https://archive.cm.mahidol.ac.th/handle/123456789/47 2026-05-13T11:41:05Z 2026-05-13T11:41:05Z Nobuaki Tanaka https://archive.cm.mahidol.ac.th/handle/123456789/6006 2026-05-09T20:00:58Z 2025-01-01T00:00:00Z

Title: Discounted cash flow valuation of Mr.D.I.Y. group Authors: Nobuaki Tanaka Abstract: This paper evaluates the intrinsic value of MR D.I.Y. Group (M) Berhad, Malaysia’s largest home improvement retailer, through a discounted cash flow (DCF). The objective is to assess whether the current market price of RM 1.62 per share as of July 2025 is supported by fundamentals or reflects market optimism.The DCF model is constructed using a free cash flow to firm (FCFF) framework, applying a weighted average cost of capital (WACC) of 10.05% and a perpetual growth rate of 2.0%. Under these assumptions, the intrinsic value is estimated at RM 1.09 per share, approximately 32% below the prevailing market price. Sensitivity analysis reveals that reconciling to RM 1.62 would require either a WACC as low as 7.65% or a growth rate closer to 4.9%, both of which lie outside conservative academic parameters. This indicates that current market pricing embeds a more optimistic outlook on risk and growth than assumed in the base case. This paper focuses exclusively on discounted cash flow (DCF) analysis. While relative valuation could be applied as a cross-check, it is deliberately excluded here to ensure clarity and focus on intrinsic cash flow fundamentals. On a strict DCF basis, MR D.I.Y. is overvalued, with an intrinsic value of RM 1.09 per share compared to the market price of RM 1.62, leading to a SELL recommendation. Description: 58 leaves

2025-01-01T00:00:00Z Chu Nadi Aung@Roi Aung https://archive.cm.mahidol.ac.th/handle/123456789/6005 2026-05-09T20:00:57Z 2025-01-01T00:00:00Z

Title: The Impact of Perceived Fake Reviews on Purchase Intention in E-Commerce Authors: Chu Nadi Aung@Roi Aung Abstract: Nowadays, many consumers are choosing to shop online through e-commerce and a high percentage of e-commerce consumers tend to check the reviews before they purchase. Because of this, in order to compete in the very competitive market, sellers try various ways to get positive reviews and many fake reviews have been taken over in the e-commerce platforms. As a result, consumers have faced fake review scams. In this paper, research will analyze how the perceived fake reviews impact the purchase intention on e-commerce platforms. In this research, the relationship between perceived fake review and purchase intention is analyzed with the mediator of trustworthiness based by the Source Credibility Model. Qualitative research interviews were conducted to the 6 participants who were selected by purposive sampling method to understand their experiences and perception towards the fake reviews and purchase intention. The results were analyzed by using the coding method. The findings of the research are that perceived fake reviews negatively influence the trustworthiness of e-commerce sellers and reviews. And these reduced trustworthiness leads to the lower purchase intention of these sellers with fake reviews on e-commerce platforms. So, it points out that having fake reviews can lead to the lower purchase intention of the consumers. Description: 32 leaves

2025-01-01T00:00:00Z Waritsa Kupradit https://archive.cm.mahidol.ac.th/handle/123456789/6004 2026-05-09T20:00:56Z 2025-01-01T00:00:00Z

Title: Discounted cash flow valuation of Sabina public company limited Authors: Waritsa Kupradit Abstract: The purpose of this thematic paper is to estimate the intrinsic value of Sabina Public Company Limited (SABINA) using the Discounted Cash Flow (DCF) method. SABINA, Thailand’s leading lingerie brand, has successfully transitioned from OEM manufacturing to a high-margin, brand-focused business. Its growth strategy is driven by branded product expansion, omnichannel retail development, and regional expansion into CLMV countries and the Philippines. The company reported record performance in FY2023, supported by strong consumer demand, efficient cost management, and lean manufacturing. Based on projected Free Cash Flows to the Firm (FCFF), a terminal growth rate of 3%, and a Weighted Average Cost of Capital (WACC) of 8.51%, the DCF valuation indicates an intrinsic value of THB 20.10 per share at the end of FY2024 (t = 0). Adjusted forward to FY2025 (t = 1), the implied target price is THB 21.80 per share, reflecting a potential 48.3% upside from the current market price of THB 14.70. Therefore, this study issues a Buy recommendation for SABINA shares. Description: 58 leaves

2025-01-01T00:00:00Z ธเนศ ดีใจ https://archive.cm.mahidol.ac.th/handle/123456789/6003 2026-05-09T20:00:56Z 2567-01-01T00:00:00Z

Title: แผนธุรกิจบริการตรวจสอบประจำปีเพื่อต่ออายุใบอนุญาตประกอบกิจการโรงงาน ตามหลักวิศวกรรม Authors: ธเนศ ดีใจ Description: 82 แผ่น

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