Sala @ Sathorn Property Fund Valuation

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

SSPF (THB4.58) is trading below our estimate of [[fair value]] (THB6.75)

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

Below Fair Value: SSPF (THB4.58) is trading below our estimate of fair value (THB6.75)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SSPF. This is calculated by dividing SSPF's market cap by their current earnings.
What is SSPF's PE Ratio?
PE Ratio	26.1x
Earnings	฿29.34m
Market Cap	฿764.86m

SSPF 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	10x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SSPF 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	11x
BKKCP Bangkok Commercial Property Fund	18.4x	n/a	฿905.0m
SSTRT Sub Sri Thai Real Estate Investment Trust	10.1x	n/a	฿936.6m
WHABT WHA Business Complex Freehold and Leasehold Real Estate Investment Trust	9x	n/a	฿1.5b
SPRIME S Prime Growth Leasehold Real Estate Investment Trust	6.6x	n/a	฿1.8b
SSPF Sala @ Sathorn Property Fund	26.1x	n/a	฿764.9m

Price-To-Earnings vs Peers: SSPF is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the peer average (11x).

Price to Earnings Ratio vs Industry

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

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SSPF is expensive based on its Price-To-Earnings Ratio (26.1x) compared to the Asian Office REITs industry average (17.2x).

Price to Earnings Ratio vs Fair Ratio

What is SSPF'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.

SSPF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	26.1x
Fair PE Ratio	n/a

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