Oversea-Chinese Banking Corporation Limited (O39.SI)

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
NDA-FI.HE	32	Nordea Bank Abp	27,735	9.07	6.77	29.10	22.79	31.35	23.84
GFNORTEO.MX	33	Grupo Financiero B	27,555	9.27	7.84	6.58	5.54	-	5.96
VAKBN.IS	34	Türkiye Vakiflar	25,760	3.91	2.51	0.31	0.19	0.37	0.20
EMIRATESNBD.AE	35	Emirates NBD Bank	25,752	6.43	5.17	-1.64	-1.30	-1.40	-1.32
SAHOL.IS	36	Haci Ömer Sabanci	25,471	-	-	4.57	3.79	6.94	33.67
105560.KS	37	KB Financial Group	25,129	7.23	6.50	18.07	16.62	17.48	18.23
ISCTR.IS	38	Türkiye Is Bankas	24,841	6.45	4.30	4.64	3.07	4.84	3.28
O39.SI	39	Oversea-Chinese Ba	24,396	5.56	4.34	4.14	3.28	5.26	4.92
600015.SS	40	Hua Xia Bank Co.,	24,312	3.86	3.66	55.98	52.84	55.62	52.84
D05.SI	41	DBS Group Holdings	23,315	11.36	9.86	6.12	5.63	4.64	4.12
SANB11.SA	42	Banco Santander (B	22,937	18.33	19.21	18.35	14.08	8.92	14.71
600919.SS	43	Bank of Jiangsu Co	22,907	5.38	4.55	50.54	41.81	40.50	41.81
SBK.JO	44	Standard Bank Grou	22,291	4.18	3.57	2.00	2.00	0.82	0.92
GARAN.IS	45	Turkiye Garanti Ba	22,188	5.42	3.08	8.06	4.71	8.94	4.76
HALKB.IS	46	Türkiye Halk Bank	22,018	6.96	4.77	-5.31	-3.48	-6.80	-3.79
055550.KS	47	Shinhan Financial	20,621	6.15	5.74	23.71	23.63	13.58	17.37

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.29	4.66	6.58	5.54	7.93	5.96
Full Range Median Multiple	6.44	4.97	8.06	5.63	8.93	14.71
Industry Multiple	7.43	6.25	17.54	15.13	16.17	17.05
Market Implied Multiple	6.96	5.44	5.04	3.99	6.41	5.99
Company (O39.SI) Multiple	5.56	4.34	4.14	3.28	5.26	4.92
(*) Net Income / EBITDA / Revenue	10,221	13,083	15,930	20,115	12,527	13,408
Winsorized Enterprise Value	N/A	N/A	104,744	111,496	99,336	79,887
Full Range Median Enterprise Value	N/A	N/A	128,382	113,275	111,848	197,189
(-) Net Debt	9,132	9,132	9,132	9,132	9,132	9,132
Winsorized Equity Value	64,300	60,961	95,612	102,364	90,204	70,755
Full Range Median Equity Value	65,855	65,055	119,250	104,143	102,717	188,058
(/) Shares Outstanding	3,482	3,482	3,482	3,482	3,482	3,482
Winsorized Fair Value	$18.47	$17.51	$27.46	$29.40	$25.91	$20.32
Full Range Median Fair Value	$18.91	$18.68	$34.25	$29.91	$29.50	$54.01
Current Price	$20.44	$20.44	$20.44	$20.44	$20.44	$20.44
Upside / Downside	-9.65%	-14.34%	34.35%	43.84%	26.75%	-0.58%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$12.93	$12.26	$19.22	$20.58	$18.14	$14.23
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy