Central Retail Corporation Public Company Limited

SET:CRC Stock Report

Market Cap: ฿202.0b

Central Retail Corporation Valuation

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

Below Fair Value: CRC (THB33.5) is trading below our estimate of fair value (THB55.08)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for CRC. This is calculated by dividing CRC's market cap by their current earnings.
What is CRC's PE Ratio?
PE Ratio22.2x
Earnings฿9.10b
Market Cap฿202.04b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for CRC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.9x
OR PTT Oil and Retail Business
36.2x28.7%฿175.2b
HMPRO Home Product Center
19.8x1.8%฿127.6b
GLOBAL Siam Global House
34.5x15.4%฿83.2b
COM7 Com7
21.3x12.7%฿63.0b
CRC Central Retail Corporation
22.2x11.1%฿202.0b

Price-To-Earnings vs Peers: CRC is good value based on its Price-To-Earnings Ratio (22.2x) compared to the peer average (27.9x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
CRC 22.2xIndustry Avg. 22.2xNo. of Companies15PE01632486480+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CRC is expensive based on its Price-To-Earnings Ratio (22.2x) compared to the Asian Multiline Retail industry average (21.3x).

Price to Earnings Ratio vs Fair Ratio

What is CRC'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.

CRC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.2x
Fair PE Ratio26x

Price-To-Earnings vs Fair Ratio: CRC is good value based on its Price-To-Earnings Ratio (22.2x) compared to the estimated Fair Price-To-Earnings Ratio (26x).

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 CRC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿33.50
฿40.05
+19.5%
10.1%฿49.00฿30.00n/a19
Nov ’25฿31.25
฿40.41
+29.3%
10.7%฿49.00฿30.00n/a18
Oct ’25฿32.25
฿40.06
+24.2%
11.5%฿49.00฿30.00n/a18
Sep ’25฿29.50
฿41.08
+39.3%
9.9%฿49.00฿33.00n/a18
Aug ’25฿31.00
฿42.84
+38.2%
7.8%฿49.00฿38.00n/a19
Jul ’25฿30.25
฿43.05
+42.3%
8.1%฿49.00฿38.00n/a19
Jun ’25฿30.50
฿43.16
+41.5%
8.1%฿49.00฿38.00n/a19
May ’25฿34.50
฿44.26
+28.3%
8.1%฿52.00฿38.00n/a19
Apr ’25฿35.25
฿45.15
+28.1%
7.4%฿52.00฿41.00n/a18
Mar ’25฿35.50
฿45.37
+27.8%
7.5%฿52.00฿41.00n/a18
Feb ’25฿32.75
฿46.45
+41.8%
8.0%฿54.00฿41.00n/a19
Jan ’25฿41.00
฿47.71
+16.4%
6.3%฿54.00฿43.00n/a18
Dec ’24฿38.50
฿48.52
+26.0%
7.0%฿55.00฿43.00n/a15
Nov ’24฿37.00
฿50.25
+35.8%
6.2%฿55.00฿45.00฿31.2516
Oct ’24฿38.75
฿49.96
+28.9%
6.6%฿55.00฿43.00฿32.2517
Sep ’24฿40.75
฿50.38
+23.6%
6.7%฿55.00฿43.00฿29.5018
Aug ’24฿41.25
฿50.80
+23.2%
5.9%฿55.00฿45.00฿31.0018
Jul ’24฿39.00
฿51.02
+30.8%
6.0%฿55.00฿45.00฿30.2517
Jun ’24฿40.50
฿51.52
+27.2%
6.4%฿56.00฿45.00฿30.5016
May ’24฿44.75
฿50.80
+13.5%
6.3%฿56.00฿45.00฿34.5016
Apr ’24฿44.75
฿50.41
+12.6%
6.2%฿55.00฿45.00฿35.2515
Mar ’24฿45.00
฿50.54
+12.3%
6.3%฿57.00฿45.00฿35.5015
Feb ’24฿43.50
฿48.09
+10.5%
8.9%฿57.00฿40.00฿32.7515
Jan ’24฿46.25
฿47.45
+2.6%
8.6%฿57.00฿40.00฿41.0015
Dec ’23฿44.00
฿47.04
+6.9%
8.3%฿57.00฿40.00฿38.5016
Nov ’23฿41.75
฿45.04
+7.9%
11.4%฿55.00฿29.00฿37.0018

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

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