A

AP Thailand PCL
SET:AP

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AP Thailand PCL
SET:AP
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Price: 8.85 THB 3.51%
Market Cap: ฿27.8B

EV/S

1.3
Current
7%
Cheaper
vs 3-y average of 1.4

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.3
=
Enterprise Value
฿48.7B
/
Revenue
฿37.3B

Enterprise Value to Sales (EV/S) ratio compares a company`s total enterprise value to its revenue. It shows how much investors are paying for each dollar of the company`s sales, including both equity and debt.

EV/S
1.3
=
Enterprise Value
฿48.7B
/
Revenue
฿37.3B

Valuation Scenarios

AP Thailand PCL is trading below its 3-year average

If EV/S returns to its 3-Year Average (1.4), the stock would be worth ฿9.51 (7% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+264%
Average Upside
78%
Scenario EV/S Value Implied Price Upside/Downside
Current Multiple 1.3 ฿8.85
0%
3-Year Average 1.4 ฿9.51
+7%
5-Year Average 1.4 ฿9.04
+2%
Industry Average 4.9 ฿32.21
+264%
Country Average 1.8 ฿12.11
+37%

Forward EV/S
Today’s price vs future revenue

Today's Enterprise Value Revenue Forward EV/S
฿48.7B
/
Jan 2026
฿37.3B
=
1.3
Current
฿48.7B
/
Dec 2026
฿39.8B
=
1.2
Forward
฿48.7B
/
Dec 2027
฿41.4B
=
1.2
Forward
฿48.7B
/
Dec 2028
฿42.7B
=
1.1
Forward

Forward EV/S shows whether today’s EV/S still looks high or low once future revenue are taken into account.

Peer Comparison

All Multiples
EV/S
P/E
All Countries
Close
Market Cap EV/S P/E
TH
AP Thailand PCL
SET:AP
27.8B THB 1.3 6.4
US
GE Vernova LLC
NYSE:GEV
266.9B USD 0 0
UK
Eight Capital Partners PLC
F:ECS
158.4B EUR 0 0
US
China Industrial Group Inc
OTC:CIND
121B USD 351.6 4 020.7
NL
Nepi Rockcastle NV
JSE:NRP
102.6B ZAR 8.9 10.6
US
Fintech Ecosystem Development Corp
NASDAQ:FEXD
68.3B USD 0 38 562.1
US
CoreWeave Inc
NASDAQ:CRWV
58.9B USD 0 0
CH
Galderma Group AG
SIX:GALD
36.4B CHF 0 0
US
Symbotic Inc
NASDAQ:SYM
39.2B USD 15.6 -3 604.2
US
Coupang Inc
F:788
33B EUR 1 183.4
US
Reddit Inc
NYSE:RDDT
31.7B USD 12.8 57.7
P/E Multiple
Earnings Growth PEG
TH
A
AP Thailand PCL
SET:AP
Average P/E: 7 140.2
6.4
10%
0.6
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
Symbotic Inc
NASDAQ:SYM
Negative Multiple: -3 604.2 N/A N/A
US
Coupang Inc
F:788
183.4
96%
1.9
US
R
Reddit Inc
NYSE:RDDT
57.7
41%
1.4

Market Distribution

In line with most companies in Thailand
Percentile
40th
Based on 392 companies
40th percentile
1.3
Low
0 — 1
Typical Range
1 — 3.1
High
3.1 —
Distribution Statistics
Thailand
Min 0
30th Percentile 1
Median 1.8
70th Percentile 3.1
Max 309.3

AP Thailand PCL
Glance View

Market Cap
27.8B THB
Industry
N/A

AP (Thailand) Public Co., Ltd. engages in the development of real estate. The company is headquartered in Bangkok, Bangkok Metropolis. The firm is principally engaged in real estate development, such as townhouse, single detached house (SDH) and condominium in the residential area or central business district. The firm operates through three business segments: Low-rise segment, High-rise segment and Other segment. The Low-rise segment is engaged in the development of real estate which comprises single detached house and townhouse. The High-rise segment is engaged in the development of real estate which comprises condominium. The Other segment comprises after sales services, property brokerage, education and training businesses, and construction services. The offered projects are developed to serve customers by type and price range under various brands, such as Baan Klang Krung, Baan Klang Muang, Pleno, The Palazzo, Soul, Centro, The City, Galerie, The Address, Rhythm, Life, Aspire and Coo.

AP Intrinsic Value
9.89 THB
Undervaluation 10%
Intrinsic Value
Price ฿8.85
A
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