Dah Sing Banking Group Limited (2356.HK)

Industry: Banks - Regional 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
CADE	187	Cadence Bank	2,667	13.17	11.10	12.72	11.36	11.19	8.50
139130.KS	188	iM Financial Group	2,641	6.20	6.04	22.78	22.14	23.31	21.22
FNB-PE	189	F.N.B. Corporation	2,635	11.42	10.35	11.86	10.62	10.60	12.09
FEDS.L	190	The Federal Bank L	2,618	4.78	3.97	3.55	4.11	3.81	0.94
1551.HK	191	Guangzhou Rural Co	2,612	5.63	6.52	-	-	3.84	4.82
601128.SS	192	Jiangsu Changshu R	2,592	5.41	4.57	12.55	10.55	9.69	10.55
BBAJIOO.MX	193	Banco del Bajío,	2,562	5.55	4.80	6.51	5.62	7.80	6.02
2356.HK	194	Dah Sing Banking G	2,538	3.12	3.09	-0.49	-0.37	-0.33	-0.42
UCOBANK.BO	195	UCO Bank	2,520	16.27	16.27	11.62	11.62	5.73	7.71
7186.T	196	Yokohama Financial	2,454	13.85	11.70	1.08	0.91	0.91	0.63
CIT	197	CIT Group Inc.	2,410	7.21	7.03	2.92	3.14	3.88	3.77
601963.SS	198	Bank of Chongqing	2,405	5.57	5.29	67.21	66.11	63.31	65.08
8354.T	199	Fukuoka Financial	2,376	10.96	5.06	4.46	2.15	4.46	2.79
BPSO.MI	200	Banca Popolare di	2,335	9.10	5.95	8.62	5.94	8.71	6.02
9668.HK	201	China Bohai Bank C	2,286	2.68	2.87	-	-	24.80	41.04
2834.TW	202	Taiwan Business Ba	2,261	12.45	10.33	0.18	0.15	0.18	0.16

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.20	5.95	6.51	5.62	5.73	6.02
Full Range Median Multiple	7.21	6.04	8.62	5.94	7.80	6.02
Industry Multiple	8.68	7.46	12.77	11.88	12.15	12.76
Market Implied Multiple	3.70	3.67	0.15	0.12	0.10	0.13
Company (2356.HK) Multiple	3.12	3.09	-0.49	-0.37	-0.33	-0.42
(*) Net Income / EBITDA / Revenue	564	568	516	672	765	606
Winsorized Enterprise Value	N/A	N/A	3,357	3,774	4,382	3,645
Full Range Median Enterprise Value	N/A	N/A	4,449	3,991	5,968	3,645
(-) Net Debt	-2,009	-2,009	-2,009	-2,009	-2,009	-2,009
Winsorized Equity Value	3,498	3,384	5,366	5,783	6,392	5,654
Full Range Median Equity Value	4,064	3,435	6,458	6,001	7,978	5,654
(/) Shares Outstanding	193	193	193	193	193	193
Winsorized Fair Value	$18.09	$17.50	$27.75	$29.91	$33.05	$29.24
Full Range Median Fair Value	$21.02	$17.76	$33.40	$31.03	$41.26	$29.24
Current Price	$10.79	$10.79	$10.79	$10.79	$10.79	$10.79
Upside / Downside	67.66%	62.18%	157.20%	177.18%	206.33%	170.98%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.66	$12.25	$19.43	$20.94	$23.14	$20.47
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY