Bangkok--7 Apr--Heffernan Capital
Thailand listed real estate firms are extremely undervalued at the moment Sansiri, Supalai, Asian Property, Apex are quality companies with strong balance sheets and a very positive outlook.
Sansiri Public Company Limited (Sansiri) is a Thailand-based company engaged in real estate business. The Company is principally engaged in property development with its properties consisting of land and housing projects, residential condominium projects, serviced apartments for rent, and office buildings for rent. Other activities include the provision of building management service and real estate brokerage and provision of other services, such as hotel, medical spa and education business. In addition, Sansiri operates a school under the name Satit Pattana School. As of December 31, 2009, the Company operates a 46-key hotel named Casa del Mare, locating on the area of 3 Rai 2 Ngan and 51 Square Wah in Hua Hin District of Prachuap Kiri Khan province. It also operates medical spa business through its subsidiary, Papanan Limited under the brand S Medical Spa. It has 18 subsidiaries.
Valuation Ratios
Company Industry Sector S&P 500
P/E Ratio (TTM) 4.54 26.36 18.56 17.85
P/E High — Last 5 Yrs. 11.67 66.62 140.99 88.85
P/E Low — Last 5 Yrs. 2.77 14.05 106.55 12.28
Beta 1.13 1.41 1.21 1.31
Price to Sales (TTM) 0.46 5.15 10.57 2.20
Price to Book (MRQ) 0.90 0.93 1.17 3.05
Price to Tangible Book (MRQ) 0.93 1.09 1.41 5.42
Price to Cash Flow (TTM) 4.01 12.14 16.14 64.97
Price to Free Cash Flow (TTM) — 10.75 4.14 59.63
% Owned Institutions — — —
Dividends
Company Industry Sector S&P 500
Dividend Yield 2.07 1.29 1.85 1.69
Dividend Yield — 5 Year Avg. 7.63 0.75 1.63 2.48
Dividend 5 Year Growth Rate 26.58 10.18 8.30 -5.00
Payout Ratio(TTM) 40.38 35.61 19.52 42.82
Growth Rates
Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago 39.61 31.25 17.33 10.10
Sales (TTM) vs TTM 1 Yr. Ago 17.52 24.94 12.38 10.40
Sales — 5 Yr. Growth Rate 13.41 25.82 19.26 7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago 2,784.93 301.43 83.02 77.89
EPS (TTM) vs TTM 1 Yr. Ago 90.82 — — —
EPS — 5 Yr. Growth Rate 15.70 28.52 10.14 4.57
Capital Spending — 5 Yr. Growth Rate 51.79 26.59 10.53 3.52
Supalai Public Company Limited operates property development business. The Company develops single houses, condominiums and apartment buildings for sale and rental. Additionally, the Company owns and operates the Supalai Pasak Resort Hotel.
Earnings Fundamentals
Earnings 1.490 Shares (Millions) 1,716.553
Price/Earnings (Trailing) 7.651 Market Cap (Millions) 19,568.710
Relative P/E 0.551 ROE 30.977
Last Dividend Reported 0.270 Final
Dividend Yield (ttm) 5.702
Relative Dividend Yield 1.547
90-Day Volatility 39.148
Beta vs. SET 0.946
Asian Property Development Public Company Limited is a Thailand-based company engaged in the property development business. The Company focuses on the development and sales of residential projects that serve the needs of middle to high income markets, including townhouses, single detached houses and condominiums. It operates residential projects under the brands Baan Klang Krung, Baan Klang Muang, The City, THE ADDRESS, Life, Rhythm and others, which all are located in the Bangkok metropolitan areas and its surroundings. As of December 31, 2010, the Company had 10 subsidiaries: Asian Property (Bangkok) Company Limited, Asian Property Company Limited, The Value Property Development Company Limited, Signatures Advisory Partners Company Limited, Trillion Development Company Limited, Bangkok Smart City Company Limited, Asian Property (Sukhumvit) Company Limited, Smart Service & Management Company Limited, AP (Ratchada) Company Limited and AP (Sathorn) Company Limited.
Valuation Ratios
Company Industry Sector S&P 500
P/E Ratio (TTM) 6.37 26.36 18.56 17.85
P/E High — Last 5 Yrs. 16.49 66.62 140.99 88.85
P/E Low — Last 5 Yrs. 3.39 14.05 106.55 12.28
Beta 1.63 1.41 1.21 1.31
Price to Sales (TTM) 1.02 5.15 10.57 2.20
Price to Book (MRQ) 1.49 0.93 1.17 3.05
Price to Tangible Book (MRQ) 1.56 1.09 1.41 5.42
Price to Cash Flow (TTM) 5.89 12.14 16.14 64.97
Price to Free Cash Flow (TTM) — 10.75 4.14 59.63
% Owned Institutions — — — —
Dividends
Company Industry Sector S&P 500
Dividend Yield 2.98 1.29 1.85 1.69
Dividend Yield — 5 Year Avg. 4.36 0.75 1.63 2.48
Dividend 5 Year Growth Rate 9.86 10.18 8.30 -5.00
Payout Ratio(TTM) 33.54 35.61 19.52 42.82
Growth Rates
Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago -11.99 31.25 17.33 10.10
Sales (TTM) vs TTM 1 Yr. Ago 9.60 24.94 12.38 10.40
Sales — 5 Yr. Growth Rate 21.36 25.82 19.26 7.38
EPS (MRQ) vs Qtr. 1 Yr. Ago -24.36 301.43 83.02 77.89
EPS (TTM) vs TTM 1 Yr. Ago 14.95 — — —
EPS — 5 Yr. Growth Rate 22.94 28.52 10.14 4.57
Capital Spending — 5 Yr. Growth Rate 18.80 26.59 10.53 3.52
Apex Development Public Company Limited, is headquartered at 10/53 2nd Floor, The Trendy Building, Sukhumvit 13, Sukhumvit Road, Wattana District, Bangkok. The former name was Suntech Group Public Company Limited which the court authorized on April 30, 2007 to be released from its rehabilitation plan and to return to normal commercial business.
In August of 2007, the company increased its registered capital via a new group of investors led by Mr. Pongphan Sampawakoop, who bought 836,000,000 shares or 78 % of the outstanding shares. The new group changed the company name to “Apex Development Public Company Limited” and changed the business category to the “property development” sector with its SET symbol as APX. Apex’s new executive management team is led by Mr. Pongphan Sampawakoop who has more than 30 years experience in property development whose its goal is to maximize growth and profit for stock holders. The company has now started several property development projects according to its new objective.
In late 2007, Apex undertook three new projects in its new resort, White Sand Beach in a new five-star location at Jomtien Beach, Pattaya, (at Sukhumwit Road km. 156.5). Covering an area of 30 rai, this luxury complex has direct access to Sukhumwit Road and a beautiful white sandy beach. The resort comprises three main projects:
M?venpick Spinnaker Residences — Beachfront High-rise Condominium with Utmost Privacy and Panoramic Ocean View
M?venpick Resort & Spa — True Excellence In Swiss Hospitality
M?venpick Pool Villas - Absolute Modern & Convenient Living
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For More Information Contact
Heffernan Capital Management
Chutinush Taksinapinunt (ANISTA)
Tel: 021268045
Email :
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