Henderson Land Development Company Limited (0012.HK)

Industry: Real Estate - Diversified Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
8801.T	1	Mitsui Fudosan Co.	18,092	14.30	11.94	15.79	14.11	37.89	18.60
LLC.AX	2	Lendlease Group	11,219	-	-	20.28	29.18	-	-
8802.T	3	Mitsubishi Estate	10,805	21.13	20.03	17.76	16.97	41.45	22.48
3289.T	4	Tokyu Fudosan Hold	7,955	8.37	6.28	11.10	8.96	17.08	12.46
3377.HK	5	Sino-Ocean Group H	7,877	-	-	-	-	-	-
PIKK.ME	6	PJSC PIK-specializ	7,400	4.06	2.43	2.79	1.98	3.98	1.99
0017.HK	7	New World Developm	7,115	-	-	313.73	707.91	-	1,318.26
0012.HK	8	Henderson Land Dev	6,655	10.62	13.04	13.95	13.81	25.71	64.05
NXI.PA	9	Nexity S.A.	6,471	-	-	11.31	13.37	-	-
0978.HK	10	China Merchants La	5,726	-	-	18.10	21.82	-	35.80
0207.HK	11	Joy City Property	4,879	-	-	6.26	5.23	0.73	0.46
0672.HK	12	Zhong An Group Lim	3,920	1.61	1.68	2.63	1.50	8.05	1.61
TQ5.SI	13	Frasers Property L	3,297	14.43	17.68	17.28	17.20	21.06	18.13
000736.SZ	14	CCCG Real Estate C	2,970	3.06	2.72	-	-	-	-
8905.T	15	AEON Mall Co., Ltd	2,889	32.43	38.63	9.61	9.52	17.12	22.07
0010.HK	16	Hang Lung Group Li	2,872	5.43	6.90	5.13	5.13	5.31	5.58

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.43	6.28	11.10	9.52	8.05	12.46
Full Range Median Multiple	8.37	6.90	11.31	13.37	17.08	18.13
Industry Multiple	11.65	12.03	34.75	65.61	16.96	132.49
Market Implied Multiple	12.24	15.02	15.38	15.22	28.33	70.59
Company (0012.HK) Multiple	10.62	13.04	13.95	13.81	25.71	64.05
(*) Net Income / EBITDA / Revenue	1,608	1,310	1,822	1,840	989	397
Winsorized Enterprise Value	N/A	N/A	20,223	17,515	7,963	4,945
Full Range Median Enterprise Value	N/A	N/A	20,598	24,604	16,889	7,195
(-) Net Debt	8,338	8,338	8,338	8,338	8,338	8,338
Winsorized Equity Value	8,727	8,227	11,885	9,177	-375	-3,393
Full Range Median Equity Value	13,462	9,038	12,260	16,266	8,551	-1,143
(/) Shares Outstanding	622	622	622	622	622	622
Winsorized Fair Value	$14.03	$13.22	$19.10	$14.75	$-0.60	$-5.45
Full Range Median Fair Value	$21.64	$14.53	$19.70	$26.14	$13.74	$-1.84
Current Price	$31.62	$31.62	$31.62	$31.62	$31.62	$31.62
Upside / Downside	-55.64%	-58.18%	-39.59%	-53.35%	-101.90%	-117.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.82	$9.26	$13.37	$10.32	$-0.42	$-3.82
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy