China Lilang Limited (1234.HK)

Industry: Apparel - Manufacturers 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
1982.HK	60	Nameson Holdings L	1,136	2.71	2.54	1.96	1.83	1.80	2.87
0420.HK	61	Fountain Set (Hold	1,107	4.49	4.50	0.15	0.16	4.05	-
3591.T	62	Wacoal Holdings Co	1,100	26.40	26.40	10.39	10.39	96.75	17.58
VTL.BO	63	Vardhman Textiles	1,089	13.96	11.65	9.78	8.20	14.90	5.03
ABFRL.BO	64	Aditya Birla Fashi	1,089	-	-	15.22	15.22	-	4.36
WELSPUNLIV.BO	65	Welspun Living Lim	1,089	32.43	33.03	13.16	13.42	5.17	6.09
601339.SS	66	Bros Eastern.,Ltd	1,077	14.74	11.81	11.73	10.37	23.63	14.77
1234.HK	67	China Lilang Limit	1,055	4.25	4.37	2.94	2.86	4.55	4.38
3569.T	68	Seiren Co.,Ltd.	1,045	11.84	9.84	5.63	4.87	7.69	6.30
0458.HK	69	Tristate Holdings	1,031	2.55	2.29	0.76	0.67	3.32	0.86
WELSPUNIND.NS	70	Welspun India Limi	1,025	21.19	18.93	9.88	9.48	12.42	13.78
005390.KS	71	Shinsung Tongsang	1,000	9.83	3.50	4.87	4.14	6.93	11.43
GOOS	72	Canada Goose Holdi	996	68.97	86.26	12.81	12.44	-	29.55
020000.KS	73	HANDSOME Corp.	995	9.33	10.85	1.22	1.08	127.00	8.74
2307.HK	74	Kam Hing Internati	970	-	-	1.27	1.49	-	-
ARVIND.BO	75	Arvind Limited	961	19.35	19.35	9.75	8.18	13.50	11.61

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.84	10.85	5.63	4.87	7.31	6.30
Full Range Median Multiple	13.96	11.65	9.75	8.18	10.06	8.74
Industry Multiple	18.29	18.53	7.24	6.79	26.43	10.23
Market Implied Multiple	4.18	4.29	2.90	2.82	4.48	4.31
Company (1234.HK) Multiple	4.25	4.37	2.94	2.86	4.55	4.38
(*) Net Income / EBITDA / Revenue	137	133	228	235	148	153
Winsorized Enterprise Value	N/A	N/A	1,285	1,143	1,079	965
Full Range Median Enterprise Value	N/A	N/A	2,224	1,920	1,485	1,338
(-) Net Debt	90	90	90	90	90	90
Winsorized Equity Value	1,618	1,444	1,195	1,053	989	875
Full Range Median Equity Value	1,908	1,549	2,134	1,830	1,395	1,248
(/) Shares Outstanding	170	170	170	170	170	170
Winsorized Fair Value	$9.50	$8.47	$7.01	$6.18	$5.80	$5.14
Full Range Median Fair Value	$11.20	$9.09	$12.52	$10.74	$8.19	$7.33
Current Price	$3.35	$3.35	$3.35	$3.35	$3.35	$3.35
Upside / Downside	183.47%	152.87%	109.40%	84.44%	73.23%	53.29%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.65	$5.93	$4.91	$4.33	$4.06	$3.59
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY