China Hongqiao Group Limited (1378.HK)

Industry: Aluminum 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
1378.HK	1	China Hongqiao Gro	43,302	3.53	2.67	2.26	1.77	2.58	2.17
601600.SS	2	Aluminum Corporati	34,035	9.87	5.07	4.93	4.01	5.77	3.78
HINDALCO.BO	3	Hindalco Industrie	28,064	9.53	5.74	7.95	6.17	8.54	4.82
ENPG.ME	4	En+ Group Internat	21,079	3.42	1.22	3.72	1.57	7.23	6.98
NHY.OL	5	Norsk Hydro ASA	21,000	11.85	11.85	4.18	3.14	3.29	1.08
600361.SS	6	Innovation New Mat	11,372	18.32	12.52	11.97	8.34	13.56	13.32
CSTM	7	Constellium SE	9,176	17.82	17.82	6.80	6.40	7.49	10.49
000807.SZ	8	Yunnan Aluminium C	8,422	14.32	9.86	7.88	6.65	6.95	6.73
5741.T	9	UACJ Corporation	6,757	15.61	7.14	7.86	6.24	12.26	9.96
000933.SZ	10	Henan Shenhuo Coal	5,828	10.50	10.50	6.98	5.62	5.27	7.72
0098.HK	11	Xingfa Aluminium H	5,351	1.90	1.45	1.26	1.02	3.31	1.56
600219.SS	12	Shandong Nanshan A	5,049	8.93	7.23	2.59	2.21	4.19	2.49
601677.SS	13	Henan Mingtai Al.I	4,902	10.08	8.90	9.61	8.93	10.52	9.52
300428.SZ	14	Lizhong Sitong Lig	4,371	18.14	15.90	18.57	17.22	29.01	24.96
002532.SZ	15	Tianshan Aluminum	4,203	11.32	9.56	9.39	8.42	10.44	10.04
8869.KL	16	Press Metal Alumin	3,775	23.81	18.04	14.54	12.13	18.96	20.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.50	8.90	6.98	6.17	7.23	6.98
Full Range Median Multiple	11.32	9.56	7.86	6.24	7.49	7.72
Industry Multiple	12.36	9.52	7.88	6.54	9.79	8.91
Market Implied Multiple	7.56	5.72	4.44	3.48	5.07	4.27
Company (1378.HK) Multiple	3.53	2.67	2.26	1.77	2.58	2.17
(*) Net Income / EBITDA / Revenue	6,208	8,209	11,453	14,632	10,023	11,919
Winsorized Enterprise Value	N/A	N/A	79,920	90,240	72,415	83,142
Full Range Median Enterprise Value	N/A	N/A	90,001	91,246	75,084	92,003
(-) Net Debt	3,942	3,942	3,942	3,942	3,942	3,942
Winsorized Equity Value	65,157	73,056	75,978	86,298	68,473	79,200
Full Range Median Equity Value	70,249	78,502	86,060	87,304	71,142	88,061
(/) Shares Outstanding	1,335	1,335	1,335	1,335	1,335	1,335
Winsorized Fair Value	$48.80	$54.72	$56.91	$64.64	$51.28	$59.32
Full Range Median Fair Value	$52.61	$58.80	$64.46	$65.39	$53.28	$65.96
Current Price	$35.14	$35.14	$35.14	$35.14	$35.14	$35.14
Upside / Downside	38.88%	55.71%	61.94%	83.94%	45.94%	68.81%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$34.16	$38.30	$39.83	$45.24	$35.90	$41.52
Buy / Don't Buy	Don’t Buy	BUY	BUY	BUY	BUY	BUY