Ten Pao Group Holdings Limited (1979.HK)

Industry: Electrical Equipment & Parts 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
004490.KS	79	Sebang Global Batt	1,473	6.39	5.69	3.23	2.80	8.80	5.45
015860.KS	80	ILJIN Holdings Co.	1,447	6.06	4.56	1.39	1.07	2.28	1.89
002845.SZ	81	Shenzhen TXD Techn	1,447	-	-	-	-	60.13	-
300438.SZ	82	Guangzhou Great Po	1,404	-	-	225.44	272.98	31.08	-
002498.SZ	83	Qingdao Hanhe Cabl	1,404	21.89	22.08	25.99	27.51	20.43	24.45
601096.SS	84	Hsino Tower Group	1,404	33.90	33.90	25.30	25.30	24.77	26.37
603606.SS	85	Ningbo Orient Wire	1,404	48.91	46.43	39.32	36.94	24.88	42.67
1979.HK	86	Ten Pao Group Hold	1,390	2.22	1.55	1.89	1.43	2.19	1.84
300073.SZ	87	Beijing Easpring M	1,344	70.81	70.81	51.97	35.63	50.73	60.89
603618.SS	88	Hangzhou Cable Co.	1,318	-	-	-	-	-	-
1399.HK	89	Veson Holdings Lim	1,290	13.10	12.52	3.72	3.50	-	-
T9Z.DE	90	Zumtobel Group AG	1,288	12.79	12.42	3.66	3.76	15.53	9.79
103590.KS	91	Iljin Electric Co.	1,288	19.58	19.58	10.47	7.19	11.98	7.97
300446.SZ	92	Aerospace Intellig	1,276	15.68	6.94	10.38	5.31	14.04	6.31
AMARAJABAT.NS	93	Amara Raja Batteri	1,243	16.44	14.76	8.47	7.71	10.63	11.56
000541.SZ	94	Foshan Electrical	1,234	28.91	28.16	20.95	19.78	-	23.26

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.06	13.64	10.38	7.19	14.78	9.79
Full Range Median Multiple	18.01	17.17	10.47	7.71	17.98	11.56
Industry Multiple	24.54	23.15	33.10	34.58	22.94	20.06
Market Implied Multiple	3.13	2.18	2.50	1.89	2.89	2.43
Company (1979.HK) Multiple	2.22	1.55	1.89	1.43	2.19	1.84
(*) Net Income / EBITDA / Revenue	101	146	150	198	130	155
Winsorized Enterprise Value	N/A	N/A	1,554	1,426	1,918	1,513
Full Range Median Enterprise Value	N/A	N/A	1,568	1,529	2,333	1,787
(-) Net Debt	59	59	59	59	59	59
Winsorized Equity Value	1,626	1,985	1,495	1,367	1,859	1,454
Full Range Median Equity Value	1,823	2,498	1,509	1,470	2,274	1,728
(/) Shares Outstanding	132	132	132	132	132	132
Winsorized Fair Value	$12.27	$14.98	$11.29	$10.32	$14.04	$10.98
Full Range Median Fair Value	$13.77	$18.86	$11.40	$11.10	$17.17	$13.05
Current Price	$2.39	$2.39	$2.39	$2.39	$2.39	$2.39
Upside / Downside	413.57%	526.98%	372.44%	332.00%	487.37%	359.51%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.59	$10.49	$7.90	$7.23	$9.83	$7.69
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY