KEX Express (Thailand) Valuation

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

KEX-F (THB2.43) is trading above our estimate of [[fair value]] (THB0.46)

Is KEX-F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: KEX-F (THB2.43) is trading above our estimate of fair value (THB0.46)

Significantly Below Fair Value: KEX-F is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As KEX-F is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for KEX-F. This is calculated by dividing KEX-F's market cap by their current revenue.
What is KEX-F's PS Ratio?
PS Ratio	0.7x
Sales	฿10.24b
Market Cap	฿7.15b

KEX-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	0.7x
Enterprise Value/EBITDA	-1.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does KEX-F's PS Ratio compare to its peers?

The above table shows the PS ratio for KEX-F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.1x
III Triple i Logistics	2.1x	3.9%	฿4.5b
WICE Wice Logistics	0.7x	9.5%	฿2.9b
ANI Asia Network International	0.9x	n/a	฿7.2b
SONIC Sonic Interfreight	0.7x	n/a	฿1.4b
KEX-F KEX Express (Thailand)	0.7x	4.7%	฿7.2b

Price-To-Sales vs Peers: KEX-F is good value based on its Price-To-Sales Ratio (0.7x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does KEX-F's PS Ratio compare vs other companies in the Asian Logistics Industry?

9 Companies	Price / Sales	Estimated Growth	Market Cap

9 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: KEX-F is expensive based on its Price-To-Sales Ratio (0.7x) compared to the Asian Logistics industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

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

KEX-F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.7x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate KEX-F's Price-To-Sales 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.