Hemaraj Industrial Property and Leasehold Fund

SET:HPF Stock Report

Market Cap: ฿2.4b

Hemaraj Industrial Property and Leasehold Fund Valuation

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

Below Fair Value: HPF (THB5) is trading above our estimate of fair value (THB4.05)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for HPF. This is calculated by dividing HPF's market cap by their current earnings.
What is HPF's PE Ratio?
PE Ratio9.2x
Earnings฿255.05m
Market Cap฿2.35b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for HPF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.7x
AMATAR Amata Summit Growth Freehold and Leasehold Real Estate Investment Trust
9.7xn/a฿2.3b
PPF Pinthong Industrial Park Property Fund
11.7xn/a฿2.4b
HYDROGEN Hydrogen Freehold and Leasehold Real Estate Investment Trust
14.4xn/a฿2.0b
PROSPECT Prospect Logistics and Industrial Freehold and Leasehold Real Estate Investment Trust
11xn/a฿3.2b
HPF Hemaraj Industrial Property and Leasehold Fund
9.2xn/a฿2.4b

Price-To-Earnings vs Peers: HPF is good value based on its Price-To-Earnings Ratio (9.2x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

How does HPF's PE Ratio compare vs other companies in the Asian Industrial REITs Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
HPF 9.2xIndustry Avg. 20.7xNo. of Companies6PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HPF is good value based on its Price-To-Earnings Ratio (9.2x) compared to the Asian Industrial REITs industry average (20.7x).

Price to Earnings Ratio vs Fair Ratio

What is HPF'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.

HPF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate HPF's Price-To-Earnings 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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