KTBST Mixed Freehold and Leasehold Real Estate Investment Trust Valuation

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

KTBSTMR-F (THB10) is trading below our estimate of [[fair value]] (THB22.69)

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

Below Fair Value: KTBSTMR-F (THB10) is trading below our estimate of fair value (THB22.69)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KTBSTMR-F?

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

The above table shows the Price to Earnings ratio for KTBSTMR-F. This is calculated by dividing KTBSTMR-F's market cap by their current earnings.
What is KTBSTMR-F's PE Ratio?
PE Ratio	8.5x
Earnings	฿226.56m
Market Cap	฿1.96b

KTBSTMR-F 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	7.9x
Enterprise Value/EBITDA	n/a
PEG Ratio	n/a

Price to Earnings Ratio vs Peers

How does KTBSTMR-F's PE Ratio compare to its peers?

The above table shows the PE ratio for KTBSTMR-F 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	14.6x
CPNCG CPN Commercial Growth Leasehold Property Fund	7.3x	n/a	฿2.6b
SRIPANWA Sri panwa Hospitality Real Estate Investment Trust	27.8x	n/a	฿1.6b
TNPF Trinity Freehold and Leasehold Property Fund	5.7x	n/a	฿224.0m
MIPF Millionaire Property Fund	17.6x	n/a	฿1.9b
KTBSTMR-F KTBST Mixed Freehold and Leasehold Real Estate Investment Trust	8.5x	n/a	฿2.0b

Price-To-Earnings vs Peers: KTBSTMR-F is good value based on its Price-To-Earnings Ratio (8.5x) compared to the peer average (14.6x).

Price to Earnings Ratio vs Industry

How does KTBSTMR-F's PE Ratio compare vs other companies in the Asian REITs Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KTBSTMR-F is good value based on its Price-To-Earnings Ratio (8.5x) compared to the Asian REITs industry average (15.2x).

Price to Earnings Ratio vs Fair Ratio

What is KTBSTMR-F'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.

KTBSTMR-F PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.5x
Fair PE Ratio	n/a

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