Relative valuation of AP (Thailand) public company limited

Abstract

Asian Property or AP Public Company Limited was established in the year 1991 focusing in the real estate industry where it covers the revenues from selling detached homes & condominiums. The Company is being directed by Mr. Anuphong Assavabhokin as the CEO and the major shareholder of the Company. AP Thailand operates their business under the mission “EMPOWERING LIVING” which has a goal to be a property developer offering products or services that fulfill customers, together with associated parties to have a joyful life of their own choices. To lead the organization to be number 1 in the nation’s real estate industry, The company has the specific strategies and transform itself to be an unconstrained leader with great flexibility along with building a corporate culture that prefers innovation DNA and cultivates design thinking, emphasizing digital-oriented operations and digital marketing. This Thematic Paper will focus on the valuation of Asian Property through the Relative Valuation Method. The Companies that we will be comparing with would be SUPALAI, ORIGIN PROPERTY, SENA DEVELOPMENT & LAND & HOUSES. The objective of comparing it with the Competitors is to predict the Target Price of Asian Property by doing the Trailing 12M by Price Earnings Ratio, Price to Book Value, and EV to EBITDA, while also doing the Forward 12M. The Target Price according to Relative Valuation will be at 16.00 for 2024 Forecast and 16.59 for 2025 Forecast. Thus, I would like to recommend the “BUY” stocks. Currently, the price is valued at 10.70 as of December 12, 2023