B

Bhiraj Office Leasehold Real Estate Investment Trust
SET:BOFFICE

Watchlist Manager
Bhiraj Office Leasehold Real Estate Investment Trust
SET:BOFFICE
Watchlist
Price: 5.55 THB 1.83%
Market Cap: ฿4.1B

EV/OCF

11.5
Current
16%
More Expensive
vs 3-y average of 9.9

Enterprise Value to Operating Cash Flow (EV/OCF) ratio compares a company`s total enterprise value to its operating cash flow. It shows how much investors are paying for each dollar of the company`s operating cash flow, including both equity and debt.

EV/OCF
11.5
=
Enterprise Value
฿6.1B
/
Operating Cash Flow
฿545.1m

Enterprise Value to Operating Cash Flow (EV/OCF) ratio compares a company`s total enterprise value to its operating cash flow. It shows how much investors are paying for each dollar of the company`s operating cash flow, including both equity and debt.

EV/OCF
11.5
=
Enterprise Value
฿6.1B
/
Operating Cash Flow
฿545.1m

Valuation Scenarios

Bhiraj Office Leasehold Real Estate Investment Trust is trading above its 3-year average

If EV/OCF returns to its 3-Year Average (9.9), the stock would be worth ฿4.8 (14% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-25%
Maximum Upside
+9%
Average Downside
10%
Scenario EV/OCF Value Implied Price Upside/Downside
Current Multiple 11.5 ฿5.55
0%
3-Year Average 9.9 ฿4.8
-14%
5-Year Average 10.1 ฿4.89
-12%
Industry Average 12.5 ฿6.04
+9%
Country Average 8.5 ฿4.14
-25%

Forward EV/OCF
Today’s price vs future operating cash flow

Not enough data available to calculate forward EV/OCF

Peer Comparison

All Multiples
EV/OCF
P/E
All Countries
Close
P/E Multiple
Earnings Growth PEG
TH
B
Bhiraj Office Leasehold Real Estate Investment Trust
SET:BOFFICE
Average P/E: 7 131.1
10.7
N/A N/A
US
G
GE Vernova LLC
NYSE:GEV
Not Available
19%
N/A
UK
E
Eight Capital Partners PLC
F:ECS
Not Available N/A N/A
US
C
China Industrial Group Inc
OTC:CIND
4 020.7
N/A N/A
NL
N
Nepi Rockcastle NV
JSE:NRP
10.6
1%
10.6
US
F
Fintech Ecosystem Development Corp
NASDAQ:FEXD
38 562.1
N/A N/A
US
C
CoreWeave Inc
NASDAQ:CRWV
Not Available N/A N/A
CH
G
Galderma Group AG
SIX:GALD
Not Available
47%
N/A
US
Coupang Inc
F:788
175.5
96%
1.8
US
Symbotic Inc
NASDAQ:SYM
Negative Multiple: -3 482 N/A N/A
ZA
V
Vukile Property Fund Ltd
JSE:VKE
7
-5%
N/A

Market Distribution

In line with most companies in Thailand
Percentile
68th
Based on 353 companies
68th percentile
11.5
Low
0.2 — 6.1
Typical Range
6.1 — 12
High
12 —
Distribution Statistics
Thailand
Min 0.2
30th Percentile 6.1
Median 8.5
70th Percentile 12
Max 13 428

Bhiraj Office Leasehold Real Estate Investment Trust
Glance View

Market Cap
4.1B THB
Industry
N/A

Bhiraj Office Leasehold Real Estate Investment Trust is a closed-end real estate investment trust. The company is headquartered in Bangkok, Bangkok Metropolis. The company went IPO on 2018-01-23. The Trust's objectives are to mobilize funds raised from the selling of trust units and loan from financial institution to invest in the leasehold right of Bhiraj Tower at EmQuartier project that comprises most of the office rental areas in Bhiraj Tower at EmQuartier and the associated operation areas, including the transferred ownership of utility and movable property, which related to the operation of office buildings. Bhiraj Tower at EmQuartier office building has gross floor area of approximately 94,853 square meters and net leasable area of approximately 49,462 square meters. Its Bhiraj Tower at BITEC office building has gross floor area of approximately 70,741 square meters and net leasable area of approximately 32,072 square meters. The Trust is managed by Bhiraj REIT Management Company Limited. Bhiraj Management Company Limited is its property manager.

BOFFICE Intrinsic Value
6.93 THB
Undervaluation 20%
Intrinsic Value
Price ฿5.55
B
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