China Renaissance Holdings Limited

SZSC:1911 Stock Report

Market Cap: HK$4.1b

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China Renaissance Holdings Valuation

Is 1911 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • 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 1911 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1911 (HK$7.27) is trading below our estimate of fair value (HK$12.3)

Significantly Below Fair Value: 1911 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1911?

Key metric: As 1911 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 1911. This is calculated by dividing 1911's market cap by their current revenue.
What is 1911's PS Ratio?
PS Ratio2.6x
SalesCN¥1.48b
Market CapCN¥3.81b

Price to Sales Ratio vs Peers

How does 1911's PS Ratio compare to its peers?

The above table shows the PS ratio for 1911 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.5x
1476 Hengtai Securities
2.4xn/aHK$4.7b
1788 Guotai Junan International Holdings
5xn/aHK$10.2b
1428 Bright Smart Securities & Commodities Group
3.9xn/aHK$3.9b
1469 Get Nice Financial Group
6.6xn/aHK$2.2b
1911 China Renaissance Holdings
2.6x35.9%HK$4.1b

Price-To-Sales vs Peers: 1911 is good value based on its Price-To-Sales Ratio (2.6x) compared to the peer average (3.1x).

Price to Sales Ratio vs Industry

How does 1911's PS Ratio compare vs other companies in the HK Capital Markets Industry?

12 CompaniesPrice / SalesEstimated GrowthMarket Cap
3678 Holly Futures
0.9xn/aUS$1.19b
1461 Zhongtai Futures
0.3xn/aUS$78.48m
985 CST Group
0.3xn/aUS$61.24m
1282 Renze Harvest International
0.4xn/aUS$41.99m
1911 2.6xIndustry Avg. 3.1xNo. of Companies16PS03.67.210.814.418+
12 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 1911 is good value based on its Price-To-Sales Ratio (2.6x) compared to the Hong Kong Capital Markets industry average (2.7x)

Price to Sales Ratio vs Fair Ratio

What is 1911'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.

1911 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.6x
Fair PS Ratio3x

Price-To-Sales vs Fair Ratio: 1911 is good value based on its Price-To-Sales Ratio (2.6x) compared to the estimated Fair Price-To-Sales Ratio (3x).

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.

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