JiaXing Gas Group Co., Ltd. (9908.HK)

Industry: Regulated Gas 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
CEGR3.SA	35	Companhia Distribu	1,360	34.30	29.97	17.51	15.24	28.36	37.80
8174.T	36	Nippon Gas Co., Lt	1,293	22.72	20.83	8.12	7.18	21.96	12.82
NWN	37	Northwest Natural	1,266	18.41	16.68	9.69	8.46	-	14.63
017390.KS	38	Seoul City Gas Co.	1,232	5.94	5.32	1.99	1.69	25.92	10,411.31
267290.KS	39	Kyungdong City Gas	1,231	4.13	3.82	0.95	0.86	7.09	2.82
BASGZ.IS	40	Baskent Dogalgaz D	1,021	7.22	7.22	4.76	4.76	-	9.83
600903.SS	41	Guizhou Gas Group	951	-	-	26.65	27.90	213.94	118.01
9908.HK	42	JiaXing Gas Group	940	2.86	2.86	2.32	2.32	4.13	2.92
600635.SS	43	Shanghai Dazhong P	881	29.75	27.64	39.57	41.15	491.99	37.21
016710.KS	44	Daesung Holdings C	841	5.29	5.97	1.55	1.48	-	6.23
015360.KS	45	INVENI Co., Ltd.	809	3.24	3.24	2.87	1.92	3.59	2.46
600681.SS	46	Bestsun Energy Co.	751	15.21	16.34	11.39	12.48	29.21	14.60
603053.SS	47	Chengdu Gas Group	744	19.05	18.41	9.39	8.98	11.04	10.95
0681.HK	48	Chinese People Hol	722	-	-	-1.11	-0.91	-2.04	-2.05
117580.KS	49	Daesung Energy Co.	705	8.69	7.67	3.20	2.81	59.90	9.12
034590.KS	50	Incheon City Gas C	678	5.94	5.30	0.29	0.26	-	0.85

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	7.22	7.22	3.98	3.79	25.92	10.39
Full Range Median Multiple	8.69	7.67	6.44	5.97	27.14	11.89
Industry Multiple	13.84	12.95	9.85	9.65	89.30	763.47
Market Implied Multiple	3.30	3.30	2.58	2.58	4.60	3.25
Company (9908.HK) Multiple	2.86	2.86	2.32	2.32	4.13	2.92
(*) Net Income / EBITDA / Revenue	49	49	82	82	46	65
Winsorized Enterprise Value	N/A	N/A	327	311	1,196	679
Full Range Median Enterprise Value	N/A	N/A	530	491	1,252	777
(-) Net Debt	52	52	52	52	52	52
Winsorized Equity Value	351	351	276	260	1,144	627
Full Range Median Equity Value	423	373	478	439	1,201	725
(/) Shares Outstanding	20	20	20	20	20	20
Winsorized Fair Value	$17.93	$17.93	$14.09	$13.28	$58.50	$32.05
Full Range Median Fair Value	$21.60	$19.07	$24.43	$22.46	$61.36	$37.06
Current Price	$8.20	$8.20	$8.20	$8.20	$8.20	$8.20
Upside / Downside	118.70%	118.70%	71.85%	61.98%	613.36%	290.87%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.55	$12.55	$9.86	$9.30	$40.95	$22.44
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY