China Overseas Land & Investment Limited (0688.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
1109.HK	1	China Resources La	71,303	3.15	2.71	3.02	2.49	2.80	3.00
2007.HK	2	Country Garden Hol	70,970	-	-	-	-	-	-
3333.HK	3	China Evergrande G	64,462	-	-	-	-	-	-
Z25.SI	4	Yanlord Land Group	56,986	-	-	4.70	5.02	2.23	3.91
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	3.34	3.03	5.90	5.46	6.33	6.53
Full Range Median Multiple	4.62	4.82	6.53	5.69	7.22	6.96
Industry Multiple	13.84	19.87	9.24	9.29	13.77	12.30
Market Implied Multiple	3.49	3.55	4.24	4.38	6.18	4.30
Company (0688.HK) Multiple	3.62	3.69	4.33	4.48	6.31	4.39
(*) Net Income / EBITDA / Revenue	5,292	5,194	7,970	7,708	5,472	7,862
Winsorized Enterprise Value	N/A	N/A	47,059	42,091	34,663	51,369
Full Range Median Enterprise Value	N/A	N/A	52,082	43,882	39,519	54,734
(-) Net Debt	15,354	15,354	15,354	15,354	15,354	15,354
Winsorized Equity Value	17,671	15,731	31,705	26,738	19,309	36,015
Full Range Median Equity Value	24,449	25,020	36,728	28,528	24,166	39,380
(/) Shares Outstanding	1,407	1,407	1,407	1,407	1,407	1,407
Winsorized Fair Value	$12.56	$11.18	$22.54	$19.01	$13.73	$25.60
Full Range Median Fair Value	$17.38	$17.79	$26.11	$20.28	$17.18	$27.99
Current Price	$13.11	$13.11	$13.11	$13.11	$13.11	$13.11
Upside / Downside	-4.19%	-14.70%	71.91%	44.98%	4.70%	95.29%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.79	$7.83	$15.78	$13.30	$9.61	$17.92
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	BUY