Yuexiu Property Company Limited (0123.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
0688.HK	5	China Overseas Lan	49,749	3.62	3.69	4.33	4.48	6.31	4.39
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	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.04	4.14	5.82	5.66	6.33	5.59
Full Range Median Multiple	5.68	6.13	6.77	6.42	7.22	6.53
Industry Multiple	13.63	18.77	10.28	10.55	14.37	13.53
Market Implied Multiple	4.83	5.03	6.59	5.51	6.36	7.85
Company (0123.HK) Multiple	4.62	4.82	6.53	5.46	6.30	7.78
(*) Net Income / EBITDA / Revenue	439	421	1,538	1,840	1,594	1,292
Winsorized Enterprise Value	N/A	N/A	8,950	10,421	10,099	7,218
Full Range Median Enterprise Value	N/A	N/A	10,407	11,812	11,513	8,440
(-) Net Debt	8,019	8,019	8,019	8,019	8,019	8,019
Winsorized Equity Value	1,776	1,745	931	2,402	2,080	-801
Full Range Median Equity Value	2,493	2,581	2,389	3,793	3,495	421
(/) Shares Outstanding	517	517	517	517	517	517
Winsorized Fair Value	$3.43	$3.37	$1.80	$4.64	$4.02	$-1.55
Full Range Median Fair Value	$4.82	$4.99	$4.62	$7.33	$6.75	$0.81
Current Price	$4.10	$4.10	$4.10	$4.10	$4.10	$4.10
Upside / Downside	-16.27%	-17.76%	-56.11%	13.23%	-1.95%	-137.74%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.40	$2.36	$1.26	$3.25	$2.81	$-1.08
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy