High Fashion International Limited (0608.HK)

Industry: Apparel - Manufacturers 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
020000.KS	73	HANDSOME Corp.	995	9.33	10.85	1.22	1.08	127.00	8.74
2307.HK	74	Kam Hing Internati	970	-	-	1.27	1.49	-	-
ARVIND.BO	75	Arvind Limited	961	19.35	19.35	9.75	8.18	13.50	11.61
603055.SS	76	Zhe Jiang Taihua N	936	15.10	10.73	16.89	14.61	50.24	14.84
3322.HK	77	Win Hanverky Holdi	915	-	-	3.62	4.80	-	-
PERY	78	Perry Ellis Intern	881	10.22	7.60	11.04	11.13	2,914.23	17.18
000726.SZ	79	Lu Thai Textile Co	850	8.71	8.19	7.86	8.30	12.16	9.01
0608.HK	80	High Fashion Inter	840	2.12	2.25	3.78	3.33	12.06	4.80
002612.SZ	81	Lancy Co., Ltd.	829	7.33	7.33	19.78	15.05	25.09	17.15
2298.HK	82	Cosmo Lady (China)	828	2.35	3.12	1.66	2.00	3.03	3.66
3201.T	83	The Japan Wool Tex	783	14.24	13.19	5.96	5.72	8.31	7.59
TRIDENT.BO	84	Trident Limited	778	32.06	27.15	16.23	14.85	30.00	7.82
0528.HK	85	Kingdom Holdings L	776	-	-	4.53	5.01	-	13,148.88
600510.SS	86	Black Peony (Group	773	74.12	112.65	24.98	29.83	84.25	25.51
KPRMILL.BO	87	K.P.R. Mill Limite	741	43.46	36.46	27.48	23.58	34.11	20.58
002083.SZ	88	Sunvim Group Co.,L	733	14.38	13.40	10.50	11.47	11.67	10.12

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.23	10.79	7.86	8.18	19.30	10.12
Full Range Median Multiple	14.31	12.02	9.75	8.30	27.55	11.61
Industry Multiple	20.89	22.50	10.85	10.47	276.13	1,023.28
Market Implied Multiple	2.39	2.54	3.90	3.43	12.43	4.95
Company (0608.HK) Multiple	2.12	2.25	3.78	3.33	12.06	4.80
(*) Net Income / EBITDA / Revenue	24	23	58	66	18	46
Winsorized Enterprise Value	N/A	N/A	457	539	351	463
Full Range Median Enterprise Value	N/A	N/A	566	547	502	531
(-) Net Debt	168	168	168	168	168	168
Winsorized Equity Value	297	247	288	371	183	295
Full Range Median Equity Value	348	275	398	379	334	363
(/) Shares Outstanding	39	39	39	39	39	39
Winsorized Fair Value	$7.57	$6.28	$7.34	$9.45	$4.67	$7.51
Full Range Median Fair Value	$8.86	$6.99	$10.13	$9.65	$8.49	$9.24
Current Price	$1.48	$1.48	$1.48	$1.48	$1.48	$1.48
Upside / Downside	411.55%	324.13%	395.99%	538.66%	215.28%	407.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.30	$4.39	$5.14	$6.62	$3.27	$5.25
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY