Best Pacific International Holdings Limited (2111.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
8016.T	49	Onward Holdings Co	1,395	8.70	8.70	6.08	6.08	5.12	10.51
093050.KS	50	LF Corp.	1,305	5.78	5.02	2.34	1.91	6.02	6.04
1409.TW	51	Shinkong Synthetic	1,304	11.83	12.39	10.55	9.95	15.19	14.02
000158.SZ	52	Shijiazhuang Chang	1,282	-	-	-	-	-	-
1382.HK	53	Pacific Textiles H	1,279	7.16	10.71	3.55	4.39	8.19	10.92
383220.KS	54	F&F Co., Ltd	1,275	8.83	8.83	4.16	4.16	9.13	7.03
105630.KS	55	Hansae Co., Ltd.	1,274	8.33	8.33	6.39	4.86	20.01	8.76
2111.HK	56	Best Pacific Inter	1,209	2.67	2.35	2.03	1.81	4.99	2.45
AIN	57	Albany Internation	1,149	-	-	32.34	42.38	-	-
2368.HK	58	Eagle Nice (Intern	1,142	4.74	3.63	3.15	2.43	11.85	3.08
KMD.AX	59	KMD Brands Limited	1,137	-	-	15.91	20.39	3.22	1.86
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.16	8.33	5.12	4.62	7.10	5.54
Full Range Median Multiple	8.33	8.70	6.23	5.47	8.66	6.54
Industry Multiple	9.36	9.34	8.71	9.45	16.35	7.67
Market Implied Multiple	3.54	3.11	2.57	2.30	6.33	3.11
Company (2111.HK) Multiple	2.67	2.35	2.03	1.81	4.99	2.45
(*) Net Income / EBITDA / Revenue	134	153	214	239	87	177
Winsorized Enterprise Value	N/A	N/A	1,097	1,108	619	980
Full Range Median Enterprise Value	N/A	N/A	1,336	1,310	754	1,157
(-) Net Debt	76	76	76	76	76	76
Winsorized Equity Value	962	1,273	1,022	1,032	543	904
Full Range Median Equity Value	1,120	1,329	1,261	1,234	678	1,081
(/) Shares Outstanding	148	148	148	148	148	148
Winsorized Fair Value	$6.52	$8.62	$6.92	$6.99	$3.68	$6.13
Full Range Median Fair Value	$7.59	$9.00	$8.54	$8.36	$4.60	$7.32
Current Price	$3.22	$3.22	$3.22	$3.22	$3.22	$3.22
Upside / Downside	102.41%	167.81%	114.98%	117.14%	14.28%	90.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$4.56	$6.04	$4.85	$4.89	$2.58	$4.29
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY