Asiaray Media Group Valuation

Is 1993 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

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 1993 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1993 (HK$0.94) is trading below our estimate of fair value (HK$12.75)

Significantly Below Fair Value: 1993 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1993?

Key metric: As 1993 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 1993. This is calculated by dividing 1993's market cap by their current revenue.
What is 1993's PS Ratio?
PS Ratio	0.3x
Sales	CN¥1.47b
Market Cap	CN¥418.48m

1993 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	1.6x
Enterprise Value/EBITDA	25.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 1993's PS Ratio compare to its peers?

The above table shows the PS ratio for 1993 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	0.3x
2131 Netjoy Holdings	0.1x	n/a	HK$397.6m
623 SinoMedia Holding	0.6x	n/a	HK$429.3m
1948 Uju Holding	0.08x	n/a	HK$590.9m
6610 Flowing Cloud Technology	0.6x	n/a	HK$659.2m
1993 Asiaray Media Group	0.3x	n/a	HK$449.5m

Price-To-Sales vs Peers: 1993 is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (0.3x).

Price to Sales Ratio vs Industry

How does 1993's PS Ratio compare vs other companies in the HK Media Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
1948 Uju Holding	0.08x	n/a	US$75.91m
2131 Netjoy Holdings	0.1x	n/a	US$51.08m
6988 Joy Spreader Group	0.09x	60.5%	US$34.13m
6696 Many Idea Cloud Holdings	0.1x	n/a	US$29.35m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: 1993 is good value based on its Price-To-Sales Ratio (0.3x) compared to the Hong Kong Media industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is 1993'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.

1993 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate 1993's Price-To-Sales Fair Ratio for valuation analysis.

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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