H30 Relative Valuation - Hong Fok Corporation Ltd

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Price: 0.9 SGD Market Closed

Market Cap: S$783.5m

	Hong Fok Corporation Ltd SGX:H30	SG
	Sanyo Shokai Ltd TSE:8011	JP

Relative Value

The Relative Value of one H30 stock under the Base Case scenario is 1.12 SGD. Compared to the current market price of 0.9 SGD, Hong Fok Corporation Ltd is Undervalued by 20%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

What is Relative Valuation?

How is Relative Value calculated?

H30 Relative Value

Base Case

Undervaluation 20%

Relative Value

Price

Worst Case

Base Case

Best Case

Valuation Multiples

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Multiples Across Competitors

All Multiples

P/S

P/E

EV/EBITDA

EV/EBIT

Forward Multiples

			Market Cap	P/S	P/E	EV/EBITDA	EV/EBIT
SG		Hong Fok Corporation Ltd SGX:H30	783.5m SGD	8	27.5	30.8	31.4
DE		Vonovia SE XETRA:VNA	18.2B EUR	3.6	4.9	20.7	25.8
HK	S	Swire Properties Ltd HKEX:1972	138.1B HKD	8.7	-91.2	20.7	20.7
BM		Hongkong Land Holdings Ltd SGX:H78	17.3B USD	12	13.7	-82.4	-78
IL		Azrieli Group Ltd TASE:AZRG	53.5B ILS	13.7	28.3	35	35.4
CH		Swiss Prime Site AG SIX:SPSN	11.2B CHF	20.2	29.2	38.8	39.3
CN		China Resources Mixc Lifestyle Services Ltd HKEX:1209	103.4B HKD	5.1	24.1	16.9	16.9
SG		Capitaland Investment Ltd SGX:9CI	13.8B SGD	6.5	95.3	27.7	34.1
CN		Zhejiang China Commodities City Group Co Ltd SSE:600415	74B CNY	4.1	17.6	13.4	13.4
HK	W	Wharf Real Estate Investment Company Ltd HKEX:1997	73.8B HKD	5.8	-17.6	10.2	10.2
PH	S	SM Prime Holdings Inc XPHS:SMPH	562.5B PHP	3.9	11.5	9.5	11.6

				Revenue Growth	P/S to Growth
SG		Hong Fok Corporation Ltd SGX:H30	Average P/S: 8.3 8	N/A	N/A
DE		Vonovia SE XETRA:VNA	3.6	N/A	N/A
HK	S	Swire Properties Ltd HKEX:1972	8.7	19%	0.5
BM		Hongkong Land Holdings Ltd SGX:H78	12	12%	1
IL		Azrieli Group Ltd TASE:AZRG	13.7	N/A	N/A
CH		Swiss Prime Site AG SIX:SPSN	20.2	11%	1.8
CN		China Resources Mixc Lifestyle Services Ltd HKEX:1209	5.1	9%	0.6
SG		Capitaland Investment Ltd SGX:9CI	6.5	6%	1.1
CN		Zhejiang China Commodities City Group Co Ltd SSE:600415	4.1	26%	0.2
HK	W	Wharf Real Estate Investment Company Ltd HKEX:1997	5.8	4%	1.5
PH	S	SM Prime Holdings Inc XPHS:SMPH	3.9	5%	0.8

				Earnings Growth	PEG
SG		Hong Fok Corporation Ltd SGX:H30	Average P/E: 28 27.5	N/A	N/A
DE		Vonovia SE XETRA:VNA	4.9	N/A	N/A
HK	S	Swire Properties Ltd HKEX:1972	Negative Multiple: -91.2	N/A	N/A
BM		Hongkong Land Holdings Ltd SGX:H78	13.7	-7%	N/A
IL		Azrieli Group Ltd TASE:AZRG	28.3	N/A	N/A
CH		Swiss Prime Site AG SIX:SPSN	29.2	N/A	N/A
CN		China Resources Mixc Lifestyle Services Ltd HKEX:1209	24.1	12%	2
SG		Capitaland Investment Ltd SGX:9CI	95.3	85%	1.1
CN		Zhejiang China Commodities City Group Co Ltd SSE:600415	17.6	32%	0.6
HK	W	Wharf Real Estate Investment Company Ltd HKEX:1997	Negative Multiple: -17.6	N/A	N/A
PH	S	SM Prime Holdings Inc XPHS:SMPH	11.5	7%	1.6

				EBITDA Growth	EV/EBITDA to Growth
SG		Hong Fok Corporation Ltd SGX:H30	Average EV/EBITDA: 22.4 30.8	N/A	N/A
DE		Vonovia SE XETRA:VNA	20.7	N/A	N/A
HK	S	Swire Properties Ltd HKEX:1972	20.7	N/A	N/A
BM		Hongkong Land Holdings Ltd SGX:H78	Negative Multiple: -82.4	N/A	N/A
IL		Azrieli Group Ltd TASE:AZRG	35	N/A	N/A
CH		Swiss Prime Site AG SIX:SPSN	38.8	N/A	N/A
CN		China Resources Mixc Lifestyle Services Ltd HKEX:1209	16.9	12%	1.4
SG		Capitaland Investment Ltd SGX:9CI	27.7	21%	1.3
CN		Zhejiang China Commodities City Group Co Ltd SSE:600415	13.4	36%	0.4
HK	W	Wharf Real Estate Investment Company Ltd HKEX:1997	10.2	5%	2
PH	S	SM Prime Holdings Inc XPHS:SMPH	9.5	7%	1.4

				EBIT Growth	EV/EBIT to Growth
SG		Hong Fok Corporation Ltd SGX:H30	Average EV/EBIT: 23.9 31.4	N/A	N/A
DE		Vonovia SE XETRA:VNA	25.8	N/A	N/A
HK	S	Swire Properties Ltd HKEX:1972	20.7	8%	2.6
BM		Hongkong Land Holdings Ltd SGX:H78	Negative Multiple: -78	N/A	N/A
IL		Azrieli Group Ltd TASE:AZRG	35.4	N/A	N/A
CH		Swiss Prime Site AG SIX:SPSN	39.3	13%	3
CN		China Resources Mixc Lifestyle Services Ltd HKEX:1209	16.9	14%	1.2
SG		Capitaland Investment Ltd SGX:9CI	34.1	26%	1.3
CN		Zhejiang China Commodities City Group Co Ltd SSE:600415	13.4	31%	0.4
HK	W	Wharf Real Estate Investment Company Ltd HKEX:1997	10.2	1%	10.2
PH	S	SM Prime Holdings Inc XPHS:SMPH	11.6	7%	1.7

Hong Fok Corporation Ltd
SGX:H30

Relative Value

Valuation Multiples

Multiples Across Competitors

H30 Competitors Multiples
Hong Fok Corporation Ltd Competitors

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Hong Fok Corporation Ltd SGX:H30

Relative Value

Valuation Multiples

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H30 Competitors Multiples Hong Fok Corporation Ltd Competitors

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Hong Fok Corporation Ltd
SGX:H30

H30 Competitors Multiples
Hong Fok Corporation Ltd Competitors