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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.5x - 8.2x | 7.9x |
| Selected Fwd P/E Multiple | 6.9x - 7.6x | 7.2x |
| Fair Value | $5.15 - $5.70 | $5.43 |
| Upside | -17.1% - -8.4% | -12.8% |
| Benchmarks | - | Full Ticker |
| Qingdao Rural Commercial Bank Co., Ltd. | 295,800.0% | SZSE:002958 |
| Chongqing Rural Commercial Bank Co., Ltd. | 60,107,700.0% | SHSE:601077 |
| Dongguan Rural Commercial Bank Co., Ltd. | 988,900.0% | SEHK:9889 |
| Shanghai Rural Commercial Bank Co., Ltd. | 60,182,500.0% | SHSE:601825 |
| Bank of Jiujiang Co., Ltd. | 619,000.0% | SEHK:6190 |
| China Merchants Bank Co., Ltd. | - | OTCPK:CIHH.F |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 2958 | 601077 | 9889 | 601825 | 6190 | CIHH.F | |||
| SZSE:002958 | SHSE:601077 | SEHK:9889 | SHSE:601825 | SEHK:6190 | OTCPK:CIHH.F | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -1.5% | 2.9% | -1.3% | 6.8% | -26.0% | 9.4% | ||
| 3Y CAGR | -4.1% | 5.7% | -6.1% | 8.2% | -38.2% | 7.1% | ||
| Latest Twelve Months | 11.3% | 12.3% | -15.5% | 0.9% | -81.4% | 0.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 49.0% | 50.0% | 54.5% | 52.4% | 27.2% | 47.3% | ||
| Prior Fiscal Year | 43.2% | 48.4% | 51.9% | 52.4% | 9.1% | 47.7% | ||
| Latest Fiscal Year | 45.1% | 50.6% | 52.4% | 51.0% | 9.4% | 48.1% | ||
| Latest Twelve Months | 45.0% | 50.8% | 51.3% | 51.4% | 0.9% | 48.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.5x | 3.6x | 2.7x | 4.1x | 2.5x | 4.0x | ||
| LTM P/E Ratio | 7.7x | 7.1x | 5.2x | 7.9x | 277.3x | 8.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 5.2x | 7.7x | 277.3x | |||||
| Historical LTM P/E Ratio | 5.0x | 7.3x | 12.1x | |||||
| Selected P/E Multiple | 7.5x | 7.9x | 8.2x | |||||
| (x) LTM Net Income | 142,019 | 142,019 | 142,019 | |||||
| (=) Equity Value | 1,059,916 | 1,115,701 | 1,171,486 | |||||
| (/) Shares Outstanding | 28,723.7 | 28,723.7 | 28,723.7 | |||||
| Implied Value Range | 36.90 | 38.84 | 40.78 | |||||
| FX Rate: CNY/USD | 7.2 | 7.2 | 7.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.15 | 5.42 | 5.69 | 6.22 | ||||
| Upside / (Downside) | -17.2% | -12.8% | -8.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2958 | 601077 | 9889 | 601825 | 6190 | CIHH.F | |
| Value of Common Equity | 20,945 | 84,155 | 22,759 | 97,120 | 9,823 | 1,280,204 | |
| (/) Shares Outstanding | 5,555.6 | 11,357.0 | 6,888.5 | 9,644.4 | 2,847.4 | 28,723.7 | |
| Implied Stock Price | 3.77 | 7.41 | 3.30 | 10.07 | 3.45 | 44.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.91 | 1.00 | 0.91 | 7.16 | |
| Implied Stock Price (Trading Cur) | 3.77 | 7.41 | 3.62 | 10.07 | 3.78 | 6.22 | |
| Trading Currency | CNY | CNY | HKD | CNY | HKD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.91 | 1.00 | 0.91 | 7.16 | |