Major Cineplex Lifestyle Leasehold Property Fund Valuation

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

Below Fair Value: MJLF (THB4.24) is trading below our estimate of fair value (THB6.38)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for MJLF. This is calculated by dividing MJLF's market cap by their current earnings.
What is MJLF's PE Ratio?
PE Ratio	5.1x
Earnings	฿275.85m
Market Cap	฿1.40b

MJLF 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	4x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for MJLF 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	11.6x
TTLPF Talaad Thai Leasehold Property Fund	13.7x	n/a	฿2.8b
ALLY Ally Freehold And Leasehold Real Estate Investment Trust	11.3x	29.2%	฿4.5b
FUTURERT Future City Leasehold Real Estate Investment Trust	14x	n/a	฿6.6b
LHSC LH Shopping Centers Leasehold Real Estate Investment Trust	7.3x	28.2%	฿5.5b
MJLF Major Cineplex Lifestyle Leasehold Property Fund	5.1x	n/a	฿1.4b

Price-To-Earnings vs Peers: MJLF is good value based on its Price-To-Earnings Ratio (5.1x) compared to the peer average (11.6x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap

0 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: MJLF is good value based on its Price-To-Earnings Ratio (5.1x) compared to the Asian Retail REITs industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is MJLF'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.

MJLF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.1x
Fair PE Ratio	n/a

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