JF SmartInvest Holdings Valuation

Is 9636 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 9636 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9636 (HK$23.5) is trading above our estimate of fair value (HK$8.26)

Significantly Below Fair Value: 9636 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9636?

Key metric: As 9636 is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9636. This is calculated by dividing 9636's market cap by their current revenue.
What is 9636's PS Ratio?
PS Ratio	4.9x
Sales	CN¥2.00b
Market Cap	CN¥9.81b

9636 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.1x
Enterprise Value/EBITDA	74.6x
PEG Ratio	1.3x

Price to Sales Ratio vs Peers

How does 9636's PS Ratio compare to its peers?

The above table shows the PS ratio for 9636 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	10.5x
863 OSL Group	21.3x	n/a	HK$4.8b
6608 Bairong	1.5x	13.5%	HK$4.3b
1945 Zero2IPO Holdings	1.9x	n/a	HK$452.5m
388 Hong Kong Exchanges and Clearing	17.3x	6.5%	HK$359.6b
9636 JF SmartInvest Holdings	4.9x	17.5%	HK$10.5b

Price-To-Sales vs Peers: 9636 is good value based on its Price-To-Sales Ratio (4.9x) compared to the peer average (10.4x).

Price to Sales Ratio vs Industry

How does 9636's PS Ratio compare vs other companies in the HK Capital Markets Industry?

8 Companies	Price / Sales	Estimated Growth	Market Cap
1461 Zhongtai Futures	0.2x	n/a	US$72.11m
985 CST Group	0.3x	n/a	US$61.24m
1282 Renze Harvest International	0.4x	n/a	US$38.91m
8295 Kingwisoft Technology Group	0.1x	n/a	US$23.33m

8 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 9636 is expensive based on its Price-To-Sales Ratio (4.9x) compared to the Hong Kong Capital Markets industry average (3x).

Price to Sales Ratio vs Fair Ratio

What is 9636's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

9636 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	4.9x
Fair PS Ratio	2.4x

Price-To-Sales vs Fair Ratio: 9636 is expensive based on its Price-To-Sales Ratio (4.9x) compared to the estimated Fair Price-To-Sales Ratio (2.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Noah Holdings

US$761.8m

Operates as a wealth and asset management service provider with the focus on investment and asset allocation services for high net worth individuals and enterprises in Mainland of China, Hong Kong, and internationally.

6686

US$20.85

20.5%

4.5%

CSC Financial

HK$197.0b

Provides investment banking services in Mainland China and internationally.

6066

HK$9.92

-2.7%

33.2%

China Renaissance Holdings

HK$4.1b

Provides investment banking and investment management services in Mainland China, Hong Kong, and the United States.

1911

HK$7.27

-26.2%