Smart-Core Holdings Limited (2166.HK)

Industry: Technology Distributors 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
SOLAR-B.CO	17	Solar A/S	1,939	21.89	25.27	6.62	6.37	37.31	15.20
7513.T	18	Kojima Co.,Ltd.	1,807	17.04	17.12	8.47	7.80	8.16	8.81
MTDL.JK	19	PT Metrodata Elect	1,595	9.77	8.45	5.12	4.46	5.60	4.82
002402.SZ	20	Shenzhen H&T Intel	1,544	74.04	65.82	55.03	49.54	38.78	55.79
SYNEX-R.BK	21	Synnex (Thailand)	1,435	13.57	12.80	15.99	14.87	24.11	34.16
7537.T	22	Marubun Corporatio	1,381	10.30	10.30	7.14	5.39	7.24	5.94
ALLDL.PA	23	Groupe LDLC S.A.	1,299	-	-	-	-	8.79	-
2166.HK	24	Smart-Core Holding	1,276	3.76	3.76	4.06	4.06	6.28	5.25
2715.T	25	Elematec Corporati	1,225	13.16	11.64	3.66	3.29	3.25	3.78
INTEK.AT	26	Ideal Holdings S.A	928	2.71	2.71	2.82	2.82	3.40	4.78
9824.T	27	Senshu Electric Co	889	10.39	8.35	3.89	3.19	5.62	3.71
6036.HK	28	Apex Ace Holding L	880	24.25	24.25	8.46	8.46	6.81	10.49
ARENA.IS	29	Arena Bilgisayar S	841	1.78	0.87	13.75	10.22	-	6.74
8068.T	30	Ryoyo Electro Corp	797	10.89	7.41	10.79	7.44	35.91	19.38
284740.KS	31	CUCKOO Homesys Co.	782	5.13	4.74	1.40	1.23	3.09	2.29
8141.T	32	Shinko Shoji Co.,	675	48.38	53.37	7.31	7.48	12.36	169.12

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.64	9.38	6.88	5.88	7.03	6.34
Full Range Median Multiple	12.03	10.97	7.22	6.91	7.70	7.78
Industry Multiple	18.81	18.08	10.75	9.47	14.32	24.64
Market Implied Multiple	6.53	6.53	5.95	5.95	9.20	7.69
Company (2166.HK) Multiple	3.76	3.76	4.06	4.06	6.28	5.25
(*) Net Income / EBITDA / Revenue	27	27	39	39	25	30
Winsorized Enterprise Value	N/A	N/A	269	229	177	191
Full Range Median Enterprise Value	N/A	N/A	282	270	195	235
(-) Net Debt	58	58	58	58	58	58
Winsorized Equity Value	284	250	210	171	119	133
Full Range Median Equity Value	320	292	224	211	136	176
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$4.73	$4.16	$3.51	$2.85	$1.99	$2.22
Full Range Median Fair Value	$5.34	$4.87	$3.73	$3.52	$2.27	$2.94
Current Price	$2.90	$2.90	$2.90	$2.90	$2.90	$2.90
Upside / Downside	62.94%	43.57%	20.86%	-1.63%	-31.52%	-23.52%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.31	$2.91	$2.45	$2.00	$1.39	$1.55
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy