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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd P/E Multiple | 6.3x - 7.0x | 6.7x |
| Fair Value | HK$ 17.12 - HK$ 18.92 | HK$ 18.02 |
| Upside | 23.5% - 36.5% | 30.0% |
| Benchmarks | - | Full Ticker |
| China Overseas Grand Oceans Group Limited | 8,100.0% | SEHK:81 |
| Poly Property Group Co., Limited | 11,900.0% | SEHK:119 |
| China Resources Land Limited | 110,900.0% | SEHK:1109 |
| China New Town Development Company Limited | 127,800.0% | SEHK:1278 |
| Yuexiu Services Group Limited | 662,600.0% | SEHK:6626 |
| C&D International Investment Group Limited | 190,800.0% | SEHK:1908 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 81 | 119 | 1109 | 1278 | 6626 | 1908 | |||
| SEHK:81 | SEHK:119 | SEHK:1109 | SEHK:1278 | SEHK:6626 | SEHK:1908 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -22.1% | -44.3% | -2.3% | -14.2% | 31.0% | 19.9% | ||
| 3Y CAGR | -42.6% | -55.4% | -7.6% | -25.8% | -0.6% | 10.0% | ||
| Latest Twelve Months | -58.5% | -87.3% | -18.5% | -68.5% | -27.5% | -1.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.3% | 4.5% | 16.8% | 9.1% | 16.3% | 6.4% | ||
| Prior Fiscal Year | 4.1% | 3.5% | 12.5% | 41.7% | 15.1% | 3.2% | ||
| Latest Fiscal Year | 2.1% | 0.5% | 9.2% | 13.1% | 9.1% | 3.0% | ||
| Latest Twelve Months | 2.1% | 0.5% | 9.2% | 13.1% | 9.1% | 3.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.2x | 13.0x | 7.9x | 3.3x | 2.7x | 8.8x | ||
| Price / LTM Sales | 0.1x | 0.1x | 0.6x | 2.0x | 1.0x | 0.2x | ||
| LTM P/E Ratio | 5.9x | 27.4x | 6.4x | 15.5x | 11.1x | 5.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 5.9x | 11.1x | 27.4x | |||||
| Historical LTM P/E Ratio | 5.9x | 6.4x | 8.8x | |||||
| Selected P/E Multiple | 7.4x | 7.8x | 8.2x | |||||
| (x) LTM Net Income | 4,268 | 4,268 | 4,268 | |||||
| (=) Equity Value | 31,486 | 33,143 | 34,801 | |||||
| (/) Shares Outstanding | 2,017.2 | 2,017.2 | 2,017.2 | |||||
| Implied Value Range | 15.61 | 16.43 | 17.25 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.03 | 17.92 | 18.82 | 13.86 | ||||
| Upside / (Downside) | 22.8% | 29.3% | 35.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 81 | 119 | 1109 | 1278 | 6626 | 1908 | |
| Value of Common Equity | 5,678 | 5,080 | 166,386 | 713 | 3,925 | 25,632 | |
| (/) Shares Outstanding | 3,559.4 | 3,821.2 | 7,130.9 | 9,726.2 | 1,502.2 | 2,017.2 | |
| Implied Stock Price | 1.60 | 1.33 | 23.33 | 0.07 | 2.61 | 12.71 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | |
| Implied Stock Price (Trading Cur) | 1.74 | 1.45 | 25.45 | 0.08 | 2.85 | 13.86 | |
| Trading Currency | HKD | HKD | HKD | HKD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | |