%
4.1%฿15.00฿12.50฿10.4014
Feb ’24฿12.10
฿13.87
+14.6%
4.6%฿15.00฿12.50฿10.7013
Jan ’24฿11.60
฿13.74
+18.4%
4.7%฿15.00฿12.50฿11.3014
Dec ’23฿10.20
฿13.59
+33.3%
5.0%฿15.00฿12.50฿10.8014
Nov ’23฿9.90
฿13.11
+32.5%
3.0%฿13.90฿12.50฿10.6015

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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