Lalin Property Public Company Limited (LALIN.BK)

Industry: Real Estate - Development 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
UOS.AX	288	United Overseas Au	111	6.11	6.13	1.29	1.28	-	2.96
BTF.SI	289	Debao Property Dev	109	-	-	34.00	34.00	45.25	36.31
HNMR.TA	290	Hanan Mor Group -	109	-	-	-	-	-	-
VTNA.TA	291	Vitania Ltd.	106	74.01	110.82	47.67	58.69	175.07	68.59
MSLA.TA	292	Maslavi Constructi	105	10.65	8.51	16.52	13.65	17.95	13.84
4907.TWO	293	Fu Yu Property Co.	102	24.71	24.71	29.82	29.82	16.41	30.49
SHRIRAMPPS.BO	294	Shriram Properties	101	21.19	21.19	9.90	9.90	21.20	21.31
LALIN.BK	295	Lalin Property Pub	101	9.75	11.75	16.34	19.37	20.99	20.60
0726.HK	296	DIT Group Limited	99	-	-	-	-	-	-
600159.SS	297	Beijing Dalong Wei	98	-	-	-	-	-	-
PIN.BK	298	Pinthong Industria	97	4.34	4.34	6.19	6.19	9.25	6.70
3158.KL	299	YNH Property Bhd	97	-	-	-	-	-	-
600052.SS	300	Zhejiang Dongwang	96	-	-	-	-	-	-
4310.SR	301	Knowledge Economic	93	-	-	440.44	440.44	56.51	662.33
GANESHHOUC.BO	302	Ganesh Housing Cor	92	13.21	13.21	9.89	9.89	12.02	10.10
6212.TWO	303	Li Ming Developmen	91	6.00	6.00	11.44	11.44	55.37	11.66

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.38	7.32	11.44	11.44	17.95	13.84
Full Range Median Multiple	11.93	10.86	13.98	12.54	21.20	17.57
Industry Multiple	20.03	24.36	60.72	61.53	45.45	86.43
Market Implied Multiple	9.21	11.09	15.95	18.92	20.49	20.11
Company (LALIN.BK) Multiple	9.75	11.75	16.34	19.37	20.99	20.60
(*) Net Income / EBITDA / Revenue	15	13	21	18	17	17
Winsorized Enterprise Value	N/A	N/A	243	205	297	234
Full Range Median Enterprise Value	N/A	N/A	298	225	351	297
(-) Net Debt	201	201	201	201	201	201
Winsorized Equity Value	126	92	43	5	97	33
Full Range Median Equity Value	180	136	97	24	151	96
(/) Shares Outstanding	29	29	29	29	29	29
Winsorized Fair Value	$4.30	$3.12	$1.45	$0.16	$3.29	$1.12
Full Range Median Fair Value	$6.12	$4.62	$3.30	$0.83	$5.12	$3.26
Current Price	$4.72	$4.72	$4.72	$4.72	$4.72	$4.72
Upside / Downside	-8.97%	-33.98%	-69.20%	-96.71%	-30.31%	-76.25%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.01	$2.18	$1.02	$0.11	$2.30	$0.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy