M.K. Real Estate Development Valuation

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

MK (THB1.78) is trading above our estimate of [[fair value]] (THB0)

Is MK 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-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: MK (THB1.78) is trading above our estimate of fair value (THB0)

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

Key Valuation Metric

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

Key metric: As MK is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MK. This is calculated by dividing MK's market cap by their current revenue.
What is MK's PS Ratio?
PS Ratio	1x
Sales	฿2.00b
Market Cap	฿1.94b

MK 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	7x
Enterprise Value/EBITDA	19.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does MK's PS Ratio compare to its peers?

The above table shows the PS ratio for MK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.8x
NUSA Nusasiri	2x	n/a	฿2.6b
SENX SEN X	2x	n/a	฿1.4b
PEACE Peace & Living	1.5x	n/a	฿1.3b
NVD Nirvana Development	1.5x	n/a	฿2.3b
MK M.K. Real Estate Development	1x	n/a	฿1.9b

Price-To-Sales vs Peers: MK is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (1.8x).

Price to Sales Ratio vs Industry

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

5 Companies	Price / Sales	Estimated Growth	Market Cap
UV Univentures	0.2x	n/a	US$87.61m
PF Property Perfect	0.2x	n/a	US$52.26m
CI Charn Issara Development	0.2x	n/a	US$15.16m
CHEWA Chewathai	0.2x	n/a	US$13.68m

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: MK is good value based on its Price-To-Sales Ratio (1x) compared to the TH Real Estate industry average (1.3x).

Price to Sales Ratio vs Fair Ratio

What is MK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate MK's Price-To-Sales Fair Ratio for valuation analysis.

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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