Chow Sang Sang Holdings International Limited (0116.HK)

Industry: Luxury Goods 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
1913.HK	6	Prada S.p.A.	12,524	8.47	7.65	4.53	4.04	6.45	5.76
600916.SS	7	China National Gol	8,465	32.55	33.98	6.12	5.76	13.52	13.23
600612.SS	8	Lao Feng Xiang Co.	7,411	16.26	15.97	8.74	8.92	13.67	7.71
TITAN.BO	9	Titan Company Limi	7,273	72.33	50.79	48.81	35.00	-	37.60
BRBY.L	10	Burberry Group plc	7,261	14.16	18.06	5.02	5.41	19.36	10.86
TPR	11	Tapestry, Inc.	7,208	86.26	86.26	46.06	46.06	20.48	54.75
SIG	12	Signet Jewelers Li	6,821	27.81	27.81	8.06	2.82	36.95	20.89
0116.HK	13	Chow Sang Sang Hol	5,684	3.00	3.15	2.86	2.73	1.98	3.49
CPRI	14	Capri Holdings Lim	5,282	-	-	22.43	25.33	-	-
PNDORA.CO	15	Pandora A/S	5,135	11.94	9.72	7.86	6.80	22.74	8.17
WOSG.L	16	Watches of Switzer	4,378	8.26	8.26	3.57	2.32	4.76	3.30
605599.SS	17	Beijing Caishikou	3,599	13.50	13.50	8.15	8.15	8.09	7.82
0590.HK	18	Luk Fook Holdings	3,493	3.18	3.29	3.32	3.57	4.60	3.15
6181.HK	19	Laopu Gold Co., Lt	3,211	39.46	39.46	29.47	29.47	13.09	29.78
KALYANKJIL.BO	20	Kalyan Jewellers I	3,165	50.44	50.44	25.80	25.80	32.97	36.17
4807.TW	21	Regal Holding Co.,	2,583	-	-	31.71	41.41	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.16	15.97	8.06	6.80	13.31	8.17
Full Range Median Multiple	16.26	18.06	8.15	8.15	13.59	10.86
Industry Multiple	29.59	28.09	17.31	16.72	16.39	18.40
Market Implied Multiple	4.52	4.75	3.65	3.48	2.52	4.44
Company (0116.HK) Multiple	3.00	3.15	2.86	2.73	1.98	3.49
(*) Net Income / EBITDA / Revenue	243	232	473	497	686	388
Winsorized Enterprise Value	N/A	N/A	3,817	3,378	9,123	3,174
Full Range Median Enterprise Value	N/A	N/A	3,859	4,049	9,319	4,217
(-) Net Debt	625	625	625	625	625	625
Winsorized Equity Value	3,445	3,701	3,191	2,753	8,497	2,548
Full Range Median Equity Value	3,955	4,186	3,234	3,424	8,693	3,591
(/) Shares Outstanding	86	86	86	86	86	86
Winsorized Fair Value	$40.26	$43.25	$37.29	$32.16	$99.29	$29.78
Full Range Median Fair Value	$46.22	$48.91	$37.79	$40.01	$101.59	$41.97
Current Price	$12.86	$12.86	$12.86	$12.86	$12.86	$12.86
Upside / Downside	213.05%	236.28%	190.01%	150.12%	672.12%	131.56%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$28.18	$30.27	$26.11	$22.52	$69.51	$20.85
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY