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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBIT Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | HK$ 25.63 - HK$ 26.79 | HK$ 26.21 |
| Upside | 18.7% - 24.0% | 21.4% |
| Benchmarks | Ticker | Full Ticker |
| Suzhou New District Hi-Tech Industrial Co.,Ltd | 600736 | SHSE:600736 |
| China Merchants Shekou Industrial Zone Holdings Co., Ltd. | 1979 | SZSE:001979 |
| China Merchants Property Operation & Service Co., Ltd. | 1914 | SZSE:001914 |
| Shanghai Wanye Enterprises Co.,Ltd | 600641 | SHSE:600641 |
| Nanjing Gaoke Company Limited | 600064 | SHSE:600064 |
| Onewo Inc. | 2602 | SEHK:2602 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 600736 | 1979 | 1914 | 600641 | 600064 | 2602 | ||
| SHSE:600736 | SZSE:001979 | SZSE:001914 | SHSE:600641 | SHSE:600064 | SEHK:2602 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -40.9% | -12.8% | 12.5% | NM- | NM- | 5.7% | |
| 3Y CAGR | -39.6% | -26.5% | 13.8% | NM- | NM- | -5.7% | |
| Latest Twelve Months | -53.2% | -25.5% | 20.1% | -159.4% | -151.4% | -19.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.5% | 11.9% | 7.3% | 14.7% | 6.9% | 6.3% | |
| Prior Fiscal Year | 7.5% | 7.2% | 6.0% | 22.3% | 14.4% | 6.2% | |
| Latest Fiscal Year | 1.1% | 5.2% | 6.6% | -0.9% | -5.0% | 4.5% | |
| Latest Twelve Months | 3.5% | 5.2% | 6.6% | -40.7% | -15.4% | 4.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.29x | 1.86x | 0.53x | 14.55x | 0.73x | 0.21x | |
| EV / LTM EBITDA | 60.8x | 26.8x | 7.7x | -42.1x | -5.6x | 3.0x | |
| EV / LTM EBIT | 152.8x | 35.5x | 8.0x | -35.7x | -4.7x | 4.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -35.7x | 8.0x | 152.8x | ||||
| Historical EV / LTM EBIT | 4.7x | 6.8x | 25.4x | ||||
| Selected EV / LTM EBIT | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBIT | 1,648 | 1,648 | 1,648 | ||||
| (=) Implied Enterprise Value | 13,162 | 13,855 | 14,548 | ||||
| (-) Non-shareholder Claims * | 16,013 | 16,013 | 16,013 | ||||
| (=) Equity Value | 29,175 | 29,868 | 30,561 | ||||
| (/) Shares Outstanding | 1,160.0 | 1,160.0 | 1,160.0 | ||||
| Implied Value Range | 25.15 | 25.75 | 26.35 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.67 | 27.30 | 27.94 | 21.60 | |||
| Upside / (Downside) | 23.5% | 26.4% | 29.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 600736 | 1979 | 1914 | 600641 | 600064 | 2602 | |
| Enterprise Value | 44,185 | 332,033 | 9,007 | 7,432 | 1,433 | 7,615 | |
| (+) Cash & Short Term Investments | 4,910 | 100,352 | 4,669 | 3,643 | 3,226 | 14,125 | |
| (+) Investments & Other | 6,126 | 78,183 | 305 | 3,241 | 19,194 | 2,961 | |
| (-) Debt | (40,672) | (247,935) | (948) | (432) | (10,605) | (336) | |
| (-) Other Liabilities | (8,355) | (175,738) | (151) | (546) | (1,378) | (737) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,194 | 86,895 | 12,882 | 13,338 | 11,870 | 23,628 | |
| (/) Shares Outstanding | 1,151.3 | 9,042.2 | 1,059.4 | 911.1 | 1,730.3 | 1,160.0 | |
| Implied Stock Price | 5.38 | 9.61 | 12.16 | 14.64 | 6.86 | 20.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | |
| Implied Stock Price (Trading Cur) | 5.38 | 9.61 | 12.16 | 14.64 | 6.86 | 21.60 | |
| Trading Currency | CNY | CNY | CNY | CNY | CNY | HKD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | |