LH Hotel Leasehold Real Estate Investment Trust Valuation

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

LHHOTEL (THB13.1) is trading below our estimate of [[fair value]] (THB29.39)

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

Below Fair Value: LHHOTEL (THB13.1) is trading below our estimate of fair value (THB29.39)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for LHHOTEL. This is calculated by dividing LHHOTEL's market cap by their current earnings.
What is LHHOTEL's PE Ratio?
PE Ratio	7x
Earnings	฿1.96b
Market Cap	฿13.74b

LHHOTEL 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	12.4x
Enterprise Value/EBITDA	n/a
PEG Ratio	-3.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for LHHOTEL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	15.9x
QHHR Quality Houses Hotel and Residence Freehold and Leasehold Property Fund	32.8x	n/a	฿2.2b
DREIT Dusit Thani Freehold and Leasehold Real Estate Investment Trust	9.1x	n/a	฿3.6b
LUXF Luxury Real Estate Investment Fund	11x	n/a	฿1.6b
GROREIT Grande Royal Orchid Hospitality Real Estate Investment Trust with Buy-Back Condition	10.6x	n/a	฿2.7b
LHHOTEL LH Hotel Leasehold Real Estate Investment Trust	7x	-1.9%	฿13.7b

Price-To-Earnings vs Peers: LHHOTEL is good value based on its Price-To-Earnings Ratio (7x) compared to the peer average (15.9x).

Price to Earnings Ratio vs Industry

How does LHHOTEL's PE Ratio compare vs other companies in the Asian Hotel and Resort REITs Industry?

1 Company	Price / Earnings	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: LHHOTEL is good value based on its Price-To-Earnings Ratio (7x) compared to the Asian Hotel and Resort REITs industry average (12x).

Price to Earnings Ratio vs Fair Ratio

What is LHHOTEL'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.

LHHOTEL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	7x
Fair PE Ratio	12x

Price-To-Earnings vs Fair Ratio: LHHOTEL is good value based on its Price-To-Earnings Ratio (7x) compared to the estimated Fair Price-To-Earnings Ratio (12x).

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 LHHOTEL forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	฿13.10	฿15.55 +18.7%	0.3%	฿15.60	฿15.50	n/a	2
Nov ’25	฿12.80	฿15.55 +21.5%	0.3%	฿15.60	฿15.50	n/a	2
Oct ’25	฿13.90	฿15.05 +8.3%	3.7%	฿15.60	฿14.50	n/a	2
Sep ’25	฿12.20	฿14.85 +21.7%	2.4%	฿15.20	฿14.50	n/a	2
Aug ’25	฿11.80	฿14.45 +22.5%	0.3%	฿14.50	฿14.40	n/a	2
Jul ’25	฿10.60	฿14.45 +36.3%	0.3%	฿14.50	฿14.40	n/a	2
Jun ’25	฿11.10	฿14.45 +30.2%	0.3%	฿14.50	฿14.40	n/a	2

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

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