VSTECS Holdings Limited (0856.HK)

Industry: Technology Distributors 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
SNX	1	TD SYNNEX Corporat	60,974	15.80	14.42	8.87	7.40	10.10	9.77
3702.TW	2	WPG Holdings Limit	31,427	18.86	18.64	13.14	11.78	13.66	14.08
ARW	3	Arrow Electronics,	29,389	13.14	13.05	10.43	10.79	12.80	12.97
AVT	4	Avnet, Inc.	22,495	18.50	18.50	11.90	9.12	12.91	14.27
0856.HK	5	VSTECS Holdings Li	22,423	5.17	4.59	4.95	4.25	4.57	4.44
000938.SZ	6	Unisplendour Corpo	13,839	61.89	65.41	37.88	39.86	54.36	68.64
3107.T	7	Daiwabo Holdings C	8,199	8.48	7.72	5.01	4.62	4.65	4.87
1184.HK	8	S.A.S. Dragon Hold	6,868	2.84	2.28	0.43	0.33	0.49	0.32
3991.HK	9	Changhong Jiahua H	5,381	5.52	5.38	6.06	5.80	6.39	6.00
8154.T	10	Kaga Electronics C	3,580	8.20	7.73	3.24	3.00	3.61	3.17
0400.HK	11	Ingdan, Inc.	3,095	4.74	4.64	3.85	3.39	3.60	4.10
DDR.AX	12	Dicker Data Limite	3,085	8.97	5.93	5.87	4.33	4.82	3.78
MIDW.L	13	Midwich Group plc	3,084	7.09	5.65	3.80	2.76	26.44	5.31
SCSC	14	ScanSource, Inc.	3,005	13.12	13.12	7.38	6.75	9.63	10.67
CNXN	15	PC Connection, Inc	2,879	18.77	17.64	11.55	11.06	11.43	13.57
0529.HK	16	SiS International	2,319	1.55	1.70	3.03	1.99	4.34	2.77

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.48	7.72	5.87	4.62	6.39	5.31
Full Range Median Multiple	8.97	7.73	6.06	5.80	9.63	6.00
Industry Multiple	13.83	13.45	8.83	8.20	11.95	11.62
Market Implied Multiple	5.50	4.89	5.16	4.43	4.76	4.62
Company (0856.HK) Multiple	5.17	4.59	4.95	4.25	4.57	4.44
(*) Net Income / EBITDA / Revenue	268	301	440	513	477	491
Winsorized Enterprise Value	N/A	N/A	2,582	2,370	3,048	2,608
Full Range Median Enterprise Value	N/A	N/A	2,669	2,972	4,594	2,945
(-) Net Debt	796	796	796	796	796	796
Winsorized Equity Value	2,271	2,328	1,785	1,574	2,252	1,812
Full Range Median Equity Value	2,400	2,332	1,873	2,176	3,798	2,149
(/) Shares Outstanding	178	178	178	178	178	178
Winsorized Fair Value	$12.75	$13.07	$10.02	$8.84	$12.65	$10.17
Full Range Median Fair Value	$13.48	$13.09	$10.51	$12.22	$21.32	$12.07
Current Price	$8.27	$8.27	$8.27	$8.27	$8.27	$8.27
Upside / Downside	54.17%	58.05%	21.21%	6.84%	52.92%	23.03%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.92	$9.15	$7.02	$6.19	$8.85	$7.12
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	Don’t Buy