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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.9x |
| Selected Fwd Ps Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | ¥21.79 - ¥24.08 | ¥22.94 |
| Upside | 11.3% - 23.0% | 17.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Beijing Caishikou Department Store Co.,Ltd. | 60,559,900.0% | SHSE:605599 |
| Leysen Jewellery Inc. | 60,390,000.0% | SHSE:603900 |
| Shanghai Yuyuan Tourist Mart (Group) Co., Ltd. | 60,065,500.0% | SHSE:600655 |
| Hla Group Corp., Ltd. | 60,039,800.0% | SHSE:600398 |
| Zhongsheng Group Holdings Limited | 88,100.0% | SEHK:881 |
| Shanghai Aiyingshi Co.,Ltd | 60,321,400.0% | SHSE:603214 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 605599 | 603900 | 600655 | 600398 | 881 | 603214 | |||
| SHSE:605599 | SHSE:603900 | SHSE:600655 | SHSE:600398 | SEHK:881 | SHSE:603214 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 14.0% | -15.1% | 1.3% | 2.4% | 6.3% | 7.1% | ||
| 3Y CAGR | 32.8% | -15.8% | -3.3% | 6.2% | -1.3% | 9.3% | ||
| Latest Twelve Months | 31.6% | 49.0% | -19.3% | 3.7% | -6.2% | 4.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.2% | -0.4% | 6.4% | 11.8% | 3.5% | 3.9% | ||
| Prior Fiscal Year | 4.2% | -4.2% | 3.5% | 11.6% | 2.8% | 3.1% | ||
| Latest Fiscal Year | 4.3% | -10.4% | 0.3% | 13.7% | 1.9% | 3.1% | ||
| Latest Twelve Months | 3.4% | -9.8% | 0.3% | 11.3% | 1.9% | 3.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.0x | -10.5x | 37.6x | 11.1x | 0.0x | 15.9x | ||
| Price / LTM Sales | 0.4x | 1.9x | 0.5x | 1.7x | 0.2x | 0.8x | ||
| LTM P/E Ratio | 13.1x | -19.6x | 175.7x | 15.0x | 9.3x | 25.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 0.5x | 1.9x | |||||
| Historical LTM P/S Ratio | 0.7x | 0.8x | 1.4x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.9x | 0.9x | |||||
| (x) LTM Sales | 3,467 | 3,467 | 3,467 | |||||
| (=) Equity Value | 2,922 | 3,076 | 3,230 | |||||
| (/) Shares Outstanding | 138.5 | 138.5 | 138.5 | |||||
| Implied Value Range | 21.09 | 22.20 | 23.31 | |||||
| FX Rate: CNY/CNY | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 21.09 | 22.20 | 23.31 | 19.58 | ||||
| Upside / (Downside) | 7.7% | 13.4% | 19.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 605599 | 603900 | 600655 | 600398 | 881 | 603214 | |
| Value of Common Equity | 8,758 | 2,025 | 19,792 | 36,117 | 24,580 | 2,713 | |
| (/) Shares Outstanding | 777.8 | 338.6 | 3,888.3 | 4,802.8 | 2,367.0 | 138.5 | |
| Implied Stock Price | 11.26 | 5.98 | 5.09 | 7.52 | 10.38 | 19.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.26 | 5.98 | 5.09 | 7.52 | 11.06 | 19.58 | |
| Trading Currency | CNY | CNY | CNY | CNY | HKD | CNY | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.94 | 1.00 | |