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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -0.7x - -0.8x | -0.7x |
| Selected Fwd EBIT Multiple | -1.0x - -1.1x | -1.0x |
| Fair Value | HK$ 2.66 - HK$ 2.71 | HK$ 2.69 |
| Upside | 22.4% - 25.1% | 23.7% |
| Benchmarks | Ticker | Full Ticker |
| Keymed Biosciences Inc. | 2162 | SEHK:2162 |
| Abbisko Cayman Limited | 2256 | SEHK:2256 |
| JW (Cayman) Therapeutics Co. Ltd | 2126 | SEHK:2126 |
| CStone Pharmaceuticals | 2616 | SEHK:2616 |
| Staidson (Beijing) BioPharmaceuticals Co., Ltd. | 300204 | SZSE:300204 |
| Genor Biopharma Holdings Limited | 6998 | SEHK:6998 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 2162 | 2256 | 2126 | 2616 | 300204 | 6998 | ||
| SEHK:2162 | SEHK:2256 | SEHK:2126 | SEHK:2616 | SZSE:300204 | SEHK:6998 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -36.9% | 95.8% | 24.5% | 54.9% | 90.9% | 29.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -317.1% | -1922.1% | 9333.8% | 16073.0% | -47.0% | -13538.5% | |
| Prior Fiscal Year | -129.2% | -2681.4% | -478.5% | -189.5% | -102.6% | -4928.5% | |
| Latest Fiscal Year | -146.2% | -4.3% | -327.9% | -130.6% | -10.5% | NA | |
| Latest Twelve Months | -146.2% | -4.3% | -290.4% | -77.8% | -10.5% | -3115.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 20.41x | 5.70x | 1.38x | 7.44x | 8.97x | 1.13x | |
| EV / LTM EBITDA | -15.2x | -188.1x | -0.6x | -10.0x | -255.4x | 0.0x | |
| EV / LTM EBIT | -14.0x | -133.1x | -0.5x | -9.6x | -85.3x | 0.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -133.1x | -14.0x | -0.5x | ||||
| Historical EV / LTM EBIT | -0.5x | 0.8x | 1.2x | ||||
| Selected EV / LTM EBIT | -0.7x | -0.7x | -0.8x | ||||
| (x) LTM EBIT | (451) | (451) | (451) | ||||
| (=) Implied Enterprise Value | 314 | 331 | 347 | ||||
| (-) Non-shareholder Claims * | 1,022 | 1,022 | 1,022 | ||||
| (=) Equity Value | 1,336 | 1,353 | 1,369 | ||||
| (/) Shares Outstanding | 516.6 | 516.6 | 516.6 | ||||
| Implied Value Range | 2.59 | 2.62 | 2.65 | ||||
| FX Rate: CNY/HKD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.77 | 2.80 | 2.84 | 2.17 | |||
| Upside / (Downside) | 27.6% | 29.1% | 30.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2162 | 2256 | 2126 | 2616 | 300204 | 6998 | |
| Enterprise Value | 8,858 | 2,838 | 222 | 3,557 | 2,918 | 26 | |
| (+) Cash & Short Term Investments | 2,156 | 2,008 | 869 | 858 | 54 | 1,027 | |
| (+) Investments & Other | 210 | 0 | 0 | 13 | 514 | 0 | |
| (-) Debt | (753) | (24) | (381) | (335) | (30) | (3) | |
| (-) Other Liabilities | (1) | 0 | 0 | 0 | 12 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,470 | 4,821 | 711 | 4,092 | 3,469 | 1,048 | |
| (/) Shares Outstanding | 275.6 | 625.3 | 404.6 | 1,276.6 | 477.8 | 516.6 | |
| Implied Stock Price | 37.99 | 7.71 | 1.76 | 3.21 | 7.26 | 2.03 | |
| FX Conversion Rate to Trading Currency | 0.93 | 0.93 | 0.93 | 0.93 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 40.65 | 8.25 | 1.88 | 3.43 | 7.26 | 2.17 | |
| Trading Currency | HKD | HKD | HKD | HKD | CNY | HKD | |
| FX Rate to Reporting Currency | 0.93 | 0.93 | 0.93 | 0.93 | 1.00 | 0.93 | |