Thai beauty pageant’s 900% rally defies warning, beats Miss UniverseExecutives of Miss Grand International Plc poses for photos on the first day of trading on Dec 14, 2023. (Photo: @SET_Thailand_EN X account)A gravity-defying rally in Thailand’s beauty-pageant organiser Miss Grand International Plc (MGI) is finally seen petering out on concerns that the valuation has become overstretched. It’s now trading at 65 times 12-month trailing earnings, compared with about 17 for the benchmark SET Index, according to Bloomberg calculations. “Excessive valuation and regulatory risk from the exchange’s tight control will make most investors cautious about the stock,” he said. MGI started beauty pageants about a decade ago, and has used events and contestants to promote and advertise products to build awareness and sales.
