Thailand Hospitality Property Fund Valuation

Is TLHPF 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-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TLHPF (THB2.92) is trading above our estimate of fair value (THB0.26)

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

Key Valuation Metric

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

Key metric: As TLHPF barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for TLHPF. This is calculated by dividing TLHPF's market cap by their current book value.
What is TLHPF's PB Ratio?
PB Ratio	0.4x
Book	฿1.34b
Market Cap	฿502.24m

TLHPF 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	355.6x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does TLHPF's PB Ratio compare to its peers?

The above table shows the PB ratio for TLHPF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	0.7x
GAHREIT Grande Hospitality Real Estate Investment Trust	0.6x	n/a	฿1.1b
CTARAF Centara Hotels and Resorts Leasehold Property Fund	0.9x	n/a	฿1.5b
GROREIT Grande Royal Orchid Hospitality Real Estate Investment Trust with Buy-Back Condition	0.8x	n/a	฿2.7b
LUXF Luxury Real Estate Investment Fund	0.7x	n/a	฿1.6b
TLHPF Thailand Hospitality Property Fund	0.4x	n/a	฿502.2m

Price-To-Book vs Peers: TLHPF is good value based on its Price-To-Book Ratio (0.4x) compared to the peer average (0.7x).

Price to Book Ratio vs Industry

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

1 Company	Price / Book	Estimated Growth	Market Cap

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: TLHPF is good value based on its Price-To-Book Ratio (0.4x) compared to the Asian Hotel and Resort REITs industry average (0.7x).

Price to Book Ratio vs Fair Ratio

What is TLHPF's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TLHPF PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.4x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate TLHPF's Price-To-Book 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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