Company Valuation: Asia Plus Group Holdings

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 4,590 7,286 6,275 5,980 4,969 4,105
Change - 58.72% -13.87% -4.7% -16.9% -17.4%
Enterprise Value (EV) 1 3,120 10,635 9,355 6,034 4,162 4,312
Change - 240.84% -12.04% -35.49% -31.02% 3.59%
P/E 11x 7.45x 13.1x 14.7x 13.9x 21.6x
PBR 0.96x 1.46x 1.29x 1.22x 1.01x 0.86x
PEG - 0x -0.3x -1x -1.1x -0.5x
Capitalization / Revenue 2.22x 2.17x 2.62x 2.73x 2.26x 2.03x
EV / Revenue 1.51x 3.17x 3.9x 2.76x 1.89x 2.13x
EV / EBITDA - - - - - -
EV / EBIT - - - - - -
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 0.18 0.4 0.2 0.18 0.15 0.09
Rate of return 8.26% 11.6% 6.71% 6.34% 6.36% 4.46%
EPS 2 0.1975 0.4646 0.2276 0.1937 0.1693 0.0936
Distribution rate 91.2% 86.1% 87.9% 92.9% 88.6% 96.1%
Net sales 1 2,071 3,357 2,398 2,188 2,201 2,026
EBITDA - - - - - -
EBIT - - - - - -
Net income 1 415.8 978.4 479.3 407.9 356.4 195.6
Net Debt 1 -1,470 3,349 3,080 54.31 -806.9 207.4
Reference price 2 2.180 3.460 2.980 2.840 2.360 2.020
Nbr of stocks (in thousands) 2,105,656 2,105,656 2,105,656 2,105,656 2,105,656 2,031,937
Announcement Date 2/25/21 2/25/22 2/23/23 2/23/24 2/28/25 2/26/26
1THB in Million2THB
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.95x6.89x - 2.23% 303B
13.17x10.25x - 2.08% 277B
11.69x - - 1.92% 219B
15.93x6.39x10.62x1.28% 171B
12.13x8.47x13.7x2.78% 57.77B
9.55x1.36x - 3.86% 57.51B
18.35x10.28x11.56x0.68% 41.9B
8.85x4.03x - 3.73% 41.33B
31.68x4.11x5.27x0.4% 39.05B
Average 15.15x 6.47x 10.29x 2.11% 134.28B
Weighted average by Cap. 14.15x 7.43x 10.65x 2.05%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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