Relative Valuation of Taokaenoi Food & Marketing Public Co., Ltd

Abstract

This study conducts a relative valuation of Taokaenoi Food & Marketing Public Company Limited (TKN) using forward P/E and EV/EBITDA multiples, historical multiple band analysis, and comparisons with selected peer companies. The results show that TKN’s earnings outlook has improved as export demand and operating margins stabilize, while its current market valuation remains below both historical averages and peer benchmarks. Applying peer-based forward multiples results in implied values between 10.57 THB and 13.61 THB per share, and using a conservative forward P/E of 12.0 times produces a normalized fair value of 10.10 THB per share, compared with the reference market price of 7.90 THB. Sensitivity and scenario analyses further confirm the resilience of the valuation under different assumptions. Overall, the findings indicate that TKN is undervalued relative to its financial performance and competitive position, supporting a BUY recommendation based on its solid fundamentals and medium-term growth potential.