Huishang Bank Corporation Limited (3698.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
MZTF.TA	87	Mizrahi Tefahot Ba	9,095	10.24	7.93	3.16	2.48	2.98	2.52
BGEO.L	88	Lion Finance Group	8,564	1.48	1.01	1.00	0.69	1.03	0.73
601009.SS	89	Bank of Nanjing Co	8,553	6.28	5.65	47.32	47.32	50.83	42.86
0O84.L	90	DNB Bank ASA	8,497	6.19	5.27	-	-	12.76	10.82
DSCT.TA	91	Israel Discount Ba	8,488	9.55	7.39	0.75	0.59	0.80	0.63
INDIANB.BO	92	Indian Bank	8,316	8.97	5.42	8.78	5.33	6.13	5.33
VMUK.L	93	Virgin Money UK PL	8,299	4.26	4.26	2.47	1.98	2.95	2.42
3698.HK	94	Huishang Bank Corp	8,250	1.59	1.29	11.53	3.79	5.21	4.79
601916.SS	95	China Zheshang Ban	8,142	5.87	5.49	65.69	65.69	50.32	154.62
BBL-R.BK	96	Bangkok Bank Publi	8,129	5.60	5.05	12.53	11.51	14.81	12.56
KBANK-R.BK	97	Kasikornbank Publi	7,391	7.97	6.95	7.78	6.93	8.36	7.75
BBCA.JK	98	PT Bank Central As	7,161	18.77	16.27	25.93	25.96	13.14	11.70
601825.SS	99	Shanghai Rural Com	6,925	6.38	5.81	22.41	20.33	19.56	20.33
A5G.IR	100	AIB Group plc	6,798	6.22	4.02	-4.41	-4.41	-1.84	-1.96
BOQ.AX	101	Bank of Queensland	6,784	11.07	11.82	30.53	34.37	21.43	37.34
601838.SS	102	Bank of Chengdu Co	6,750	5.49	4.64	23.59	19.75	27.78	19.75

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.22	5.42	8.78	6.93	10.56	9.29
Full Range Median Multiple	6.28	5.49	12.53	11.51	12.95	11.26
Industry Multiple	7.62	6.47	19.38	18.69	16.63	23.53
Market Implied Multiple	1.47	1.20	11.36	3.73	5.13	4.71
Company (3698.HK) Multiple	1.59	1.29	11.53	3.79	5.21	4.79
(*) Net Income / EBITDA / Revenue	4,379	5,362	2,789	8,496	6,175	6,722
Winsorized Enterprise Value	N/A	N/A	24,490	58,902	65,214	62,418
Full Range Median Enterprise Value	N/A	N/A	34,939	97,799	79,964	75,690
(-) Net Debt	25,224	25,224	25,224	25,224	25,224	25,224
Winsorized Equity Value	27,234	29,083	-735	33,677	39,990	37,193
Full Range Median Equity Value	27,501	29,444	9,715	72,574	54,739	50,465
(/) Shares Outstanding	1,971	1,971	1,971	1,971	1,971	1,971
Winsorized Fair Value	$13.81	$14.75	$-0.37	$17.08	$20.29	$18.87
Full Range Median Fair Value	$13.95	$14.94	$4.93	$36.81	$27.77	$25.60
Current Price	$3.27	$3.27	$3.27	$3.27	$3.27	$3.27
Upside / Downside	322.47%	351.14%	-111.40%	422.42%	520.34%	476.96%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.67	$10.33	$-0.26	$11.96	$14.20	$13.21
Buy / Don't Buy	BUY	BUY	Don’t Buy	BUY	BUY	BUY