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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 3.4x - 3.8x | 3.6x |
Selected Fwd Ps Multiple | 2.8x - 3.1x | 3.0x |
Fair Value | HK$ 70.63 - HK$ 78.06 | HK$ 74.35 |
Upside | 20.9% - 33.7% | 27.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Crystal International Group Limited | 223,200.0% | SEHK:2232 |
Makalot Industrial Co., Ltd. | 147,700.0% | TWSE:1477 |
Texhong International Group Limited | 267,800.0% | SEHK:2678 |
Bosideng International Holdings Limited | 399,800.0% | SEHK:3998 |
Shandong Nanshan Fashion Sci-Tech Co., Ltd. | 30,091,800.0% | SZSE:300918 |
Shenzhou International Group Holdings Limited | 231,300.0% | SEHK:2313 |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
2232 | 1477 | 2678 | 3998 | 300918 | 2313 | |||
SEHK:2232 | TWSE:1477 | SEHK:2678 | SEHK:3998 | SZSE:300918 | SEHK:2313 | |||
Historical Sales Growth | ||||||||
5Y CAGR | 0.3% | 5.6% | 0.9% | 17.5% | -1.8% | 4.8% | ||
3Y CAGR | 1.8% | 7.1% | -4.6% | 19.8% | 2.7% | 6.3% | ||
Latest Twelve Months | 13.4% | 9.4% | 1.3% | 35.9% | 1.0% | 14.8% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 6.9% | 10.3% | 3.1% | 12.3% | 9.9% | 18.6% | ||
Prior Fiscal Year | 7.5% | 12.3% | -1.7% | 12.7% | 12.7% | 18.3% | ||
Latest Fiscal Year | 8.1% | 11.6% | 2.4% | 13.2% | 11.8% | 21.8% | ||
Latest Twelve Months | 8.1% | 11.6% | 2.4% | 13.4% | 11.8% | 21.8% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 5.7x | 13.7x | 3.7x | 6.8x | 23.9x | 9.6x | ||
Price / LTM Sales | 0.9x | 2.2x | 0.1x | 1.7x | 3.9x | 2.9x | ||
LTM P/E Ratio | 10.5x | 19.4x | 5.9x | 13.0x | 33.1x | 13.1x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.1x | 1.7x | 3.9x | |||||
Historical LTM P/S Ratio | 2.9x | 4.3x | 8.4x | |||||
Selected Price / Sales Multiple | 3.4x | 3.6x | 3.8x | |||||
(x) LTM Sales | 28,663 | 28,663 | 28,663 | |||||
(=) Equity Value | 98,289 | 103,462 | 108,635 | |||||
(/) Shares Outstanding | 1,503.2 | 1,503.2 | 1,503.2 | |||||
Implied Value Range | 65.39 | 68.83 | 72.27 | |||||
FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
Implied Value Range (Trading Cur) | 70.03 | 73.72 | 77.40 | 58.40 | ||||
Upside / (Downside) | 19.9% | 26.2% | 32.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | 2232 | 1477 | 2678 | 3998 | 300918 | 2313 | |
Value of Common Equity | 2,108 | 75,612 | 3,214 | 42,668 | 6,309 | 81,965 | |
(/) Shares Outstanding | 2,852.8 | 246.7 | 918.0 | 11,453.4 | 360.5 | 1,503.2 | |
Implied Stock Price | 0.74 | 306.50 | 3.50 | 3.73 | 17.50 | 54.53 | |
FX Conversion Rate to Trading Currency | 0.13 | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 | |
Implied Stock Price (Trading Cur) | 5.75 | 306.50 | 3.75 | 3.99 | 17.50 | 58.40 | |
Trading Currency | HKD | TWD | HKD | HKD | CNY | HKD | |
FX Rate to Reporting Currency | 0.13 | 1.00 | 0.93 | 0.93 | 1.00 | 0.93 |