Modernform Group PCL (BKK:MODERN) Cyclically Adjusted PB Ratio: (As of Aug. 24, 2026)

Author: Vera Yuan Vera Yuan
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Director of Data and Quant Analytics at GuruFocus
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Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BKK:MODERN Modernform Group PCL BKK:MODERN
59 GF Score
Price ฿1.99
GF Value ฿2.05
Valuation Fairly Valued
! 6 Warning Signs
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What is Modernform Group PCL Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Modernform Group PCL  (BKK:MODERN) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Modernform Group PCL Cyclically Adjusted PB Ratio Related Terms


Modernform Group PCL Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Modernform Group PCL's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Modernform Group PCL Cyclically Adjusted PB Ratio Chart

Modernform Group PCL Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1.01 0.87 0.65 0.57 0.59

Modernform Group PCL Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.56 0.62 0.59 0.56 0.00

BKK:MODERN vs SN, SGI, MHK: Cyclically Adjusted PB Ratio Comparison

For the Furnishings, Fixtures & Appliances subindustry, Modernform Group PCL's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Modernform Group PCL Cyclically Adjusted PB Ratio vs Furnishings, Fixtures & Appliances Industry

For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Modernform Group PCL's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Modernform Group PCL's Cyclically Adjusted PB Ratio falls into.


BKK:MODERN
59GF Score
Modernform Group PCL BKK:MODERN
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Modernform Group PCL Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Modernform Group PCL's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Modernform Group PCL's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=2.791/333.9520*333.9520
=2.791

Current CPI (Jun. 2026) = 333.9520.

Modernform Group PCL Quarterly Data

Book Value per Share CPI Adj_Book
201609 3.124 241.428 4.321
201612 3.242 241.432 4.484
201703 3.290 243.801 4.507
201706 3.232 244.955 4.406
201709 3.289 246.819 4.450
201712 3.381 246.524 4.580
201803 3.433 249.554 4.594
201806 3.190 251.989 4.228
201809 3.175 252.439 4.200
201812 3.163 251.233 4.204
201903 3.203 254.202 4.208
201906 3.036 256.143 3.958
201909 3.083 256.759 4.010
201912 3.092 256.974 4.018
202003 3.036 258.115 3.928
202006 2.967 257.797 3.843
202009 3.007 260.280 3.858
202012 3.088 260.474 3.959
202103 3.169 264.877 3.995
202106 3.060 271.696 3.761
202109 3.044 274.310 3.706
202112 3.087 278.802 3.698
202203 3.063 287.504 3.558
202206 2.976 296.311 3.354
202209 3.006 296.808 3.382
202212 3.037 296.797 3.417
202303 3.054 301.836 3.379
202306 3.007 305.109 3.291
202309 3.036 307.789 3.294
202312 3.066 306.746 3.338
202403 2.968 312.332 3.173
202406 2.975 314.175 3.162
202409 3.090 315.301 3.273
202412 3.186 315.605 3.371
202503 3.184 319.799 3.325
202506 3.011 322.561 3.117
202509 3.045 324.800 3.131
202512 3.149 324.054 3.245
202603 3.130 330.213 3.165
202606 2.791 333.952 2.791

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Modernform Group PCL (BKK:MODERN) Overvalued in 2026?

Based on GuruFocus' analysis, Modernform Group PCL stock appears to be undervalued. The current stock price of ฿1.99 is trading 2.9% below its estimated GF Value™ of ฿2.05. GuruFocus considers Modernform Group PCL to be Fairly Valued.

Key valuation signals for BKK:MODERN:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: ฿2.05 vs. price of ฿1.99 (2.9% below fair value)
  • GF Score™: 59/100 with 6 warning signs

No single metric tells the full story. See the BKK:MODERN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Modernform Group PCL Business Description

Address 699 Srinakarindr Road, Modernform Tower, 1st - 4th Floor, Phatthanakan, Suan Luang, Bangkok, THA, 10250
Modernform Group PCL is involved in the manufacturing and distribution of home and office furniture. The business of the group is operated through four reportable segments: furniture business, furniture fitting and other materials business, rental and service business, and architectural design and construction business. A majority of its revenue is generated from the furniture business, which consists of office furniture products, residential furniture products, kitchen furniture products; bathroom furniture products, and others. All the operations functioned throughout the region of Thailand.
59GF Score

Get the complete analysis for BKK:MODERN

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

฿1.99
Price
฿2.05
GF Value