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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 0.4x - 0.4x | 0.4x |
Historical Pb Multiple | 0.2x - 2.2x | 0.6x |
Fair Value | HK$ 1.91 - HK$ 2.12 | HK$ 2.02 |
Upside | 19.7% - 32.3% | 26.0% |
Benchmarks | - | Full Ticker |
KWG Group Holdings Limited | 181,300.0% | SEHK:1813 |
Logan Group Company Limited | 338,000.0% | SEHK:3380 |
Xinyuan Real Estate Co., Ltd. | - | NYSE:XIN |
Powerlong Real Estate Holdings Limited | 123,800.0% | SEHK:1238 |
Country Garden Holdings Company Limited | 200,700.0% | SEHK:2007 |
Sunac China Holdings Limited | 191,800.0% | SEHK:1918 |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
1813 | 3380 | XIN | 1238 | 2007 | 1918 | |||
SEHK:1813 | SEHK:3380 | NYSE:XIN | SEHK:1238 | SEHK:2007 | SEHK:1918 | |||
Historical Net Income Growth | ||||||||
5Y CAGR | NM- | NM- | -10.7% | NM- | NM- | NM- | ||
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
Latest Twelve Months | 12.8% | 13.5% | 122.3% | -2638.6% | -156.0% | 68.9% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -33.6% | 2.5% | -9.4% | 11.3% | -4.2% | -6.8% | ||
Prior Fiscal Year | -68.7% | -20.7% | -27.7% | 1.3% | -1.4% | -28.6% | ||
Latest Fiscal Year | -118.5% | -18.9% | 5.0% | -11.6% | -44.5% | -5.2% | ||
Latest Twelve Months | -125.6% | -18.1% | 7.5% | -20.5% | -51.4% | -5.8% | ||
Return on Equity | ||||||||
5 Year Average Margin | -21.5% | 7.1% | -47.7% | 7.3% | -21.1% | -8.9% | ||
Prior Fiscal Year | -24.4% | -20.3% | -225.0% | 1.0% | -3.0% | -39.3% | ||
Latest Twelve Months | -136.0% | -28.7% | 6.8% | -13.8% | -168.4% | -16.6% | ||
Next Fiscal Year | 7.3% | -7.2% | 28.3% | -9.5% | -144.2% | -9.5% | ||
Two Fiscal Years Forward | 6.3% | -5.0% | 21.7% | -1.6% | 3199.6% | -12.1% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 0.1x | 0.1x | 0.0x | 0.1x | 0.0x | 0.1x | ||
Price / LTM EPS | -0.1x | -0.6x | 0.3x | -0.3x | -0.1x | -1.9x | ||
Price / Book | 0.3x | 0.2x | 0.0x | 0.0x | 0.9x | 0.3x | ||
Price / Fwd Book | 0.1x | 0.2x | -0.3x | 0.0x | 2.9x | 0.3x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.0x | 0.2x | 0.9x | |||||
Historical P/B Ratio | 0.2x | 0.6x | 2.2x | |||||
Selected P/B Multiple | 0.4x | 0.4x | 0.4x | |||||
(x) Book Value | 47,963 | 47,963 | 47,963 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 1813 | 3380 | XIN | 1238 | 2007 | 1918 | |
Value of Common Equity | 1,134 | 4,902 | 110 | 1,587 | 12,299 | 14,737 | |
(/) Shares Outstanding | 3,418.9 | 5,520.9 | 5.7 | 4,140.4 | 27,705.2 | 9,855.4 | |
Implied Stock Price | 0.33 | 0.89 | 19.40 | 0.38 | 0.44 | 1.50 | |
FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 7.27 | 0.93 | 0.93 | 0.93 | |
Implied Stock Price (Trading Cur) | 0.36 | 0.95 | 2.67 | 0.41 | 0.48 | 1.60 | |
Trading Currency | HKD | HKD | USD | HKD | HKD | HKD | |
FX Rate to Reporting Currency | 0.93 | 0.93 | 7.27 | 0.93 | 0.93 | 0.93 |