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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 5.1x - 5.6x | 5.4x |
| Selected Fwd P/E Multiple | 4.4x - 4.8x | 4.6x |
| Fair Value | HK$ 5.47 - HK$ 6.05 | HK$ 5.76 |
| Upside | -20.6% - -12.2% | -16.4% |
| Benchmarks | - | Full Ticker |
| Chongqing Rural Commercial Bank Co., Ltd. | 361,800.0% | SEHK:3618 |
| Industrial and Commercial Bank of China Limited | 139,800.0% | SEHK:1398 |
| China Construction Bank Corporation | 93,900.0% | SEHK:939 |
| Bank of Zhengzhou Co., Ltd. | 619,600.0% | SEHK:6196 |
| Bank of Suzhou Co., Ltd. | 296,600.0% | SZSE:002966 |
| Bank of Chongqing Co., Ltd. | 196,300.0% | SEHK:1963 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 3618 | 1398 | 939 | 6196 | 2966 | 1963 | |||
| SEHK:3618 | SEHK:1398 | SEHK:939 | SEHK:6196 | SZSE:002966 | SEHK:1963 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 2.9% | 2.7% | 4.6% | -12.8% | 14.9% | 6.4% | ||
| 3Y CAGR | 5.7% | 1.2% | 3.3% | -20.3% | 20.4% | 4.7% | ||
| Latest Twelve Months | 5.7% | 0.5% | 0.3% | 1.9% | 7.1% | 6.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 49.8% | 53.9% | 50.6% | 39.7% | 45.1% | 53.5% | ||
| Prior Fiscal Year | 48.4% | 53.1% | 52.6% | 24.4% | 44.3% | 47.6% | ||
| Latest Fiscal Year | 50.6% | 53.1% | 53.1% | 24.5% | 44.7% | 49.1% | ||
| Latest Twelve Months | 50.6% | 53.1% | 53.1% | 24.5% | 45.5% | 50.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.0x | 3.5x | 2.7x | 2.7x | 3.0x | 3.0x | ||
| LTM P/E Ratio | 6.0x | 6.6x | 5.0x | 11.2x | 6.6x | 5.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 5.0x | 6.6x | 11.2x | |||||
| Historical LTM P/E Ratio | 3.1x | 4.1x | 5.3x | |||||
| Selected P/E Multiple | 5.1x | 5.4x | 5.6x | |||||
| (x) LTM Net Income | 4,876 | 4,876 | 4,876 | |||||
| (=) Equity Value | 24,821 | 26,127 | 27,434 | |||||
| (/) Shares Outstanding | 4,710.9 | 4,710.9 | 4,710.9 | |||||
| Implied Value Range | 5.27 | 5.55 | 5.82 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.62 | 5.92 | 6.22 | 6.89 | ||||
| Upside / (Downside) | -18.4% | -14.1% | -9.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3618 | 1398 | 939 | 6196 | 2966 | 1963 | |
| Value of Common Equity | 80,772 | 2,478,037 | 1,618,171 | 17,896 | 32,433 | 30,403 | |
| (/) Shares Outstanding | 15,736.0 | 484,538.0 | 250,011.0 | 20,325.2 | 3,979.6 | 4,710.9 | |
| Implied Stock Price | 5.13 | 5.11 | 6.47 | 0.88 | 8.15 | 6.45 | |
| FX Conversion Rate to Trading Currency | 0.94 | 0.94 | 0.94 | 0.94 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 5.48 | 5.46 | 6.91 | 0.94 | 8.15 | 6.89 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | HKD | |
| FX Rate to Reporting Currency | 0.94 | 0.94 | 0.94 | 0.94 | 1.00 | 0.94 | |