Sun Hung Kai Properties Limited (0016.HK)

Industry: Real Estate - Development 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
0960.HK	6	Longfor Group Hold	43,277	3.10	3.03	7.63	7.15	12.72	7.39
600048.SS	7	Poly Developments	42,950	-	-	21.79	27.79	49.71	43.78
3900.HK	8	Greentown China Ho	40,638	9.51	11.05	5.57	5.00	5.94	5.33
000002.SZ	9	China Vanke Co., L	40,403	-	-	-	-	-	-
1908.HK	10	C&D International	36,917	3.34	1.11	3.62	1.11	8.11	1.10
1918.HK	11	Sunac China Holdin	26,933	-	-	17.15	15.21	-	-
0123.HK	12	Yuexiu Property Co	23,405	4.62	4.82	6.53	5.46	6.30	7.78
0016.HK	13	Sun Hung Kai Prope	19,664	6.89	7.66	5.90	5.69	6.33	6.53
0813.HK	14	Shimao Group Holdi	15,745	-	-	-	-	-	-
0817.HK	15	China Jinmao Holdi	15,060	-	-	16.23	18.08	27.66	24.29
601155.SS	16	Seazen Holdings Co	14,690	66.28	108.74	9.52	9.22	15.91	19.93
0884.HK	17	CIFI Holdings (Gro	14,276	-	-	21.42	23.16	-	26.33
002244.SZ	18	Hangzhou Binjiang	13,325	11.81	10.29	4.47	4.07	5.55	4.17
1113.HK	19	CK Asset Holdings	11,902	4.47	4.59	5.74	5.63	5.45	5.59
2772.HK	20	Zhongliang Holding	11,720	-	-	-	-	-	-
0119.HK	21	Poly Property Grou	11,646	4.43	4.76	5.31	4.86	5.97	4.91

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.45	4.68	6.14	5.55	6.30	5.59
Full Range Median Multiple	4.54	4.79	7.08	6.39	7.21	7.39
Industry Multiple	13.44	18.55	10.41	10.56	14.33	13.69
Market Implied Multiple	8.61	9.58	6.99	6.74	7.50	7.74
Company (0016.HK) Multiple	6.89	7.66	5.90	5.69	6.33	6.53
(*) Net Income / EBITDA / Revenue	4,871	4,378	7,711	7,997	7,187	6,969
Winsorized Enterprise Value	N/A	N/A	47,313	44,363	45,303	38,940
Full Range Median Enterprise Value	N/A	N/A	54,624	51,100	51,796	51,495
(-) Net Debt	11,992	11,992	11,992	11,992	11,992	11,992
Winsorized Equity Value	21,675	20,481	35,321	32,371	33,312	26,948
Full Range Median Equity Value	22,129	20,972	42,632	39,109	39,804	39,503
(/) Shares Outstanding	372	372	372	372	372	372
Winsorized Fair Value	$58.20	$54.99	$94.83	$86.91	$89.44	$72.35
Full Range Median Fair Value	$59.41	$56.31	$114.46	$105.00	$106.87	$106.06
Current Price	$112.60	$112.60	$112.60	$112.60	$112.60	$112.60
Upside / Downside	-48.32%	-51.16%	-15.78%	-22.81%	-20.57%	-35.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$40.74	$38.49	$66.38	$60.84	$62.61	$50.65
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy