CSSC (Hong Kong) Shipping Company Limited (3877.HK)

Industry: Rental & Leasing Services 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
0699.HK	39	CAR Inc.	1,092	275.27	467.77	3.85	3.30	10.18	9.36
EHL.AX	40	Emeco Holdings Lim	1,062	3.34	3.34	1.15	0.82	2.29	1.67
FPR.AX	41	FleetPartners Grou	1,022	4.05	2.56	3.80	3.52	3.63	5.10
VP.L	42	Vp plc	998	81.92	140.64	2.70	2.50	6.14	15.73
068400.KS	43	SK Rent A Car Co.,	934	28.98	27.33	2.86	2.23	20.41	23.34
MGRC	44	McGrath RentCorp	931	19.85	18.32	10.19	9.47	12.86	13.29
HSS.L	45	HSS Hire Group plc	927	3.16	3.16	1.32	1.27	8.88	2.95
3877.HK	46	CSSC (Hong Kong) S	858	3.24	3.24	5.55	5.55	8.04	9.33
TGH	47	Textainer Group Ho	812	9.86	7.45	10.23	9.00	21.92	16.42
1848.HK	48	China Aircraft Lea	800	13.20	15.51	5.15	2.65	13.01	7.99
9680.HK	49	Chenqi Technology	765	-	-	-	-	-	-
SFIN.ME	50	PJSC SFI	764	4.26	4.26	1.35	0.79	133.27	1.17
095570.KS	51	AJ Networks Co.,Lt	709	7.36	7.36	2.42	2.15	22.75	16.87
WLFC	52	Willis Lease Finan	686	7.62	5.17	7.76	6.66	20.78	19.49
VAMO3.SA	53	Vamos Locação de	614	27.63	28.65	5.07	3.50	8.06	5.16
4260.SR	54	United Internation	590	16.54	14.24	7.60	6.96	16.57	171.02

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.74	7.40	3.33	2.58	11.52	8.68
Full Range Median Multiple	11.53	10.84	3.82	2.97	12.93	11.32
Industry Multiple	35.93	53.27	4.68	3.92	21.48	22.11
Market Implied Multiple	3.47	3.47	5.69	5.69	8.24	9.56
Company (3877.HK) Multiple	3.24	3.24	5.55	5.55	8.04	9.33
(*) Net Income / EBITDA / Revenue	518	518	869	869	600	517
Winsorized Enterprise Value	N/A	N/A	2,889	2,237	6,912	4,485
Full Range Median Enterprise Value	N/A	N/A	3,322	2,584	7,760	5,855
(-) Net Debt	3,148	3,148	3,148	3,148	3,148	3,148
Winsorized Equity Value	4,523	3,832	-259	-912	3,764	1,337
Full Range Median Equity Value	5,967	5,613	174	-565	4,611	2,707
(/) Shares Outstanding	798	798	798	798	798	798
Winsorized Fair Value	$5.67	$4.80	$-0.32	$-1.14	$4.71	$1.67
Full Range Median Fair Value	$7.47	$7.03	$0.22	$-0.71	$5.78	$3.39
Current Price	$2.25	$2.25	$2.25	$2.25	$2.25	$2.25
Upside / Downside	151.79%	113.33%	-114.43%	-150.75%	109.54%	-25.56%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.97	$3.36	$-0.23	$-0.80	$3.30	$1.17
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	Don’t Buy