CK Asset Holdings Limited (1113.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
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
0884.HK	17	CIFI Holdings (Gro	14,276	-	-	21.42	23.16	-	26.33
002244.SZ	18	Hangzhou Binjiang	13,325	11.81	10.29	4.47	4.07	5.55	4.17
1113.HK	19	CK Asset Holdings	11,902	4.47	4.59	5.74	5.63	5.45	5.59
2772.HK	20	Zhongliang Holding	11,720	-	-	-	-	-	-
0119.HK	21	Poly Property Grou	11,646	4.43	4.76	5.31	4.86	5.97	4.91
0081.HK	22	China Overseas Gra	11,526	3.17	3.44	3.27	3.13	7.78	5.38
3383.HK	23	Agile Group Holdin	11,387	-	-	-	-	-	-
600325.SS	24	Zhuhai Huafa Prope	11,380	-	-	63.21	74.90	32.32	95.24
EMAAR.AE	25	Emaar Properties P	11,128	7.91	6.30	3.14	2.52	4.26	3.00
1966.HK	26	China SCE Group Ho	10,044	-	-	4.46	3.87	2.84	3.96
000961.SZ	27	Jiangsu Zhongnan C	9,542	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.62	4.82	5.31	4.86	6.30	5.38
Full Range Median Multiple	6.89	6.30	5.90	5.46	6.32	6.53
Industry Multiple	15.02	20.86	13.04	14.09	11.49	18.32
Market Implied Multiple	5.56	5.72	6.89	6.77	6.55	6.71
Company (1113.HK) Multiple	4.47	4.59	5.74	5.63	5.45	5.59
(*) Net Income / EBITDA / Revenue	3,485	3,389	3,304	3,365	3,479	3,392
Winsorized Enterprise Value	N/A	N/A	17,541	16,353	21,926	18,236
Full Range Median Enterprise Value	N/A	N/A	19,511	18,375	21,981	22,164
(-) Net Debt	3,391	3,391	3,391	3,391	3,391	3,391
Winsorized Equity Value	16,101	16,324	14,150	12,961	18,535	14,844
Full Range Median Equity Value	23,996	21,352	16,120	14,983	18,590	18,772
(/) Shares Outstanding	450	450	450	450	450	450
Winsorized Fair Value	$35.79	$36.29	$31.46	$28.81	$41.20	$33.00
Full Range Median Fair Value	$53.34	$47.47	$35.84	$33.31	$41.33	$41.73
Current Price	$43.08	$43.08	$43.08	$43.08	$43.08	$43.08
Upside / Downside	-16.92%	-15.76%	-26.98%	-33.11%	-4.36%	-23.40%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$25.06	$25.40	$22.02	$20.17	$28.84	$23.10
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy