Quality Houses Public Company Limited

SET:QH Stock Report

Market Cap: ฿19.5b

Quality Houses Valuation

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

Below Fair Value: QH (THB1.81) is trading below our estimate of fair value (THB3.17)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for QH. This is calculated by dividing QH's market cap by their current earnings.
What is QH's PE Ratio?
PE Ratio8.5x
Earnings฿2.29b
Market Cap฿19.50b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for QH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13x
PSH Pruksa Holding
20.6x24.1%฿18.2b
AP AP (Thailand)
5.4x7.2%฿27.5b
FPT Frasers Property (Thailand)
20.3xn/a฿29.5b
SC SC Asset Corporation
5.9x7.6%฿12.1b
QH Quality Houses
8.5x9.3%฿19.5b

Price-To-Earnings vs Peers: QH is good value based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (13x).

Price to Earnings Ratio vs Industry

How does QH'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
QH 8.5xIndustry Avg. 14.7xNo. of Companies7PE0816243240+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: QH is good value based on its Price-To-Earnings Ratio (8.5x) compared to the TH Real Estate industry average (14.7x).

Price to Earnings Ratio vs Fair Ratio

What is QH'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.

QH PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.5x
Fair PE Ratio9x

Price-To-Earnings vs Fair Ratio: QH is good value based on its Price-To-Earnings Ratio (8.5x) compared to the estimated Fair Price-To-Earnings Ratio (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 QH forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿1.81
฿2.06
+14.1%
10.8%฿2.50฿1.75n/a9
Nov ’25฿1.86
฿2.04
+9.7%
11.5%฿2.50฿1.69n/a10
Oct ’25฿1.94
฿2.01
+3.7%
12.1%฿2.50฿1.69n/a11
Sep ’25฿1.80
฿1.98
+10.2%
12.5%฿2.50฿1.69n/a11
Aug ’25฿1.78
฿2.23
+25.1%
6.5%฿2.50฿2.00n/a11
Jul ’25฿1.84
฿2.25
+22.2%
7.2%฿2.50฿2.00n/a9
Jun ’25฿2.04
฿2.26
+11.0%
6.3%฿2.50฿2.00n/a9
May ’25฿2.18
฿2.29
+4.9%
6.3%฿2.50฿2.00n/a9
Apr ’25฿2.22
฿2.30
+3.8%
5.9%฿2.50฿2.00n/a10
Mar ’25฿2.18
฿2.31
+6.1%
6.2%฿2.50฿2.00n/a10
Feb ’25฿2.22
฿2.32
+4.5%
6.1%฿2.50฿2.00n/a10
Jan ’25฿2.24
฿2.34
+4.4%
5.9%฿2.50฿2.00n/a10
Dec ’24฿2.18
฿2.34
+7.3%
5.9%฿2.50฿2.00n/a11
Nov ’24฿2.22
฿2.36
+6.3%
6.2%฿2.50฿2.00฿1.8611
Oct ’24฿2.24
฿2.36
+5.2%
6.5%฿2.50฿2.00฿1.9411
Sep ’24฿2.30
฿2.36
+2.5%
6.5%฿2.50฿2.00฿1.8011
Aug ’24฿2.28
฿2.34
+2.5%
6.9%฿2.50฿2.00฿1.789
Jul ’24฿2.20
฿2.34
+6.3%
6.9%฿2.50฿2.00฿1.849
Jun ’24฿2.28
฿2.35
+3.0%
6.3%฿2.50฿2.00฿2.0410
May ’24฿2.36
฿2.35
-0.5%
6.3%฿2.50฿2.00฿2.1810
Apr ’24฿2.42
฿2.35
-2.9%
6.3%฿2.50฿2.00฿2.2210
Mar ’24฿2.40
฿2.34
-2.7%
6.3%฿2.50฿2.00฿2.1811
Feb ’24฿2.36
฿2.33
-1.3%
6.2%฿2.50฿2.00฿2.2211
Jan ’24฿2.30
฿2.33
+1.3%
6.2%฿2.50฿2.00฿2.2411
Dec ’23฿2.26
฿2.33
+3.0%
7.6%฿2.50฿1.95฿2.1812
Nov ’23฿2.14
฿2.34
+9.4%
6.7%฿2.50฿1.95฿2.2212

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

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