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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | -9.0x - -10.0x | -9.5x |
| Selected Fwd P/E Multiple | 25.0x - 27.6x | 26.3x |
| Fair Value | $4.08 - $4.51 | $4.30 |
| Upside | -49.0% - -43.6% | -46.3% |
| Benchmarks | - | Full Ticker |
| Guotai Haitong Securities Co., Ltd. | - | OTCPK:GUOS.F |
| China Galaxy Securities Co., Ltd. | - | OTCPK:CGXY.Y |
| Huatai Securities Co., Ltd. | - | OTCPK:HUAT.F |
| CITIC Securities Company Limited | - | OTCPK:CIIH.Y |
| Morgan Stanley | - | NYSE:MS |
| Haitong Securities Co., Ltd. | - | OTCPK:HAIT.Y |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| GUOS.F | CGXY.Y | HUAT.F | CIIH.Y | MS | HAIT.Y | |||
| OTCPK:GUOS.F | OTCPK:CGXY.Y | OTCPK:HUAT.F | OTCPK:CIIH.Y | NYSE:MS | OTCPK:HAIT.Y | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 10.3% | 11.0% | NM- | 10.6% | 8.5% | -28.0% | ||
| 3Y CAGR | -3.8% | -3.7% | NM- | -3.1% | -4.2% | -54.7% | ||
| Latest Twelve Months | 42.1% | 26.7% | 20.3% | 8.9% | 50.1% | -183.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 32.6% | 26.4% | 35.6% | 33.3% | 21.7% | 19.2% | ||
| Prior Fiscal Year | 24.7% | 20.1% | 34.8% | 32.5% | 15.9% | 25.7% | ||
| Latest Fiscal Year | 30.0% | 24.1% | NA | 34.8% | 20.8% | 4.4% | ||
| Latest Twelve Months | 30.0% | 24.1% | NA | 34.8% | 20.8% | -32.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.4x | 4.0x | 3.2x | 6.2x | 2.6x | 6.1x | ||
| LTM P/E Ratio | 11.6x | 16.5x | 9.4x | 17.8x | 12.7x | -18.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 9.4x | 12.7x | 17.8x | |||||
| Historical LTM P/E Ratio | 4.9x | 8.3x | 9.9x | |||||
| Selected P/E Multiple | -9.0x | -9.5x | -10.0x | |||||
| (x) LTM Net Income | (4,013) | (4,013) | (4,013) | |||||
| (=) Equity Value | 36,291 | 38,201 | 40,111 | |||||
| (/) Shares Outstanding | 1,298.7 | 1,298.7 | 1,298.7 | |||||
| Implied Value Range | 27.94 | 29.41 | 30.89 | |||||
| FX Rate: CNY/USD | 7.3 | 7.3 | 7.3 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.84 | 4.04 | 4.24 | 8.00 | ||||
| Upside / (Downside) | -52.0% | -49.5% | -47.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GUOS.F | CGXY.Y | HUAT.F | CIIH.Y | MS | HAIT.Y | |
| Value of Common Equity | 144,679 | 288,938 | 289,336 | 635,504 | 174,076 | 75,651 | |
| (/) Shares Outstanding | 14,503.7 | 1,457.8 | 16,696.2 | 3,422.7 | 1,612.9 | 1,298.7 | |
| Implied Stock Price | 9.98 | 198.20 | 17.33 | 185.67 | 107.93 | 58.25 | |
| FX Conversion Rate to Trading Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 7.28 | |
| Implied Stock Price (Trading Cur) | 1.37 | 27.22 | 2.38 | 25.50 | 107.93 | 8.00 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 7.28 | 7.28 | 7.28 | 7.28 | 1.00 | 7.28 | |