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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.1x - 0.1x | 0.1x |
| Selected Fwd Ps Multiple | 0.1x - 0.1x | 0.1x |
| Fair Value | HK$ 3.82 - HK$ 4.22 | HK$ 4.02 |
| Upside | 58.4% - 75.1% | 66.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Zhongsheng Group Holdings Limited | 88,100.0% | SEHK:881 |
| China MeiDong Auto Holdings Limited | 126,800.0% | SEHK:1268 |
| China ZhengTong Auto Services Holdings Limited | 172,800.0% | SEHK:1728 |
| Trans-China Automotive Holdings Limited | - | Catalist:VI2 |
| EEKA Fashion Holdings Limited | 370,900.0% | SEHK:3709 |
| China Yongda Automobiles Services Holdings Limited | 366,900.0% | SEHK:3669 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 881 | 1268 | 1728 | VI2 | 3709 | 3669 | |||
| SEHK:881 | SEHK:1268 | SEHK:1728 | Catalist:VI2 | SEHK:3709 | SEHK:3669 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 6.3% | 6.4% | -9.5% | -7.5% | 9.7% | 0.2% | ||
| 3Y CAGR | -1.3% | -2.1% | -0.4% | -17.3% | 1.2% | -6.6% | ||
| Latest Twelve Months | -6.2% | -22.4% | -14.0% | -26.1% | -4.7% | -14.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.5% | 1.8% | -14.2% | -0.5% | 8.8% | 2.0% | ||
| Prior Fiscal Year | 2.8% | 0.5% | -3.7% | -2.7% | 12.1% | 0.8% | ||
| Latest Fiscal Year | 1.9% | -10.2% | -8.2% | -4.0% | 7.1% | 0.3% | ||
| Latest Twelve Months | 1.9% | -10.2% | -8.2% | -4.0% | 7.1% | 0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 6.3x | 5.0x | 666.1x | -30.8x | 8.5x | 5.4x | ||
| Price / LTM Sales | 0.2x | 0.1x | 0.0x | 0.0x | 0.8x | 0.1x | ||
| LTM P/E Ratio | 8.0x | -1.1x | -0.3x | -1.1x | 10.9x | 20.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.0x | 0.1x | 0.8x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.1x | 0.3x | |||||
| Selected Price / Sales Multiple | 0.1x | 0.1x | 0.1x | |||||
| (x) LTM Sales | 63,420 | 63,420 | 63,420 | |||||
| (=) Equity Value | 6,895 | 7,257 | 7,620 | |||||
| (/) Shares Outstanding | 1,861.1 | 1,861.1 | 1,861.1 | |||||
| Implied Value Range | 3.70 | 3.90 | 4.09 | |||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.03 | 4.25 | 4.46 | 2.41 | ||||
| Upside / (Downside) | 67.4% | 76.2% | 85.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 881 | 1268 | 1728 | VI2 | 3709 | 3669 | |
| Value of Common Equity | 25,732 | 2,571 | 446 | 118 | 5,124 | 4,118 | |
| (/) Shares Outstanding | 2,367.0 | 1,346.2 | 3,347.0 | 589.6 | 677.3 | 1,861.1 | |
| Implied Stock Price | 10.87 | 1.91 | 0.13 | 0.20 | 7.57 | 2.21 | |
| FX Conversion Rate to Trading Currency | 0.92 | 0.92 | 0.92 | 5.58 | 0.92 | 0.92 | |
| Implied Stock Price (Trading Cur) | 11.84 | 2.08 | 0.15 | 0.04 | 8.24 | 2.41 | |
| Trading Currency | HKD | HKD | HKD | SGD | HKD | HKD | |
| FX Rate to Reporting Currency | 0.92 | 0.92 | 0.92 | 5.58 | 0.92 | 0.92 | |