bullish
ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector
SUMMARY
We initiate coverage on ALL with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate, and apply a 15% small-cap discount.
Investment thesis:
- Recent investment in shopping mall diversifies revenue stream
- Partnership with Japanese firms as a gateway to efficient residential development
- Pipeline residential projects ensure constant near-term growth
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.
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Discussions
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A. Stotz Investment Research
Quantamental Investing to beat Benchmarks
- ALL: Slowing Down but There Is Still Upside01 Dec 2020
- Business DNA: Thanakorn Thanawarith of All Inspire Development16 Oct 2020
- ALL: Valuation Remains Undemanding, Expect Further Upside27 Aug 2020
- ALL: Undemanding Valuation and Good Growth Prospects in Shunned Sector03 Aug 2020
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