Changan Minsheng APLL Logistics Co., Ltd. (1292.HK)

Industry: Integrated Freight & Logistics 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
001391.SZ	40	Air China Cargo Co	3,263	29.79	29.79	18.94	18.94	28.81	21.74
TGHN.DE	41	Logwin AG	3,193	5.13	3.56	1.63	1.22	2.38	1.88
2384.T	42	SBS Holdings, Inc.	3,098	12.43	11.13	6.03	5.32	4.90	8.57
1519.HK	43	J&T Global Express	2,920	-	-	11.85	11.85	17.76	43.32
FWRD	44	Forward Air Corpor	2,497	-	-	4.28	3.68	18.75	37.13
603128.SS	45	CTS International	2,388	20.94	22.20	20.83	23.83	15.45	16.78
9025.T	46	Konoike Transport	2,278	13.98	10.65	5.75	4.99	7.18	5.71
1292.HK	47	Changan Minsheng A	2,199	3.79	4.84	-0.87	-0.94	-1.05	-1.69
TRCN.ME	48	PJSC Center for Ca	2,160	26.54	32.08	6.13	5.27	9.45	3.80
002320.KS	49	HANJIN Logistics C	2,088	-	-	6.94	6.66	17.37	23.07
KALMAR.HE	50	Kalmar Oyj	1,989	14.92	14.92	8.33	8.33	10.28	11.64
PBI	51	Pitney Bowes Inc.	1,931	27.35	27.35	12.23	9.13	10.22	8.35
3399.HK	52	Guangdong Yueyun T	1,889	2.58	2.52	1.64	1.56	4.12	4.94
S08.SI	53	Singapore Post Lim	1,880	2.95	2.68	1.55	1.41	31.25	5.65
603713.SS	54	Milkyway Chemical	1,879	16.84	14.29	12.24	10.02	12.79	13.08
9302.T	55	MITSUI-SOKO HOLDIN	1,857	31.64	30.34	11.40	10.80	16.67	15.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.45	12.71	6.13	5.32	10.28	8.57
Full Range Median Multiple	15.88	14.60	6.94	6.66	12.79	11.64
Industry Multiple	17.09	16.79	8.65	8.20	13.82	14.78
Market Implied Multiple	5.21	6.66	-0.45	-0.48	-0.54	-0.87
Company (1292.HK) Multiple	3.79	4.84	-0.87	-0.94	-1.05	-1.69
(*) Net Income / EBITDA / Revenue	17	13	56	52	46	29
Winsorized Enterprise Value	N/A	N/A	343	276	476	248
Full Range Median Enterprise Value	N/A	N/A	388	345	592	337
(-) Net Debt	-112	-112	-112	-112	-112	-112
Winsorized Equity Value	241	166	455	388	588	360
Full Range Median Equity Value	265	191	500	457	704	449
(/) Shares Outstanding	23	23	23	23	23	23
Winsorized Fair Value	$10.39	$7.16	$19.61	$16.72	$25.36	$15.54
Full Range Median Fair Value	$11.42	$8.22	$21.58	$19.71	$30.37	$19.38
Current Price	$3.75	$3.75	$3.75	$3.75	$3.75	$3.75
Upside / Downside	177.16%	90.87%	423.06%	346.00%	576.17%	314.31%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.28	$5.01	$13.73	$11.71	$17.75	$10.88
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY