Hang Lung Group Limited (0010.HK)

Industry: Real Estate - Diversified 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
NXI.PA	9	Nexity S.A.	6,471	-	-	11.31	13.37	-	-
0978.HK	10	China Merchants La	5,726	-	-	18.10	21.82	-	35.80
0207.HK	11	Joy City Property	4,879	-	-	6.26	5.23	0.73	0.46
0672.HK	12	Zhong An Group Lim	3,920	1.61	1.68	2.63	1.50	8.05	1.61
TQ5.SI	13	Frasers Property L	3,297	14.43	17.68	17.28	17.20	21.06	18.13
000736.SZ	14	CCCG Real Estate C	2,970	3.06	2.72	-	-	-	-
8905.T	15	AEON Mall Co., Ltd	2,889	32.43	38.63	9.61	9.52	17.12	22.07
0010.HK	16	Hang Lung Group Li	2,872	5.43	6.90	5.13	5.13	5.31	5.58
0041.HK	17	Great Eagle Holdin	2,810	-	-	4.95	4.73	6.56	5.69
1240.HK	18	CNQC International	2,635	-	-	4.28	4.91	4.81	7.54
600415.SS	19	Zhejiang China Com	2,581	24.52	19.52	16.98	13.45	11.36	14.93
NRP.AS	20	NEPI Rockcastle S.	2,283	4.33	3.50	5.89	4.70	4.26	3.95
002314.SZ	21	Shenzhen New Nansh	2,153	-	-	23.24	23.15	10.04	214.66
HHH	22	Howard Hughes Hold	1,834	17.63	17.63	10.81	9.11	11.43	15.32
HHC	23	The Howard Hughes	1,773	5.22	5.22	7.13	4.68	11.55	6.44
0QOG.L	24	Swiss Prime Site A	1,664	13.40	14.33	14.27	14.27	13.84	13.49

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	5.22	5.22	8.37	7.17	9.05	7.54
Full Range Median Multiple	13.40	14.33	10.21	9.32	10.70	13.49
Industry Multiple	12.96	13.43	10.91	10.55	10.07	27.70
Market Implied Multiple	6.45	8.20	5.43	5.43	5.62	5.90
Company (0010.HK) Multiple	5.43	6.90	5.13	5.13	5.31	5.58
(*) Net Income / EBITDA / Revenue	442	348	1,522	1,522	1,470	1,400
Winsorized Enterprise Value	N/A	N/A	12,733	10,908	13,307	10,550
Full Range Median Enterprise Value	N/A	N/A	15,533	14,175	15,736	18,893
(-) Net Debt	5,410	5,410	5,410	5,410	5,410	5,410
Winsorized Equity Value	2,307	1,815	7,323	5,499	7,897	5,140
Full Range Median Equity Value	5,923	4,984	10,123	8,766	10,326	13,484
(/) Shares Outstanding	176	176	176	176	176	176
Winsorized Fair Value	$13.13	$10.33	$41.69	$31.30	$44.96	$29.26
Full Range Median Fair Value	$33.72	$28.37	$57.63	$49.90	$58.79	$76.76
Current Price	$16.24	$16.24	$16.24	$16.24	$16.24	$16.24
Upside / Downside	-19.14%	-36.37%	156.71%	92.76%	176.83%	80.19%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$9.19	$7.23	$29.18	$21.91	$31.47	$20.48
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY