Company Valuation: Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 6,898 4,818 4,736 3,832 4,216 3,969
Change - -30.16% -1.7% -19.08% 10% -5.84%
Enterprise Value (EV) 1 8,392 6,468 6,362 5,451 5,855 5,613
Change - -22.93% -1.65% -14.31% 7.41% -4.13%
P/E 8.13x 15.2x 15.5x 9.94x 93.2x 19.5x
PBR 1.01x 0.71x 0.7x 0.56x 0.64x 0.61x
PEG - -0.2x -4.72x 0.4x -1.1x 0x
Capitalization / Revenue 7.47x 5.94x 6.15x 4.78x 5.36x 5.01x
EV / Revenue 9.08x 7.97x 8.26x 6.79x 7.44x 7.08x
EV / EBITDA 12.8x 12.2x 12.9x 10.2x 11.3x 10.6x
EV / EBIT 12.9x 12.2x 13x 10.3x 11.3x 10.6x
EV / FCF 23.2x 20.7x 22.3x 19.4x 21.5x 19.7x
FCF Yield 4.31% 4.84% 4.47% 5.15% 4.65% 5.08%
Dividend per Share 2 0.5953 0.4372 0.432 0.4389 0.4159 0.4206
Rate of return 4.72% 4.97% 4.99% 6.27% 5.4% 5.8%
EPS 2 1.549 0.5775 0.5585 0.7042 0.0826 0.3715
Distribution rate 38.4% 75.7% 77.3% 62.3% 504% 113%
Net sales 1 924 811.3 770.1 802.5 786.7 792.5
EBITDA 1 655.1 531.7 492.8 532.9 520.3 531
EBIT 1 651.5 528.1 489.3 529.3 516.7 527.4
Net income 1 848.2 316.2 305.8 385.6 45.21 203.4
Net Debt 1 1,494 1,650 1,626 1,619 1,639 1,644
Reference price 2 12.600 8.800 8.650 7.000 7.700 7.250
Nbr of stocks (in thousands) 5,47,500 5,47,500 5,47,500 5,47,500 5,47,501 5,47,500
Announcement Date 24/02/21 25/02/22 27/02/23 27/02/24 26/02/25 16/02/26
1THB in Million2THB
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 13Cr
40.02x15.84x16.12x5.25% 5.87TCr
16.89x23.5x28.16x3.41% 1.75TCr
8.83x12.4x14.72x5.43% 1.7TCr
20.12x16.81x24.13x5.01% 1.49TCr
10.15x13.77x16.37x5.11% 1.28TCr
8.39x21.22x28.71x3.02% 1.01TCr
27.92x11.06x17.43x3.88% 1.02TCr
15.48x11.97x18.61x6.22% 949.44Cr
27.87x7.05x11.49x6.28% 798.75Cr
Average 19.52x 14.85x 19.53x 4.85% 1.59TCr
Weighted average by Cap. 24.97x 15.60x 18.87x 4.91%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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