Mainland Headwear Holdings Limited (1100.HK)

Industry: Apparel - Footwear & Accessories 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
300577.SZ	26	Anhui Korrun Co.,	700	16.71	12.76	11.14	8.67	11.99	9.13
VULC3.SA	27	Vulcabras S.A.	626	4.54	2.05	5.46	3.61	8.34	4.01
0QP3.L	28	CALIDA Holding AG	590	-	-	-	-	-	-
RCKY	29	Rocky Brands, Inc.	470	10.81	10.33	6.04	5.12	7.68	8.95
603511.SS	30	Aimer Co., Ltd.	441	52.01	52.01	41.59	41.59	-	49.51
1023.HK	31	Sitoy Group Holdin	410	-	-	0.45	0.62	-	0.60
BATAINDIA.BO	32	Bata India Limited	382	87.82	51.19	31.39	24.67	98.89	15.68
1100.HK	33	Mainland Headwear	380	3.56	3.09	1.42	1.16	1.86	2.37
002395.SZ	34	Wuxi Double Elepha	369	8.56	4.80	7.36	5.01	25.99	4.48
1028.HK	35	C.banner Internati	358	-	-	-0.04	-0.08	-	-
035150.KS	36	BAIKSAN Co,. Ltd	355	6.64	6.64	4.75	2.64	6.95	3.06
1836.HK	37	Stella Internation	348	5.28	5.09	3.25	3.11	7.52	3.79
298540.KQ	38	The Nature Holding	339	14.61	14.61	2.47	2.47	-	14.00
300218.SZ	39	Anhui Anli Materia	324	24.25	17.98	20.09	19.79	36.52	15.98
7932.T	40	Nippi,Incorporated	309	13.20	14.72	7.64	8.47	9.92	7.41
603001.SS	41	Zhejiang Aokang Sh	302	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.81	10.33	5.75	4.31	8.34	5.94
Full Range Median Multiple	13.20	12.76	6.70	5.06	9.92	8.18
Industry Multiple	22.22	17.47	11.80	10.48	23.76	11.38
Market Implied Multiple	3.28	2.85	1.32	1.08	1.72	2.19
Company (1100.HK) Multiple	3.56	3.09	1.42	1.16	1.86	2.37
(*) Net Income / EBITDA / Revenue	22	25	57	70	44	34
Winsorized Enterprise Value	N/A	N/A	328	301	363	204
Full Range Median Enterprise Value	N/A	N/A	382	353	432	281
(-) Net Debt	3	3	3	3	3	3
Winsorized Equity Value	236	260	325	297	360	201
Full Range Median Equity Value	288	321	379	350	429	277
(/) Shares Outstanding	56	56	56	56	56	56
Winsorized Fair Value	$4.25	$4.68	$5.84	$5.35	$6.47	$3.61
Full Range Median Fair Value	$5.19	$5.78	$6.82	$6.29	$7.71	$4.99
Current Price	$1.29	$1.29	$1.29	$1.29	$1.29	$1.29
Upside / Downside	229.31%	262.80%	352.89%	314.34%	401.67%	179.88%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.97	$3.28	$4.09	$3.74	$4.53	$2.53
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY