Xiamen Yan Palace Bird's Nest Indus (1497.HK)

Industry: Packaged Foods 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
4526.T	208	Riken Vitamin Co.,	615	9.08	9.08	4.96	3.77	11.22	7.48
HMAAGRO.BO	209	HMA Agro Industrie	613	14.92	14.92	7.04	7.04	-	19.52
CMRY.JK	210	PT Cisarua Mountai	613	18.58	18.58	13.48	13.48	13.24	16.78
GFPT-R.BK	211	GFPT Public Compan	609	5.25	4.53	2.89	2.51	4.59	5.56
002661.SZ	212	Chen Ke Ming Food	608	24.86	31.30	19.26	22.59	45.49	54.06
300973.SZ	213	Ligao Foods Co.Ltd	605	22.53	21.07	18.62	17.44	20.77	19.01
2915.T	214	KENKO Mayonnaise C	586	11.70	10.39	2.77	2.65	3.66	4.25
1497.HK	215	Xiamen Yan Palace	574	8.11	8.11	4.28	4.28	4.92	5.25
GAEL.BO	216	Gujarat Ambuja Exp	573	23.50	23.78	11.65	11.37	31.51	24.13
BKL.AX	217	Blackmores Limited	568	36.11	36.14	12.12	10.91	6.47	18.83
CEKA.JK	218	PT Wilmar Cahaya I	564	5.91	5.57	3.36	3.13	5.12	3.48
002696.SZ	219	Baiyang Investment	553	39.76	39.76	27.34	27.34	24.50	47.49
FREE	220	Whole Earth Brands	551	-	-	13.67	13.67	15.79	20.96
TIPI.PA	221	Tipiak S.A.	546	-	-	4.62	4.68	11.13	18.28
1837.HK	222	Natural Food Inter	511	5.06	5.06	1.10	1.10	2.00	1.39
ULTJ.JK	223	PT Ultrajaya Milk	509	11.03	10.98	6.56	6.49	6.48	7.07

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.70	10.98	6.56	6.49	8.81	16.78
Full Range Median Multiple	14.92	14.92	7.04	7.04	11.18	18.28
Industry Multiple	17.56	17.78	9.96	9.88	14.43	17.89
Market Implied Multiple	8.61	8.61	4.58	4.58	5.28	5.63
Company (1497.HK) Multiple	8.11	8.11	4.28	4.28	4.92	5.25
(*) Net Income / EBITDA / Revenue	46	46	74	74	64	60
Winsorized Enterprise Value	N/A	N/A	486	480	566	1,011
Full Range Median Enterprise Value	N/A	N/A	521	521	719	1,102
(-) Net Debt	-56	-56	-56	-56	-56	-56
Winsorized Equity Value	537	504	542	536	622	1,067
Full Range Median Equity Value	685	685	577	577	774	1,158
(/) Shares Outstanding	65	65	65	65	65	65
Winsorized Fair Value	$8.30	$7.78	$8.36	$8.28	$9.60	$16.48
Full Range Median Fair Value	$10.57	$10.57	$8.91	$8.91	$11.96	$17.88
Current Price	$6.10	$6.10	$6.10	$6.10	$6.10	$6.10
Upside / Downside	35.98%	27.60%	37.11%	35.73%	57.45%	170.17%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$5.81	$5.45	$5.85	$5.80	$6.72	$11.54
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	BUY