Suga International Holdings Limited (0912.HK)

Industry: Consumer Electronics 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
002616.SZ	49	Guangdong Chant Gr	528	17.33	18.08	13.85	13.66	20.29	26.68
688696.SS	50	Chengdu Xgimi Tech	490	33.26	33.78	145.26	207.33	-	47.20
300790.SZ	51	DongGuan YuTong Op	442	52.63	45.11	32.98	27.91	35.63	45.44
002420.SZ	52	Guangzhou Echom Sc	418	56.76	69.32	44.72	56.34	160.13	68.38
002351.SZ	53	Edifier Technology	405	30.69	27.26	24.06	21.37	26.48	21.04
VOXX	54	VOXX International	397	-	-	-	-	-	-
002681.SZ	55	Shenzhen Fenda Tec	393	-	-	126.45	132.90	300.85	-
0912.HK	56	Suga International	366	5.64	7.40	0.77	0.81	1.44	1.80
603327.SS	57	Sichuan Furong Tec	365	92.54	115.97	59.03	69.48	48.23	105.46
603657.SS	58	Jinhua Chunguang T	355	352.31	542.10	116.92	149.91	-	465.11
HEAR	59	Turtle Beach Corpo	347	15.35	18.20	6.85	7.20	12.51	12.74
8144.T	60	Denkyo Group Holdi	344	20.37	20.37	6.37	6.37	-	29.90
0638.HK	61	Fibocom Wireless,	328	-	-	-	-	-	-
1604.TW	62	Sampo Corporation	301	14.52	13.45	11.78	10.21	31.54	26.59
688007.SS	63	Appotronics Corpor	291	-	-	1,594.66	3,131.47	-	-
5305.KL	64	Senheng New Retail	276	50.35	50.35	4.22	4.22	27.54	21.78

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	30.69	27.26	24.06	21.37	27.54	26.68
Full Range Median Multiple	33.26	33.78	32.98	27.91	31.54	29.90
Industry Multiple	66.92	86.73	168.24	295.26	73.69	79.12
Market Implied Multiple	4.63	6.08	0.36	0.38	0.68	0.84
Company (0912.HK) Multiple	5.64	7.40	0.77	0.81	1.44	1.80
(*) Net Income / EBITDA / Revenue	8	6	20	20	11	9
Winsorized Enterprise Value	N/A	N/A	492	417	302	234
Full Range Median Enterprise Value	N/A	N/A	674	545	346	263
(-) Net Debt	-31	-31	-31	-31	-31	-31
Winsorized Equity Value	257	174	523	448	334	266
Full Range Median Equity Value	279	216	705	576	378	294
(/) Shares Outstanding	37	37	37	37	37	37
Winsorized Fair Value	$7.02	$4.75	$14.29	$12.25	$9.12	$7.26
Full Range Median Fair Value	$7.61	$5.89	$19.27	$15.74	$10.32	$8.03
Current Price	$1.06	$1.06	$1.06	$1.06	$1.06	$1.06
Upside / Downside	562.53%	348.51%	1,248.15%	1,055.59%	760.09%	584.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.92	$3.33	$10.00	$8.57	$6.38	$5.08
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY