Capital market and business valuation insights – Feb 24

The multiples in Q4/2023 declined from the previous quarter across all sectors, in line with the movement of the SET index. PROPCON sector traded at the lowest multiple in all categories (i.e. EV/EBITDA, P/E, and P/BV).

Sector beta represents the undiversified risk of a sector. The higher the beta, the riskier it is for that specific sector. The betas in the past 5 quarters have shown a trend of convergence towards the market beta of 1.0. Betas of TECH and SERVICE moved to exceed the market beta of 1.0 in the fourth quarter of 2023.