Shanghai Zhonggu Logistics Co., Ltd. (603565.SS)

Industry: Integrated Freight & Logistics 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
603713.SS	54	Milkyway Chemical	1,879	16.84	14.29	12.24	10.02	12.79	13.08
9302.T	55	MITSUI-SOKO HOLDIN	1,857	31.64	30.34	11.40	10.80	16.67	15.99
9301.T	56	Mitsubishi Logisti	1,833	8.84	8.30	5.63	4.45	33.56	22.47
9364.T	57	Kamigumi Co., Ltd.	1,823	16.42	14.99	11.82	11.38	11.43	12.00
ARMX.AE	58	Aramex PJSC	1,728	50.17	68.01	9.15	10.02	20.60	27.11
9072.T	59	NIKKON Holdings Co	1,667	23.93	22.52	11.75	10.87	21.87	21.12
NTG.CO	60	NTG Nordic Transpo	1,641	19.83	7.33	8.06	6.41	11.35	10.80
603565.SS	61	Shanghai Zhonggu L	1,520	10.70	8.79	9.83	8.56	13.85	7.20
ALCLA.PA	62	Clasquin S.A.	1,510	10.09	5.13	4.88	2.62	10.94	3.41
9090.T	63	AZ-COM Maruwa Hold	1,413	17.08	15.66	9.39	8.34	13.29	11.44
ALLCARGO.BO	64	Allcargo Logistics	1,357	-	-	34.13	45.02	-	218.43
FESH.ME	65	Far-Eastern Shippi	1,355	7.81	6.05	7.00	6.22	-	7.18
603967.SS	66	China Master Logis	1,319	14.91	13.96	8.45	7.77	8.50	8.00
603836.SS	67	Bondex Supply Chai	1,305	79.46	79.46	17.10	17.10	17.88	22.64
9369.T	68	K.R.S. Corporation	1,289	36.54	23.61	9.48	8.30	22.38	21.05
9303.T	69	The Sumitomo Wareh	1,251	10.94	8.96	6.55	5.78	25.16	21.03

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.63	14.12	9.15	8.30	13.29	13.08
Full Range Median Multiple	16.96	14.64	9.39	8.34	16.67	15.99
Industry Multiple	24.61	22.76	11.14	11.01	17.42	29.05
Market Implied Multiple	9.80	8.05	9.06	7.89	12.77	6.64
Company (603565.SS) Multiple	10.70	8.79	9.83	8.56	13.85	7.20
(*) Net Income / EBITDA / Revenue	303	369	359	413	255	490
Winsorized Enterprise Value	N/A	N/A	3,290	3,424	3,390	6,410
Full Range Median Enterprise Value	N/A	N/A	3,375	3,442	4,251	7,838
(-) Net Debt	285	285	285	285	285	285
Winsorized Equity Value	5,044	5,213	3,005	3,139	3,105	6,125
Full Range Median Equity Value	5,144	5,403	3,089	3,156	3,966	7,553
(/) Shares Outstanding	298	298	298	298	298	298
Winsorized Fair Value	$16.92	$17.49	$10.08	$10.53	$10.42	$20.55
Full Range Median Fair Value	$17.26	$18.13	$10.37	$10.59	$13.30	$25.34
Current Price	$9.97	$9.97	$9.97	$9.97	$9.97	$9.97
Upside / Downside	69.75%	75.41%	1.12%	5.62%	4.48%	106.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.85	$12.24	$7.06	$7.37	$7.29	$14.39
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	BUY