Jinshang Bank Co., Ltd. (2558.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
ARION-SDB.ST	292	Arion banki hf.	1,242	7.58	3.55	13.90	11.56	11.53	11.87
IF.MI	293	Banca IFIS S.p.A.	1,233	2.72	1.93	8.17	5.46	3.09	6.55
TKBP.SW	294	Thurgauer Kantonal	1,233	9.64	9.16	21.39	16.10	16.87	15.67
BMGB4.SA	295	Banco BMG S.A.	1,225	7.33	7.71	26.18	24.38	38.23	-
SUPV.BA	296	Grupo Supervielle	1,223	-	-	99.15	84.77	-	-
BFL.AX	297	BSP Financial Grou	1,216	5.27	4.66	-	-	0.73	0.68
FBP	298	First BanCorp.	1,207	10.55	8.09	6.80	5.33	6.85	5.47
2558.HK	299	Jinshang Bank Co.,	1,202	2.05	2.05	8.15	8.15	3.98	4.37
ITAUCORP.SN	300	Itaú Corpbanca	1,196	7.78	6.67	-	-	-	-
FBC	301	Flagstar Bancorp,	1,178	6.61	5.76	48.92	58.02	12.23	14.67
ISB.IC	302	Íslandsbanki hf.	1,174	8.83	8.83	18.63	18.63	18.48	19.28
BNLI.JK	303	PT Bank Permata Tb	1,165	58.76	43.74	46.01	37.21	36.15	38.30
002839.SZ	304	Jiangsu Zhangjiaga	1,162	5.35	4.66	14.12	12.02	11.88	12.02
601528.SS	305	Zhejiang Shaoxing	1,159	5.19	4.53	23.73	18.33	19.99	18.12
7337.T	306	Hirogin Holdings,	1,148	11.50	10.27	6.74	6.74	5.77	3.51
KTKBANK.BO	307	The Karnataka Bank	1,147	5.67	4.74	0.24	0.20	0.21	0.20

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.97	5.25	14.12	12.02	11.53	9.21
Full Range Median Multiple	7.46	6.21	18.63	16.10	11.88	11.94
Industry Multiple	10.91	8.88	25.69	22.98	14.00	12.19
Market Implied Multiple	2.04	2.04	8.15	8.15	3.98	4.37
Company (2558.HK) Multiple	2.05	2.05	8.15	8.15	3.98	4.37
(*) Net Income / EBITDA / Revenue	536	536	305	305	624	568
Winsorized Enterprise Value	N/A	N/A	4,305	3,664	7,197	5,236
Full Range Median Enterprise Value	N/A	N/A	5,682	4,909	7,420	6,790
(-) Net Debt	1,389	1,389	1,389	1,389	1,389	1,389
Winsorized Equity Value	3,736	2,812	2,916	2,275	5,808	3,847
Full Range Median Equity Value	3,996	3,330	4,293	3,520	6,031	5,401
(/) Shares Outstanding	830	830	830	830	830	830
Winsorized Fair Value	$4.50	$3.39	$3.51	$2.74	$7.00	$4.64
Full Range Median Fair Value	$4.82	$4.01	$5.17	$4.24	$7.27	$6.51
Current Price	$1.32	$1.32	$1.32	$1.32	$1.32	$1.32
Upside / Downside	241.11%	156.69%	166.22%	107.68%	430.27%	251.23%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.15	$2.37	$2.46	$1.92	$4.90	$3.25
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY